Quote from: Promocodeudo on Today at 03:55:55 PM

Quote from: JayJuanGee on February 02, 2025, 05:20:34 PM

Of course, it will be helpful to have a strong source of income before getting into bitcoin, yet it is not necessary to have a strong source of income before getting started in bitcoin. At the same time, it is quite logical that if any of us plan to hold (and continue to invest) into bitcoin for 4-10 years or longer, then there has to be some ways that we continue to generate income that is at least enough to support our expenses so that we do not have to tap into our bitcoin investment at anytime that is prior to our own choosing.. .. yet we also know that many folks do not have steady incomes and even have to struggle to keep whatever income that they have flowing, and they will come into much better financial and psychological circumstances if they are able to improve the strength of their income.. but it is also is not necessary to establish a strong source of income prior to getting involved in bitcoin, even though surely our bitcoin investing will likely become stronger if we are able to improve our income amount and our income reliability.

@JayJuanGee am very happy that you were able to make a detailed clarification to this, so that some people wouldn't be seeing it as a must that they must have a very much active source of income before they can actually invest in Bitcoin, I think some people fail to understand that one can actually start investing in Bitcoin at first with few bucks coming in as there source of income as far as the income can Carter for their personal needs and the said investment but for maintaining the said investment for a long-term, an investor have to go for more source of income to increaese their DCA level and also have enough for personal need respectively in other not to be discouraged half way.
As much as I understand that one can invest with as low as $1 I think there's nothing to worry about, what matters is to start first and then make sure you hustle for more source of income to enable your consistency in the investment to work very effectively and to hodl without pressure and stress to sell prematurely.

Yep.. it is not necessary for a person to have a strong income source when they first start into bitcoin, yet they should still be buying bitcoin with their discretionary income, and hopefully planning to invest for the long han term rather than trading bitcoin.

So in order for their investment into bitcoin to remain an investment rather than a trade, they will likely need to have an income that is at least high enough to cover their expenses, and if they want to make sure that they do not end up having to tap into their bitcoin investment at a time that is not of their choosing, then they need to have various back up funds and likely even an emergency fund and they can build up their back up funds as they are building their bitcoin investment, yet if their income is not solid and their income / expenses are erratic, then they likely have to build up more back up funds, and surely they are running the risk of putting themselves in a bad place of having to cash out of their bitcoin if they are not able to figure out some way to stablize their income and/or their expenses.. so surely if either of those is erratic, they likely have to make sure that they are working towards resolving their matters, otherwise their bitcoin investment will run the risk of converting into a trade rather than an investment, and surely investing in bitcoin should be 4-10 years or longer..

The only reason to have the investment less than 10 years would be based on age and/or health considerations, and so hopefully guys are figuring out ways to shore up their bitcoin investment so that they can keep building it up. and surely guys in situations of erratic incomes and/or expenses are in a worse situation as compared to guys who are able to solidify their income and/or expenses and to be able to build their bitcoin investment and their back up funds in ways that helps to make their bitcoin investment amount meaningful and to allow it to grow (compound) with time (even if it is not guaranteed to be profitable, many of us know that bitcoin is amongst the best, if not the best of investments available for guys who are able to continue to generate discretionary income).

Quote from: justinlamode on Today at 04:43:13 PM

Quote from: Proty on Today at 03:35:49 PM

Quote from: mvdheuvel1983 on Today at 01:55:27 PM

Quote from: Mayor of ogba on Today at 01:33:40 PM

Tmoonz is still of the opinion that newbies in bitcoin investment should invest in bitcoin within their discretionary income, but they can increase their investment allocation if they improve their income to a better one along their bitcoin accumulation journey. For instance, let's assume a newbie in bitcoin investment is earning $100 monthly; he can decide to be investing $10 every month into bitcoin with the DCA strategy and use the remaining $90 to solve his monthly expenses and be building up his emergency fund, reserve fund, and floats gradually. If the newbie gets a new job along his bitcoin accumulation journey where he is being paid $200 monthly, he can now decide to increase his DCA allocation money to $20 monthly since he now has more cash flow that can take care of his monthly expenses and build up his emergency fund, reserve fund, and floats while he is using $20 to accumulate bitcoin monthly.

In summary all you are trying to say is that newbies should invest according to the level of income that comes their way hope I got you correctly? I think the same thing is applicable to both old and new investors, do not invest beyond your financial capacity you will end up being emotionally unstable, good to see that you gave a very nice example but I think for someone who is earning $100 as a monthly salary you can decide to go with $20 as your investment budget that's if you won't be affected by other things that requires your finance to be taking care of and if you are promoted and your salaries increases you can decide to increase your monthly investment amount or continue with what you started with. One thing with the DCA method is that it helps the investor to spend wisely and it gives you the opportunity to purchase Bitcoin any given time so even then you are yet to receive your salaries if you have a little deal that brings you money you can decide to purchase Bitcoin instead of spending the money on material things.

I quite agree with you on that because when one is taking much risk by not having a backup funds or emergency funds the person is being aggressive be it a new investor or old and which they may end up dipping hand into their investments before the anticipated time. Although in some scenarios an investor can decide to cut down his standards of living in order to increase his amount of bitcoin accumulation. So being over aggressive can affect both new investors and old investors.

Being aggressive does not mean that you should not set aside emergency funds or even keep funds for your basic needs. Being aggressive has to do more with how passionate you are about Bitcoin in terms of how much of your resources you will be willing to put into Bitcoin. Let me give an instance, an individual may be having a cash inflow $6,000 monthly and out of this money, the funds for his basic needs may be $2,000 where as he can comfortably invest $2,000 into Bitcoin and set aside an emergency fund of $1,000 and use the remaining $1,000 for other things such as leisure and recreation. An aggressive investor might decide to sacrifice leisure and put the remaining $1,000 into Bitcoin to make his investment in Bitcoin 50% of his monthly inflow. When the allocation changes such that he can allocate more funds into Bitcoin and still keep his life going safely, he will not think it twice to do that. That is what it means to be aggressive in Bitcoin accumulation and this does not mean ignoring basic needs or emergency funds because these two are things that can make an investor sell his Bitcoin without thinking twice so good investors that want to HODL will eliminate every threat to the investment.

Your numbers are not completely impossible, yet they are a bit unrealistic justinlamode, You are describing a guy with $2k expenses and $6k income, so he has discretionary income that is $4k 2/3 his income.

There are guys who do get increases in their income, yet they choose to keep their expenses the same as they had previously, so then they end up having quite a bit of discretionary income, so there can be cases like the one you describe above for guys who might become dedicated towards building their investment.

Another thing regarding the building and maintenance of an emergency fund. If you consider the expenses of the guy above that you describe, he ONLY needs to have $6k for his emergency fund (which is 3 months), so he does not have to put away $1k every month for an emergency fund, once he gets his emergency fund up to $6k. He could also have other kinds of back up funds, and he would hopefully never have to tap into his emergency fund, especially if he has various other kinds of back up funds, even though surely a guy with a $6k income and ONLY $2k of expenses has quite a bit of room to work with in regards to having around 2/3 in his discretionary income.

Quote from: DubemIfedigbo001 on Today at 05:20:10 PM

Quote from: Proty on Today at 03:35:49 PM

[edited out]

Being aggressive is using a larger portion of your discretionary income to accumulate Bitcoin periodically, it doesn't in any way still you from building your emergency fund or various variances of backup funds. Don't get your priorities wrong, when you're using up funds meant for your backup funds in buying Bitcoin without having setup enough emergency funds that can cover at least 3 - 6 months of your expenses, then you're rather doing very badly in your cashflow management ability and being overly aggressive in your accumulation which is wrong.

Building your emergency fund is as important as building your Bitcoin portfolio because the emergency fund and other backup funds acts as a surety to the longevity of your Bitcoin investment. Ignoring this recommended practice when accumulating Bitcoin would see you preying on your holdings for survival or in the presence of emergencies.

A person can end up creating his own emergencies by failing/refusing to maintain adequate back up funds. So surely, I frequently suggest that three months of back up funds would be for emergencies and never touched, yet a person can have various other back up funds that are more flexible, so there would be priorities within the various back up funds, and surely if anyone gets down to the point of using back up funds to buy bitcoin, and there are no back up funds left, then at that point maybe there would ONLY be emergency funds and that might be bordering on the point of being overly aggressive to use up all back up funds and not to have any money remaining, except for emergency funds. Of course, each of us can choose the level of our aggressiveness in buying bitcoin, which I frequently suggest to be as aggressive as you are able to without over doing it, and surely when we have various forms of back up funds, then we can likely have more confidence that we are not over doing it.;..but if our income and/or our expenses are quite variable, then we likely need more back up funds in order to provide us with financial and/or psychological comfort in regards to either not running out of funds or even having to tap into our emergency funds for reasons that were not true emergencies but instead emergency situations that we had caused due to our own bad management of our cashflows and/or back up funds.

Quote from: EarnOnVictor on Today at 05:54:47 PM

Quote from: Fara Chan on February 02, 2025, 01:51:38 PM

It would be very wrong if there are people who still have the mindset of buying Bitcoin to sell it again in the near future just because there is a slight increase in the price of Bitcoin.

It saddens me that many of you are bigots, who always want people to do things your way. Do you know the person's purpose for buying it, his pocket, budget and plan? C'mon!!! You guys should stop your overknowing attitude and allow people who can sensibly think to have that right thought.

I have my short-term, medium-term and long-term Bitcoin investment plans, and so far, all are successful and I've made more money in my short and medium-term if you must know. Some people might have been buying Bitcoin since early 2023 to liquidate this year for the purpose of owning a house, it could be for other good reasons. Is it a must for them to keep it forever? You are not them, let them live their lives. Who knows if they will rebuy at the end of the next bearish season again? Which sounds like a good plan to me.

Surely there are a decent number of guys who consider bitcoin to be an investment rather than a trade, and sure guys have the right to trade bitcoin or sell to try to buy back cheaper, which may or may not end up working for them.

Many guys are coming around to realize that bitcoin tends to be quite a good investment rather than a trade and it surely could take them 4-10 years or longer just to build up a decent bitcoin position, and they also come to realize that buying in order to accumulate more bitcoin is way more assuring to the building up of a bitcoin stash rather than either selling to try to buy more or just selling to take short term profits, which also could fuck up their long term BTC accumulation efforts.

For sure guys might not know how long they will need to accumulate bitcoin before they either stop or slow down in their BTC accumulation and/or perhaps transition into either a maintenance stage or later authorizing themselves to sell, yet even though there are no guarantees that bitcoin will be profitable, there still can be quite considerable benefits in building your bitcoin stash to compound and also allowing it to compound rather than prematurely withdrawing from it.

It is up to guys if they want to have short, medium and/or long-term stashes (like you) or just stick with bitcoin for the long term rather than fucking around with trying to trade/gamble it when there are other assets that might be better for trading/gambling rather than fucking around with their bitcoin for such purposes.