Quote from: EarnOnVictor on Today at 06:12:50 AM

Quote from: $crypto$ on February 10, 2025, 06:50:06 PM

It is important before investing to prepare an emergency fund first, so that when there is an urgent need not to sell bitcoin in the middle of the road, anyone who provides emergency funds will be safe from any needs.

Are you telling me the prospective Bitcoin investor should continue to wait???

This is why some people did not invest in Bitcoin till today, it's one excuse or another and it is hurting them more than you can imagine with the progress Bitcoin has made so far. We should shun excuses and a perfect financial budget but "risk." That is why they call it "risk" and I tell you that some people must have even risked their so-called emergency funds in Bitcoin and are very rich today. Is it not their joy?

This emergency fund is exaggerated at times, it is not the money to pay your usual bills but for unforeseen situations, "which may never happen," so why not try to multiply it with Bitcoin in bull season? Needless to say, your funds in Bitcoin are accessible at any time if at all you have a reason to withdraw it or some of it. Why not take the risk instead of keeping it in the bank and letting the bank make money on you while you earn nothing? This can only be dangerous if you don't have access to your BTC. And who knows, you may never have a need for the emergency fund for years, which makes it wise.

In the end, each person needs to assess how much to invest into bitcoin versus how much back up funds that they need on the side for various expenses, and various extra expenses that come up from time to time, and so a person is going to be in a much better position to make sure that he has extra funds (even if they don't seem that they are working) then to get caught with their pants down and have to sell some or all of their bitcoin at a time that was not of their own choosing due to their not sufficiently prepared enough back up funds (such as an emergency fund).

The fact of the matter if a guy creates strong back up funds including an emergency fund (and also other kinds of strong cashflow management to calculate his expenses and to make sure that he is not using funds that he needs for expenses to invest into bitcoin), then he has put himself to be in a position to be aggressive, and perhaps even a wee bit over aggressive from time to time and in strategic ways because he has put strong systems in place and he is not engaging in blind risky behavior that will end up biting him in the ass, sooner or later if he is engaging in repeated episodes of unnecessarily putting his bitcoin principle at risk.

Many of us also realize that if we are starting out with relatively small amounts of back up funds, we can still invest into bitcoin, yet we likely need to be building up our back up funds with our bitcoin, and surely the larger our bitcoin stash becomes, then the more likely we are going to want to have stronger cashflow management and/or back up funds in place so that we do not have to tap into our bitcoin at a time that is not of our choosing, and if we are seriously investing into bitcoin then it is may well be that we are planning for building our bitcoin investment for 10 years or more, so we don't want to be engaging in sloppy practices that cause us to deplete our bitcoin stash at various inopportune times.

Also as DubemIfedigbo001 mentioned in his responsive post, the reason that you seem so excited about the idea of going balls to the wall to use emergency funds for investing is because you are not even talking about investing, since investing is a kinds of sustainable approach to be able to stay in the game, but instead you want to over-accummulate in the short term and then hope that you can ride out any short-term volatility, with an ultimate goal of being able to sell the extra accumulated amount in the event that the BTC price goes up.. so yeah, you are short-term over-accumulating and hoping the BTC price goes up rather than down so that you don't end up getting screwed.. that is not ONLY referred to as trading it is also referred to as gambling to be using money that you either need for expenses or that you might need for expenses, and you are putting your own finances in a situation of experiencing situations in which you don't have enough cash.. therefore creating your own emergencies (or greater likelihood for emergency) merely based on your YOLO approach to wanting to gamble and to advise others to go down a similar reckless path.

Quote from: Proty on Today at 03:11:38 PM

Quote from: EarnOnVictor on Today at 06:12:50 AM

Quote from: $crypto$ on February 10, 2025, 06:50:06 PM

It is important before investing to prepare an emergency fund first, so that when there is an urgent need not to sell bitcoin in the middle of the road, anyone who provides emergency funds will be safe from any needs.

Are you telling me the prospective Bitcoin investor should continue to wait???

This is why some people did not invest in Bitcoin till today, it's one excuse or another and it is hurting them more than you can imagine with the progress Bitcoin has made so far. We should shun excuses and a perfect financial budget but "risk." That is why they call it "risk" and I tell you that some people must have even risked their so-called emergency funds in Bitcoin and are very rich today. Is it not their joy?
This emergency fund is exaggerated at times, it is not the money to pay your usual bills but for unforeseen situations, "which may never happen," so why not try to multiply it with Bitcoin in bull season? Needless to say, your funds in Bitcoin are accessible at any time if at all you have a reason to withdraw it or some of it. Why not take the risk instead of keeping it in the bank and letting the bank make money on you while you earn nothing? This can only be dangerous if you don't have access to your BTC. And who knows, you may never have a need for the emergency fund for years, which makes it wise.

There are things that are beyond our control, no one can predict the future or tell what will happen in the next minute or hours. If you are investing in bitcoin for a long time there is always need for emergency funds because
This is what will safe guard your investment incase of any emergency. No matter the kind of plan we may have put in place as regards our investment there is always need for emergency funds as something beyond our control may crop along the line to derail our plan of holding between for a longer time however with your emergency funds you will be able to hold your bitcoin till the anticipated timeline because you have money you have put in place in case of emergency. So what are this emergency, like accident, death of love ones so many unpredictable events. Have you asked your self why cars always have spare tyres, your emergency fund is like a spare tyre of a car to your bitcoin investment.

EarnOnVictor is recommending that we engage in more risky behaviors to tap into our emergency fund at supposedly strategic times so that we can potentially make more money on bitcoin when it goes up (if it goes up?), yet he is failing/refusing to appreciate that his recommendations increase the chances that emergencies will end up taking place because we are not necessarily going to be able to have as much comfort to deal with any kinds of variation in our cashflow such as loss of income and/or increase in our expenses.. .We end up having little to no cash cushion in situations that EarnOnVictor puts us into, and so we end up creating our own emergency situations by sloppily and recklessly managing our cashflows. EarnOnVictor is recommending the opposite to what we should be doing, especially if we want to be in a position in which we are able to both invest aggressively into bitcoin and to also be able to weather through difficult times that can come at any time in bitcoin (and in life)..and difficult situations come a lot of the time, yet EarnOnVictor wants us to go forward with little to no cash cushion and to just take our chances (which is another way of describing gambling with our BTC investment).

Quote from: Jewan420 on Today at 04:11:04 PM

Quote from: Proty on Today at 03:11:38 PM

There are things that are beyond our control, no one can predict the future or tell what will happen in the next minute or hours. If you are investing in bitcoin for a long time there is always need for emergency funds because
This is what will safe guard your investment incase of any emergency. No matter the kind of plan we may have put in place as regards our investment there is always need for emergency funds as something beyond our control may crop along the line to derail our plan of holding between for a longer time however with your emergency funds you will be able to hold your bitcoin till the anticipated timeline because you have money you have put in place in case of emergency. So what are this emergency, like accident, death of love ones so many unpredictable events. Have you asked your self why cars always have spare tyres, your emergency fund is like a spare tyre of a car to your bitcoin investment.

Emergency fund is not only important for investment management, but emergency fund is also an important part of life management. Whether you are an investor or not, as a human being you should feel the need for emergency fund or give importance to emergency fund to manage life. Since it is not our purpose to talk about life management, it is different from society to society or from nation to nation.

Emergency fund can always be used, but it is more important when we are investing in volatile assets like bitcoin, since bitcoin is not pegged to the dollar or any other fiat, so the price of bitcoin can vary a lot from the price of your local fiat, and emergency funds become more important when you have a bitcoin investment in order that your bitcoin investment is not serving as an emergency fund.. which is what a lot of folks (without experience/knowledge) end up inadvertently doing.

Quote from: Jewan420 on Today at 04:11:04 PM

You can never ignore backup (emergency) fund as an investor unless you are a billionaire or millionaire. If you own a lot of money, you may not need emergency fund, but for a common person, at least having an emergency fund is necessary. Because, you can never guarantee your life or you do not have any specific information about your future. In that case, you must be prepared for all possible situations by planning ahead and taking appropriate steps. So that you can keep your investment alive even in every adverse time of life and its growth is not hindered.

Yep. Emergency funds are way more important for poor people (or more financially challenged people, which truly a large number of people live without much if any backup funds), and so a lot of poor people do not realize how important it is to have back up funds so that they don't end up tapping into their BTC, so frequently they will end up selling way too many bitcoin too soon and not even able to weather through periods that the BTC price is going crazily high, then they will end up selling too many too soon because they see profits and they fail to have other funds or other ways of employing strong cashflow management so that they are not tempted to dip into their BTC, even if their BTC are "in profits.")

Quote from: Dee_BlackdAddy on Today at 04:21:41 PM

This time,is the time to accumulate BTC and build your investment goal using any the strategy that suitable for you to buy and hold for long term and not trading out your investment in short term,here we are talking about the future,long term investment is our future and BTC can give us that future.
Anyone who is trading his or her BTC is making a very big mistake,BTC is to be accumulate for long term for those who true believe, in other for them to make a hugde profit in the future.

Since we don't know you Dee_BlackdAddy.. maybe you should be trying to make your posts relating to your own personal bitcoin-related experience rather than just throwing out abstract ideas about best practices when maybe we need to know more about what you are doing so that we can get to know you MOAR better...and maybe we might become better able to understand why you might be saying the things that you are saying.

Quote from: $crypto$ on Today at 05:03:52 PM

Quote from: JayJuanGee on February 10, 2025, 07:33:49 PM

You don't need to prepare an emergency fund before getting started investing into bitcoin. One of the most important things in investing into bitcoin is getting started.

Starting with a modest amount of money is better? Yeah maybe you don't need an emergency fund but I do.

If you might not have realized that my point is that most people already have some kind of an emergency fund.. so there is no need to be overly preparing when the most important thing is getting started rather than fucking around with delaying excuses.. so stop trying to act like I am saying something that I did not say. Do you have $10 or not? if you have $10 you can get started. No reason to overly complicate matters in regards to getting started. Now in order to keep investing $10 every week, then that is going to take more focus on making sure that you are not spending beyond your discretionary income...since part of the reason for an emergency fund is to make sure that we are not investing beyond our discretionary income, and if we don't have any discretionary income, then we should not be investing into bitcoin until we can at least get that part figured out to make sure that we are investing from our discretionary income.

Quote from: $crypto$ on Today at 05:03:52 PM

Quote from: JayJuanGee on February 10, 2025, 07:33:49 PM

Yes. Of course, we should not be using our bitcoin as our emergency fund. So you are correct in that, but we should still not be delayed in getting started, perhaps we have $10 so we can get started investing into bitcoin? And perhaps we can work our way up to larger investment amounts invested into bitcoin.

It seems that an overwhelming majority of people already will have 2-6 weeks of cash, even poor people, so it is not like a person investing $10 into bitcoin would be using that bitcoin as their emergency fund.

It does make more sense to start with $10 to invest in bitcoin, but for me the emergency fund is important and never says to delay the start.

It sounded to me that you were saying that an emergency fund was needed before starting, and surely that could become quite complicated in terms of figuring out how much of an emergency fund that you believe is needed prior to getting started. You were ambiguous on that point, which contributed to my concluding that you were proclaiming that having an emergency fund was more important than getting started.

Quote from: $crypto$ on Today at 05:03:52 PM

What I mean is when they have an emergency fund and when there is an urgent need in the sense that we have to spend more than 6 weeks for example for hospital needs? Well I avoid this problem so the emergency fund is important for me.
We never know what happens in the future with unexpected expenses.

If a person is brand new to considering investing into bitcoin, has that person thought about the possibility of having to spend 6 weeks in hospital? or are they just thinking about it as an excuse to not get started?

If we are talking about a person who is totally not prepared for anything and has absolutely no cash, and does not know where his next paycheck is coming from, then maybe he is not in a position to get started investing into bitcoin. You think that determining to buy $10 worth of bitcoin should be less important than making sure that you have the ability to stay 6 weeks in the hospital? Were you thinking about this prior to learning about bitcoin or you just thought about it as an excuse to not get started to buy your first $10 worth of bitcoin? I don't understand the supposed dilemma that you are suggesting to be present that would cause a need to delay any newbie in getting started with his bitcoin investment journey.

Quote from: $crypto$ on Today at 05:03:52 PM

Quote from: JayJuanGee on February 10, 2025, 07:33:49 PM

None of these are required before getting started. Why did you not describe the most important thing about bitcoin investment is "getting started?" You must not know that the most important thing is getting started... or probably you disagree. You think that waiting is the most important thing. Makes no sense.

Is there something wrong with my DCA investment strategy?

You were describing a waiting strategy. You said wait until you build up your emergency fund first. That does not sound like DCA to me.

Quote from: $crypto$ on Today at 05:03:52 PM

I think what I said above is useful for myself.

We are in a public thread, and we were not just talking about you. You were saying that you thought that it was a good idea to build your emergency fund first before getting started.

Quote from: $crypto$ on Today at 05:03:52 PM

In fact, I never said to delay starting,

If you are saying to build your emergency fund first, that sounds like delay to me. That's how I read it.

Quote from: $crypto$ on Today at 05:03:52 PM

maybe you can do both --- DCA and emergency fund are always set aside every month.

Of course, you can do both, but that is not what you said in the beginning. You said to make sure that your emergency fund was in place first.

Quote from: $crypto$ on Today at 05:03:52 PM

But for me it has been a good consideration, so that any urgent needs can still be handled without the need to withdraw funds from the investment...

Not withdrawing from the investment should be the goal, but it does not need to delay getting started and buying your first $10 of bitcoin, especially if you figure out that you have $10 available. You were considering to buy $10 worth of cigarettes to smoke over the next two weeks, but instead of buying the $10 in cigarettes, you decide to not smoke for the next two weeks and buy $10 worth of bitcoin. What is wrong with that? It is a trade off. You already had the $10 that you were going to use for cigarettes, but you change your mind. It is not like the cigarettes were needed.. they were optional. .they were discretionary.. So instead of using the discretionary income for cigarettes, you decided to buy bitcoin with it... That means that it was extra money that was beyond your needs for expenses..at least in regards to that initial $10. Sure, for next week you might have to figure out if you have any discretionary income, but at least you got started with your first $10 and you are going to have to figure out whether and/or the extent to which you continue to have discretionary income that you are able to continue to buy bitcoin on a weekly basis (or whatever other determinations you might subsequently make regarding additional bitcoin purchases, if any?).