Ive been hearing about situations where someone buys a coin for a certain rate and not quite long after, the said coin drops in value, or someone sells his coin for a certain rate and then it appreciates just after.
What's your take on this? Given the period we're in is it buy time or sell time?
That is why it’s always advisable to buy and hold for long period , you can only get the value of Bitcoin when u buy and it could be for a long term or a short period.
If you Buy and sell you may be at lose because the market is volatile. There may be increase today and decrease tomorrow, but stacking up for a long term gives more value, so there is no point of trading with your investment.
The question you should ask this people who buys coins and what coin did they buy, because in most scenarios this people buy shitcoins that is why it’s always advisable to invest in Bitcoin and not only investing in Bitcoin, you invest and HOLD for a long term, with a good strategy to accumulate for a long time. and people who are interested in checking the price of coins are people who are interested in trading which have more rate of risk and selling when there is a market rise then you’re loosing money. Bitcoin is a volatile asset that is why it is important to invest in longer term projects.
To invest in bitcoin not that complex just have the basic knowledge and knowledge how exchanges works which is how to buy and transfer to your non custodial wallet and you can choose to first accumulate to some point in your exchange before transferring to save fees.
To secure a better investment is to have a proper planing like having an emergency funds and having a good cashflow still , bitcoin doesn't need technical skills like trading and the others with your funds and some knowledge you good to go - holding bitcoin boils down on how much you trust it that you can see the potential in it ,
because some folks will be like I can't hold I will make use of the money given all such of excuse , but always remember one thing which is the reason you started the first place .
Bitcoin investment should be approached with discretionary income which is money you would not be needing anytime soon and that is why you need an income source so you keep getting consistent cashflow to solve your needs while the discretionary income that remains after taking care of your expenses can be comfortably used to invest consistently into bitcoin and build emergency funds and variances of backup funds alongside your accumulation of bitcoin.
If the person would be needing the money soon, then it is not discretionary income and it is not advisable he uses it to invest into bitcoin since it is obvious he cannot go for long-term, so he doesn't have to sell sooner than is of his own will in order to service expenses or needs. Rather, you should advise such a person to work on increasing his income in order to have a steady supply of cashflow and have a resultant discretionary income which he can conveniently invest into bitcoin and be able to go for a long-term holding plan.
It's takes a whole lot of personal discipline to allow your bitcoin stash for long and that is the real quality of a bitcoin investor. Anyone who still gets stalked in thinking about the chart daily and calculating what his gain could be is not very ready for investment. It is normal for bitcoin price to fluctuate, panic sales would also hand you a loss which no one would love to have.
Trading is purely different and getting stalked on the chart already qualified you a trader. Get used to investing strictly with discretionary income in order not to worry too much about the Market behaviour so that you can Hodl for a long period. Don't invest your backup funds or emergency funds in bitcoin and expect it to skyrocket the next morning because of you. Bitcoin has no idea of how much people panic about the fluctuations, maybe it could have been less volatile, haha.