Thanks for the acknowledgement, yet I still think that anyone learning has to be receptive to the ideas and has to test them (and adapt them) to their own circumstances without screwing up too much.. and, sure it is quite likely that each of us end up making mistakes, yet at the same time, if we are adjusting to our mistakes, then we should end up in even a stronger position (financially and likely psychologically, too).. which I am glad that you are feeling like you are putting yourself in a stronger position..
By the way, your forum registration date is ONLY about a year and a half, so many of us feel so good when the BTC price is going up, and we are feeling like we are in profits, which is part of the reason that many of us need to make it through a whole cycle to find out how we handle the ups and the downs and to see where we are at after a whole cycle.. and surely we even need more time, since many times making it through a whole cycle is not even enough to really feel that we can stop accumulating bitcoin or even to change our bitcoin accumulating strategy (which is hopefully mostly focused on ongoing buying) in any meaningful way.
Yes JJG, you’re absolutely right especially in your first statement above because it summarizes what my whole experience here has been, even as a newcomer. Initially I used to get offended when someone tries correcting me or my post due to the mindset I arrived here with as in relation to bitcoin investment and with my own understanding of bitcoin I thought I knew it all not until I arrived here I noticed that I’m way far behind with my understanding of bitcoin and investing in it. Initially I thought investing in bitcoin is only for the rich or the high income earners, I also used to think that bitcoin is where you just put in some amount of money and in 2 days time you are already making profit, and also initially I used to sell my bitcoin at any given chance, but now as I begin to adapt to the ideas and corrections I get here, my mindset changes in such a way that I now view bitcoin as an asset which should remain with me even till old age, I keep accumulating and hold. I applied most of the ideas I got here and its working for me, I’m getting better day by day both psychologically and otherwise as I adjust to my mistakes through the corrections I get from your likes and others here too. I hope to learn more and get better as others who have succeeded here even in the past and present.
Frequently, we do not know what we don't know until we might spend some time on the topic, and even experiment with some of our own actions and analysis, and perhaps later down the road we might come to better understandings of the various topics related to bitcoin investment, such as being able to distinguish between bitcoin and shitcoins, being able to distinguish between investing and trading, learning about cashflow management practices that involve the creation and maintenances of backup funds (and appreciating the reasons for having such back up funds), learning the difference between whimpy, aggressive and overaggressive and figuring out how to balance our own levels of aggressiveness to
our own individual factors, and perhaps several other bitcoin investment related ideas and/or practices.
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It is not right to sell any valuable asset or property to invest in Bitcoin. You can make this decision based on the volatile market of Bitcoin. But do you have any abandoned property that has the same value ten years from now as it was ten years ago? You should definitely invest such property in Bitcoin because there is a huge difference between Bitcoin ten years ago and Bitcoin today. Suppose ten years ago your land was worth $5000 and now the land is worth $6000. Again, suppose ten years ago the price of Bitcoin was $1000 but after ten years the price has increased to $104000. Considering this aspect, if you have valuable assets other than land, invest in Bitcoin. We know that Bitcoin is volatile but do not be afraid of this volatility and invest regularly because the more the risk, the more profit you have. All those who have become rich in this world have taken risk through hard work and work.
In my opinion, I don't see this volatile Bitcoin market as a problem in any way, because it's natural that things that are valued more will be discussed and criticized more. I'm not thinking about Bitcoin today, I'm thinking about Bitcoin in ten years and investing regularly in the hope of acquiring a big whale.
Your first sentence contradicts the whole remainder of your post.
In essence, we cannot necessarily know which asset is more valuable than others, yet we can attempt to allocate in accordance to our ideas about current value as compared with future value, and surely with something like land, property, or even various kinds of tangible assets, there can be certain kinds of subjective value that goes beyond the mere monetary value, so maybe even if a house/property might have gone up 2x to 4x in value in the past 10 years, there might also be some subjective value that is associated with the property, even though bitcoin has gone up somewhere between 330x and 470x in the past 10 years, especially if we are measuring from mid-2015 when bitcoin prices were bouncing between $220 and $310 per coin (and right now we have bitcoin prices bouncing around $103k). So in terms of monetary differences, there is no denying that bitcoin has outperformed even the best of properties in terms of pure monetary appreciation.. even though at the same time, we know that past performance cannot give assurance to future performance and even in the times of 10 years ago, there was no certainty in regards to bitcoin's future performance, so we needed to allocate into bitcoin based on various presumptions and assumptions that we had in regards to bitcoin's future performance as compared with other places that we could put our time, energies and value.
I don't see it as a bad idea for someone to sell their land and invest the money in Bitcoin if they have a tangible reason for doing so. For instance, if someone owns land that is not in a developed area, they can sell it and invest the money in Bitcoin, provided they are willing to hold onto the Bitcoin for a long period of time, say, at least 4 to 10 years.In fact, I know someone who sold their land before and invested in Bitcoin. That person is now making significant profits. If they were to sell their Bitcoin today, they would have made three times the money they got from selling the land. Even though the land has appreciated in value, it hasn't grown threefold within the few years since it was sold and the money was invested in Bitcoin.
What I want people to understand is this: as long as someone does not intend to add value to their property and believes that selling it and investing in something else like Bitcoinwill yield more profit with less risk, then it's not a bad decision. However, this should be based on the individual's specific reasons and circumstances. While selling land to invest in Bitcoin can be a smart move, I would not strongly encourage it unless the person has carefully thought it through.
if you sell your land to invest in bitcoin, without having any source of income, that means you have the mindset that bitcoin is a get rich quick scheme which is very wrong,
You make little to no sense Joy- maker. Property tends to have maintenance fees and tax and bitcoin does not. Of course, there still may be value in having property that you live in since if you were to not own the property then you might have to pay rent, yet it still doesn't make sense to blanketedly presume that it is better to own property rather than owning bitcoin.
because if you sell your only land to invest in bitcoin, with having a source of income, nor emergency fund nor back up fund, believe me you will end up selling your bitcoin investment at early stage of accumulation and you will also be in lost, why because your bitcoin investment has not yet measured for harvest, but if you have a source of income and you have also accumulated some portion of bitcoin and you want to increase your holding, and you decide to sell your land or property there is nothing wrong with that it's your choice.
There is nothing wrong with your analysis that involves our needs to consider the extent to which we have income sources in order to support our various expenses, yet you seem to be automatically presuming that property does not have expenses in the same way that bitcoin has. You also might be suggesting that there are ways to generate income from your property to offset the expenses of the property, which well could be the case, even though you did not outline how that is necessarily the case. I do understand the sometimes young people might have difficulties generating income from their labor by itself, and so sometimes they might need to invest in properties, businesses and/or their own skills and education in order to be able to leverage their labor/skills in order to produce more income, and so surely there could be situations in which other investments are better than bitcoin, especially for someone who might need to figure out ways of increasing their income and they might need to invest time, energies and value into being able to increase their future earning potential that may well not be as easily accomplishable with a bitcoin investment, since it could take many years (perhaps more than 10-15 years) to build a bitcoin investment up to a high enough amount that the bitcoin investment begins to be able to support the person at their desired living standard.
If you are interested to invest in bitcoin, first of all have source of income Very important, then you can get started by investing in bitcoin with your discretionary income consistently using the DCA method, may less say 3 to 6 months time after you must have started accumulating bitcoin with your discretionary income you can start building your emergency fund and backup fund, for those fund is what will back up to able hold your bitcoin investment for 5 to 10 years of longer.
You are not wrong about investing into bitcoin with discretionary income, yet you are wrong with your presumption that reallocating into bitcoin from other assets would not be a good idea. Of course, each person has to figure out their various circumstances and the kinds of other investments that they have, yet it is not presumptively valid to consider bitcoin as an inferior place to put the value or to reallocate the value, even if there may well be expenses involved in regards to making such reallocations, if they are determined to be feasible and/or warranted.
Having the basic knowledge about Bitcoin is what we need to kick start investing in Bitcoin, while learning other things with passage of time. If you consider learning all about Bitcoin before you start investing you will end up not investing and it will cost you spending lot of time you could have use to buy Bitcoin because the knowledge about is so vast that even an older investor doesn't know it all, it is best you get the fucking started with the basic knowledge while learning other things along the line, Bitcoin is still a growing asset, there are alot to learn getting in to the field when you starting investing.
Exactly it is mostly best to start with just basic ideas especially with Bitcoin. If we try to learn everything before we invest we might never start and we could miss out many chances. Bitcoin and how it works are always changing so even people who have invested for long time are still learning new things. We should learn main things first and then learn more as we go. It is like learning to swim we do not need to know all science of water to get in and start swimming. You are also right that Bitcoin is still becoming more popular and there is much to learn as we start investing. It is like learning adventure.
1. Atleast a job
2. Money used for investment should be your discretionary income
3. Have a back up emergency funds
4. A strong principle of continuing what you started
Basically just know that you are going to just buy little by little if you are not strong with your finances and the best method is by DCAing your purchase and ofcourse learning and also diversification of methods is a welcomed idea if the tools are available and just continue with the basics steps and before you know you have gotten something big from the little you started.
Hey Jaycoinz. You start out by saying that you don't need much to start investing into bitcoin, which is correct, and then you go on to suggest so many things that you need, and implying that you need these things prior to getting started investing into bitcoin, which truly is not the case.
With bitcoin, you likely can get started merely by figuring out that you have a discretionary income (which might ONLY be $10 per week), and that you figure out where to source your coins. You can learn the rest of the basics of what you are saying as you go.
Sure it is good to have some level of confidence that bitcoin tends to be an asset that goes up in the long term, yet there is no real way of knowing in the short term, so a person may well expect that there could be a lot of volatility in the bitcoin price in the short term, so if they have some appreciation for bitcoin's likely short term volatility, then they can potentially choose their position size as they are learning, and the more hesitant they are or the more screwed up their personal finances, then they likely would need to start out more conservatively as they get their finances in order and also as they get their understanding of bitcoin into a better place.. yet getting started is likely a better course of action, and there is not much need to know anything beyond whether they have a discretionary income and perhaps that they have the willingness to learn about bitcoin as they go and to adapt their investment aggressiveness level as they learn and as they make sure that their personal finances are in a good place.