Re: Buy the DIP, and HODL!

How are you going to even buy bitcoin when you don’t have a source of income, where will the money which you will be using to buy the bitcoin come from? I don’t even think that’s possible, and Incase maybe you are gifted a money, and you decide to invest it in bitcoin, if you are in need of money, you are still going to sell back the bitcoin, so it’s just better you don’t even invest the money at all.

If you are planning to invest in bitcoin, then make sure you have a source of income, you have a emergency funds, so that whenever their is any problem, then you will be using the emergency funds to take care of it, you won’t be touching your bitcoin investment, but if you don’t have any emergency funds, whenever their is problem, you will end up selling back your bitcoin, which might even be at loss.

Truly anyone that don't have a source of income doesn't have a business investing in Bitcoin because for the investment to be sustained and not tempered with, having a source is very much fundamental to that, their is no two ways about it.
Such person just need to look for a job first, so that he can take care of his or her basic needs, before thinking of investing in Bitcoin.

Because if you force yourself to invest in bitcoin like using borrowed money, I think that is a bad idea. So my advice is to hone your skills first, then after that apply for a job and if accepted then you can think about investing in bitcoin after all your needs are met.

Financially wise borrowing money to start up investment in Bitcoin when you have no other source of income is just too unwise because Bitcoin is not an investment that gives you weekly or monthly income that you are going to uses in paying back the loan or used in servicing the loan, and even if you do have a source of income, if you are borrowing money with the intention of paying it back from your Bitcoin holdings, it's not good because Bitcoin investment is something that will only get matured in years to come not weekly, monthly or even a year time.
So in essence of what am trying to say is that not having a source of income is one thing that really needs to be fixed first before thinking of investing in Bitcoin, and entertaining the idea of borrowing money to invest in it is a massive no to me because paying back when you have no other source of income is just impossible.

Can't help but agree with your collective ideology about who to start Bitcoin investment, the importance cannot be overemphasized, if you don't have a steady source of income your should reconsider DCA method. Beyond just having a source of income, the money has to first cater for your basic needs before you can do Bitcoin investment. It won't make any sense to enter when you can barely survive with your meagre income, try and increase it to cover your basic expenses and you're ready for the journey. That is why it's not good to jump into what you know nothing about because you see others are making profit from it, you don't know why they're succeeding.

You don't just need a source of income that can only cover for your basic needs or monthly expenses, rather you need an income with a discretionary income. It's your discretionary income that you are to use in investing in bitcoin so that you can use that amount of money to continue buying bitcoin for 4-10 years and above and holdi overtime without selling before time.

If you don't use your discretionary income to invest but use the money for an important thing or money for your basic needs to invest in bitcoin, you will sell at loss when your need arises if bitcoin is below your entry point. Any investor without a discretionary income shouldn't invest in bitcoin because if you do, it means that you are gambling. Trim down or expenses or look for an additional means of income where you can use that as your discretionary income for your bitcoin investment.