[edited out]
You should get the actual context ser. Why should an individual with NO JOB even start a Bitcoin journey without any sort of steady income? Haha. But if you actually want to convince broke people, with NO JOB, to buy Bitcoin - OK, you do you. 
"I have NO JOB, but LOOK, I have a Bitcoin investment which I will be forced to sell soon".
You are likely the one who needs the context. Bare minimum requirement to get started buying bitcoin is discretionary income not having a job nor having a steady income. There is no reason for me to repeat what I have already posted on several occasions.
You are free to disagree, which you seem to disagree and believe that a person needs stable income and/or a job in order to buy bitcoin, and I will repeat that they do not, even if you are proclaiming that having a job and/or steady income is a requirement. We can agree to disagree, since from my perspective you seem to be lacking in imagination in what seems to be your desire to place extra requirements on guys before they are able to invest into bitcoin or to get started investing into bitcoin.
your point has been made clear in the link quoted below. so its either he agree or stay calm.
There is no need for a steady income to either save in bitcoin or to DCA into bitcoin.
The ONLY thing that you need is discretionary income that may or may not be steady.
You can also DCA without a steady income, which could mean that you buy bitcoin on some periodic basis or perhaps whenever you have extra cash or perhaps whenever you eat Ben and Jerry's ice cream.
The ONLY thing that you need is discretionary income that may or may not be steady.
You can also DCA without a steady income, which could mean that you buy bitcoin on some periodic basis or perhaps whenever you have extra cash or perhaps whenever you eat Ben and Jerry's ice cream.
⭐ Merited by vapourminer (1)
Talking about that, it makes no sense that one would withdraw from their portfolio when they're yet to meet their target, doesn't show discipline, one of the features of a long-term holder is discipline and if one has set their target to accumulate a certain amount for a decade or more then the person should ensure they stick to the plan, aim at reaching their goal by continous accumulation without withdrawal then like you said, he can choose to withdraw from the extra accumulated coin. I also want to add that people shouldn't mistake slowing down for a pause or end of accumulation in their portfolio it's simply means that you can reduce the rate of accumulation so far you've met your target, for instance if you were accumulating aggressively before reaching your target you can decide to go slowly after you've achieved your goal and not stop entirely.
You are very right, first and foremost, an investor should not harbour or have the mindset of withdrawing from their hodling, that shouldn't come to play or will I say come in the picture, just as you've said already personally I believe that every investor has a set plan or aim of investing in Bitcoin, so for your purpose of investment to be reach that's to say such investor has to stay unshaken in his or her decision of going for a long-term,we know that sometimes temptation may come but don't see your portfolio as the alternative to solve the problems, if that's the case what then is emergency fund meant for, as bitcoiners we must learn how to persevere, many investors we see out there that has been able to hodl for a long-term faced some waves but the were able to conquer till this moment not because they are extra ordinarily but because they are very much focused and never allowed anything to bridge them from acumualung continuously.A long term bitcoin holder does not necessarily need to continue to accumulate bitcoin once he has reached overaccumulation status.
Once a guy reaches overaccumulation status, he may well be drawing from his BTC at a rate that is lower than it is appreciating in value, and that is the reason that withdrawing from it at such rate can be established in a sustainable and perpetual way (meaning forever at such sustainable rate). At that point accumulating and/or re-accumulating becomes optional.
Yesterday in my response to Siliikiem in another thread, I refer back to another of my posts in which I outline how a guy might have an income of $30k per year and a goal of having an income of $80k per year, so he needs a minimum of 16.407 BTC to be able to draw an income of $80k per year, yet he had accumulated 27 BTC, so he has extra BTC beyond his goal.. and even if he were to only have 16.407 BTC he does not need to continue to accumulate BTC in order to maintain his $80k per year income, even accounting for something like a 7% per year debasement of the dollar, yet he also might feel more comfortable to be withdrawing at the theoretical limits if he has extra BTC.. but it is not mandatory that he does as long as he has not made any mistakes in his calculations. Personally, I prefer to have som extra (and/or extra cushion of overaccumulation in order to account for mistakes and some variance in the possible unknowns that relate to the future...
[edited out]
Maybe it can be helpful to go back to the example, and if the guy in the example knows that right now if he has at least 16.407 BTC, then, he can withdraw $80k per year in a perpetual way and even accounting for something like 7% per year dollar debasement that allows him to increase the withdrawal amount by 7% each year. Largely he knows that his BTC stash is growing in dollar value faster than the rate that he is withdrawing it.So, I used the example of overaccumulation to exaggerate the point and to perhaps even assure that the guys is withdrawing from the overaccumulated amount, so he really does not need very much more than 16.407 BTC in order to be withdrawing from the overaccumulated amount since the BTC is going to be growing at a faster rate than it is withdrawn as ling as the guys stays within his limitations, yet he still might be more comfortable to be quite a bit above the bare minimal threshold rather than being exactly at the bare minimal threshold for the $80k per year passive income.
In my example, I used the 27 BTC amount in order to show a situation in which the guy has 10 BTC extra, and sure that is excess in order to make the point.. since a guy with 27 BTC may well recognize that right now, he could withdraw from his BTC at a rate of $131k per year and he would still be withdrawing at a rate that is less than the BTC is going up in value.. yet out of an abundance of caution, just to make sure that his formulas are correct and that he is not selling too much BTC too soon, he decides to start out withdrawing at $80k per year rather than $131k per year, which largely results in an extra $51k-ish per year rolling over, continuing to grow and largely compounding in value upon itself with the passage of time.
Essentially, I am asserting that continuing to accumulate is optional and it is not even necessary to continue to accumulate BTC in order to stay in overaccumulation status even while withdrawing BTC at your sustainable rate, since within the concept the rate is sustainable.. and if the rate is not sustainable then it needs to be adjust downward so that it is sustainable. Surely some guys mistaken in their calculations in regards to what is a sustainable rate, so I suppose in those regards, it is helpful to have extra cushion in the amount of BTC that is held within the overaccumualtion to account for some of the possible calculation mistakes.
Just as you said reaching your level of satisfaction shouldn't end your Bitcoin investment journey because Bitcoin investment is a continuous journey but go on and on with small figure reason being that as a hodler one you stop entirely,
Guys keep misreading and misstating me, though. Sure, I frequently proclaim that the holding onto bitcoin can be planned in ways that guys never completely sell their BTC.. so they may well reach a status of overaccumulation in which they are selling BTC through the rest of their lives and/or potentially also leaving BTC to their heirs.. At the same time, guys also seem to imply that I am suggesting that accumulation of BTC needs to continue, and surely I am not saying that, even though surely continuing to accumulate bitcoin can be optional, yet we still can create systems in which we presume that no additional BTC accumulation is taking place and that the BTC holdings would be sustainable within the various theoretical plans in which further accumulation might not be taking place.
There can be price-based sustainable withdrawal and/or time-based sustainable withdrawal... Let's just use the example of price-based sustainable withdrawal for now... and if a person has 10 BTC, as in my example from my earlier post, he can be selling at 5% or 10% of his stash every time the BTC price doubles, and the BTC will never run out. He does not have to buy back.. Buying back is optional, which means that it is not necessary for the price-based selling system to be sustainable.
Similar with the time-based sustainable withdrawal. If the person has more than enough BTC, then as long as the BTC price stays at least 25% above the 200-WMA, then the withdrawal can be made in sustainable ways whether the withdrawals are every month, quarter, yearly or whatever. Of course, if a person is going to withdraw longer periods at time, then it likely is helpful to make sure that the total BTC quantity exceeds the amount being withdrawn so that it stays in sustainable status.... so the amount withdrawn is staying within the overaccumulated amount.
Maybe go back to the current desire to have a sustainable income of $80k per year, so then if the person might be considering withdrawing a whole year in advance, so then he looks at current bitcoin prices and sees that he is able to get $104k per BTC, and so if he withdraws 0.77 BTC, then it would be preferable that he is withdrawing from the excess bitcoin so it would be best if he has at least 17.18 BTC (16.407 + 0.77)... and so then maybe next year when he goes to withdraw another $85.6k ($80k + $5.6k (7% more)) he again would be withdrawing from the excess as the BTC is then evaluated. It could be the case that the guy is worried about the BTC being enough, so then yeah, to start the process, he might prefer to have 30% more bitcoin than his threshold sustainable withdrawal amount, so then maybe he would prefer to not start his sustainable withdrawal of $80k per year until he were to have 21.3291 BTC (30% more BTC) rather than the bare threshold minimum of 16.407 BTC.
I understand that these calculations can become confusing, yet each guy still has to figure out numbers that are comfortable for him and his situation.
you might be tempted to withdraw that's why micro strategy will always remain relevant in the accumulation of Bitcoin
Fuck Microstrategy.
They are not necessarily relevant to the creation and the following of goals of regular individuals.
Microstrategy is using the money of other people to accumulate way more bitcoin than they need, and sure that may well be good for microstrategy, and their conduct is pumping the bags of other bitcoin holders, but they are also driving the BTC price up for guys who are still in their earlier BTC accumulation stages.
, when you think they will get tired, they surprise people the more, isn't that great, the journey is a long one, although the decision to keep buying even when you have reach your target as you said is a personal decision but continuing is worth it alsince Bitcoin is still what it is.
I am not saying to keep accumulating.. since I am proclaiming that there are periods in which guys have reached enough or more than enough bitcoin.
Even when I first saw what MSTR had done in August 2020 when it accumulated its first tranche of BTC, I proclaimed that they had invested way more than they had needed to invest.
I think around that time I was recommending a starting out strategy for normies to invest 5% to 25% of their cash (and/or their investment portfolio) into bitcoin, and MSTR's first purchase was around 75% of their then available cash. Sure, maybe they had other investments and/or assets to justify that they were not being overly aggressive, yet normal people tend to need to work within their cashflows and their discretionary income.. and surely I am not against aggressiveness or even going beyond 25% for guys who have assessed their own circumstances, yet many times a guy who may well invest 25% of his income for one whole cycle or even two whole cycles, he may well end up getting to a point of enough bitcoin or more than enough bitcoin..
In another one of my earlier posts from a couple of days ago, I had described a situation of a guy with a $30k income and a goal of getting to an income of $80k, and accumulating since 2016 and getting to way past his goals with even fairly modest levels of aggressiveness.
⭐ Merited by JayJuanGee (1)
Are you just knowing that an emergency fund is for real-life situation all this while, there is something i want you understand, before you can buy or invest in Bitcoin you must have a discretionary income and this discretionary income is fund if you lose will not affect you much and which Bitcoin is beyond you lose all your money that you investment, since you have a steady cashflow you will always have plans for yourself outside Bitcoin investments, and which the same thing you should do when it comes to Bitcoin investments to avoid touching your holding incase if unforeseen circumstances occur you can make use of the emergency which no one is praying for it to happen but we just needed to plan ahead of us since no one can predict the future.
Steady income => steady investment process => good chances that you are going to be okay if the trouble eventually hits.Anytime that you have excess of discretionary income, you can share them into small parts and spread it over the weeks as you DCA and when you have small discretionary income, you buy based on the amount avialable. This is how my younger brother bis buying bitcoin because his job is on contract, they call him for his service whenever they need him. He just bought his weekly bitcoin yesterday and will keep on buyiny. Everything in life is proper planning and being focused on your goal.
Holy fucking shit. Do you have any way that you can try to present yourself as a wee bit less dogmatic?
Think about your statement. It is not correct.
There is no need for a steady income to either save in bitcoin or to DCA into bitcoin.
The ONLY thing that you need is discretionary income that may or may not be steady.
You can also DCA without a steady income, which could mean that you buy bitcoin on some periodic basis or perhaps whenever you have extra cash or perhaps whenever you eat Ben and Jerry's ice cream.
In other words, DCA does not have to be on any exact schedule in order to still qualify as DCA. Sure there might be some aspect of regularity in DCA, but it is not necessarily some regularity that is necessarily imposed by anything (or anyone) else, since DCA can be whatever and however the buyer chooses to employ it for the purposes of buying bitcoin. In other words, we can still have DCA even if such BTC buying "regularity" might be on terms that any of us might consider to be erratic and not fitting our own definition of time and/or quantity of "regular."
Because it doesn't matter what you call "prepared", if you don't have a steady income then you definitely ARE NOT ready.
Ridiculous.
Why do you feel some need to impose extra terms on people prior to their being able to start to invest in bitcoin?Plus for plebs like us who want to employ a Buy the DIP strategy because, let's pretend it's finally the lows of the bear cycle, then he/she can take a loan to get a lump sum to buy those DIPs. But if he/she doesn't have a steady job, how can he/she pay for the monthly payments of the loan.
People do all kinds of dumb shit, but they can still do such dumb shit.. .and maybe it ends up being trading and/or gambling rather than investing, and maybe it ends up working out for them, since they are learning as they go, and they might not realize that they started out their bitcoin journey from a poor or an inadequate perspective... They still can get started buying bitcoin even if their finances, their psychology and their perspective is all screwed up... and yeah, they may well be following a lot of inferior practices, such as waiting for dips rather than buying regularly, but they can still employ such inferior practices and learn along the way.
No steady income = LOOK FOR A JOB. A Bitcoin investment should be the least of your problems if you don't have work.
I will agree that investing in bitcoin without discretionary income rises to the level of gambling (or trading) rather than investing, so there tends to be importance in terms of managing finances in better ways by making sure that investments into bitcoin come from discretionary income rather than from money needed for expenses.. and so sure, increasing income is one way to increase discretionary income and another way to increase discretionary income is to cut expenses.. and so I will also agree with you (to the extent that you are making such point) that guys are short-sighted who consider that they would be able to buy bitcoin and then cash out of some or all of their bitcoin as bitcoin goes up in price in order to support their expenses... These are not good ways of thinking about bitcoin, even though quite a few newbies come to bitcoin with that kind of problematic (and even gambling/trading mindset) kind of thinking.
You should get the actual context ser. Why should an individual with NO JOB even start a Bitcoin journey without any sort of steady income? Haha. But if you actually want to convince broke people, with NO JOB, to buy Bitcoin - OK, you do you.
"I have NO JOB, but LOOK, I have a Bitcoin investment which I will be forced to sell soon".
⭐ Merited by JayJuanGee (1)
Are you just knowing that an emergency fund is for real-life situation all this while, there is something i want you understand, before you can buy or invest in Bitcoin you must have a discretionary income and this discretionary income is fund if you lose will not affect you much and which Bitcoin is beyond you lose all your money that you investment, since you have a steady cashflow you will always have plans for yourself outside Bitcoin investments, and which the same thing you should do when it comes to Bitcoin investments to avoid touching your holding incase if unforeseen circumstances occur you can make use of the emergency which no one is praying for it to happen but we just needed to plan ahead of us since no one can predict the future.
Steady income => steady investment process => good chances that you are going to be okay if the trouble eventually hits.Holy fucking shit. Do you have any way that you can try to present yourself as a wee bit less dogmatic?
Think about your statement. It is not correct.
There is no need for a steady income to either save in bitcoin or to DCA into bitcoin.
The ONLY thing that you need is discretionary income that may or may not be steady.
You can also DCA without a steady income, which could mean that you buy bitcoin on some periodic basis or perhaps whenever you have extra cash or perhaps whenever you eat Ben and Jerry's ice cream.
In other words, DCA does not have to be on any exact schedule in order to still qualify as DCA. Sure there might be some aspect of regularity in DCA, but it is not necessarily some regularity that is necessarily imposed by anything (or anyone) else, since DCA can be whatever and however the buyer chooses to employ it for the purposes of buying bitcoin. In other words, we can still have DCA even if such BTC buying "regularity" might be on terms that any of us might consider to be erratic and not fitting our own definition of time and/or quantity of "regular."
Because it doesn't matter what you call "prepared", if you don't have a steady income then you definitely ARE NOT ready.
Ridiculous.
Why do you feel some need to impose extra terms on people prior to their being able to start to invest in bitcoin?Plus for plebs like us who want to employ a Buy the DIP strategy because, let's pretend it's finally the lows of the bear cycle, then he/she can take a loan to get a lump sum to buy those DIPs. But if he/she doesn't have a steady job, how can he/she pay for the monthly payments of the loan.
People do all kinds of dumb shit, but they can still do such dumb shit.. .and maybe it ends up being trading and/or gambling rather than investing, and maybe it ends up working out for them, since they are learning as they go, and they might not realize that they started out their bitcoin journey from a poor or an inadequate perspective... They still can get started buying bitcoin even if their finances, their psychology and their perspective is all screwed up... and yeah, they may well be following a lot of inferior practices, such as waiting for dips rather than buying regularly, but they can still employ such inferior practices and learn along the way.
No steady income = LOOK FOR A JOB. A Bitcoin investment should be the least of your problems if you don't have work.
I will agree that investing in bitcoin without discretionary income rises to the level of gambling (or trading) rather than investing, so there tends to be importance in terms of managing finances in better ways by making sure that investments into bitcoin come from discretionary income rather than from money needed for expenses.. and so sure, increasing income is one way to increase discretionary income and another way to increase discretionary income is to cut expenses.. and so I will also agree with you (to the extent that you are making such point) that guys are short-sighted who consider that they would be able to buy bitcoin and then cash out of some or all of their bitcoin as bitcoin goes up in price in order to support their expenses... These are not good ways of thinking about bitcoin, even though quite a few newbies come to bitcoin with that kind of problematic (and even gambling/trading mindset) kind of thinking.
You should get the actual context ser. Why should an individual with NO JOB even start a Bitcoin journey without any sort of steady income? Haha. But if you actually want to convince broke people, with NO JOB, to buy Bitcoin - OK, you do you.
"I have NO JOB, but LOOK, I have a Bitcoin investment which I will be forced to sell soon".
Are you just knowing that an emergency fund is for real-life situation all this while, there is something i want you understand, before you can buy or invest in Bitcoin you must have a discretionary income and this discretionary income is fund if you lose will not affect you much and which Bitcoin is beyond you lose all your money that you investment, since you have a steady cashflow you will always have plans for yourself outside Bitcoin investments, and which the same thing you should do when it comes to Bitcoin investments to avoid touching your holding incase if unforeseen circumstances occur you can make use of the emergency which no one is praying for it to happen but we just needed to plan ahead of us since no one can predict the future.
Steady income => steady investment process => good chances that you are going to be okay if the trouble eventually hits.Holy fucking shit. Do you have any way that you can try to present yourself as a wee bit less dogmatic?
Think about your statement. It is not correct.
There is no need for a steady income to either save in bitcoin or to DCA into bitcoin.
The ONLY thing that you need is discretionary income that may or may not be steady.
You can also DCA without a steady income, which could mean that you buy bitcoin on some periodic basis or perhaps whenever you have extra cash or perhaps whenever you eat Ben and Jerry's ice cream.
In other words, DCA does not have to be on any exact schedule in order to still qualify as DCA. Sure there might be some aspect of regularity in DCA, but it is not necessarily some regularity that is necessarily imposed by anything (or anyone) else, since DCA can be whatever and however the buyer chooses to employ it for the purposes of buying bitcoin. In other words, we can still have DCA even if such BTC buying "regularity" might be on terms that any of us might consider to be erratic and not fitting our own definition of time and/or quantity of "regular."
Because it doesn't matter what you call "prepared", if you don't have a steady income then you definitely ARE NOT ready.
Ridiculous.
Why do you feel some need to impose extra terms on people prior to their being able to start to invest in bitcoin?Plus for plebs like us who want to employ a Buy the DIP strategy because, let's pretend it's finally the lows of the bear cycle, then he/she can take a loan to get a lump sum to buy those DIPs. But if he/she doesn't have a steady job, how can he/she pay for the monthly payments of the loan.
People do all kinds of dumb shit, but they can still do such dumb shit.. .and maybe it ends up being trading and/or gambling rather than investing, and maybe it ends up working out for them, since they are learning as they go, and they might not realize that they started out their bitcoin journey from a poor or an inadequate perspective... They still can get started buying bitcoin even if their finances, their psychology and their perspective is all screwed up... and yeah, they may well be following a lot of inferior practices, such as waiting for dips rather than buying regularly, but they can still employ such inferior practices and learn along the way.
No steady income = LOOK FOR A JOB. A Bitcoin investment should be the least of your problems if you don't have work.
I will agree that investing in bitcoin without discretionary income rises to the level of gambling (or trading) rather than investing, so there tends to be importance in terms of managing finances in better ways by making sure that investments into bitcoin come from discretionary income rather than from money needed for expenses.. and so sure, increasing income is one way to increase discretionary income and another way to increase discretionary income is to cut expenses.. and so I will also agree with you (to the extent that you are making such point) that guys are short-sighted who consider that they would be able to buy bitcoin and then cash out of some or all of their bitcoin as bitcoin goes up in price in order to support their expenses... These are not good ways of thinking about bitcoin, even though quite a few newbies come to bitcoin with that kind of problematic (and even gambling/trading mindset) kind of thinking.
You should get the actual context ser. Why should an individual with no job even start a Bitcoin journey without any sort of steady income? Haha. But if you actually want to convince broke people, with NO JOB, to buy Bitcoin - OK, you do you.
Edited out
...and so I will also agree with you (to the extent that you are making such point) that guys are short-sighted who consider that they would be able to buy bitcoin and then cash out of some or all of their bitcoin as bitcoin goes up in price in order to support their expenses... These are not good ways of thinking about bitcoin, even though quite a few newbies come to bitcoin with that kind of problematic (and even gambling/trading mindset) kind of thinking. To get started investing in bitcoin, you need discretionary income not a steady source of income.
If some one buys bitcoin once or twice and then loses his job or runs into other financial problems where he is not able to buy more bitcoin, then he is just stuck with the bitcoin he already bought and he is not able to continue to build.
He had still invested in bitcoin, even if he cannot continue to add to his bitcoin stash.
Sure, it is preferable that he continues to buy bitcoin after the first purchase of bitcoin,. .yet at the time when he bought his first bitcoin he might not have had known the extent to which he was going to continue to have income coming in after the first purchase, yet he would not have had been foreclosed from starting to invest into bitcoin, becuase he met the basic requirement of having discretionary income at the time of his initial bitcoin purchase.
Getting started is important and just figuring out the extent to which you have a discretionary income so that investment into bitcoin and building up back up funds (including emergency funds) is not beyond such discretionary income. If such investor is open to learn he can start out with very basics, such as merely starting out with investing $10 per week or $100 per week as he is learning.
I agree with you JJG getting started is very important and To summary everything you just said here JJG.1, start small and be consistent ( e.g $10 or $100 per week)
2, Invest within your means.
3, and continuously learn and adopt to the system.
[edited out]
You should get the actual context ser. Why should an individual with NO JOB even start a Bitcoin journey without any sort of steady income? Haha. But if you actually want to convince broke people, with NO JOB, to buy Bitcoin - OK, you do you. "I have NO JOB, but LOOK, I have a Bitcoin investment which I will be forced to sell soon".
You are free to disagree, which you seem to disagree and believe that a person needs stable income and/or a job in order to buy bitcoin, and I will repeat that they do not, even if you are proclaiming that having a job and/or steady income is a requirement. We can agree to disagree, since from my perspective you seem to be lacking in imagination in what seems to be your desire to place extra requirements on guys before they are able to invest into bitcoin or to get started investing into bitcoin.
Yes. That is called trolling, and I already recognize that Wind_FURY engages in that kind of conduct from time to time.
I frequently respond in some way to trolls since I sometimes am worried to allow some kinds of misinformation to go uncorrected...
i have know him to always be on the opposing motion despite knowing the truth. his type are the high school kids usually the back seaters, who ask unnecessary questions to disrupt the teacher and student. you should know by now.
I still get bothered to leave misinformation, at least when I have identified it.. but yeah, we cannot necessarily always address all of the pieces of misinformation.
your point has been made clear in the link quoted below. so its either he agree or stay calm.
There are members who will still misunderstand pieces that are repeated.. .. so each of us use our own judgement when deciding whether to respond, and if so, how to respond.
There is no need for a steady income to either save in bitcoin or to DCA into bitcoin.
The ONLY thing that you need is discretionary income that may or may not be steady.
You can also DCA without a steady income, which could mean that you buy bitcoin on some periodic basis or perhaps whenever you have extra cash or perhaps whenever you eat Ben and Jerry's ice cream.
The ONLY thing that you need is discretionary income that may or may not be steady.
You can also DCA without a steady income, which could mean that you buy bitcoin on some periodic basis or perhaps whenever you have extra cash or perhaps whenever you eat Ben and Jerry's ice cream.
I agree that the above example should be clear, but some guys will still misunderstand and/or sometimes even disagree with such seemingly clear and straight-forward examples.
[edited out]
You should get the actual context ser. Why should an individual with NO JOB even start a Bitcoin journey without any sort of steady income? Haha. But if you actually want to convince broke people, with NO JOB, to buy Bitcoin - OK, you do you. "I have NO JOB, but LOOK, I have a Bitcoin investment which I will be forced to sell soon".
You are likely the one who needs the context. Bare minimum requirement to get started buying bitcoin is discretionary income not having a job nor having a steady income. There is no reason for me to repeat what I have already posted on several occasions.
You are free to disagree, which you seem to disagree and believe that a person needs stable income and/or a job in order to buy bitcoin, and I will repeat that they do not, even if you are proclaiming that having a job and/or steady income is a requirement. We can agree to disagree, since from my perspective you seem to be lacking in imagination in what seems to be your desire to place extra requirements on guys before they are able to invest into bitcoin or to get started investing into bitcoin.
[edited out]
I don't think the profit from investment can be a stable income, because you can't guarantee that the profit will always come from where you invested. Because in investing, there are both profit and loss.Rather, you can do this whether you are stable or not, when you have an opportunity to earn a part of the money you earn when you have some money left after meeting all your needs, you can invest in Bitcoin.
For example, suppose this week you have $ 100 left after excluding all your expenses (primary needs + emergency funds), you can invest it in Bitcoin for the week.
Again, if you have no money left after excluding your primary needs and emergency funds in the next week, you don't need to invest in Bitcoin for that week.
Again, suppose next week you have $ 50 left after meeting all your expenses, you can hire Bitcoin AB.
I agree with everything you say Bluedrem, especially your points about variability of income that likely would affect weekly bitcoin investment levels. On the other hand, there seems to be some ambiguity in your statement about income coming from an investment, since income can come from work, from investments and from other sources.
At the same time, I will agree with your implication that it may well not be good for any of us to be drawing from our investments (especially something like bitcoin) prior to reaching overaccumulation status... so there does tend to be value in making sure that our investment in bitcoin is not being depleted prior to reaching overaccumulation status, and of course, in this thread we tend to refer to bitcoin as being amongst the best, if not the best, place to be investing and/or attempting to reach overaccumulation status... so it may well not make a whole hell of a lot of sense if guys are employing plans that involve both buying and selling of bitcoin rather than staying focued on ongoing buying bitcoin until they reach overaccumulation status.
[edited out]
I think you are misunderstand JJG, he didn't say that you don't need to a job to start investing in bitcoin. Because normally you to have a source of income before you can even take of investing in bitcoin to enable continue accumulating bitcoin to and add up to your holding (what JJG is trying to say is that you don't need a steady source income to start investing in bitcoin that what you need is your discretionary income to invest in bitcoin). To interpret this sentence in bracket to my own understanding, though i might not be accurate in explaining this shit, but to my best of knowledge you don't need to have hudge amount of money before you can start investing in bitcoin, what you need is a discretionary income, that is to say if you can map out discretionary income from your income that is the money you need to invest in bitcoin. It could be the case that Wind_FURY is purposefully misunderstanding, exaggerating and arguing for the mere sake of arguing. He doesn't always seem to get nuance..
I don't think the profit from investment can be a stable income, because you can't guarantee that the profit will always come from where you invested. Because in investing, there are both profit and loss.
Rather, you can do this whether you are stable or not, when you have an opportunity to earn a part of the money you earn when you have some money left after meeting all your needs, you can invest in Bitcoin.
For example, suppose this week you have $ 100 left after excluding all your expenses (primary needs + emergency funds), you can invest it in Bitcoin for the week.
Again, if you have no money left after excluding your primary needs and emergency funds in the next week, you don't need to invest in Bitcoin for that week.
Again, suppose next week you have $ 50 left after meeting all your expenses, you can hire Bitcoin AB.
The point is like this, investment is not a job that can generate regular money every month, but investment is a way for us to make the money we have stable in value and so that our money increases. Rather, you can do this whether you are stable or not, when you have an opportunity to earn a part of the money you earn when you have some money left after meeting all your needs, you can invest in Bitcoin.
For example, suppose this week you have $ 100 left after excluding all your expenses (primary needs + emergency funds), you can invest it in Bitcoin for the week.
Again, if you have no money left after excluding your primary needs and emergency funds in the next week, you don't need to invest in Bitcoin for that week.
Again, suppose next week you have $ 50 left after meeting all your expenses, you can hire Bitcoin AB.
Many of us would like to replace our job with the passive income from our investment, and there is nothing wrong with that as long as we make sure to allow our investment to grow to a high enough level that it can sustain us (and sustain itself).
What I understand so far is that investment is like that concept, whether it is in bitcoin or in other assets. Then talking about investments that can generate passive income, of course there are such investments. For example, if we buy shares in a restaurant, clothing store, or nightclub. Of course we have the right and share to get profit, from the turnover of the places where we buy shares. But if we talk about investing in bitcoin, I think it is difficult for us to get passive income from bitcoin, because bitcoin is really an absolute investment asset like gold. So bitcoin is really a long-term investment asset. Therefore, if we want to have a stable income, we must have a business and not just rely on investment.
You don't have to have cashflow from the business or the investment in order for it to serve as a sufficient and/or adequate investment that will be able to support you sustainably and/or perpetually.
Bitcoin can be as good as those other investments that you mentioned, and probably even better, yet part of the secret remains figuring out a balance and a way of valuating your bitcoin in order to be able to live off of its value appreciation and not to overly deplete its principle.
To me it seems that bitcoin can sustain higher rates of withdrawal as compared with traditional investments, yet there still should be a goal to make sure to get at overaccumulation status first.
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it's important to prepare beforehand for future emergencies, in order to avoid dipping into your investment prematurely, which can potentially disrupt the growth of your investment.You don't necessarily need to prepare for emergencies prior to getting started investing into bitcoin, and it is likely that many beginner investors into bitcoin can grow their various cashflow management systems and practices, and even grow their back up funds, such as emergency funds as they are growing their bitcoin holdings.
I am just praying that the low prices will last a few more days and I can enter the market without feeling any pressure. We may be at a low price lately, we may never see a lower price than this. Especially below $100k.
What could be stopping you not accumulate now, why waiting for price to drop more before entering the market or are you using the buy the dip strategy? If you are still a new investor i will advise you continue buying bitcoin if you have your discretionary income available instead of praying for low price in coming days because nobody knows it might still go up meanwhile the opportunity has been present to you to continue accumulating more Bitcoin.Don't you know you can accumulate Bitcoin using the DCA strategy? Which allows to accumulate Bitcoin at any price? be it low or high? Accumulate and hodl bitcoin if you your discretionary income ready.
Yeah it is difficult to imagine why someone like Shadiq might not be accumulating bitcoin regularly rather than pondering over whether BTC prices might go below $100k or not.. especially since he has only been registered on the forum for slightly more than a year, so it would have had been difficult to overaccumulate bitcoin in the past year or two, even if some forum members, like Shadiq, might have had started accumulating BTC prior to his first registering with the forum.
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...and so I will also agree with you (to the extent that you are making such point) that guys are short-sighted who consider that they would be able to buy bitcoin and then cash out of some or all of their bitcoin as bitcoin goes up in price in order to support their expenses... These are not good ways of thinking about bitcoin, even though quite a few newbies come to bitcoin with that kind of problematic (and even gambling/trading mindset) kind of thinking. To get started investing in bitcoin, you need discretionary income not a steady source of income.
If some one buys bitcoin once or twice and then loses his job or runs into other financial problems where he is not able to buy more bitcoin, then he is just stuck with the bitcoin he already bought and he is not able to continue to build.
He had still invested in bitcoin, even if he cannot continue to add to his bitcoin stash.
Sure, it is preferable that he continues to buy bitcoin after the first purchase of bitcoin,. .yet at the time when he bought his first bitcoin he might not have had known the extent to which he was going to continue to have income coming in after the first purchase, yet he would not have had been foreclosed from starting to invest into bitcoin, becuase he met the basic requirement of having discretionary income at the time of his initial bitcoin purchase.
It's just as you've rightly stated, an investor might actually buy Bitcoin initially and then fave a couple of financial setbacks, but that doesn't in anyway indicate that they can't start investing in the first place. When one has a discretionary income, it gives one the flexibility to make that initial investment.
Besides, Bitcoin investment is a long term game and the key is to start early regardless of how small your investment is, it can still go a very long way, so rather than waiting longer to have a huge sum first before you can started, it's advised to just get started with whatever is at your disposal, regardless of how small. It's also wonderful that you've also highlighted the importance of having a discretionary income when getting started with Bitcoin, and in addition to that, it's also important to prioritize having some kind of financial cushion to always fall back on, particular an emergency fund, because emergencies are inevitable and unavoidable, and so it's important to prepare beforehand for future emergencies, in order to avoid dipping into your investment prematurely, which can potentially disrupt the growth of your investment.
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...and so I will also agree with you (to the extent that you are making such point) that guys are short-sighted who consider that they would be able to buy bitcoin and then cash out of some or all of their bitcoin as bitcoin goes up in price in order to support their expenses... These are not good ways of thinking about bitcoin, even though quite a few newbies come to bitcoin with that kind of problematic (and even gambling/trading mindset) kind of thinking. To get started investing in bitcoin, you need discretionary income not a steady source of income.
If some one buys bitcoin once or twice and then loses his job or runs into other financial problems where he is not able to buy more bitcoin, then he is just stuck with the bitcoin he already bought and he is not able to continue to build.
He had still invested in bitcoin, even if he cannot continue to add to his bitcoin stash.
Sure, it is preferable that he continues to buy bitcoin after the first purchase of bitcoin,. .yet at the time when he bought his first bitcoin he might not have had known the extent to which he was going to continue to have income coming in after the first purchase, yet he would not have had been foreclosed from starting to invest into bitcoin, becuase he met the basic requirement of having discretionary income at the time of his initial bitcoin purchase.
It's not very difficult to get basic details of Bitcoin as they are readily available on internet. If one has acquired basic understanding of Bitcoin then their is no harm in getting started with small amount. Because in the start we all do mistakes that results in monetary loss and these mistakes helps us in understanding how to invest in Bitcoin. As a newbie if we get ourselves familiar with DCA then we can save us from initial mistakes and monetary loses. The only thing difficult is getting started and getting on the track, after that it's a smooth sailing.
A beginner should not rely on the internet (social platforms) to gain basic knowledge about Bitcoin. I would rather suggest that instead of using the internet, one should become a trusted person and depend on him to gain basic knowledge about Bitcoin. Because, finding the right source from the internet is not an easy task for a beginner or a newbie. Rather, he will not be able to gain proper knowledge about Bitcoin by collecting or reading information from wrong sources. Because they do not have the verification capability. So I would completely discourage relying on the internet for basic knowledge. Try to find a skilled Bitcoin investor and ask him.Each and every one of us has the problem to attempt to decipher between good sources of information and bad sources of information and various levels of good and bad in between... That is part of critical thinking to be able to sort through good and bad arguments and to give weight to good and bad arguments, since even certain credible sources can be wrong about certain things or have bad logic on other things.
Also when we are brand new to a topic (such as bitcoin) we might be able to learn from a variety of sources, and sure there is going to be fear that we might learn some bad habits or learn bad information in the beginning, and surely it can be problematic to build upon information (foundations) that are weak, wrong and/or incorrect.
Many of the attributes listed in your post can be worked on as you invest, including patience, discipline and even building up the cashflow management and emergency funds.
Getting started is important and just figuring out the extent to which you have a discretionary income so that investment into bitcoin and building up back up funds (including emergency funds) is not beyond such discretionary income. If such investor is open to learn he can start out with very basics, such as merely starting out with investing $10 per week or $100 per week as he is learning.
Getting started is important and just figuring out the extent to which you have a discretionary income so that investment into bitcoin and building up back up funds (including emergency funds) is not beyond such discretionary income. If such investor is open to learn he can start out with very basics, such as merely starting out with investing $10 per week or $100 per week as he is learning.
I agree with you, most of the aspects like as patience, discipline, and managing emergency funds, are not the only things we need to work out from the beginning. They are skills that we gradually build as we move into the investment, especially when it comes to Bitcoin.
However, many individuals delay in investing because they believe they need everything perfect before they start, like having a lot of money or understanding all of the strategies. But, as you said, it's ok to start with something small, like $10 or $100 a week. The important thing is to ensure that it is within what someone can afford and doesn't affect our daily needs or responsibilities.
Furthermore, learning is just as important as investing. The more effort someone puts into learning and understanding how it works, the more comfortable they will become in making decisions in the long term. It's all about having a good beginning and moving forward gradually.
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...and so I will also agree with you (to the extent that you are making such point) that guys are short-sighted who consider that they would be able to buy bitcoin and then cash out of some or all of their bitcoin as bitcoin goes up in price in order to support their expenses... These are not good ways of thinking about bitcoin, even though quite a few newbies come to bitcoin with that kind of problematic (and even gambling/trading mindset) kind of thinking.