Again, I don't totally agree with you when you said that one doesn't need to be financially prepared to invest in bitcoin.
You don't have to have it all before you start your Bitcoin accumulation journey, all you just need is a source of income where you can be getting your discretionary income from, and it's through there you invest from, so you don't necessarily need to have it all before you start, along the line you can work on a way to improve your finances so that you can be more comfortable while investing.
You don't have to have a source income to get started buying bitcoin, either.
All you need is discretionary funds at the time that you buy, and then maybe after you buy bitcoin on the first time, you don't have discretionary funds for 3 weeks, and then you have discretionary funds and you buy more...and then maybe the next time you have discretionary funds is 7 weeks later, so you make your 3rd bitcoin purchase... and then maybe 3 days later you have more discretionary funds so you make your 4th bitcoin purchase... and then maybe your 5th bitcoin purchase does not come until 3 months after your 4th bitcoin purchase, since that was the next time that you had discretionary funds... etc. etc. etc.
I keep saying that Bitcoin has nothing more to prove at this stage that it's a store of value and that is why people, institutions and governments that were spelling doom for it are now getting in. Any individuals and entities that doesn't know by now that Bitcoin is one the best profitable asset to hold will be among those that will say "had I known" in the next 4 to 10 years. It is anybody's best interest to hold Bitcoin for the long term, despite dip and bear seasons it has proven that it can always rally and hit new ATH.
Those who understand that Bitcoin is a very valuable asset can invest very quickly and increase their portfolio a lot and become a successful investor in the future. Those who are still doubting investing in Bitcoin may never be able to invest. Because they still do not understand what Bitcoin is. I think the best part of Bitcoin is that Bitcoin is unstable. As you can see, a few days ago, the price of Bitcoin fell to around $85,000, but today, the price of Bitcoin is $119,000. Those who did not buy Bitcoin out of fear then are now regretting it. So, without thinking about anything, start investing first and hold your holdings for the long term.
But the reality is that Bitcoin is currently only moving forward, Bitcoin adoption is constantly increasing, and those who understand this true potential of Bitcoin are the ones who are successful in holding Bitcoin. So to be able to hold Bitcoin, you first need to understand Bitcoin in its true meaning, and you need to have faith in Bitcoin, continuity of investment and strong faith are the most important things, due to which you can keep the mindset of keeping your Bitcoin for the long term and stay away from panicking during times of fluctuation.
Some people are going to learn about bitcoin at a later date.. even current skeptics might not understand bitcoin or want to understand bitcoin, yet at some point in the future, they may well come aware of bitcoin and perhaps be forced into looking into it more and learning about it.
It seems to me that there is no reason for a bitcoin accumulator to panic sell if he already had developed and had been following various plans to manage his investment and to develop and practice strong cashflow management, so confidence comes from the reinforcement of ongoing actions, and yeah, when a guy is first building up his bitcoin holdings, it can take a whole hell of a lot of time - 1 or 2 cycles to get the bitcoin position up to a size that is meaningful within the guys income and position in life, and so we do not necessarily buy bitcoin with an intention of selling right away, especially if we might have an investment timeline that is 4-10 years or longer..
So maybe if the bitcoin accumulator will spend 6 years accumulating BTC, and then he might spend another1-2 years merely holding before transitioning into some kind of a sustainable withdrawal that might be price-based and/or time-based.
I go over quite a few of my ideas related to sustainable withdrawal
in my thread, and it seems that I have been a proponent of incremental sales of BTC rather than selling large chunks of the accumulated BTC at any given time - which I would consider large sales to be serving as a forum of trading rather than an investing approach to BTC portfolio management. I dont' recommend trading bitcoin or even setting up a bitcoin portfolio up as something to get in and out of rather than setting it up to be 4-10 years or longer, and generally guys should not be selling their whole bitcoin portfolio in less than 10 years unless he has age and/or health related matters that contribute to such need to sell at a time that is less than 10 years.
I also think so. I do not support Bitcoin trading or holding for a short period of time. Without a long-term plan for Bitcoin, we cannot make real profits.
We can still make profits with short term plans, and many traders make decent dollar profits,.. they just sell higher than they bought.
Part of the difficulty is that it is quite difficult to find any traders who might have had been in a better position after a couple of cycles as compared with the bitcoiner who mostly accumulated and held his bitcoin during that same time frame.
Therefore, we should buy Bitcoin with the mindset of holding for a long time. It is better to adopt the DCA method. It is better to adopt the method that is best for us. It is better to buy according to our own wishes, buy when we want, but we have to stay on buying. Bitcoin has already reached an all-time high. We hope that something good will happen very soon. If we buy Bitcoin, it will not lose, we just have to wait for time. I think we can buy Bitcoin and sleep peacefully, and after two, four or ten years we will see that we will get a lot of profit.
I have proclaimed on many occasions that each time a person buys more bitcoin, he should be planning to hold for 4-10 years or more, and so after a person had been buying bitcoin for more than 4 years, then he is going to have some earlier coins that have matured towards being at least 4 years since purchase, and then as time passes, then more and more of his coins will have had reached a 4 year or more timeline, but yeah as a guy keeps investing he is going to have older coins and newer coins in his bitcoin investment portfolio mix, and surely after 10 years if he is still buying coins, he will likely have 6 years worth of coins that have at least 4 years of hold time and then the coins he bought in the last 4 years would have less than 4 years of hold time.
There are ways to keep track and even to allow some of the purchase times of the coins affect how to treat them, yet at some point the guy might transition into a status in which he is no longer regularly buying bitcoin, or maybe he is just buying on dips, and he may even start to set up systems of sustainable withdrawal based on price and/or based on time (which I discuss in
my thread on the topic of sustainable withdrawal).