The best time to buy Bitcoin is when you first heard about it, just like now that you have known Bitcoin and have seen so many people buying enthusiastically, follow them and do what they are doing and in the future, you will follow them to celebrate. Buying and HODL is not complicated, don't let it confuse you even though I know it is a little tricky for a beginner like you. There is a general approach which you will follow to make it systematic and easy to implement. If you have some money or lets say you are into business or working, simply remove the money you will use for food and other basic things from your income after that you will be left with your discretionary income. From that money, use part of it to invest in Bitcoin and use the other part to set aside as your emergency funds which is money you will use incase you have urgent needs that you did not plan for in your basic needs. You can repeat this process monthly and you will be performing what is called DCA method and you will end up buying Bitcoin at no pressures.
After you have started purchasing your Bitcoin, please don't look to sell when you begin to see profits, your plan should be to accumulate Bitcoin and HODL for as long as 5 to 10 years before you can appraise your Bitcoin worth and then congratulate yourself for job well done. You can even increase the years of holding and then make Bitcoin your retirement plan, just like what I'm doing with my Bitcoin too.
I want to agree with you on this. The best time to invest in Bitcoin is as soon as you know. That is, when someone knows about Bitcoin, it is the best time to invest. Because as time goes by, you will fall behind others. To invest, you must spend your earned money correctly and in a planned manner. In that case, the monthly income can be divided into three parts.
Again, a very advantageous method in Bitcoin is the DCA method. In this method, you can keep your mentality steady without getting upset if the price increases or decreases. Another big advantage of investing in Bitcoin in this method is that it can be started at any number.
Along with this, it is necessary to set up your mentality for the long term. If you invest using these strategies, it will be easy to gain financial freedom in the future.
. Bitcoin investment is something that should be planned accordingly before the initial investment. This is because, if the initial investment is faulty, it may not really work out fine when storms arise. Bitcoin planning involves getting a source of income, analysing your possible salary, separating your money to take care of your family, having some to put in your backup funds and emergency funds and then proceeding to invest what you can afford to hold. If you're aware that the longer you hold, the better then you would make proper plans for your bitcoin.
This is the mindset I worked so hard to kill and I'm also telling you to start making efforts not to toe that line. We cannot continue to give excuses about Bitcoin instead we should be propelled by the opportunities that lies ahead for us, keep excuses aside and do the needful. You can't justifying hearing about Bitcoin for years and not investing even if it is $20, yet you have two hands and legs, you have a smartphone, you have been eating food and not starving and you have been wearing nice cloths and possibly pushing on with life and other activities. It is only when it comes to investing in Bitcoin that you are poor, and unemployed... those are excuses! If you are convinced that Bitcoin is for you and you see the opportunities it holds, that alone will even motivate you to get busy with your life. If white-collar is not available, there are many other types of jobs you can do to raise money. In my place, most people that do 9/5 jobs are even the poorest because people doing things like barbing, laundry services, farming and even people that gather plastic waste for recycling are making decent income and living comfortably. There are even youths that sell things online even when they don't own a shop or spend money to start such business... they will partner with a big shop, snap their products and publish them online and when they see buyer, they take from the store and sell and collect their commission and everybody is happy, these category are even making more money than most people working in the bank. We are in an era in which excuses are becoming boring and if you end up poor in this generation, it is entirely your fault.
You should set a target of how much you will be investing in Bitcoin per month then work towards it by adjusting your budgeting and doubling down on your hustle and you will see yourself achieving it. Let's be more optimistic about things especially when we see that the reward is something that will outweigh every sacrifice put into achieving it.
Yes, I have come to realise the truth in this your statement. As long as someone is able to maintain a daily life, then he might also be able to have a share in the bitcoin no matter how little. Even though there can be a level of Penury that can also keep someone away from being able to spare a fund in the bitcoin or he would end up investing today and withdrawing tomorrow. Sometimes we believe that some amount as little as $20 dollars is too small for anyone not to have but it's not truly so. Someone might be earning $500 weekly and still have no discretionary income and this does not mean he's lavish in his spendings or not financially intelligent, it could just be an accumulated responsibilities possibly because of his position in his family or previous family ties. A first son may not have enough discretionary income as a last born even if he earns more. These are the factors that we should also understand and try not to rule off the fact that not investing in bitcoin as at when you first hear about it may not completely be because you don't wish to invest or because you are too lazy to work out money and invest. It could just be that responsibilities are above the income.
Yeah sure, someone eating daily and dressing up does not signify availability of funds (discretionary funds). The basic human needs are Food, Clothing and Shelter so getting any of them does not imply luxury, it's basic even though going too classic or intending to look expensive is beyond the basic necessity of man. I don't think there's any need investing when you know you cannot HODL yet, you could run a loss when you Keep selling off at short-term. So it is better to plan well and take time to plan and replan for finances before venturing into bitcoin investment.
A more positive attitude to investing in bitcoin could be, after hearing about it for the first time and realising that you could not spare any part of your income which is usually not enough for your responsibilities prior to the announcement; you can immediately active plan B by sorting other means of income which would improve your financial situation and give rise to discretionary income for your bitcoin investment. When you finally get an alternative source of income, you still maintain your previous expenses, avoid any further additions to your responsibilities or flimsy stuff that could also affect your suppose discretionary income. This would allow you invest in bitcoin and be able to HODL for long.
One thing about hearing about bitcoin at the first place is your ability to see opportunity in it. This would allow you go into looking for a means to live up to it and start acquiring bitcoin no matter how little.
So many poor people lack patience they want it quick infact so quick that's why many of them can't sacrifice years of accumulating wealth through Bitcoin to elevate their status from poor to rich class in the future Bitcoin has given everyone the opportunity to get richer in the future but some still don't understand, I think many rich folks do that's why you see them buying at every given time necessary, some poor people still think Bitcoin is for the rich cause they feel they can't buy with a similar amount the rich use in accumulating, but then they can accumulate gradually as little as they can for many years and still be rich in the future, patience is just the sacrifice they have to make to build a big portfolio that would change their status from poor to rich, it's not something very difficult but with determination they can achieve it.
Almost everyone is poor economically and even more people are poor mentally. Most of the middle class people are poor too. How many of them get a new phone every year? How many of them are subscribed to every stupid modern thing from Netflix to Spotify? How many of them are driving cars on lease so that they look richer than they are? Using credit cards with 15-30% interest rates and such? The dumbest population group and by far the biggest. My well maintained 8 year old phone proves that you can do things differently. Selling Bitcoin for a new overpriced phone? No thank you.
What people fail to understand is that delaying gratification and doing things right is a skill. It must be practiced like your muscles need practice in the gym. You can improve your muscles but it won't happen if you visit the gym once per month or once per week whenever you feel like it.
You're right. Most times people tend to spend more money on things that don't really matter thereby getting a short-lived pleasure and risking their future. Even though we are not in the best position to tell anyone how to spend his money, we only make suggestions, analyse the pros and cons and allow everyone make their choices. There are actually the real poor masses, but there are more self-made poor people presently when you now have many pleasures that people crave for. Why will I subscribe to my Netflix when my DStv can also give me movies to watch? Why will I subscribe to a premium package when I can just get a compact and enjoy closely every channel of my interest? Why will I leave the freezer and other appliances plugged into light source for all day when you can freeze your stuffs and turn the freezer off and so on? This is where people need reorientation. Some amount of light bills that some people pay monthly can be enough to build a home if it's moderated.
So I think that the best approach to reducing the cost of daily lifestyle is by lowering our tastes as long as you can get nearly same benefits. I'm not disputing the fact that there can be some people whose responsibilities are inevitable, when it has to do with health, it's not what anyone can ignore or moderated in anyway even though there might also be a lower standard hospital that can deliver nearly same service as the high profile ones, but no one is ready to gamble with life.
Bitcoin investment is the way up, but it's also very necessary to plan your cashflow very well in order to be successful in the investment. It's not about squeezing out money to invest shortly and gamble with bitcoin, that does not qualify you a bitcoin investor.