Poor people have trouble producing discretionary income and an ability to hold and continue to add to an investment for 4-10 years or longer... Yet, bitcoin is still available to poor people, even though they could end up contributing to their own financial harm if they invest into bitcoin beyond their discretionary income..
Even if they do get some discretionary income it is usually wasted on things instead of invested. These type of people have issues relating to not being able to have things. Then once they acquire spending money they tend to go around trying to heal these issues by spending it. I have seen a few cases of someone who was very poor in their childhood gain a lot of wealth later in life. They keep buying all sorts of things and waste a lot of money. Of course this does not apply for everyone.. Am happy that one may not even need millions to invest in owning some bitcoin at the moment, but what matters is if they have a source of income
that would enable them to maintain a strategy
What really matters when investing in bitcoin is a discretionary income, not a source of income, because their are so many guys that have a source of income but still can't figure out their discretionary income, so discretionary income is very important for consistent accumulation of Bitcoin.that would enable them to maintain a strategy
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like the bull season where they can sell or reinvest into other businesses or cryptocurrency for better returns or for proper positioning in the financial market.
Are you kidding 😂😂😂😂You are talking of selling during the bull run just to use the money and reinvest in shit coin. If that's what you have in mind, it's pure self destruct that is, because alt and meme are full of shit, and by putting your money into it, it is nothing short of gambling since the possibility of losing your money is higher than your chances of making something out of it.
Most people lost money this way, they are using survivorship bias believing that every person is gonna get rich when in reality it is like trying to become the lottery winner. One bad shitcoin investment to wipe out years of good work and gains, fascinating strategy. There are so many fools that are still waiting for their altcoin to recover from -50% or higher losses whereas Bitcoin is having phenomenal performance in the same time. Yea, you are actually right @Dogedegen. One bad shitcoin investment can mess your financial life up. I have a friend who believes so much in shitcoins investment. Just last week he chartted me up, complaining of how he lost 700k Nigerian currency to an online shitcoins investment scheme, and the loss has drastically and/or completely drained his physical business. It is at this point of regret he spoke of a better and more reliable investment means, which is Bitcoin, but according to him, waiting for so long for the investment has always been his problem.
At this point I asked him, would he rather invest in shitcoins and expect quick returns and loose all your money just like what happened now, or it's better you invest in Bitcoin gradually and Hodl and be sure of your future gains? He thought about it for a while and then said the one that provides assurance for future worth and value is the best, then I told him welcome.
I had also explained to him that I used to be a shitcoin investor or a trader, but it's not really predictable and can be misleading, hence, I opted for a more solid, reliable and trustworthy coin which provides me financial backing and freedom in the nearest future, and that's Bitcoin. Though when he came asking about Bitcoin months back, I had explained the basics he needs to know, and the best way to accumulate Bitcoin using the DCA strategy through your discretionary income, what discretionary income means and how best to raise it, and also the importance of raising back up funds such as emergency funds and other back funds to enable him sustain his Bitcoin for long term which is the real deal, with this previous explanations and the present, he is more than interested and willing to begin his accumulation process promising to make more personal research and kick start his journey.
Whatever he decides to do at the end, it's really his personal view and opinion, I think I have played my role by enlightening him of the danger of shitcoins and altcoins, and the future that Bitcoin holds for us generally. It's all to him, I have saved a soul from another future financial breakdown due to wrong or uncertain investments, and that gives me self satisfaction.