A lot of people especially my follow newbies have already started there Bitcoin accumulation journey before having the idea of securing there Bitcoin investment by having a backup funds such as emergency, reserve and/or float funds and they are now confused on what to do and to be honest I was among this category of people, some people immediately they get this knowledge or idea they pause there Bitcoin accumulation and start building there back up funds also known as emergency, reserve and/or float funds and is okay, but one can still be building his Bitcoin investment and also his back up funds at same time, the only thing he needs to do is cut the percentage he was investing on his Bitcoin and then channel some to his back up funds.
This is what I have been doing ever since I got the idea and it has been working perfectly well for me and it those not affect me in anyway, it is very important to have a backup funds in other to secure your Bitcoin investment there are two things I believe one needs to succeed in Bitcoin investment which are.
1. Patience.
2. Backup funds.
Without having patience to hodl for a long term you won't make it that big and sometimes you will end up losing money but if you are patient enough to hodl for long term then you will definitely reap big.
And without a Backup funds you will easily be tempted to dip hands into your Bitcoin investment when ever you have emergency or problem and you are not with cash but when you have a backup funds it will help you in times of emergency or problem.
So it is very important to protect your investment, especially investments as volatile as Bitcoin, to avoid unnecessary losses. So it will be a very good move to build your backup funds, while contemporaneously building your Bitcoin, although it may slow down your accumulation speed and may take a bit longer to reach your financial goals, however it's all good as long as your backup funds are being built gradually and strong, because the backup funds are just as important as the investment itself. However, it's more preferable engaging in a slow but steady accumulation with a strong financial backup, than being aggressive with one's accumulation with no strong financial backup which will later lead to one's down fall.
It's easy to say that you should do one first before the other especially if you have the innate capacity of being able to do such. It's hard when you're put in a situation where you can only make a choice out of the two. For most people, especially those who are still new to the bitcoin industry and cryptocurrency world they are faced with such choices cause at the end of the day, they wanna claim a stake at having a millionaire-maker in their portfolio, but at the same time, it's not that bad to think that maybe someday bitcoin might flop and when that happens they wouldn't have such backups.
I could still remember when I was first starting in the bitcoin industry. I didn't even have a financial plan or whatever. I took a major risk and figured that going for money makers at this early stage in my journey would work better than having to save money for when rainy days come. And while I ended up losing it all anyway a few years ago, I was able to earn it back thanks to the knowledge and the lessons I learned in the past. I'm telling this so you know that I had the privilege of still being able to commit mistakes and not lose it all. Some of us don't.
Do not persecute nor belittle people who chose bitcoin over having savings, or vice versa. To them that is the most sensible decision given their circumstances. Support them at the very least.
