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Topic: My do's and don't's way of acquiring BTC (Read 1354 times)

Z390 (OP)

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My do's and don't's way of acquiring BTC

September 12, 2024, 12:16:53 PM

Merited by Abbatty (2), vapourminer (1), DdmrDdmr (1), Fivestar4everMVP (1), m2017 (1), NotATether (1), Mame89 (1)

Things I would do to acquire some Bitcoin (Again & Again if possible).

1. Work my butts off to get paid every month and DCA into Bitcoin.

2. I've sold few lands and I've made back my money already, thanks to Bitcoin, many said it was a bad idea but things went fine for me, I entered at the 17k bottom in 2022, the best decision of my life, if I can I would again, mind you, I have more than the two lands I sold, this might not be a good idea for someone who have one.

Just like my parents used to say "At times, having one thing is like not having at all".

3. Mining alternative coins and converting back into BTC, I have separate mining rigs channeled towards other coins and I convert them all to Bitcoin.

4. Improving my contributions on the forum and getting paid via sig campaign, equals to more BTC.

Things I would never do to acquire Bitcoin.

1. Been jobless and start planning to buy some Bitcoin, with what money?

2. Borrow money from someone or a loan shark to invest in Bitcoin, what is my worth? How will I pay back when I have nothing? Debt is best for someone who has collateral, just in case, or let me say maybe I am not just good at using debt? Still I believe it is a bad idea using debt to acquire something like BTC.

3. Collect money from friends and family with the hope to help them trade Bitcoin and me making few percent out of it, sorry I have seen more than two people who did this, trust me, it doesn't end well.

4. Blindly invest in Bitcoin Asic miners when I don't even know how much my electricity tariff plan is, the cheapest the better, Bitcoin mining isn't for everyone, even some small-time companies can't even keep up, anything after 5cent/ KWh is bad news.

I hope this gets to someone out there, beginners to be precise, do not start what you can't finish, you have no success chance investing in Bitcoin without a job or solid source of income, hunger will strike, bills will strike and your BTC will be the only option left, start with a solid foundation aka ( a source of income ).

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Solosanz

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Re: My do's and don't's way of acquiring BTC

September 12, 2024, 12:49:54 PM

Merited by NotATether (2), vapourminer (1), ChiBitCTy (1)

Literally you're just saying work your ass off and don't invest if you don't have safety net, that's all.

It would be better for people to understand about Bitcoin first and find the reason why they want to invest in Bitcoin besides it's price. Also knowing the difference between fake Bitcoin and real Bitcoin, knowing centralized exchange isn't a place to hold coins.

Davidvictorson

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Re: My do's and don't's way of acquiring BTC

September 12, 2024, 01:00:54 PM

Quote from: Solosanz on September 12, 2024, 12:49:54 PM

Literally you're just saying work your ass off and don't invest if you don't have safety net, that's all.

I agree with you. The summary of it all is to work hard and work smart. And both are possible. One of the smart ways to work to earn bitcoin is to get a skill and get your clients to pay via bitcoin. If they are concerned about the transaction fee they can make in a stable coin and then you convert it to bitcoin. These clients may not even be people from your country. And one can find them on remote job sites. They are everywhere. It will take a while but if you can persistent you can have you first client and recurrent clients.

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Re: My do's and don't's way of acquiring BTC

September 12, 2024, 01:06:20 PM

Quote from: Z390 on September 12, 2024, 12:16:53 PM

1. Been jobless and start planning to buy some Bitcoin, with what money?

You literally don't have money in this, so it shouldn't be part of the equation. People quit their jobs to pursue investing or trading, but that means they already have the resources to start their new venture. So this statement shouldnt be included in the "don'ts," as only foolish people would do this ^{( I mean the actual thing)}.

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Fundamentals Of

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Re: My do's and don't's way of acquiring BTC

September 12, 2024, 01:10:33 PM

Many are misled by thinking Bitcoin is the way out. No, that might not be true at all. Bitcoin is definitely not the way out of poverty. Bitcoin is not the way out of making ends meet everyday. It can only be the way out if you already have a lot of money. There's inflation, money in the bank is not productive, etc. All of this could be fixed by Bitcoin. But to those who don't have the money, they cannot seek refuge in Bitcoin. Make money first and think about Bitcoin later.

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Re: My do's and don't's way of acquiring BTC

September 12, 2024, 01:13:11 PM

Quote from: Davidvictorson on September 12, 2024, 01:00:54 PM

Quote from: Solosanz on September 12, 2024, 12:49:54 PM

Literally you're just saying work your ass off and don't invest if you don't have safety net, that's all.

I agree with you. The summary of it all is to work hard and work smart. And both are possible. One of the smart ways to work to earn bitcoin is to get a skill and get your clients to pay via bitcoin.

Like all good relationship, it's a two way thing, where everyone benefits. However, the initial funds goes into advancing the skill, not bitcoin. Hence, the person will earn back, in a higher denomination, the bitcoin he invested in building a skill on a specific niche. For instance, a quality skill in blockchain development can easily earn you 1-2 btc or more, annually.

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Aanuoluwatofunmi

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Re: My do's and don't's way of acquiring BTC

September 12, 2024, 01:15:39 PM

Merited by Ambatman (1)

Quote from: Z390 on September 12, 2024, 12:16:53 PM

2. I've sold few lands and I've made back my money already, thanks to Bitcoin, many said it was a bad idea but things went fine for me, I entered at the 17k bottom in 2022, the best decision of my life, if I can I would again, mind you, I have more than the two lands I sold, this might not be a good idea for someone who have one.

My advise here is that you should not rely on only one kind of investment, i think land as well is also a profitable investment, therefore, for selling one to acquire bitcoin and invest, then you should be willing in taking the interest made as profits to reinvest back on land again, because it also appreciates over time, while bitcoin may still remain as the main holding capacity of your investment.

I hope that you understand the need for us to have our investment asset being diversified, because we may not be able to predict what the future may tells, things changes over time, but having a back up will always be a profitable decision as well when making an investment.

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Ambatman

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Re: My do's and don't's way of acquiring BTC

September 12, 2024, 01:24:58 PM

I must say they really valid point especially the don't which I personally agree with
But going all in isn't my style.
There's a reason diversification exists
It helps mitigate risks
Now say for example rather than rising from $17K it fell to $12K
Would you still be holding?
I doubt because going all in makes one emotional and we tend not to make the best decision when tensed.

In regards to option 2, I guess land isn't as profitable as it is in my country.
It's normal for a land to rise more than 100% here in a year and I have not(though exist) seen a land in my country whose value devalue in any period.
Once it goes up
It comes down not.
What am insinuating is always diversify and land personally based on my environment (personal bias) is a good option.
Diversification is Good if your portfolio is filled with great assets.
Holding a shitcoin with Bitcoin isn't diversification.

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Z390 (OP)

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Re: My do's and don't's way of acquiring BTC

September 12, 2024, 02:15:14 PM

Quote from: Solosanz on September 12, 2024, 12:49:54 PM

My Job is hard, but it pays the bills, and enough for investment aside, I don't need to go into full details, this is a job i don't have a plan to do forever.

Thanks for your opinion, like the title said, my, my , my, My do's and don't's, I expect you to drop your do's and don't too, what works for me might not work for you.

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Hamza2424

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Re: My do's and don't's way of acquiring BTC

September 12, 2024, 02:24:03 PM

#10

Hmm, Everything is perfect with the tips, TBH Op had covered all the important factors in the post for accumulating Bitcoin with a small touch of trading as well, in the end, I Would say there's a topic of mine that i got reminded after reading this post if anyone is interested it is quite well discussed and explained, comment is not average as well most of the comments carry huge value if you are really willing to learn anything for accumulation Things to keep in mind before the accumulation of Bitcoin.

I won't prefer selling other assets for accumulation of Bitcoin as I believe slow and steady wins the race, Don't gamble if you are confident in your learning and try it as Op did and he's quite satisfied with his decision, but mostly people here on the forum don't own such kind of assets even if they have good learning and strategic mindset. So for those you need to work more hard and move your ass as OP said to start a stable DCA.

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Re: My do's and don't's way of acquiring BTC

September 12, 2024, 02:32:58 PM

#11

Quote from: Z390 on September 12, 2024, 12:16:53 PM

Luckily for you the entire bitcoin market has been bullish since the end of 2022 so those who got in around the $16k price have been lucky to have witnessed more than 3x of their investment. I wouldnt question your decision of selling your lands and going for bitcoin investment because it is truly a personal decision, but my advice will be learn to diversify and real estate is one of those investment diversification strategies although you need to be well equipped with what are you getting into first before investing. If you have real estate knowledge i will say you should go for them, take out some profits and invest into other businesses and leave the rest bitcoin to go to moon.

I know you will be anticipating the upcoming bull run and might want to leave everything till then which is also a personal decision but considering this is your total investment funds I will still advice you to diversify with some funds now as the future of every investment isnt perfectly predictable. Invest into a less volatile asset to avoid potential losses or minimize risks

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Re: My do's and don't's way of acquiring BTC

September 12, 2024, 02:36:32 PM

Merited by vapourminer (1)

#12

Quote from: Z390 on September 12, 2024, 12:16:53 PM

3. Mining alternative coins and converting back into BTC, I have separate mining rigs channeled towards other coins and I convert them all to Bitcoin.

Things I would never do to acquire Bitcoin.

4. Blindly invest in Bitcoin Asic miners when I don't even know how much my electricity tariff plan is, the cheapest the better, Bitcoin mining isn't for everyone, even some small-time companies can't even keep up, anything after 5cent/ KWh is bad news.

What are differences between mining Bitcoin and altcoins, you both have to pay electricity bill?

With altcoins, you can mine shitcoins and end with very low value or no value and struggle to sell what you mined and can not convert it to bitcoin. It depends on altcoins you choose for mining.

With Bitcoin, risk is smaller and sometimes, since Bitcoin Spot ETF approvals in January, buying demand is more than new bitcoins mined from new blocks.

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Re: My do's and don't's way of acquiring BTC

September 12, 2024, 02:39:49 PM

#13

Quote from: Z390 on September 12, 2024, 12:16:53 PM

2. Borrow money from someone or a loan shark to invest in Bitcoin, what is my worth? How will I pay back when I have nothing? Debt is best for someone who has collateral, just in case, or let me say maybe I am not just good at using debt? Still I believe it is a bad idea using debt to acquire something like BTC.

borrowing money from loan sharks just to invest in bitcoin and hoping that he can make a lot of money from it is a very stupid thing to do. investing in bitcoin is uncertain and at any time someone can lose their money if the market is bearish. when someone borrows from loan sharks it will also burden them because they need to pay high interest and there is a deadline that needs to be met for repayment. so avoiding borrowing from loan sharks to invest in bitcoin is a very right thing to do.

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Re: My do's and don't's way of acquiring BTC

September 12, 2024, 02:46:20 PM

#14

Quote from: Z390 on September 12, 2024, 12:16:53 PM

I remember one piece of advice from my parents, start something lighter to finish and this is still the benchmark that I hold so far. I mean someone can take a little risk in investing in bitcoin but not by borrowing money from other parties. But someone can do DCA efforts as a step to make investment prospects even better. Money is indeed the main problem in running an investment besides the support of knowledge which is quite important but people need to have a plan so that they can get freedom in running investments.

There are no loans and there is no term of forcing investment because it must be done responsibly to meet the right criteria. If today there is no pattern that can be done then don't expect people to get better financial freedom. Sometimes taking a little risk is not a problem as long as people understand how to resolve and minimize each decision made.

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Re: My do's and don't's way of acquiring BTC

September 12, 2024, 03:18:06 PM

#15

Quote from: Distinctin on September 12, 2024, 01:06:20 PM

Quote from: Z390 on September 12, 2024, 12:16:53 PM

1. Been jobless and start planning to buy some Bitcoin, with what money?

Who would have been jobless and no other sources of income will be able to finance buying bitcoin? Of course, this is very out of the picture. Except if you have been living life jobless because you are the son of a royal family, well buying bitcoin will definitely be highly possible. In fact, you wouldn't even think of acquiring bitcoin anymore because you have all the assets that will be pass to you when your parents are no longer capable of managing the family assets.

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Re: My do's and don't's way of acquiring BTC

September 12, 2024, 03:43:35 PM

#16

Those steps you took towards purchasing Bitcoin is what so many persons are doing. What some people are doing wrong is to sell all their property and use the money to invest in Bitcoin, there's always the advice of not putting all your eggs in one basket, even if you want to sell your stuffs (like landed property) and invest the money into Bitcoin, learn to only sell some and not all, so that if any go wrong, you will still have something to hold unto. No body is praying for anything bad to happen but we can not predict anything.

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Re: My do's and don't's way of acquiring BTC

September 12, 2024, 04:01:51 PM

#17

Quote from: Aanuoluwatofunmi on September 12, 2024, 01:15:39 PM

Quote from: Z390 on September 12, 2024, 12:16:53 PM

I agree with your line of thought, but the successes he has recorded so far has given him some credence for the decision he took, the risk has so far paid off. He said of having sold about few plots of lands, though he has made the gain since he sold them and so far he has about 17k worth of investment as at 2022, I believe by now that figure might have gone up. My major point is that, diversification can only come in when you have enough capital you can use to pull through into some other investment, because if you look at the storyline, the whole idea of diversification wouldn't have come in if there was no enough capital, so the first step he took has paved way for him to venture into something else if he so wishes.

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Re: My do's and don't's way of acquiring BTC

September 12, 2024, 04:03:58 PM

#18

Quote from: Z390 on September 12, 2024, 12:16:53 PM

At the moment, I'm so confident that Bitcoin will reach 100K soon that I'd sell land if I had one. But recently I sold my very expensive camera and lens. If Bitcoin reachs 100K, I'll be able to get back my camera and the same amount of money back.

Quote from: Z390 on September 12, 2024, 12:16:53 PM

3. Mining alternative coins and converting back into BTC, I have separate mining rigs channeled towards other coins and I convert them all to Bitcoin.

I think, it worth the risk to hold some altcoins, especially if they aren't in a quantity that will make their loss unaffordable. Many altcoins have a space for big rise, which is unlikely to happen in Bitcoin's case because it's already very high.

Quote from: Z390 on September 12, 2024, 12:16:53 PM

Still I believe it is a bad idea using debt to acquire something like BTC.

That's the worst idea. No one knows certainly if Bitcoin will rise and fall but when you take a loan, you are forced to pay it back or you won't end up well. It's stupid when some people take huge loans, make bad trading decisions and then they have to work the rest of their life to pay debt.

Quote from: Z390 on September 12, 2024, 12:16:53 PM

4. Blindly invest in Bitcoin Asic miners when I don't even know how much my electricity tariff plan is

You pay bills, don't you? If you pay bills, then you already know your tariff Cheesy

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Re: My do's and don't's way of acquiring BTC

September 12, 2024, 04:43:18 PM

#19

My idea has always been the best time to invest in bitcoin has always been now and never tomorrow, this is because tomorrow you will never come back to meet bitcoin at the price it was at yesterday, if you had not taken this decision and probably had waited to invest in bitcoin some other time away from the time you did, the chances are you wouldn't be in the kind of profits you are in currently because now you would pay more to get almost the same unit you have now. Investing in bitcoin isn't something one does with funds they hurriedly want to make profits off because they are very likely to get disappointed as its not a get rich quick scheme as some may want to misinterpret and would want to take such risk until they eventually see their mistakes which sometimes may turn out fatal on them.

Your does and don'ts are not a bad idea actually because honestly they are the basics for investing in bitcoin at most point if you are a beginner and most importantly the truth remains the simple basics have always been the best strategies that will actually keep you long in the investment but sometimes other investors who try to feel too experienced would be soothing after the most complex strategies that will end up causing them making some mistakes that will get them to regretting.

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Re: My do's and don't's way of acquiring BTC

September 12, 2024, 05:01:00 PM

#20

Quote from: Z390 on September 12, 2024, 12:16:53 PM

Things I would never do to acquire Bitcoin.

Being a money lender, I would never lend money to invest in bitcoin, I would invest in bitcoi myself.

A debt is acceptable only when borrowed money can bring income. Theoretically, buying bitcoin with borrowed money is possible, but it creates double unnecessary risks: BTC falls in price unsuccessfully (1st loss) and you have to repay the debt (2nd loss).

Quote from: Z390 on September 12, 2024, 12:16:53 PM

3. Collect money from friends and family with the hope to help them trade Bitcoin and me making few percent out of it, sorry I have seen more than two people who did this, trust me, it doesn't end well.

In this case, you act as a borrower (borrow interest-free from friends) with the function of a trusted trader. Risk other people's money? But here too the money will have to be returned (as a loan or in a loan).

Quote from: Z390 on September 12, 2024, 12:16:53 PM

If add free sources of electricity (electricity theft), then the scheme you described starts to function.

But this is fraught with unpleasant consequences.

Quote from: Z390 on September 12, 2024, 12:16:53 PM

Newbies in investing in bitcoin act like sprinters (trying to immediately run to the finish line of BTC-profit), whereas here you need to act like in a marathon (slowly and gradually overcome the distance to financial well-being based on bitcoin).

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