So, when the market's tanking, what’s the game plan? Are we just gonna sit back and track every minor fluctuation? Nah, there’s got to be more ways to make some cash. That’s the real question here.
First off, don’t sleep on DCA. It’s a solid move. Instead of just idling, you can use this method to take advantage of the dip when bitcoin’s dropping. Then, look for side gigs that pay in bitcoin. There’s tons of online opportunities where you can get paid in crypto. Lastly, keep learning. Pick up new skills if you need to, but just dive deeper into bitcoin knowledge. I mean, I know my stuff, but there's always more out there, and understanding more can really help us all in the long run.
To get the best out of Bitcoin investments it is always better to plan for long term DCA, don't expect to get rich quick.
If you are itchy for making money know that life is easier when you have a paying job and a life to live, many people have regrets because they can't take their eye off wanting to make money online and it ruined them.
Investors who got the best results out of investing in Bitcoin did nothing, they bought and hodl, lock the bitcoin in a safe place and went back to their daily lives.
This doesn't apply to everyone but from my own experience, doing nothing than holding your Bitcoin is the best way. This is the easiest as it gets, if I tell you to trade prepare to get wrecked, every others ways are too risky, Hodl is the simplest.
The main point of concern should be if you have savings in FIAT - thats losing value as inflation
rises. Michael Saylor made the famous analogy of a block of ice slowly melting in your garden
to FIAT losing purchasing power over time.
When the market is down its time to buy regardless of whether it will fall further. Its important
to consider that the market might be down and fall further but it will regain the previous highs
and may not touch the previous lows.
So yea its fruitful in all regards to try and get as much FIAT into Bitcoin as possible, particularly
at optimum times like we have currently.
What really appeals to me about your approach is that you are not just waiting around but are also interested in strategies like dollar cost averaging, side hustles, and learning. That is really nimble witted
Nowadays, it is much easier to get paid directly in Bitcoin through freelancing or remote work. There are many credible platforms & companies that allow you to accept BTC instead of PayPal or fiat.
Therefore, whether it is in cryptocurrency or something else, merging passive accumulation with active income streams provide you a lot of moldability & speeds up your progress. I agree with you, I am not telling you to just rely on HODL but rather encourage you to create, learn, earn & save
Getting paid in bitcoin and DCAing into your investment is one of the best things you can do for yourself when the market is on a decline. The DCA strategy is trusted by many and many have used them to make a lot of money in their long term hold of bitcoin. Whenever you hear about buying the dip in the bitcoin market, this is actually what it means to buy the dip. Buy when the market is crashing in order to enrich your portfolio more while waiting for the price increase in the market later which is certain to come after every dip in the market.
Even outside of paying jobs in bitcoin, you can learn skills that can still pay you in fiat and take a part of them to invest in bitcoin. This is natural for many people that dont have an hands on payment with bitcoin but depend collect payment for their works in fiat. Not all companies have transition into paying their workers in bitcoin, even if its a tech company. So you can always accept pay in fiat and convert to bitcoin of the amount you plan to invest in it when there is a dip in the market.
All of the economists are warning about the fate of fiat and USD in particular but it's not practical for most to just convert their cash into crypto as most of the economic activities still runs on fiat. Furthermore, the situation in crypto exchanges is more dire than the real world itself. In the real world, I could convert any USD I have into another fiat or even buy gold and silver from the market. That's possible in crypto exchanges too but not as accessible as converting your coin to USD pegged tokens.
Like I have placed buy and sell orders for bitcoin and they are on USDT. If for some reason, USDT crashes, all of my bitcoins are sold and I have a fiat pegged currency that's lower in valuation. While the alternate move is also possible and largely seen in last week. Bitcoin has decreased more than anyone expected compared to USD.
Do you guys just sit and wait? This must feel awful. You should be building your streams of income. You have the entire Internet on your hands, and artificial intelligence that can improve your productivity by tenfold. Literally typing can make you money.
Make something. Have a business. Help people. It's all about delivering what people need and don't know how to get it; at scale. HODLing is not inertia. Have an income and stack sats.
When the market is down like it is now, DCA is an option investors can take to maximize the opportunity to accumulate assets at lower prices, so that when the market recovers, they can achieve greater profits. But, this isn't necessary because everyone has different financial circumstances, and there's no need to force yourself to invest your money when you're unsure. It all comes down to personal decision-making.
However, make sure that at this time, it's better to occupy yourself with other things that can divert your focus from your portfolio. Do anything you can, whether focusing on your work, learning a new skill, or something else, so you don't constantly think about monitoring charts and feeling anxious and panicked when the market continues to decline.
Buying Bitcoin and keeping it for profit is an investment and not a full time job. Is like buying gold and just sit all day monitoring the price. Bitcoin investment is a tiny part of our endeavours. There other things to do to earn a living and make our lives meaningful. Those who are jobless or have no source of income would be forced to sell off their hodlings if they have financial emergencies. Only those who are traders or those who run Bitcoin related businesses will spend much time studying the price.
When the market was up what where you doing? I am very sure you did not ask what you should be doing when the market was up. What ever you where doing when the market was up maybe you should just keep doing it also
I have seen weird question but asking what you should doing when the market is down has to be a new rank of outrageousness. If you want to laugh then read some thread started at dip period just like this one. My advice is for you to do what ever you want apart from sitting down and waiting.
You are right we can make a lot of money or we can't make anything haha, but bro I like your enthusiasm as you are very optimistic, about finding way and doing things and there are indeed few was to make money in the form of BTC but bro I am sure there is not a lot of work in this industry that most of them pay in BTC.
We can ask them to pay us in BTC thought like we are receiving payment in the form of BTC now.
market can be down, we should wait and learn things, we should manage our funds, we should make a plan about this dump, either we should invest or not.
Is it only when the price is down that we should look for a side hustle and learn more about bitcoin. Then that personis must be a joker because I don't see any difference in my life when the market dips or pumps. My DCA is ongoing and I have a job that gives me income which I use from my extra funds to buy bitcoin. Do you mean that when the price of bitcoin is pumping, you do the opposite. Every investor needs a discretionary income to buy bitcoin all the time.
You have already answered it , this is actually best time to keep buying and you can see that bitcoin just rose to range of $90k so those that bought at $80k already in profits now , and the market may continue to go up from there or it may decide to do some correction, and still that shouldnt stop from buying and accumulating more , because buying the dip will help increase your coin quantities. Not just that you are making use of dca method so you are buying at different price interval.
When the cryptocurrency market falls, it's worth buying Bitcoin, and when it rises, it might be worth selling... The main thing is not to confuse these two trading strategies! 🙂
A Bitcoin decline against fiat currency is an opportunity to get rich. A Bitcoin rise against fiat currency is, in my opinion, also an opportunity to get rich. Any event in the world can increase our wealth if we act correctly.
You can earn income directly in Bitcoin, or you can work with fiat money and then buy Bitcoin using the DCA strategy. Either option will lead you to a good result.
To psychologically ease your way through a bear market (and this is already the third bear market I can remember), I would recommend the following psychological trick. This psychological trick will motivate you to stay in the crypto industry. Multiply the price of Bitcoin by 10. For example, if you earned 0.01 BTC and the current price is $50,000, multiply that price by 10. After all, one Bitcoin will eventually be worth $500,000. Therefore, by earning 0.01 BTC, you've earned $5,000! 🙋 And that's quite a lot of money!
You must not wait until the market in down before doing any of these things you listed out, to get a side hustle you must not wait until Bitcoin price is down, you must not wait for a dip before you start learning more about Bitcoin or anything else, to learn a skill you must not wait for Bitcoin dip. Make your self very useful and make good use of your time so that you will always be ahead of time because time doesn't wait for you. If you have worked and saved up some money already before a dip, you will have to be buying with the dca strategy, you might already have had a side hustle or must have learned a skill that will be generating more income for you which you can be investing into Bitcoin always during the bear cycle. If you start looking for a hustle when the price is low, then how do you get money to be buying more.
No. Eat Ramen and hope you can add meat soon.
It would have made things easier if you gave some examples
Because I was of the belief that services that uses Bitcoin as unit of account are rare.
Sometimes I should go for breaks. I know pursuing wealth has its plus and all but sometimes
It's good to enjoy the moment.
So to your question, It's better to wait than to sell and it's way better to add more from disposable income
Than to wait.
My biased POV.
It is good to not rely on a single source for income so that in times when one asset is underperforming, you are able to buy. Times like now when Bitcoin is struggling, you could be using income from your job, interest from savings, dividends from investments, etc. to buy more. Diversification is important in all things.
Even though DCA, side hustles, and continuous learning are solid moves in a down market, the real insight is that focusing too much on earning more bitcoin can blind us from addressing poor financial habits and risk management, so the smarter play is balancing accumulation with honest self assessment and disciplined strategy. It's always nice to have some bag in a neutral movement market like this. Or so bear knocking? Who knows though.
First of all, not every person has enough money to keep buying Bitcoin, and the DCA method is for those who are constantly investing in Bitcoin, and for that, you must be making enough money to have a separate portion of your earnings dedicated for this.
For side hustles, it's not as easy as you make it sound. You say it as if anyone can go around the internet, and find work that they can easily do and earn Bitcoin in return, but in reality, it's not that easy, even if you have skills you can sell, it's still not easy to find clients who will provide you work.
Lastly, it's not like every person who is interested in Bitcoin and cryptocurrencies are always sitting and watching the market. Every person has their lives going normally, they have jobs, families, and all sorts of things to do, so it's not necessary for someone to just sit and watch the market. You can do your things, and let the market do its.