1$ per day crypto investment plan any good ? - page 12.

suzanne5223

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Quote from: Maliceprime on March 17, 2022, 02:57:26 AM

Is 1$ investment in crypto every day enough? I'm making up to 10$ per day and I don't want something that will tie me down financially since I have other things I'm using the money for aka responsibilities so all I can afford is 1$ per day, also is BTC the best option with this 1$ per day?

If we're to judge by the future beneficial and betterment presented by Bitcoin. The 1$ per day investment plan in BTC is good because the level of the institutional and celebrities enthusiasm in BTC is increasing every day. Besides, the "BTC addresses holding about 1-10 BTC were said to have been increasing over the past month."
I am sure when you start the $1 investment in BTC you'll increase it at some point.

martha1

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Quote from: Maliceprime on March 17, 2022, 02:57:26 AM

Is 1$ investment in crypto every day enough? I'm making up to 10$ per day and I don't want something that will tie me down financially since I have other things I'm using the money for aka responsibilities so all I can afford is 1$ per day, also is BTC the best option with this 1$ per day?

Are you going to literally buy 1$ worth of Bitcoin on a daily basis? Don't you have to pay more fees this way (fees and stuff) which makes this method unprofitable.

Maybe try to allocate a percentage of your monthly income and invest that in bitcoin or any other coin out there.

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Quote from: pakhitheboss on March 17, 2022, 03:20:41 AM

$1 investment into Bitcoin or any other cryptocurrency? I am aware of a $1 investment daily in Bitcoin for 5 years which can earn you a profit of roughly $20,405. It has been already discussed here - https://bitcointalksearch.org/topic/investing-1-every-day-in-bitcoin-over-the-last-five-years-5222895

Well, I did a mental sum of the $1 daily investment but it didn't amount to the figure you've out there. Except it was through compounding or some other plan.

OP, the $1 daily investment is just ¹/10 of your $10 daily earning. That isn't bad, and it's not a difficult thing to achieve. Besides, now isn't a bad time to invest in Bitcoin; looking at the crashed price ATM.

aoluain

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Quote from: Maliceprime on March 17, 2022, 02:57:26 AM

Is 1$ investment in crypto every day enough?

My first thought on this was NO! because in my country $1 is not very much and the fees
would be too much, you would have to consider a weekly or monthly exchange as others
have posted, but realising its 10% ^{as mk4 posted} of your income
so yes its enough, you have the right idea not to overstretch the investment
and leave yourself struggling with the essentials like utilities and expenses.

The time to start is not
The coin to start with is Bitcoin

Rockstarguy

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To me 10$ per day is a lot of money and if 1$ should be invested everyday from 10$ is a good plan because to me 1$ is an amount that is affordable to invest in bitcoin. But I still trying to imagine how you go about it, if you buy bitcoin that what 1$ every day or you gather the money to reach a certain amount, then you buy. Buying expecially when the market price is high with 1$ seems some how.

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Quote from: Maliceprime on March 17, 2022, 02:57:26 AM

<…>

One of the key factors is going to be, in any case, determining where and when you buy those SATs, since fees will play a vital role, alongside minimum order requirements.

One thing you can do is play around with a bitcoin DCA calculator such as this one, to see what would have happened is you regularly invested certain amounts recurrently, over a given period of time. Bear in mind though that fees are not taken into account on the calculator, but you can get a feel of what happens in gross terms with historical data scenarios (that obviously do not guarantee future ones).

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Quote from: Charles-Tim on March 17, 2022, 05:05:34 AM

Exactly. Also I wonder what the fee for 1 input and 365 outputs (1 year) would be on noncustododial wallet. It would be better for Maliceprime to have weekly or monthly saving plan in a way this can be achievable.

Assuming that he will use a centralize exchange, there's no way OP can withdraw the bitcoin daily into his wallet because there's a fee related with the withdrawal & that's quite high as far as I'm concerned.
OP, if you are planning to buy for at least 5 years, I guess this worths. Otherwise, it doesn’t. You may eventually will find a good ROI but that's not going to be a handsome amount. I don’t know where do you live but $1/day saving for 5 years wouldn’t make a big amount I guess. Better try to purchase bitcoin now and invest some parts in altcoin when you get some good GEMS there.

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A good start when you have the initiative to save or invest $1/day. But the amount is still very small if done every day, my advice is to collect it first until it reaches a sufficient amount like $50 or you collect it once a week.
Buy bitcoins or coins that you trust every week regardless of the price, and this is included in the DCA (Dollar Cost Averaging) Investment strategy.
Use the money from your earnings to invest well, Bitcoin and Ethereum are highly recommended.

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Quote from: Maliceprime on March 17, 2022, 02:57:26 AM

Is 1$ investment in crypto every day enough? I'm making up to 10$ per day and I don't want something that will tie me down financially since I have other things I'm using the money for aka responsibilities so all I can afford is 1$ per day, also is BTC the best option with this 1$ per day?

$1 per day? I suggest for you to keep that $1 until it reaches $100.
I know investing is a good plan but must it consist of a good strategy as well. Imagine spending $1 per day for investment and then paying more than $1 for the transaction, I don't think that was really good.

Timing and Capital are somewhat we consider upon investing. We don't need to push ourselves if we don't have enough to start. You don't need to do that for the sake of investment as surely there is a perfect time for you to begin with. Save you $1 per day, friendly advice.

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Quote from: Maliceprime on March 17, 2022, 02:57:26 AM

Is 1$ investment in crypto every day enough? I'm making up to 10$ per day and I don't want something that will tie me down financially since I have other things I'm using the money for aka responsibilities so all I can afford is 1$ per day, also is BTC the best option with this 1$ per day?

Enough for what, to buy red Ferrari or something else?
It's not a good idea to buy $1 of bitcoin everyday for several reasons, first is that you will have to pay fees for every transaction you make.
Much better option is to invest weekly, monthly or from your every paychek with dollar cost averaging system (you can repalce dollar with euro, yen, pound, etc).
It doesn't mean you will get rich doing this, but looking long term dollar cost averaging payed of very good if you are willing to wait for few years.
You can do your own calculations on dcabtc website:
https://dcabtc.com/

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Quote from: Maliceprime on March 17, 2022, 02:57:26 AM

Is 1$ investment in crypto every day enough? I'm making up to 10$ per day and I don't want something that will tie me down financially since I have other things I'm using the money for aka responsibilities so all I can afford is 1$ per day, also is BTC the best option with this 1$ per day?

My friend, there are many things you are not telling us, and we cannot give you a proper answer without you giving more details. I understand that maybe you don't want to give too many details for privacy, but an adequate answer to your question depends on:

1) Your age.
2) Your current and projected future salary.
3) Where you live.
4) Savings/investments to date.
5) Debts.
6) Subtracting 5) from 4) will give you your net worth.

So, the question of whether a $1 investment is ideal is not going to have the same answer for someone who has an annual salary of $100K and a net worth of $500K as it would for someone who has an annual salary of $15K and barely makes ends meet.

Going to your specific case, from what little you say, it seems that this is the maximum you can invest. So, the question is: do you have an emergency fund for contingencies? If the answer is no, allocate that money to save at least one month's expenses and after that invest 1$ daily or $30 monthly.

It would be necessary to see if you also have debts, but well, if you want to give us more details and we will advise you.

JeromeTash

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It's a good start and I would like to encourage you doing it, but I want to inform you that most exchanges have a minimum deposit, minimum withdrawal amount and minimum trade amount (10 USD for most exchanges)

So what you are going to do is gather the cash on the side then when it has gone to $30 or $60, you can purchase Bitcoin. Also avoid exchanges like Binance. They will charge you a withdrawal fee of 0.0005 BTC (currently 20 USD) if you are to withdraw to a noncustodial storage wallet, which is usually recommended.

FTX offers free withdrawals for certain amounts of Bitcoin.

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You have a big soul in the investment world, you have a strong desire to invest, $ 1 a day times 30 = $30 in 1 year you have saved $360, this does not count the profit from moving your investment to your crypto investment.

If you want to invest $1 in one day, honestly I support you in this, very rarely people have the desire and principles like you, Most of them want to get rich quick, just the opposite.
Advice: find the cheapest crypto and do $1 a day to invest, I am sure if you are patient in this, the next 2-5 years you will be a successful person with what you are trying to do.

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Quote from: Maliceprime on March 17, 2022, 02:57:26 AM

Is 1$ investment in crypto every day enough? I'm making up to 10$ per day and I don't want something that will tie me down financially since I have other things I'm using the money for aka responsibilities so all I can afford is 1$ per day, also is BTC the best option with this 1$ per day?

When it comes to the DCA investment method, I think any amount is good if you stick to it consistently. Like they say, "It's not the amount of capital, it's the rate of return that matters". The DCA system works, but you need to take baby steps if you are just getting started.

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Quote from: YellowSwap on March 17, 2022, 07:04:04 AM

It's better to invest weekly to cut down the sending fee to your custodial wallet every day, 1 dollar every day is 7 dollars per week which still makes sense.

People like OP usually can’t save money in long term unless they will remove already there daily savings out of there pocket. I can relate on this part because I usually overspending as long as I have money in my pocket. I believe the OP goal is intended to buy crypto in bulk but he will save in daily basis the 10% of his income so that investing in Bitcoin will not affect heavily his budgeting once he done it in one shot.

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Quote from: Maliceprime on March 17, 2022, 02:57:26 AM

Is 1$ investment in crypto every day enough? I'm making up to 10$ per day and I don't want something that will tie me down financially since I have other things I'm using the money for aka responsibilities so all I can afford is 1$ per day, also is BTC the best option with this 1$ per day?

That's very good that you want to invest your little amounts into crypto but what specific coin you are talking about to make these investments?

If i speak about coin then my advice is only for bitcoin rather than researching some altcoins which are mostly shitcoins that would not give any return to the users so take this into mind.I have been DCA investor for past few months and are carrying on my journey.This is friendly advice to you because if you understand bitcoin you would find its the best and feasible deflationary currency you could invest in.So go for it only.

Now the amount for you is $1 per day but the fees would charge you considerable amount so the best is to invest monthly $30 which is going to best option for you through DCA method if you are aware about it.The aim should be long term in your mind without the hope of selling immediately as you would have gained nothing from your stash.So wait for some times without getting panic from the dips and invest this amount.

You will have good amounts if you are consistent and beleive in bitcoin.

YellowSwap

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It's better to invest weekly to cut down the sending fee to your custodial wallet every day, 1 dollar every day is 7 dollars per week which still makes sense.

Lucius

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The OP says it earns $10 a day, which means about $300 a month, which means it will set aside $30 each month to invest in Bitcoin or some other altcoin. Although it may seem like a small amount, I think it is quite enough to start with, especially if that amount is not something that significantly affects everyday life.

As other members have already mentioned, with such small amounts one should always be careful when it comes to fees for sending money to crypto exchange and in case of withdrawal of cryptocurrency in a non-custodial wallet. Therefore, the only logical choice for the OP is to deposit $30 each month on the crypto exchange, buy the cryptocurrency and then withdraw to his wallet after a few months. Of course, the OP can always choose the option to store coins on the exchange, the risk is always there, but it will certainly save on fees.

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I would say that it is definitely worth following your aim and make daily investments. In future, your efforts will be repaid. Will be like people "who buys lottery ticket every day/week during many years and one day hit jackpot". I only confused by the amount you want to invest. Any investment is good, but 1 dollar? How will you manage to buy $1 worth Bitcoin and not lose on fees ? I am sure that place where you going to buy Bitcoin has fees or minimum amount to be purchased. Fees are your main enemies. That is why I suggest to invest weekly instead of daily.

Charles-Tim

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Quote from: NeuroticFish on March 17, 2022, 04:14:26 AM

Also be aware that you probably won't deposit each $ separately, won't buy BTC for each $ separately and the withdrawals to your own wallet are not cheap, hence you'll have to check all the fees involved and plan accordingly. For such small amounts the fees can be a big problem, especially if you are not super-careful.

Exactly. Also I wonder what the fee for 1 input and 365 outputs (1 year) would be on noncustododial wallet. It would be better for Maliceprime to have weekly or monthly saving plan in a way this can be achievable.

@Maliceprime, this is the right time to have this type of saving plan, bitcoin has already plummeted from $69000 to around $40000. I will just advice you to never sell if you see the price plummetting more, just continue your saving plan so far you want to save for years, you will make profit from it in years to come.

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