Best piece of advice to anyone going into bitcoin - page 2.

tygeade

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Quote from: YUriy1991 on December 25, 2023, 12:05:19 PM

Quote from: Distinctin on December 25, 2023, 11:55:52 AM

Bitcoin is obviously an expensive investment, most especially if you are trying to accumulate the whole piece of it. But if you are trying to do dollar cost average regardless of the amount, you will not feel the expensive price anymore as you are only investing every now and then the amount that you can afford to lose.

However, the only thing that you should worry is that if you are not patient enough to hold for that long term. DCA will be useless if you suddenly resort into panic selling everytime the market is crashed due to market price correction.

In fact, the DCA model will indeed prevent you from panic selling, but additional capital is also very necessary, otherwise how can we consistently accumulate every drop of BTC if we don't have sufficient funds as you mentioned above.

Regarding profits in BTC, it will show itself because I am sure that everyone can record it, even if they only buy $20 using the DCA technique, regardless of the price increase or decrease.

Many people make too many mistakes and DCA would allow people to have a sense. The biggest issue in the bitcoin world is that when the price is going down, way too many people are selling, the whole reason why it keeps going down is people keep selling, so when you get to start doing DCA, that means you are going to buy when it goes down. It basically prevents the whole drop thing, because when price goes down, instead of selling and losing money, you are buying and making profit later on.

This is why it's such a great method and I do suggest every newbie to do it. I have been buying for years, and sometimes I sell because I need the money, but rarely have I ever made a loss, it's been like once or twice at most, rest of the time, even though I urgently needed the money, I was always in profit. That shows you that DCA is such a good method that even at times when you shouldn't sell, it may actually still be a profit for you and that's a great thing.

batang_bitcoin

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Quote from: YUriy1991 on December 25, 2023, 12:05:19 PM

In fact, the DCA model will indeed prevent you from panic selling, but additional capital is also very necessary, otherwise how can we consistently accumulate every drop of BTC if we don't have sufficient funds as you mentioned above.

When you are focused on DCA, that will make you not think of any panic selling. Because your sole game is to just accumulate whenever you have money and you won't mind the price. And that's even going to give you that happy vibe when you see the prices go low because it's more Bitcoins for you.

Quote from: YUriy1991 on December 25, 2023, 12:05:19 PM

Regarding profits in BTC, it will show itself because I am sure that everyone can record it, even if they only buy $20 using the DCA technique, regardless of the price increase or decrease.

There will be profits on it for sure but the logic here is that the lower capital you have this time, the lower profit you'll get as well. So it will reflect to how much you have been accumulating and as long as your goal is to accumulate as many as you can or even at least 1 BTC over time, you don't have to think of one time profits until you haven't reached that yet.

Youngkhngdiddy

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Quote from: Viscore on December 25, 2023, 03:42:09 PM

There's no other effective way to accumulate bitcoin than to follow DCA, otherwise you will complain all the time about the highly cost of bitcoin. However, by doing DCA, you can extend your bitcoin hodling with how many years you are comfortable of hodling, just continue to be patient and positive on any of your investment, it will really give you a successful outcome.

Applying dollar-cost averaging is very simple, and you do not necessarily have to invest in dollars; the approach works well with any other currency. You first have to determine the total amount of money and the cryptocurrencies you wish to invest in. Then, instead of investing the money all at once, you invest it in small equal installments over a specific length of time.
DCA is the best approach for individuals who are not professional investors. It can save an investor a lot of effort trying to time the market in order to get the best prices. It is a tool for investing slowly and consistently and it aims to protect against the human tendency of wanting to gain all at once. By buying when others might sell, dollar-cost averaging can potentially help you to reap the benefits of buying low and selling high.

Kelvinid

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Quote from: Bonkume on December 16, 2023, 07:04:30 AM

Buy a little bit of bitcoin every week don't care if it's a $1, $5, $10, $100, figure out what you can afford every week and buy it, get rid of unnecessary expenses or whatever you can think of getting rid of and spend it on bitcoin
5 to 10 years if you buy some every week you will be a multi millionaire

Instead of buying nonsense stuff, better spend it to buy Bitcoin...this will happen to those who have an investment mindset and want to secure their future rather than enjoying life today. This is also the best way instead of saving our money in the banks.

Yes, who cares about the amount we invest because the most important is that we spend money for our future. If we never get rich after 10 years of doing this still okay at least we have money that we can use in the case that we are unable to work anymore.

Viscore

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Quote from: Bonkume on December 16, 2023, 07:04:30 AM

Buy a little bit of bitcoin every week don't care if it's a $1, $5, $10, $100, figure out what you can afford every week and buy it, get rid of unnecessary expenses or whatever you can think of getting rid of and spend it on bitcoin
5 to 10 years if you buy some every week you will be a multi millionaire

There's no other effective way to accumulate bitcoin than to follow DCA, otherwise you will complain all the time about the highly cost of bitcoin. However, by doing DCA, you can extend your bitcoin hodling with how many years you are comfortable of hodling, just continue to be patient and positive on any of your investment, it will really give you a successful outcome.

Latviand

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Buy low, sell high would've been my candidate a long time ago for the best advice but I think that it's replaced now by "Don't marry the bag.", it will imply you to only sell high and reminds you not to get too attached to the investment to the point that you end up not profiting and then having to wait again for the next cycle. If you've got a big profit, just take it because you can always go back to bitcoin and so it's a good thing that you'll be able to enjoy that profit and you don't have to worry too much about your investment because you'll always be investing and profiting.

summonerrk

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Quote from: Bonkume on December 16, 2023, 07:04:30 AM

Buy a little bit of bitcoin every week don't care if it's a $1, $5, $10, $100, figure out what you can afford every week and buy it, get rid of unnecessary expenses or whatever you can think of getting rid of and spend it on bitcoin
5 to 10 years if you buy some every week you will be a multi millionaire

That's a famous Dollar Cost Averaging strategy.
This strategy does not seem effective to me, because the investor averages too much, investing small amounts of money over a long period of time. I understand that in this case you cannot buy bitcoins at the maximum (this is good), but you also cannot get the best position for investment - I mean the price of bitcoin at the minimum of its price range. Isn't it better to hold fiat and wait until the price of bitcoin is at its minimum? For example, build a ladder of orders, and in each order try to purchase bitcoins cheaper and cheaper.

DYING_S0UL

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Quote from: Bonkume on December 16, 2023, 07:04:30 AM

Buy a little bit of bitcoin every week don't care if it's a $1, $5, $10, $100, figure out what you can afford every week and buy it, get rid of unnecessary expenses or whatever you can think of getting rid of and spend it on bitcoin
5 to 10 years if you buy some every week you will be a multi millionaire

The method you wrote is called Dollar Cost Averaging (DCA). That's one of the most effective strategy if anyone wants to profit in crypto (in my opinion). We just buy a certain for a certain period of time and keep on buying until we see an opportunity to profit from it. But one should bear in mind that this method is a long term method. So whoever thinks of using DCA should be ready to buy and hold for a certain time/long time.

YUriy1991

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Quote from: Distinctin on December 25, 2023, 11:55:52 AM

Bitcoin is obviously an expensive investment, most especially if you are trying to accumulate the whole piece of it. But if you are trying to do dollar cost average regardless of the amount, you will not feel the expensive price anymore as you are only investing every now and then the amount that you can afford to lose.

However, the only thing that you should worry is that if you are not patient enough to hold for that long term. DCA will be useless if you suddenly resort into panic selling everytime the market is crashed due to market price correction.

In fact, the DCA model will indeed prevent you from panic selling, but additional capital is also very necessary, otherwise how can we consistently accumulate every drop of BTC if we don't have sufficient funds as you mentioned above.

Regarding profits in BTC, it will show itself because I am sure that everyone can record it, even if they only buy $20 using the DCA technique, regardless of the price increase or decrease.

Distinctin

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Quote from: Bonkume on December 16, 2023, 07:04:30 AM

Buy a little bit of bitcoin every week don't care if it's a $1, $5, $10, $100, figure out what you can afford every week and buy it, get rid of unnecessary expenses or whatever you can think of getting rid of and spend it on bitcoin
5 to 10 years if you buy some every week you will be a multi millionaire

Bitcoin is obviously an expensive investment, most especially if you are trying to accumulate the whole piece of it. But if you are trying to do dollar cost average regardless of the amount, you will not feel the expensive price anymore as you are only investing every now and then the amount that you can afford to lose.

However, the only thing that you should worry is that if you are not patient enough to hold for that long term. DCA will be useless if you suddenly resort into panic selling everytime the market is crashed due to market price correction.

mirakal

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Quote from: Captain Corporate on December 22, 2023, 12:49:40 PM

I seriously can't think of anything better than this, its really the best advice without a doubt Cheesy

I mean think about it, if you keep doing this for 10 years, or even 20 years, then there is a very very slim chance that you won't be rich. Obviously, the only down side is that sometimes life makes things harder and you need to cash out, which happened to me 2.5 times now and I am doing fine but at the same time, that's good too, when life throws you a curve ball, you just have money o the side thanks to bitcoin to pay for it and not have to much debt. I think that should be quite important aspect of it. I am quite enjoying it and I think most people would enjoy it as well, its not really a bad deal at all, definitely works for the better for us.

It's not actually bad to sell at some point, as long as you sell for profits and to save you from current financial breakdown, then it's definitely okay. However, make sure to buy again when you gained extra money on the side so that you can continue to hold for long term through DCAing. It can be weekly or monthly, that depends on you as long as you do it in a consistent manner.

What's important here is you have something to look forward in the future, regardless of the amount of profits that you may reap after years of doing DCA and long term hodling.

Natsuu

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It's DCA. It helps mitigate the impact of short-term market volatility and allows you to accumulate Bitcoin at various price points. By consistently investing a portion of your income, regardless of market conditions, you are making a progress. Just remember to conduct thorough research and only invest what you can afford to lose. While the cryptocurrency market has shown potential for substantial returns, it also comes with risks so learn to diversify your investments

Ryu_Ar1

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Quote from: AnonBitCoiner on December 22, 2023, 01:43:33 PM

Yes don't put a burden of gathering money for investment and invest that amount which you can easily afford because If you buy bitcoin on that amount which is necessary for your daily routine then your investment will be a burden and you will wait every second that when will increase and when you will take out money.

Buying up to 10 years can surely make you Billionaire but for it you must have potential to continue it without any break and you have confirmation about selling and buying worth. It will be more suitable option that during these 10 year one sell some bitcoin to take profit at the timing of halving and then again when dip occurs then buy again.
A continuous investment cannot give you much profit for 10 years but if you make buying and selling on regular basis during these 10 years then it can be profitable for you.

It is very important to understand this because looking at what is happening now when we talk about DCA, there must be a separate rule for us even if it is not written.
Things like this are clearly important to support ourselves so that we are not too burdened with DCA because after all DCA certainly requires a financial condition that must always be there because indeed if we really want to do DCA and within a certain period of time then indirectly our finances in monthly income will be slightly cut for the purpose to be achieved.
In addition, the important thing to note in this case is consistency. Talking about the nominal $5, $10 or $20 for one week indeed it will not be felt but if the range is longer like the initial benchmark where 5 or 10 years ahead then obviously this is not as easy as imagined because in addition to the money we have we also have to have strong perseverance and consistency because it is not a short time so when talking about DCA then indeed the initial plan is important and do not let the initial plan that is too high make you unable to realize the goal within a certain period of time in DCA.

MarjorieZimmermanGinger

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Quote from: bbigtart on December 22, 2023, 02:54:25 PM

Yes that's right. I think when applying it this is the main problem that many people fail when investing in bitcoin. We all know that bitcoin is an asset of the future, and bitcoin can also make our future finances stronger. But when put into practice, it is not as easy as the theory and various advice we hear.

Many people fail to hold on to Bitcoin because there is a lot of temptation to sell, especially when the price is rising, our hands will be very itchy to press the sell button, especially when the price goes down, panic will continue to haunt our thoughts about selling. And it's true, as you said, to overcome all this, apart from having experience, you are also accompanied by complete knowledge about bitcoin, both in terms of history and the latest news about bitcoin.

The problem is that not everyone can do it easily because theory will never be the same as practice, as you said that even though Bitcoin is a path to financial freedom, many people are not able to do it due to various considerations. Losses in investing are also based on how knowledgeable a person is about Bitcoin and the panic that occurs due to weak knowledge about Bitcoin can create problems so that people lose much more money.

Knowledge and experience are two important things to have so that people do not panic under any circumstances, because if they understand Bitcoin then it can be concluded that no one will experience losses if done correctly and that is why investing requires complete knowledge.

dderekwalcott

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Quote from: Bonkume on December 16, 2023, 07:04:30 AM

Buy a little bit of bitcoin every week don't care if it's a $1, $5, $10, $100, figure out what you can afford every week and buy it, get rid of unnecessary expenses or whatever you can think of getting rid of and spend it on bitcoin
5 to 10 years if you buy some every week you will be a multi millionaire

As far I know the lowest amount that has been bought or sold is minimum 10$ .And if someone want to buy 10$ of BTC every week or month this will be not a bad idea , it's called micro assets collector.This will create a big asset one day .In every investment need to have a right time and proper knowledge about where will be invested.Buy hold and sell in right time this is the basic rules of become rich with BTC.

flyingcarpet

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Quote from: ndutndut on December 22, 2023, 04:23:00 PM

Quote from: Franctoshi on December 22, 2023, 03:32:30 PM

This is good if someone has a sustainable source of income and where the day-to-day expenses are not way too higher than the income.
Secondly, this requires a patient and a discipline mind to be able to achieve this goal. DCA is easier to say than done because of financial challenges we might face along the line and sometimes would be reluctant to buy Bitcoin because of this unexpected problem that would arise, or sometimes we may even lose our jobs and be tempted to sell our Bitcoin to solve our problems, So we must have a good plan on ground for funds to achieve this goal.

I agree with you. To enter the world of investment safely without any worries, we must have more than one source of income so that funds for investment and expenses are balanced.

Especially when the market is not good, and coincidentally we also have an urgent need, this will damage our investment goals because we are forced to sell bitcoin. So it is very important to find additional sources of income so that we can allocate funds for investment without having to worry about anything, I mean we can invest and hold Bitcoin in the long term with peace of mind.

Having an income above a certain level makes it easier to invest. You are right in what you say. We use our financial resources for many things in life and the more resources we have, the more we can do. Certain conditions need to be met in order to invest. The most important of these conditions is that we have money to invest in economic terms. We can say that we are lucky if the amount remaining after meeting our daily needs is enough for us to invest.

Some people invest by pushing the conditions. I don't think this is wrong because one of the purposes of investing is our desire to rise above our current economic level.

Finding additional income sources is an extremely important issue to achieve your investment goal in the long term.

ndutndut

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Quote from: Franctoshi on December 22, 2023, 03:32:30 PM

This is good if someone has a sustainable source of income and where the day-to-day expenses are not way too higher than the income.
Secondly, this requires a patient and a discipline mind to be able to achieve this goal. DCA is easier to say than done because of financial challenges we might face along the line and sometimes would be reluctant to buy Bitcoin because of this unexpected problem that would arise, or sometimes we may even lose our jobs and be tempted to sell our Bitcoin to solve our problems, So we must have a good plan on ground for funds to achieve this goal.

I agree with you. To enter the world of investment safely without any worries, we must have more than one source of income so that funds for investment and expenses are balanced.

Especially when the market is not good, and coincidentally we also have an urgent need, this will damage our investment goals because we are forced to sell bitcoin. So it is very important to find additional sources of income so that we can allocate funds for investment without having to worry about anything, I mean we can invest and hold Bitcoin in the long term with peace of mind.

Franctoshi

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This is good if someone has a sustainable source of income and where the day-to-day expenses are not way too higher than the income.
Secondly, this requires a patient and a discipline mind to be able to achieve this goal. DCA is easier to say than done because of financial challenges we might face along the line and sometimes would be reluctant to buy Bitcoin because of this unexpected problem that would arise, or sometimes we may even lose our jobs and be tempted to sell our Bitcoin to solve our problems, So we must have a good plan on ground for funds to achieve this goal.

bbigtart

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Quote from: MarjorieZimmermanGinger on December 21, 2023, 12:45:52 AM

Unfortunately giving advice is much easier than implementing it and there are many people who don't make plans to make themselves financially strong. Bitcoin is the right step for people who are trying to make their finances better because saving bitcoin will be much more productive than saving money in the bank. The long term is an advantage in bitcoin because its value will continue to increase, as long as people don't panic and don't invest without complete knowledge.

Yes that's right. I think when applying it this is the main problem that many people fail when investing in bitcoin. We all know that bitcoin is an asset of the future, and bitcoin can also make our future finances stronger. But when put into practice, it is not as easy as the theory and various advice we hear.

Many people fail to hold on to Bitcoin because there is a lot of temptation to sell, especially when the price is rising, our hands will be very itchy to press the sell button, especially when the price goes down, panic will continue to haunt our thoughts about selling. And it's true, as you said, to overcome all this, apart from having experience, you are also accompanied by complete knowledge about bitcoin, both in terms of history and the latest news about bitcoin.

AnonBitCoiner

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Yes don't put a burden of gathering money for investment and invest that amount which you can easily afford because If you buy bitcoin on that amount which is necessary for your daily routine then your investment will be a burden and you will wait every second that when will increase and when you will take out money.

Buying up to 10 years can surely make you Billionaire but for it you must have potential to continue it without any break and you have confirmation about selling and buying worth. It will be more suitable option that during these 10 year one sell some bitcoin to take profit at the timing of halving and then again when dip occurs then buy again.
A continuous investment cannot give you much profit for 10 years but if you make buying and selling on regular basis during these 10 years then it can be profitable for you.

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