Best piece of advice to anyone going into bitcoin - page 3.

coolcoinz

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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,

Buying $1 every week is going to be difficult with today's fees. Also, you won't make any money investing $1 or $5 a week.
Just do the math for $5: In a year you're going to have $240, $2400 in 10 years. Even if bitcoin goes up 10x in this period, all you're going to make is less than $24k, so in 10 years you'll save up enough for a used car.

What I'm trying to say here guys, invest life changing money. You probably won't get another opportunity like this. Don't DCA $5 because it's not going to make your life better.

Captain Corporate

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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.

taufik123

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Quote from: samuraijin on December 22, 2023, 10:36:25 AM

Especially having broad insight in investing and quite experienced in the field of trading, someone who is experienced when buying Bitcoin will definitely use money that is outside of life's necessities, at least there is a separation between money for life's necessities and money for buying Bitcoin, because if we can separate money This will make it easier for us to invest in the future, because the money we need for life is sufficient and it won't disturb your long-term investments, as long as you can manage the pattern of all your finances correctly.

This is financial management that needs to be done, because otherwise everything will be mixed and the investment will not go well.
When management is done properly and correctly then there will be no panic when prices start to fall, all will be fine and will remain holding for the long term.

But when financial management is not done properly, panic will arrive because the money is also needed for other purposes.
Learning trading not only on charts or technical analysis, but how to do management of it will be very useful.

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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

We called it the DCA method in which a person invests a certain amount of money every month or a duration he set for the investments. This method is very helpful because someone can invest money that is apart from his expenses and it does not put any burden on him in case the price of Bitcoin goes down then it will not affect him as much because the money he invested is not that much workable as compared to invest huge amount at once. I use this method a lot because of the high security that provides to me and minimizes the risk of losing this fund, not only me I think many of our professionals also use this one. When you are doing DCA every week for the same amount after one year will have a huge investment in Bitcoin and will make you up to some extent rich.

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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 are still many people who are unable to invest in Bitcoin due to lack of sufficient income. Currently, there are many people who have to spend all their money to buy necessary things with a small income, if they can reduce some expenses from necessary things and invest in Bitcoin, of course they can be profitable at some point. Even if the amount of investment is small, if they invest 5-10 dollars on a monthly basis with DCA method, at some point they will see that their investment amount of Bitcoin has become very large. If one wants to invest a small amount, then one has to patiently invest for several years. $5 may seem like a small amount to many, but today's $5 can be expected to be $10 in 2025. So start investing according to the amount you can afford.

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Quote from: Y3shot on December 22, 2023, 01:18:36 AM

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

This is a good advice for investors, it is very affordable investing this way. But it is for those who are ready and have decides to invest in bitcoin that can buy bitcoin this way. The truth is that it is not everyone that can afford the amount of Bitcoin they wish to invest at once. Buying little fraction is a method that won't even stress one to afford bitcoin, this can be done by buying as low as $5 from time to time and before you know you will get the desired bitcoin to be invested.

It is very important for us to always tell people going to Bitcoin to be careful about how they invest in the market. We can make profits from the market at the same time we can also make loses. This things works together and we need to make sure that we have experience of the market or knowledge so that we can always make confidence decisions before we invest or trade in the market. Cryptocurrency is a big enough to lose money so learning should be a prerequisites focusing on what we need and what works for us. Those that had been in the market can attest to everything happening in the market.

samuraijin

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Especially having broad insight in investing and quite experienced in the field of trading, someone who is experienced when buying Bitcoin will definitely use money that is outside of life's necessities, at least there is a separation between money for life's necessities and money for buying Bitcoin, because if we can separate money This will make it easier for us to invest in the future, because the money we need for life is sufficient and it won't disturb your long-term investments, as long as you can manage the pattern of all your finances correctly.

Mate2237

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Not everyone who invested in Bitcoin will become a millionaires, some will stop along the line because nod fear. While some will sell to solve problems. So it is not all that will make it. Buying Bitcoin with the DCA is the best approach to accumulate more Bitcoin to the portfolio buy not everyone will still do that because of cost of living and some would prefer buying once or twice a year.

But I don't think Bitcoin can be sold with $1. Bitcoin can only be sold from $4 and above and I calculating from my current country exchange rate fiat currency to dollar exchange rate in the country. Though I don't know of your country but I know that you are just using it for example purpose because I know that no country in the world will buy and sell Bitcoin with $1.

bussybuddy

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Dude, you should know about DCA! It's like putting your investing on autopilot, ditching the emotional rollercoaster ride and letting time and consistency work their magic. It might not be flashy, but the long-term results are freaking awesome. Slow and steady wins the race, right? Think of it as planting a forest, not a money tree. It's all about disciplined, step-by-step growth, building your portfolio brick by brick.

Hot tips, meme coins, moonshot prayers – it's a recipe for disaster. Most of the time, you're just throwing darts in the dark. DCA, on the other hand, is like a chill forest hike. You're not rushing, you're enjoying the scenery, and you know you're building something solid along the way.

Sure, DCA won't give you that adrenaline rush of a 10x overnight, but it offers something way more valuable: peace of mind. No more glued to charts, panicking at dips, or FOMO-ing into every shiny object. You're investing because you believe in the long game, and DCA smooths out the bumps, turning the market's crazy swings into gentle hills.

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If you are to buy bitcoin, when I said ready I mean after you have gotten a good knowledge in bitcoin and understand that it is a business of self decision, no one should be accountable for any loss incurred as the case may be, one should invest their own personal money not a borrowed or entrusted fund, make sure that you know what fluctuation is all about, then you are good to go, but the best method of accumulating bitcoin is little by little, this method will help the investor not to stress much, this is dependent on the individual investor.

Y3shot

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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

This is a good advice for investors, it is very affordable investing this way. But it is for those who are ready and have decides to invest in bitcoin that can buy bitcoin this way. The truth is that it is not everyone that can afford the amount of Bitcoin they wish to invest at once. Buying little fraction is a method that won't even stress one to afford bitcoin, this can be done by buying as low as $5 from time to time and before you know you will get the desired bitcoin to be invested.

MarjorieZimmermanGinger

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Quote from: knowngunman on December 21, 2023, 02:35:40 AM

That's the exact question I want to ask op before coming across this your comment. It's very easy to give advice and probably not practicing the same. Is the op practicing what he preaches?

That means you have to wait for the Op to answer the question because I would be much more hopeful about that in practice than trying to give advice to other people about this issue and in the end people will say it's about freedom of speech. No?

Quote from: knowngunman on December 21, 2023, 02:35:40 AM

DCAing is actually a good strategy to accumulate bitcoin and increase your holding with little amount you can afford on a timely basis. You can choose to make it two times in a week or once or even monthly but it's important to note that it's all about taking risks and nothing is absolutely and 100% guarantee and that's why you need to know what you are doing and not because you see or hear other people doing it and jump into it too. The good aspect aspect of this DCA strategy is that, it is not specific for either riches or average people either individuals or companies can make use of this method. The only difference is that, the bigger your risk, the higher chances of success when the time comes.

Buying bitcoin really depends on our financial capabilities and the DCA process is not easy to do, especially if someone doesn't have a permanent source of income from their job. Imagine some people find it quite difficult to find a job to make money and do we think they will think about investing rather than thinking about their stomach to eat. That's why I said in OP's previous reply that giving advice is much easier than putting it into practice.

DCA does have an advantage because this pattern is not limited to people who have a lot of money or not. Depending on how they can place the position returns the decision to buy several times for the desired accumulation period. There are many people who have money but do not come to the conclusion to invest and perhaps there are many considerations according to them and there are some other people who do not have money but they use DCA as a step. That means it really depends on the chances taken?

Mame89

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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 strategy you are using is correct and continue, never stop carrying out the DCA strategy for investing in Bitcoin. It's important to have a mindset like yours when it comes to investing, don't use your money for unnecessary expenses, it's better to buy bitcoin because this is the right moment to collect as many bitcoins as possible because bitcoin will be approaching the halving and of course when the halving occurs we will reach a new ATH .

Of course, when holding bitcoin there will be many temptations, both when it goes down and when it goes up, so you need to be smart in controlling your emotions by reading bitcoin news and studying the history of bitcoin so that you have confidence when holding bitcoin. And finally, don't store your bitcoins on an exchange, always use a wallet that you can control yourself. Good luck to you

CODE200

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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

Calm down with all the advice dude, don't exaggerate too much on what this advice can do just because it's right. This would've been the truth if this was done back when bitcoin isn't that valuable, I would probably believe you that it's going to make me a multimillionaire but right now, I don't think that it's going to be the case because you need a lot of money to get into bitcoin, I mean just 1 bitcoin cost too much for so many of us and that's not even going to guarantee any of us to be a millionaire even if we buy 1 for a year. This is a good advice but I don't think that this is the best one in my opinion because it's basically just telling us the obvious and that people will still be doing this even if you don't tell it to them, it's considered the best if it's going to change your view in something or how you do things normally.

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Quote from: Arenga pinnata on December 20, 2023, 09:31:08 PM

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

Believe it or not this is exactly what I did after I started investing in bitcoin. Well I'm not a rich person who can buy large quantities at once. So I can only accumulate using the DCA method, which I actually only found out about recently. Because previously I accumulated randomly and without good planning. Which makes me easily panic and stuff. But after I tried not to be greedy and only made small investments regularly, mentally I started to feel the benefits for myself. In the past, I easily panicked because maybe I put too much money into bitcoin investments. So sometimes I don't have enough money to meet my daily needs. And then I realized that was the wrong move. And I read and accept suggestions in this forum and then try to understand them and implement them. Although it may take more time to get to the large accumulation I expected. But investing little by little is not bad either. Now I feel like I'm ready to hold on stronger in the long term.

The strategy is smart, especially for people who dont have a lot of money. Why? The lower the risk, the better the match between business and financial ability. Your experience strongly emphasizes a very important lesson: investing shouldnt put daily needs at risk. Finding this balance is very important. Although DCA works, its only one part of a bigger financial plan. What else is needed? a steadied work. As a security blanket and a way to spend consistently without stress, regular income is the backbone of any investment plan. If you combine DCA with a steady source of income, you have a long-term investment that will last. So, you're not only investing in Bitcoin, but also in your peace of mind and general financial health.

knowngunman

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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.

You explain in general terms the DCA method and it seems like that's what some people who don't have large financial resources can hope to do. This pattern will be much more developed when someone can do it consistently and measurably.

That's the exact question I want to ask op before coming across this your comment. It's very easy to give advice and probably not practicing the same. Is the op practicing what he preaches? DCAing is actually a good strategy to accumulate bitcoin and increase your holding with little amount you can afford on a timely basis. You can choose to make it two times in a week or once or even monthly but it's important to note that it's all about taking risks and nothing is absolutely and 100% guarantee and that's why you need to know what you are doing and not because you see or hear other people doing it and jump into it too. The good aspect aspect of this DCA strategy is that, it is not specific for either riches or average people either individuals or companies can make use of this method. The only difference is that, the bigger your risk, the higher chances of success when the time comes.

Quote from: Ravichnadra on December 20, 2023, 10:34:10 PM

“What advice would you provide to someone looking to invest in Bitcoin?”

Hey, what do you think you are doing? Testing your bot? I guess it's working fine. Grin

MarjorieZimmermanGinger

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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

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.

You explain in general terms the DCA method and it seems like that's what some people who don't have large financial resources can hope to do. This pattern will be much more developed when someone can do it consistently and measurably.

Ravichnadra

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10 rules for investing in Bitcoin.

Don’t invest more than you can afford to lose.
Get a secure wallet that is difficult to hack, an off-line wallet is best.
Don’t invest more than you can afford to lose.
Be careful to not fall for scams. If it looks too good to be true, it most likely is a scam.
Don’t invest more than you can afford to lose.
Even if it looks legitimate, it may still be a scam, Be Careful.
Don’t invest more than you can afford to lose.
Don’t Panic.
Don’t invest more than you can afford to lose.
Don’t invest more than you can afford to lose.
Don’t invest more than you can afford to lose.
Yes, I know that is 11… I just thought I needed to emphasise that last one.

“What advice would you provide to someone looking to invest in Bitcoin?”

2Pizza410000BTC

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Quote from: Littlemini on December 16, 2023, 10:10:28 AM

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

This is a great idea. If we can make long-term bitcoin investment according to our ability then surely something good can be expected. We can invest in Bitcoin without keeping our monthly income in the bank and it is never good to be in a hurry when it comes to Bitcoin investment. Many times when the Bitcoin market goes down, we get frustrated and withdraw our capital. That is another type of damage. Must be patient and long term investment is really profitable.

Yes there is no need to rush when it comes to Bitcoin investment. There is no need to rush for a person who invests in DCA method. If a certain amount of money can be invested regularly, whether weekly or monthly, then that would be a good investment method. If I say on my own side I had no means to invest in bitcoin slowly I started earning on bitcoin forum as well as thinking of doing something outside. Now I can earn some money from Outside so I can invest 70% of weekly Bitcoin earnings in DCA method. So I am never in a hurry because there is no point in rushing. I have to invest constantly using DCA method otherwise I have no choice.

hd49728

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Quote from: Arenga pinnata on December 20, 2023, 09:31:08 PM

Believe it or not this is exactly what I did after I started investing in bitcoin. Well I'm not a rich person who can buy large quantities at once.

Dollar Cost Averaging is usable for everyone from small investors to big, whale, institutional investors like MicroStrategy and Michael Saylor.

You don't have to be a rich person to use DCA for your Bitcoin investment that is only a strategy and we all can apply it.

Quote

So I can only accumulate using the DCA method, which I actually only found out about recently.

Did you know two websites which are helpful for DCA?
https://dcabtc.com/
https://costavg.com/

Quote

Because previously I accumulated randomly and without good planning. Which makes me easily panic and stuff. But after I tried not to be greedy and only made small investments regularly, mentally I started to feel the benefits for myself. In the past, I easily panicked because maybe I put too much money into bitcoin investments. So sometimes I don't have enough money to meet my daily needs. And then I realized that was the wrong move.

DCA will help you to use your capital wisely and without emotional effects like panic or FOMO.

Use money to buy Bitcoin each week or each month and no other factors affect your buying decision. If you don't apply DCA, you will be uncertain in this volatile market between Fear and Greed.
https://www.lookintobitcoin.com/charts/bitcoin-fear-and-greed-index/

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