Best piece of advice to anyone going into bitcoin - page 4.

Arenga pinnata

sr. member

Activity: 518

Merit: 364

Rollbit.com

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.

Tamaperdana

member

Activity: 120

Merit: 74

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

Making bitcoin purchases in stages every week is very good for the long term and if you don't know the term periodic purchases, it is usually called the DCA technique. But you need to remember, you can buy bitcoin every week with any amount of money. But don't forget to stay calm and don't get too excited until you invest the money you need for your living needs. So use cold money, whatever the nominal value, because investing in Bitcoin with cold money can be said to be an important thing to do.

Wiwo

hero member

Activity: 1022

Merit: 667

Top Crypto Casino

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 amount you accumulate at some point is subject to your total inflow cash since that will be your purchasing power and there be need to follow up with things based on the availability of that resource in four position, so what seems to be a big investment amount to one can still be considered to be a low investment to the other, but then applying DCA approach and having a steady accumulation process will help you to accumulate a good number of Satoshi along the line no matter what the condition of the market could be and how much you set aside to put into it as a straight one-time buying off Bitcoin.

Most of the times, consistency in buying is what matters most and how much time you are ready to wait or keep accumulating is what also make more sense and help increase your total amount in holding on the long run so for such it is very important to stick to the rule which is to buy more are every opportunities and interval with long term in mind.

serjent05

legendary

Activity: 3010

Merit: 1280

Get $2100 deposit bonuses & 60 FS

Quote from: m2017 on December 17, 2023, 09:46:26 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,

It is not profitable to buy bitcoin for $1, because the relationship with the transaction commission will be more unprofitable than when buying for $100. Don't forget that the cost of the commission will be built into the purchase price and the burden will fall on the buyer's pocket.

With numbers like $1, $5, $10, I think you should save up and make a purchase once a month.

Besides most exchange (the centralized one) have minimum amount requirement to buy BTC and mostly it is around $10 so better to save up. And with the crazy transaction fee surge recently, it will cost us more if we buy at those amount range and worst, to save up, we will leave our precious satoshis in the care of the centralized exchanges.

Quote from: m2017 on December 17, 2023, 09:46:26 AM

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

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

It’s hard to imagine what expenses you want to get rid of if you’re going to buy bitcoin for $1 or $5.

They can skip one meal, probably the snack time so have 3 meals each day instead of 4 or 5.

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

5 to 10 years if you buy some every week you will be a multi millionaire

Why not lay out a calculation to support your claim. Remember Bitcoin break its ATH every 4 years, and as it breaks its ATH the multiplier goes smaller. Saying you buy BTC @ $1 every day, you get $365 for one year, and assuming you accumulated for 10 years, that will make your accumulation expenses worth $3650 and from that, only 40%-50% of your investment has profited since during that time, the other 50% would have been in a negative profit since after the second breaking of ATH, the 2 years after, the price of BTC would be less than that current cycle ATH.

So yeah, do not exaggerate things and better be in reality to not get disappointed in the end.

kojektea

sr. member

Activity: 2296

Merit: 256

This is what my friend does every month he pays. Well, that's at least quite a lot. I don't know how much bitcoin assets he has now, but if you calculate it, it's not even been a year. You are right. saving in bitcoin even without admin fees we just wait for the increase where the increase will affect our assets too. Unfortunately some people are very difficult to get to save. but if it is proven as long as we are strong against market FUD I am sure it is not difficult to become a millionaire this way. This also relies on consistency to become a millionaire, it's not instant.

Maslate

hero member

Activity: 2954

Merit: 672

Message @Hhampuz if you are looking for a CM!

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

In short, do the DCA. It doesn't matter if you have small or big amount, what is important is you do it consistently and increase the volume of your bitcoin portfolio months and years doing DCA. If you keep following the DCA pattern, you will never find it hard investing in bitcoin because you are not doing all in investing, but more likely an installment basis. And that's the good thing about it because you will never force to borrow money or take some debts just to start buying bitcoin since you only spend an amount that you can easily afford to lose.

nurilham

sr. member

Activity: 1498

Merit: 443

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

Where do you can buy Bitcoin $1? Huh

I think it is better to buy $50-$100, just collect the money first if it doesn't reach $50. Buying $5, $10, $20 seems not really worth because it will spend too much trading fees. Moreover if you send it to your private wallets or your hardware wallets. How you deal with the transfer fees? You must realize that the transfer fees is getting more expensive nowadays.

I think you don't need to buy each week, you are better to buy every month with better amount of money. Sure, you will have good number of Bitcoins if you buy Bitcoin every month, specifically in the bearish season when the price is cheap enough. It is up to you to hold how many years, but you must understand that we have 4 years cycle. So, I think the option is to hold 4 years or 8 years.

Silberman

legendary

Activity: 2534

Merit: 1338

Quote from: majeed on December 20, 2023, 01:13:29 PM

Yes, being consistent is very important. They say, "A little bit every week." Very smart advice, indeed! It's like putting seeds in rich soil; if you keep caring for it, you'll get lots of crops. Friends, Bitcoin is more than just a currency; it's a change in how people control their own money! To be clear, though, it's not a magic bullet. It takes self-control, planning, and a bit of bravery. Giving up today's comforts for tomorrow's riches is what business is all about. In 5 to 10 years, you could look back on your weekly obligations and see how each dollar helped you get to a pile of money. Not only do I want to become a millionaire, I also want to live in a future where I have complete power over my money. If you follow the Bitcoin way of life, everything is open to you.

Truthfully speaking most things work like that, lets suppose you wanted to learn how to speak another language, most people when chasing that goal will at most practice it for a few months before giving up and not learning much, however the person that is willing to put a small amount of effort every single day for years will be the one that actually masters that new language, and once they look back at their journey they will realize it would have been impossible to reach the same results if they tried any other method.

The Cryptovator

legendary

Activity: 2394

Merit: 2223

Signature space for rent

What you want to express is called the DCA strategy. It means to buy whenever you can, especially on every dip. This strategy is very well known, and we are all aware of it. Most likely, the OP is still not aware of that DCA strategy; hence, I feel you should learn about it and how it works. Still, you are a newbie and have to learn a lot of things here. Though there is no restriction on creating an advisable topic for newbies, it's always better to have proper knowledge of what you are going to write. Anyway, this strategy is one of the most popular for bitcoin investment.

ChiBitCTy

legendary

Activity: 2282

Merit: 3014

Don't give advice unless you're a licensed financial advisor. I do understand what you're saying and where you're coming from, but this truly isn't good advice unless you know that they can fully afford to make such a purchase. I do like how you explain the DCA (dollar cost averaging) structure..but there is NO guarantee that doing this will make you a millionaire, and it's sort of irresponsible to state such things.

You're heart is in the right place though!

majeed

sr. member

Activity: 526

Merit: 253

Damn

Yes, being consistent is very important. They say, "A little bit every week." Very smart advice, indeed! It's like putting seeds in rich soil; if you keep caring for it, you'll get lots of crops. Friends, Bitcoin is more than just a currency; it's a change in how people control their own money! To be clear, though, it's not a magic bullet. It takes self-control, planning, and a bit of bravery. Giving up today's comforts for tomorrow's riches is what business is all about. In 5 to 10 years, you could look back on your weekly obligations and see how each dollar helped you get to a pile of money. Not only do I want to become a millionaire, I also want to live in a future where I have complete power over my money. If you follow the Bitcoin way of life, everything is open to you.

benalexis12

full member

Activity: 896

Merit: 117

PredX - AI-Powered Prediction Market

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

It's clear that this is DACA's way; now if you do what you say with bitcoin, I don't see anything wrong; rather, it's a good way. And this method can be done with any cryptocurrency.

It's just that if you do it centralized, the 1$ to 5$ is not applicable to centralized exchanges because usually the minimum amount to trade in them is 10$ and up. But if it's done every week for 10 years, it's really good, for sure.

Wexnident

hero member

Activity: 2702

Merit: 672

I don't request loans~

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

I say wouldn't be 1,5, or even 10 be too small? I mean the fees alone would probably cut those by at least a quarter. That, or you do it monthly or every half a month, which I do. I've been doing it afaik for at least a year? and I say I've profited well enough since I bought at the dip.

I do agree with getting rid of unnecessary expenses though, most especially subscription-based type of payments you do such as yt premium, spotify, etc. They're mostly premium stuff that you'd buy if you want to reduce some pain in the ass hassle but other than that, you don't really need them. Heck there's a lot of ways to bypass said pain in the ass hassles like ads so I don't think you really have to buy premium stuff like those.

bhadz

hero member

Activity: 2520

Merit: 568

Payment Gateway Allows Recurring Payments

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

How long it has been since I've been holding Bitcoin. In terms of dollar, I'm not a millionaire but it's been more than 5 years but the price of Bitcoin has been better this time. I'm still waiting for that we see the price fluctuations of Bitcoin goes up to $100k and from there, another achievement will be made by everyone that's been holding for so long. I agree to do any amount when you're comfortable and able to afford because that's going to be your future in the hands of Bitcoin.

Silver005

member

Activity: 212

Merit: 12

The best piece of advice I can give to anyone going into Bitcoin is to do their research and to be prepared for volatility. Bitcoin is a highly volatile asset, and its price can fluctuate dramatically in a short period of time. This can be both exciting and nerve-wracking for investors. However, if you understand the risks and are prepared for the ups and downs, you can make a lot of money in the long run. It's also important to remember that Bitcoin is still a relatively new technology, and there is a lot of uncertainty about its future. However, if you believe in the potential of Bitcoin, ....

worthwhile investment. Finally, it's important to diversify your investments and not put all your eggs in one basket. Don't put all your money into Bitcoin, even if you believe in its long-term potential. A well-diversified portfolio is the best way to protect yourself from risk and maximize your returns. Diversification can also help you to take advantage of different opportunities in the market. In short, do your research, be prepared for volatility, and diversify your portfolio. These are the keys to success when investing in Bitcoin.....

Miles2006

sr. member

Activity: 182

Merit: 120

DCA strategy is always advisable and a lot of people love using this strategy especially newbies who are still learning, it's best not to buy with huge amount when you don't have enough money to settle your needs, with what others are saying the amount you mentioned looks too little and with the high transaction fee, it's always best to invest what you can afford so I can't really tell what someone earns monthly, it seems like you mentioned what you can afford why not hold the money or double the money instead of buying with a low amount, when it comes to financial issue a lot of people lack self discipline and can't control them self, if any investor find them self in this category there's no need inventing and it's very rare seeing someone like this succeed with their investment, doubling the money can help, for example rendering service or making good use of your skill and get paid or rendering loan with interest etc, I think with this idea you can invest with the profit.

Mpamaegbu

legendary

Activity: 2716

Merit: 1225

Once a man, twice a child!

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,

Why not gather the meagre amount like the $5 & $10 you mentioned weekly and then buy once a month to save tx fee. Don't be amazed that anyone who's buying in bits now will have a better part of their funds eaten up by fees. It's a crazy moment the Bitcoin community has found itself. In furtherance, anyone buying meagerly shouldn't expect to reap much during the bull run. So, one has to take an appreciable level of risk to earn well now with Bitcoin. Gone are the days when Bitcoin did stupendous ROI on meagre investments.

Ale88

legendary

Activity: 2380

Merit: 2369

Catalog Websites

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

I think that you should decide what $ amount to buy before your expenses, not after, in that way you wouldn't have the temptation to buy, I don't know, another pair of shoes or a $20 drink and then, at the very end, you check your balance and you can only afford to investi like $30 because you already spent $300 in useless stuff. Do it the other way around and it's going to be way easier.

Essential10

full member

Activity: 448

Merit: 129

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 idea of investing small amounts consistently over time is a good strategy for building wealth, but it's important to be realistic about the potential results. While it is possible to see significant returns on investments over time, becoming a millionaire within 5-10 years from just small weekly investments is not guaranteed for everyone. If you have a moderate income, your daily routine may involve budgeting for groceries, finding deals on essentials, and carefully planning expenses. For those with low incomes, the daily cycle may involve scrimping and saving, searching for affordable housing and transportation, and relying on assistance programs for assistance. If you have a high income, such investment in Bitcoin in your daily circle can bring you a good profit but never make you a multi-millionaire.

pawanjain

hero member

Activity: 2702

Merit: 716

Nothing lasts forever

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

You became too lenient with the numbers because I doubt that you can become a multi-millionaire by investing $1, $5 or$10 every week for next 10 years.
But if you invest $100 then there is a possibility of that happening. Dollar Cost Average is the best technique to stay invested in potential assets over long term to get good profits.

Topic: Best piece of advice to anyone going into bitcoin - page 4. (Read 937 times)