Topic: Best piece of advice to anyone going into bitcoin - page 5. (Read 937 times)

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.

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

You are seriously overestimating and greatly mistaken if you expect to become a multi-millionaire this way.

By the way, but you, however, are a modest person, saying so "Best piece of advice to anyone going into bitcoin".

It would be nice if you could share your personal experience of investing in bitcoin, if you allow me to give such advice.

That's right, in short we have to use money that is really unused and also estimate transaction fees because lately transaction fees for BTC are a bit expensive, but in my opinion there are also many alternatives to buy BTC or enter large exchanges. for example Coinbase and I think it might be a better and safer choice.

This kind of thinking should be immediately applied by anyone who has been involved in Bitcoin if they have a consistent opinion. Money that is not used for other needs would be better saved in Bitcoin using the DCA strategy. Buying Bitcoin regularly or better known as DCA is a good strategy for long-term investment, the amount of money you want to invest does not really affect the strategy you apply. However, it would be better if you did DCA once a month rather than buying every Sunday, the aim is to save on transaction costs which have been very large recently.

My understanding is that anyone who wants to invest in Bitcoin has a thousand ways to do it, in essence: is there a will to do it, that is the main key that must be planted.

Apart from that, if we have the principles and commitment to do it, of course the idea you have is also one of the best factors to do, for example: set aside $100 x 12 = 1200 per year per month, meaning anyone who does this in 5 years will already have $6k in assets, sure thingthis is interesting to do.

There is another more interesting way, investing in dollars, wait the next five years, because the price of Bitcoin is always changing, who knows when the price of Bitcoin hits the price again at $6k, Of course we already have 1 Bitcoin for the investment we made, but it's up to you what's best to do, it's just an idea.

If we can make it a success yes. But for now, it's only easy to say it without doing any actions. There were lots of obstacles along the way which can prevent us from getting in our destination.

But, once we overcome all of these, all of the hard work and patience that we put in, are going to be very worth it. Keeping all of our income in the bank is a silly idea. first, it was very risky. Then second, what we will be using for spending? People can only keep a portion of it. But for me? I find it better to just store this money in BTC. Not only it is safe there (in a way that I can only control it), the return that I can get to it is also much better.

That's just easy enough to say, mate, because even now some people still can't do something like that every week. Moreover, on certain exchanges there is a minimum deposit or minimum buy which has been made specifically by the exchange so that everyone needs to adjust this when they want to buy Bitcoin every week. Because one to five dollars is a very small amount to buy Bitcoin and some exchanges cannot buy with such a small amount of money, mate. But for ten dollars to one hundred dollars, I think it is still quite possible to do it every week.

Personal finance will increasingly prioritize consistency over capital size. DCS's simplicity - invest when you can - is its beauty. To reduce cryptocurrency market volatility, this method is crucial. Yes, time in the market is more important than timing. Remember the importance of risk management. Bitcoin investment can be rewarding, but all investments have dangers. You're right about not overinvesting. Ambition and caution must be balanced.

Setting measurable goals is essential. More than just acquiring Bitcoin, we're developing financial stability. This paradigm shift is crucial as society embraces digital assets. In the volatile Bitcoin world, your vision and rigorous investment strategy are a winning combination.

That's good advice, but honestly that strategy isn't realistic for most folks.  Building up enough on forum to actually qualify for campaigns could take crazy amounts of time - I'm talking months or even years here.  And even if you somehow make it to Legendary status or whatever, you still have to write solid contributions to be eligible.  So while it might pay off for some ultra-patient, unemployed super users everyday people are better off using a simple dollar cost averaging plan to invest in bitcoin with the spare cash they have and  its way easier to just set aside a little bit from each paycheck than trying to become some forum celebrity.  I mean if you actually have that kind of free time then hey, go for it.  But most of us have real jobs and responsibilities already.

The amount always matters: imagine the difference between someone who buys $5 of Bitcoin every week and someone who buys $100. In the first case, you can invest $240 in a year, and in the second, $4800, the difference is huge, but I doubt that by saving even $100 a week you can become a millionaire. The time of purchase also plays a big role, despite the promises that Bitcoin will cost a million, I very much doubt it, so I believe that if you buy Bitcoin now, your investment will not increase much.

Yes, and that strategy was called DCA. It is a strategy most used by Bitcoin investors and most commonly advised to newbies. Instead of buying Bitcoin in a lump sum, which commonly leads investors to sell their investments if they fear being at a loss or having no more money to invest every dip. This way, even if the investor buys Bitcoin, and Bitcoin price suddenly goes down lower than expected, an investor still can invest more without thinking of selling the first invested money in Bitcoin.

Why buying a little bit every week, paying selling and transaction fees to do so, when you can become a member of this great forum, educate while doing so, and at a certain level can earn btc through participation in signature campaigns. 

Sure buying is the easiest way but considering all the fees connected I am not a fan of the idea of spending fees every week for these transactions.
Thinking OP means to buy small amounts every week, this will eat up a lot of money and it makes more sense to buy bigger amounts, but obviously in a less frequent time frame.

Or as I just said, try you best to rank up and earn money by participating here. 

It depends on the season at which Bitcoin is, either during the bearish or Bull season some other factor may be as of the income of the person, if he earns monthly or at specific intervals then he is required to carry out the DCA method with which you have outlined. It will be good as well to set up  budget and a time frame at which you wish to accomplish it.
If the person has already gotten the money stacked and Bitcoin eventually enters into a very bearish season where the price DIP so much then the person has every right to buy massively at that point where it won't also affect his cost of living so he won't alter his investment.

As long as you can invest, or what we say here "invest what you can afford to lose", will eb good. Specially in the long run, or at least invest on the bear cycle and then see how it goes when we go on the bull run and price hitting all time high. I know that it will take a lot of mental toughness and fortitude for small investors like the majority of us. But I think if they can do it, then everyone can achieved that as well.

Yeah, 5 years might be a good gauge to see how you did or how much profits you have. 10 years might be a stretch for others, but then again, it boils down to your attitude and mentality. If you have goals to be millionaire in the next 10 years then yeah do it.

It is a very good point to start of course people already made mentioned of it as an accumulation period that is called DCA doing DCA is a best to help an investor achieve their goals on investment even though they don't have enough money or are afraid Venturing into the market fully this method will help them maintain a certain level of orderliness without falling out of patients to keep moment going in order to achieve their investments journey.

If you can do it consistently, then it will really be useful in the future. Whether you invest it until you are bullish this season or wait a few more years, then it will really be worth it.

Some of the important things you should pay attention to are:
1. Pay attention to the right time to sell or take profits. Try to make sure it's a bullish era, even if it's a few years away, because even if you have held your Bitcoin for 5 years or more, if you sell it when it's bearish, it will be problematic. So also understand about bearish and bullish cycles.

2. Pay attention to transaction fees and minimum purchases on a platform. Usually there will be a minimum purchase. And the more often you buy means the more often you pay fees. So, make sure you want to buy it once a month or once a week.

3. Ensure the security and privacy of our assets. If you want long term holding, don't store your Bitcoin in an exchange wallet. Make sure you have cold storage or a hard wallet for much safer storage..

Nothing new as it's still DCA. Well, I have no issues against doing DCA but if you consider the current high transaction fees, you will become hesitant to follow this advice because the high fees will only eat up your capital. You only lose your capital in exchange for its transaction fees which I think is not ideal to do. If you want to really follow DCA, then just wait a little bit until the fees gets back to its normal price.

However, I believe majority are doing DCA these days, not only it will lessen the risk to lose your capital, but it's also a great strategy to increase your investment portfolio without noticing the total amount of your expenses.

 
The idea of investing in Bitcoin is good, but the way you are suggesting investing, I don't think anyone can become a millionaire in five to ten years. The purpose of investing in bitcoin is not to buy up bitcoins and not be able to make a profit at the right time. Always have knowledge and understanding about market fluctuations, bear season, and bull season before investing.
 
This is because we always make a profit by buying low and selling high. When you don't know the right time to buy and sell, the market may fall at the time you plan to sell, and you may not get the profit you are investing in. So one should never invest in Bitcoin with the thought that I will hold it for the next 10 years, but when it gives a good profit, we should sell, and when it gets a low price, we should buy.

It is called DCA and indeed in this case there have been many discussions about bitcoin strategies that use the DCA system, maybe even in every discussion with the theme of bitcoin and purchases, surely everyone will suggest DCA as a form or strategy in purchasing.
I think this is quite common because after all this is the best method used if indeed the goal is for the long term but on the other hand we also need to remember that this must be accompanied by several important things including about the financial problems we have today.
That is the most important thing because after all when we use DCA as one of the methods that we want to do then indirectly we also have to look at the budget we have starting from the income we get per month and the expenses we need to support ourselves and family (if we have one) because this is important considering DCA is a strategy for the long term so don't let by doing DCA you actually ignore the economy and the needs you have because this is a long-term strategy not to interfere with your daily life.

This is not really applicable while transactions fees is high because the capital you've said is even lesser than it's transactions fees so definitely not going to be possible. But if you do it monthly, you can save from your transaction fees and you can maximize your purchasing amount. Buying does not matter whether it takes place monthly or twice monthly, consistency is what matters the most.

While DCA is a good and proven strategy, you can still chose to invest all as long as it's bitcoin and your intention is to hold it longer for bigger and more satisfying future profits.

This is basically DCA and that has been the advise we have be singing for sometime on the forum. We have to let go of the mindset that we most have a specific amount of money before we can buy Bitcoin instead with any amount we have, we should buy or saved to buy when we have enough capital to execute a trade. What matters most is your consistency and it'll pay off at the end of the journey. If you're buying Bitcoin for a very long time you'll get to a point that you're be buying at a lost but that won't matter since you'll be only concerned about accumulating because you know how the story will end with you rejoicing.

You can't go wrong with investing in Bitcoin. When doing this, make sure you're not investing above your limit and you are strong to withstand anything the market has to throw at you to make you give up on your goals of accumulating. Set a goal for yourself and accumulating because easy, don't just accumulate but have a plan that you need to reach in a specified time and when you do this you get a sense of fulfilment from completion of that goal and also owning Bitcoin. It doesn't matter how little you're buying but just keep buying until you have gotten enough for yourself. When investing in Bitcoin, play the long game always and not get distracted by the gains you can make by shorting or longing the market.