Best piece of advice to anyone going into bitcoin - page 6.

Baki202

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Quote from: btc78 on December 16, 2023, 08:15:14 AM

Instead of buying btc every week for $1, why don’t you just keep it all until you have more to buy btc by the end of the month that way you’re not buying btc for little amount and high transaction fees i am always encouraging people to invest in bitcoin i say that it doesn’t have to be huge amount but they should also be realistic if they want to see profits

Your advice to save money and invest it all at once, along with the possibility of increasing the amount invested, seems reasonable. If my memory serves me correctly, the lowest amount one can invest in Bitcoin is $10. How many $1 will he invest to make a profit? If you calculate the $1 invested in a month, he has only invested $4, which defies logic. You also raised an excellent point regarding transaction fees the best way to keep your assets safe is with a wallet. In my opinion, the man needs to do more calculations.

Quote from: humanvelocity on December 16, 2023, 10:30:51 AM

Love the idea of chipping in for Bitcoin every week, Small amounts can add up over time, and it's a smart move. Cutting back on unnecessary spending to fund it is a solid suggestion but do not stop yourself from going out and having couple pints with mates once a week.

The plan is sound, but there isn't enough money to make it work. He should raise his budget; if that doesn't work, he should wait until his pay improves. The commitment is reasonable, but there isn't enough cash, and I have no doubt that someone with this kind of drive can become one of the greatest investors; all they need is some solid capital it will be much better.

Silberman

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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

Implementing a DCA strategy over the long term is often a good idea, however it is also important to take notice of the subtleties that each market has so you can make the best out of your limited resources, and at this time investing such low amounts on bitcoin will cause you a headache as the fees are too expensive right now, in light of this, it is better to perform your strategy in a monthly basis so you can accumulate more cash and this diminishes the amount of transactions you have to make.

Vaculin

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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

Consistently buying regardless of the amount will surely make your bitcoin volume increase. That is if you have weekly funds that you considered spare money that you intend to invest. DCA really works for most of us, and with patience and consistency in what you're doing, you will certainly achieve your target goal on bitcoin.

If you realized this while bitcoin is at cheapest price, then you must be already a multi millionaire today. But even so, regardless of the price of bitcoin, it's still best to DCA. That way, you will never come to spend a huge amount in one investing, as you chose to do it consistently with small amount of purchases.

Crypto Library

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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

I also think this strategy is very wise to take, especially for those of us who keep fiat currency fixed deposits in banks for a certain period of time as it can act as a replacement. Here own funds will be more secure and will not be controlled by anyone. Moreover, I think keeping assets in fiat currency means decreasing the value of assets. Also DCA method is best to use for long term strategy and perfect for beginners who don't know anything about trading cz it morely reduce the risks.

Quote from: cryptoaddictchie on December 16, 2023, 08:31:54 AM

I dont recommend buying with that low like 5 to 10 dollars. The gas fee is quite high and if youll only buy little then your gonna waste gas fee for a little quantity. As much as we wanted to buy a lot, better to go for bulk buying since the fee wouldnt permit as to buy and sell with reasonable price.

I will not disagree with you after seeing the current situation. I myself took such a strategy that I would buy bitcoins for $10 per week but finally I found that if I buy $10 per week then my withdrawal cost would be high, so now I make a monthly investment which of course depends on the price of bitcoin and always also try to find a dip monthly.

aoluain

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There are lots of different pieces of advice for anyone getting into Bitcoin, its not all
about DCA its also about what Bitcoin is, what it was designed to do.

Then there should be an understanding on how the markets move around Bitcoins 4 year
cycle and how if not prepared can cause DUD and FOMO and then related to that there should
be a willingness to set goals and be patient.

famososMuertos

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

...//,, f you buy some every week you will be a multi millionaire

Welcome to the forum, but better welcome to bitcoin... the other thing is not so easy, becoming a millionaire. But, having the option to choose is a great benefit as well.

Whatever technique you implement in the acquisition, please it that does not affect your current or future well-being.

oktana

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For me I like to advise people to only invest what they can afford to lose… just because it’s Bitcoin doesn’t mean you shouldn’t do proper calculations… volatility isn’t always your friend. Many people think they can get rich overnight, for those who think so, drop that believe and stop investing all the money you have at hand. It’s better to invest $5 and leave it there for 5 years than to invest $50 which you’ll take out in a couple of days. Spilt your money properly and map out a fraction for Bitcoin investment if that is what you need to be consistent and steady.

Dr.Bitcoin_Strange

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Yeah, that's the strategy of investing in DCA (dollar cost average), which is when you invest a particular amount that you are willing to afford after your other expenses. The investment could be made daily, weekly, or monthly, depending on how frequently the person is receiving their salary.

Some people are bent on procrastinating their investment until the bull market starts; that's when they start regretting why they never invested when the price was still low. Some of them may use the FOMO and buy at the wrong time, where they will have to wait again for another bull market.

Jegileman

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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

Buying bitcoin gradually can be so difficult and sometimes tiring to some people that are looking to accumulate more in a short period of time because of the volatility nature of bitcoin. What is to be known is that we can’t all invest equal amount of bitcoin or get to accumulate the same amount of it while using different method to purchase them. My advise for anyone going into bitcoin is that, they should have a target and they should work towards achieving targets. The process of accumulation shouldn’t bother them too much as long as they are achieving their goals and still working fervently to make it a reality. $1 or more can be used to purchase bitcoin, as long as it is buyable and can be saved as bitcoin.

Don Pedro Dinero

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Quote from: Sanitough on December 16, 2023, 07:55:54 AM

You can chose if you want weekly, bi monthly or monthly, that depends on how often you make an income. As long as you do it consistently, you can easily maximize your investment portfolio and make you instant multi millionaire after long, indefinite years of hodling.

Do you realise that this is a contradiction in principle? You can't be a multi-millionaire instantly and after a long time.

Apart from that, people commenting have not been aware of the amount you have to invest on a weekly basis to become a multi-millionaire in 5 or 10 years, which is much more than $5 or $10. Just use https://dcabtc.com/ for that.

To give an example, it only lets you simulate a maximum of 9 years, with which investing weekly $100 would accumulate $800,000, and that's taking into account that it is based on the last 9 years where the returns were higher percentage wise than they will be in the future.

But I don't even know why I'm explaining this, because this thread will easily turn into a multi page where everyone will keep repeating how cool it is to invest in bitcoin and that investing $10 a week will make you a multimillionaire in 5 years.

2Pizza410000BTC

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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

A small amount of investment does not matter but regular investment is the best investment. If we have heard about DCA then it would be best for an investor to invest in DCA method. Here if a person invests $5 or $10 a week using DCA then after 10 years his investment will be very long and grow. But here it must be remembered that your investment must be done regularly and cannot be stopped if it can be invested accordingly then surely after 10 years he will own a lot of money. Investing with such thoughts would be very wise indeed. Let's invest in the wisdom provided by the OP to reduce many of the unaccounted expenses in our daily lives.

the rise

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I agree with things like this, I got to know Bitcoin in 2017, if I had saved it first and made regular investments I might have become a millionaire hehe, I have also started investing in it, although not so much every week I save at least $5 Within a week, it will be withdrawn to my personal wallet once I think it's enough to transfer to reduce the fee

moneystery

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it is an investment using the DCA method, where someone invests regularly to be able to get a profit in the future. investing with this method is very good for those who want to invest in the long term and have limited money in their wallet. but compared to investing every week, it is more recommended to invest every month, because it is much more efficient and not complicated for investor.

jeraldskie11

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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 the best way of investing Bitcoin if you don't know how to analyze the market. Since we can't predict the market, we don't know when exactly we are going to make profit in Bitcoin, maybe today, next month or even a year, but I assure you that you are going to make profit in Bitcoin if you are willing to wait. If you want to increase your profit potential by investing Bitcoin, you have to learn how to forecast the market. Mastering the market structure is enough to determine which level do you have to wait for the price to come before you invest. It helps you instead of buying at a peak price, you can buy it at a discounted price.

Bananington

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Sounds like you clearly figured out a good DCA strategy of investment by yourself Op and it's a good advice because one of the first things we learn here about investing in BTC or cryptocurrency in general is to do your own research, DYOR.
Also another yet important tip is to not invest with money you are not willing to loose because BTC is as volatile as the market seasons that would make one make profit or loss during trading.
Still, the value of BTC will support this idea of investment because it has gained more ground and has more say than before among other crypto currencies out there and is the leader to first make its mark in the decentralized network.

humanvelocity

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Love the idea of chipping in for Bitcoin every week, Small amounts can add up over time, and it's a smart move. Cutting back on unnecessary spending to fund it is a solid suggestion but do not stop yourself from going out and having couple pints with mates once a week.

Queentoshi

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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

In summary, you are advising that the DCA strategy be practiced. This same advice is always said here to everyone who is seeking for a strategy to invest in bitcoins.

If the money you want to invest into bitcoins weekly is as small a dollar, you should consider giving your investment time and DCA less frequently by increasing the intervals, so that you can have the time to add more money. If you have also noticed, transaction fees are high, it is not the time to DCA little money that transaction fees will devour.

Littlemini

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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 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.

zaim7413

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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

Well, I'm trying to understand the point you outlined in Op.
This method is a strategy by investing regularly over a certain period of time depending on the amount you have. This strategy is also often used by investors who have been involved in the crypto field for a long time. When they make investments, they often use this method or what is better known as Dollar Cost Averaging (DCA) in order to reap maximum profits. If you are the type of investor who does not want to take high risks and is primarily focused on maintaining investment value, then the DCA strategy is the right choice.

This strategy is very suitable for beginner investors because through this strategy it is like they are saving consistently every week or month. DCA is also very suitable for Bitcoin, novice investors do not need to carry out further analysis on Bitcoin because its durability has been tested in the market, due to Bitcoin strong fundamentals in the market, they have very little risk. The DCA strategy is very suitable to be applied to Bitcoin and will work optimally and can avoid FOMO.

ajiz138

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Quote from: cryptoaddictchie on December 16, 2023, 08:31:54 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

I dont recommend buying with that low like 5 to 10 dollars. The gas fee is quite high and if youll only buy little then your gonna waste gas fee for a little quantity. As much as we wanted to buy a lot, better to go for bulk buying since the fee wouldnt permit as to buy and sell with reasonable price.

The solution is the lightning network, but unfortunately not everyone likes this network.

Buying bitcoin with a small amount of $5-$10 and then withdrawing it to a personal wallet does not make sense because bursan now applies high fuel if I'm not mistaken the average withdrawal from the exchange is 0.0004 this amount is quite large and exceeds what was invested around $10.

Unless you choose this option although there are still risks: You continue to do DCA with a small amount of say $10 every week and keep it on the exchange for a few months after the bitcoin has accumulated more then you can withdraw, maybe this will only take a gass fee once, but this once there is a risk that you store it first on the exchange.

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