Best piece of advice to anyone going into bitcoin - page 7.

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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 think "best" should not be in the title because it's too exaggerated. The thing is, this advice is average, or everyone could think of it, even a beginner. Anyway, about the term every week, don't you think it's too exaggerated to buy even a piece of bitcoin or satoshi every week, even if you are? If you invest in bitcoin and want to do DCA, it's still not a good idea to do it every week because you still need to consider the price. If you buy a satoshi this week and the bitcoin price drops, then that certain position will also decrease. In short, you should add in your statement that they should "think" and "analyse" where they will place their position or when to buy bitcoin or satoshi to make a profit. You lack information; you give advice that I'm sure everyone knows. We appreciate your concern and advice, but you exaggerate too much.

kentrolla

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This has been discussed in the forum a lot and it's DCA (Dollar Cost Averaging) and that's what I have been doing for a while and trust me the outcome on longer run is amazing as you never feel any stress because it's just like your PF which you would be investing. But still there are so many people who don't use this methodology and I believe whoever don't believe in DCA are here only for gamble. People lose money only because they want quick gains which leads to either quick gain (which is eventually lost due to greed) or losing it all.

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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

No, it's not possible for everyone to be a millionaire or multi-millionaire by investing $1 to $100 per week. If someone spends around $100 per week on Bitcoin by following a DCA strategy it would take around a full year to acquire to accumulate just a small portion of Bitcoin. At current price of Bitcoin and it's up moving trends I don't think that someone can accumulate a full bitcoin even in 5 years if he/she does $100 DCA strategy for consistent 5 years.

The DCA strategy can help someone to accumulate Bitcoin but that strategy won't make everyone millionaire. I would still say that someone who invests $100 per week on Bitcoin will be able to accumulate enough Bitcoin in 5-10 years and that would make someone financially stable if Bitcoin reaches $1M to $10M a coin. You can of course become financially stable by following a weekly DCA strategy but it won't make you a millionaire in 5 years.

Despairo

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Your title "Best piece of advice to anyone going into bitcoin", in other words, it's an Average Joe who doesn't understand about Bitcoin.

Think like this, you only know Bitcoin is a digital currency, how you can trust it and commit to invest every week then hold for the next 5-10 years?

Teaching someone by ask them directly to buy Bitcoin is bad, you need to start from beginning to make them to understand about Bitcoin and fully prepared before to own it.

Churchillvv

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Since it's has been discussed alot of times about investing gradually which is called DCA, everyone looking into buying Bitcoin is only advised to buy bit by bit on a weekly or monthly basis depending on your capacity is for the mere purpose of not missing out (FOMO). There are lot of ways to do the DCA but it best done manually but if you decide not to calculate it yourself you can go to websites that has to do with DCA hence calculate for you due it's not endorsed by the forum.

Mind you DCA is just the most recommended there are other methods that has to do with Bitcoin investment, you can also develop your method which suits you best.

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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

Good advice but incomplete, how do you want someone to accumulate Bitcoin with $1 or $5 with the present insanely high transaction fee? Right now it costs $10 to send Bitcoin to your wallet, it means the beginner need to save up their money first to a certain amount, like $100 before they can accumulate which is not encourage for me.

Unless they are willing to learn about Bitcoin Lightening Network first which still isn't encouraging for newbies as they will feel its too complicated.

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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 short, it's Dollar-Cost Averaging. Cheesy

Though that strategy is already proven to be one of the safest (if not the safest), and one of the best strategies especially for newbies, this type also takes time to maximize your profits. In crypto, you need at least 4 years to maximize your profits (that is if you believe in 4-year cycles), and not all investors have that amount of time to wait for their profits, so as much as I want this for many investors to be using this strategy, the older ones can't use it or at least they can't maximize it. If you're a young investor, doing DCA would be a good strategy.

I just don't like the fact that you're saying that in 5-10 years, of buying every week you will be a multi-millionaire. Is this proven already? If yes then where did you see it? I mean I don't buy Bitcoin daily, but I don't believe that I would be a multi-millionaire if I did. Consider also the fees that you will be using as well. That's also the reason why many investors opt to buy Bitcoin on a weekly and sometimes, on a monthly basis.

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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

Do it as a weekly or monthly buy because that amount will just be gone because of the high fees now. So, it is two things for you those that will DCA, save your money and wait until the fees drop down before you buy.

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

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 don't want to give false hope. It's possible if we're back several years ago but saying things like this is unlikely at this moment. You gotta be good in calculation to say that someone DCAing with a couple of backs up to a hundred weekly and within 5-10 years, they'll be millionaire. Don't make it look like a ponzi but I think max would be a hundred grand but not millions.

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And I agree, for anyone looking to invest long-term, especially in volatile markets, it's pretty solid advice. stick with it, put in what you can spare on the regular, it'll likely be one of the smarter money moves you ever make.

Who really knows though and some folks seem to think DCAing a little bit into bitcoin every paycheck till you retire is how you end up set for life. Not gonna argue. But even if it just helps you slowly build up a decent little portfolio... cant hurt. Way I figure anything promising potential upside without too much downside risk is worth considering.

My question, though: How feasible is DCA when depositing tiny sums? Don't transfer fees eat into returns? I'd be curious if certain above-board platforms enable frictionless incremental investments.

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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 an advisable investment one is usually asked to invest with what is affordable to be tolerated if lost so basically, most persons are preferred to spend unnecessarily as they feels the joy in the meantime even though they don't profit from it than investing on a probability asset that is liable to be lost as may usually be Bitcoin Investors advices so, having such a Bitcoin accumulating tasks as OP mentioned are sometimes easy to say than to do even though it benefitable.
Don't also forget to considering the investors alternate source of incomes and incomes rate before craving for hodling of such period of time.

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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 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.

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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

Haha, simply what Op wants to say is just the DCA. I do agree with him, it's the best piece of advice who want a long-term opportunity in the financial world especially in the risk investment markets.

I cant say multi millionaire but it will be the best investment of your life. For every nebwie most of the forum members do recommend this investment strategy. Hehe seems like Op is already pretty familiar with it still you finds tons of topics on this perticular subject.

ZAINmalik75

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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

Your title says the best advice for anyone going into bitcoin while you are urging people to buy some BTC every week instead of buying things. This means your post's main goal is to tell people who are spending money on things that if not bought will not affect your life. So, the title should be like the best advice for anyone going to spend money on necessary things.

I admire your suggestion and it's a good one but it is also necessary for the investor to know the time it will take for him or her to become a multi-millionaire. Many newbies might be thinking they will become rich while having no basic knowledge of how and when and is it even possible.
The strategy you have shared to invest in BTC is known as DCA and you should also talk about it in your post so newbies would know about it.

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This practice I often use in investing in bitcoin as a DCA method, maybe it can also be said to be a common practice and is often discussed but in my opinion this is one of the techniques that many people use to buy bitcoin as an average price, every week to always set aside is something good I have been running for several months and hope to remain consistent to continue DCA in the long run, about the weekly budget it doesn't matter how big or small it is, when you can afford it you do this method.

Who doesn't want to be a millionaire in the next 10 years? Of course everyone does.
Don't think too much about it and now how this DCA should keep running all the time for years, the most important thing is that you have to stay solid and manage all the budgets you have including not buying unnecessary items that must be put aside first.

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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

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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

Many people have bad habits and spend a lot of money to fulfill them. If you invest that money in Bitcoin then you will benefit the most. Once you start investing in Bitcoin, you will definitely not want to withdraw from the investment. Because investing in bitcoins will definitely increase your money, so you will always be engaged in investing. @Op I definitely like your move because with little videos it is definitely possible to own a large fortune one day with Bitcoin alone.

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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 still falls on DCA. That would be the best strategy so far that mostly works for everyone. While some can afford all in investing that indicates higher risk but majority still follow doing DCA as the risk to lose can be likely controlled.

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.

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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

Investment is always risky so no one can guarantee profit here. And it is not possible to say how long it will take for profit so one should invest according to his ability. As if he would stop at nothing else for that money. If not, he may have to withdraw that investment and if not, he will have to take a loan from some other place and at that time the loan will also be very dangerous for him. Because where he does not have enough money to meet any of his expenses then how will he repay the loan later after running his daily expenses

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I agree. While regularly investing a set amount of money over time (known as DCA) is a common way to invest in Bitcoin, it's not the only technique out there. DCA can be a solid approach, especially for newcomers or those who like a more passive investing style, because you end up paying an average price that smooths out short-term volatility. However DCA isn't the be-all and end-all. There are other methods to mull over, each with its own pros and cons.

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Buying Bitcoin regularly, investing small amounts, is a good strategy. However, I wouldn't say that the amount doesn't matter, and I also think that dong it monthly can be much more convenient than doing it weekly. The amount matters because of transaction fees. Bitcoin transaction fees have been spiking really high recently, with some websites indicating that a current average fee is nearly $30. Needless to say, it's not a good time to transfer Bitcoin, now even pretty significant amounts worth around $100. So $5, $10 are just not realistic sometimes, unless we're talking about purchases on centralized platforms, but, as was pointed out by livingfree, they have their own things like a minimum amount, and there can be additional fees as well.

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