Topic: Best way to invest in Bitcoin - page 2. (Read 476 times)

When I first see the topic I been dey think say na buying strategy the op wan talk about buy to my greatest surprise na place to take buy the coin na the op com dey go talk about, op the thread for dey more interesting if to say you also add strategy to use to buy, as e be say no be every newbie naim sabi how to buy Bitcoin with strategy. Mostly na lump sum dem dey conversant with and this strategy no dey recommended for newbie as e fit go trigger emotional decision when the price don dey waka anyhow.

Op abeg take this correction, e no get anything like money wey person dey comfortable to loose, e no dey anywhere most especially when it come investment mata, I dey see plenty people for this forum sef wey dey make this same mistake. By right if you don do betta study about Bitcoin, you go know the possible merits wey dey for inside and by the time you fall in love with am you no go even mind to keep 70% of your total investment for inside, that is if you be long term holder. Even if na 10,000 wey you put as your investment, if the money loss for your investment way you do, e nor go pain you?(e go affect every body) because that money reach to take sub for one month. And beside that by the time you don dey dey very aggressive with you accumulation even if na DCA you dey do, small small drop of water turns to a mighty ocean, one day the money go Big reach millions sef.

Investing what you can afford to lose has become one of the most said guide about the bitcoin investment. This is been said and repeated always because of the high intense volatility of the market that is causing people to lose their money or leave the market beyond their expectations. Always have it in mind to invest some significant amount you can spare for an investment instead of having the mindset of losing the money all when the volatility is high an on the downtrend.

Using loans as capital have never been a good way to invest,  but that is what most business owners do this days,  but then this method have been one of the bullet that have been used to destroy and kill many start ups lately and the most bad one is to take loans from banks to start a business,  this have lead many into unrecoverable debt.

And to say you wanna take a loan to buy an asset as risky as Bitcoin with loans is not good and shouldn't be advised to go for and so we have to build the knowledge about the business and the risk involved in all of this because bitcoin investment is not an investment of bird with roses as many take it to be.

Exactly, that point nai be the main thing, to use loan money take invest for inside Bitcoin just dey like another method of higher risk, like you done reason am say, more especially those kind of loans way get here interest (nah here the whole matter dey), as Bitcoin investment no be get rich quick scheme the more the loaner dey delay to bay the loans nah the more the loan interest they increase, so no matter anything, if Bitcoin no skyrocket above the loner expectations nai be say the loaner nah go change to deptor. E better say make investor take their time create an opportunity way go fit provide them money before them invest for Bitcoin instead of to go borrow.

I mostly use Dual Investment on bitget. It works well for me

If you're considering investing in Bitcoin, there are a few things you should keep in mind.
(1), it's important to do your research and understand the risks involved.
(2)The value of Bitcoin can be volatile, and there is a chance that you could lose money.
(3)That said, if you're comfortable with the risks and have a long-term perspective, Bitcoin could be a good investment.
On the best way to invest on Bitcoin, one needs to be very calculative and must be a best predictor so as to enable you figure out the best time to invest without a mistake.
One of the best ways to invest in Bitcoin is to use a reputable exchange. You can buy Bitcoin on a number of different exchanges, and you'll need to choose one that's reputable and secure.
Once you've found a reputable exchange, you'll need to set up an account and fund it with your chosen currency. Once your account is funded, you can place an order to buy Bitcoin. You'll need to decide how much you want to invest and how you want to store your Bitcoin. Some exchanges offer built-in wallets, while others require you to set up a separate wallet. It's important to choose a secure wallet, as there have been instances of exchanges being hacked and funds being stolen.
You'll also need to decide how long you want to hold onto your Bitcoin.

Do you feel comfortable after losing money? I believe that viewpoint is outdated, especially considering Bitcoin's track record as a less risky investment in recent years. Many individuals can attest from their experiences that Bitcoin, among all cryptocurrencies, holds significant profit potential, making it a prime option for investment. You can steadily acquire Bitcoin through various methods, including Dollar-Cost Averaging (DCA), a strategy recommended by many community members. The key is to select the approach that suits you best, depending on how much you can sustain. The overall goal is to hold onto Bitcoin for an extended period and possibly learn how to secure your funds.

Na the thing be that,  I am not against taking loans to invest in bitcoin,  but not that loans as capital for invest in general is not a food approach most especially those loans that come with high interest, that is so because at some point inline you will discovered that,  you already existed the entire essence including the profits while repaying the initial loan amount and the high interest,  this at most make it seems as if,  it is better to take interest-free loans which are not easy to find this day,  unless through government grants which most times doesn't get to the citizens of the state,  so unless the loan amount is from either family or friend and a 0% interest with long terms duration.

That is the only time, that taking a loan to invest in Bitcoin should be most considered and anything outside that is no longer a suitable financial intelligence and not a good approach to Bitcoin investment.

The reason that you get that kind of statement on not to borrow to invest is that when time reach to repay, e go become problem. But for me if somebody get means to repay even when him investment crash, I no see it as something wrong especially now wey bitcoin halving dey come and that one na sure investment then after the rise to the level you want then you cash out and repay. So e depend on the investment and means to pay back.

I no fit borrow to buy any altcoin though, only btc and na for only this season wey we dey expect bull run.

People usually talk about how one can burrow to start a business and some Bitcoin speculators believe you shouldn't burrow to invest in Bitcoin. Now considering what you just said about how one won't lose their money in Bitcoin of course with the right knowledge and all, is it advisable to burrow money in order to invest in Bitcoin ?

When investing in Bitcoin, you may loose time due to the fact that you may not have the necessary income to invest at the particular moment. With the current situation in the country too, savings may be difficult, and we all know that the price of Bitcoin would according to experts, increase as the years go by. So,with all these factors would the best way of investing in Bitcoin to burrow or take private loans from whales ?

When investing in bitcoin you are risking your funds, ultimately when you're investing into anything be it bitcoin, stock, bonds, real estate, gold etc you are taking a risk as it is not 100% certain you are definitely going to make profit from it. An uncertainty can emerge out of the blue which can vaporize your investment to zero. The only dissimilarity in all is that every investment has its own level of risk and which for bitcoin the risk isn't that high but that doesn't mean it's doesn't possess a risk.

Bitcoin market is volatile in nature but some beginners do not know this because they do not seek for understanding first before investing in Bitcoin. Beginners just enter the market and predict thinking that they will be able to make the amount of money as they have wished. I think understanding Bitcoin better will make people to take a better decision before entering the market,  knowing that the Bitcoin price is unpredicted which beginners needs to be patience to hodl to achieve their target. If beginners tries their best to understand the volatility of bitcoin they won't be desperate to make profit.

It is advisable that one should not keep their assets with third parties ie decentralized exchange as they are not safe and cannot guarantee asset safety. Not only that, if you keep your asset with them, automatically they own your asset not you because they have the keys to the wallet holding your asset and not you so if anything should happen to the exchange, your asset is gone too. It would be in a better position that you buy and  transfer to your own wallet in which you hold possession of the private key.



You are right mate. Investing in bitcoin is not about one risking their funds as we all know investment itself is one taking a risk to making profit either on a short term or a long term so therefore, it depends on the nature of the investment one is willing to take either ways and it all calls for patience if one must invest because a tree doesn't grow in one day but with time for maturity and growth.

Well, I think I have also used that slogan of investing what you are willing to lose, but I think that statement fits better for altcoin investment, but when investing in Bitcoin, the correct slogan to use is "only invest the amount that you can be willing to hold for a long time." Bitcoin is a volatile asset; no one controls the price, and no one knows what the price can be in the future. But if you invest in Bitcoin and hold it until the bull market, you will make a profit. But if you invest in altcoins alone, be aware that it's not all of those altcoins that will pump like you speculate; some of thos projectan you invested on can even fail.

 "Invest what you can afford to loss, " Could also be used on traders.

That is in short term. In long term, bitcoin is a store of value and a hedge against inflation.

My advise is to invest at the appropriate time. Like this time. Also to invest an amount that will not affect you. Assuming you are earning ₦200,000 weekly, you can invest ₦10000 to ₦20000 using NCA. Bitcoin holding is not gambling that you can use the amount that you can afford to lose to do, bitcoin is an investment.

Remember this is Nigeria, not United States. Although, there is also nothing called bitcoin spot ETF in Nigeria for now. There is bitcoin future ETF, but which can not be referred to as an investment, unlike bitcoin spot ETF. Bitcoin future ETF is approved in United States. Bitcoin spot ETF has not been approved by United States SEC, but it has been approved in countries like Canada and Europe. What makes United States bitcoin spot ETF very important to people, especially bitcoin enthusiasts is because United States stock market is dominating by over 60% in the world.

Yes those are some of the ways one can buy or get bitcoin from and start the investment but they, the investors who are buying bitcoin from those exchanges should not keep the bitcoins in the Centralized Exchange Wallets but move them to a well secure wallets. And add it to what op has said. Investing in bitcoin does not mean you are risking your funds but you are not and the only thing you have to do is a patient for years so you have to use money for the investment that you are not ready to use them very soon.

Bitcoin ETF have not been approved so that option is not available yet. There is expectations that it will be approved by January and only then will that option be available.

As a Nigerian, options available are many such as Binance p2p, Remitano, Luno and the various centralized exchanges. I don't know any decentralized exchange that it is possible to buy with Naira. Even if there is, I feel it is a long process because of the challenge of accessing dollar in Nigeria. 

There are also notable people even in this forum that one can buy from at good rates, however, it is always best we consider options that are fine for us.

Well, I think at some point,  bitcoin investment shouldn't be referred to as an investment in which you only put up what you can afford to lose,  that statement is now outdated because in investing in Bitcoin you don't lose your money,  and if you hold 0.2BTC,  the value remains same at all time unless you exchange it to fiat only then bitcoin value will be calculated based on the DCA value.

So I think that the best way to go about this is to say,  invest an amount that you can put aside for a long time because you don't lose money while holding Bitcoin but you may lose time because there is no specific amount of waiting time when it comes to bitcoin investment,  you have to be ready to go in for long term base and not short term speculations.

So many options to buy Bitcoin, you can decide to buy directly through exchange like binance or Coinbase. You can also make use of the Bitcoin focused investment vehicle like a Bitcoin ETF or like Grayscale Bitcoin trust.
One thing you must know when taking a decision to invest in Bitcoin .It's highly speculative investment.  That's why it's more advice able to invest the amount you are comfortable losing.as Bitcoin price go up and down this season by hundred of dollars.