if you can collect a lot of bitcoin buyers, I appreciate you that you are a very powerful influence because it can unite all the buyers of bitcoin with a very large amount and the good thing is that you can potentially control the price of bitcoin a little at the exchange.
its not easy to do dude,inventors or bitcoin buyer need strong reason why they have to follow us.make them believe to bitcoin price future very difficult since we were in bearish trend more than 1 year. Their confidence now in lowest level if they have to buy bitcoin again as their Investment. the only thing we need just good news as trigger to increase demand for bitcoin. If there are good news i am sure investors will buy it without our suggesstion. 
Topic: Bitcoin Buyers Club (Read 556 times)
I've been tossing around the idea of starting a group of people who are committed to buying Bitcoin every month. Can be a small portion, like 5$, or however much people can afford (I suppose it would make sense to use higher amounts for fee reasons, though). I myself have set up a monthly wire transfer from my bank account to Coinbase and a recurring purchase of Bitcoin every 1st day of the month. This is really simple, and you keep investing and $-cost-averaging your BTC purchases.
To be clear: I don't want you to send money to me or anybody else, I don't want to make money decisions for you and this is not investment advice. What this is about:
1. Explaining the benefits of buying periodically
2. Showing ways to do so
3. Compile a bunch of people who want to display their commitment to buying Bitcoin
Also, I don't really care what you do with the BTC you purchase over time. Of course, in order to keep demand up you may want to HODL them or earn interest by lending them. Otoh, if you want to foster adoption, I'm also more than happy if you spend them. And, of course feel free to sell them after a bull run. I don't mind, so long as you keep buying every month :-)
If you already have set up recurring purchases or you plan to, feel free to fill in the Google form and I can link it to a spreadsheet. I might also prepare kind of a guide to give some background information.
I created a Google Form where anyone who wants to express their commitment to BTC can do so: https://forms.gle/rjD81677yipAVhtaA
Again, I'm not planning on making money from that, just want BTC to have a healthy demand.
That is a very good idea. You have a strong commitment to buying bitcoin gradually every month. But the way I collect bitcoin is not by buying it using Fiat, but from every clothes I sell. Because my clothing store accepts bitcoin and ETH as payment.To be clear: I don't want you to send money to me or anybody else, I don't want to make money decisions for you and this is not investment advice. What this is about:
1. Explaining the benefits of buying periodically
2. Showing ways to do so
3. Compile a bunch of people who want to display their commitment to buying Bitcoin
Also, I don't really care what you do with the BTC you purchase over time. Of course, in order to keep demand up you may want to HODL them or earn interest by lending them. Otoh, if you want to foster adoption, I'm also more than happy if you spend them. And, of course feel free to sell them after a bull run. I don't mind, so long as you keep buying every month :-)
If you already have set up recurring purchases or you plan to, feel free to fill in the Google form and I can link it to a spreadsheet. I might also prepare kind of a guide to give some background information.
I created a Google Form where anyone who wants to express their commitment to BTC can do so: https://forms.gle/rjD81677yipAVhtaA
Again, I'm not planning on making money from that, just want BTC to have a healthy demand.
Both of you have great commitments to support Bitcoin in your own ways. But this one is particularly nice to hear. Would you mind to tell us whether your clothing store is making a bigger profit once it was opened for Bitcoin and ETH payments? Or was it originally accepting BTC and ETH from the first day? I also want to know if the crypto proceeds were also made to buy stocks of clothes or they were kept in the wallet for the bullish days.
I've been tossing around the idea of starting a group of people who are committed to buying Bitcoin every month. Can be a small portion, like 5$, or however much people can afford (I suppose it would make sense to use higher amounts for fee reasons, though). I myself have set up a monthly wire transfer from my bank account to Coinbase and a recurring purchase of Bitcoin every 1st day of the month. This is really simple, and you keep investing and $-cost-averaging your BTC purchases.
To be clear: I don't want you to send money to me or anybody else, I don't want to make money decisions for you and this is not investment advice. What this is about:
1. Explaining the benefits of buying periodically
2. Showing ways to do so
3. Compile a bunch of people who want to display their commitment to buying Bitcoin
So, it's basically a group of people that would invest in bitcoin each month, but with all different amounts and all the money all goes to their own wallets/addresses. Seems pretty safe and cool.To be clear: I don't want you to send money to me or anybody else, I don't want to make money decisions for you and this is not investment advice. What this is about:
1. Explaining the benefits of buying periodically
2. Showing ways to do so
3. Compile a bunch of people who want to display their commitment to buying Bitcoin
Also, I don't really care what you do with the BTC you purchase over time. Of course, in order to keep demand up you may want to HODL them or earn interest by lending them. Otoh, if you want to foster adoption, I'm also more than happy if you spend them. And, of course feel free to sell them after a bull run. I don't mind, so long as you keep buying every month :-)
If you already have set up recurring purchases or you plan to, feel free to fill in the Google form and I can link it to a spreadsheet. I might also prepare kind of a guide to give some background information.
I created a Google Form where anyone who wants to express their commitment to BTC can do so: https://forms.gle/rjD81677yipAVhtaA
Great motive mate, I appreciate people like you in the community. A cool sorta spin-off to this could be something where people buy BTC and are forced to spend it to promote adoption, and then showcase what they've spent it on the recent weeks. If you already have set up recurring purchases or you plan to, feel free to fill in the Google form and I can link it to a spreadsheet. I might also prepare kind of a guide to give some background information.
I created a Google Form where anyone who wants to express their commitment to BTC can do so: https://forms.gle/rjD81677yipAVhtaA
^^ Oh that is great, we need more people like you to actually get into the market because there is one thing that I keep on telling people, we can only have a sustained value every time there is an increase if the increase is coming from the demand for bitcoin based on payment and not based on holding, because holding usually make anyone dump their investment at any time when they get profit.
There has been lots of times that ii have searched over the internet to actually see how many merchants that we have that is willing to accept bitcoin to be spent on their business, I found that we have little, we really need this number to actually grow with time which is even the best way to actually collect more coins like you are doing already.
There has been lots of times that ii have searched over the internet to actually see how many merchants that we have that is willing to accept bitcoin to be spent on their business, I found that we have little, we really need this number to actually grow with time which is even the best way to actually collect more coins like you are doing already.
I've been tossing around the idea of starting a group of people who are committed to buying Bitcoin every month. Can be a small portion, like 5$, or however much people can afford (I suppose it would make sense to use higher amounts for fee reasons, though). I myself have set up a monthly wire transfer from my bank account to Coinbase and a recurring purchase of Bitcoin every 1st day of the month. This is really simple, and you keep investing and $-cost-averaging your BTC purchases.
To be clear: I don't want you to send money to me or anybody else, I don't want to make money decisions for you and this is not investment advice. What this is about:
1. Explaining the benefits of buying periodically
2. Showing ways to do so
3. Compile a bunch of people who want to display their commitment to buying Bitcoin
Also, I don't really care what you do with the BTC you purchase over time. Of course, in order to keep demand up you may want to HODL them or earn interest by lending them. Otoh, if you want to foster adoption, I'm also more than happy if you spend them. And, of course feel free to sell them after a bull run. I don't mind, so long as you keep buying every month :-)
If you already have set up recurring purchases or you plan to, feel free to fill in the Google form and I can link it to a spreadsheet. I might also prepare kind of a guide to give some background information.
I created a Google Form where anyone who wants to express their commitment to BTC can do so: https://forms.gle/rjD81677yipAVhtaA
Again, I'm not planning on making money from that, just want BTC to have a healthy demand.
That is a very good idea. You have a strong commitment to buying bitcoin gradually every month. But the way I collect bitcoin is not by buying it using Fiat, but from every clothes I sell. Because my clothing store accepts bitcoin and ETH as payment. To be clear: I don't want you to send money to me or anybody else, I don't want to make money decisions for you and this is not investment advice. What this is about:
1. Explaining the benefits of buying periodically
2. Showing ways to do so
3. Compile a bunch of people who want to display their commitment to buying Bitcoin
Also, I don't really care what you do with the BTC you purchase over time. Of course, in order to keep demand up you may want to HODL them or earn interest by lending them. Otoh, if you want to foster adoption, I'm also more than happy if you spend them. And, of course feel free to sell them after a bull run. I don't mind, so long as you keep buying every month :-)
If you already have set up recurring purchases or you plan to, feel free to fill in the Google form and I can link it to a spreadsheet. I might also prepare kind of a guide to give some background information.
I created a Google Form where anyone who wants to express their commitment to BTC can do so: https://forms.gle/rjD81677yipAVhtaA
Again, I'm not planning on making money from that, just want BTC to have a healthy demand.
if you can collect a lot of bitcoin buyers, I appreciate you that you are a very powerful influence because it can unite all the buyers of bitcoin with a very large amount and the good thing is that you can potentially control the price of bitcoin a little at the exchange.
I have a coinbase wallet and I like the recurring purchase feature but I don't make use of their wallet due to they don't offer day trading to those that live in my country. So I have switched to making use of Luno wallet and there is also a feature to allow users who want to purchase bitcoin with their debit card or by making a bank deposit through paystack and PayU. It's not a recurring purchase and I still prefer it that way, and only buy when I want to and the rate I want. There are times I would like to less and there are times I would prefer to buy more, depending on the situation at hand.
I don't buy bitcoin all the time, I only prefer to buy when the price falls; I bought some when the price was at $4000 and also bought at $6500 and recently at $7400.
I don't buy bitcoin all the time, I only prefer to buy when the price falls; I bought some when the price was at $4000 and also bought at $6500 and recently at $7400.
It is only when I make a good income and I have some spare money that I can think of putting it into Bitcoin. But the condition should be that the price is cheap. I don't buy during pumps.
Yep, you shouldn't but during pumps and there's no need to go for a recurring purchase. You should only buy it when you can afford it. I don't stress myself too much on this, I just buy when I can. That's why I don't have a recurring purchase because there are times I would have plans for other things. This is good initiative. More will be interested in doing cost-averaging if they are seeing somebody getting successful or getting good profit in doing it.
I start to consider this one. I have no idea with this stuff around and it seems to be a trend before, or a norm I guess so. Well new tips acquired. Though as the man stated above how it would supposed to outweighed stock market. I love how bitcoin works in a sense of its nature that you could just invest and sleep, then waking up a millionaire. Quote
I have just one concern. If it is going to be a club, some information might or will be exposed. I do not want to expose my identity or how much BTC I have. How do you propose to keep each individual anonymous?
Maybe he will be considering to accept anonymous accounts. Unique identity will be enough so. This is highly need to be addressed specially those people who want to keep off-track to avoid unnecessary events.
This is kind of hard to commit myself into. I might run out of money in the middle of my commitment. I cannot afford to buy Bitcoin regularly. In fact, I am only buying and selling altcoins when there are huge swings to make my Bitcoin grow. It is only when I make a good income and I have some spare money that I can think of putting it into Bitcoin. But the condition should be that the price is cheap. I don't buy during pumps.
I've been tossing around the idea of starting a group of people who are committed to buying Bitcoin every month. Can be a small portion, like 5$, or however much people can afford (I suppose it would make sense to use higher amounts for fee reasons, though). I myself have set up a monthly wire transfer from my bank account to Coinbase and a recurring purchase of Bitcoin every 1st day of the month. This is really simple, and you keep investing and $-cost-averaging your BTC purchases.
To be clear: I don't want you to send money to me or anybody else, I don't want to make money decisions for you and this is not investment advice. What this is about:
1. Explaining the benefits of buying periodically
2. Showing ways to do so
3. Compile a bunch of people who want to display their commitment to buying Bitcoin
Also, I don't really care what you do with the BTC you purchase over time. Of course, in order to keep demand up you may want to HODL them or earn interest by lending them. Otoh, if you want to foster adoption, I'm also more than happy if you spend them. And, of course feel free to sell them after a bull run. I don't mind, so long as you keep buying every month :-)
If you already have set up recurring purchases or you plan to, feel free to fill in the Google form and I can link it to a spreadsheet. I might also prepare kind of a guide to give some background information.
I created a Google Form where anyone who wants to express their commitment to BTC can do so: https://forms.gle/rjD81677yipAVhtaA
Again, I'm not planning on making money from that, just want BTC to have a healthy demand.
To be clear: I don't want you to send money to me or anybody else, I don't want to make money decisions for you and this is not investment advice. What this is about:
1. Explaining the benefits of buying periodically
2. Showing ways to do so
3. Compile a bunch of people who want to display their commitment to buying Bitcoin
Also, I don't really care what you do with the BTC you purchase over time. Of course, in order to keep demand up you may want to HODL them or earn interest by lending them. Otoh, if you want to foster adoption, I'm also more than happy if you spend them. And, of course feel free to sell them after a bull run. I don't mind, so long as you keep buying every month :-)
If you already have set up recurring purchases or you plan to, feel free to fill in the Google form and I can link it to a spreadsheet. I might also prepare kind of a guide to give some background information.
I created a Google Form where anyone who wants to express their commitment to BTC can do so: https://forms.gle/rjD81677yipAVhtaA
Again, I'm not planning on making money from that, just want BTC to have a healthy demand.
That's a good idea if we have thousands like you who are committed to creating a club like this and on every country we will have a good price movement, but not all people are the same, there are people who are weak investors and would rather wait, for the market to have a good news before buying, but the bottom line is always invest or buy what you can afford to lose.
Instead of a monthly purchase I'd probably set a total annual amount I'd like to invest in Bitcoin. (I ain't that rich enough to regularly buy) Then I'd just sprinkle them out throughout the year during crashes.
Everybody should do whatever they think is best and what they feel comfortable with. I prefer the automation; if it's about long-term investing it's the equivalent of buying ETFs or stock regularly. However, never put any money in crypto that you can't afford to lose (at least up to this point).
Yes, I just put in what is basically spare change. You mentioned automation, so do you have it set up like a purchase is made using your credit card or something or you just set a reminder and then buy on that date?
Yeah that is good idea, but I'm still wondering the seller who will sell bitcoin for every months, is that you, isn't it?
It's just a kind of savings, at least everyone will open their eyes to save their money to the right place. If we compare with bank maybe bitcoin is really promosing rather then it. I'll keep this thread closely maybe next months I'll start it.
It's just a kind of savings, at least everyone will open their eyes to save their money to the right place. If we compare with bank maybe bitcoin is really promosing rather then it. I'll keep this thread closely maybe next months I'll start it.
It is a good idea though, but we don’t have to force people to make investment before they know they are meant to actually prepare for the future, and like you have advised in your post, people are at least meant to set aside what they will use to be making an investment on a monthly basis, but when they want to do that, they have to be very careful and be sure that they make investment when the value of bitcoin has bottomed.
Bitcoin is still a coin that is exceptional though because the value that bitcoin will get to in the future will be far greater than what we have ever seen, but the same time, we still have to be very smart in our investment. The amount you ask for here is actually nothing much that anyone cannot risk, and I think it may still be worth it to actually consider.
Bitcoin is still a coin that is exceptional though because the value that bitcoin will get to in the future will be far greater than what we have ever seen, but the same time, we still have to be very smart in our investment. The amount you ask for here is actually nothing much that anyone cannot risk, and I think it may still be worth it to actually consider.
Well, I understand that it's for good purpose but basically these kinds of forms have been popular in the forum. We're just curious asking about the purpose of it, nothing controversial with that.
Are you going to post the results here as well?
Are you going to post the results here as well?
Sure, as soon as there's a bunch of people who have filled it in I'll be publishing it. So far traffic has been rather low ;-)
What is the purpose for compiling people who have been cost averaging all of the time? Isn't this just going to make a sort of database that anyone can benefit out of it? I have taken a look at the spreadsheet and it contains only two forms.
Is this just a sort of survey or study?
Is this just a sort of survey or study?
It's a bit of an educational purpose, combined with herd mentality arguments why more people should be buying Bitcoin. It was just an idea, seems it's being taken kinda controversially, but that's exactly what I was trying to figure out :-)
Are you going to post the results here as well?
What is the purpose for compiling people who have been cost averaging all of the time? Isn't this just going to make a sort of database that anyone can benefit out of it? I have taken a look at the spreadsheet and it contains only two forms.
Is this just a sort of survey or study?
Is this just a sort of survey or study?
It's a bit of an educational purpose, combined with herd mentality arguments why more people should be buying Bitcoin. It was just an idea, seems it's being taken kinda controversially, but that's exactly what I was trying to figure out :-)
But who will hold my bitcoin and ensure it is safe and I am the owner? If you have an accident or lost your wallet, who will compensate me for bitcoin?
I think this should only be done on our own and we should not work together to avoid bad situations.
I think this should only be done on our own and we should not work together to avoid bad situations.
You. I really don't want to touch or facilitate your money or your purchases :-)
This is too risky and not sure if this will work out in this volatile environment as what you are planning involves money from a group of people and you will be held responsible if things don't go well because most of them might not invest small amount due to the transaction fee as you have already mentioned and there are some people who might be concerned about their anonymity as well. Anyways all the best with your project but please do give it a second though to eliminate the risks and start with a small group of users like your friends and then grow the group gradually if it works.
I don't want to touch your money - it's simply a bunch of people who say "hey, I'm buying BTC every month". I'll update OP to reflect that better :-)
It's the exact idea on which mutual fund houses are functioning and the monthly purchasing is called "SIP". But anyway, why do you want to create a group?
Does that mean, you will first create pool of funds and then buy the bitcoin in one go, and then distribute the proportionate amount of bitcoins to the investment of the group member? Am I understanding it correctly?
It's just a group (actually it's more like just a board) to be able to display crowd activity. If someone sees that many people are doing something they might be more encouraged to do the same thing, too. It's not about facilitating that at all - I don't want your money :-D
if you want to save bitcoin then you have to check each price if you want to buy because if one day you want to sell but it's still below the same purchase price you don't profit but lose, it's too risky but go back to yourself if you don't mind it continue only
good luck in investing with crypto as investors we must be good at utilizing every opportunity we will get if it is not lucky why not wait and be patient because it is the capital needed maybe I agree with your opinion that there is too much risk to speculate for sure in the future with the eyes crypto moneyLet's believe in the market and with our own understanding, we don't need paid signals or a group that will tell us what to do and what should not, it is okay at a beginning but is better if we will rely on our own understanding and read some reliable experts opinion about it, Bitcoin is really. Simple holding will make us profit if we know how to patience.
if you want to save bitcoin then you have to check each price if you want to buy because if one day you want to sell but it's still below the same purchase price you don't profit but lose, it's too risky but go back to yourself if you don't mind it continue only
good luck in investing with crypto as investors we must be good at utilizing every opportunity we will get if it is not lucky why not wait and be patient because it is the capital needed maybe I agree with your opinion that there is too much risk to speculate for sure in the future with the eyes crypto money
But who will hold my bitcoin and ensure it is safe and I am the owner? If you have an accident or lost your wallet, who will compensate me for bitcoin?
I think this should only be done on our own and we should not work together to avoid bad situations.
I think this should only be done on our own and we should not work together to avoid bad situations.
Isn't it more riskier to do cost-averaging in bitcoin rather than in local stock market? Bitcoin, although solid as of now, has a higher risk of crashing down rather than companies, especially blue chip companies.It wouldn't be as effective in my opinion compared to cost-averaging in much lower risk stocks. Although your move, if large base is interested, could potentially increase market demand, and price, only if your number is significant enough to do so.
Yeah blindly cost averaging on every "x" day of the month is highly unadvisable especially in bitcoin or the cryptocurrency scene. With all the volatility we experience it is not so difficult to time the buys when the charts show a downtrend.
A smarter way would be to actively look at charts (5mins a day?) and find a comfortable entry point once a month.
I appreciate your planning but not an appreciated work for all the people who usually hold Bitcoin and Buy Bitcoin on a regular basis, so this will not work as much as your expectation, I think in this platform, privacy is the best priority for all of us, so this type of community will not get accepted those people who want to play hide and seek game, I think it's important to hide of all my transaction, since you don't know anyone in this platform so you are not going to believe any single person. this is why we want to keep secret our saving and holding from others, that's the simple reason for not participating in your club.
What is the purpose for compiling people who have been cost averaging all of the time? Isn't this just going to make a sort of database that anyone can benefit out of it? I have taken a look at the spreadsheet and it contains only two forms.
Is this just a sort of survey or study?
I'll consider it as OP survey to know whether is he's only the one whose doing it, buying monthly like paying bills or like a monthly salary. This discipline is interesting not the form part, but as a individual who disciplines himself to allocate funds for his investment than to put somewhere else that will not gain o simply spend it with no return. Is this just a sort of survey or study?
What Op has done can be done individually. For a regular investment purpose there is no need for a club. Maybe through this club one can get to communicate and share information related to the market trend and everything associated with cryptocurrency. Clubs have a big role in promoting services, and in such a way these buyers clubs too could contribute in the promotional process of bitcoin.
It can and should be done individually. No need to broadcast it somewhere public. But if the idea is simply a group where people could hang out and discuss about Bitcoin development or good news or perhaps a rough amount on your additional Bitcoin I guess it is not totally bad at all. After all, everything is made anonymous. Nobody can know the identity behind each and every member's username or even wallet.
I've been tossing around the idea of starting a group of people who are committed to buying Bitcoin every month. Can be a small portion, like 5$, or however much people can afford (I suppose it would make sense to use higher amounts for fee reasons, though). I myself have set up a monthly wire transfer from my bank account to Coinbase and a recurring purchase of Bitcoin every 1st day of the month. This is really simple, and you keep investing and $-cost-averaging your BTC purchases.
Who's in?
I created a Google Form where anyone who wants to "join" can do so: https://forms.gle/rjD81677yipAVhtaA
Who's in?
I created a Google Form where anyone who wants to "join" can do so: https://forms.gle/rjD81677yipAVhtaA
This is too risky and not sure if this will work out in this volatile environment as what you are planning involves money from a group of people.
No, it's not risky at all if you know the price fluctuations and plans to hold for the long term, at least we know bitcoin will reach over $20K next year or in 2021.
you will be held responsible if things don't go well because most of them might not invest small amount due to the transaction fee as you have already mentioned and there are some people who might be concerned about their anonymity as well.
No, he's not responsible to anyone or anything.
People who decide to buy bitcoin at their own discretion, @grintsch doesn't compel anyone to join the club nor he holds other's bitcoin.
You simply buy bitcoin and keep it in your wallet.
Is it risky if the market situation is bad? I will buy Bitcoins if the market has improved as it is today, but it does not also benefit because the price is still very unstable up and down too deeply.
If price Bitcoin can be stable up maybe yes, I can invest every month to buy Bitcoin little by little to add my money slots to become more for the long term.
If price Bitcoin can be stable up maybe yes, I can invest every month to buy Bitcoin little by little to add my money slots to become more for the long term.
What Op has done can be done individually. For a regular investment purpose there is no need for a club. Maybe through this club one can get to communicate and share information related to the market trend and everything associated with cryptocurrency. Clubs have a big role in promoting services, and in such a way these buyers clubs too could contribute in the promotional process of bitcoin.
What is the purpose for compiling people who have been cost averaging all of the time? Isn't this just going to make a sort of database that anyone can benefit out of it? I have taken a look at the spreadsheet and it contains only two forms.
Is this just a sort of survey or study?
Is this just a sort of survey or study?
I've been tossing around the idea of starting a group of people who are committed to buying Bitcoin every month. Can be a small portion, like 5$, or however much people can afford (I suppose it would make sense to use higher amounts for fee reasons, though). I myself have set up a monthly wire transfer from my bank account to Coinbase and a recurring purchase of Bitcoin every 1st day of the month. This is really simple, and you keep investing and $-cost-averaging your BTC purchases.
Who's in?
I created a Google Form where anyone who wants to "join" can do so: https://forms.gle/rjD81677yipAVhtaA
Who's in?
I created a Google Form where anyone who wants to "join" can do so: https://forms.gle/rjD81677yipAVhtaA
This is too risky and not sure if this will work out in this volatile environment as what you are planning involves money from a group of people and you will be held responsible if things don't go well because most of them might not invest small amount due to the transaction fee as you have already mentioned and there are some people who might be concerned about their anonymity as well. Anyways all the best with your project but please do give it a second though to eliminate the risks and start with a small group of users like your friends and then grow the group gradually if it works.
So, for anyone interested I've set up this Google Form. As soon as I find the time I'll link that to a Google spreadsheet and we'll see how far this will get us:
https://forms.gle/rjD81677yipAVhtaA
https://forms.gle/rjD81677yipAVhtaA
Instead of a monthly purchase I'd probably set a total annual amount I'd like to invest in Bitcoin. (I ain't that rich enough to regularly buy) Then I'd just sprinkle them out throughout the year during crashes.
Everybody should do whatever they think is best and what they feel comfortable with. I prefer the automation; if it's about long-term investing it's the equivalent of buying ETFs or stock regularly. However, never put any money in crypto that you can't afford to lose (at least up to this point).
I myself have set up a monthly wire transfer from my bank account to Coinbase and a recurring purchase of Bitcoin every 1st day of the month.
That's smart and good for you for committing to buying bitcoin on a regular basis. Personally I have no way to buy bitcoin with cash from an exchange, because I'm not going thru kyc procedures to do it. However I do have someone I can buy it from when I want to, and it works out well. Don't count me in the club because right now I don't have enough disposable income to keep buying bitcoin, though I would really like to.
Good luck with your club. Not sure if you'll find members here who would really get into it, but you never know.
Thanks a lot. Which country are you based in? This sounds bad. Do you have a credit card? You could try a service like https://buy.carbon.money/ that doesn't require fully-blown KYC.
It does not have to be a club. Everybody who is serious enough to build a treasure with Bitcoin will always set aside a tiny portion of his regular income to buy Bitcoin. And not just Bitcoin, it could be divided among solid altcoins as well. The better club is HODL club. Not everyone who buys Bitcoin is committed enough to HODL them for a long time. Many are emotional owners. They cannot HODL when the times are bad. HODL club is made up of stronger Bitcoin supporters.
Sure, I don't mean a club where people need to sign up. More like a board where people display their commitment by telling the rest of the world that they're investing in the long-term.
I'm not sure about pure HODL. If everyone just hodls, what happens to actual adoption? People should be spending at least a portion of what they buy every month to foster adoption, even if it's as little as buying a Cryptokittie or playing some other blockchain game.
So, this will be the board of people commit to buying bitcoin every 1st day of the month?
While it's a good idea for the long term but not really if you have to spend it to buy something when the price drop significantly, imagine if bitcoin price is $10K in the 1st day, then it drops to $8K a few days later, a bad idea to spend it at that moment.
Well, I prefer to buy bitcoin every month, not always in the 1st but whenever I think it's a good entry point, then hold it until an unspecified time. Usually, I will convert my bitcoin to cash in order to buy more btc after the price tumbled. Anyway, I'm in.
Instead of a monthly purchase I'd probably set a total annual amount I'd like to invest in Bitcoin. (I ain't that rich enough to regularly buy) Then I'd just sprinkle them out throughout the year during crashes.
I myself have set up a monthly wire transfer from my bank account to Coinbase and a recurring purchase of Bitcoin every 1st day of the month.
That's smart and good for you for committing to buying bitcoin on a regular basis. Personally I have no way to buy bitcoin with cash from an exchange, because I'm not going thru kyc procedures to do it. However I do have someone I can buy it from when I want to, and it works out well. Don't count me in the club because right now I don't have enough disposable income to keep buying bitcoin, though I would really like to.
Good luck with your club. Not sure if you'll find members here who would really get into it, but you never know.
Good idea. I wouldn't mind buying regularly though. By regularly I mean buying when Bitcoin is down and selling some/all (if you want to) when it's up.
I believe this can be done automatically now as I have seen few members promoting services like that here
I believe this can be done automatically now as I have seen few members promoting services like that here
Yeah, that's what you'd ideally do, but this gives people room for excuses like "it's not low / high enough to buy / sell" or that they simply didn't think about it or didn't pay attention. Automation is the beauty of the entire thing. Coinbase is a pretty legit player that offers recurring purchases. I'm not affiliated with them, I was just very happy when they started offering this.
I've been tossing around the idea of starting a group of people who are committed to buying Bitcoin every month. Can be a small portion, like 5$, or however much people can afford (I suppose it would make sense to use higher amounts for fee reasons, though). I myself have set up a monthly wire transfer from my bank account to Coinbase and a recurring purchase of Bitcoin every 1st day of the month. This is really simple, and you keep investing and $-cost-averaging your BTC purchases.
Who's in?
Who's in?
It's the exact idea on which mutual fund houses are functioning and the monthly purchasing is called "SIP". But anyway, why do you want to create a group?
Does that mean, you will first create pool of funds and then buy the bitcoin in one go, and then distribute the proportionate amount of bitcoins to the investment of the group member? Am I understanding it correctly?
When you start a club you need to offer advantages. What are the advantages for someone to join this club? will he be able to get coins cheaper? Will his coins be more secure? What?
"Club" is very much said. I don't want this to be a formal club, so there isn't gonna be any benefits, nor would there be any cost associated. You can view this as a group of lobbyists simply expressing they're doing a certain thing to show others that there's a lot of people doing that thing.
This is good initiative. More will be interested in doing cost-averaging if they are seeing somebody getting successful or getting good profit in doing it.
I have just one concern. If it is going to be a club, some information might or will be exposed. I do not want to expose my identity or how much BTC I have. How do you propose to keep each individual anonymous?
I have just one concern. If it is going to be a club, some information might or will be exposed. I do not want to expose my identity or how much BTC I have. How do you propose to keep each individual anonymous?
Thanks! I don't at all want to publicly inform anybody about the amount of crypto anyone holds. I would just display some kind of nickname (or just a number) and the amount of $ equivalent they announce they buy every month. Would that be okay for you?
I personally do not see any meaningful reason to share (even anonymously) investment in something. The only benefit might be to encourage others to get into something if they see it in other people's examples. Some sort of group on the Telegram that could be made is no technically demanding task, and also spreadsheet with everyone who would participate in one such club.
That's exactly the reason why I would do it :-)
I know a Telegram group is technically not difficult to set up, but the whole point of that is to have
1. A funnel where like-minded people / club members could actually find one another (could be a small landing page or this thread)
2. An overview of how many people are committed to the cause
I can obviously take care of all of this myself (or have people help), but definitely want to check how much interest there is for such an initiative before actually moving forward.
This is good initiative. More will be interested in doing cost-averaging if they are seeing somebody getting successful or getting good profit in doing it.
I have just one concern. If it is going to be a club, some information might or will be exposed. I do not want to expose my identity or how much BTC I have. How do you propose to keep each individual anonymous?
I have just one concern. If it is going to be a club, some information might or will be exposed. I do not want to expose my identity or how much BTC I have. How do you propose to keep each individual anonymous?
I've been tossing around the idea of starting a group of people who are committed to buying Bitcoin every month. Can be a small portion, like 5$, or however much people can afford (I suppose it would make sense to use higher amounts for fee reasons, though). I myself have set up a monthly wire transfer from my bank account to Coinbase and a recurring purchase of Bitcoin every 1st day of the month. This is really simple, and you keep investing and $-cost-averaging your BTC purchases.
Who's in?
Who's in?
When you start a club you need to offer advantages. What are the advantages for someone to join this club? will he be able to get coins cheaper? Will his coins be more secure? What?
I've been tossing around the idea of starting a group of people who are committed to buying Bitcoin every month. Can be a small portion, like 5$, or however much people can afford (I suppose it would make sense to use higher amounts for fee reasons, though). I myself have set up a monthly wire transfer from my bank account to Coinbase and a recurring purchase of Bitcoin every 1st day of the month. This is really simple, and you keep investing and $-cost-averaging your BTC purchases. Who's in?
I am suggesting that you start implementing this idea with your close friends, family, relative and even neighbors where there is a higher degree of trust all because you all know each other. Getting other people somewhere half-way around the world may not be that viable and feasible. At least, for me. However, i love the idea you are presenting here and anybody can actually do the same without being a part of the group. This is akin to regularly putting up a certain amount of money to your bank's saving account but this time with cryptocurrency. I think there is actually a company offering this same service while just using their app conveniently. A good idea like this if implemented by many people can make cryptocurrency more popular and easier to reach and accumulate.
I've been tossing around the idea of starting a group of people who are committed to buying Bitcoin every month. Can be a small portion, like 5$, or however much people can afford (I suppose it would make sense to use higher amounts for fee reasons, though). I myself have set up a monthly wire transfer from my bank account to Coinbase and a recurring purchase of Bitcoin every 1st day of the month. This is really simple, and you keep investing and $-cost-averaging your BTC purchases.
Who's in?
Who's in?
Good idea. I wouldn't mind buying regularly though. By regularly I mean buying when Bitcoin is down and selling some/all (if you want to) when it's up.
I believe this can be done automatically now as I have seen few members promoting services like that here
I personally do not see any meaningful reason to share (even anonymously) investment in something. The only benefit might be to encourage others to get into something if they see it in other people's examples. Some sort of group on the Telegram that could be made is no technically demanding task, and also spreadsheet with everyone who would participate in one such club.
I agree that it is wise to invest in Bitcoin, realistically, the whole thing is still at a very early stage, though it may not seem so. But let's be real, there are few who really recognized the potential that Bitcoin has in the first 5 or maybe 7 years. I think 2017 has shown that the value of Bitcoin in one year can be increased up to 20 times, which is a good enough warning for the future. Although there is always a risk, an investment of a total of $1000 this year may mean xx more in the next few years.
I realize that it is easiest to buy Bitcoin every first or fifth of the month, but I personally would still do a little calculating and buying at any dip. The last dip to $7400 was a great chance for buying, much better than at today's price.
I agree that it is wise to invest in Bitcoin, realistically, the whole thing is still at a very early stage, though it may not seem so. But let's be real, there are few who really recognized the potential that Bitcoin has in the first 5 or maybe 7 years. I think 2017 has shown that the value of Bitcoin in one year can be increased up to 20 times, which is a good enough warning for the future. Although there is always a risk, an investment of a total of $1000 this year may mean xx more in the next few years.
I realize that it is easiest to buy Bitcoin every first or fifth of the month, but I personally would still do a little calculating and buying at any dip. The last dip to $7400 was a great chance for buying, much better than at today's price.
I've been tossing around the idea of starting a group of people who are committed to buying Bitcoin every month. Can be a small portion, like 5$, or however much people can afford (I suppose it would make sense to use higher amounts for fee reasons, though). I myself have set up a monthly wire transfer from my bank account to Coinbase and a recurring purchase of Bitcoin every 1st day of the month. This is really simple, and you keep investing and $-cost-averaging your BTC purchases.
Who's in?
The thing is that $5 is a pretty minute amount as that means $60 an year which really is considerably low if you even consider the various fees exchanges charge even coinbase has also been known for charging high fees. I think the strategy which you are saying is good but the problem here is execution. Averaging is really good but if you are thinking of something which has a great life over larger term of 20-30 years but I think bitcoin is still not that much mature. Who's in?
That's true. 50$ per month is probably more like it, but I've also seen people buying tiny amounts of crypto (literally 5$) with credit card repeatedly.
The fact that Bitcoin isn't mature, yet, is exactly why I think it makes sense to invest small amounts continuously. If something like John McAfee's prediction (I know) ever happens, having bought BTC for a few hundred bucks over time will have tremendous impact.
It does not have to be a club. Everybody who is serious enough to build a treasure with Bitcoin will always set aside a tiny portion of his regular income to buy Bitcoin. And not just Bitcoin, it could be divided among solid altcoins as well. The better club is HODL club. Not everyone who buys Bitcoin is committed enough to HODL them for a long time. Many are emotional owners. They cannot HODL when the times are bad. HODL club is made up of stronger Bitcoin supporters.
Sure, I don't mean a club where people need to sign up. More like a board where people display their commitment by telling the rest of the world that they're investing in the long-term.
I'm not sure about pure HODL. If everyone just hodls, what happens to actual adoption? People should be spending at least a portion of what they buy every month to foster adoption, even if it's as little as buying a Cryptokittie or playing some other blockchain game.
I agree, thanks for reminding me that Bitcoin is money first before it is an investment.
This is a good idea. So how would the club members prove that they are regularly buying? I am thinking of a Wall Observer type of thread that just continuously grow and grow everyday where members are talking about Bitcoin's price and everything related to it. I can even see a lot of memes in there. And they have their World Observer caps too. They look cool.
I'm not even sure they need to prove it, just commit to it. I was originally thinking about kind of a simple website (could even be a spreadsheet) where people submit an alias and their monthly $ amount, but having a social component (which could be as simple as a Telegram group) would also be great. We could also do it in here, but I don't have much experience with how to set that up ;-)
I've been tossing around the idea of starting a group of people who are committed to buying Bitcoin every month. Can be a small portion, like 5$, or however much people can afford (I suppose it would make sense to use higher amounts for fee reasons, though). I myself have set up a monthly wire transfer from my bank account to Coinbase and a recurring purchase of Bitcoin every 1st day of the month. This is really simple, and you keep investing and $-cost-averaging your BTC purchases.
Who's in?
The thing is that $5 is a pretty minute amount as that means $60 an year which really is considerably low if you even consider the various fees exchanges charge even coinbase has also been known for charging high fees. I think the strategy which you are saying is good but the problem here is execution. Averaging is really good but if you are thinking of something which has a great life over larger term of 20-30 years but I think bitcoin is still not that much mature. Who's in?
if you want to save bitcoin then you have to check each price if you want to buy because if one day you want to sell but it's still below the same purchase price you don't profit but lose, it's too risky but go back to yourself if you don't mind it continue only
Isn't it more riskier to do cost-averaging in bitcoin rather than in local stock market? Bitcoin, although solid as of now, has a higher risk of crashing down rather than companies, especially blue chip companies.It wouldn't be as effective in my opinion compared to cost-averaging in much lower risk stocks. Although your move, if large base is interested, could potentially increase market demand, and price, only if your number is significant enough to do so.
The cost-averaging is actually meant to reduce volatility risk. I started my monthly plan back in January and obviously was buying much more BTC every month than I do now. In case price crashes I'm actually happy because I can accumulate more BTC (which is obviously stupid, I know), if price goes up I'm happy because I got some already ;-)
And yes, I of course hope that a lot of people do that. The biggest issue the crypto market had back in the second half of 2018 was that hardly anybody was buying. Everyone who was bullish was already invested and didn't want to increase their risk exposure. This way, there would be actual constant demand and a certain amount of fiat flowing into crypto on an ongoing basis. I feel this is something the market needs, and I also think that this is the main reason why the ETF has been anticipated so much.
It does not have to be a club. Everybody who is serious enough to build a treasure with Bitcoin will always set aside a tiny portion of his regular income to buy Bitcoin. And not just Bitcoin, it could be divided among solid altcoins as well. The better club is HODL club. Not everyone who buys Bitcoin is committed enough to HODL them for a long time. Many are emotional owners. They cannot HODL when the times are bad. HODL club is made up of stronger Bitcoin supporters.
Sure, I don't mean a club where people need to sign up. More like a board where people display their commitment by telling the rest of the world that they're investing in the long-term.
I'm not sure about pure HODL. If everyone just hodls, what happens to actual adoption? People should be spending at least a portion of what they buy every month to foster adoption, even if it's as little as buying a Cryptokittie or playing some other blockchain game.
I agree, thanks for reminding me that Bitcoin is money first before it is an investment.
This is a good idea. So how would the club members prove that they are regularly buying? I am thinking of a Wall Observer type of thread that just continuously grow and grow everyday where members are talking about Bitcoin's price and everything related to it. I can even see a lot of memes in there. And they have their World Observer caps too. They look cool.
It does not have to be a club. Everybody who is serious enough to build a treasure with Bitcoin will always set aside a tiny portion of his regular income to buy Bitcoin. And not just Bitcoin, it could be divided among solid altcoins as well. The better club is HODL club. Not everyone who buys Bitcoin is committed enough to HODL them for a long time. Many are emotional owners. They cannot HODL when the times are bad. HODL club is made up of stronger Bitcoin supporters.
Sure, I don't mean a club where people need to sign up. More like a board where people display their commitment by telling the rest of the world that they're investing in the long-term.
I'm not sure about pure HODL. If everyone just hodls, what happens to actual adoption? People should be spending at least a portion of what they buy every month to foster adoption, even if it's as little as buying a Cryptokittie or playing some other blockchain game.
I've been tossing around the idea of starting a group of people who are committed to buying Bitcoin every month. Can be a small portion, like 5$, or however much people can afford (I suppose it would make sense to use higher amounts for fee reasons, though). I myself have set up a monthly wire transfer from my bank account to Coinbase and a recurring purchase of Bitcoin every 1st day of the month. This is really simple, and you keep investing and $-cost-averaging your BTC purchases.
Who's in?
Who's in?
It does not have to be a club. Everybody who is serious enough to build a treasure with Bitcoin will always set aside a tiny portion of his regular income to buy Bitcoin. And not just Bitcoin, it could be divided among solid altcoins as well. The better club is HODL club. Not everyone who buys Bitcoin is committed enough to HODL them for a long time. Many are emotional owners. They cannot HODL when the times are bad. HODL club is made up of stronger Bitcoin supporters.
Isn't it more riskier to do cost-averaging in bitcoin rather than in local stock market? Bitcoin, although solid as of now, has a higher risk of crashing down rather than companies, especially blue chip companies.It wouldn't be as effective in my opinion compared to cost-averaging in much lower risk stocks. Although your move, if large base is interested, could potentially increase market demand, and price, only if your number is significant enough to do so.
I've been tossing around the idea of starting a group of people who are committed to buying Bitcoin every month. Can be a small portion, like 5$, or however much people can afford (I suppose it would make sense to use higher amounts for fee reasons, though). I myself have set up a monthly wire transfer from my bank account to Coinbase and a recurring purchase of Bitcoin every 1st day of the month. This is really simple, and you keep investing and $-cost-averaging your BTC purchases.
To be clear: I don't want you to send money to me or anybody else, I don't want to make money decisions for you and this is not investment advice. What this is about:
1. Explaining the benefits of buying periodically
2. Showing ways to do so
3. Compile a bunch of people who want to display their commitment to buying Bitcoin
Also, I don't really care what you do with the BTC you purchase over time. Of course, in order to keep demand up you may want to HODL them or earn interest by lending them. Otoh, if you want to foster adoption, I'm also more than happy if you spend them. And, of course feel free to sell them after a bull run. I don't mind, so long as you keep buying every month :-)
If you already have set up recurring purchases or you plan to, feel free to fill in the Google form and I can link it to a spreadsheet. I might also prepare kind of a guide to give some background information.
I created a Google Form where anyone who wants to express their commitment to BTC can do so: https://forms.gle/rjD81677yipAVhtaA
Again, I'm not planning on making money from that, just want BTC to have a healthy demand.
To be clear: I don't want you to send money to me or anybody else, I don't want to make money decisions for you and this is not investment advice. What this is about:
1. Explaining the benefits of buying periodically
2. Showing ways to do so
3. Compile a bunch of people who want to display their commitment to buying Bitcoin
Also, I don't really care what you do with the BTC you purchase over time. Of course, in order to keep demand up you may want to HODL them or earn interest by lending them. Otoh, if you want to foster adoption, I'm also more than happy if you spend them. And, of course feel free to sell them after a bull run. I don't mind, so long as you keep buying every month :-)
If you already have set up recurring purchases or you plan to, feel free to fill in the Google form and I can link it to a spreadsheet. I might also prepare kind of a guide to give some background information.
I created a Google Form where anyone who wants to express their commitment to BTC can do so: https://forms.gle/rjD81677yipAVhtaA
Again, I'm not planning on making money from that, just want BTC to have a healthy demand.
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