Bitcoin Deposit Strategy for Beginners! - page 3.

Aanuoluwatofunmi

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Quote from: Olatundespo on October 28, 2024, 04:22:30 AM

Bitcoin investment opportunity can be more fruitful for the newbie if he can adopt proper strategy like setting aside a portion of his income every week and keep it as small as $10-$20 per week. Also if this amount is not possible it can be $5-$10 and the deposit amount can be increased every year with increase in salary. Let's say if he can add another $10 or more every year then his deposit will continue to grow and if he decides to keep depositing bitcoins for at least a 5 year cycle then he will be a normal level holder if not a huge amount. possible You can get a more clear idea through a column below.

If you can run this process for another 5 years it is possible to at least double the amount of Bitcoin holding growth and if you are able to deposit regularly. Over time your skills will increase and so will your salary thereby increasing your Bitcoin accumulation.

I see this as more related to the use of DCA investment pattern and it will be more accurate for us to invest directly in bitcoin while making our holdings and keep on with the buys on dip, this will effectively help in other for us to continently have savings through our investment and also hold them for future profitability, those interested in the use of this investment pattern can learn more about DCA from the link below.

DCA Bitcoin
https://dcabtc.com/

Adbitco

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Quote from: Olatundespo on October 28, 2024, 04:22:30 AM

If you can run this process for another 5 years it is possible to at least double the amount of Bitcoin holding growth and if you are able to deposit regularly. Over time your skills will increase and so will your salary thereby increasing your Bitcoin accumulation.

DCA is the best method because with gradual accumulation process you would definitely ends up acquiring enough volume of bitcoin, and the amount is very low sometimes covering up fee could be very hard because withdrawal from exchange account to non-custodial wallet are very high, except buying from p2p which can only spent about 0.47$ maximum except the mempool is congested.

Zaguru12

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Quote from: Lucius on October 28, 2024, 06:56:02 AM

Some kind of strategy is better than none, but the biggest problem for those who practice DCA is maintaining continuity even when it seems that such a strategy no longer makes sense. Likewise, life is unpredictable and it may happen that we urgently need money or we have lost our job - but we can always start anew or continue investing at a favorable moment.

I think that it is important for young people who are just starting an independent life to think about their future outside the box and not rely only on the fact that one day they will retire and that they will live on what the state will pay them every month. I know a lot of people who have worked for 40 years, and today they don't even have enough for a modest life.

Definitely agree with you, one needs to plan their future before retirement sets in and even though bitcoin is a bit volatile I would say it should be one of the assets to look into reason been that it is easily one of those you can get a little amount to gradually invest into rather than all this other assets that requires huge capital.

As for DCA method I see many people always insisting that someone cannot be consistent and I usually say I don’t actually think one must be consistently invested same amount every time, you can simply just invest every time there is spare money to invest been it higher or lower. Skip some periods when it’s tough for you or maybe in periods of hardship. One shouldn’t deprive themselves basic needs just to stay consistent in the DCA.

jcojci

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That is a good strategy to invest in Bitcoin for beginners. However, they must adjust their money that they can use to invest and your illustration can be a good example for them to start. Many people who used DCA methods prove that methods works good for them so that can be a guide for the other beginners to start investing in Bitcoin.

The hard things that they should concern is continuously invest in Bitcoin because that can makes them feel boring to do the same thing over and over every week or month. That is what they should eliminate if they really serious with Bitcoin investment.

bias

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Quote from: Solosanz on October 28, 2024, 04:55:56 AM

Over time your skills will increase, but your colleagues skills also increase and better than you, then you get fired.

You're applying on the same jobs in the previous companies you work, but no one accept you because you're already too old and there are many young people who willing to get paid less than you for working the same jobs.

Instead of investing $60 in 5th year, you're actually taking off your investment because you're an unemployed and need money to survive.

If everything goes as you described above, then everybody will stay in the same job, get the same money, do the same things, get fired and nothing will ever change.
Life is life, and it's not the same for everybody. This strategy is good because it is based on logic. Piece by piece someone can create a bigger portfolio of BTC or any other asset and if have patience go even bigger.
Of course, losing your job or having an unexpected bad situation can affect this strategy and your entire life, but it wasn't created based on unfortunate events or bad things in general. Plus, you don't dream the worst but the better. Wink

lovesmayfamilis

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Quote from: Solosanz on October 28, 2024, 04:55:56 AM

For me, better to save as much as possible without need to looking for achieving certain amount. In my case, I'm able to saves like 80%-90% per month and I have no goals for doing that.

Quote from: Olatundespo on October 28, 2024, 04:22:30 AM

Over time your skills will increase and so will your salary thereby increasing your Bitcoin accumulation.

It's easier to said than be done.

Over time your skills will increase, but your colleagues skills also increase and better than you, then you get fired.

You're applying on the same jobs in the previous companies you work, but no one accept you because you're already too old and there are many young people who willing to get paid less than you for working the same jobs.

Instead of investing $60 in 5th year, you're actually taking off your investment because you're an unemployed and need money to survive.

How quickly do people age in your country? And what about the fact that after five years a person becomes a professional, and his experience begins to be worth more than it was at the initial stages? I am more inclined to believe in this than the fact that people become unclaimed after five years. It is also strange to see that you allocate most of your money to buying bitcoins. May I ask, what do you live on? If you have parents, then in this case, I do not welcome living at their expense. I do not see the value in standard in terms of price investments in bitcoins. We are all living people, and our needs grow at different times in different ways. In the same way, being too frugal to make a profit in the future is also not entirely correct. Live so that at the end of life you can remember without regret that everything you have accumulated did not spoil your health or your dreams.

hd49728

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Quote from: Olatundespo on October 28, 2024, 04:22:30 AM

If you can run this process for another 5 years it is possible to at least double the amount of Bitcoin holding growth and if you are able to deposit regularly. Over time your skills will increase and so will your salary thereby increasing your Bitcoin accumulation.

What you are doing or plan to do is investment with Dollar Cost Averaging (DCA).

You don't actually need to create your own sheet, there are tools for you.
https://dcabtc.com/
https://costavg.com/
https://www.bitcoindollarcostaverage.com/
https://www.cryptodca.org/

You can DCA out too.
[ANN] JJG Sustainable Bitcoin Withdrawal Strategy
https://bitcoindata.science/withdrawal-strategy

ImThour

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Bitcoin Bottom was at $15.4k

You call it Deposit Strategy or Dollar Cost Averaging, it's the greatest way to increase your capital. I have a modified way of DCA (I do Technical Analysis) where I take account of several metrics and then DCA, making the best of the moment. For example when BTC recently went down below $50k, I was able to accumulate more as per my analysis. In the end, both techniques will help in the long term.

bangjoe

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Quote from: Olatundespo on October 28, 2024, 04:22:30 AM

Bitcoin investment opportunity can be more fruitful for the newbie if he can adopt proper strategy like setting aside a portion of his income every week and keep it as small as $10-$20 per week. Also if this amount is not possible it can be $5-$10 and the deposit amount can be increased every year with increase in salary. Let's say if he can add another $10 or more every year then his deposit will continue to grow and if he decides to keep depositing bitcoins for at least a 5 year cycle then he will be a normal level holder if not a huge amount. possible You can get a more clear idea through a column below.

If you can run this process for another 5 years it is possible to at least double the amount of Bitcoin holding growth and if you are able to deposit regularly. Over time your skills will increase and so will your salary thereby increasing your Bitcoin accumulation.

That is a good presentation and you calculated it enough for beginners, but I suggest you add the transaction costs that must be paid for each bitcoin purchase in the above example, because it is also very important for investing in bitcoin, so beginners here know how much value they can get from each transaction they buy, it will be much more ethical in my opinion, because they will know how much it costs if they use this strategy.

EluguHcman

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That is strickly DCA accumulating method that enhances investors to realize huge amount of Bitcoins to their holding on a gradual process of acquaintances.

This method does not only favour beginners but every investors that feels not satisfied with the amounts of their acquired assets but has a regulatory orders on expanding their holdings while already set a minimum period of time to hold in respective of making profits in due time of better preparing against retirements.

Sanitough

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A 5-year investment strategy is quite impressive, especially with the annual increase in purchases, which shows you're gaining confidence even in a bearish market that typically follows a bull run. With institutional investors entering the market, there’s a likelihood that Bitcoin’s price will become less volatile, which might help maintain your confidence moving forward.

However, you should adopt a "HODL" mentality and be prepared to withstand the worst market conditions. This is often just a tactic by whales to shake the market and force weak hands to sell. I hope that doesn’t happen to you, and that you find inspiration to invest every week, regardless of the market conditions.

Lucius

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Some kind of strategy is better than none, but the biggest problem for those who practice DCA is maintaining continuity even when it seems that such a strategy no longer makes sense. Likewise, life is unpredictable and it may happen that we urgently need money or we have lost our job - but we can always start anew or continue investing at a favorable moment.

I think that it is important for young people who are just starting an independent life to think about their future outside the box and not rely only on the fact that one day they will retire and that they will live on what the state will pay them every month. I know a lot of people who have worked for 40 years, and today they don't even have enough for a modest life.

Be smart and look for ways to prevent this from happening to you - of course, don't put all your eggs in the same basket - as there are other investments worth investing in.

Perfectbaby

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Quote from: Olatundespo on October 28, 2024, 04:22:30 AM

Bitcoin investment opportunity can be more fruitful for the newbie if he can adopt proper strategy like setting aside a portion of his income every week and keep it as small as $10-$20 per week. Also if this amount is not possible it can be $5-$10 and the deposit amount can be increased every year with increase in salary. Let's say if he can add another $10 or more every year then his deposit will continue to grow and if he decides to keep depositing bitcoins for at least a 5 year cycle then he will be a normal level holder if not a huge amount. possible You can get a more clear idea through a column below.

This is the right strategy to follow but then what if the person is not working how would they apply this methods?
The truth is whatever amount the person has decided to use and invest is the right choice for the person because everyone must not have the same investment capacity were they would go as dip as using what they can't afford to invest in bitcoin, or even though someone is under paid and he decided to invest in bitcoin with his money can also lead to another problems were he would have to borrow till the month runs, but again another thing to consider as well is that what if he's salary wasn't increased.

Solosanz

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For me, better to save as much as possible without need to looking for achieving certain amount. In my case, I'm able to saves like 80%-90% per month and I have no goals for doing that.

Quote from: Olatundespo on October 28, 2024, 04:22:30 AM

Over time your skills will increase and so will your salary thereby increasing your Bitcoin accumulation.

It's easier to said than be done.

Over time your skills will increase, but your colleagues skills also increase and better than you, then you get fired.

You're applying on the same jobs in the previous companies you work, but no one accept you because you're already too old and there are many young people who willing to get paid less than you for working the same jobs.

Instead of investing $60 in 5th year, you're actually taking off your investment because you're an unemployed and need money to survive.

_act_

legendary

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Lightning network is good with small amount of BTC

It is called DCA which is dollar cost average. It is a good way to accumulate an asset that is increasing value like bitcoin. But it is not only the best strategy. Some people can be patient, wait and let the bear market comes before they start DCA. They will not just be investing at all time but only during bear market. Also some people can buy huge amount of coins after every significant bear market.

Sim_card

hero member

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This method of accumulating bitcoin is called Dollar Cost Average (DCA), and you can use it to buy bitcoin weekly, bi-weekly or monthly overtime. It is an effective method of increasing your bitcoin if you can be consistent with buying always to keep your bitcoin accumulation ongoing. I think if you can use $20 for every week, which is $80 or more weekly, you will have double that amount in 5 years. However, you use only use your discretionary income to invest to avoid loss.

Olatundespo

member

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Bitcoin investment opportunity can be more fruitful for the newbie if he can adopt proper strategy like setting aside a portion of his income every week and keep it as small as $10-$20 per week. Also if this amount is not possible it can be $5-$10 and the deposit amount can be increased every year with increase in salary. Let's say if he can add another $10 or more every year then his deposit will continue to grow and if he decides to keep depositing bitcoins for at least a 5 year cycle then he will be a normal level holder if not a huge amount. possible You can get a more clear idea through a column below.

If you can run this process for another 5 years it is possible to at least double the amount of Bitcoin holding growth and if you are able to deposit regularly. Over time your skills will increase and so will your salary thereby increasing your Bitcoin accumulation.

Topic: Bitcoin Deposit Strategy for Beginners! - page 3. (Read 648 times)