Topic: Buy the DIP, and HODL! - page 113. (Read 122049 times)

Well, you are getting it wrong about DCA method, if you are indeed investing on Bitcoin for long term with the help of DCA method you don't need to withdraw a dime from your investment because withdrawing from your Bitcoin investment will take you backwards.
As DCA is concerned you don't have to withdraw from it, no matter how the condition is (except it has to do with health). Because of not withdrawing from your Bitcoin investment you must have a solid emergency funds so that you can be able to take from your emergency funds and sort yourself out during emergencies.
Talking about the fees, I think you wanted to say transactions fee, there is nothing like gas fees in Bitcoin transactions, unless you are referring to shitcoins/altcoins which we aren't talking about here.

One don't need to panic if he's using DCA method to invest on Bitcoin for long term, and I agreed that those who don't panic and sell their Bitcoin if it hits ATH  is because they are investing on long term and they believed that Bitcoin has a lot of potentials, and they also knows that within some months the figures of Bitcoin they have presently will increase again. And if eventually it dips they sees it as an opportunity to buy more and hold for a longer time. So they also understand all this before they refused to sell their Bitcoin for any reasons.

Ignore that trading makes you nervous, investing in bitcoin is much less stressful because we have a sense of comfort with continued accumulation, so the main focus is how the DCA continues without any obstacles, now that bitcoin has recovered a little to its original price, I will not hesitate to continue buying it by means of DCA.

HODL bitcoin for the long term, can be for your old age as a pension fund, can pay for school children, make your life better with bitcoiin.
No problem with doing it $10, I also started small now it lasts a large enough amount to do DCA depending on the monthly spending situation.
The important thing is that we must be able to manage cash flow so that we can do it on an increasing basis.

this has always been the wrong assumption most people held on to that earlier Bitcoin holders did anything different from what curent Bitcoin enthusiast and skeptics are currently doing. Earlier investors hard to banter between the possibility of Bitcoin being another ponzi scheme and that led some to sell off thier holding at any slightest profit they witnessed. If you asked those that probably bought Bitcoin at $10 if they even thought Bitcoin would eventually get to $1000, most wouldn't imagine that it will be an easy feet and when it eventually happened, some still sold it at that price and others couldn't even HODL till that time, selling at such range of price would most likely appear as the best option for them and we can't even blame them because most people are still making the same haste to seel too soon even now that we can actually learn from the mistakes of earlier Bitcoin HODLers. The fact that Bitcoin price was quite low for earlier Bitcoin holders enabled them to buy in large quantities and I doubt they even did DCA at the time. It's because with the current Bitcoin price, it's deficult to buy in the kind of quantity earlier Bitcoin holders where previledged to buy that we had to make use of the DCA methord and buy in smaller quantity for years before some people would even buy up to 1BTC

I don't like to even make any sort of comparison between the peculiarity of our Bitcoin accumulation journey with earlier HODLers, they hard thier time and while some made the best of the opportunity, others gambled thier holding away and it's just a lesson for us to learn now and use whatever strategy that suite us to accumulate Bitcoin.

early folks who accumulated bitcoin gradually and never considered selling their bitcoin holdings despite it keeps recording  new ATH.  It's because they understood and saw the growth potentials bitcoin carries, global Adoption  and demands in the market was constantly on increase  which keeps appreciating in price and making  it a store value.  Knowing  this,  if they keep holding onto their Bitcoin, more ATH will be recorded in the future it's important to utilize and maximize bitcoin potentials to it fullest to be profitable and successful.

Some investors (newbie) now after an ATH is recorded they consider selling their bitcoin holdings, Knowing fully well that there is still a lot of potential growth in bitcoin, which will increase their investment profits higher. Because
the more adoption and demand rate, more ATH will be recorded, Investors need to learn from early adoptors of bitcoin, and the need to be patient and utilize bitcoin to its maximum. There's still a very high percentage (%) of the world population, who has no investment in bitcoin, meaning bitcoin is still in ithe early stage with so much room for expansion. The successful reward from holding bitcoin for a long term makes it a very unique investment and  make s bitcoin an asset of its own kind.



HODLing Bitcoin  stands out to be very  profitable without the fear of losing your funds, you just have to accumulate steadily and purchase Bitcoin consistently  to make profits. Bitcoin is still growing and look at the value it commands, an asset that is not up to 20 years  old but possess a significant value. The potential  of Bitcoin in the future is still broad and exciting  as demand and adoption continue to grow globally investors will benefit more from the opportunities bitcoin will offer. Investors should save their self from trading stress, and Buy & HODL bitcoin for long-term  which is stressless but not actually stress free.

This show how amazing to hodl bitcoin.



Will give credit to Bitcoin Magazine for showing this graph

Also nice article to read regarding on this topic raised up https://crypto.ro/en/news/why-holding-bitcoin-has-been-profitable-for-nearly-100-of-its-existence/

So hodl and investors should stop wasting their time for trading shitcoins.

More to come especially soon USA will be a bitcoin friendly nation and there would be a lot of great developments to happen.

Could it be that we are getting our information from different sources because the information I have is that most early owners of bitcoin sold when they saw substantial profits. There are many articles suggesting that majority of the early investors have sold most of their bitcoins and I tend to agree with that because I have seen old thread of people here in the forum who had hundreds and thousands of bitcoin but have sold when they saw profit. If you check the discussion in this article, you will agree with what I am saying and don't forget that it was only few people that saw bitcoin beyond a few hundred of dollars.

Those who invested early and are still holding, deserve special respect because they have foresight and are the true believers of bitcoin. I believe more people are holding now because they have truly seen how good it is to hold. Just like you suggested, many people are already seeing bitcoin beyond their generation because it should be one of the best things to hand over to the next generation. Just imagine my dad handed me over a paper containing the seed phrase to a wallet containing 10BTC, he would have eradicated poverty from me, my children and my grandchildren because even if I want to establish business outside bitcoin with part of that, I need just 1BTC to do that which means I can save as much as 70% of the BTC to hand over to my children after building a good house and putting in place other necessary things in place and also establishing a business.

The thought of Bitcoin being too expensive is just mostly in the perspective of a newbie because an investor who have made investment for long will not think about the price of Bitcoin anymore but how to increase his portfolio.

 Bitcoin is a very broad subject that's for someone who wants to study and know more about Bitcoin so it will take a lot of time to study Bitcoin investment that is why making investments first before one can ask for more understanding about Bitcoin, however , just like i said of Bitcoin being a broad subject so you can't completely know everything about Bitcoin but as times goes on your investments, you will get to know more about bitcoin but the most important thing an investor should think of is how he can apply various strategies that will help him throughout his time of investment and how to be able to manage his income in such a way that he will balance his financial needs without affecting his investments in Bitcoin that is why financial management as a Bitcoin investor is important so that you don't get into a difficult situation at any point in your investment.

You are right there is a saying that goes thus "a little drop of water each day will definitely fill a bucket one day", accumulating Bitcoin gradually increases the quantity of your Bitcoin hodling for it is better to buy small than not buying at all because you feel the amount of money with you is too small to accumulate enough Bitcoin is not a good idea, that's why the DCA strategy is there to help investors to accumulate Bitcoin gradually because with your DCA strategy of accumulating Bitcoin one can buy Bitcoin gradually every week or month regardless of it price level with the amount an investor chooses to accumulate Bitcoin with and hodl for long or for the future with your discretionary income made available which will always help in accumulating more Bitcoin and HODL and not to sell.

You are right actually because each transaction generates it's own UTXOs which means that if an investor decides to be moving out small unit of Bitcoin from an exchange to a self custody wallet, it will certainly create too many UTXOs which in most cases are not spendable so just as part of the Bitcoin will be lost as transaction fees that's how some will also be lost as UTXOs so all these have to be put into consideration so that we don't get into making withdrawals from an exchange after using Fiat to buy Bitcoin, at least it will make more sense to accumulate a higher amount of Bitcoins before moving them to a non custody wallets so that even if some are lost to UTXOs and transactions fees, it would not be much as someone who keeps making withdrawals all the time.

People who panic are not investors but they are traders.

People who are slow and full of hope are not loyal or long term investors but they are traders.

These two characteristics can be ignored in each of you.

Just buy BTC and save it until you have children and grandchildren because Bitcoin investment is very good for the long term.

I prefer the old style of investors who accumulate bitcoins gradually but they don't sell them at every recorded ATH. why don't they sell because they know bitcoin is very limited. Whatever happens, buy bitcoin even if it's $10, do it gradually.

I agree with the point you've made, newbies can start their accumulation without wasting too much time. for some of the things that they do not know for instance like security measures that is involved and some of the mistakes that can made will be lessons learned and corrected once the right questions are asked, is more like saying they will be learning on the job first hand. The thing with newbies is that, the beginning stage looks so frightening, as most beginners find it hard to pull through that first stage of their investment journey, but hence they are consistent with their investment and are able to pull through the first stage with strong convictions, then you will see procrastination and other forms of distractions will die a natural death.

I agree with all of the points of your post Btcdeybodi; however, there is something wrong with your seeming to ONLY think about the withdrawal transaction fees, and anyone who moves quantities of bitcoin from third-parties, such as exchanges (or even makes other kinds of BTC transaction choices that result in the creation of both sending UTXOs and change UTXOs), should also be attempting to consider future transactions that come from how and where various UTXOs are held.  If a guy has a bunch of small UTXOs, some of them might either become unfeasible to spend, but the fees from having a bunch of small UTXOs could also end up taking a very large toll upon how much actual net worth (or value) that a guy has in bitcoin as compared to what he believes that he has... I had already mentioned an example of the difference between someone who has $3k to $5k held in just a few UTXOs as compared to another person who might have that same quantity of value held in 100s of UTXOs.


I agree that buying and holding and DCA is likely to be way less stressful than trading, but it surely is not stressfree, and there are also various kinds of ways that DCA can be done by itself in aggressive ways that potentially contribute to more stress, and also DCA can be accompanied by lump sum investing, buying the dip and HODL, and even though not trading, there still can be some levels of stress contained while using DCA that may well depend upon how aggressive and creative you are.. and yeah, it still might be considered to be some variation of DCA that does not involve trading but is surely not completely free from potential stresses and/or even making mistakes by overdoing it (by potentially going beyond your disposable/discretionary income or sometimes mismanaging cashflows including but not limited to emergency funds, reserves and/or float) and not realizing the mistakes until later down the road..but still may well fit within the category of DCA and not in the category of trading.


Again, you seem to be too narrowly focused on ONLY the withdrawal fee rather than considering UTXO management on a larger and longer timeline... but hey whatever, do your multiple $50 withdrawals and see how you might be feeling after 10 years of doing that and having 100s, if not 1,000s of UTXOs and you had not realized that you did not even know what a UTXO was, and you mistakenly believed that wallet and UTXO was the same thing.  By the way, learn about coin control too in order to help you to better learn about what is a UTXO and potentially how to manage them in the present and to anticipate future potential issues in regards to how small UTXOs can be problematic for onchain transactions (and yeah these problematic issues regarding small UTXO matters might get resolved, and yeah, they might  not).


I get your idea and I agree with the overall idea that there are those who get it (and are focusing on BTC accumulation and holding) and those who are lacking focus or failing/refusing to have any clue about the value of accumulating bitcoin (or the disvalue when they don't).

Yet, there are likely going to be variations of those two extremes in terms of potentially when a low coiner/no coiner finally gets bitcoin and what s/he finally does about it when s/he gets it... .. so yeah, the issue is ongoing in terms of when a person starts to accumulate.. which seems to be why a lot of us regular members might disagree regarding some of the BTC accumulation strategies, yet we still tend to agree that the sooner that low coiners / no coiners get started, the better off that they are likely going to be (or perhaps the more that they will be able to mitigate damages from their time as no coiner, low coiner and/or pre-coiner).


Frequently wealthy investors who are able to lump sum into a new investment, such as bitcoin, they still may figure out some form of DCA because of the practicality of not necessarily wanting to sell any of their other assets and not wanting to experience tax consequences or other burdens (including liquidity questions) that might come from selling other assets and/or currencies, so it may well be way more practical in terms of their financial management to DCA over 3 to 6 or even 12 months or more.  Maybe they have zero bitcoin exposure, but they already have something like a $1 million investment portfolio, and maybe their income (disposable income) might ONLY be around $1k to $2k per month (or maybe their overall income might be $6k to $10k per month).. and so if they are targeting something like a 5% to 25% ($50k to $250k) into bitcoin, based on their disposable income, they might have to take 1-8 years to get even close to reaching their BTC allocation targets, so even if they are DCAing, they also may be trying to figure out ways to reach their target levels faster, but still might end up having to engage in forms of DCA when they might have some funds coming available to them or if they figure out sways to reallocate.. and so they might be able to get in the lower end of their target accumulation range, but they still might be striving to reach the higher end of the target accumulation range which could take even longer to reach depending on how liquid some of their other assets might be or if they might be willing to sell them or purely rely on their incoming disposable income which they might be able to increase by increasing income or cutting expenses.


Again another member (Salahmu) seemingly overly focused ONLY on the withdrawal fees, and sure you end up reaching a decently good conclusion, but your focus merely on the withdrawal fee seems a bit short-sighted as to why UTXO management remains important in the present to prepare for into the future and calculations about the future.


Bitcoin does not have "gas fees"  Fuck shitcoins, ethereum and all of the others.

We are talking about bitcoin here... try to focus ur lil selfie... or maybe learn what is bitcoin so that you learn how to better stay on topic.

A newbie that wants to start investing in Bitcoin should start as soon as possible.There are things to learn along while investing in Bitcoin, learning about security measures shouldn't prevent a person to get started in Bitcoin accumulation.A newbie that has disposable income can get started as soon as possible, there's no time to waste, learning is a continuous process you can learn about Bitcoin security measures on Bitcoin forum like Bitcointalk where we have experienced bitcoiners to educate anyone about Bitcoin and it's security measures.Unfortunely trust wallet is not recommended as a safe wallet to hold Bitcoin for a long term.Once again start accumulating right away and there's no need for procrastinating because one wants to learn about the security measures of Bitcoin before investing.

You have said it as it is because the study about security is an ongoing one and even till date, new measures are still being added that strengthen the existing measures. For instance, every now and then we hear about the lunch of new wallet or improvement on existing ones, the bottom-line is security. I remember when Trust Wallet was seen as the best in the market only to be revealed after a while that there were issues with it such as you said before which is it being close source. Therefore, if a newbie decided to graduate from security classes before investing in Bitcoin, he may not even graduate and may never get started with investing in Bitcoin.

To me an investor just need to put in mind that "not your keys, not your coin" and he is good to start because knowing this means he knows the importance of being in charge of the secret phrases and private keys of the storage media, hence will avoid keeping his coins in CEX and other wallets and places where those information are controlled by another entity other than the investor.

Samlucky O, you are contradicting yourself with your statement above because you said it is important to study about security measures before investing and immediately you are saying the opposite. Learning about security measures is far too complex for a new investor and he might get scared of getting started. A new investor only need to figure out how much of his discretionary income he will use to buy bitcoin consistently and persistently without stopping for a long period of time and open an exchange account.

Trust wallet is not good to store your bitcoin because it is closed source which means you are entrusting your bitcoin to a third-party. Electrum cold storage wallet and hardware wallets are good ones because they are airgapped wallet and only use open source hardware wallet.

It is not called passphrase, it is called seed phrase. Seed phrase is the 12 words or 24 words that is given to you when you create your wallet to show that you are the owner of the wallet, and that is why you are advised to keep your seed phrase secret from the reach of anyone. Backing it up in three different locations far from each other is also important.

Passphrase is the additional words that is being added to a seed phrase by the owner of the wallet to strengthen the security of the wallet, and you don't write down both the seed phrase and passphrase together or keep them in the same place. So that whoever sees your seed phrase will not be able to have access to your wallet until he sees your passphrase making it difficult for anyone to steal your coins.

 You see very complicated for a new investor to learn be getting started. This is why they need to get started immediately with their bitcoin accumulation and learn these other things as they are investing with time.

There is no way you can do without withdrawal fee from centralized exchanges. The choice of how many times to withdraw from exchanges is up to the investor and not mine or yours. What I suggested above is just a precautionary measure in a situation where people will use high withdrawal fee as excuses why they left their assets in a custodian wallet. My suggestion is never in any way suggesting to investors to invest aggressively or go out of their original budget of investing in bitcoin either weekly or monthly. It was just a mare insight that investors should prepare ahead and know that they are definitely going to pay for withdrawal fees either from what they have accumulated till the point of withdrawal or they can make extra provisions that will cover for the withdrawal fees, if they don't want the withdrawal fees to be charged from the bitcoin they have accumulated. When investors uses withdrawal fees as excuse for keeping their bitcoin in exchanges it gets me worried, because ordinarily they should have known that withdrawal fees are part of buying and hodling of bitcoin.

It is called transaction fee and not gas fee. Etherum is gas fee.

It depends on the amount of bitcoin that you are buying, if you are using lump sum from $500 and above, you can transfer it to your exchange immediately and that is when the transaction fee is normal and not super high. But if you are using little amount just keep stacking it in an exchange till it get up to $500 before transferring to your private wallet.

You are getting it wrong mate, we are talking about how to prevent you spending too much on transaction fee in future due to too many small input made during your accumulation phase  by keeping your coins for a short period of time for it get to a certain amount before transferring it to your exchange and not using an exchange as your wallet for long term because it is not safe to do that. This is because exchanges are in charge of your keys and when your funds are in exchange, it is not yet yours until you have withdrawn it.

If you read my post carefully you will understand that I said the $5 addition is just something you are adding up to make up for your withdrawal fee and I also made mention that you shouldn't withdrawal weekly unless you are buying up to $200 and above. If you buy $50 weekly you have to leave it till it gets to like $200 which is up to 4 weeks making it a month. So if you are adding the $5 for that 4 weeks you are likely going to have $220 so when you are withdrawing the withdrawal fees will be charged from the extra money you added to your initial weekly allowance for DCA, the fee might not get to the $20 depending on the exchange and their charges, there is every possibility that the extra $20 won't be exhausted on the withdrawal fees so the rest will still go to your holding. The essence of this is to make sure that your weekly DCA target is not shorten because of exchange fees. The choice of how many times to withdraw to a non custodian wallet solely lies with the investor, if he chooses to do it weekly if he can afford the fees that's fine, but if he can't he can do it monthly as you have stated above. But the most important thing is to get our assets off custodian wallets. We can't take because of withdrawal fees and lose our bitcoin.

If you don’t learn about wallet security before investing, then don’t be surprised that you will end up losing your bitcoin. Wallet security is one of the things we are not supposed to joke with when investing, because it’s really going to be bad losing bitcoin after holding for a while, so we shouldn’t joke with that.
 
Also, if you are learning about wallet security from anyone, make sure you don’t use the wallet that was used to guide you in storing your bitcoin. Don’t trust anyone, the person might have secretly stolen your seed phrase and will be waiting patiently for you to store bitcoin before stealing from you. So the best thing to do is, after learning, create a separate wallet for storing your bitcoin and properly store your seed phrase.
 
When storing seed phrase, it should be completely stored in a place where there is no internet connection, it should be completely stored offline. If you leave your seed phrase in a place where there is an internet connection, you are at risk of losing your bitcoin at any moment.

Well, there are some people who don't care about the fee in their withdrawal as long they are going to achieve something in their weekly withdrawal, but the profit will not be big compare to people that withdraw monthly to reduce the gas fee to accumulate profit.  I don't know why some people are very comfortable with weekly or monthly withdrawal in the industry because it will not help to achieve your target on time base on the high fee involved but if you can continue accumulating your portfolio for a long period of years, it will help you to earn plenty profit and reduce your gas fee.

But making it a long period of years before withdrawal, it will make it more better for you not to be charging big money on gas fee because you know you are about to withdraw plenty, so that it will bring big money no matter the gas fee that will occur in the cause of the transaction.