Topic: Buy the DIP, and HODL! - page 161. (Read 131745 times)

Yea, it is only the basic knowledge of bitcoin that a new beginner that wants to start his accumulating his bitcoin needs which is just to buy and hodli in a long term. Learning about wallets security of storing bitcoin should not be done before you start investing because you can learn that as you are investing and not before investing because you can keep your bitcoin in an exchange first for it to accumulate upto $500 and above before you send it to your self custody wallet to avoid many small output to become one input because no one knows if we will have a very high transaction fee in future to avoid transaction fee eating up all almost all your profit from your bitcoin investment. Also we do experience high transaction fee based on the blockchain congestion and it is better to buy and keep in an exchange till it gets to a higher amount before sending it to your self custody wallet.

Also you should not forget that since you plan to only buy and hodli, a good airgapped wallet is needed which it will be more difficult for a newbie to set up electrum cold storage wallet due to the technicalities in setting it up and buying a hardware wallet might still be a challenge for him as a newbie. The more the size of your bitcoin sizes increases, the more that investor will be looking for every means to make sure that his bitcoin are stored safely.

Seeking knowledge before engaging in anything is very important so you get to know the in depth details of it and that way it will be difficult to get scammed. It is important to seek at least basic knowledge before investing and understanding how investments work but taking too long to invest could make someone miss out on certain opportunities of making some profit so since investing is not too risky and doesn’t really require doing any serious thing other than buying and holding I don’t think there is any reason to delay investing once you know how to manage and secure your wallet and have your investment plan setup. You can accumulate bitcoin and still improve your knowledge gradually just as everyone is doing here because there is no end to knowledge and there will always be new things to learn.

The word "reflecting" is so important that we cannot overlook it. There comes a time when there is little time to pay proper attention to it. But we need to take appropriate care of our money to use it properly. If money is not used correctly, at the end of the day or the end of the month, it will be seen that whatever income we earn will not be there. We will be left with scarcity. That is why it is so important to take care of our money.

One has to be very careful about managing money, and everything has to be distributed beautifully. No money can be spent unnecessarily on a loss project. Always remember that money is very valuable and should be used properly.

I couldn't buy anything like that, but I invested in Bitcoins. I invest little by little because I support my family, and then I invest some of my money.

Otherwise, I don't invest money in any other way. I don't think of investing money elsewhere because we need a lot of money to move into this world. Living a simple life costs little. In fact, there is no need to spend extra. I just do what I need and do not do anything extra.

The monthly salary is within a limit. We get more than we get paid when we overwork. Earn some extra money by working some extra hours after the job. Weekly and monthly salaries are limited, and we have to work extra to earn more than that.

There are certainly ways to increase income. It depends on you. If you have skills in your work, you can earn extra income if you have good skills. I earn additional income by using my skills to earn extra income.

There are ways to raise investment funds. It's different for everyone, so everyone can increase their investment in their own way. I regularly invest in a few things and will continue to do so. I invest the rest that remains without meeting my own needs.

Saving progress: I can see the good savings progress of those who invest regularly and maintain this trend. Investing is saving money; saving progress is better.

I have shared with you the ones that have worked for me. This is how I proceed according to my plan. The money I invested sometimes got me out of a lot of trouble. Sometimes, we need a lot of money, and we have to solve this problem by borrowing or taking a loan, but if we have such good savings, then we can overcome the time of danger with it.

Our needs were pleasant and straightforward. We had to understand what we needed and what we didn't need. Doing anything more than necessary will save us money. We can do it by being careful about money without wasting it. Money can be spent on things that are useful in our daily life. As you get the essentials right, you'll see how much you manage to save slowly grow.

I notice a lot of mistakes in investing by those around me who are involved in investing but some investors I point out their mistakes and advise them to invest in the right way and on the other hand there are some investors whom I don't try to convince. I advise those who listen to me and believe in me to invest in the DCA investment method as it makes their investment journey much easier. Many people have achieved great success by investing following my advice. I got so easy idea about investment from this section so thanks to every member of this section.

Let me make it simple for you, try focus on following up with JayJuanGee posts on this thread, with that you will have a clear understanding of what the whole discussions right from page one of this thread is all about when you hear, Buy the DIP, and HODL!  Before that, let me throw a little light about the discussion, it's about buying and hodling Bitcoin with a long term intention plan in building your portfolio, you can do this using the Dollar Cost Average (DCA) strategy where you constantly have to buy in the little amount you can either weekly or monthly from your income. And just as JayJuanGee will say, make sure to have a savings and emergency funds while you building your portfolio not to be pressured on selling prematurely due to emergencies and FUDs.

Welcome to the forum, mate.

Mate, first of all you are welcome , I must commend your courage for even being open to say that you don't really understand much about what is been discussed here, if it were to be some persons they will start by writing what they don't know and they may end up writing trash, you not knowing where to start in contributing and coming up to say it, is really nice, for me it is normal for this to happen, it can happen to anyone, your account is just new and I believe that with time you will get to know what the the topic of discussion is all about but the truth is that for you to know the content of the thread you must read through what the op said, followed by peoples replies and I think with all that you will be able to follow-up and learn how to be able to contribute your quota here in time coming, I love where you said that you want to be well grounded on everything surrounding the topic of discussion, so I believe with this starting method of yours, you will understand what is happening here in due time.

I don't think it really matters for someone to join the discussion when they don't have any tangible contributions to give. The main point of this discussion is for people to grab some points about Bitcoin investment and try to work with them. I believe that you may not be the only person following this discussion for some time now, but they did not reply or post anything because all they need is just to learn and work with what you have learned.

As for me, I have been following this discussion for several months now, but I don't always focus on replying. Mostly, I focus on reading replies given by other members, especially JayJuanGee's replies. So, my best advice for you is to fully focus on the replies. As you said, it's not necessary to force yourself to say something in the discussion. When the right time comes and you come across a post, you will reply, and it may not be as big a thing as you may be viewing it.

It's easy to comprehend. Let's make it brief for you here. The discussion in this thread revolves around a common misconception among beginners who are into Bitcoin investment. The common phrase is Buy the DIP and HODL which most of them do not understand the market dynamics. The main point here is that these phrases suggest buying Bitcoin when its price drops (the dip) and holding onto the price increases. However, beginners see determining the high and low points as something that has to do with experience and proper analysis, which it is not straightforward, and it is difficult to speculate.

Meanwhile, if you have experience in this discussion and could relate now you can contribute but if not then you can possibly ask questions and start learning from what you will understand here.

Well the only thing I would advise you is that you shouldn't focus on what you would say or discuss here, instead you should channel all your focus on how you can be able to start investing on Bitcoin because from the way you are sounding is obvious you have not really started your Bitcoin accumulation, however for clarification we have talked about so many things here so it doesn't necessarily mean that you will read every bit before you can start investing on Bitcoin, so I would advise you start investing on Bitcoin because the more you are accumulating that's how you are learning and understanding more.

I think you are doing right. Beginners should practice reading more than initially posting or creating tropics. Your discussion should be fluent according to the subject of any thread. You should read the content of seniors discussions about this thread and prepare yourself accordingly. This thread basically recommends buying and holding long-term bitcoin dips, and logically. Even the detailed discussion about the DCA method which is helpful advice for your investment. DCA is a method of depositing bitcoin that is universal strategy for people of all walks of life, rich and poor. Click on the link below to know more about DCA.
https://dcacryptocalculator.com

If they don't want to worry much about the safety of their device and that of the wallet at the same time they can delete the wallet from their phone, provided they have the wallet phrase well written down and safely stored where no body can access it. Provided such investor don't have need for the wallet on daily basis there is no need keeping the wallet on the device, as it is very risky to have your wallet that you are storing your long term investment on a device that you are always moving around with. Nobody knows what might happen the next minutes, one can be a victim of kidnappers or armed robbery and if they happen to see a bitcoin wallet in your phone, they will force the person to open it and if they see your bitcoin investment in it, they will withdraw everything from your wallet. But if the wallet is not stored in your phone, there is no way they will know that you own bitcoin.

Not all investors understand how when they store their assets in CEX they can be exposed to the risk that their assets could be lost if the CEX goes bankrupt. Storing bitcoin in a non-custodial wallet is the safest and most secure thing that investors can do, because their assets are in their hands and they can manage it whenever they want without having to worry that the assets will be taken by other parties. And for fees, the way you do it can be done by beginners to minimize the fees they need to pay to move their bitcoins from CEX.

Maybe the extra security that investors need to do is they need to secure their devices and separate their daily devices and devices for their bitcoin wallets. Or more securely using a hardware wallet, but that might be more expensive for beginners. But the most important thing is that investors need to understand the security of their devices, so that their wallets can be kept safe.

That is the best way of learning, atleast no matter how difficult it is for you to grasp everything, surely there are some important things you have learnt but might not know how far you have understood it. Sometimes you give yourself a benefit of doubt to express yourself by quoting some people when you feel that what they said is not in the right track, irrespective of there rank. because here is a free place of learning and contributing and you don't put yourself in a situation of self doubt. actions they said speaks louder than words. Everyone is prone to making mistakes but that shouldn't mean you shouldn't test your knowledge by contributing, contributing positively to the thread by following up others will make you understand more, and don't get angry or get bullied when people respond to you in an ukward manner, you must grow thick skin to learn. as what make a man is frequent disappointment and challenges that propelled to a greater person. your contribution here is welcome expecially when you are on the right track.

You don't need to be well informed before you will Start contributing like I say above. All what you need is the basic understanding and start from somewhere otherwise you may get tired because most times The thread is not only one sided, it may digress and yet come back to its original stage due to complex observations, misconception and some misleeding contribution but when you know what the thread entails you dont really need to be confused. So my advice is just to start with the little knowledge you have, otherwise here will look so Boring to you. Your advice may be helpful to someone even if you haven't contributed, all what you need is to bring it on.

You are right. The genetic seems to be a very good point, But I was still trying to look at it from another angle where certain people might be limited due to some tough environmental factor. Majority of us on the internet space are living in a civilized era with good technologies, which is unlike them that I can actually say that: civilization is probably more than a decade away from them.

But in reality, what still surprises me about those who live in this modern age, is their unwillingness to learn. There are actually part of the reasons why we tend to raise debate at all time on how important technology is to mankind and it's disadvantage. Bitcoin in my country is widely known for investment/money related matters. Only few people choose to understand or go deep into the detailed things behind it. Personally, I saw the need to no just Invest in Bitcoin, but also know understand how it works (even though I don't get the full concept), as I clearly have the necessary material (device), and I certainly know how to use it well.

This is an important point you are bringing up and as I am someone who likes reading JayJuanGee's posts, I am convinced I understand how he means the word dumb. It is not an ad hominem attack, it is a description of how much knowledge a person is either capable of or willing to accumulate about a certain topic. It sounds like an insult to those who take that word out of the contexts that JayJuanGee stands for.

But let me chime in here: I can say for sure that I have been approached by people who asked me how to buy bitcoin and how to store it. I knew that some of them intended to make very small investments, which means fees would tremendously impact them, and some of them just didn't have the capacity to get into self-custody properly! Self-custody is not superior per se. You can mess it up. People do mess it up all the time. Knowledgeable people messed it up in the past and will mess it up in the future, may it be accidentally (which it mostly is as nobody does it on purpose).

My recommendation for those people is to pay attention to what exchange they choose to store their bitcoin until they feel the time has come when the risk to keep it on an exchange outweighs the risk to get self-custody organized somehow. There are huge differences in the exchanges one can choose. I know that FTX has crashed and even professional institutional investors lost money and so on. But still, if someone goes with Coinbase, for instance, chances are pretty low that they can mess up things the same way FTX could do it. There are exchanges where the risk to store a certain amount of value is relatively lower compared to other exchanges.

For some time now I have been silently engaged in reading through this thread and without actually posting my thoughts, I have just scrolled through a few of the pages here in a bid to grasp as much of the content as I could. Honestly, I still haven’t a clue as to what I’d even add to the discussion yet since I’m also struggling just to understand what is being talked about. It is already inside my lifin my mind that, before I begin to share my opinion or give my inputs, I want to be well informed on these things and the discussions that surround them.

Some  people are dumb and might not be able to learn certain things.

Sure they might have areas in which they are smart, but the fact of the matter is that some people are dumb and they stay dumb in part through their own lack of efforts.. and surely there could be some who are dumb through genetics rather than environment.

I do like to attempt to give people the benefit of the doubt regarding readiness, willingness and ableness to learn, but sometimes there are people who don't want to learn new things and/or might even be hostile towards learning certain things, and technology related matters frequently can bring out those kinds of purposeful expressions of some folks saying that they don't want to learn certain things.

Your statement seem very confusing and I can't comprehend the point you are trying to make but however if your points are for buying and selling, don't you think you are too new to be talking on that direction? And also if you cannot be able differential between low and high how would you  cope with the method you are actually referring to, well I don't really know the kind of ideas or what you were told about Bitcoin that made you want to venture into buying and selling of Bitcoin but for the safety of your investment changing your investment ideas to accumulating and holding for a long term will do you more good, however I realized you're still new here perhaps you can possibly read through to understand the use of DCA strategy because it will really help you on your Bitcoin accumulation.

I would be even more empirical about it: there are a lot of charts that clearly teach people that bitcoin has outperformed literally any other asset if someone decided against buying and selling back and forth. I have done that mistake and now that I am looking back, what can I say? History empirically proves that the vast majority of people would be in the green if they only held onto their bitcoin. It does even prove true for those who experienced the crash from 20,000 all the way down to 3,000 although that surely was a horror roller coaster for anyone who did hold.

Applying that to those who have now bought at 70,000, I think this should calm some down who feel stressed. Look at the numbers and the charts. I am not saying that this is a given, but it was kind of educational to me how to go about these price swings. Don't panic, and make sure you don't have to sell tomorrow. So far bitcoin has proven to be a great investment for essentially everyone who gave it time for corrections and recoveries.

You could say that those who are now in the red because they bought at 73,000 are still waiting for the recovery, but they should not feel nearly as stressed as those who bought at 20,000 when it dropped to almost 3,000. Given the time bitcoin has taken in the past to complete its various cyclic dynamics, I am all but pessimistic again.

Getting started with self custody and learning how to perform transactions (withdrawal, buying and selling), have somehow become an overheated discussion, which am not sure should be overemphasized on. Like I said yesterday, "it literally won't take a week to learn how to perform Bitcoin transactions". Same goes for other basic things as mentioned above. Learning, especially about things like self custody, withdrawal, buying, etc are just what we can practice as we continue to make our investment. So, by making emphasis on the word learning , makes it sound as if: one is just going to focus on that area for eternity.

Here is a brief example for a beginner who is not following this thread. Assuming Mr A happens to be a newbie who seems to be interested in Bitcoin investment. The first thing that comes to Mr A's mind is: how much do I need to get started. Next is to think of where to purchase Bitcoin and where he can also store. Let's assume Mr A found an exchange that offer sales of Bitcoin and also allow users to store their purchased Bitcoin on it, Mr A can simply follow the steps on how to make purchase, thereby making his first purchase. This means Mr A has already learned. So, inorder for Mr A to master(put to practice), what he has learnt, he will definitely need to keep making more purchase as well. And inorder to keep making more purchase, Mr A needs to identify his goals and cross check his income background, so he can be able to choose which buying strategy to continue with.

So you can see that there is never a big deal about learning this stuff at the beginning. It's clearly what one can learn within a very short period (at most a week), and master(put to practice) what he has learnt as he continues to make further purchases.


In as much as learning about Bitcoin technology is also important, I think trying to propel those with zero knowledge to learning it is not the way forward. Bitcoin as a currency should be what anyone can use just by knowing how to use it, and nothing more. Am sure that not every Bitcoin investor today can explain some terminologies that are related to Bitcoin. They simply understand the value of Bitcoin, and see that it is worth investing. Just because I don't understand certain terms, should not be enough reason to call me or anyone dumb. Remember that Bitcoin is still A Peer-to-Peer Electronic Cash System, and cash system are meant to be simple for use.