Topic: Buy the DIP, and HODL! - page 291. (Read 137067 times)

We might not always know about how to attempt to make reasonable transaction fees without some amount of practice and getting to know whatever wallets that we might be using, including attempting to understand differences between exchanges (and/or third parties) in which we might hold some coins.

Of course, many of us wish for greater user-friendliness through the years and perhaps more tools that might either help us to figure out these matters or maybe the wallets themselves might have built in protections - and frequently it can end up being frustrated if a transaction is stuck for a long time, and maybe more frustrating if we figure out that it was stuck due to some kind of a simple error that we might have had made.. or on the other hand, maybe we get frustrated if we pay multiple times the fees that we could have otherwise spent due to our own errors.

I am not completely sure about the solutions, but it does seem to be the case that some folks are going to end up being surprised if they have a whole bunch of small UTXOs and they end up being expensive to spend in the future, so they end up having less value in bitcoin than they had previously thought, which might be partly due to their own ignorance regarding how fees are currently calculated or how they might be calculated in the future.

There also might be solutions in the future, but I would be careful about potentially being sloppy now, and expecting solutions in the future that might not end up coming.

I believe when you're referring to the information you're actually talking about the basic knowledge of bitcoin and from my opinion dca strategy is not just the only information a newbie must learn but it's advisable newbies invest using the dca strategy at first. As seen in this thread, dca strategy is so common and is for everyone who choose to invest using the dca strategy, not just for newbies, low salary earner etc but it's a strategy use to accumulate bitcoin. Basic knowledge like knowing how to plan cause from my view planning matters a lot cause when the foundation is weak the building will definitely fall down so my first thought will be on planning, if you're the type that accumulate using monthly salary you must list out your planning method like emergency funds, need, or reserve funds before going ahead to buy. Lastly when you keep talking about the decline or price makes it sound as if you don't trust the investment, panic should come when you're dealing with shitcoins not bitcoin

As you have extra money to invest in Bitcoin, you are going parallel to meeting the needs of the family. It is a form of your wealth which manifests itself in DCA strategies. It is clear in my writing that it does not require a lot of money to implement. If you have $3k monthly income, the cost for your family is $2k the rest of the money you can invest in Bitcoin or others additional expenses and all elements are continuing parallel. DCA investment is a universal matter, it is not necessary to have a lot of money, it is a topic discussed many times. Since my income is on a monthly basis, I have highlighted the monthly investment, you can invest in this strategy daily if you want. It is entirely up to you.

That is shitcoin way of talking, and your expressions are some worth contradictory and you really need to figure out what you are saying,
It doesn't take thousands of dollars to start investing in Bitcoin you  can be buying in fractions you must not buy a whole Bitcoin, and you have to figure out when you have to make purchases with you DCA whether weekly or monthly considering your financial situation,

Your Bitcoin investment don't have to be in parallel with your household expenses rather your investment should depend on how much of discretional/disposable income you have, after taking care of your basic needs, and making provisional emergency, reserved and float funds, in other to have a smooth running of your investment without selling it to solve family problem when your investment has not matured enough.

They are just making theirselves playing on fire where they are not really so sure if they can able to earn a profit there.  And instead of earning some extra cash from those shitcoins they could potentially lose all especially if they think to take revenge and use their bitcoin holdings to invest back for thinking that they can earn back all of their losses. They might go on chasing profits or capital if that case happen and this is really bad for those investors if they came into that point. So much really better for them if they want smooth flow is to invest directly on bitcoin and never try to get hype with those shitcoin investment since they are just creating a messed for their selves.

Although there are lucky person who earn huge from those shitcoins but not all can earn the same fate with them. Usually there's a lot of people lose all their money because they got FOMO and caught up with the dump.

People should consider your invest so that they would have stress free investment and just find alternative works(freelance jobs) which can help them earn bitcoin then from that they can have extra funds to buy bitcoin again.

Trading is really risky so they should not think about mixed it up especially if they are thinking to grab those shitcoins since this is just a waste of time for bitcoin investors.

Your take on this isn't right at all and carry a lot of misleading information, how can you advice someone to invest in shitcoins just bacuse we can't predict the future, shitcoins are too risky to indulge in and consider putting someone's life savings in it is an even worse idea. You can't compare shitcoins to bitcoin in any way, investing in bitcoin is more safer than investing in shitcoins, you should better stay away from shitcoins unless your ready to lose all your holdings to it.

Yeah you might be right about the uncertainty with investment, but let me make this clear, would you rather invest in something that has more probability of working out or gamble with something that you can't even tell if it woudl survive the next day. The reason why we still allocate some level of uncertainty to bitcoin is because we Don want to sound too optimistic about it and yeah life can happen and it can affect bitcoin too and the lowest possibility of investing in bitcoin is your investment not giving you any returns or returning to zero and that's why we rather invest with our disposable income, but but the same time no one wants to invest in any thign without some expectation of profits, and bitcoin historically have a good background so it's a better bet than any shitcoin.

The aim of DCA is not buy bitcoin cheaply, rather it is aimed at reducing the impact of market fluctuation on our capital invested. If you are buying through DCA, you will meet the market at different prices, sometimes lower sometimes higher. You are not concerned about bearish trend or bullish trend, you buy at the intervals which you have already programmed yourself. Mind you DCA method doesn't only apply on monthly basis, it can be done weekly, or interval of days as well depending on how you programmed yourself to buy. So don't stick to the idea of monthly alone. There's something I also noticed in your post and like me clear it out, don't ever put the money for your household and investment together, that's not a good idea. You should always separate them from source. Know your percentage for investment before investing.

Your right about this, people often seek the easy way out and don't realize that they are just fooling themselves, how can anyone think that trading with his capital would be a good means to generate profits to invest in bitcoin, when it would rather be more better that they just starting buying bitcoin which is a more safer option. Trading it self is just like placing a bet or a gamble, the outcomes are never predictable and in the process of trying to get profit you could also lose everything and if you had bought Bitcoin with that money it would have already started working for you.

There are so many flaws to this plan of trading to get profits to invest in bitcoin;

• You could be stuck in a win and lose cycle and have never even realised any profits for bitcoin or you would be busy trying to recover from you lose and never invest in bitcoin.
• There are possibilities that you would start using your bitcoin investment(if you are able to invest any )as a back up funds to replace loses in trading with the delution that you would get it back and eventually becomes a habit.
• You would miss out on countless opportunities to buy bitcoin maybe cause you are losing in trading.
• You would never be able to maximise the power of DCA cause there are possibilities that you have already used the money for bitcoin purchase to trade again.

In general trading is a risky solution in its own and its not a good idea to mix it up with investing in bitcoin or as a source of income, and it takes years or some people never even reach the level of professional traders to be able to have a good risk management to hedging thier capital, and a newbie should never indulge in trading with his money no matter how sugar coated they make it sound as tho its so profitable, and more over you might not be ready or have a good financial mentality to have a good balance with these practices, buy bitcoin and hold newbies, leave trading out of your accumulation plan.

In many cases you can lose big and gain in market ups and downs it depends on opportunity and timing. Actually you can't buy BTC cheaply even if you want to even though you have keeping DCA strategy enabled. You may not have enough money on hand during the bearish BTC price trend in the middle of the month but you have the potential to buy at the end of the month. One claim of this market trend is to regularize the long-term DCA strategy, because when you buy BTC on a regular basis for a long time on a monthly basis the extra money ends up with household expenses. In 5-10 years you can own a large BTC portfolio and one benefit of keeping DCA strategy in parallel with daily household expenses. Here you should aim to carry out DCA on a regular basis regardless of the prices between months or years, making it much easier to stay free from trading pressure.

That is not the best way out mate, and it will be very wrong generalizing Bitcoin functionality along side with shitcoins, and also considering the fact that is a Bitcoin discussion thread, Bitcoin stability and entrepreneurship are far better than any other coins. In as much as it is good to buy when there is a price drop from it's previous high it doesn't make much of the different as it is not much about when you bought, what is most important is how persistent you can be able to hodl, buying when there is a drop in price (dip)should only be seen as an added advantage of buying more Bitcoin at lower price, however buying the dip shouldn't be a strategy to only rely on  just as you have made it very obvious that your take on this is buy when there is a drop in price, it is a wrong approach because when you only rely on buying when there is price drop and after making purchases and the price ketp dipping further you might be in great panic that might make you to even sell at lost just for you not to loss completely instead of hodling but with your DCA strategy you can be able to make purchases irrespective of price either weekly or monthly. It is best to have a better plans and  arrangements towards things that may or may not happen in other to maximizing every opportunities that shows it's self in the market. The price you are seeing today as a high price will still be seen as a dip tomorrow so there is no point relying on buying only when there is a price drop.

Don't be carried away and overly allocate your funds in shitcoins if that is even necessary or equating the size of your Bitcoin with shitcoin, Bitcoin holds a solid foundation and can never in any way be compared with other coins hence the reason why @JayjuanGee will always advice that don't do any more than 10% involvement in to shitcoins as compared to the size of your Bitcoin investment. I hope i don't need to remind you that shitcoins performance solely depends on Bitcoin so probably you should know what you are doing or even saying.

It would obviously be the case of orientation and not having the clear idea on how these things happen in Bitcoin. Mind you, when there is a decline, it always depends on the position at which the individual had taken a buy and for someone who buys using the DCA strategy, you don’t always get to buy at a low, you could buy at a high price too. It’s always available funds determinant rather than the price on the charts. If this be the case, it’s always very unlikely that your capital wouldn’t be hurt on a decline except, in obvious cases where you’ve already bought a huge volume when the price was low and some worth volume while it was high. The high and low would tend to balance off profit/loss in price differentials.

What I could get from these is that, not knowing how to interpret the mempool isn’t the only cause for wrong transaction fees. There could be other factors too like, technical failures, wallets that works in a range (that wouldn’t be a mistake would it) and more.

Do you know that what makes most newbies to sell off their Bitcoin investment is a major price decline of bitcoin. For instance if they bought $2k bitcoin at once and when their is a decline in the market and their capital go from that $2k to around $600, this could trigger panic and the thought to salvage what's left. This could have been avoided if they were properly oriented about the DCA method from the beginning and they utilize it. If a newbie invest using the DCA method and there is a decline in the market and his capital didn't record a big decline, I bet you that newbie will not sell off his portfolio. He will see it that his capital is not badly affected. Let's say he invested with $2k using DCA and there is a decline in market and his capital hit around $1,500 the newbie will continue holding because he is not seeing a big difference from his initial capital and the balance. Therefore it is important to properly equipped newbies with all the necessary information and tools they will need at the very beginning of their investments journey. If you don't properly equipped them, they are prone to make mistake. Many of us would have avoided some mistakes we made at the earlier stage of our investment journey if we knew about DCA method of investment. Let's not leave newbies to their investments method choices when it comes to investing in bitcoin. Tell them to follow the DCA method it will benefit them on the long run and they will appreciate you for that in due time.

My take on this Is buy when there is a drop in price, hold enough of it , whether Bitcoin or shitcoins, when it comes to crypto space we can't accurately predict the future,  some years ago specifically the early days of BTC one will tell you that holding enough of Bitcoin was risky, but that can't be said of it today, as it has gained more values, the same goes to other shut coins buy when there Is a drop in price, hold as many as you can , and maybe later in future you don't know what will happen,

When Investing in shitcoins you just just invest like a life savings in shitcoins, because you can't predict the future of that shitcoins, but a life savings can be invested in BTC given that the future of Bitcoin is already bright, for newbies DCA strategy can maybe be suggested to them, holding coins for a long term really pays on a long run.

Even if you believe that you know how to read the mempool or to use wallet transaction fee estimators, you still might end up making mistakes in regards to sending transactions with fees that are either too high or too low.

Look at back ups of the mempool here.
https://jochen-hoenicke.de/queue/#BTC,2d,weight

Look at recent transaction fees of past blocks and estimated future blocks here.
https://mempool.space/block/0000000000000000000056d52cddba7e1a85162b0d188400cafff6211354c8a8

Yeah, in as much as I agree with you that every investor have the right to make that inform decision on choice of strategy to be use which is to be in terms of their financial situation, risk tolerance level, investment goals and objectives, I don't think if there is anything wrong advising  a newbie on the choice of strategies because it is only an advice and no one will force it on then it will be their decision to take the advice or not in terms of their financial situation, risk tolerance level, investment goals and objectives. However, newbies are mostly adviced to be very knowledgeable about the dca strategy because it gives that flexibility of being in the market with basic knowledge while they tend to learn more as they go up.

We don't have to advise them to use DCA or other strategies but what we should suggest is if they can hold Bitcoin for a long period of time. It's up to them whether they want to start buying all at once or use DCA, but the important thing is that they can refrain from selling because holding Bitcoin for a long time certainly requires patience and also requires a strong mentality.

People generally have their own perceptions of investing in bitcoin, some start with a larger level in the early stages, some start with a lower level. Of course everyone wants to invest in Bitcoin because they target profits in their investment and that is quite natural, but can they Hold and that is the key to success for them.

Here if you want to send bitcoins to exchanges then you must definitely pay the cost, and you can complete the transaction according to your mempool which will be of great benefit.  Because Bitcoin Mempool is so important that they provide the right information at the right time, there is no doubt that you will benefit from using it.  If you use Mempool then you will save your time and be able to do Bitcoin transactions properly and you can benefit from every aspect.

I think that there are some exchanges that allow more flexibility than others in terms of how fast to send BTC and also what methods to use, so exchanges are not all created equally, just like some wallets have more abilities to engage in coin control than others, which can really come in handy when we might be trying to figure out how to spend or send our coins in ways dealing with privacy and/or choices about fees that we might want to pay with trade offs regarding how long it might take to get confirmed, including that we could end up making mistakes if we select fees that are overly high or overly low..

Thanks for the correction at JayJuanGee. I wanted to say one can only pay an exchange transaction fee when he or she wants to withdraw his bitcoin from a centralized exchange. I appreciate your effort in guiding us to the right part of bitcoin.

Fuck gas fees.

Bitcoin does not have "gas fees" under any circumstances.

That is stupid-ass shitcoin language.

When a person withdraws from an exchange, there can be exchange fees and transaction fees.

When bitcoin is transacted peer to peer and without any intermediary, then that would just be transaction fees.  

Of course, sometimes people might believe that they are transacting peer to peer, yet if they are using some kind of custodian, then there could be some fees that are coming from the custodian rather than serving as pure transaction fees.

The reason for waiting for higher amounts for withdrawal (such as $500 to $1k) is not merely for saving on possible exchange fees, but also to attempt to engage in preventative measures in regards to UTXO management.  Guys can choose lower amounts for their withdrawal amounts, yet they still need to attempt to account for their own ways of buying BTC, if they might be buying $100-$500 at a time, or maybe they are ONLY buying $5 to $50 at a time... so there may well be some value in terms of not withdrawing every time they buy BTC, especially if their transaction amounts are towards the lower amounts, yet each person needs to balance these matters for themselves and figure out the various trade-offs in regards to present UTXO management and also attempting to understand how UTXO management might evolve in future years, including when they might be wanting to transact with their UTXOs later down the road, and it might be quite costly for them if they were to have several thousands of dollars in BTC, yet many of them are very small amounts that cause them to be very expensive to either use or to move.


Personally, I think it is a good idea to attempt to keep track of your costs per BTC, even if you are not going to be tempted into selling them, but hey guys can do what they like in terms of keeping track of various aspects of their BTC holdings.