Topic: Buy the DIP, and HODL! - page 54. (Read 129385 times)

It is not clear which investment strategy you are referring to in the post, everyone may use different strategies for investing. But if you regularly buy bitcoins through DCA to grow your investment, you may not need to have much investment experience. Buy bitcoins regularly by confirming the source of income and ensure the security of the wallet in which the invested bitcoins are kept. Remember Not your keys not your Bitcoins. No matter how much Bitcoin you purchase and deposit for investment, if you do not provide proper security to the wallet, the wallet can be hacked by hackers.

To start investing in DCA method you need this little knowledge. This is why it is said that dollar cost averaging techniques can be used to start investing with little knowledge, and over time you will gain experience with regular bitcoin purchases. This has been discussed many times in many posts in this thread.

By being regularly active in this thread you can gain a lot of experience about investing, as I did. In the initial stage I didn't understand anything about investing so I searched a lot on google and YouTube to understand about investing. But even when I tried there, I failed again and again and in the early stages I had no idea where to start. I have greatly enhanced my investment experience by regularly monitoring these Buy the DIP, and HODL!, Buy Buy Buy or Sell Sell Sell?, Road to 100k? three threads in the Speculation Section of the Economics Board.

The first investment in any investment is to invest in learning to have a better understanding. When there is no knowledge about a particular investment it means you are investing in nothing, it doesn't even matter if what you are using to invest is much. When their is no knowledge in an investment it is possible to be at last which the investment won't be even productive. Knowledge carries the information one is suppose to know concerning an investment and if the knowledge is not there it means one knows nothing.

Sticking with investing in Bitcoin will surely improve in the future, because it is a very good time to be where we are in terms of Bitcoin price. This is the best time to invest in Bitcoin, because in the month of October, the price of Bitcoin has only been dumped and dipped twice, but never down to a small dip.
 So those who have been waiting to buy a dip in bitcoin, their biggest opportunity is gone because the probability of bitcoin price retracement is very low (the probability of bitcoin price reversal or dip is very low). So there is still enough time to invest so it is best to wait long time before investing in bitcoins.

Nice point sir jayjuangee, i usually like to speak with experience, like when I newly started my bitcoin accumulation I careless about my securing my bitcoin Stashes because then my bitcoin Stashes have not gotten anywhere, but as time goes on, and my bitcoin Stashes began to increase due to my weekly accumulation, and also with effect of price movement, which has made me to be cautious with my bitcoin Stashes,  finding means I can use to double the safe keeping of my bitcoin, because prevention is better than cure .

Due to careless keeping of their bitcoin alot of folks have lost thousands and millions, either by been victim of scammers, or losing of seed phrases, these are things we should put in check whenever we are investing or accumulating bitcoin, so that ones hardwork won't be in vain .

You are actually correct, Bitcoin is a very volatile asset that is to say that it's variation is unimaginable or let me say unpredictable but however, it has sequence it moves and Alt can not or should not be compared with Bitcoin because most or if not all of them depend on Bitcoin. Lastly, I believe Bitcoin being risk free have been discussed about, the fact that Bitcoin has a great potential doesn't mean it is risk free or it's certain, the fact that I'm investing doesn't mean everything is certain or guarantee but one thing I know for sure is that Bitcoin is wey better than any other coin as speak and i believe I will make out something big in years coming.

That is why whenever I see someone that they don't need to understand and it's just simply buying Bitcoin and holding it, that's not the point.

I mean, yeah someone can do that but it's not the whole context. As an investor, we need to have at least the understanding of what we're buying.

Many have failed with that thinking because they're only following the crowd and relied on someone's knowledge and not by themselves.

Sure people should try not to be stupid, since no one should want to lose any money, even if it is ONLY $10.. yet if they start with a small amount, then their security should be in line with the amount invested, and realizing that if they hold coin with a third party then there are various kinds of risk but also that if the bitcoin gets stolen (like through a hacked account), then it is likely that the transaction is irreversible if the hacker takes the bitcoin, even if the bitcoin is with a third party..  At the same time, holding private wallets can also be complicated, including if the bitcoin are held on a hot wallet versus a cold wallet.

These matters of the various kinds of wallets need not be learned prior to getting started, since getting started is one of the most important things. and yeah, there is a difference between the incomes of people in regards to how much security that they might feel that they need based on their income and/or their other resources, so there is a difference between investing $10, versus $100, versus $10k versus $500k or some other amounts...and yeah, sometimes there needs to be extra security to account for potential changes in value.. since for example, even in 2020/2021, there might have been some guys who might have been somewhat lax in their security if they had $8k invested or in a wallet, but then after the BTC price went from $7k to more than $60k their $8k might have all of a sudden turned into $70k-ish.. and similarly in 2017 (although that is further back in history, when $5k to $8k might have been in some wallets and the BTC price was around $250-ish in mid to late 2015 - yet by late 2017, the BTC price went up nearly 78x, so that $5k to $8k would have turned into $390k to $624k, and so that would have been an even more extreme example how the security should have been more important, since maybe a person might have been o.k. to keep $5k to $8k on their phone.. even though that seemed a bit much, but then if the amount turned into $390k to $624k.. then they might have become quite nervous since maybe their whole networth might have been less than $50k and then all of a sudden their whole networth goes up 8x to 10x or more and much of their value is on their phone, which would not have had been a very good and/or secure place to be. .even though I think some folks did find themselves in those kinds of situations in 2017.. and their security did not keep up with the size/value appreciation of their BTC holdings.


Personally, I believe it is not easy to be your own bank.  Sure there are some aspects that are easy and user-friendly, but it still can be complicated to manage keys and perhaps keep the backup keys separate from the wallet, which is not always easy.. just think about if a person has an apartment or a house and then if the apartment/house burns down.. the person could be fucked out of all of his wealth, and there are risks to leave in a safety deposit box since sometimes 3rd parties can get ahold of that information.. . and sure maybe sometimes if a person is moving from one location to another there can be vulnerabilities too.. so I am not claiming to know all of the solutions or how to figure out ways to make sure seeds and/or back ups are both secure but also not overly complicated since sometimes normies will overly complicate their set up (retrieval process), so when it comes time to recover, either they are not able to remember exactly or it is even worse if they are expecting an heir or some other intended recipient to figure out the puzzle (the set up). ..

or even for an intended recipient (heir) to recognize the value that is there or for an intended heir or recipient to NOT get access prior to the intended time... and not all people are honest, trustworthy or even able to resist the temptation of getting access to something prior to it rightfully getting transferred over to them.. and maybe even some bitcoiners might have no or few persons that he might consider to be worthy of receiving his bitcoin.. so there can be dilemmas regarding both management and also figuring out whether and/or how to transfer.. including that death and/or incapacitation could come at unexpected times and even there could be questions about whether incapacitation might end up being temporary or permanent.  I doubt we can call these easy questions, even though surely maybe easier for some folks as compared with other folks... I know some folks that I somewhat trust when I am around and helping to guide them, but if left to their own devices, who knows?

Learning the basic knowledge of bitcoin is very important for a new investor, so that he can know how to buy bitcoin and plan on a long-term investment. I don't consider knowing the best wallet to use and how to transfer your bitcoin to your noncustodial wallet as a most for a new investor before he can start his bitcoin investment. This is because in the beginning of his bitcoin journey, he can buy his bitcoin and leave it in an exchange for the main time, while he continues to learn along side with investing weekly.

As he keeps his investment ongoing, he can learn about the best wallet of his choice and later he can transfer his bitcoin to his self custody wallet when his bitcoin has reached a reasonable size, because there is an amount that your bitcoin will get up to, how to safely secure your bitcoin will be the only thing in your head. One thing a new investor needs to know that is very important, good UTXO practices, so that he will not be  piling up small UTXO in his self custody wallet, but allow it to accumulate to $500 and above before transferring it to his self custody wallet to avoid using too much high fee on transaction fees in future when transaction fees are very high. If not all your profit might be eaten up from transaction fee making all your bitcoin investment a waste of time.

It is easy to secure your bitcoin wallet and that's why you should go for a hardware wallet that is open source, so that keeping your seed phrase safe from third party and knowing your pin will only be the challenge since it is air gapped.

You are right when it comes to bitcoin investment one needs to know the basics of investment which is how to buy and store in your Bitcoin on your wallet.
However newbies should understand that after knowing this and have started investing it is very important to know about this thing very fast so as to avoid lost which is.
1. Securing your Bitcoin wallet.
After you most have started investing you need to know how to protect your wallet because if you don't protect your wallet you may lose all your Bitcoin to scammers.
I have a friend when he knew about Bitcoin I taught him how to create wallet and buy Bitcoin at first and he started investing I told him things he needs to do to protect his wallet but he didn't take it serious and that was how he lost all his Bitcoin to a scammer who hacked into his wallet.
A lot of newbies about leaning how to create a wallet and buy Bitcoin they don't bother to secure there Bitcoin wallet or even read about protecting there wallet they feel everything is all good so please after starting your accumulation journey learn how to protect your Bitcoin wallet immediately don't waste time in that.

At least a little understanding is very necessary because they cant start investing if they do not know the safest exchange and how to buy it form them and send it to their wallet. The process of buying and storing should be the most important thing they learn fast then how to manage their investment and other knowledge can be learned later. It's just like going to cultivate without any tool, while it's essential to have a tool and know how to use it manually before thinking of buying bigger engines that can facilitate and modify the process.

I see any other knowledge that we ought to learn after investing as sustainable knowledge. That is what triggers us to hold on to our investment as long as we want to.

Yeah, that's what I am saying about basic knowledge. Understanding that Bitcoin is moving quickly and prices vary from time to time.

It's true that they can buy and just understand it later. But in general speaking about investing, someone shouldn't get into an investment that they don't totally understand even the basics of it.

I would suggest that Odohu used the term lump sum correctly, since he was talking about receiving an extra amount of money that was outside his normal income, so when that money comes available, he is considering how to invest that money, and he was considering that he was going to be investing the money right away, yet he would prefer for the BTC price to be in a dip status at the time that his extra money comes available.  He is not holding back and waiting to buy on the dip, he is merely waiting for the money to arrive, and he hopes that the BTC price will be in a dip status when the extra money arrives in his bank account... that seems to be a proper use of the term lump sum.


It seems to me that the more that a person might be worried about BTC volatility in the beginning may well be mitigated (and/or addressed) by BTC position size, and sure that might mean that he starts out with a small investment, and he studies bitcoin in order to become more comfortable, yet it still seems important to emphasize the part about getting started rather than emphasizing the part about trying to feel comfortable prior to getting started.  DCA should also help a person to get started, so as he is getting used to BTC, he is DCAing something like $100 per week and perhaps it takes several months before his BTC
position size starts to add up to a decent sized amount of money... and surely in the meantime while he is buying bitcoin every week, he can be studying bitcoin and yeah sure the larger his amount of money into bitcoin then the more and more motivated he should become to learn about bitcoin.. . ...and so I surely would not be encouraging anyone to be ignorant about the thing that they are investing into, yet people have busy schedules so it can take them time to learn about bitcoin, but their need to learn should not stop them from getting started investing into bitcoin, even if the starting amount might be relatively small as they are learning about bitcoin. ... and if $100 per week is too much, then figure out an amount that is comfortable to be putting in during the earliest of days in which there also might be some studying and learning taking place too. 

A quick glance at bitcoin's historical price should be able to show that bitcoin can be quite volatile and unexpected in regards to which direction in the short term of less than 4 years...hopefully anyone getting involved in bitcoin would be shooting to get involved  for 4-10 years or longer, and so if they are brand new to bitcoin, they might need to study it in order to get comfortable that their investment is 4-10 years or longer.. but they do not need to study prior to getting started.... and in the end, each person is responsible for his/her own investment strategy, and waiting surely does not seem to be an investing strategy, at least not from my perspective, but if someone invests into bitcoin and they are crying that they are losing money in the first year or two, then that is their own responsibility to figure that out, not mine since I am not telling anyone to have less than a 4 year investment plan and even after 4 years I am not responsible since they are the one who made the choice whether or not to invest in bitcoin and how much to invest... and how to go about their investment, and if they are so short sighted as to choose not to invest and to study bitcoin instead of getting started, that is also their own fault for considering that to be a good approach to bitcoin.  The best approach to bitcoin is get some and be responsible for how you go about it.

Most of the owners of those others coins come up with things that are too good to be true to attract people to invest in them, and it pays off cause that's why many people still buy Alts and shitcoins out of ignorance all in the name making profits in the future, though some are out of greed too cause they're aware of the consequences but are willing to take chances despite knowing they could lose everything. Over the years, Bitcoin has shown that it has the ability to reach different ATH and it would still set another in the near future, which makes it the best Cryptocurrency for investment, that alone should discourage people from buying other coins for investment purpose but then that's where ignorance and greed comes in like I said earlier. Well, another thing is lack of patience some of those investors are not willing to wait for long-term cause they want to make quick profit, they disregard the major benefits of the future and chase after quick profit that seems very risky, forgetting or not knowing that Bitcoin investment got strategies that helps counter the risk of loss and that's why it's completely different from others.

Yes, of course at that time the decline in the price of BTC was very scary, yes it fell to around $65k, but now the price of BTC has risen again to $67k and of course this is a positive movement for BTC. and of course people who buy at that price ($65k) will definitely have made a decent profit.

yes, your statement @Jay Juan Gee is indeed more optimistic. and what is certain is that at this time I also hope that the price of BTC will not touch the price of $65k again. but I am optimistic about BTC for the future and now I see BTC holders getting stronger which of course will make BTC have great potential to rise even higher.

Yes, there will always be ups and downs in BTC prices, but of course the real proof of BTC is that it has never disappointed its holders until now as long as can be patient and hold BTC for the long term.

Bitcoin alone holds itself in a strong position in the long term.  Altcoins can't hold their position in that way for long.  Bitcoin can return to its maximum ATH at any time.  People often fall into a state of confusion during ICO.  They are confused with attractive white papers.  People buy these coins hoping to make more profit and face losses.  They steal huge amount of money by tricking common people. Bitcoin Pow is fair and realistic where miners do what is best for the network.  Finally let me say that Bitcoin is a completely decentralized institution and completely different and risk free from other coins.

You seem to be misunderstanding Odohu a little bit, there is nothing absolutely wrong making certain level of preparedness in terms of buying the dip in your ongoing dcaing, so far it will not affect your other living expenses or make your investment look like a burden to you, just that when proper planning are not made towards buying the dip one can use the money that not meant for investment to make purchase or probably over do it because it can be very tempting, emphasizing buying the dip along side  dcaing it not for everybody alot can decide to to remain focused on their DCA as not to be distracted and have a mismatched by default.

The price of Bitcoin shouldn't stop you from making your purchase besides Bitcoin price is not stable as it always fluctuate, with the price of Bitcoin you mentioned before you can accumulate which is $65k and the current price of Bitcoin now which is $66k it simply means your plans is to buy Bitcoin when it is dip which is not actually good for some one who is still growing in his Bitcoin journey, so it means you won't buy Bitcoin if the price moves above $65k which has already happened.

Since you are still maintaining your DCA strategy you can still do your lump sum regardless of the price of Bitcoin since your plan is for long term so you can have enough amount of Bitcoin in your possession which is your primary target and hodl for the future.

Basic understanding is enough to start your bitcoin hodl journey since you will not care about the prices especially if you do DCA,  your main concern is your accumulation and not those unnecessary things that can bother your focus.

But you can continue to learn while on process of accumulation since its important to start since if you wait for long  time to learn a lot of things then provably that you will just face some delays since provably you will doubt to start especially if you see the market is dumping. I understand your point, but if you are at the point that you are sure to invest with bitcoin and already know that this is good asset then start to invest. You will only loss a lot of money if you trade it , but if you are buying and hodl it for sure the risk is so low since your money is just there waiting for the timeline you set to sell it.

They still need to understand the market before investing.

Someone who's investing without basic knowledge is going to have emotional hiccups and might panic in the end. That's why if there are beginners there, I still advise them to at least learn and understand what volatility is before buying Bitcoin.

It's hard to buy something that you don't understand even if the crowd says that it's fine.

Long-term investment is better applied for every investor, they only need to make purchases and hold. Yes, maybe the points you make are quite good, but I think investors will not expect profits in the near future unless they have invested since 2015. So far, many old btc wallets have been active again by transferring their btc to the exchange and the btc wallet is 15 years old, where the owner made his first deposit to kraken by selling a little of his ownership.

Source: https://x.com/ArkhamIntel/status/1848450924773040151?t=XDEGBajc95rOl5csLoBKTA&s=19

So in conclusion, if we invest in the long term, there is an opportunity to make a profit and it is not impossible because we have seen btc continue to rise in price.

Wasteful withdrawal fees can probably be prevented, by withdrawing it every month compared to once a week. So the main thing to do, can we fully concentrate every week to keep buying bitcoins.