Topic: Finally I did it (I am happy to join). (Read 1996 times)

Personally, I am not so much focused on short-term BTC price moves, even though surely some of that can be taken into consideration; however, the main idea with any investment, including bitcoin is to get the fuck started and don't be diddly daddling around, and sure to do so in a kind of practical and reasonable way.

Sure, if someone's finances is in so much of a mess that every day is emergency mode, then he should get his finances in better order prior to getting started investing; however, it seems to me that an overwhelming number of people are not constantly operating in emergency mode, but instead they have some kind of understanding of their own finances in terms of knowing how much money they generally have coming in and how many expenses that they have, so right from the start they will have a general framework for understanding how much money that they have available each month or each pay period.

However, on the other hand, many people do not really study and practice their personal finances in a detailed kind of way, and when they invest, they likely need to get into better practices regarding both how closely they look at their financial situation but also in regards to both building and maintaining an emergency fund if they had not been in the practice of creating an aggressive emergency fund.. .. so most likely a lot of people know that they keep a certain amount of a float in their finances so that they are not always panicking, so they already know how to do those kinds of things, yet if there is a desire to seriously invest into a volatile asset such as bitcoin, there needs to be more seriousness in terms of buttressing an emergency fund that goes beyond their regular practices.. .. so that building of an emergency fund can be accomplished at the same time as building of the investment, so their is no need to delay getting the fuck started in bitcoin (and I am not talking about FOMOing in merely because the BTC price happens  to be going up, but instead it is always the case in regards to bitcoin that getting started is the thing to do rather than waiting around.. and finding insubstantial reasons to delay).


For sure people have to figure out their own situations, and if they are fairly new to bitcoin and maybe they are investing around 10% of their salary into bitcoin, which maybe is around $50 per week, like you suggested, then it is going to take them around 10 years to have reached a whole year's salary invested into bitcoin.

On the other hand if they had been more aggressive and they are investing around 25%, then they would have a whole year's salary invested in 4 years.

So what they do and how they manage their cashflows in order to make sure that they are able to continue to invest no matter what has to do with various aspects of how regular their income and expenses are and they may find ways to establish minimum amounts that they invest every week and maybe being able to max out at higher rates depending on how much money comes in that week or month or whatever is their pay period.

I frequently suggest to be as aggressive that you are able to be without overdoing it in such a way that you end up losing your bitcoin.. ..... so some of that may have to do with how much cushion exists in an emergency fund that can be being built and maintained at the same time that the BTC investment portfolio is being built.

BTC price is only one of the 9 factors to consider.


Note: price fits within number 4.


The more instable (or irregular) the cashflow, then the more need for a larger emergency fund, but the mere fact that someone has a unstable or irregular income does not necessarily mean that he cannot invest into bitcoin.   However, if he does not have enough money to cover his expenses, then he does not have disposable/discretionary income, so he does not have money for investing, and one of the first principles that we already established is that investment money should be coming from funds that are not needed in the next 4-10 years or longer... so if someone is taking money from his expenses or that he would otherwise, need, then he is gambling rather than investing.


Well, you might not be in a position to have that problem; however, after you invest 4-10 years or longer, there might be a point in which you are starting to feel that you can change your strategy.  You have to be the one to figure out what is the best strategy for yourself in terms of whether you believe that you have enough BTC or too much BTC or if you might need to balance things out, and I had already mentioned that if you have less than 25% of your annual salary saved up, then you likely do not really need to worry about diversifying beyond having some cash and/or an emergency fund, but maybe once you start to get up to higher levels of BTC accumulation, such as 25% to even 2x of your annual salary into bitcoin, then you might start to want to consider some other strategies and/or variations on your already established strategies, and the level of BTC accumulation or the size of the BTC accumulation that you establish prior to adjusting strategies is likely going to differ for people.. and maybe some people will want to adjust their strategies once they get up to 25% of their annual salary accumulated into bitcoin, and others 100% and others 2x.. and there can also be considerations regarding whether you are changing your strategy based on the amount that you had invested or the current value of your BTC holdings, whether you use the 200-week moving average to value your holdings or if you use the BTC spot price, and personally, I have already argued many times that it is better to value your BTC holdings based on the 200-week moving average rather than BTC spot price, even though you surely can do both.  (you can see some of my discussion and the website in my sustainable withdrawal thread).


Some plans are better than others - both in terms of their practicalities but also in terms of their attempts to tailor the practice to the individual circumstances, and generally, it sounds to me that you are doing the right thing, especially if you are in the earlier times (or years) of your BTC accumulation, your building up of an investment portfolio that maybe is mostly focused on BTC for now. 


Of course some mistakes are greater than others, and we don't always completely learn from our mistakes or even realize our mistakes in a timely manner, but yeah, if we are trying to improve then we should be figuring out ways to make sure the levels of our mistakes are with our tolerance levels and we perceive ourselves to be making progress, and maybe when you are in your first few years of being involved in bitcoin, you do not have as many experiences or you might not be venturing out, but there are several kinds of parts of bitcoin in which any of us could choose to experiment with various kinds of wallets or various exchanges or various ways to directly interact with people in bitcoin and maybe to figure out if we are going to wait for confirmations before we give bitcoin for cash, and there can be differences if we are a vendor with an established business versus if we are meeting a stranger in the parking lot of a Starbucks.


A lot of the win or lose scenarios can be ameliorated in regards to position size.... so for example if a guy usually has $200 per month extra that he could invest or do whatever he likes with, and if he is brand new to bitcoin then maybe he would choose to invest $10 per week while he is learning, rather than investing higher amounts, and as he becomes more comfortable, he might start to feel that he can invest more and more and maybe some day even reaching the max amount, which is $50 per week in this hypothetical.

Investing according to our respective abilities is wise enough in any condition because everyone will never disturb what they have invested when they suddenly need money in their own lives. So that the investment will continue without any obstacles or sell immediately when you need money, but beginners who often make wrong decisions when investing can also learn by themselves through the wrong method so that they can have the right mindset with their next investment in the future by not using all the money just for investment.

Actually, it is not a good idea to do so, but if Incase any one is in such position whereby his or her emergency funds if very very big like $10k or $15k , he might as well use $1k from it just ones, then not try that again.

Okay,,, now I get the point, like we all know that Bitcoin is heading to the top and looking at the price today, Bitcoin is about $46700k and yesterday it was $47k, this shows that Bitcoin is rising and people should start investing instead of waiting.
Like now, if one is accumulating a $50 Bitcoin weekly it will not be a bad idea but it might be a bad idea if the person just stop accumulating because he or she might not have money to keep accumulating. Sometimes, a lot of people encounter such situations because they don't have a constant cash flow, and for someone who don't have a steady cash flow to safe for emergency cases he or she will also find it very difficult to hold and accumulate Bitcoin.

Perfectly said,

That's one thing I don't ever want to experience that's why I have to keep one building up the investment instead of waiting for the dip that might no even get dipped.
Ones one have the one to buy there is no need to wait for dip, although everyone have their own ways of investing, just like the way I am using the DCAing method, others might not 2ant to use it like I do.

Interesting.
However, everyone has made a mistake already and most time mistakes are meant to be made because it will help us to learn more about what we made the mistakes for, so that next time will be more careful.
If mistakes are to mode then a lot of people would have not learned what they have learnt today.

I hope that he wont do that because I have read some newbies that did invest and did the wrong decision of investing what they cant afford to lose. And when they are in need of money, they were forced to sell the bitcoins that they have bought. While the situation of the market was unfavorable, instead of making a profit, they have made a lost that they have regret. That is why you are right that he shouldn't invest all that he has got.

Yes even though the DCA is good for everyone to invest, the investor will need constant income probably weekly or monthly if not even the DCA can't be effective for the investor. Because the person is using that method because he does not have enough funds to invest at once so what has to do is to look into his income and plan to invest according to the income. And as you said there must be a persistent top up of the DCA to increase the portfolio.

Invest what you can afford to survive and not all the money at once. You can divide the income into two and use one part for the investment and the other part to do things in the family to avoid quarreling. Invest wise.

 Congratulations, mate! This is a huge archivment, I'm so for you, you were able to buy what you had been wanting for a very long time. I know you'll have more fantastic wins in the future. This is still the right time to purchase bitcoin. Those who encourage you will be very proud of you for your efforts, as you believe in and purchased bitcoin based on their motivations. If it weren't for the personal problems you've been dealing for the past months, you should have done so in October. Given the current price of bitcoin, just make sure your investment is for a long term to gain more profits. I'm not sure how much money you have, but if you want to take opportunity of the bull run, you can still buy more. Once more, congratulations, and best of luck for future success.

The ease of investing in Bitcoin provides a way for anyone and this is why there is no reason to say that he cannot be involved in investment. DCA does not require the right time to take the accumulation of purchases because this strategy can be done at any time in accordance with the specified period. Keep in mind that relying on this strategy must have consistency because when someone does not do it regularly, the bitcoin they have will never increase. The price of bitcoin is still high enough to accumulate a large amount of purchase and this is sufficient to affect some people who do not have a good and stable financial structure.

DC is a strategy that can be run and we do not need large capital during consistency to do regularly, Bitcoin can increase slowly. Regarding the need for money and does not need to sell bitcoin it can be adjusted, therefore we do not need to invest all the money possessed and can be made percentage so as not to affect the investment we are living.

Congratulations on your investment. I'm also happy I took a bold step last year to invest from the money well-wishers gave me and my baby after delivery. I got that idea also from this forum. Indeed Bitcoin talk is giving us amazing ideas. Everyone who joins this forum should endeavor to read and gain knowledge about Bitcoin investment because this should be the sole purpose of everyone who joins this forum.

Well, honestly speaking, I don't remember which of the posts I posted here on the forum gave you encouragement, OP, but anyway, thank you, and you appreciated whatever I posted that encouraged you to buy Bitcoin.

At the same time, I am also glad that you have taken one step first, and I am sure that you will take one step after another in the decision that you have made about holding bitcoin in the long term.

Congrats on your first buy I still remember when I bought my first Bitcoin on a local exchange for fear of losing money but I still gave up everything I bought my first coin and from that year till today I am still stuck with Bitcoin & crypto market.
The biggest lesson I have learned in crypto is to store your coins in a wallet where you take ownership, of your keys, and your coins. Hence I suggest going with a Hardware wallet or paper wallet for better protection. Also, distribute your coins to different wallets.

I love your aura for investing. It takes a million convincing from your crews to be able to take the bull by the horn. I wish I'm you, I envy your courage to invest. Kudos the sky is only just the starting point. You'll never regret this great journey of yours

I still think that since OP had overinvested in his initial investment, he might not be in a position to buy very many bitcoin, even though like he said it may be good to DCA some small amount.  But part of the problem is that OP seems to have such a small income, so it could take him a while to build up his emergency fund and maybe even to build up enough to have for buying on dips.. just in case or just to have that money available...

In the end, OP knows his situation better, and he did not really say where he got the money because it is way beyond the amount that he initially planned to in vest (maybe right around 30x higher).. so it could take a bit of time to get back into balance if someone engages in a behavior that is around 30x his normal budget an does not provide a context or explanation for how that is not overly doing it.

Don't get me wrong.  I am not poo pooing the idea of front loading an investment, and I am also not poo-pooing the idea of continuing to DCA, but sometimes if a person over does it and does not have an emergency fund, then he is not investing, he is gambling, so he runs the risk of the BTC price moving against him and also that he might not be sufficiently/adequately prepared for if some other issues might come from his using money that might have had meant to be his emergency fund.

Normal people (including gamblers) do these kinds of things all of the time, and sometimes it ends up working out.  I recall a forum member in around 2016 (or maybe it was 2015) who had sold his house and used much of if not all of the proceeds to buy bitcoin, and there were several months that the BTC price moved against him, so it took a bit of time before he was looking like a genius.. and there are other people who gamble in those kinds of ways and the situation does not work out as favorable.

We do have a nice set up for some ETF approvals and other various bullish events in the short term and maybe even in the next year or two, but surely none of that is guaranteed to play out favorably, which is part of the reason to try to prepare for either direction (even during times in which the price and circumstances seem favorable).


That could be.  Although I am the one that said that if your emergency fund is BIG enough, then you can float it.  He seemed to be erroring in the other direction of not needing to have an emergency fund.

Furthermore, in another post, he seemed to have had been describing emergency funds as something that you spend every month, so if you have a $300 budget, then you have $100 in expenses $50 in personal, $50 to buy bitcoin and the other $100 for an emergency fund.. meaning just extra things that you had not thought about.. .. so I am having trouble thinking that he has his emergency fund situation figured out... but if you are living with mom and dad, then maybe you don't really have to worry if they are going to bail you out, then you don't really need an emergency fund.


I think that there can be some flexibility in terms of how to treat an emergency fund, but it seems that 3-6 months worth of expenses would be the normal range that people think about, and surely I think that 3 months can be quite low, but sometimes people want to live dangerously and if there is work to build the emergency fund, from my own point of view, I think that you can sometimes draw on it and even be a bit risky, but if you are in the practice of doing that too much you are likely going to end up screwing it up, so that is part of the reason that I suggest a larger cushion prior to allowing it to float, so maybe the cushion would be closer to 6 months, but you might float between 6 and 9 months, so you allow it to build to 9 months, but sometimes you might draw it down to 6 months, and when you start going below 6 months, then you have to be more careful to be working on building it rather than drawing upon it... but surely guys are going to draw those lines in differing kinds of ways. .. which is fine as long as they don't end up getting burnt... and then regretting their lack of a sufficient/adequate cash cushion.


That's true.. sometimes we might get caught up in semantical arguments in which guys have differing understandings, and it seems to me that part of the way of really learning about these kinds of things is to put them into practice and to continue to try to learn how to balance them in light of your own personal circumstances, and trying to pay attention to your own comfort levels and various kinds of times in which you might be depleting your cash cushion.. ..

and everyone is likely going to have some float in his income, so for example, if someone  only get's paid once a month, then there are going to be periods around getting paid that everything seems fine, and towards the end of the month is the part in which there may well need to be a no matter what cushion that the amount of cash does not go below a certain amount.  Of course, getting paid more frequently will help the within the month possible short-falls, and so someone who gets paid only once a month likely has to keep a larger cushion than someone who gets paid more frequently...

..and part of my point that the lowest reserve is likely going to come at similar times each pay period or each month and you can monitor those periods, including figuring how you might treat different levels of reserve.. and how much tolerance do you have for your cashflow to get to certain low levels.. which surely I consider to be stress that is unnecessary because it is the kind of stress that you can avoid and/or minimize.. and other aspects of having an emergency fund will make it quite more likely that you will not experience emergencies as compared to the person who does not have an emergency fund or who has an inadequate emergency fund may well end up going through emergencies every one or two months.. which just seems crazy to me... but we know that people live like that and when you are a serious investor in something like bitcoin, there is no excuse to have those kinds of incidents.. there should be zero tolerance for such.. .and you should be able to go 15 or 20years without ever having any emergency incident because you always maintain a sufficient/adequate cushion.

Some people actually believe that it is normal to have emergencies several times a year and maybe even every month or two, and that does not happen with decently well organized people.. and part of the secret is the creation and maintenance of a sufficient/adequate emergency cushion (fund).


I would not call your float to buy extra BTC emergency funds, yet I do not disagree with the overall point that there can be all kinds of ways that extra funds are kept and that your emergency funds can be seeming to work for you in a variety of ways, while at the same time, you should be keeping track of them and not letting them drop below certain levels in the aggregate or even in various places that you might have varying categories of extra funds.

Lolz, he thought emergency fund is something one can save and be using it in the future. Well government might do that because they have enough funds to be used in the future but I don't think so for individual  I don't think so but in the cryptocurrency investment, emergency funds is the cash you have aside from the main investment funds and that will also  brought the clause I have been using since, "have something doing before you start your investment, you that you won't spend your investment funds, and what you are doing can be your emergency funds. But @JayJuanGee can explain more better for everyone's understanding because the "Emergency Funds" here is like giving extra meaning to the conventional meaning. And that might be the misunderstanding of some us because they might only understand it from the dictionary and general uses of the "Phrase".

And as it said earlier, emergency funds are not easy to save or keep because problem arise in human life every day so if you are keeping more to invest then you have to displayed yourself for some minor occurrence but even that is to not easy to bypass. But some people used to keep or luck emergency funds in apps to be use in the future, so when Bitcoin price low and you have emergency funds at that time then it is good for you to top up your wallet with good amount of Bitcoin if only you have enough emergency funds at that time.

Ops congratulations to you on your Bitcoin purchase,  I don't know if this is your first Bitcoin purchase or a follow what you already started some time ago,  btw it is nice to see that you have taken that step to accumulate some bits of data as an investment,  I believe in the long term you will be able to accumulate more Bitcoin as your cashflow increases because the journey is still far from finishing and considering how little your amount in accumulation is it becomes obvious that you will need to make several and more Bitcoin purchase as a follow up if you want to starch up an amount that could yield good profits on the long run.

But then also it good to see that you are beginning to engage in discussions that can help you make a quick and flexible Bitcoin purchase journey to arrive at your Bitcoin accumulation point before your timing.

This OP's story reminds me of the first time I was able to buy Bitcoin, and at that time there was definitely a feeling of hesitation about buying it because it was a new experience and there was also a fear of losing or losing.
However, after buying it, not long after the price of Bitcoin rose and I made a profit from the Bitcoin and that made me feel happy and motivated which made me enthusiastic to be more active in making money and so that I could buy Bitcoin again.
And the money I earn to buy Bitcoin from my side job and not use the money I earn from my job or salary, and I buy it in stages or do DCA from the money I earn from my side job.
And OP has a car that can be turned into a business that can make money and that's good, because you have income that supports you to be able to continue buying Bitcoin. And my advice is that you should do the DCA strategy without having to save and you can buy it according to your ability after you get a profit from your business and do this for the long term then you will get big profits in the long term.

Congratulations on reaching your objectives! Keep working to improve your lives, as nothing good comes to those who do a sensible things that will make them happy in the long run. Since buying bitcoin is similar to planting a crop and waiting to invest, it indicates that you are prepared for the next bull run.

However, if you really want to take full advantage of the bull run, you can still buy more bitcoins as the more you buy, the larger your profits will be.

You seem to be struggling with the idea of an emergency fund.

Yeah, of course, people are not used to maintaining an emergency fund, and surely many times such emergency funds are not easy to build or to maintain, especially if the money is tending to debase with such rapidity.

For sure, there is balancing going on, and you seem to believe that you are better off having an emergency fund a smaller amount so that your money can be working.. such as being in bitcoin, and sure maybe, if someone is new to investing, they may well choose to maintain a way smaller emergency fund because they hardly have any investment size....  and sure, part of the reason that a lot of newbies will end up getting recked out of their investment is because they did not maintain a large enough emergency fund to deal with unexpected circumstances.. and it happens all of the time, especially for newbies who have no other sources to draw upon if their cashflow dries up or is not sufficient to cover their expenses besides whatever small emergency fund they have and their investments (perhaps only into bitcoin), so they could end up getting fucked pretty badly to spend a significant time building their investment and not having enough reserves to cover short-falls in their cashflow.

Do I need to present another example?  

Let's say that a person started investing $100 per week into bitcoin in October 2019... So he started at a pretty reasonable price and the BTC price largely went up from October 2019 until late 2021 and then ended up correcting a lot during 2022, but he kept investing into bitcoin and thinking that a new ATH would come, and BTC prices would reach $100k or more, but the prices were already in the lower $40ks and upper $30ks.  So maybe he ends up investing nearly $13k into bitcoin and even having right around 0.8 BTC.. but at the same time he had not been maintaining a very large emergency fund... and so we know what ended up happening from May 2022 to December 2022, and if he might not have been able to cover that period, and he kept drawing from his cash, then he may well end up depleting large parts of his BTC stash.

So what happens if during that time (even in early 2022), he is already suffering from cashflow issues, and he believes that he can handle the matter and from our earlier hypothetical, his expenses are around $500 per month and his cash flow had historically been $300 to $1,200 with most of the time being around $500, but then maybe he is ONLY getting $300 or maybe even some worse circumstances, and some of his expenses are going up too.. due to the Emergency status.

So he has no choice but to start to dip into whatever emergency fund that he has left, and the BTC price keeps dropping? and so by May 2022 the price is dropping a lot, and maybe he would end up having to sell bitcoin at a time and price that ends up NOT being very convenient... and he is selling as little BTC as he can, but he does not have complete control over the situation and if his situation does not resolve and he keeps selling as little of his bitcoin as possible he could still end up with very few bitcoin and even inabilities to replace whatever he sold when the BTC price starts resuming up in 2023.  

I am not trying to say that an emergency fund is going to resolve everything, and surely there can be various backups that people have, but if you are working with the hypothetical, you should be able to figure out some reasons in which it may be a good idea having an emergency fund, even though maybe it is not a very high likelihood that you would end up using it.. but at the same time, having to sell any of your BTC during periods that you should be either accumulating or at least holding would not be helpful to your longer term prospects, and frequently poor people never are able to get rich in part because they fail/refuse to maintain a sufficient/adequate emergency fund, and they end up using their investments (such as BTC) as their emergency fund.

Dollar-Cost-Averaging (DCA) method has made it easy for everyone to invest now if anyone wants to invest in Bitcoin then they can start investing with a very small amount using this method. Dollar-cost averaging (DCA) is a special type of strategy where investors buy small amounts of Bitcoin regularly over a period of time as the price of Bitcoin fluctuates. This dollar-cost-averaging (DCA) method allows traders to take entries at the right time and right price.

There are many people who cannot buy large amounts of bitcoins at once but they are gradually increasing their bitcoin investment by investing in the dollar-cost-averaging (DCA) method. But one thing to keep in mind while investing in Bitcoin is that the amount of money you are investing in Bitcoin, if you need money at some point, you have to supply the money without selling your invested Bitcoin

Congratulations to those of you who have successfully made your first bitcoin purchase and we hope this is the first step for you to continue collecting responsibly. Everyone starts having difficulties when they first start because they may not have much experience and over time they will get used to it by themselves. But what you need to know is how to invest responsibly and don't need to force yourself to sell goods, cars and take all the money from business profits, because there is a monthly purchasing method that you can do.

That's much better because your bitcoin ownership is much safer than storing it on any exchange. This is quite important to pay attention to so that the investment you undertake does not pose a risk of loss. Stay consistent and you can continue to purchase bitcoin regularly using the DCA method and the important thing is not to force yourself to buy with all the money you have.

Yes mate Op will not regret once he invested in Bitcoin cause we all know how Bitcoin works if he invested Bitcoin then he can earn more profits in Bitcoin but it will happen for a long term cause we all know that Bitcoin is for long term investment , so he must wait for months or even years to achieve what others already achieved. Also Op don't need to worry about cause Bitcoin is one of the best coin for investment it's proven and tested so we can guarantee that 100% safe than other coins. So good luck Op for your Bitcoin.