Topic: Finally I did it (I am happy to join). - page 3. (Read 1996 times)

That is not true.  You seem to be just making up your own facts..  Op had already created another similar thread, and he referred to that thread in the OP of this thread. Accordingly, in his other thread, OP already admitted that he had a cashflow of $300 per month, and he ONLY had been budgeting around $50 per month for the buying of bitcoin, so if we go by his own representations, then he did not all of a sudden save up the money because according to him, he ONLY has around $50 per month extra that he is able to earn for bitcoin, which would take around 30 months (2.5 years) to be able to save up $1,500.

Yeah, he might have already had that money saved up or maybe there were facts about his cashflow that he was not disclosing, but the mere estimation of a $50 per month investment plan is way different from what he said that he ended up doing.   


That could be partially true.. that he is erratic and spontaneous, and even the portion that he makes seems to have dedicated a pretty decently large percent (which is 16.7%) towards bitcoin.. and so he did mention a expenses of $100 and an emergency fund of $100, and $50 for personal (which would be a kind of reserved expenses).  So even if he had not been saving an emergency fund previously, and if he had been saving $150 per month, it would still take 10 months to save up to $1,500...

And, maybe I am being a bit too harsh, but I am using OP's representations - and likely he had something already saved up because otherwise it makes little sense to all of a sudden have $1,500 that he could buy BTC when he had previously been contemplating a mere $50 per month, and yeah sure people change their minds about how much they are going to allocate towards the investment in something, whether bitcoin and/or any other investment.. and maybe even sometimes we either receive extra unexpected money or we are able to juggle around our finances and realize that we have some money in some other location that we are able to reallocate towards investing in bitcoin or some other investment.


This comment does not make a lot of sense, either.  You should not be saving up an emergency fund and then plunking it all down into bitcoin, that defeats the purpose of the emergency fund... and whether OP has a steady income or not (which he described as $300 per month which sounds pretty steady to me as a way of describing it), he still would need to save up 3-6 months worth of expenses for his emergency fund, and if we consider his expenses to be around $150, based on his description, he could save up 3-6 months, of that which would be $450 to $900, and he could invest in bitcoin at the same time, and his having said that he was putting $100 per month into his emergency fund suggests that he would be able to save up his emergency fund in 4-9 months, and simultaneously buy $50 per month worth of bitcoin.

Once an emergency fund is established then it mostly could be maintained and drawn from here and there, but if it is drawn from then it is replenished soon thereafter, and if it maintained, then any extra income that had been used to build it would then be available for investment, so OP could start to use $150 per month for investment into bitcoin rather than just $50 per month once he reaches his emergency fund target.

And, if there is a possibility that his income is unstable rather than stable, as you suggest Dailyscript, then more likely that would justify building a greater emergency fund rather than saving in order to lump sum into bitcoin, and hey I don't have any problem with the idea of lump sum investing, which is used for buying upfront, or buying on the dip, which is used for when the  BTC price moves against you, presuming that you had already been investing, and yeah there are some people who don't want to buy BTC right from the start, so they save up in order to buy on the dip.. which may or may not work out for them, and is not a very good way of preparing for UP, if they have not already bought BTC in advance of their waiting for the dip, which means they might have ONLY prepared for one BTC price direction if they do not already own BTC.


Of course there is a bit of a balance, yet there needs to be an emphasis upon people getting started as soon as they can, which does not mean that they jump into bitcoin blindly, but instead almost everyone comes to learning about bitcoin, and they may already know if they have $10 that they could buy bitcoin or not... so they have basic understandings of their cashflow... if they do not know their cashflow very well, then they likely need to learn those kind of things, but still does not mean that they should not get started with some small amount.. setting up accounts, figuring out where they are going to buy it and to hold it, and then figuring out more things along the way in terms of their own discretionary income regarding how much extra that they have that they are able to spend each month (or each week) after accounting for their expenses... how much of their income is left?  Anything? $10? $100? $1,000? or some other amount?  Is their cashflow/expenses regular or erratic?  What about their personality?  Sometimes an investment style and even creating some investment plans (such as into bitcoin) might be able to help a person to better understand and manage his own financial and psychological matters.


Yep.. we cannot go back in time, so we have to start from the present, but we can see that investing even $25 per week into bitcoin since mid 2016 to present would have resulted in nearly $10k invested until now and nearly 2.5 BTC accumulated (current value right around $107k - so very close to 11x more valuable than the amount invested. 

If you had started investing in Bitcoin since then, it seems you would have been one of the lucky ones. Yes if you had invested in bitcoins between 2016 and 2017 you would have owned a lot of money by now.  In 2016 to 2017, the price of Bitcoin was much lower than it is today, when the price of Bitcoin was only between $963 and $1500. Since then, the price of Bitcoin has increased by almost 100% to its current value of $42,840. Bitcoin price will increase as time goes by. You can start investing in Bitcoin right now if you want. If you don't have enough money then you can start investing with DCA method.

What a nice gift for yourself before this year ends OP.

Just make sure you stored it in a wallet where you have your own private keys. Don't put it in a certain exchange platform for too long if you're not going to use it in trading. Also, don't let anyone else see or copy your private keys, because they might steal it and you'll regret it when that happens (let's hope not). Avoid panic selling and being FOMO. Good luck on your cryptocurrency journey.

Knowing the basics? An absolute must. Truthfully, though, you don't need expert-level technical knowledge to hop on the Bitcoin train. Did every gold prospector know earth geology? But they understood gold was valued. Similar to Bitcoin, recognizing its value is more important than blockchain technology. Continuous learning is needed, especially in a dynamic area like cryptocurrencies. You don't need a PhD in computer science to invest, but remaining informed and learning? Smart move. Knowledge is power and profit in Bitcoin. You must learn to swim, even the basics, before diving into the ocean.

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In your local board, you're doing a great thing guiding newbies. It's good. Remember that guiding is not overwhelming. It's not wise to scare folks with technical language. Finding that fine line between informing and intimidating. Keep curiosity, learning, and interest alive. Bitcoin is for everyone, not just techies.

For long term holding not necessary with good knowledge about bitcoin, but some people more confusing when investing in bitcoin and afraid what is the right time entry until bitcoin get up to higher price. Actually knowledge is most important when investing in bitcoin but need decision without doubt when invest their money in bitcoin.
I know OP not know well with bitcoin but he has braveness for investing in bitcoin and learn later detail about bitcoin, first you need to make investment in bitcoin and then you can learn or get knowledge with bitcoin after having bitcoin investment assets, what for have more knowledge but still get doubt when investing their money in bitcoin.

Welcome to the world of crypto investing, and congratulations on your first purchase. Out there, so many people are planning to buy their first investment. However, there are so many considerations behind that, such as waiting for lower prices, waiting for the market to stabilize, waiting for high prices, doubts, and so on, so they never start. After all, you have taken your first step, and the next step is to make subsequent investments little by little. However, be confident in the plans and decisions you have.

that's how the trend will go and before you know what has happened, the number of Bitcoin holders will increase across the span of the world.

This goes to show that the message has been heard and people have started making great decisions regardless of whatever negative news and propagandise information that might have been flowing across on the internet and the resistance the part of some local government and authorities.

Kudos for not just making an audio claim to have accumulated bitcoin but for actually making it as a necessity to buying and posting it here, it has served as a source of motivation to people have the intention of buying but have not made an effort to buying it.

By "good knowledge" are you suggesting that holding require any special form of knowledge? Do you know that many Bitcoin tech experts may not even hold Bitcoin better than investors like MicroStrategy that are busy accumulating Bitcoin for years without selling. Basic knowledge of Bitcoin is all you need to be able to invest in Bitcoin and HODL.

In my local board, a lot of people started their Bitcoin journey this December as you can see in this newbies introduction thread, these are people with little to no knowledge of Bitcoin and the tech behind it, but within a month or two from now, we would have guided them on how to start accumulating and holding Bitcoin while still acquiring more knowledge of it like I'm personally doing. If they have to wait till they get detailed technical knowledge of Bitcoin, a lot of them will be frustrated and will abandon it for other easier things. I don't think we should scare people with this knowledge thing because even in conventional career, people learn on the job.

Congratulations. Back in 2016-2017 I could have bought bitcoin for cheaper price but I didn't. Instead if bought some altercoins. I think I made a bad decision.

People often do this not having no knowledge about Bitcoin, they just know Bitcoin as one investment that can double their money with time without examining and understanding the strings attached to Bitcoin.

It is good seeing those who make it their greatest obligation to keep on getting acquainted with the use of Bitcoin and its  blockchain always ends up making good profits from their investment, simply those who invest with the intention of a long term holding.

From what I understand, OP has been struggling financially with the passion to invest in bitcoin sooner. Until he was capable of saving a little to buy his first bitcoin. I am kind of certain that OP does not keep money for emergency funds. He sounds like an individual in that whenever he receives his income, he settles the housekeeping bills and thinks of where to invest his money next. So this made him save up regularly to start an investment.

If OP's monthly income is stable, I think the best thing to do to accumulate bitcoin faster is to DCA consistently, but if his income is not steady and it varies from different prices based on his work input, I will suggest saving up for 3 to 6 months and lump sum.

If we have decided to hold Bitcoin for a long period of time of course we must have a good plan to be able to carry out what we have planned and it is also very important to have good knowledge to be able to hold it for a long period of time because if we don't have a good understanding about Bitcoin then we will be affected by bad news about Bitcoin, when we have a good understanding of Bitcoin of course we will be able to easily achieve the targets we have set and we also have to be patient before the big halving happens.

I personally believe that it is best to get started investing into BTC ASAP, even if you might not have had sufficiently secured your 3-6 months of emergency funds.  Surely you can engage in multiple kinds of behaviors at the same time to get your financial and psychological house in order, and if you have really straight forward finances, and maybe even other investments that you could draw from, you might be able to get away with an emergency fund that is ONLY 3 months, but if you have a lot of complications in your cashflow and/or your expenses, you may well need 6 months of expenses saved up, and the more aggressive that you want to be in terms of your bitcoin investment, the more likely you will need a larger (or longer period) worth of emergency funds.


The fact of the matter (based on posts in this thread and in his other thread) is that OP has disclosed that he likely blew his whole wadd on making a lump sum investment that he might not have had been in a position to afford.. or at least it is quite a deviation from his initial ideas, and he had not really saved for doing aggressive DCA and/or buying on dips, so he had largely been overly (perhaps gambling) on up, and he barely has enough to do $10 per week (which he said his plan is to do $50 per month, and yeah maybe he is holding some of that back for buying on dips?  perhaps? perhaps?), so it seems to me that he is not in any kind of a position to buy $100 per week of bitcoin unless he robs a bank or something like that (which I am not recommending), so it is really difficult to know if OP will ever reach 1 bitcoin - even in 10 years -  unless he is able to either increase his cashflow and/or to decrease his expenses... or if there also might be some other matters about OPs wealth that he did not mention.

Of course present cashflow and circumstances do not necessarily foretell future possibilities and/or limits in regards to cashflow and other wealth related circumstances, so it is possible that OP could improve (or increase) his cashflow circumstances and therefore increase the amount of BTC that he can buy whether he does more lump sum purchases, buying on dips, and/or DCA to attempt to accomplish such an aim for one bitcoin, if he is even thinking about the necessity to reach such randomly (arbitrary) and potentially unnecessary and/or inapplicable an amount.


But even JJG can be wrong.. so don't come crying to me when (or is it if?) you lose all your money.


Yep the default is mostly to say no to shitcoins, and if for some reason you cannot help yourself to gamble and/or experiment then maybe go up to 10% of your holdings in shitcoins, absent some kind of inside knowledge and/or superior information, which is mostly never going to be true unless you happen to be a scammer or teamed up with some scammer who is not scamming you, too.


4-10 years or longer. is a good starting point in the way of considering bitcoin investing, especially for any kind of lump sum investment.... and there may be folks who have shorter than 4 year timelines because of age, health and/or even some personal circumstances.. and those folks should be investing less into bitcoin rather than more... that is if they are wanting to attempt to play some kind of a wave, then they should be playing with less money if they are wanting to try to do that with bitcoin with money that they might need in less than 4 years.. and one of the ideas of the advise of not investing into bitcoin money that you cannot afford to lose is that you already have your shit together in such a way that you may well not even need the money in 4-10 years or longer and you are willing to ride your investment into bitcoin down to zero if that kind of scenario ends up coming to pass... so be as aggressive as you can be, while at the same time realizing and recognizing that there are no guarantees that you won't end up losing all the money that you put in.


Diversification for the mere sake of diversification is usually not a good idea, so hopefully guys are not so dumb to fuck around with shitcoins until they established their bitcoin strategy first, and then maybe if they are the gambling types then maybe they could dabble up to 10% in various shitcoins... but it might not even be wise or necessary... but hey people can choose what they like, even when they have amongst the best of investments in front of them (namely bitcoin) and if they want to either dilute that investment or to play around with shitcoins, then that's their choice... hopefully if they do end up playing around with shitcoins they realize it is an in and out strategy in order to get more bitcoin, so then why even go through a process of figuring out which shitcoins are worth your time, energies and monetary value to put into those kinds of snake-oil pump & dump type products.


It is not easy to get in and out of something once a lump sum investment is made, but I do agree that if someone recognizes that they had made a mistake, they might have to adjust their strategy in order to allow them funds for what they should have had done, which is being able to DCA and buy the dip with similar amounts... and there are no exactly strict rules regarding how much should be allocated to each category in regards to DCA, buying oin dips and lump sum.

So let's say that OP had $1,500 in cash and then he ONLY has around $50 to $100 per month that he could use to buy BTC (so let's call it $75 - so that would be right around $450 over 6 months.), and so even if we might say that his total budget over 6 months is right around $2,100, then for me that would be $700 in each category, but that does not even mean that what I am thinking is the best way to do it, but that would be my initial inclination and thinking point based on the information that I have, and if there is other information to change what I am going to do, then I might adapt that and maybe lean a bit heavier on the lump sum being higher than $700 but then that would end up taking away from the one and/or the other of the allocations... so for sure there are trade offs, and we have to be careful if we are going all in.. but if we do end up doing something like that, we have to be willing to live with the consequences that if the BTC price moves against us, then all we have left is $75 per month to make BTC buys.. and maybe that ends up being enough for whatever trade-offs that we were weighing.


When I first started investing in bitcoin in late 2013, one of my goals was to invest and also to study bitcoin for the next 6 months, and then I extended the same budget for the next 6 months, so then after a year, I had learned quite a bit, but I continued to study bitcoin and to tweak my strategies from time to time based on my learnings... and surely sometimes mistakes are made along the way, and frequently there are ways to recover from mistakes in fairly prudent manners, but it could still take a while to completely recover from some kinds of mistakes, yet it seems the longer that we are in bitcoin, the more likely we can put systems in place to mitigate mistakes and even to lessen their impact or the likelihood that they will happen.. but we still will likely continue to learn and to make some mistakes at various points along the way.. and one of our goals might be that when 4-10 years or longer comes along, we are still in the game and we have not been reckt in the process, and maybe even if we are fairly young, then we want to be improving our lives even 15-30 years down the road with some considerations that we are still going to continue to have BTC in our holdings, absent some convincing changes (or undermining) of its investment thesis.


That is a good point too, peter0425.  Even if we might be learning and we might be reading various ideas about bitcoin and bitcoin investing we have to come to our own conclusions in regards to what is best for our own situation, and then to own our decisions, including to make adaptations if we believe that we need to make them, but not necessarily to make any changes merely because someone on this forum made such suggestion(s).. 

Happy Holding mate , we will always be proud of people like you that does not care about what others and social media says instead focusing on your goals of supporting and having bitcoin in your pocket.
I must say you are one of the best example of how the world will adopt bitcoin because of how you trusted this and how you are proud of having it.
Good luck to us Holding bitcoin for long.

Honestly I understand what you are saying but there are other newbies that still understand what they are doing and what is called DCAing strategy (not all forum newbies are Bitcoin newbie) some of us here are not bitcoin newbies but me I am a bitcoin newbie.. however, I have invested in Bitcoin as a newbie but still I have learned some things about Bitcoin from this topic, and am still learning, so I just try to continue learning while I am investing so I can gain proper understanding about Bitcoin (as the more I will accumulate, that's the more I will gain more understanding about Bitcoin).
It might take a while for me to understand Bitcoin in full as Bitcoin is not a subject or something one can learn in just a day, so learning while investing might be the best idea to do.

Sure he  will keep that coin for long , because it took him some time , effort and knowledge before finally buying this means how important to Him having this amount and for sure that is just the beginning and will extend more and more before the great halving happens ,
or maybe he will continue holding for more years readying for His future and His family as well.
Congrats to OP and happy Holding , welcome to the Gang  mate.

Nice move man Congrats for finally having bitcoin my only advise for now "jus hodl" that 0.033 btc of yours can turn into a lot of profits someday don't be affected by incoming fuds  just continue to buy whenever bitcoin dips you can wait for the top of this bullmarket to take profit and wait for another buying opportunity.  

You consider it wisely because you are in the business already, but for those who want to participate newly, they might not know anything called DCA. This is why we should learn what we want to deal with financially before we do it so that all the information and purposefulness in them can be well utilized for our advantage. As it is now, there is no how the OP can make so much money through Bitcoin, that's just the truth, and you could imagine the purchase of about $44,000, it will take Bitcoin to get to $132,000 before the OP can make x3 of his money, and that is if Bitcoin will get to that level at all. Getting to about $100,000 in this bull run having moved so much already is what I am confident of. But getting far more than that is what I can't really believe would happen this time. Many are anticipating a very big move but I believe that cryptocurrencies are getting much more these days, and the money might be spread on all of them and not Bitcoin only.

This might limit the level at which Bitcoin would reach even as people are getting smarter to make more money and not believing in HODLing Bitcoin alone. However, if the OP follows your advice, it is never too late, he can liquidate it and try the DCA approach. After all, Bitcoin is still close to his striking price, but I don't think Bitcoin can significantly go lower again to make it make much difference.

My office friend also really doesn't like investing in BTC, I once suggested to him to change your dollars into BTC during the last downturn (because he loves Altcoins) and as a result he just admitted that the increase in BTC prices was very significant even though the waiting period was almost a year.

What you said to the OP is correct in this case that Holding will provide more value than what the OP has currently invested by owning 0.033 BTC. and this is also one way to prevent losing our money in the market.

The important thing is to never get caught up in fomo or hype so that our position is at the smallest risk and remain patient, the key which will help us save assets when we see falling prices.

There are only few people that i believe when talking about bitcoin and as it is for Holding , one of them is JJG because His wisdom and thoughts keeps me becoming a more better in terms of believing and holding bitcoin.
In the past i kept having even shitcoin in my Folio but now things has changed and like yours , I'll keep filling my folio with bitcoin though i still have few altcoins but those are reserved for at least payment options specially when the network is congested and i need to release some funds for payments or at least to gamble sometimes but my bitcoin remain intact and ready for HODL.

Please Keep your funds OP as long as you can so you will never regret any decisions from here and in the future like what other does selling their funds and not readying for emergencies of life.

Congratulations once again and keep it there.