Topic: Gradually Saving to buy bitcoin (Read 607 times)
If u can be able to save d money to buy bitcoin, it will make u a millionaire in d future, but for u to save such money in dis inflation season in our country, it will take u a long time before u can achieve your target, Now that d bull market is still on for people to continue trading their coins to earn income from d bull market, it will b a good advice for those that want to buy bitcoin in d bear market to start saving money, so that it will not going to surpris them when d bear season appear.
For those who says 10 Naira is nothing, I believe almost everyone is a millionaire but how we seems to utilize our money matters a lot. But guess what? I don't seems to still be believe that this is true.
Such an amount is not a big money though, but frankly speaking it would be kind of hard to see a person that will be investing NGN8,400 per day in Bitcoin in the whole 365 day (1 year). But there are people who can invest this amount and above per week or monthly on Bitcoin. My reason for saying it would be hard to see someone invest NGN8,400 per day on Bitcoin is because of the economy Palava. IMO this quote you saw on social media is just like a motivational quote tell people that find it very difficult do savings for themselves.
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However, it is impossible to get rich from Bitcoin in 1 year and you do not have to invest or buy in large quantities to do so. If you have the money and the ability to invest, you can invest in DCA. Weekly or monthly DCA can be a good choice. However, you will be wrong if you dream of becoming a millionaire from Bitcoin in 1 year if you are not already a millionaire. Because Bitcoin is not a get rich quick scheme.
Depends on what you consider to be rich, we shouldn't be having that mentality of wanting to become rich so quick but don't say it's impossible.
If we're being reality, someone that was fortunate to get hold of 1 Bitcoin doing the weakest point of the market last year and was hodling upto now would had seen significant gains and it wasn't even upto one year.
I can't actually remember the low of last year but it was pretty low that the price was almost at or around $20k or so and the market also went as high as above $100k. That alone should have made you rich when converting your profits to Naira but again that shouldn't be your target as you can make more if you hodl.
For those who says 10 Naira is nothing, I believe almost everyone is a millionaire but how we seems to utilize our money matters a lot. But guess what? I don't seems to still be believe that this is true.
Your input is needed here.
Even though you intend investing in Bitcoin small small through the DCA accumulating strategy, no be this kind figure you dy call here, ten naira daily, abi Bitcoin na pepper and crayfish business?🤣🤣 but anyhow, if you wan invest in Bitcoin by buying it bit by bit, the best way to go about it is by utilize the DCA accumulating strategy, a method where you buy Bitcoin bit by bit either weekly or monthly regardless of it present price, before you know it, you don accumulate a very good stash of Bitcoin, but this ten ten naira you dy talk here nai dy make me laugh because Bitcoin no be pepper or sweet business.
The post you came across was only a meme.
You must be really really bad at maths..
Except maybe you are also trying to pull a stunt.
But mind you that's the most ridiculous idea to come up with this new year.
If you carry such stupidity this year, you might eventually not laugh later.
You must be really really bad at maths..
Except maybe you are also trying to pull a stunt.
But mind you that's the most ridiculous idea to come up with this new year.
If you carry such stupidity this year, you might eventually not laugh later.
I am just calculating how saving 10 naira per day makes 3,066,000? I have calculated several times where saving 10 naira per day does not make 3.066 million naira per year. If you calculate weeks, there are 52 weeks in a year or 4 weeks in a month and 12 months in a year, then
10x 7=70x 52=3640 naira
If you calculate days, there are 365 days in a year, then -
10x 365=3650 naira
However, it is impossible to get rich from Bitcoin in 1 year and you do not have to invest or buy in large quantities to do so. If you have the money and the ability to invest, you can invest in DCA. Weekly or monthly DCA can be a good choice. However, you will be wrong if you dream of becoming a millionaire from Bitcoin in 1 year if you are not already a millionaire. Because Bitcoin is not a get rich quick scheme.
It is true that Bitcoin is not a scheme to get rich but DCA strategy is a good guideline. That is why it is recommended to stay with Bitcoin for at least one cycle and deposit Bitcoin based on your weekly or monthly income instead of daily deposits. If you do it on a daily basis, you may create a pressure within yourself which tends to lose interest over time. So, it is an easy process to increase DCA with increasing disposable income and continue depositing Bitcoin down the road.10x 7=70x 52=3640 naira
If you calculate days, there are 365 days in a year, then -
10x 365=3650 naira
However, it is impossible to get rich from Bitcoin in 1 year and you do not have to invest or buy in large quantities to do so. If you have the money and the ability to invest, you can invest in DCA. Weekly or monthly DCA can be a good choice. However, you will be wrong if you dream of becoming a millionaire from Bitcoin in 1 year if you are not already a millionaire. Because Bitcoin is not a get rich quick scheme.
Try to get a huge Bitcoin stash by aggressively increasing your front-loaded backup fund according to your ability to deposit Bitcoin. Overall, there are 9 principle individual factors to consider for long-term DCA so that financial success can be achieved through time and discretionary income.
I am just calculating how saving 10 naira per day makes 3,066,000? I have calculated several times where saving 10 naira per day does not make 3.066 million naira per year. If you calculate weeks, there are 52 weeks in a year or 4 weeks in a month and 12 months in a year, then
10x 7=70x 52=3640 naira
If you calculate days, there are 365 days in a year, then -
10x 365=3650 naira
However, it is impossible to get rich from Bitcoin in 1 year and you do not have to invest or buy in large quantities to do so. If you have the money and the ability to invest, you can invest in DCA. Weekly or monthly DCA can be a good choice. However, you will be wrong if you dream of becoming a millionaire from Bitcoin in 1 year if you are not already a millionaire. Because Bitcoin is not a get rich quick scheme.
10x 7=70x 52=3640 naira
If you calculate days, there are 365 days in a year, then -
10x 365=3650 naira
However, it is impossible to get rich from Bitcoin in 1 year and you do not have to invest or buy in large quantities to do so. If you have the money and the ability to invest, you can invest in DCA. Weekly or monthly DCA can be a good choice. However, you will be wrong if you dream of becoming a millionaire from Bitcoin in 1 year if you are not already a millionaire. Because Bitcoin is not a get rich quick scheme.
Okay, few days ago I came across a video on Facebook and it says how to save and becoming millionaire in just one year.
Now I want to see how this method can be explored to Bitcoin as well. Now, this is what he says;
If you save 10 Naira or 20 Naira for one year you will become a millionaire and I asked how?
But let see how we can arrived at becoming a millionaire in one, although I am still having the doubts as well.
Putting 10-20 Naira into savings for 7 days;
Meaning 10 x 7 = 70 Naira a week.
How many weeks are there in one month is 4.
That is to say; 70 x 4 = 280
Then how many days are there in a months?
Let say 30 days..
280 x 30 = 8,400.
Putting this into one year ( 365)
Therefore:- 8,400 x 365 = 3,066,000 in a savings of 10 per day. So, to invest into bitcoin you can decide to invest yearly or quarterly after having to save your money into Naira then buy at once.
For those who says 10 Naira is nothing, I believe almost everyone is a millionaire but how we seems to utilize our money matters a lot. But guess what? I don't seems to still be believe that this is true.
Your input is needed here.
It sounds good while talking but the fact is that with the kind of economic situation that we have found our self in Nigeria it will difficult for someone to plan and begins to save towards investing because it's one someone who has eaten well that can think of investment because currently our economy is so bad that people has been reduced to the point of just surviving and not investingNow I want to see how this method can be explored to Bitcoin as well. Now, this is what he says;
If you save 10 Naira or 20 Naira for one year you will become a millionaire and I asked how?
But let see how we can arrived at becoming a millionaire in one, although I am still having the doubts as well.
Putting 10-20 Naira into savings for 7 days;
Meaning 10 x 7 = 70 Naira a week.
How many weeks are there in one month is 4.
That is to say; 70 x 4 = 280
Then how many days are there in a months?
Let say 30 days..
280 x 30 = 8,400.
Putting this into one year ( 365)
Therefore:- 8,400 x 365 = 3,066,000 in a savings of 10 per day. So, to invest into bitcoin you can decide to invest yearly or quarterly after having to save your money into Naira then buy at once.
For those who says 10 Naira is nothing, I believe almost everyone is a millionaire but how we seems to utilize our money matters a lot. But guess what? I don't seems to still be believe that this is true.
Your input is needed here.
Because it will be difficult one to follow this your plan and save money on a daily basis to save up and invest either on a quarterly or yearly basis because with the current inflation and hikes in the prices of goods in the country people are no longer thinking of investment but I must confess that your savings plan is a right move in the right direction for those who have the financial leverage to go into investments
Okay, few days ago I came across a video on Facebook and it says how to save and becoming millionaire in just one year.
Now I want to see how this method can be explored to Bitcoin as well. Now, this is what he says;
If you save 10 Naira or 20 Naira for one year you will become a millionaire and I asked how?
But let see how we can arrived at becoming a millionaire in one, although I am still having the doubts as well.
Putting 10-20 Naira into savings for 7 days;
Meaning 10 x 7 = 70 Naira a week.
How many weeks are there in one month is 4.
That is to say; 70 x 4 = 280
Then how many days are there in a months?
Let say 30 days..
280 x 30 = 8,400.
Putting this into one year ( 365)
Therefore:- 8,400 x 365 = 3,066,000 in a savings of 10 per day. So, to invest into bitcoin you can decide to invest yearly or quarterly after having to save your money into Naira then buy at once.
For those who says 10 Naira is nothing, I believe almost everyone is a millionaire but how we seems to utilize our money matters a lot. But guess what? I don't seems to still be believe that this is true.
Your input is needed here.
chief you are on the right track, but you no need to save for a whole year to start exploring Bitcoin investment opportunity. Last year starting around may I decided to invest 6k naira for BTC every week before December, the thing shock me , pull run came, my people. Small small money wey I dey use eat, come put joy for my body. I nearly go home go slap my village juju. So just start my bro. Now I want to see how this method can be explored to Bitcoin as well. Now, this is what he says;
If you save 10 Naira or 20 Naira for one year you will become a millionaire and I asked how?
But let see how we can arrived at becoming a millionaire in one, although I am still having the doubts as well.
Putting 10-20 Naira into savings for 7 days;
Meaning 10 x 7 = 70 Naira a week.
How many weeks are there in one month is 4.
That is to say; 70 x 4 = 280
Then how many days are there in a months?
Let say 30 days..
280 x 30 = 8,400.
Putting this into one year ( 365)
Therefore:- 8,400 x 365 = 3,066,000 in a savings of 10 per day. So, to invest into bitcoin you can decide to invest yearly or quarterly after having to save your money into Naira then buy at once.
For those who says 10 Naira is nothing, I believe almost everyone is a millionaire but how we seems to utilize our money matters a lot. But guess what? I don't seems to still be believe that this is true.
Your input is needed here.
Honestly I don't why some people think of saving up fiat before buying Bitcoin which is very wrong considering the fact that Bitcoin price is not stable hence the to maximize buying Bitcoin with as little amount of money readily available, saving up in Fiat before purchasing Bitcoin is a total waste of time and can possibly lead to missing good opportunity of buying Bitcoin, I will say that some people think less of their available amount and decide to wait and save up not knowing they can be accumulating gradually and what is mostly important is buying frequently irrespective of the small amount of money.
saving to buy Bitcoin is one of the best periods where you do not even need to have enough money to buy but you can buy gradually and also adopt the process of you DCA strategy by buying gradually more you can accomplish more because you are devoted and you keep buying especially when the market dips it makes everything easier, and the fact that bitcoin price is not stable is already a way to watch and buy when it is red and hold and there are certain thing that people need to know is not just about buying but also knowing the right steps to take you have to control your mind and the same time excessive patience till the price starts going up.
And I would not even advise anyone to save fiat it is better to just invest directly when the money is available you don't need to go through the stress of saving fiat just invest whenever there is money at hand, and the case of buying frequently everyone can decide on how they want to be buying is it weekly or monthly whenever they get paid, this is like another strategy that can be developed, and the starting is not an issue consistency when you start buying how you consistently keep buying will be the one to determine how serious the person is ready to make money from holding bitcoin after buying.
For those who says 10 Naira is nothing, I believe almost everyone is a millionaire but how we seems to utilize our money matters a lot. But guess what? I don't seems to still be believe that this is true.
Your input is needed here.
This is why we shouldn't believe everything we come across on social media because how does all this equation and mathematical calculation become a reality. I don't know if some people are really so dumb to understand a simple mathematical calculation. OP, i know that you brought up this topic as to counter what you saw on social media but the way you presented it almost looks like you believed what you heard on that video but since you said you don't believe it's true, that's what it is because the whole calculation is false and misleading. However, saving little amounts consistently to stack up a huge some of money is not also easy because there will be times when you may have an urgent need of money and you can just access your savings. Even in bitcoin investment, regardless that the DCA strategy is advised for those who wants to grow their investment gradually but it doesn't mean we should relatively invest a low amount of money in our DCA because in the course of buying bitcoins, a fee is being paid each time of your DCA which mean that for someone who is investing a very little amount of money each time in their DCA, they will lose a lot of money as transaction fees.
Thanks for this great observation made I have been trying to evaluate how he arrive here with this calculation I couldn't factor out anything, it's not all thing one correlate with Bitcoin investment or buying because it will contradict you and make you got confused reason because how can you be waiting and be accumulating money before buying Bitcoin when DCA is there to achieve that dream while not plot out your plan and know what to start with using DCA. In order hand the calculation deviated from normal way if achieving the so called arithmetic.
Seasonal greetings to you, it will be a very good decision to be saving money to buy a Bitcoin just to buy Bitcoin for yourself and your decision or aim should not be only saving money to buy Bitcoin, it is also good to do long term investment at of the Bitcoin you have gotten or bought, because Bitcoin investment is one of the best investment one should not missed as far as cryptocurrency is concerned.
Investing in Bitcoin is an opportunity everyone should grab, but that does not mean that we should be saving $10 on a daily basis and expect to be able to buy ourselves Bitcoin that we can consider as an investment because that money the Op is referring to can't even afford to pay for the fee at the end of the day. Saving to invest is good, but it should be with a reasonable amount and not an amount the person will not be proud of at the end of the day. It should be based on what the person is earning, a reasonable amount that won't affect their expenses, which could be set aside for saving, which could be gathered together later to invest in bitcoin.
Don't waste time gathering or following this long process before buying bitcoin, purchasing or investing in bitcoin ain't that complex , instead of gathering fiat just try investing in bitcoin using DCAing (buying bitcoin with a fixed amount of money ) either weekly or monthly you can even start with $5 seff , is not compulsory that you much start large , you can start according to your financial state first .
And as time goes you will see that you're building something beautiful, and the thing is that doesn't mean that same amount of money you keep using you might even decide to increase it as time goes.
And as time goes you will see that you're building something beautiful, and the thing is that doesn't mean that same amount of money you keep using you might even decide to increase it as time goes.
Honestly I don't why some people think of saving up fiat before buying Bitcoin which is very wrong considering the fact that Bitcoin price is not stable hence the to maximize buying Bitcoin with as little amount of money readily available, saving up in Fiat before purchasing Bitcoin is a total waste of time and can possibly lead to missing good opportunity of buying Bitcoin, I will say that some people think less of their available amount and decide to wait and save up not knowing they can be accumulating gradually and what is mostly important is buying frequently irrespective of the small amount of money.
For those who says 10 Naira is nothing, I believe almost everyone is a millionaire but how we seems to utilize our money matters a lot. But guess what? I don't seems to still be believe that this is true.
Your input is needed here.
This is why we shouldn't believe everything we come across on social media because how does all this equation and mathematical calculation become a reality. I don't know if some people are really so dumb to understand a simple mathematical calculation. OP, i know that you brought up this topic as to counter what you saw on social media but the way you presented it almost looks like you believed what you heard on that video but since you said you don't believe it's true, that's what it is because the whole calculation is false and misleading. However, saving little amounts consistently to stack up a huge some of money is not also easy because there will be times when you may have an urgent need of money and you can just access your savings. Even in bitcoin investment, regardless that the DCA strategy is advised for those who wants to grow their investment gradually but it doesn't mean we should relatively invest a low amount of money in our DCA because in the course of buying bitcoins, a fee is being paid each time of your DCA which mean that for someone who is investing a very little amount of money each time in their DCA, they will lose a lot of money as transaction fees.
Seasonal greetings to you, it will be a very good decision to be saving money to buy a Bitcoin just to buy Bitcoin for yourself and your decision or aim should not be only saving money to buy Bitcoin, it is also good to do long term investment at of the Bitcoin you have gotten or bought, because Bitcoin investment is one of the best investment one should not missed as far as cryptocurrency is concerned.
Some persons fit Dey try dodge from the transaction fee of buying bitcoin Everytime and na the only time wey deciding to buy at a given time Dey allowed, the DCA method permits you to buy bitcoin at any given time of the market regardless of the current market price.
That fee them no fit avoid am finish unless say them wan buy the bitcoin from person way them know way be say the person go sacrifice to pay for the fee their own self if not, each time way you buy bitcoin you go pay fee just say the rate and the price way the person go pay go differs base on the time way them buy and how much fee they as of that time, nah why some people they prefer to use centralized exchange to they buy small small even as them know say risk they to hold for their, nah when dem don buy enough Nia them go reason to withdraw am down to their personal wallet that time now nah only one time fee dem go pay unless say dem move am to another wallet after their. 
OP this your calculations don to much abeg I no fit understand anything wey you dey calculate dere, to be honest with you investing in Bitcoin know need to much calculation weting really dey important na to plan your self very well and set up something wey go dey give you money small so that e go help you hold your Bitcoin for a long period of time. However, I go advice make you settle down no go put pressure for your body and also remember to invest weting you go fit afford to lose because Bitcoin is not a get rich quick scheme.
This is one possible reason why some people can never become millionaires. They are just so bad at math!
OP, did you, by any chance, happen to skip a day or two... or perhaps the entire school year?
Hehehe 🤣🤣OP, did you, by any chance, happen to skip a day or two... or perhaps the entire school year?
Okay, seems you don't get the whole lyric of what i was saying in this topic here.
I am trying to argue what i saw on video i watched on facebook, since i can't get the video again i decided to write down what said teacher solve on the video. What i did is to bring it here for you people to justify what he did if is correct or not. This math doesn't entire originate from me and I can't be dumb to put that silly thing down here as solution to invest in bitcoin. I think people aren't comprehending the whole thing instead they are giving me wrong feedback.
Let say 30 days..
280 x 30 = 8,400.
Putting this into one year ( 365)
Therefore:- 8,400 x 365 = 3,066,000 in a savings of 10 per day. So, to invest into bitcoin you can decide to invest yearly or quarterly after having to save your money into Naira then buy at once.
For those who says 10 Naira is nothing, I believe almost everyone is a millionaire but how we seems to utilize our money matters a lot. But guess what? I don't seems to still be believe that this is true.
280 x 30 = 8,400.
Putting this into one year ( 365)
Therefore:- 8,400 x 365 = 3,066,000 in a savings of 10 per day. So, to invest into bitcoin you can decide to invest yearly or quarterly after having to save your money into Naira then buy at once.
For those who says 10 Naira is nothing, I believe almost everyone is a millionaire but how we seems to utilize our money matters a lot. But guess what? I don't seems to still be believe that this is true.
There is a mathematical flaw in that calculation and I don’t know how you just seem to pass that. Aren’t you taking notes that, it’s not possible, even with your calculations?
~
This is one possible reason why some people can never become millionaires. They are just so bad at math!
OP, did you, by any chance, happen to skip a day or two... or perhaps the entire school year?
Let say 30 days..
280 x 30 = 8,400.
Putting this into one year ( 365)
Therefore:- 8,400 x 365 = 3,066,000 in a savings of 10 per day. So, to invest into bitcoin you can decide to invest yearly or quarterly after having to save your money into Naira then buy at once.
For those who says 10 Naira is nothing, I believe almost everyone is a millionaire but how we seems to utilize our money matters a lot. But guess what? I don't seems to still be believe that this is true.
280 x 30 = 8,400.
Putting this into one year ( 365)
Therefore:- 8,400 x 365 = 3,066,000 in a savings of 10 per day. So, to invest into bitcoin you can decide to invest yearly or quarterly after having to save your money into Naira then buy at once.
For those who says 10 Naira is nothing, I believe almost everyone is a millionaire but how we seems to utilize our money matters a lot. But guess what? I don't seems to still be believe that this is true.
There is a mathematical flaw in that calculation and I don’t know how you just seem to pass that. Aren’t you taking notes that, it’s not possible, even with your calculations?
10 in a day can never make you a millionaire in 365days.
8,400 x 365 actually means, you are having to save 8,400 daily. That’s you having to save that amount in every single day of the 30days a month you already calculated. You’ll just having to repeat your calculations over and over and that shouldn’t be. That’s a mathematical error, integration. Your having to input values already considered severally.
Also, you don’t need to save in naira to invest later in Bitcoin. Bitcoin price isn’t waiting on you and nothing stops you from buying in bits.
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