Topic: Gradually Saving to buy bitcoin (Read 182 times)

Too much plenty talk no they full basket. All this things wey u mention no matter at all if you no get better source of income to use invest. Bitcoin no be something wey u go plan say u wan save first to invest later. Instead of saving that money e better say u use that money they invest in Bitcoin so that purchasing power no go catch you and at the same time, the price of Bitcoin no go they the same level they wait for you to come invest inside after several month of savings. Two things they involved either the price of the Bitcoin will go down or e go increase more and more. E go bad say e increase because u go regret why u no put even that small peanut wey u they save inside Bitcoin directly.

Ah no wan talk to much because plenty people done talk most of the things. My own be say use your tongue count ur teeth. If you get the money to invest then no delay use dca invest but if the money no they my brother leave am.

You dey correct for wetin you talk and like this me no fit tell person to go hold Naira or save Naira onto which levels na?
NGN na the worst thing person fit hold except for daily expenses, e no make sense to keep at because on the regular basis e dey depreciate well well, so e no good to hold at all.

Then back to wetin you see for the op, na just video wey me watch I just explained wetin me see inside make we for shuck mouth with the calculation wey that person explain for the video wey me watch if e no correct or not. If you read my last side comment for op you go see say i talk say i doubt the whole calculation.
Here

Comparing your calculations with them, it appears that there is something wrong with the above calculation.
If you save 10 Naira every day, then:
The total savings in 365 days will be:
10 Naira × 365 days = 3,650 Naira.

However, your calculation shows that if you save 10 Naira every day, the total savings at the end of one year is 3,066,000 Naira (3 million), which is incorrect. This is not possible if you save 10 Naira every day.

I think the 3,066,000 Naira shown in the video you watched could be based on some other advice or method, such as expecting returns from Bitcoin or any other investment.

Here, the main question is, how can you become a millionaire with this amount of savings. The video may present a simple calculation that if you save for the long term and follow a long-term investment plan (such as Bitcoin or any other investment) then you can potentially make big money.
However, when investing in Bitcoin or any other cryptocurrency, you need to remember that it is very risky and the price is often volatile. This means that if you invest for the long term and the price of Bitcoin goes up, you can make a profit. But since its price can also go down, there is a possibility of profit as well as a possibility of loss.

The main objective is to grow your money through this type of saving and investing. However, this is a long-term plan and you will not become a millionaire immediately by saving alone, especially if your investment strategy or market conditions are not right.

OP this your maths sef no correct,how you use jump from say 280 na total realization for. Month to multiplying the same 280 by the number of day's in a month again rather you for multiply the 280 by 12 to get the correct maths forge year and believe me e no go come out much and d truth be say you no need all his kain thing to fit run Bitcoin.

I no dey say you no supposed calculate oh but no be all diswan wey be say you wan dey calculate everyday and. Month, Bitcoin no dey behave like normal money, e fit high e fit low, so some months no fit equal with the oda ones a d too at end of d year you fit get plenty money, you also fit get small more but you go dey very sure say your funds dey safe inside Bitcoin a d if you fit wait reach d next year, you fit still get your money back and even more sef, but e no dey like dat with normal money.

To begin with, I wan start say the worst way to save money na in Naira because even though you save 1# everyday for one year, you no go still fit get $1 so since you already have a way of investing or saving in dollars through investing in Bitcoin, na wetin all of us supposed to dey do. I dey always talk say, if e get how you go fit put most of your money in Bitcoin or saved in dollars, na the best thing you fit do for yourself and anytime wey you need money you fit dey withdraw weekly expenses to your bank account.

For this your calculation, e no dey add up at all. Why you no just go straight and multiply your savings with 365 days wey we get instead of getting a daily savings and using that for multiply weekly and then monthly again and confusing yourself in the whole calculation. Again instead of saving Naira, save in Bitcoin and you'll keep getting profits instead of losing value by hodling the Naira.

This method cannot even make you a millionaire because with the cost of things somebody who has only 3,066,000 is still considered as a poor individual, though is encouraging to see how a little change we see that doesn't mean anything will turn out to be this huge after a year, so actually if you can conviction yourself to adapt to this saving you will definitely have a lot of money after ten or twenty years because if N10 will give you such amounts within a year that means that twenty years you will be talking about having up to N61,320,000 but is actually a long time to think about and perhaps you can even develop other alternative before then.

If no be say nah you the talk I been no wan reply the op again sef, because it be like him no wan learn from those way done stay for the forum before him rather nah arguement him the argue about an approach that is obviously of no use of applying it to bitcoin investment. Even as I tell am about DCA investment strategy I no sure say him done go do him own research about am to know how important the approach be for those way want to the invest gradually, else him for no the argue blindly.

I understand wetin OP dey try talk, according to em post if person fit save certain amount of money for a full year, then fit gather am buy in bulk at the end of the year then continue the next year, eh dey  indirectly explain the DCA method but rather on a yearly interval instead of weekly or monthly. However them suppose query the OP maths teacher or ask OP why eh no take maths seriously cause I understand the mathematics, eh dey confusing and wrong and if person no observe am well eh go think say the OP dey right but that maths no correct.10×365days=3650, If you wan even do am by weeks, according to our calender, there are 52weeks and sometimes I day in a year calender so let's say 10× 7days= 70, 70× 52.1weeks it's 3647 which is approximately 3650 therefore I no understand how OP get 7 figures except em they think of saving 10k daily. So OP abeg try make sure say your informations dey correct before you post am make you no go mislead people.

Op Dey try figure out him own approach as to fit gather the coin but I think follow for people wey social media don Dey influence their lives and tend to easily believe everything person show them for internet.
I love the word Herculean approach because the calculations were all wrong and gather 10 in a year no fit give you million in any way expect you wan thief join am because for person wey Dey safe 10 daily for 365 day, na lass than 4k the person suppose Dey expect at the end of the year.

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.

Op need to understand that we don't need to save huge amount of money before trying to invest into bitcoin and also as a newbie in a bitcoin investment is not good to start with the lump sum strategy because I think that is the exact point the op is trying to point out by saving huge amount of money first meanwhile with the DCA strategy of accumulating Bitcoin you can start buying small small either weekly or monthly as long as you have made provision for your discretionary income because you might be trying to save to invest into Bitcoin while other unforseen circumstances may come to take the money away or through saving procastination may come in and you might end up not starting bitcoin investment so I think the best thing is to get started with amount you can start with but it shouldn't be money you will be needing in few months time and it should also be the the amount of money you can afford to loss.

It's fine if you don't like the discussions going on in that thread, but it's not cool calling out JayJuanGee at every opportunity you get in any matters regarding to Bitcoin investment that doesn't suit well to you, I'll remind you that everyone has their own view of different subject and you should respect that. Those learning and interacting with him aren't just getting better at Bitcoin accumulation, but personal economics of proper fund management.

In response to OP, I don't know where you got your statistics from, but it's wrong in many ramifications. Firstly, your calculation gives off a wrong result and secondly, you don't have to wait for a whole year or gather millions to invest in Bitcoin. You can start small as soon as you've discretionary income available and increase your accumulation amounts over time.  This would help smoothen the effect of volatility on your investments and help you achieve your accumulation target faster.

Investment is investment be it small amount short term or long term they are all investment what matters is how dedicated the investor should be or how knowledgeable he is on what they are investing. But yet that is not the sole purpose for this topic because as i put up this for us to understand how person who solved this maths on his video did arrived at 30,066,000 per year and I can see some people making correction to why he put such maths on the video and they seems to have gotten it right. Because I also tried to draw my conclusion that the math on the video was wrong and yes people already prove it wrongly.
Thanks to those who are following up the topic correctly.

From J.J and it disciples, one year investment is a trading but not investment so if you become a millionaire in one year through bitcoin investment they will tell you that you are trading and not investment. Since when they say that over there, I see them as sing praisers and not real investors. Because real investors that those who really understand bitcoin investment will not say 1 years is trading and not investment. That is foe that, saving to invest bitcoin is not advisable because you might touch the funds for another thing so why can't you invest with the small amount you have. It is will be helpful in the future investment.

I was literally waiting for the first reply that will inform the OP of the wrong calculation being done. The OP literally said that he has doubt in the calculation, and doesn't believe, when the calculation is 100% wrong, so why even have any form of doubt in the first place. I think 20*365 should be around N7000+. Not even sure if that's a proper saving.

Aside the interesting calculation, we should be honest when it comes to Bitcoin investment. In as much as we always encourage anyone to invest what they have, that shouldn't take the place of consistent investment either. Just imagine buying Bitcoin once in a year with an amount that doesn't even hold a good fraction, and you expect your portfolio to do great in times like this, then you might just have to wait for a longer time than we imagine. Some users have suggested the DCA approach. That's the consistency I'm talking about. It has to be continuous(with good amount though).

So, in as much as no amount is a waste, or no amount is nothing, why does it have to be N10?.

I hope you know some basic arithmetics?
This you analysis is a joking analysis that has been on social media for a while which I never expected to be here because of the nature of this forum, so I will believe you don’t know that it is a joke then I will let you know that it is a joke and this is a public forum where serious topics are been discussed.

To save money for Bitcoin investment will be a good idea, but saving the money for a year is not advisable since we have DCA method that allow you to buy as tiny Bigboin as possible to keep accumulating anytime you have small amount of money.

Oga it's only those who don't know mathematics calculations can be tricked by your calculations let resolve the Mathematics and see how you arrive at 3,066,000
From my calculation
#10 daily multiply by 7 =#70
#70 a week multiply by 4 weeks which is 1 month = #280 or approximately #300 + or -
#280 or #300 monthly multiply by 1year which is 12month will be either #280 x 12 = #3360 or 300 x 12  or  #3600. Or better still #10 daily multiply by 365 days = #3650 so how do you get your figure?

Yes you are correct and the math is not true, is totally wrong, please do not follow up that misleading calculation.
What i just understand from here is that you were trying to see how what the person explained on the video is right or wrong, but I must say is totally wrong because from the calculation he multiplied 4 weeks and also multiplies 30 days, that is to say 30 days is the same as 4 weeks and no need for repetition. Is either he choose 30 days or 4 weeks to continue his maths, so if i can recall or to sum up everything of the whole math, in year we have 365 days and if he multiples 10 x 365 = we are having 3,650 Naira. So, how did he arrived at 3,066,000?
What i think that video explained is to catch up people's attention to make his video go viral that is why he put up this math.

For everyone commenting, op is trying to explained the video he watched and since he didn't have the video link again he puts everything in written form to make sure he explained everything in the video. He is not directly saying that everything in that video explained is right, so op wants us to also look what the video explain if that is right or not. I think we should learned to comprehend post before commenting.

I know it is not right for a newbie to invest in bitcoin aggressively, but any newbie who has a good discretionary income and knows how to figure out investing in bitcoin aggressively without getting off the game partially or permanently should go ahead and do it because it will help that newbie to increase his bitcoin amount in the short term. Even though old investors invest in bitcoin in such a way that it will stop them from solving their daily expenses, they will likely sell their bitcoin when their daily needs arise. Both old and new investors should invest in bitcoin according to their discretionary incomes so that they will find it hard in solving their daily expenses.

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.

What are you even getting at mate you calculation is not adding up at all. Pls go and check again. First you said 10 Naira everyday to get to a million in a year which is impossible but some how you deviated and what you latter arrived at doing was 8400 everyday to arrive at a million plus. Honestly you calculation and the point you are trying to make with 10 Naira wasn't adding up at all

Never put pressure on your self this investment thing isn't meant to be a do or die affair. Invest in Bitcoin as your capital can carry you.