Topic: Gradually Saving to buy bitcoin - page 2. (Read 209 times)

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.

In fact, it is better for beginners to stay away from aggressive Bitcoin investments. Because beginners may not be used to seeing short-term fluctuations in Bitcoin, they will take them in a more effective mind, and they will think that "Bitcoin may just keep falling now, and it will never increase again". And in this way they will panic and sell their holdings, resulting in losses. Therefore, they should invest in Bitcoin through DCA. The DCA strategy is ideal for beginners, if they keep their investments in a long-term perspective, then these market fluctuations will not have any effect on their holdings, but rather it will strengthen their portfolio over time.

Therefore, beginners should decide to buy a certain amount of DCA regularly according to the new economic situation and income. And of course, they should use the amount of money that will not have any effect on their daily expenses. You should never buy Bitcoin with more money than you can afford, because Bitcoin will never guarantee you a guaranteed profit.

So keep buying Bitcoin through DCA with the amount of money you can afford, and build a strong foundation for the future. In this way, an investor can very profitable from Bitcoin in the future.

Irrespective of the observations on your post, I see no  wrong in your strategy to save if that is what suits your saving strategy best. The saving strategy you adopted might work very well for you and might not seem to be feasible with another. So every one has his or her own methods or measures of saving their funds as long as the goal is to accumulate more bitcoin, it is a welcome idea to save with the formular that best suits you so I would just advise you stick to what suits you best to grow your savings as the case may be.

Op, it is never advisable for newbies to start bitcoin investment with a lump sum strategy because if bitcoin dips, the newbies might be afraid of the volatile part of bitcoin and sell their bitcoin so that they will not lose all their money in bitcoin investment. It is better for newbies to start accumulating bitcoin with the DCA strategy either on a weekly or monthly basis so that even though bitcoin prices drop, they will not be moved by the volatile part because they know that the DCA strategy has them covered, and it will still allow them to buy bitcoin in a dip. And as time goes on, if the newbies got a better job during their accumulation journey, which gives them a good discretionary income, they can always make room to buy bitcoin with a lump sum strategy in such a way it will not stop them from solving their daily expenses, which will help to increase their bitcoin.

well, even though him make the calculation too long, wetin you just talk like this almost de like the summary of all the point when him de try to make. to buy bitcoin in sats na the same thing as buying it fraction by fraction when be the same thing OP de try to use him calculation de explain.

wetin him de try to explain na the DCA method of accumulating bitcoin only say him give am an amount and try to point out how much you go don save if you de set out a particular amount per day. realistically, e no de easy or somehow possible say even if you wan de buy bitcoin using the DCA method say you fit de buy am on a daily bases and remain consistent at it till the end of the year. the highest you go fit do na to buy am once a week or once a month and based on say bitcoin na a volatile asset, the amount you take buy a particular amount of bitcoin by January no go be the same amount of money you go use buy am for February.

everybody no go fit use one method by him bitcoin, if na through savings you fit use buy your bitcoin and the thing de work for you, then nothing de wrong to follow am up that way.

Kelward and Lida93 I don't really think you both read op correctly if you do you guys would definitely flow with what i wrote here. I can see you both aren't following up the whole drama.
Please calm down to understand what the post is saying before giving your final judgment as I see that you people aren't follow up the whole thing here.

On reading the post me sef just tire with op herculean approach to use invest in bitcoin. All those processes wey op highlighted no one really dey necessary to use invest successfully in terms of investing huge at once sef.

Maybe op never know about the Dollar Cost Average strategy towards bitcoin investment. If him don get good knowledge about am nah there him go use the build him portfolio that even before the year go run down to end him go done build significant amount in BTC than that him façade approach with naira.

With all due respect to you I no think say all dis equation wey you solve de necessary for Bitcoin investment, e no de necessary say you go save up money to buy Bitcoin. If you no get money to buy 1 BTC you fit to start to buy in sats as your power reach and continue to de accumulate on di long term. Di best way to grow your bag on di long run for Bitcoin investment na to do DCA method, you go decide di amount from your income wey go take de buy Bitcoin periodically, either weekly or monthly, no need to save up di money first before you go buy Bitcoin. If your income increase you go increase di amount wey you de take do your DCA, if e decrease you fit to reduce di money to buy am.

Remember say Bitcoin investment na secondary need e be, you suppose to take care of your basic responsibilities like food, rent, transportation and utility bills, including small emergency funds before you go start Bitcoin investment. Odawise e de very possible say you fit to sale your Bitcoin prematurely to take solve problems so person suppose to calculate himself very well before im go enter Bitcoin investment matter.

For Bitcoin to make you millionaire depends on di amount wey you put inside, also e depend weda na bull or bear season because na volatile asset. I de advice investors to focus profit on di long run instead of short time like one year time because price fit to dip. But if you focus on di long term investment go de sure say plenty ROI go enter for dem.

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.