Topic: Gradually Saving to buy bitcoin - page 2. (Read 607 times)

You are right. is all about how to make things possible for yourself, and anybody's opinion isn’t really compulsory as long as the Op thinks this is the best method he can be able to save up money to invest in bitcoin. I think his idea is welcome, and he can put it in other to start up something for himself, although some people think this is not the best way to save up money to invest, but to me the op just listed out how he can be able to save up for himself and not everyone. I think both for the people that already invested and people who are still yet to start already have a plan on how to do that, and they must not be the same. 

The value of money is relative and depends on what you want to achieve with it. Despite the current economic challenges and the devaluation of the naira, it's essential to remember that every amount counts. Having one million or two million naira might seem insignificant to some, but to others, it's a substantial amount that can be used to start a business, invest in opportunities like Bitcoin, or achieve other financial goals.
.Attach value to your money and it will mean something for you. By adopting a saving mindset and making the most of your money, you can overcome economic challenges. Start first and Try it out

You know most times we dey think say we smart over somethings but it doesn't work that way because, even if we saved out 2 millions, you would see that amount can't even get us reasonable thing in returns because today price of things changes on the constant basis and people keeps complaining about the economy overtimes. Like said, buying bitcoin and stacking them gradually would be of a great value than just saving Naira which would easily melted in just one night without shifting, But in bitcoin the value remains only the price action and reaction could be changing.

E dey good make we save for tomorrow but saving ten ten naira everyday for 356 days no go give you better money. If we wan calculate am, N10 x 365 days, that's N3,650 for the whole year. E no go fit even cover a pot of soup. Also, based on how the value of naira dey constantly decline against the dollars and how the price of commodities for market dey increase everyday, even if you save up to 1 million naira for a year, you no go fit do better thing with am. So e dey good to save in foreign currencies like dollars, pounds, euro or just buy Bitcoin and hodl.

My brother na better point you get because when you start big ma so you go wan invest the money but when you start small the thing they fair and when you lose money you no go to send like because of the amount but some people no they wan hear them go wan do waiting them like which is them go wan put better money but as a newbie it is not important why not make they understand how the thing they work before them go choose exactly waiting them wan do when the thing comes to money matter, na why any body wey wan start make them always they find advice even on the coin to buy and bitcoin they okay but sometimes they fit comsider other altcoin to ma small small person they start because if you look all those coins all of them get investors and people they get money from there so no be crime to try does other coins out. And the issue of something doing is very important so that if one no work the other one go work, the truth be say no be everyone na him crypto go work for so make we they dedicated and te thing for work well. No be something person go start come they expect better money from the thing.

Believe in all those Facebooks videos that are talking about the Bitcoins investment can lead a person to lose all his assets when ever he comes to invest in Bitcoin, but seeks for a better future knowledge that will help you guide all the assets that you have invested is the best than follow people’s on facebooks; I know people also achieve something from there but not all the time.

However, if you really want to becomes successful person who starts the gradually saving to buy Bitcoins at least you’ve to get enough knowledge, so that you won’t face any challenges in your investments; and that’s most of the people paying attention’s on doing there research about the Bitcoin investments.

As in ehn, I just dey confused with Op calculations, I first enter my calcutor do am myself, I see say waiting i see dey different from waiting him dey explain for here. Omo see the kind of mathematics wey Op dey do as if days we have in a year don pass 365 days again, somebody fit become a millionaire by saving 10 to 20 naira a day, as if those money still get value for this country, and if Op dey think say e fit save naira to get 7 figures at the end of the year, he must not save less than 3k per day.

However, Op it is not a idea to bring useful information we read somewhere but make we try to dey confirm about it whether the information dey legit or not because him don dey encourage some people that if they can save 10 to 20 naira daily, dem fit become a millionaire at the end of the year to use the money accumulate Bitcoin. And I am sure say some newbies fit reason am say na correct information and begin to dey save 10 to 20 naira.

OP, you d make me laugh. You think sae you can narrow down wetin your watch for Facebook to link it up with Bitcoin investments as to ways to become rich in a year, having investing 10 naira to realize 280 naira every month.

Before we go begin to move into your calculations being right or wrong, have you learned about the basic knowledge of crypto? Its volatility, the bearish and bull run season. Time suited to make the right investment and anticipate for huge gains.

Let's leave that apart, and analyze the investment pattern wey you learn from Facebook into today's crypto market. Assuming peso successfully invested 280 naira for six months at a price above $100k. Wetin you think sae em gain go be, before the bull run is above? Remember sae, after the bull run, na bearish market next. You no think sae, na loss investment peso go later have in a year time, if they begin to d invest in Bitcoin with 280 naira monthly for a year. Bitcoin won't remain above $100k by 2026, make you remember that.

You are correct, if you are new to investing in crypto, the best thing to do is to start with a small amount and see how it goes, before you start with a large amount. Even if you want to invest a large amount of funds, the best coin to invest in is bitcoin, which is the coin that will just minimize your risk, as opposed to other coins that will have a huge risk that can cause you to lose all of your funds. Savings to invest in bitcoin is a very good idea, but it is more advisable to have something doing that will be supporting your investment, because when you invest and you didn't have another source of income he will definitely affect your investment because anytime you have problem you mind will surely go to your investment and you will touch it because you don't have any other choice to then you touch your investment, since you don't have any other sources then your investment. No when you are saving for investing online bitcoin make sure you get another sources that will help out in time of your need.

I dey shock seeing some replies above you but none of them notice the error in calculations. I have seen so many posts and videos of that nature online but I see it as an attempt to farm engagement. This simple arithmetic is not suppose to be even hard for a primary one pupil to figure out the mistakes but unfortunately Op was so excited to share without verifying. Everyone would have become a millionaire by now if this calculation is realistic. It is very okay to seek for others opinion when necessary but not in a case like this very one. Assuming Op learned the habit of comprehension, he wouldn't have bring this up for discussion here.

Paying attention and personal research is very vital in the quest for learning but Op did not employed any before making this post. Let assume the calculation is even correct and and we have to wait for complete a year before we make our purchase  does that ring well? I don't think so. It is good to start with as small amount as possible using DCA method than to wait all long to make one time buy. Above all, I would advise Op to verify posts he finds out there before bringing it here to avoid see finish. The reply above mine suggest we arrest his maths teacher for doing a very bad job and I won't agree less. 

Op e be like we go arrest the person wey teach you mathematics for school for doing a very bad job Your mathematics no dey add up at all, so better go look am again make you no further fall hands the more. One other thing wey I notice be say, e be like you dey see this Bitcoin investment as play play thing na why you chose N10 wey no fit buy anything for our country instead of the least money wey fit buy something now wey be N100. If you no fit save N100 per day, you no get any business talking about buying Bitcoin because wetin you need na job no be to answer investor because no be empty hands them dey take invest.

Saving to buy Bitcoin isn't a bad idea but I think it's too stressful to do that. Personally, I think it's better to have a source of income before investing in Bitcoin. This investment is long-term. Bitcoin is a way to achieve financial freedom but it can't be gotten in a day. People who get successful with Bitcoin are those that have been hodling for a long time. Hodling comes with a lot of patience and perseverance, if you don't have any source of income you would find it hard to invest in this on a long-term scale. Saving to buy Bitcoin is exhausting to me, if you don't have the capability to buy it then just wait till you can make this investment comfortably.

Na for here you go take know say OP dey confused even from the topic em create. Mindless copy and paste na bad thing too. I feel say OP no even calculate that thing by himself properly before em carry come here. Another gentle reminder to always proofread anything you dey send for this forum because if you fail to scrutinize it properly before sending it here, na better criticism you go chop.

Nobody fit argue say naira dey useless to take save money, people wey them dey pay for naira dey big trouble since inflation dey affect them wella, so no single motivation dey to save money for naira. Myself as soon as my fiat pass some reasonable level, I dey convert am to save for dollars or buy bitcoin make em dey safe and useful by the time I go need am.

To be honest, Bitcoin will always be volatile and its price will fluctuate. Therefore, you should always plan for the long term, and run DCA consistently. I think that only in the case of DCA can you take advantage of market fluctuations well, if you invest regularly on a weekly or monthly basis.
So don't wait to start investing, buy Bitcoin regularly, in general, if you continue to invest through DCA, your portfolio will continue to grow with the average price of Bitcoin. Which at one stage will give you better results.
However, considering the current situation of Bitcoin, the current state of Bitcoin and the possible future of Bitcoin, this is an ideal time to start investing, because Bitcoin is now around $95k, it will start pumping at any time. So don't miss the current opportunity.

Buddy you nailed it, it is unfortunate that I see some persons refer 1 year as a good one for an investment that's for a long-term that's laughable, talking about the thread in which @JayJaunGee is a pioneer, I think it too bad for someone to keep mentioning an individual that has taken it upon himself to continue advising intending and existing investor on how to go about their Bitcoin investment in other to scale through to the future without facing any panic or pressure, many of us has learnt a lot from those discussion and it has been very interactive and helpful to us in one way or the other, personally I have been very conversant with DCA method because of that thread and I think it will be appreciated if we should concentrate on the matter at hand here instead of deviating to something else.

I wouldn't want say much about the current subject being discussed here but what advise in general is that once one is ready mentally and financially then the acumulation process should take place, though one must not be very rich before they can invest, what every investor need is an income that can allow him or her to accumulate freely with DCA method weekly, weekly and still have amount left to do other things, your pocket is your strength and as a wise investor, you're not advised to empty your pucket  in the investment alone so that you won't be pressured along the line to take premature decisions that's capable of running your investment.

Instead of confusing himself and ignorant people with calculation i think he should seize this opportunity that the market has given to start his portfolio or add more to it instead of waiting for a full year to save and buy later, Bitcoin has drop after reaching an ATH of $108k but that's not a big deal cause volatility is bound to happen and we'll always witness a correction before the price skyrockets again so it's best to seize this opportunity and accumulate now the market is down and make more profit during an upsurge cause there's a good possibility of witnessing another ATH before the year ends. Left for me I'll prefer the OP buys weekly or monthly instead of waiting that long to buy Bitcoin cause in the process of waiting, sevaral corrections might occur and he'll miss out on opportunities.

Oga this your calculations no Dey correct, you Dey even see wetin you Dey calculate? You just wan use equation confuse us for this space.
10x365 wetin E go give you nah 3,650, so if you save 10 naira every day for one year, wetin you Dey get 3,650 naira for that one year.
To arise at that 3,066,000 naira wetin you Dey save everyday nah 8400 naira everyday, you just wan use calculation confuse us here come Dey tell us say 10 naira wey no worth anything for this country na E wan come give you that kyn money for one year, Abi no be the same 10 naira we Dey use?

I feel like this is an exhausting approach to investing in Bitcoin, if you don't have a stable income then I don't think you should stress yourself. You can only save to invest in Bitcoin if you have streams of income otherwise you are going to struggle with this especially if you end up losing money in the market. But this is why Bitcoin investment is done on a long-term, as an holder if you don't have enough patience to wait for you to achieve something from your investment you might quickly sell and you might end up slightly gaining or losing, investing long term is the only way to benefit from it.

My dearest OP, am sorry to be so frank, but saving 10 or 20 Naira per day for a whole year, won't make anyone a millionaire.

Please pay close attention as we do the maths together:
If you save,
10 Naira/day × 365 days/year = 3,650 Naira/year and
20 Naira/day × 365 days/year = 7,300 Naira/year.

In order to get a significant amount that can be up to a million in a year, one should be able to save up to 2,740 ~ 3,000 Naira/day to reach this goal, because if we should divide 1,000,000 Naira/year by 365 days we have in a year, we would have 2,740 Naira/day.

The best bet is to use a DCA strategy on a notable exchange, so as to avoid dipping hands into the pocket where this amount of 2,740naira is kept.

The calculation Dey very wrong OP definitely didn’t know what he wrote there or maybe it was a sarcasm like wey we Dey see for social media, ypu gass they save like N8k plus before you fit see N3m for one year, so na off calculations.

I totally agree with you on the choice of currency to invest in, fiat been use as investment na the worst strategy to do talk more of it been naira. Person wey hold one million naira starting of last year (2023) when dollar Dey N800 per one wey go be like $1,250 then the same one million naira go be just $625 now base on the current exchange rate of N1,600.

If that $1,250 enter bitcoin that time when bitcoin it self bin Dey less than $20k one go get like 0.06 bitcoin now with bitcoin in six figures already that’s $6k plus on it’s own and approximately 10 million naira. So bitcoin even though it’s volatile but when held for a long period of time will definitely yield profit than any currency