Gradually Saving to buy bitcoin - page 3.

Lida93

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Quote from: Obari on December 18, 2024, 04:52:01 AM

Quote from: Lida93 on December 16, 2024, 08:26:51 AM

Quote from: Kelward on December 16, 2024, 07:57:04 AM

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

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.

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.

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.

MainIbem

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Quote from: Obari on December 18, 2024, 04:52:01 AM

Quote from: Lida93 on December 16, 2024, 08:26:51 AM

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.

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.

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.

Obari

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Quote from: Lida93 on December 16, 2024, 08:26:51 AM

Quote from: Kelward on December 16, 2024, 07:57:04 AM

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

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.

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.

Zackz5000

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Bitcoin or nothing

Quote from: Lida93 on December 16, 2024, 08:26:51 AM

Quote from: Kelward on December 16, 2024, 07:57:04 AM

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

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.

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.

DubemIfedigbo001

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Quote from: Agbe on December 16, 2024, 05:15:29 PM

Quote from: DPHOR on December 16, 2024, 06:43:07 AM

Okay, few days ago I came across a video on Facebook and it says how to save and becoming millionaire in just one year.

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.

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.

DPHOR

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Quote from: Agbe on December 16, 2024, 05:15:29 PM

Quote from: DPHOR on December 16, 2024, 06:43:07 AM

Okay, few days ago I came across a video on Facebook and it says how to save and becoming millionaire in just one year.

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.

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.

Agbe

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Quote from: DPHOR on December 16, 2024, 06:43:07 AM

Okay, few days ago I came across a video on Facebook and it says how to save and becoming millionaire in just one year.

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.

Felicity_Tide

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Quote from: BIT-BENDER on December 16, 2024, 12:25:21 PM

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.

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?.

Abu-Naim

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Quote from: DPHOR on December 16, 2024, 06:43:07 AM

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.

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.

Pi-network314159

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Quote from: DPHOR on December 16, 2024, 06:43:07 AM

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.

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?

Adbitco

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Quote from: DPHOR on December 16, 2024, 06:43:07 AM

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.

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.

Mayor of ogba

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Quote from: GIF-JOBS on December 16, 2024, 11:54:05 AM

Quote from: Mayor of ogba on December 16, 2024, 09:53:21 AM

Quote from: DPHOR on December 16, 2024, 06:43:07 AM

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.

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.

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.

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.

I_Anime

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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.

BIT-BENDER

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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.

GIF-JOBS

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Quote from: Mayor of ogba on December 16, 2024, 09:53:21 AM

Quote from: DPHOR on December 16, 2024, 06:43:07 AM

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.

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.

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.

CryptSafe

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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.

Mayor of ogba

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Quote from: DPHOR on December 16, 2024, 06:43:07 AM

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.

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.

Hewlet

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Quote from: Kelward on December 16, 2024, 07:57:04 AM

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.

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.

DPHOR

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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.

Lida93

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Quote from: Kelward on December 16, 2024, 07:57:04 AM

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

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.

Topic: Gradually Saving to buy bitcoin - page 3. (Read 547 times)