Topic: How I decided to buy some fractions of BTC after discussion with members here (Read 695 times)

If you have a lump sum of cash that is available, then you have a choice to either buy BTC in a lump sum or to buy DCA; however, part of the common issue is that normal people do not tend to have lump sums of cash in front of them, so one of the advantages of DCA buying and regularly buying is that you are able to figure out a budget in which you can "get into bitcoin" without creating a situation in which you are potentially putting more of a burden on yourself if you put a bunch in at once.  There is nothing wrong with bulk buying if you have the amount that is available, yet people can make mistakes in terms of thinking that they need a lot of value in order to benefit from buying into something like bitcoin that allows you to even choose small buy amounts.

Another thing is that you should be considering longer terms in terms of 4-10 years or longer in order to really consider ways to solidly benefit from bitcoin.   Sure, you can get in and out of bitcoin on shorter term periods, but you might be losing out on some of the stronger longer-term investment advantages that bitcoin potentially offers (no guarantees of course, even though it still seems to be amongst the best of investment asset classes, if not the best investment asset class currently available).



That's not investing; that's trading... I am not against the overall idea of buying low and selling high, yet with bitcoin you should be trying to consider it as a part of your longer term life rather than getting in and out of it, and then you may well end up fucking up if you are trying to sell in order to make dollar profits, and then if BTC keeps going up after you sold  at some kind of mediocre dollar profit, you see that you could have had way higher profits and more options if you had just kept BTC as part of a longer term investment portfolio, such as 4-10 years or longer.


We are talking about bitcoin here.  Fuck shitcoins and fuck the idea of crypto currencies that fails to specify what you are talking about.  The vast majority of shitcoins (crypto) you have to figure out how to get in and get out, so you better be careful when you are vaguely lumping bitcoin into the same category because it creates an impression that you do not know what you are talking about, at least you do not understand bitcoin if you cannot at least specify and use the word bitcoin, and if you also want to talk about bitcoin and some other shitcoin, at least specify which one you are talking about it and even whether it is worth it to talk about any shitcoin in the same topic of bitcoin, unless maybe you might want to bash on some various shitcoin, then that might be understandable as a reason to bring it up within the same discussion of bitcoin. 

You should keep in mind that many shitcoins are affinity scams which largely means that they try to make themselves appear as similar or better than bitcoin in order to confuse people into investing into them.. so if you can at least recognize that bitcoin is distinguishable from the various shitcoins, you will likely start to understand the space a bit better and not be so sloppy with your language in terms of referring to bitcoin and considering bitcoin to merely be a "part of that" conceptualization.

First of all I would like to congratulate you on your decision to purchase Bitcoin and becoming part of the Bitcoin community. It's great to see you that you took the advice of others to lead by example. As for the "Bull run" that people have been talking about, it is important to keep in mind that Bitcoin's value can be very volatile, so it is better to take informed decision and don't get caught up in short term trends. Good luck.

Buying up fractions spread out over a period of time has the advantage that you don't need to do the math each time. But the disadvantage is that it will eat into your overall budget for buying BTC, which due to its volatile price might mean you have less money available over time than if you just buy all at once when you can afford it. It simply comes down to personal preference and you will have to ask yourself: Does it feel more comfortable to keep track every week of what your fractions are costing on average, or is it better to just pull the trigger on one big bulk purchase?

If you want to be an investor, buy low and sell high, that's the simple rule. I must admit I still haven't fully grasped this concept, but I am on my way. Hopefully everyone will be able to appreciate crypto currencies and all that they can do for us in the future..

I could indeed assume you were very enthusiastic when you made your first Bitcoin purchase. Thank you for joining the Bitcoin community. By owning Bitcoin, you have joined the largest Bitcoin community in the world. Since you are on the forum, I hope you have received all the helpful advice. Be engaged in this community and educate yourself about Bitcoin's proper use for things like transactions, storing, and trading. To increase the security of your holding, put it in a non-custodial wallet. Web wallets and centralized exchanges are never secure places to store funds. I hope making your first Bitcoin buy went smoothly.

If you do not have enough BTC, then you should be buying regularly and don't be dicking around with whether the price is higher or lower blah blah blah.

Perhaps set a regular buy order of $50 per week or whatever you can reasonably afford, and then just buy every week.  Sure you can save some of that for buying on dips, such as buying half once a week no matter what, and then the other half you have discretion whether to wait and buy upon dips, if such dips happen.

Your BTC accumulation plan should also involve saving for the long terms, such as 4-10 years or longer into the future, and sure you could take some profits along the way if you overinvest, but if you do not have a very large investment portfolio, I would work on just continuing to build it and to stack sats and to not get worked up about whether the BTC price is high or low, just create a budget and buy for the next 4-10 years or longer and then reassess your situation after you have been stacking and building your stash for a while.

I understand that you would like to get rich quick and all of that bullshit, but the truth of the matter is that it tends to take a long to build wealth, including one of the likely better ways that bitcoin can be used to build, and many normies take 30 years or longer to reach fuck you status, and a vast majority never even reach fuck you status and have to work all of their lives. 

So, even though bitcoin has the ability to potentially allow you to reach fuck you status faster or to cut the time down in reaching fuck you status, it does not guarantee that you will reach fuck you status or even that your life will be better by buying into bitcoin, even though it does seem like amongst the best of investment vehicles that are available to people, so long as you do not screw it up and figure out an long term regular sustainable investment plan that you can manage.

Okay..
I have plan of getting another 10k Naira worth of bitcoin, I noticed I bought the previous at very high so I was considering the market before buying. Currently the price is at $21,671 per Bitcoin, something in me keeps telling me it would go little bit dip maybe to 20k or 19k before it could possibly gets to 27k by ending of next month or so.
Please what do you guys think?

If you own tiny bit of Bitcoin it would be enough to start learning more about it. Its a journey from top to bottom. I wish I could return back in past and re experience all my memories within time frame with Bitcoin. I still can't forget days I bought and sent bitcoins to my Electrum wallet. Beginners should see it as somekind of game and start trying anything possible with Bitcoin. Sending experience with Bitcoin should definitely be experienced many times. Many many times.

Do enlighten us on how your next few purchases of BTC go.

In case Binance P2P is no longer available or maybe gets blocked by the government, you can usually find sellers willing to trade with you on the Currency Exchange board.

I recommend just holding it, instead of trying to spend it right away.

It feels like if you keep monitoring the market all the time it will get bored especially when you don't have time to pay attention every day so it's true that by doing DCA it would be better to keep accumulating from now on until you continue to do it every week so you can keep accumulating bitcoin all the time even with a $10 fee that is in input will still be useful for DCA methods.

Indeed, DCA is the most effective strategy used by many people, so this needs to be done early on while prices are still low, we must have a longer plan, around 5-10 years, we must pass that time limit.
Every good idea must be carried out because behind everything there is a great potential opportunity behind investing in bitcoin with the average cost of dollars being put into bitcoin.

OP congratulations on your first bitcoin purchase surely you can now be reckoned as a full bitcoiner.  But understand one thing, you will now be standing between patience and greed based on the urge to wanting to pull out due to a little profit made or loss taking place cause the market is one with uncontrollable volatility.
Am not part of those that condemn centralized exchange even though I don't like it I still make use of it especially binance and that's due to my part of the world I found myself. What am trying to say here is that, you can make use of binance for your exchange but don't leave a good amount of your asset on any centralized exchange not even binance, it's saver with a non-custodial wallet like electrum, exodus and others. Like the saying goes "not your keys not your coins".

For those who can't seem to find the right time to enter the market, DCA can be a useful tool. Start by investing an amount as small as the cost of a Starbucks coffee every week and forget about it. Over time, the small investments will add up and the cost will be averaged out. With a long-term view, it is possible that the investment can grow significantly, perhaps even enough to buy a lambo.

For those who want to invest in bitcoin, DCA could be a simple and effective strategy to get started. DCA is a strategy that has proven to be effective for many people looking to enter the world of cryptocurrencies, especially bitcoin. The idea behind DCA is to invest a fixed amount of money at regular intervals, regardless of the price. This helps in averaging out the cost of your investment and reduces the impact of price volatility.

As said it is a must to analyse and use the funds that can't be used on near needs. The market volatility could lead the price downwards as well as upwards. However it needs certain time  period, so that the investment made gives good return. With cryptocurrency investment we need to spend and forget about it. This way many have made good profit out of bitcoin. Same as regular savings, spending specific amount to buy bitcoin unlike the price too helps in maintaining good portfolio. The decision to buy at the right time is really appreciable.

This is the point, we don't need to rush into taking action because rushing will usually make us regret it later.
Likewise here, when we want to invest, obviously we have to think about all the possible consequences, considering that when we invest, it is certain that the money used in it will not be able to be used for needs in the near future if you really want to invest. Therefore, we don't need to spend all the money we have because we also need it to support our daily needs.
Like saving, I think we also know how to increase our portfolio without sacrificing our life in the world we live in.
DCA has always been a must for now (at least for me) with bitcoin being pretty cheap right now.

Yeah, congratulations and welcome to the club of bitcoiners, or rather, bitcoin hodlers.
I can tell you from experience that there is no greater feeling than what it feels like when you remember you have some money invested in bitcoin, it automatically gives hope for the future to those who need hope to keep going, most especially, considering the kind of financial issues many Nigerians are faced with today.

There will always be another bull run, what you must do is make sure to hold your bitcoins tight, and while the market is in a bear season, don't forget to DCA when ever you have extra funds laying around, and the price of bitcoin is below your previous buying price, this will help you earn even more profit when the price of bitcoin begins to go up.

But it seems that the OP made a wise decision to first ask the people in this forum to finalize his decision to invest in bitcoin, which maybe I feel happy sharing information to consider about making a decision, I don't think so as simple as you say, I believe the OP also considered that.
Judging from the current position the market is still far from ATH, of course it's not a bad time to make a decision to invest in bitcoin, in fact, faster is better for the current phase because the market hasn't fully recovered to continue its increase. Regarding the ups and downs that attack the scales and the OP blames the members here, I don't think he has any reason to blame people here because we only share suggestions and opinions, the rest is his own decision.

Last year during the month of September OP have started to explore and find ways to buy bitcoin. In a short he have take the decision to buy bitcoin is really appreciable, because most of the users who get into bitcoin for the first time used to wait for much longer time. As in the above post unlike the amount he had bought, he had made the purchase at the earliest. This had made him move on the right track. Slowly with the further purchase OP will learn more about bitcoin and the same lets him make good return out of his investment in the long term.

Good first step as it didn't make any sense that you're a participate of this forum and yet you don't own any Bitcoin yourself. Now that you own some even though they aren't much but you would still be eligible to receive the benefits that comes from holding. I noticed you made your purchase from a centralized exchange, I would like to advise you to take them off that exchange to store in your personal wallet.
This purchase that you just made will encourage you to purchased more in future immediately the money are available and that's why I personally advised anybody looking to get into the industry to start small no matter how little they're.
I hope you weren't pressured into buying as that shouldn't be the reason behind this purchase instead you should buy because you personally has taken that decision to invest in your future through securing some good amount of Bitcoin.

You decided to jump because of strangers telling you to jump?
Although I am happy for your decision to invest in Bitcoin or crypto,
I think you should also understand the risk  on your investment and, don't take everything seriously you invested because a lot of people are saying bullrun so what if it isn't a bull run?
What if the price drop down would you blame the forum member who talks about bull run and told you to invest on it?

Sometimes this people frame stories and surgacoat to win some credits. But if really what it just narrated is nice, will say that is making a good wings in cryptocurrency and especially bitcoin, because have seem some people who gives a series of testimonies about Bitcoin but they are not practicing it. I know quite well from another angle that Bitcoin have it ways of growth via investment, it might seriously favourable to people who invested for long term than someone who invested for short term investment.

It is a must to know about the market risks before investing. With bitcoin the requirements were simple, one need to have the patience to hold. Don't urge for the bullish market. Should know how to move along with the market. When these were possible it is an easy thing to invest. Once after making the purchase OP will get to know more about it. Primary thing in which he needs to focus is keeping his purchased bitcoin in a secure wallet.