Topic: I am 19 years old boy living in South korea. Please give me an advice - page 5. (Read 805 times)

A successful bitcoin investor should have basic knowledge of how the ecosystem works. There are many things you need to know about Bitcoin before investing. So my advice to you is to pause your investment plan and  invest time in learning about bitcoin. You are fortunate to be in a forum that you can get almost all the information you need about bitcoin.

Keeping his BTC in the right type of wallet is very important. There are so many centralized wallets that are advertised as decentralized wallets and OP needs to know about open-sourced and closed-sourced wallets. He should focus only on Bitcoin and shouldn't be deceived by the get-rich-quick promises of altcoins.

Everyone is called to enter the kingdom of bitcoin but this is not a crusade to conquer treasures.

Being with some satoshi is better than being with nothing, get involved with bitcoin, $100 is an investment not only to belong to bitcoin, but to discover an interesting niche.

Since it will increase $100 monthly, it is progressive, you have a low risk stage in your capital, so surely when you have about $1000 you will know what to do, if while you accumulate monthly, you study, research and learn.

Various trading strategies have been suggested to you, also "simple" things like holding, etc.  Read, research and study well which of them works for you, and remember what works for you today may not be useful tomorrow.

You could already do DCA method with that money every month, but based on you post OP, it seems your just starting to invest, so I suggest you to do your own research first and attain knowledge so you wouldn't not just invest without knowing the rest. Cause you might do DCA method but not knowing there's other methods, skills and techniques that you could apply if you study first. Just know that Bitcoin is still volatile so there's no guarantee that it would meet up your expectation real quick. It might take years, decades, months to reach it's peak once again. Investing early really have advantage as you already have background about investing money especially it would be a benefit for you in the future. You're lucky with your dad as he gives you monthly allowance, would be better to inform him and as well leave some money for you to buy foods.

Is that pocket money? or the money you need for food, bus fare, and internet? If that $100 is the money gifts from parents that are used for pocket money to buy snacks, soft drinks, or card games. Better to use it to buy bitcoin, use at least $75 to buy bitcoin, and the rest you use it for snacks. I am salute with you because you are still young and have thought to realize the future to begin investment. I very rarely meet the young people, who save pocket money just to buy a few bitcoins, I don't know how?, maybe because of the conditions in your country is very comfortable to live, and think a young people like you think about life in the future.

Just continue it, and the next, you just need to control your emotions and have a target for when to sell or buy the asset.

Quite a significant increase, isn't it? But that's from 2009. Now it's 2023, and if you assume there will be a similarly significant increase in 14 years, don't set your hopes too high for the Bitcoin market. The market doesn't always move in line with your expectations. So, don't invest all your $100 in Bitcoin every month. You need to live your life as well.

In my opinion, for instance, if in one month you only need 50% of your total funds, you can allocate 30% to buy Bitcoin. Use the remaining 70% for your monthly expenses, skill upgrades, or improving your knowledge. Be confident that it will be beneficial for your future while waiting for Bitcoin to soar.

$100 is enough to do DCA every month if you get it regularly.
But about the video you watched it still seems misleading, like Michle Saylor who had too high expectations.
I hope young people like you should have more critical thinking.
Watch a variety of videos so that you can conclude whether now is a good opportunity to buy.

From the initial video you watched showing the price of $60k, now of course it has dropped by half and is a good opportunity to start buying and collecting Bitcoin.
But if you realize when the price is below $20k you will be more lucky.

Have you ever had a discussion with someone else or your own father about investing in Bitcoin?
Because you as a young 19-year-old need some investment guidance that really leads to the right investment.

Bitcoin is the right investment to build your portfolio from now on, learn more, and make gradual purchases if you can afford to do so.

The term "late" and "early" are kind of subjective, and not applicable to all especially for you.

You said that you're 19 years old currently. Just calculating, you were born in 2004. Bitcoin was created in 2008, and you said the year 2009. Nevertheless, at 5 years old, do you think you already have everything that you need to invest? At 5 years old, is your brain thinking that you need to invest already? No. What you think at that time is playing, studying, playing, studying, and never investing, so don't say that you're late because by the time Bitcoin was created, you aren't ready at first place to invest into it.

I just started investing... or I should say holding Bitcoin in 2017. Can I consider myself late then because I didn't see Bitcoin's price reaching $100, or $500, or even $1000? No because I don't even know anything about investing at that time. That's why the term late and early in crypto is subjective because of different factors. I don't consider myself late in investing into Bitcoin even though it has been existing for around 8-9 years at that time when I was starting. Being late or early don't matter. What matters is if you start investing or not consistently.

You want to be a successful Bitcoin investor? You have 2 choices, but it all depends on you.
First, be a trader. High risk, high reward. More profit for you in a short amount of time. Second, be an investor/holder. Low risk, low reward. This is more applicable for you TBH because you said you're only 19 right. The time horizon for you is very long. You can buy, and sell Bitcoin for decades, and can earn enough for you. Anyway, do some research first before investing, so you will not be overwhelmed.

I’m not trying to talk you down but I also want you to understand that nothing is guaranteed in the cryptocurrency industry not even bitcoin and since $100 is all you already have, you should focus more on studying and continuous learning and since you’re already in the forum, I would want to say a big welcome to you and also let you know that, you can get all the necessary informations you so desire from the forum and there are also a lot of advantages and privileges attached to the forum and all you simply need to do is focus and keep learning for now.

I didn’t personally want to advise you on any investment especially in cryptocurrency because it is already very risky and it is always advisable to only invest what you’re willing to lose.

$100 is your monthly allowance and you're very lucky to be having such coming from your dad. I'd say you allow that $100 to multiple to maybe $500-$1000, you can save up to that amount since is been given to you without working hard for it and you also have that determination of buying BTC.
Before that, do you have any experience in whatever you planning on doing?
Because you can't start up something you have no idea about, forget the fact that you saw Bitcoin on YouTube, you have to do more research on it or probably get someone as a mentor to guide you, if not you'd be on the losing end (that's if you go solo on this investment plan of yours).

It's always the same words that we hear from someone who's new to Bitcoin. All of thoughts are like that all you guys think that it was too late for you to invest to Bitcoin.

Just look, you've said that you've seen Bitcoin during its peak but look at the price now. It's half way from the peak price you've seen it. So do you think that it's too late?

No. Buy when you're comfortable and if you have money ready to invest but it is never too late to buy Bitcoin. Do not wait for another peak price before you push yourself into buying it.

Hmm, Buddy most welcome here, First of all try focus on covering all the basic and fundermentals about the crpto amrket and Bitcoin especially, You've said so that you are a bit confused in the adotpion timeline so here I can assure its never atleast in the currecnt time line. Scince 2009 to 2023 Bitcoin has gone through many stages and many narrtives some were promoting and some were demoting it.

As of now, around 5% to 6% of the global population recognizes Bitcoin directly. For the majority who are yet to dive in, it's important to note that it's not too late to start accumulating Bitcoin. To embark on this journey, begin by thoroughly studying Bitcoin and fostering a strong understanding of its dynamics. Consider exploring discussions on Dollar Cost Averaging (DCA) and accumulation strategies, either through the available search function or independent research.

DCA can be an effective strategy to start your Bitcoin accumulation with a structured approach. To be a good Bitcoiner, you need to bea good Hodler, consistent. _Hamza2424_.

Anyway if the $100 you receive from your dad is regarded as stipend for you to use for anything personal to you and the needs that your dad never knew of and you won't account for it, you can invest it in bitcoin. It will be a right time for you to buy bitcoin, I mean some fraction of Satoshi amounting to $90-100 to hodl for the next one year in December next year so you can do a check of how much it has increased and if you want to continue hodling based on ATH.

Don't trade it but only hodl in your personal wallet. If you trade it you may lose all at once.

Since you receive such amount every month, you can invest each month for three times till ending of December. DCA with your earning and with the next bull run you will be glad you have utilize your stipend in a worthy investment.

It's critical to realize that investing involves emotions as much as math, especially when it comes to assets like Bitcoin. You're right: Bitcoin has increased significantly since it started. To be successful in the future, that's not enough on its own. One has to look deeper and deeper into what's really going on

It is crucial to learn about the blockchain technology that powers Bitcoin. However, comprehending how people behave, how the market feels, and how international financial regulations impact cryptocurrency is just as important. It doesn't mean it will rise again just because it did in the past. Also, $100 may not seem like much, but it's your money, and every bit counts. Think about spreading your money around, learning about different assets, and maybe even asking experienced buyers for help. Remember, an investment is as much about strategy as it is about the asset

You have the privilege of having a father that financially still provides assistance to you, it is good that you already plan on investing it in bitcoins. Before that privilege elapses, you would have already been able to accumulate enough bitcoins by DCAing.

You are young and will face many distractions. There will be the distraction to party with friends, spend on girls, spend on yourself and others, you must make a budget for that so that that lifestyle does not affect your investing and accumulation of bitcoins.

Read the Whitepaper https://www.bitcoin.com/satoshi-archive/whitepaper/
Crypto and trading are not synonimous. Crypto or especially bitcoin is an alternative to the tedious bank transfer.  P2P a peer to peer network making away of the middleman. So Binance,  Coinbase and all the other exchanges are not really crypto. 

My advice is to study about it first before investing your money. Even if we say that it's your own money and you can do whatever you want, you wouldn't want to risk it on something you're unfamiliar with. You're still young and still have plenty of time so there's no need to rush investing in Bitcoin or any crypto related investment. It would be best to explore and learn basic knowledge about Bitcoin and its risks so you could have an idea of the possibilities you'll get with your investment. Also, I suggest not to invest that $100 in one go. You can start by using a smaller amount since it's your first time and you're still exploring. The more you get used or knowledgeable with Bitcoin, then you can slowly increase your investment.
And if you're looking for ways to get to know more about Bitcoin, you can find it here in the forum. So good luck on your journey!

It is true that we are still in the early stages of the bitcoin revolution, it is still very early for us to participate. But bitcoin is not a get-rich-quick investment or where you will make huge profits in a few months. I just want to advise you that you can invest in bitcoin but first you need to have knowledge, you should not only think about profits and ignore the risks you face. Knowledge will be what helps you understand everything about bitcoin, and there is a lot of knowledge on the internet, you can easily find it.

Even $100 is your free money and your daily expense are covered by your father, but can you afford to lose your $100 for every month? You might think it's impossible you will lose by invest in Bitcoin, but there's always a possibility especially you're buy during bull run. The key of invest in Bitcoin is holding, as long as you not sell your coins, it's just an "unrealized lose" and you have an opportunity to earn during bull run.

Let's say that $100 is free money you don't use for anything. You can invest as much as $30-$50 or even more in bitcoin every month. Or you can use $20 to invest in bitcoin every week. And this will be $80 every month. But the amount of money may be different from the reality you face, so you know the real situation better.

Before you decide to invest in bitcoin, make sure that you are completely aware on the risks on bitcoin investment. Do not assume that bitcoin will make all investors profitable in the end, it actually depends on how you understand your investment and how you react in every market volatility. If you are weak and would easily be affected with consistent price drops, then never rush into bitcoin investment. You need to understand first that bitcoin can never guarantee consistent profits. In fact, a lot of new investors end up quitting because they can’t afford to see their own investment depreciating in value when all their hard-earned money are put into it.

Now, that you know already that bitcoin is a high risk asset, it’s up to you if you will still take the risk or not. But as a piece of advice, only invest on a minimal amount as beginners are more susceptible to losses. And never invest for short term because you are eager to reap quick profits. Instead, go for long term investment and hold your coins patiently until you find time to sell and make significant profits. And with your $100 monthly, no need to put all that amount. Follow the DCA method, and buy bitcoin when you know the price is lower than its original price.