I cannot stop buying - page 5. | Bitcointalksearch.org

TimeTeller

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Quote from: topbitcoin on June 08, 2021, 02:46:09 PM

Quote from: LavenderBirch on June 08, 2021, 05:48:36 AM

I think I am addicted to buying Bitcoin. I buy only little by little but this is too addictive. I still have some cash but that money is being spent on buying Bitcoin every day. Do you think this is wise or should I stop for few days?

I think as long you not use money that come from loan or maybe money that actually used to buy daily needs, it is good to do. Because if price keep down and people keep buy it, then ROI price can be lower than when we bought for first time. And when price bounced, we can get profit from all level of order.

That's right. There's nothing wrong buying btc as long as you know the possible repercussions also.
And also, it is better if it is your extra money and not your life's savings.
At least, if in case you need to cash out and it is not what you expect, it would not be too hard for you.
We have our own strategies on how to increase our portfolio, and for the OP, it is his one way of increasing his btc portfolio.

Also, if you will stop for few days, what you can do is assess your situation, financial especially.
What are your goals on why you are buying it in a frequent basis?
Is this for short-term or long-term? Can you afford this lifestyle?

STT

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Dollar cost averaging would be over a year as a starting point unless you are a trader. You could think/focus, not to stop buying but ensure you are involved long term not just buying into a fall before it has proven it will trend back into a rise. We have all possibilities still ahead and some will say why wait and to spread over a year will involve buying into higher prices, the point is to reduce risk and allow yourself to buy into the positive trend not just a negative.
If nothing else to resolve prices takes time as well as the cheaper price being some incentive to buy like you are finding. Time volume and price all factors imo, then consider the dollar itself has its own reasons. Right now China and others put some negative into this space, it doesn't have to matter alone but the price has some weak hands and we must revise prices. This is the work market must do to build a future trend and takes time. Patience in your buying would be a virtue.

janggernaut

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Quote from: LavenderBirch on June 08, 2021, 05:48:36 AM

I think I am addicted to buying Bitcoin. I buy only little by little but this is too addictive. I still have some cash but that money is being spent on buying Bitcoin every day. Do you think this is wise or should I stop for few days?

Would be better save and spend it only to buy bitcoin when market crash or on the dip. Buying it everyday won't get you to Dollar cost averaging (DCA), unless you have spare your money and can't think what should you do with these money

Marvelman

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Quote from: LavenderBirch on June 08, 2021, 05:48:36 AM

I think I am addicted to buying Bitcoin. I buy only little by little but this is too addictive...

But that's OK, you have a plan. Like I said, you have to know when to invest.
This is the same with stocks and indices, it's a good way to do cost averaging and not to panic and dump your shares. And try not to worry too much about day-to-day market swings.

wheelz1200

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Quote from: LavenderBirch on June 08, 2021, 05:48:36 AM

I think I am addicted to buying Bitcoin. I buy only little by little but this is too addictive. I still have some cash but that money is being spent on buying Bitcoin every day. Do you think this is wise or should I stop for few days?

Cost averaging is always a good strategy. In its entire history knowing what we know now I would say it's a perfect strategy. No need to stop now if it goes down to $5k buying all the way down will bring your overall costs. Then when orange coin pops again you will be sitting better than if you just stopped buying on the way down.

topbitcoin

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Quote from: LavenderBirch on June 08, 2021, 05:48:36 AM

I think I am addicted to buying Bitcoin. I buy only little by little but this is too addictive. I still have some cash but that money is being spent on buying Bitcoin every day. Do you think this is wise or should I stop for few days?

I think as long you not use money that come from loan or maybe money that actually used to buy daily needs, it is good to do. Because if price keep down and people keep buy it, then ROI price can be lower than when we bought for first time. And when price bounced, we can get profit from all level of order.

Fortify

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Quote from: LavenderBirch on June 08, 2021, 05:48:36 AM

I think I am addicted to buying Bitcoin. I buy only little by little but this is too addictive. I still have some cash but that money is being spent on buying Bitcoin every day. Do you think this is wise or should I stop for few days?

I have an addiction too, but it is an addiction to buying shares in different companies. You should be careful pouring all your money into Bitcoin because it is currently in a bear market and nobody really knows how far it will drop. If you're only doing it with "fun money" and disposal income then it may do you no harm, however a true investor will diversify their money to reduce the risk of catastrophic harm. Some people go the whole nine yards - sticking money in everything from whiskey, jewelry, paintings, precious metals, bonds, stocks and property. You'll get varying rates of return from all these options, but they have a long legacy compared to the relatively short history of bitcoin. Just be careful with putting all your eggs in one basket as they saying goes.

Fatunad

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Quote from: LavenderBirch on June 08, 2021, 05:48:36 AM

I think I am addicted to buying Bitcoin. I buy only little by little but this is too addictive. I still have some cash but that money is being spent on buying Bitcoin every day. Do you think this is wise or should I stop for few days?

Only you could answer this one since you are the ones whom do know on what financial state you do have.If you do have the money and doesn't compromise things when it comes to expenses or daily living then youre good but if you are already compromising your life savings then that would be an another story.
Im not saying buying bitcoin is bad but always consider about the risk because it isn't an assurance when it comes to future talks.
There would be always be a risk neither it would succeed or not so its better to be mindful about those possible risk could happen.

BitcoinHodler

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those who are actually buying bitcoin these days like me are keeping it under the radar on the off chance that price may start reversing up and they lose the opportunity to buy bitcoin cheap Wink

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Quote from: LavenderBirch on June 08, 2021, 05:48:36 AM

I think I am addicted to buying Bitcoin. I buy only little by little but this is too addictive. I still have some cash but that money is being spent on buying Bitcoin every day. Do you think this is wise or should I stop for few days?

It is wise if you're buying at this time because bitcoin is dropping in price. But you know what's not wise? if you're compromising your other needs and you're buying bitcoin.

You need to balance your life status as you buy bitcoin. There's nothing wrong with buying it as long as you're still living comfortably and you can sustain your daily needs and you're not sacrificing your budget for it.

dothebeats

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At this point, it's better to lay off the copium and the credit card/whatever source of money you have and distance yourself away from any bitcoin or cryptocurrency news. If you have the money to actually burn and don't care much about losing, go ahead and do it, but it's infinitely better to not spend on things that you might regret in the future. From the looks of it, bitcoin might be heading towards lower lows than it had in the past few months, and while it's good for your wallet and all in the long run, it might take a while before you are able to recoup the losses.

Spend wisely, even if you have lots of cash to spend.

hatshepsut93

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Quote from: LavenderBirch on June 08, 2021, 05:48:36 AM

I think I am addicted to buying Bitcoin. I buy only little by little but this is too addictive. I still have some cash but that money is being spent on buying Bitcoin every day. Do you think this is wise or should I stop for few days?

It's not a good idea to have most of your net worth stored in Bitcoin, there's always a risk that something goes horribly wrong and Bitcoin loses a very large portion of its value. This risk might not be big in terms of probability, but it could ruin you.

Invest a moderate amount, and if Bitcoin goes to the moon relative to your investment, you will still make a good profit. No need to be greedy and try to go all in, no one has succeeded with this strategy in long term.

chikading2016

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Quote from: LavenderBirch on June 08, 2021, 05:48:36 AM

I think I am addicted to buying Bitcoin. I buy only little by little but this is too addictive. I still have some cash but that money is being spent on buying Bitcoin every day. Do you think this is wise or should I stop for few days?

That is not wise you must buy your daily needs first beause you need to eat food dont buy so many bitcoins you be dead if you dont stop buying bitcoin buy food also to make your stomach full. You can buy bitcoin but oh need to decide the budget don't used all your money for bitcoin because there is no asurance that you can earn on it in a short period of time, sometimes you also need to wait before you can get profit.

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Quote from: LavenderBirch on June 08, 2021, 05:48:36 AM

I think I am addicted to buying Bitcoin. I buy only little by little but this is too addictive. I still have some cash but that money is being spent on buying Bitcoin every day. Do you think this is wise or should I stop for few days?

first what is the reason of buying and what funds are you using. do the funds are excess money or this is what you need in daily living? because using a regular funds will cause you damage if the price of bitcoin suddenly falls down badly and you need to cash out for emergency reason.
but if all of the funds are only for your extra income and not to be used in any chances for now, then you are doing really well investing little by little things that i also did back in the years.

jackg

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https://bit.ly/387FXHi lightning theory

Just stop buying. Regardless of how much you put it, it'll still do well.

Most of us long term holders only put about 5% in to start with, even with dcaing out its still 90%+ of my portfolio. (so up 180x since 2015).

Poker Player

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It's not too wise asking others what to do with your money and posting it in the wrong place on the forum in your first post.

I hope you have cash left over to buy food, at least. If you buy Bitcoin compulsively but have your basic needs covered, it's OK.

LavenderBirch

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I think I am addicted to buying Bitcoin. I buy only little by little but this is too addictive. I still have some cash but that money is being spent on buying Bitcoin every day. Do you think this is wise or should I stop for few days?VidMate Mobdro

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