Topic: I hope I'm doing the right thing. - page 3. (Read 776 times)

I think the high price now compared to the next 2-3 years is a reasonable price to buy. Indeed, we cannot predict for sure what the price of Bitcoin will be in that year. but if you look at the Year-to-Year chart, bitcoin always shows positive movements.
What's more, we have just passed the halving phase where many miners are taking advantage of their mining, what's more, there is some negative news that could affect the price of Bitcoin even further down. This is actually a good opportunity to accumulate bitcoins. just buy whatever the price is and hold on for a few more years.

Its a really good question, and there are lots of answers it really depends on your perspective as to the one that fits what you are trying to do.

One way(and not the only way) would be to not really consider it an investment, instead consider saving in Bitcoin vs saving in FIAT. hThe reasoning behind this is that in the fiat world when you save your money you have some experience in things changing that effect your fiat savings stack. You may not realise it but that experience is extensible into saving(stacking) in bitcoin. Alot of the fiat experience is very subtle, and its alot more pronounced with Bitcoin

Here are some examples and parallels to think about, not all of them but ones to me that stick out

Savings Frequency(FIAT)

Each day, week, month you regularly set aside some of your disposable income  into a savings account.

(BTC) Your going to save(stack) in BTC in the same way. Do a forum search for Dollar Cost Averaging.

Savings Goals(FIAT)

There's always a reason why your saving, be it to buy something like a tv, car, house deposit etc etc. You have experience setting a financial goal, working towards it and reaching it.

(BTC) Its exactly the same, you set an achievable goal and try to reach it. When you get there you set another incremental goal and reach it, etc etc

Reduction in Buying Power(FIAT)
Your fiat buying power decreases during a period of inflation, if you want to maintain the buying power you have to increase your savings, but this may not always be possible. You have to operate within your budget, so you modify your goals usually time to reach it.

This skill/experience is the more subtle one, for example you saving 30k to buy a car, when you set the goal the car you wanted to buy cost 30k but now that you have reached your savings goal the car price is now 33k. You got to save bit longer than you initially planned

(BTC) Exactly the same in BTC, most people refer to this a BTC price volatility. You reach your BTC amount goal, but if at that time the price of BTC is lower then your value is lower. You need to stack more to reach your goal. This also works on the flip side, sometimes you hit your amount goal and the opposite has happened. The BTC price has increased, and your in the positive.

Where you save(FIAT)

You look at the different savings products from different companies, you have to park your savings somewhere and you want to get the most out of it for the least amount of risk.

(BTC) Exactly the same with BTC, your going to have to buy it somewhere. There are lots of BTC exchanges, your gonna have to pick one and do the same cost/risk analysis to suit your situation. Your also going to need to consider where and how you store your BTC, and what suits your risk profile. You will need to learn about "not your keys, not your coins" and how to self custody.

There are lots more parallels, but those ones are the ones that stick out and if you already save in FIAT u got the skillz to save in BTC. Maybe sometime in the future when you have hit many BTC savings goals you will then start to think your BTC is an investment when you decide to not sell your BTC to acquire an asset but instead continue to stack it.

Perhaps, you did it right mate. And what you hear is true as Bitcoin investment is risky due to the volatility and unpredictable market direction. That is why before you make the final decision to buy, you must be sure that you are mentally aware of it and fully understand how it works. Understanding the market situation helps you stay strong despite unexpected dumps and remain trusting. There are a lot of BTC left so therefore we don't need to rush and think we are too late as we still have a lot to buy with.

Knowledge, interest, and faith are things we need in order to succeed.

You're on the right track, making market research before investing. It's a good way to start your journeys so you can get an idea how the market is around here. When I bought my first Bitcoin, the market wasn't as stable as it's today. I believe the more years goes by the more the market is getting more matured and becoming less volatile. You have to understand what you're getting into before you invest in Bitcoin but while you're waiting also know that you might miss the opportunity to buy Bitcoin at discount price so increase the speed for your research so you can get to investing very fast. You shouldn't call it a  delay since you're not procrastinating but you're following the due process.

If you rush into investing when you don't understand what you're doing, you might get disappointed with how the market welcomes you unless you're in for the long term and all you want to do is to accumulate Bitcoin through dollar cost average and hodl. If this is your plan then you need to start buying Bitcoin right away, you should first learn how to secure your Bitcoin safety then start investing and also learn more along the journey.

This is a very good topic that will help many new investors in gathering the required knowledge to avoid making mistake in their Bitcoin investment. From my experience, DCA method remains the best way of investing in Bitcoin especially for beginners because it eliminates most of the troubles people have in regards to investing in Bitcoin such as fomo, selling too quick, eager to see profits and so on.

In addition to using the DCA method, I will suggest that beginners must know few things that will help them in their investing as well as managing the investment and those include but not limited to:

• Invest what you can afford to hold for long, I mean money you can live your life without
• Before investing,  make sure your basic needs are first met, then after investing, ensure you set some funds aside for emergencies which were not planned for but can happen, this way you will not have to sell your Bitcoin to solve them

I'm sure that with these steps, a beginning can invest even like a profession provided he has also acquired the basic knowledge of storage and security.

It would be reasonable to make purchases of Bitcoin when its price is at minimum values, and not when the price exceeded ATH and, accordingly, it should have been done in December 2022. If you buy BTC at the current price, then there is a high risk that you buy at high, after which the price may decrease significantly.

First, I suggest you save a little bit of your money to invest in Bitcoin regularly every week or month for 2-3 years and then see the progress.

secondly, when you are accumulating bitcoin within that time period, don't pay attention to market volatility, just save and hold it for the time period you want.

Once you are mature enough and understand how Bitcoin works, then you can increase your investment to a bigger one.

By researching, a person can learn more about that type of investment, especially if he chooses Bitcoin as his investment. He will not be an investor who panics easily because he already knows how to handle it if the market situation is not good. He could even increase the amount of his investment under those conditions.

Maybe by doing research, he feels like he is delaying his investment but those are all things he has to go through to invest in Bitcoin well. He can decide when he is ready to start by having more information about investing in Bitcoin. He will not be shaken by bad news that comes out before he starts investing.

He can manage and overcome risks well. He can also keep his Bitcoins until his target is reached. That is why beginners must really study the investment first before deciding.

Be absolutely sure you have gained the right knowledge of how to use an exchange to buy and sell or should I say trade your BTC or cryptocurrency in general, should you decide to Invest in altcoins after feeling confident with enough knowledge.
Also, try to know the best kind of wallet to use inorder to keep/save your crypto currency and how to safe guard it from hackers and scammers and from theft or loss of key phrases and passwords.

 After gaining this knowledge then you can be sure you would have done the right thing after you invest and can safeguard it as much as trade it or with it and can try out other investment strategies.

This is not only applicable for bitcoin, but certainly for all types of investments, extensive research is a must. Otherwise, if people tend to become lazy and just rely from the advices of crypto influencers, there will be high chances of losing their investments in the end.

Getting delay is part of the process, as it’s understood that you have look into the project or investment carefully prior to investing. In fact, it’s even better than those who keep procrastinating until they lose the opportunities to invest. So never worry if it takes so long before you finally decide to invest in bitcoin, that only means that you’re now highly ready and capable to manage and overcome its risks.

In bitcoin what matters is to understand it well and excel in your investment.  Trying to be fast to make investment is not the most important thing because you can fast and with no understanding,  still lose all your money, so their is no need to rush it.  It is better to try your best to have much understanding in bitcoin even if it will take you a longtime.  Understanding bitcoin will help you to know what to do  even as the market is risky. If it will take you time to understand the volatility of the market,  I think it is not a bad idea because if you understand the volatility of the market you won't have problem to get worried when the market falls.

One of the problems of newbies is that they want to be fast to invest bitcoin without understanding it better which they will end up making mistakes. It is better to have this understanding first than going into invest without understanding which will lead to several mistakes.

Before investing, you must study it first to know how it works. A beginner should not rush to invest in Bitcoin before he knows that Bitcoin is good for him. We often meet people investing without studying, causing them to lose money.

The delay does not mean you are too late because investing in Bitcoin can still be done. What you do is for your own good so you have to study it before deciding to invest. Once you understand it, you can start investing in Bitcoin but don't immediately use big money because every investment has a risk.

Investing in Bitcoin also has risks, namely continuous price changes, which is what those who buy Bitcoin often worry about. But with the knowledge you learn, you can reduce the risk and not panic when you see the price decrease. You will know what to do when the market is not good.

Volatility is real in the crypto space.

It is risky to invest in Bitcoin if you aren't ready to lose the money, for a beginner like you I bet you ate into Bitcoin to make money, and due to the volatility you can one day see that your $100 invested in Bitcoin is down to $60, and if that money you invested is very daring to you, it will never sit well with you, this could make you sell the Bitcoin for $60 and walk away.

The truth is the same amount of Bitcoin you choose to sell for $60 can be worth 160 dollars a month later, see? Patience is needed in this space, when Your Bitcoin loses value that doesn't mean it is the end, it is only a matter of time before it appreciates again.

I will even advise you to be more sluggish in this case if you haven't found a reason to invest in Bitcoin yet, take your time and start learning about the benefits of investing in Bitcoin, this will eventually help you to decide in the end, I vote for knowing what Bitcoin is all about before investing your hard earned money on Bitcoin.

Investment is just relaxing, OP. Follow your heart and follow the pattern of people who have successfully lived, quite a lot of options and opportunities are given today in the crypto market. if you like BTC, buy and focus on the long term. Even if you come with a choice other than BTC, there is something you should know, the durability of BTC is tougher than other cryptocurrencies.

Here you are also required to be a lot of patience, meaning that the duration of time greatly determines the career of your investment journey. If you are trading and you like to stay, you adjust your time with many techniques to succeed in this regard, and don't forget to monitor news developments related to global economic conditions in the mainstream media, and it is also good to use as an additional reference.

The classic FOMO I agree to some extent, because if the cycle repeats we could see a great bull run in the next months, and chances are that the price will never go down to current levels, so nocoiner people would've missed the train. But we should be aware that we are at ATH levels already, so the real opportunity was months ago. Like the proverb said, the best time to plant a tree was 20 years ago, the second best time is today, but the investment and the risk attached must be in line with your financial situation, because things could go wrong.

I think, the delay is very good for you because you need to learn from those that understand the Bitcoin investment very well for you to achieve the knowledge that will make you comfortable whenever you succeeded to purchase Bitcoin from the market and hold for the bullish season to come before you can release them for sale. Since you are a newbie, all you need to do when you have the capital to purchase Bitcoin, is to wait for the bearish season to appear which is the right time for majority of investors use to purchase Bitcoin from the market and hold for long term to make their holding profitable in the future. I will advice you not to rush into Bitcoin investment, because there are a lot of things you need to acquire before taking the bold move to purchase Bitcoin, and you will not have any challenges in your Bitcoin investment.

This delay in making a decision can only benefit you in one case, if the price of Bitcoin goes down. In this case, you will have a unique opportunity to buy Bitcoin at a discounted price. If the price of Bitcoin continues to increase in price, then you will find yourself in the role of an observer who will experience Fomo that he did not decide to buy BTC in time.

They said ask questions about what you u do understand is making a person Lean to be fast and easier, but some people's don't know that that's why most people's here as be a while in the forum and there's know any development for them. Because they are so many things that they don't have any ideal about and they refuse to ask questions, to be honest you ask this your question at the right as a biginners whatever you want to do you can just go directly and get start without knowing the skills of it before started.
 
Furlthermore, Bitcoin investment is very good which even the biginners can fit afford with little amount of money, but the only things that you need to know is that is for you have experience about the market volatility and als know how to avoid the risks that are involved.

As a beginner, you've asked the right questions and it's a good thing you want to know what you're getting into before investing. Like you heard, Bitcoin investment is good and at the same time risky. It is risky in the sense that it's a volatile asset and the price fluctuates. Also, it can be stolen if not properly secured. Aside that, it's a good investment and buying Bitcoin will be one of the best decisions of your life. However, read and equip yourself with the right information before you invest.

It always a good thing to see newbie asking relevant questions like this, there is no harm in asking questions about what you don’t know. After  several research and you are still no very convinced, it proper to come to forum like this where there are expert, more knowledgeable people about bitcoin to put you true.

About your question, first thing you have to have in mind is bitcoin is not some kind of make money fast type of project so even if your investing you should invest the amount of money you can lose, so at least when the Dip continues you won’t be bothered by it. So I will advise you make more research, consult several more investors and then put together all the information you’ve gathered then make a choice to see if it the right time for you to invest or not, because at the very end it your investment and nobody else.