My Bitcoin Investment Strategy Proposal for 2024 - page 2.

sunsilk

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Quote from: OddJobsForBitcoin on December 31, 2023, 12:01:23 PM

In a previous post, I share how I have been struggling to HODL BTC long term: https://bitcointalksearch.org/topic/am-i-too-broke-to-own-bitcoin-5479795. I received a lot of helpful insights that showed me that HODLING long term is possible without the attendant financial stress. One of the most common suggestions is a change in lifestyle. I was also encouraged by the story of the Chicken Man, the Bitcoiner who sold his big house and moved his family to live in a school bus. Not sure that I can do that. I really do not consider myself a lavish person since I never flew a first class. Nevertheless, I can skip coffee breaks to buy bitcoins. Here is my plan:

Option 1 Buy small amounts of $30 daily through 2024.

Option 2 Buy based on the price of Bitcoin at the time of purchase. Say $45 if Bitcoin was trading at $45,000 and $16 if it was trading at $16,000 that day.

Both are daily options. Which is better?

Option 1 is better both are like DCA you just buy whenever you are comfortable buying. But I just like to modify something on this plan of yours.

Do it like every week or every few days for you to save fees. But if you are just going to keep on it exchanges until it grows, you may do that somehow but still practice the importance of not leaving your funds on exchanges.

Bobrox

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Nice challenge with your decision want to accumulate investment in bitcoin around $30 in daily day, generally you will make around $10,000 for 2024 year depend on your consistency keep investing bitcoin in daily day based on your amount challenge. Actually is very good ideas have planning spent few percent amount of salary or profitable from trading or airdrop and investing in bitcoin.
Always have positive result in the future with bitcoin will raise to higher price but will you keep consistent invest around $30 in daily day although bitcoin get correction or going up to higher price?
Wish in this year I have stable financial for spent few percent of my fund for investing in bitcoin, I don't make in daily day investing but I want spent around $200 in weekly for investing in bitcoin.

Natsuu

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Option 1 is like putting $30 into Bitcoin every day no matter what. It's chill because it spreads out your investment over time, smoothing out the crazy ups and downs. It's an easy way to do it without stressing too much about the daily price swings. Option 2 is a bit more adventurous. You buy more Bitcoin when the price is low and less when it's high, trying to catch those good deals. But it means you got to keep an eye on the daily prices and that can be a bit of time consuming. So, it's all about whether you're up for the laid-back vibe of Option 1 or the rollercoaster ride of Option 2, depending on how much attention you want to give to your Bitcoin moves.

Personally, I cant do either. I can only buy bitcoin with my extra money I earned like from leisure. Whenever I have some spare funds, I just toss them into Bitcoin. It's a more laid-back way to ride the Bitcoin wave when you've got some play money to spare.

Rruchi man

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Quote from: OddJobsForBitcoin on December 31, 2023, 12:01:23 PM

buying a fixed $25 daily or buying based on the price of BTC at the time of purchase (also daily).

Buy a fixed amount, that you can easily become used to and comfortable DCA-ing. Trying to DCA different amounts based on the price of bitcoins will not be feasible because there are always other needs that demand attention.

To DCA, you need to be comfortable doing so, not under any pressure either from internal and external source. Making an attempt to invest based on the price of bitcoins is you generating internal pressure for yourself.

Ambatman

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I was in a position like yours before couldn't hold my Btc for long especially after seeing profit
But someone advised me against this attitude
That I might miss out on a possible bullish shoot out
He recommended buying BTC with money I don't need
It's similar to your option 1, but doesn't have to necessarily be daily
You can choose to buy little in every dip.
Personally I would suggest using a non custodial wallet
Since funds are more liquid in exchanges and would encourage you to sell while neglecting your holding strategy.

Selling in profits is not all bad but selling Btc in loss? That's a no go for me
Trust me been there and it wasn't a proud decision.

OddJobsForBitcoin

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In a previous post, I share how I have been struggling to HODL BTC long term: https://bitcointalksearch.org/topic/am-i-too-broke-to-own-bitcoin-5479795. I received a lot of helpful insights that showed me that HODLING long term is possible without the attendant financial stress. One of the most common suggestions is a change in lifestyle. I was also encouraged by the story of the Chicken Man, the Bitcoiner who sold his big house and moved his family to live in a school bus. Not sure that I can do that. I really do not consider myself a lavish person since I never flew a first class. Nevertheless, I can skip coffee breaks to buy bitcoins. Here is my plan:

Option 1 Buy small amounts of $30 daily through 2024.

Option 2 Buy based on the price of Bitcoin at the time of purchase. Say $45 if Bitcoin was trading at $45,000 and $16 if it was trading at $16,000 that day.

Both are daily options. Which is better?

Topic: My Bitcoin Investment Strategy Proposal for 2024 - page 2. (Read 256 times)