Topic: My bitcoin journey has started again - page 5. (Read 1352 times)

 

I think that is a better idea to wait for your balance to reach a certain size, such as somewhere between $500 to $1k prior to voluntarily moving it to a private wallet, and sure there might be times in which you have lower level transactions, but with fees so high and potential to go higher in the future, it would seem better to have UTXOs that are not overly small, such as less than $100 or $200. 

Now, if you already have a lightning channel open, you might be o.k. to transact for low fees, as long as you do not have to recharge it from onchain versus from maybe another lightning channel, but if you have to set up a lightning channel that can sometimes take a bit of fees to set up.  Even my use of Phoenix wallet in recent times, the fees had been bouncing between 15,000sats to 70,000 sats ($7 to $35), and that can be cost prohibitive for some folks.

Hopefully, the high fees (which seems like an attack against poor people) will help to inspire some developments that helpful in the right direction, but of course, some poor people are going to feel locked out and without very many options, especially if they don't have enough value both buy bitcoin and to justify paying the fees.. absent doing something that might allow them to buy small amounts and then build up to a certain value (which I am suggesting $500 to $1k to be reasonable) prior to transferring to a private wallet... and of course, I personally believe it is better to have BTC on private wallets, and that is likely part of the reason that this current high fee environment seems to be a bit of an attack on less well to do folks.

Congratulations, you have made a very good decision. It is best to start any business very small. There are many who cannot invest due to financial problems but have the will of heart. By investing small amounts like them, you show your bravery and stay connected to Bitcoin. Maybe something better awaits you in the future.

This might just be a case of a seemingly bad situation turning out to be a blessing. Without the high fees, maybe you would have spend your earned Bitcoin on other things. The situation you are in has turned to weekly DCA and the only challenge you will have is if there are other areas through which you generate income to meet your basic needs as well as set aside some funds in case of any emergency that will require money. With that in place you can comfortably hold your Bitcoin for long and hopefully the transaction fees will become better before you know it.

Likely I said before, the end of this whole things might result in you achieving a huge Bitcoin portfolio that you never imagine would be possible. I will still encourage you to keep it up, allow things progress as they would and see what the future holds regarding Bitcoin and your portfolio.

Your decision to try to get results from investing in Bitcoin makes me very happy to see people who really support Bitcoin completely, but with the amount of 0.00035334 or $14.92 (the price may change), it seems that it is still far from enough, because the current price of Bitcoin is worth $40k, and this is very expensive. If you use that much capital, it will be difficult to make a lot of profit.

As a reference, maybe you can implement a savings system. So every week or every day you buy Bitcoin with the equivalent of $15 and you focus on not selling it for more than 10 years, then there is the possibility of making a lot of profit.

An important point is that you also have to store assets in the form of bitcoin in a wallet, such as Blockchain / Electrum which has a phrase or wallet key that you can store. Meanwhile, storing assets on an exchange is very risky because we all don't know how many years the exchange will be available. I hope the advice I provide is useful and can give you insight into continuing to grow your assets.

No investment is small as long as you started investing. If you are right now that the OP started his investment, then doing DCA is the best option to do because investing or holding bitcoin assets doesn't have to be rushed or buying bitcoin right away. With the current price of bitcoin, it is impossible to buy 1 BTC right away, so doing DCA is the best option. I hope the decision of the OP will not falter no matter what happens. As we know, bitcoin investment is not a joke; it is risky and scary, but with enough knowledge, skill, and patience, an investor will gain a reward in the long term. I know the OP is aware of bitcoin being long-term, and I hope he will not use his bitcoin or satoshi in case he needs it. There should be separate funds for emergency happenings. Investment is investment; don't let any circumstances make you sell your holdings.

With the current high fees I think my signature campaign rewards will be stuck on my wallet and makes me wait for months or even years and I think this serves as an investment for me because I have no choice. 😅 Currently, I got .0022865BTC and weekly rewards keeps on coming, though just a small amount but still better than nothing. 😁

Good luck with your investment, may your investment journey be successful and may your investment fulfill the purpose for which you have invested. When it comes to investing, your investment amount may be less now but you should never underestimate your investment amount. Increasing the amount of investment is not a difficult or impossible task. If you have as much interest in your investment now as you have in the future, you can gradually increase your investment amount. Since money is the only way to invest, you can increase your investment by understanding your financial situation. 

Invest and definitely think of holding your investment for a long time. The longer you hold your investment, the more likely it is to succeed.  Due to the volatility of the market, you may see a temporary loss in your investment or due to the increase in the market, you may see a temporary profit in your investment, but try to hold your investment for a long time without being much affected by this profit or loss.  Keep your investment for a long time as well as maintain the consistency of the investment, hoping that this investment will give you something better than your expectations.

Since you have made a decision to invest in Bitcoin, stick to your decision. Now you can take some advice from those like us who are rational and suggestive. Because you've started, you'll be investing bitcoins in the DCA method on a regular basis for a long time. I prefer DCA method because once you start investing with DCA method, your investment will increase. And the longer you invest, the more successful you will be. Thousands of investors following this DCA method in Bitcoin are finding their success and moving forward in the distant future.

    It is funny (or should I say strange?) how so many folks, including you Blitzboy, get so excited about dumbass ideas of diversification... as if those kinds of ideas would be helpful for relatively smaller level/sized investors.

The fact of the matter is that diversification is likely neither needed nor justifiable until maybe a person gets to a point in which s/he might have invested 25% or so of his annual salary/expenses (that would be around 3 months or more) into any one asset, and even then, there may not be any need to diversify before having 1 or 2 years of annual/salary expenses into any one asset, and if OP is investing around $10 per week or some other period of time, it could take him a fucking long time to get to more than 25% of his annual salary/expenses in BTC.. and it still may well not be justified to diversify.. why dilute something that is already small.

A more important concept would be to make sure that he has 3-6 months salary/expenses in some kind of an emergency fund. .which would serve as a kind of diversification that would serve to protect him from getting pushed out of his BTC investment based on fluctuations in cashflow, and so many folks have trouble putting together their emergency fund.. and even worry that their emergency fund is not sufficiently working since it may well be losing value due to debasement of the currency.. so yeah their are challenges with emergency funds being able to keep up with inflation.. so each person should be striving to figure out how to deal with the kinds of matters to not be forced out of their investment due to fluctuation in cashflow issues or other things that could come about.. and maybe when they get towards 2-3 years down the road in which they have been building their BTC investment and their emergency fund (perhaps simultaneously) then reassess at that point if the investment into BTC might be starting to get to such a level of BIGness that diversification would be justified.. rather than dumbass ideas of diversification for the mere sake of diversification. .which is just a distraction and likely not even productive, especially for smaller level of investors that seems to be where OP's circumstances fit.


That is why an emergency fund is way more important than dumbass ideas of diversification.. like I mentioned above in my response to Blitzboy.


I cannot really blame members for making these kinds of posts, but many of us likely realize that so much of 2023 has been filled with a lot of high fees, and becoming more of an issue after the date of the above post (especially since November), and likely we realized that there are several issues with having a bunch of small UTXOs, and personally, I do agree with the idea of private wallets and minimizing the holding of coins with third parties, such as exchanges, but also the fact of the matter is that there maybe be some needs to protect yourself in terms of the size of your UTXOs, and I personally do not have any problem of the idea to hold funds on exchanges until they reach $500 to $1k in value, but surely there also might be some needs to get some of those coins into personal custody, especially for someone who does not have a lot of wealth.. so there could be some thoughts of also sometimes moving the amounts to private wallets when they are smaller amounts of $200 to $500.. but I cannot really recommend purposefully creating UTXOs that are smaller than $200 when they are created.. even though others might be willing to accept even smaller amounts. 

Lightning network and lightning network channels is another story.. and risky to hold very much funds on their, and it could be costly to first start out channels.. otherwise getting into custody type concerns with some of the wallet types.


Fuck shitcoins and fuck trading.  They are not necessary... just like diversification is not necessary.. like I already mentioned. .but I forgot to say fuck diversification, even though that is what I meant to say.   


Hopefully OP is investing into Bitcoin for the longer term, such as 4-10 years or more into the future and not trying to play around with the wave within this particular cycle, even though I understand that a lot of folks get distracted by short-term BTC UPpity price moves, if that is what ends up happening in the next year or two.


Surely one of the great things about bitcoin is the ability to buy in pretty damned small increments, relatively speaking, as compared with buying something like real estate or even stocks, sometimes it is difficult to get some kind of investment into some of the traditional asset classes... and don't bother with getting distracted into shitcoins, even though it can be quite easy to get into them too.. but the mere fact that you can buy shitcoins with small amounts of value does not mean that you should... even though you should buy bitcoin with a 4-10 year or longer timeline if you have such an ability for such a timeline, and then try to be as consistent, persistent and ongoing in your buying of BTC as you can, and over the years of a cycle or two, then reassess from time to time, but likely you will find yourself in a decently good place and you can figure out if you have accumulated enough BTC to justify changing your strategy... yet I doubt that $10 per week is likely going to put you into such a state of having enough BTC, even if we might calculate $10 per week would be $520 per year and $5,200 over 10 years, so maybe after 10 years, there could potentially be some needs to reassess the situation and figure out if you have enough.. that is if you had not already figured out that you need to continue to buy and to increase the amount that you buy.. to the extent that you are able to do so... and of course, there is variance in how individuals are going to assess these kinds of buying and/or stacking of sats opportunities even with an investment time horizon of 4-10 years or more.


You make hardly any sense Xampeuu.  Bitcoin is already a risky investment, yet it is the leader of the sector, which largely mean that any shitcoins that are in the sector perform in ways that are correlated to bitcoin's performance, so why fuck around with coins that are already correlated to the king?  especially if you are a long term investor rather than someone who might be trying to gamble or distract himself by trying to figure out which shitcoins to get into and which shitcoins to get out of.. and a lot of just meaningless gibberish that likely would not help any newbie who is trying to build his bitcoin investment, and there is plenty exciting and in need of learning about bitcoin, so why get caught up in various kinds of imitation coins, affinity scams and other pump and dump house of cards snake oil products?  That makes little sense, if any.

It would indeed be ideal if we invested the majority of our capital in Bitcoin and invested in several potential altcoins, so that besides our capital being safe, we will get more profits, indeed we have to take bigger risks, but we also have to be able to work on it so that it remains safe. safe, considering that investing in cryptocurrency has high risks, but also has higher returns, so knowledge is the main capital before investing

You are doing so well, you are starting to decide to continue investing in Bitcoin after knowing the potential that can be generated from Bitcoin investment. Limited funds are not an obstacle to starting your story of investing in Bitcoin, do it consistently, you can increase the investment amount every time you hold funds that are not used for other needs. Next, you have to choose a safe storage place to keep your assets. Avoid storing assets on centralized exchanges because they are very vulnerable to hacking.

I understand how you feel now. May your journey be successful. But now your investment amount is very less. Which should increase your investment money over time. And you have come to invest at an opportune time. But you should remember that many people are in Bitcoin before this
Invested in bitcoins but few of them are alive and the rest have disappeared with time. So you should know about bitcoin so that later you don't get lost like them.

I take your statement that a little drop of water can make a mighty ocean as a real fact. If I interpret it in a meaningful way, it implies that while a person's first invest in bitcoin with little he has, it may seem little, but if they continue to invest gradually with the same pattern, it will end up being far bigger than they could have ever imagined.

Some investors fail to realize that it's not ideal to invest the entire amount in bitcoin at once. You start investing with a small amount of money that you can afford to lose, and as time passes, you steadily increase your investment until you have accumulated a large sum of bitcoin for yourself.

I will tell you that you are doing the right thing for yourself.  You can only make good profit in bitcoin by hodling it for a longtime,  this is just the secrete of bitcoin. All you need to know is to understand the market which will really help you in your investment. Sometimes the market might be be scary because of the drop of price but never let the fall of price in the market should be a distraction to you. Many people have been decieved by the market which led them to sell their coin in fear, but never be scared of volatility of the market because when the market falls it is an opportunity to buy more.

I agree with you on this, as many of us probably know the saying that tiny grains of sand make deserts and tiny water droplets make oceans. By these sentences they mean that it is possible to make a large profit in the long term if the small investment in Bitcoin is carried out regularly. I myself have taken such a strategy that I will invest a certain amount of Bitcoin every week or every month to hold it for five years or more.
However, it is best to adopt a proper strategy, learn some fundamental analysis when Bitcoin price drops and be ready to invest. Bitcoin's halving time has also arrived, I think now is the proper time to invest.

If you keep depositing bitcoins like this every week, at some point it will become a large amount. Now this amount may be small but in the long run if Bitcoin can be held by DCA then it will definitely turn into a big asset. In this case, I can't say anything small for long-term investment in Bitcoin. Because those who invested little in Bitcoin in 2016 have become owners of huge amounts of money today. This small investment will turn into a big one when Bitcoin turns bullish again in the future from its current price. If you are planning to invest in Bitcoin, it is better to invest now.

Congratulations! I 100% agree with you that learning through actual practice is necessary to actually learn. While of course there is always a significant importance in reading and knowing the facts before making a decision and action, actually getting to move and take those actions is just as necessary. Moreover, since you have used the term "again" I'll assume that you used to have former Bitcoin investments and decided to step back before. Regardless of the reason as to what led to that end, I'm glad you are able to find a new reason and the drive to go back and continue your journey. Perhaps with your new knowledge from the information you read and found while taking a break, you'll be able to access your decisions and actions more accurately and smartly. Kudos to you OP, hoping for your success.

Apart from being careful, new investors must prepare everything they need, such as basic knowledge, for themselves. Because if a new investor doesn't prepare this, he himself won't know how to be careful because apart from having to learn how to invest, an investor also has to study the market situation and the assets he wants to target investing in in the long term. Because without basic preparation, I think it will always be difficult for anyone to take steps and it will also be difficult to understand any patterns that they will carry out later.

OP, going to do a really great job. So good luck to him. @OP invested amount is around $10 according to usd. If he invests regularly then his investment rate will increase and at the end of the day he will earn good money. I am really happy to see his decision because it is possible to change your life by investing in Bitcoin. Your suggestion is great if it's his first investment it might seem like a small amount. But if he has more money left over then he can invest $10 per week which is not possible otherwise. And if @OP thought he would make some profit from the investment then reinvest. Then I think the future is not bright for him because bitcoin cannot earn good money with such small amount of investment. So he should invest consistently.

You have done a good thing for yourself, just learning and discussing about it is not enough prove that you are also a bitcoiner. When you tell people about adopting bitcoin and you yourself is yet to adopt it how do you think it would sound to them? They will not want to believe in it so owning a portion of it will make it easier to convince people to adopt bitcoin.

It doesn’t matter how much money you start with, we have seen some people start with even less and now they have accumulated a significant amount of it. The most important thing is to start, just continue growing your portfolio gradually and with time you will be surprised how much you have of it you have gathered. Bitcoin’s potential is known to all and we believe with time the story of bitcoin will change and in future you will be definitely proud of your decision.

I hope you are aware that Buying is a step and securing your assets is another step on its own and it the most important thing because there is no future when you don’t have any bitcoin. I believe by now you should be aware of how to secure your bitcoins but if you are not you should search a post on the forum of how to secure your bitcoin and the best and safest wallet to store them. Never store your bitcoins in an exchange wallet where you purchased them.

It is so thoughtful of you because Hodling is the safest way to maximize profit from owning bitcoins but i hope you are mentally prepared to embark on this long journey. I don’t know what happened in the past but i hope you don’t repeat the same thing as you claim you did in the past.