Topic: My decision on bitcoin - page 2. (Read 877 times)

I am glad that some members have gotten some value out of some of the discussions of both long term investing, but the value that likely comes from ongoingly continuing to make investing into BTC, whether it is DCA or if there also might be some supplementation with buying on dips and/or lump sum investing, depending on cashflow situations and abilities to figure out discretionary income levels in such a way that a person might be making sure to hold cash and to invest at the same time, meaning to manage his reserves, emergency fund and float... and so there can be strategies that are somewhat aggressive, but if a guy is still learning and figuring it out, there may be a lot more value in keeping the investment amount way less aggressive in order to keep some cushion and even to have some extra cash around that is going to create feelings of wealth, even while ongoingly investing into something like bitcoin.

Another thing is that I keep saying that guys that got into bitcoin in the last year and a half are really somewhat spoiled since the BTC price has mostly just gone up in the last 18 months.. .. yet even though they are spoiled, there still can be a lot of dilemmas, especially for newbies who sometimes will feel that they need to cash out some profits, so I am not even suggesting that they might not be faced with some difficult decisions in regards to whether they are really committed to investing and building their BTC holdings over the longer term.. which may well be more than 10 years, or if they consider that there might be some value in selling on the way up  and then potentially never really being able to get to higher levels of BTC accumulation since if they sell at various points, they may well not be able to buy lower and/or to really be assured that their BTC stash size is actually growing over time - even if their average cost per BTC might also be growing if they continue to buy and the BTC prices continue to go up - in spite of our being in the midst of a fairly decent size BTC correction right now.. .. which would be right around a 23.5% correction from our March 13 top of $73,794 down to our bottom from less than 24 hours ago of $56,500.

I am proud of you, it didn't take you 1 year to invest, and the threads that you've read helped you to decide. Keep on holding and follow the strategy that have worked to you and be consistent.

Good luck to all of us mate, we've got long term plan in here and not just going to take some profits and then get out of the market when it becomes slow again.

You can take some profits when you're comfortable but if not, no one forces you to do that.

crypt0Gore I appreciate your concern, but if you check closely, this thread was created on the 8th of September and I had very little knowledge about bitcoin then, but all thanks to Mr. JJG and the "buy the dip and hold" thread that expanded my knowledge on bitcoin accumulation strategies. at first I use the money from my sold phone to buy some sats and I was a bit confused because I only knew about the lump sum strategy, but after my exposure to Mr. JJG teaching I begin to employ the DCA strategy and that helped me till today, though I deviated a bit and use the combination of more than just one strategy which kept me in a more comfortable state. today, I am proud of my bitcoin accumulation and holding and plan to keep it for long term close to a decade.

As you have decided to sell you phone to achieve this, I will tell you that once you finally sell your phone, just do the needful by immediately purchasing what triggered you to sell your phone because money is not friendly to us, once we have money in our possession if we don't make use of it at once for the purpose we may end up using it for something that we will regret later.
There is no specific period that an investor is advised to invest, some people will say buy when the price dips but the truth is if you wait, the time may come when you don't longer have the funds to invest and again no one can confidently predict the exact price of Bitcoin at anytime and be sure of it that's a no no, so invest now and keep your portfolio safe.

It is mandatory to have a proper investment plan in order to diversify your investment and get the most out of it with Bitcoin. You have to make investment decisions realistically and it is better to stay long term. Your capital can increase the spread of your investment in Bitcoin properly.

Cost to buy bitcoin is expensive.

Bitcoin price is expensive.
Bitcoin on chain transaction fee is expensive.
Bitcoin withdrawal fee on centralized exchange is expensive.

You will have to pay high cost to purchase bitcoin in Peer to Peer trade or on centralized exchanges because you have to spend some different costs: cost to buy bitcoin and cost for derivative things like on chain transaction fee or withdrawal fee.

There's a possibilit if you're capable of purchasing a bitcoin, since purchasing a bitcoin has not expensive. The more your money, the more you can purchase Bitcoin. The reason why some people's dreams never come true is because they take a Bitcoin investment and assume that once they invest for the first time, they will become wealthy. They are unaware of the risks involved.

Anyone who really wants to become a professional investor has to learn and do much research about the investment. So that it can know how to adapt to all the risks that are involved, and it will also know how to monitor the market strategies without losing much because lack of experience about the investment makes some people easily fall victim to losing their money.

Just start to buy as soon as possible with a DCA purchase while you continue to learn. Once you come to the conclusion that the world at large needs bitcoin, the next natural step is to smash buy with some larger lump-sum purchases.

I agree with everything that you are suggesting Crypt0Gore, except, with bitcoin, I have my doubts about any kind of need to consider a specific exit price - even though surely it is good to know that you have abilities to buy and abilities to sell, but you would not necessarily plan on selling until maybe 4-10 years or longer down the road... and even at any point of starting to choose to sell some BTC, it would seem rash to be planning on selling large amounts of BTC rather than mostly erroring on the side of holding and/or selling small amounts... .. but surely, these are differences between an investment and a trader mindset and also difference in terms of how a person might consider BTC as perhaps being one of the best investments known to man... .. and yeah, it is not guaranteed to stay in such category... .. there are surely attacks against it.. especially in the self-custodial direction, which is what actually gives bitcoin its power and/or value.

Are you too concern about failing? Are you afraid of making mistakes? Because you sound confused, you don't know which way to go about it, the thing is you have no past experience with Bitcoin investment, I understand but you need to start somewhere, so that you can also have past experience with Bitcoin.

You called your old phone useless, how will that turn into a good amount of money? I bet it won't be much after you sell the phone, see if you want this to be easy on you, it's better you get a source of income first, and start dollar cost averaging on Bitcoin after your pay days.

Sacrifice some percentage from your paycheck into Bitcoin every week or every month, this way you won't have to worry about what price you are buying Bitcoin at, you are simply scooping it up at the available prices, and make sure you hold until Bitcoin makes a new all time high.

If you are confused you should do your own research on DCA, and go on from here, it is very important that you have a source of income, this is the only way that Bitcoin investment will be easy for you, panic and unnecessary actions will be far away from you.

Bitcoin when viewed from the price now is indeed expensive if you buy 1 Bitcoin coin, which makes some beginners reluctant to buy bitcoin, when seen from OP posts. The price is much cheaper than now.
In my opinion, buying bitcoin is nothing late or expensive because we can adjust the money we have to buy bitcoin to invest in the long term.

It's good to hear that you created an action, and not only planned.
There are some investors who are planning, planning and planning, but when they want to do it, they chooses not to in the end because they can't bear the possible risks that they can face. They are afraid of the possible losses that they can get when they invest into Bitcoin. Kind of unfortunate TBH.

You're not the only one who sold something just to have some money that can be used to buy Bitcoin. You started it already. I would suggest that you should continue doing it, but I don't recommend doing it for now or when we enters the bull run. I'm not saying that you can't get profit anymore, but the time to buy Bitcoin is during the bear market which can happen sometime in 2026 (if the 4-year cycle happens again).

Didn't saw that this thread was created last year but it's relevant anyway. I just hope that you're still holding those Bitcoins OP.

If you check the date Op was created, you will understand that it is September last year and from them till now, you will understand that bitcoin has increased miraculously. Assuming OP bought then, he should be in a great profit now.

Talking about BTC being expensive for beginners is a usual thing. It happens to all newbies that are not guided. I was misguided also when I was a newbie that BTC was too expensive that I should buy altcoins. Meanwhile BTC was below 8k then.

Purchasing bitcoin is not expensive because you can start holding a bitcoin as low as your pocket can. That is just the point, so if you really want to start investing, you can buy based on the money that you know you can afford to lose, which is based on the risk in bitcoin. Normally, anything that you want to do in this life requires a good insight into the associated risk as long as you are dealing with investment. So, selling his phone won't be a great risk for him since, from his context, he has more than one, but the main factor to consider is: can he be patient enough to hold it for a long period of time? Because he is diving in with a small amount of capital as an investment, it will take time before you can get a profit, so a lot is involved.

In as much as you're satisfied with the response and you've also decided to take active action towards the bitcoin journey, I wish you all the best.
You can always DCA up to the DIP instead of that thought of waiting by the corner until your emotional conscience of when to buy is cleared.
To let you know that bitcoin is indeed a volatile currency just as earlier told, you should understand that it's not a get quick rich program, I think you're also on the safer side since you've decided to undergoing a long term investment. I do fear it you don't panic in a nearest because considering the fact that you sold your phone just to get money to invest on this bitcoin investment can be tempted because it fells that you're not engaged on a financial source of income which is necessarily required while investing on bitcoin because this is a journey that you'd have to let your emotions free and unpanicking when you're in need of funds and also how you could see your digital assets fluctuating in value.

Before I end up, don't forget to invest with what you can always afford to loose and don't accept the fact that it's a genuine source for income and Invest what would trouble your mind.
With all being said, please do have some gambling thought over this.

Technically, Bitcoin gets more expensive every day because it's getting more scarce. Less Bitcoin will be available to be traded every day, especially now due to Bitcoin's halving which only occurs roughly every 4 years.

It's important to just HODL because you'll avoind any short-time price speculation by doing so.

That is part of the reasons people are scared of investing in bitcoin but I think its because of there orientation, you still start with at least 10 dollar depending on what you have on ground because if you want to wait till when you have money then you will never invest, you can start gradually and as you are earning you can be adding up to your portfolio. Thats is how it is done when you don't have enough to invest.

And with etf and bitcoin halving should be a super opportunity to add up to your portfolio. No matter what you have accumulated you will still make profit. This is the opportunity a lot of people have been waiting for, to make profits. After waiting for bull run to occur after post halving, you don't know how people have been waiting for this opportunity to come.

BTC will be seen as expensive because the price is not playing games if we buy 1 bitcoin, most people are oriented towards the price circle so that they think it is expensive, and indeed most beginners also do not understand how the price of bitcoin moves so that their thoughts do not reach the old investors, what old investors see is that the low point of bitcoin every cycle is getting higher and the high point of bitcoin every cycle is getting higher and so on making them think that investing in bitcoin will never lose even though market fluctuations are very high, on the basis that we only need to invest in the long term such as one cycle or two cycles to get profits. so buy now and sell in the next bullrun cycle the thought must be instilled, but rarely do people dare to invest in bitcoin.
so buy now and sell in the next bullrun cycle the thought that must be instilled, but rarely do people dare.

Yes it is important to have a source of income to invest in Bitcoin. Because if you don't have a source of income then you can't increase the amount of investment and may need to sell bitcoins for urgent needs. So if one wants to invest in Bitcoin then it is better to continue investing in DCA method with a small amount from his income.

However, when Op decided to invest in Bitcoin, the price of Bitcoin was much lower. If he had invested in Bitcoin then, he is now more than double in profit. OP you should try increasing your investment amount more. If you have any source of income then you can invest in DCA method. Hope you can profit a lot in the upcoming bull run.

BTC is expensive in the eyes of some beginners, but successful people are usually people who are able and ready with all the risks seen now it is expensive for BTC, but if you are strong and hold it until time, I think 2 units of mobile phones even more you will get back with a better brand.

My friend, the post-halving moment will provide something big later even though there is a slight difference later because this moment is eagerly awaited by many people including you and all who believe in bitcoin. Yes. You've made a bold initial decision of course