You could've made some more with your money if you bought more when the prices were much lower, I am pretty sure that you would get more value out of it but I don't plan to poop your parade, it's not like I can do what you just did you know. Congratulations on making a lot of profit in your three month journey, hopefully you will get more profit.
Any person can ONLY do so much with his/her personal cashflow. There are a lot of reasons that a person might have a tight cashflow and may well not have access to credit, either. So making any kind of lump sum investment, as you suggest Obito, is really not a feasible option without going into some kind of possible gambling mode.
Let's say, for example, a guy has a cashflow of about $1k per month, and s/he has various expenses such as food, lodging, transportation, entertainment/recreation and other matters that cost him/her $900 per month. So, s/he ONLY has $100 per month that s/he can invest, and I would not necessarily even recommend investing all of that in BTC.. maybe invest half or less in BTC and keep money for an emergency fund. Once a person has an emergency fund that is sufficiently built up, then there is also more freedom to increase investments.
So, of course, any person investing into bitcoin with a 4-10 year time horizon or longer can work on increasing his/her cashflow and decreasing his/her expenses.. and even building some credit in order to be able to attempt to strategically employ debt to his/her advantage too, and each person has to consider his/her circumstances in terms of what might be feasible to potentially increase his/her investment into bitcoin, and even though I share your favorable view of lumpsum investing, not everyone is in a position to employ such a tactic - at least not at the time that they first hear about bitcoin or that they first start investing into bitcoin and/or attempting to get their finances and psychology in order in order to place some priority in building their BTC stash... which surely may well be a slow journey in the beginning... wealth building can take a very long time to accomplish, even for individuals who are very smart about their finances and psychology - especially if they are coming from a place in which they have very low level of wealth/networth that they are attempting to make better.
By the way, you may read my above description as being a young person as the newbie investor, and sure that young person status would give more abilities and brightness in terms of having a favorable timeline (so long as they do not screw matters up), but the circumstances that I describe could even be those of an older person or someone who may have not ever really been successful in building networth - including potentially putting his/her finances/psychology in very bad circumstances and figuring out ways to improve his/her finances from the negative situation in which s/he finds him/herself when first coming to bitcoin in terms of a possible investment.
Millionaires usually have businesses whose finances come from non-crypto. Yes, not everyone can accept the existence of crypto directly. We have to slow down to introduce it. Because crypto currency is not to antagonize fiat. It makes finance more advanced in the future.
Fuck crypto.
We are talking about bitcoin in this thread. If you actually are talking about bitcoin, then start using the word "bitcoin" otherwise you are either off topic or spewing out pure meaningless gibberish by referring to such an amorphous concept such as "crypto" whatever the fuck that is?
Interesting story, according to you, the purpose of this investment is long term, however, I'm wondering how you considered Bitcoin as your best investment? Don't get me wrong, but, the amounts being invested are quite small, considering Bitcoin's value. I believe that sometimes, investing in some other reputable altcoin, such as Ethereum, Cardano, Binance and many more, is deemed more profitable than purchasing Bitcoin.
I am sure that if he can invest in Bitcoin continuously with that kind of method, he will acquire many.Let's see how he always invests every week for months.
He is always trying to add around 10$ in every week start and he continues it every month.
If he can do it continuously, he will accumulate more Bitcoin.
And well, for here, with that amount, I personally like how he chose only Bitcoin. I know that he said he wanted to invest in it for a long time. So, his purpose may be for long-term investment.
Dollar cost averaging is the best way to accumulate more bitcoins and keep them for long term. I am also buying bitcoins on every month saving and keep them locked in my wallet.
I know that guys should do what they want, but I personally recommend buying on a weekly basis - unless your overall monthly amount is so small that you need to lump together your whole month's budget for once per month.
I understand that there are some folks who are only able to sort their cashflow once a month or they get paid ONLY once per month, so i do understand that there could be considerations of investing all of the allocated amount when it comes in rather than spreading it out for the whole subsequent month, so sure, even though I frequently proclaim a preference for weekly investing into BTC rather than monthly, I understand that the circumstances of some individuals might cause monthly to be more practical/prudent for their own cashflow (and/or psychological) situation.
Your plan is actually doing great, the first 3 months are actually critical when you're about to make a commitment, once you get used to this habit, you'll find other ways to be happy, good food and a gaming setup would be sick, but it would definitely be better if you gain a huge profit after years of hodling and investing or trading, it's definitely a worthy plan as soon as you realize that you've been holding for quite a long time, I also reas your data on your first three months, goodluck!
I don't really disagree with what you are saying dupee419, but investing in the long term can be a very grueling process, especially if we are looking at the small amounts that OP has been investing. Surely, there could be temptations along the whole way in regards to building the BTC portfolio, seeing it rise in value and then considering using it to buy some consumption good or to divert it into some inferior investment.
I personally believe that if someone has a fairly aggressive BTC investment strategy, then surely s/he may well be in a better position to relax after a few years (maybe after 4 years), but if someone is investing relatively small amounts, such as OP, then there may well be a lot of temptations along the way including that the amount of value may take a few cycles before it really becomes considerable amounts of wealth... even though again, circumstances may change within the first 4 years of investing to allow more aggressive ongoing investments or even ways to manage the BTC investment in a way that allows for improvements in overall standard of living without necessarily cashing out any meaningful amounts of BTC and keeping up the ongoing investments into BTC (learning how to employ reasonable and prudent BTC portfolio /investment management strategies along the way.. and employing such learnings into such ongoing BTC investment strategies).
I have been here for a very long time, not 1 or 2 months but it has reached the annual term, so for the time being the bitcoin price which is still not stable, I am already used to it, so in this case we do not become a very risky problem, because we very confident that the price of bitcoin will return to stable as it was a few years ago
The idea of bitcoin prices being stable is a fantasy.
One of the almost inevitable guarantees of bitcoin in the coming years is that it is going to continue to be volatile for a quite a long time into the future. There is a war going on, so you cannot expect stability in the midst of a war.
Of course, as bitcoin price (and market cap) likely continue to go up, it becomes more and more difficult to move its prices, but if you are expecting BTC prices to become "stable" at any time in the short to medium term (even less than 10 years) you are living in a fantasy - even if the percentage of BTC price moves have likely been becoming less and less with the ongoing increases in its market cap over the last 11 year or so (at least since 2011-ish) since bitcoin first started to have some price finding that has grown and grown and become more sophisticated (also referred to as increased financialization) with the passage of time.
