Topic: My Past nine months bitcoin journey - page 7. (Read 2935 times)

Fair points regarding how long it might take to achieve a goal that you had set in terms of BTC may take longer when the BTC price is going up.  There are currently a lot of normies - especially normies who are new to BTC - who are not going to ever be able to accumulate 1 BTC, and there will be needs for many of them to set their initial goals more realistically such as 0.21 BTC or in terms of satoshis 0.21 BTC =21 million satoshis... and if the BTC price keeps going up, initial BTC accumulation goals might gravitate towards 1 million satoshis or less.

For sure everyone has to set their goals within their own various parameters and plan and adjust their strategies in terms of their cashflow, other investments (if any), view of bitcoin as compared with other asset classes, timeline, risk tolerance and time, abilities and skills to plan, learn, strategize and tweak along the way which may involve rebalancing their allocations along the way and perhaps trading or using various financial instruments (that might involve leveraging or use of margin) - of course the trading and using various financial instruments are more advance skills in which there are likely benefits to working on more basic skills, learning about oneself and finances before employing the more advanced tactics.

By the way, I had a similar situation as you in terms of my getting first involved in Bitcoin towards the top of a price rise (mine was the 2013 price rise), yet none of us can really know if we are at the top of the price rise when we are in the midst of it, but one of my advantages was that I was already in a position to be pretty aggressive for the next year - that started out as a 6 month authorization for buying/accumulating BTC and then expanded into a year... but surely it could be questionable about whether all my aggressiveness in buying in the first year of 2014 while the BTC price was falling had really put me in any kind of advantages place because aspects of my previously purchased BTC were largely in the negative for nearly 3 years with an average cost per BTC in the upper $500s  in late 2014 that I was able to bring down to around $500 by the end of 2015.. but as we know the price of BTC had floated in the mid $200s for most of 2015.  One of the advantages was that my persistence did start to pay off in late 2016 and for sure in 2017 and for sure, even the 85% price dip from the $19,666 BTC high in 2017, still did not come even close to less than 4x in profits for my overall BTC, and these days, I just like to round my overall cost per BTC to $1k per BTC to make calculations a bit easier, even though sometimes there could be various ways of accounting.. but if there is a profit cushion, then there is flexibility and less stress - both psychologically and financially.

When I first got into it, and even by the time I actually got around to deciding how much I should aim, 1 Bitcoin was actually a realistic target for me. I cannot exactly remember the price but it was not yet even $3000 as I can recall. Which is a big amount for me, but something I believed I could accumulate in 2 years or so with normal forced savings (using it to DCA).

The "problem" with Bitcoin was it got much higher after that:) And the "funny" thing is that most of my DCA buys are heavily above the 10000 price range,,, which would have quadrupled my original 2 years estimate for 1 BTC. It was difficult for me to adjust goals but still I maintained my 1 BTC, keeping the milestones to targets on the way to 1 BTC. Signature campaigns have really helped (they reduce the need to buy), and unrelated winnings in Bitcoin gambling also, so it has cut short my estimate and I believe I can get my target by the next halving.

Balancing is definitely important,,, and constant fine tuning, and ensuring your personal situation does not suffer as a result. People forget to take care of the mind's situation also when it comes to money. You cannot eat ramen for 6 months to buy more BTC, for example.

Of course, my earlier referenced post had a link to DCAbtc.com, and within that website you can customize your hypothetical investment scenario for a variety of time periods and amounts and compare your BTC investment to the performance of Equities (stock market) and gold.. and for sure the longer the period the more likely that you will have been able to accumulate a decent stash of BTC.

Furthermore, there are some folks who claim that they are able to get investment performance that is better than DCA buying, and they can measure their performance up to the plain and simple DCA strategy.. that is pretty straight forward and likely way less stressful.

Personally, I am not against playing around with some trading, but it is likely better to have a solid DCA strategy and if you are going to play around to make sure that is ONLY a very small portion of your overall BTC holdings .. 10% or less (and even 10% can add up to being a lot of money once you have built the size of your BTC portfolio).

Regarding setting personal goals regarding how much BTC to accumulate or how much dollar value that might be worth, there are a variety of ways to set such goals, and I frequently suggest to set those goals to be relatively modest (and reachable), and sure you could establish a tier of goals, so that once one goal is accomplished then you shoot for the next level higher up the tier... and with the passage of time you can measure your progress.. and even within the goal setting, it is going to be good NOT to put unrealistically high expectations on yourself or your BTC's performance, and to realize that in normie land it can take 30-40 years for people to get to decent financial security - and sometimes even a decent number of those people who are prudent and work hard towards building financial security do not end up being successful (at least not in a kind of getting to fuck you status that allows them to really live financially independent).. so if you actually can get anywhere close to reaching fairly high goals that you have over 15-20 years, then you would have been successful in cutting in half the timeframe that it frequently might take normies to reach such goals. 

For sure, BTC seems to be a great vehicle for such.. even if it is NOT all of your investment vehicles....or maybe in the beginning BTC would be all of your investments, but as you increase your values, then you might choose to spread out some of your investments into properties or some other reasonable other investments so that all your value is not in one thing.. perspectives are going to vary regarding various reasonable and prudent measures to take in a variety of possible diversification and balancing directions (thinking both psychological and financial measures).

If we want to copy OP and try to be better, maybe we can follow what OP did but we put more money in it to be able to make much more profit than OP, the only problem is that there's an unlikely thing that might happen and that you're not going to have the same situation that OP has.

Actually SIP investment are more of systematic type like you put up some fixed amounts at regular intervals like monthly, yearly or half yearly and can choose various options to invest your funds like in capital guaranteed plans or others but bitcoin investment for me is totally different like investing different amounts (what i can afford) as DCA for each week into bitcoin.

I have heard about Nexo.io and in the start want to stake my coins to have interest over my coins as nexo token holders also got 30% of profits as dividends but then i drop the idea because i am happy with btc profits only as returns will be sufficient in future rather than risking my coins on lending platform who are always prone to hack and scam you.So far happy with my coins safe with me.

52 x 3 x100 = $15600, a huge sum of money, but for me it was more like $100 a month in total, which is still a very big amount of money to put aside (where I am, so I'm quite proud considering that in the years before Bitcoin I actually saved maybe even only 20% of that).

Very good calculations because that is very close to what BTC I managed to accumulate,,, I still have more than Imagined ever if I saved as before. I suppose I do need a second cycle of Bitcoin winter.

1 BTC was always my goal, and it kept getting more difficult but no complaints 

Congratulations, OP!
This is a great idea of ​​how we can invest bitcoin in small amounts that in the long term will represent the best choice. The advice is excellent to cut down on unnecessary expenses and instead invest for the future. I share the same idea because for two reasons in which I believe: First, bitcoin is the leader in the crypto market 42.7% while we buy more bitcoin we give it a boost and the market is bullish and the second reason my investment is totally to long term.

Three years of $100 per week would currently put you at about 1.71 BTC of accumulation... I understand that guys are going to have differing goals regarding how much BTC that they believe that they need to accumulate in order to comfortable in terms of their own finances, and if we are considering bitcoin to potentially serve as a long term investment that is going to potentially supplement your retirement or even allow you to improve your living conditions prior to retirement, then it could take a couple of BTC cycles to really get to accumulation amounts that are adequately and sufficiently comfortable.

So, yeah if there is likely going to be an up portion and a down portion that is somewhat foreseeable, it can be also difficult to keep the buying regularly strategy going... especially if something like 4-5x prices come from here, and then there is a big drop after that.  It can be difficult to feel comfortable to buy regularly during that time instead of engaging in some other strategies to attempt to take advantage of the anticipated BTC price movements.


You need to be careful when giving your bitcoin over to anyone else, and maybe you could play around with a portion of your bitcoin to put into these kinds of services, but there is an extra layer of risk when putting bitcoin into those kinds of services that might not be necessary to take in bitcoin because in some sense bitcoin is already designed to pump forever in terms of dollar value.. and yeah it has its ups and downs, but in the long term there is a certain logic to bitcoin in terms of it's likely going to be appreciating in value greater than any other asset class... so on average, you may well end up getting BTC price appreciations that are well over 20%. so long as you are holding the longer term the appreciation will likely add up to be pretty good.. no guarantees, even though historically bitcoin has done pretty well in terms of its appreciating in value.

Appreciated man, It is great to see that someone investing in SIP strategy. I hope your holdings and sacrifice will become huge one day. But I wanna suggest you put your holding in a safe investing platform like- crypto.com, celsius or lendn or nexo and many more. There are many platforms that providing around 6% APY. While investing weekly, your holdings will grow in their APY rates.
I saw many people doing the same way that I am talking about. You can get an idea from it https://www.publish0x.com/johnwege/my-crypto-earnings-september-xxyrkkr
It's very cool and an opportunity to invest in crypto on weekly basis, not everyone could invest like that on a weekly or monthly basis.

I guess it is now more than 3 years of serious accumulation but in my perspective it is early. I started in 2017 but it was very late and only by 2018 was I earning properly from a very long term campaign,,, until the service shut down.

As you said, just because now we are almost back at the ATH, it would be highly unlikely for most people to be in a loss (or even I should say highly unlucky).

But we should be and I am prepared for a very long term loss even in the future.

If you are in your early years of BTC accumulation, it might not be that big of a deal if you track if your BTC holdings are in gain or not. 

Of course, with BTC prices going up, it is likely that almost everyone is in gain, at least for the moment... so the main point to me would be to be trying to continue to accumulate and have strategies for doing that on a regular basis... and of course, it can be quite challenging to even consider accumulating regularly (rather than lump sum if the BTC price ends up shooting up from $50k to $250k.. and then so many guys are going to be considering a correction at some point).. so it is not easy to decide what to do, especially if you are in relatively early stages of BTC accumulation  (even less than a few years of BTC accumulation seems like a short period from my perspective regarding how building wealth tends to go for a vast majority of normies).

That is definitely the way to do it. I am a bit more old school with notebooks and then only final calculations on digital copies,,, especially like with my signature campaigns and BTC I have started to migrate to Google spreadsheet to keep my own balances. It is additional cashflow to my existing salary, but because it is also used to supplement my expenditure I keep track of final fiat value sold and eventual BTC saved over. For only 4 years now this is going but that is about 60-70% of my total BTC hodlings. And every year I try to increase hard target for that percentage to becomes less (as in, to add more actual buying) as I move fiat savings more into BTC buying and less into fund-investing.

Now I just need to add fiat value to the BTC tracked from signature campaign so I know for sure what is my fiat gain.

The time will make gold and other all financial assets an alternate to bitcoin and more and more people who like to keep the gold bars in bank lockers and in jewellery form will find that it was not worth.Imagine the people who bought gold in recent years and now if they have some research not dumb minded ones who completely rely on gold is heaven can find out it is worth $995 for an $1000 investment and that's how they call it future guaranteed investment schemes?

You are right on the point that community is not going to lose fanbase easily but they are witnessing breakdown.The gold has been here for years and before the fiat also so it has trust over the people and moreover government and mainstream media is not portraying it under illicit usage and people can hold it easily due to legal status.But slowly and gradually this all beliefs will be washed away and bitcoin will be the priority for them but it might get too late as boat might have left the harbour.

Will merge all the reports of my DCA investment in one place for sure as it will have proper clarity to all the members and they don't need to surf through all the pages to find about the next investment.This months updates will be made to @OP only and thanks for suggestion @JJG.


It is now performing worse than even dead stocks which managed to rise 1-2% after some time and give the holders a little hope but on the contrary basis nobody talks about it and people are not panic selling it at this time.But the thing is now the investors are smart and not preferring gold bars that can't cope up with the inflation also.But bitcoin has grown 62000% in period of only 13 years and just imagine the world is still to recognise it's importance and in coming year's when all will  accept it the prices will skyrocket to new levels.Still who get a chance to have btc at $40k were lucky.

Hopefully you can continue to add to OP in order that we can see all of the data in one place.

Of course, you do not necessarily need to show all of your investments if you have some preference for OPsec, but the extent that you want to maintain some aspect of your investment as a kind of real world learning tool, then it would be helpful to either put it all in one place or to have a reference to the places that it is located so that an overall and ongoing picture can be appreciated.


It may be helpful to look at a chart of the gold prices in the past 50 years in order to get some kind of idea bout what is going on in regards to performance that would thereby affect perceptions of possible future performance.



https://goldprice.org/spot-gold.html

The fact of the matter seems to be that in the past 10 years, gold is barely keeping pace with inflation.. so of course there were price spikes in the late 70s, there was a price spike from about 2002 to 2011 and then there was a recent price spike from about 2018 to early 2021.

In the end, gold seems to be both manipulated as fuck and also diluted based on its having outrageous quantities of paper gold that dwarf the size of its actual backed supply.  One of the advantages that bitcoin has is its ability to be easily and quickly taken possession of - including being verifiable through such process.

Of course some of the same manipulation tactics are going to be attempted with bitcoin, but a BIG ASS question remains whether such manipulation can as easily be successful since bitcoin is not physical and can be verified and taken possession of.... so in some senses, individuals can tell the manipulative custodians to go take a flying hike.. and in the mean time the actual holding of bitcoin will be more valuable through individual holdings or through entities who verify that they are not diluting the supply by making extra copies on their ledgers.

Another aspect of bitcoin remains its early stages of adoption that surely contributes to its ongoing price appreciation through such early adoption process, and of course, early adoption phase does cause some aspects of bitcoin's price appreciation to be artificial, so it could take 20 to 50 years or more for the masses to really get into decent levels of BTC adoption levels, and even if that might cause BTC to be an unfair comparison as compared with gold or with other assets, it still justifies getting in early rather than either waiting around and/or complaining that bitcoin's outrageously current status of considerable price appreciation is not fair because it is still in its earlier stages of adoption.  Seems better to jump on board rather than complaining about it... at least from my perspective, I doubt than bitcoin or bitcoin holders are going to feel sorry for those who failed/refuse to jump on board sooner rather than later... and if governments try to step in to redistribute, there may also be some challenges in that too, so in many senses, it is in each person's interest to act to attempt to preserve his/her own stake and to get a stake rather than waiting for anyone to help them or to attempt to make the distribution of bitcoin more fair.


There might be some challenges in keeping on reporting - but surely whether the person stopped buying BTC might be another question too.. . Sometimes if you are a newbie to an investment, you can get considerably thrown off about what to do if the BTC price more than triples from the period in which such a plan was started.. and then maybe even giving up on the plan after the BTC price had doubled.

I see some shitcoin posting too in regards to the OP of that thread, so maybe he got distracted into shitcoins... which surely could cause anyone to lose focus if they get lured into that quagmire of difficult to decipher pump and dump baloney.


One of the errors that people make is to overinvest, because you never want to withdraw from your bitcoin that is at a time other than your own choosing.

Accordingly, you have to maintain other funds that are to be used for emergency purposes.. sure, easier said than done, but there are ways to build yourself up to such a practice, which may well be to ONLY invest into bitcoin what you are not going to need for 4 years or longer and probably planning on NOT withdrawing from it for 10 years or more would be an even better plan in terms of building and managing your bitcoin stash.

Even if you are starting over, btc78, you are still likely going to be in a better place than a lot of people who have not started to do anything in regards to building a bitcoin stash.


Of course, one of the dangers of NOT having any solid goals is that you will get tempted into changing your BTC investing plan  too soon and start to withdraw too soon or try to play around with too much of the value that is likely to appreciate within the cycle.

Largely what you are saying, aysg76 is that you plan to cash out upon the rise of BTC prices in this cycle,.. and you are going to see how the cycle plays out and then you are going to cash out some or all of your BTC in order to try to buy back lower.. blah blah blah..

yeah.. you did not say that, but your creation of a 6month to 3-5 year timeline shows a lack of clear longer term goals..

Better than nothing, but does seem to have some problematic aspects in terms of its lack of specificity..


I am not going to poo poo the potential level of personal financial issues that might have come from the pandemic situation, and some people are still adapting to such negative personal finances based on the extremes of that.


Part of the establishing of a reasonable BTC budget is to make sure that you have your cashflow in order.

I personally like to attempt to plan out my cashflow for 2 years, and of course, my further out plan is more loose but the plan within 6 months is more specific and having to be more careful that it is specifically covered and not making any major mistakes.  I have been in such practice for about 30 years, and I have used an Excel spreadsheet for that in about the past 20 years.

All fair points, but only time and Bitcoin market maturity will dislodge gold bugs from their stance. We've to remember retail gold buying and investing (not considering traditional gold hoarding with jewellery) also took a while to show up and shed the arguments of "too expensive" and "too complicated to own".

They're definitely not losing their fanbase any time soon, but when banks are already discovering how difficult it is to obtain gold, that squeeze on retail availability will force people to look hard and long at Bitcoin as the very visible, increasingly viable alternative.

I see it now,,, thank you. Every time I see this kind of thread it inspires me to think about myself (and also envy as I said in previous post). I never made a real calculation unfortunately,,, as the main site/wallet that I used to accumulate has closed down, but I might be inspired to open a thread to keep track of my monthly/bimonthly earnings too. Which is a different form of DCA I guess but in effect the same as buying every period. Good luck again, do not watch the markets and you will lose that panic.

I have also read this thread in the past and the user you are referring to gave up on updating the thread after two months and his last post on forum was in February 2021 although he is still active today but not posting.So don't know his reasons for doing that but surely my case is entirely different from him as i am going to update the thread on regular basis and gave up my junk food and put DCA till the time i feel it's all good.

Not fixed time period for my investment strategy but will keep on doing till the time I managed to save funds to accumulate more and more bitcoin.This could be 6 month's or 3-5 years also.But will try to keep this as long as possible because of profits that will be served to my total networth.

This pandemic was a time when we all were locked inside and many face similar situations like you when the personal savings of many got consumed and bitcoin investments are also saving to help us and whenever we are in urgent need we can take out the funds and use them.Like we cannot hold btc for long knowing that we could not survive financial damage in real life because that's what we make investment for to gain profits as well use them when necessary aside from other sources of income.Not to worry you can still stack your btc as there is time and keep up DCA and you will again reach your goal.

How long will you manage to continue this investment strategy mate? before the pandemic attack i almost do the same thing as yours, all of my Signature payments are indeed stays in bitcoin weekly.
I accumulate more than what you are having now but suddenly pandemic comes and all i need to do is withdraw all of the amount and put in real life investment in which i use to survive the lockdown and losing of my Job, now that i am recovering i start holding again and hope this time will continue till the next years of my bitcoin partaking .

LOL.. this thread has an eerie resemblance to another thread, which was posted last year:

https://bitcointalksearch.org/topic/i-quit-smoking-and-buy-bitcoin-every-week-5298939

That one dealt with an user from Turkey giving up on his smoking habit, and instead investing in Bitcoin. But unfortunately, he stopped posting in that thread after two months, and I assume that he relapsed on his habit. Now I don't want to compare junk food with smoking, but in both cases the user benefitted in the end from better health and more disposable funds in hand.