Topic: My Past nine months bitcoin journey - page 8. (Read 2911 times)

Actually my last post for my DCA for the last month was made on 18^th Sep as it was made under a separate post in this same thread.I think you have ignored that post so you could probably have a look at it.Yes i was happy to accumulate more in the dips and for me dips are opportunity to stack more not a sign of panic sell because don't want to repeat same mistakes again.

The gold buyer's are also substantially declining if we consider the market and make past comparison due to number of factors like diminishing returns over all these years as all other assests outperformed it this year as it has -7% return this year.People are now preferring some other options which might be risky like bitcoin but not all opt for bitcoin but some other areas of investment also.

The gold has build a community and from the past delusional world people have a faith in gold like the prices will always rise and it is termed as stable source of income for them.Second the gold is recognised as status symbol in many countries where women wear fancy jewellery in different occasions.They will not hesitate to buy it whatever the prices are and will try to store them.You are right they won't care how it is mined or how will it perform in future but for bitcoin they will always have some kind of weird excuses like it's risky,scam or bubble, don't have money to buy it.

For those who put on some excuses like it's expensive need to think it's slightly above than gold and if you make comparisons gold is not going to give them even profits in long run.The wars and disaster could lead to price fluctuations in gold but bitcoin is free from them.The boosting factor is limited supply of 21 million.

But people will have excuses and bitcoin community is fast growing with more and more realising that it's an exit policy from fiat and centralised zoo's that we all are trapped in from long time.

Regarding this failure to see the light, I've been there so I might understand.

I really wish it had been a different time for me, or that previous iterations of digital currency didn't exist before then. Bitcoin definitely resonated with me at the time. Only, the resonance then was as I mentioned: a prior shitty experience with something called e-gold. Some similar concepts of independent money, libertarian finance, p2p economy, etc. Was heavily invested in it for years, practically revolving my work and business around it, and DCA-ing regular fiat into e-gold.

Long story short, it all collapsed when they and their holdings were seized by our good friend the US government. Lost all my business, savings, almost overnight. That was my chastening money lesson of the mid-2000s.

So in 2013 when I learnt about Bitcoin, I just couldn't stomach it. I failed to understand properly then that Bitcoin was fundamentally different, a complete animal separated from everything else I'd seen. But the earlier nightmare of e-gold blinded me to that. Thinking back though, I was in such serious debt anyway I may not have been able to buy any (although mining could have been an option but anyway, I think it's pointless to speculate on a past that didn't happen!).

I have to credit becoming deathly ill (literally) in late 2015, being bound to bed for months for the opportunity to really dig down into Bitcoin and learn about it. By the following year I was doing my best to switch all my freelance clients to Bitcoin, and that's how my DCA began. IT didn't seem like much at all in 2016 but it's turned out to be a modestly healthy amount today.

I think you're right, if (when) gold bugs apply the same diligence they do for gold into Bitcoin, they'll realise quite easily it's a superior investment product, or at least, worthy of sharing a seat at the same table as precious metal.

In 2013, when I first got into bitcoin, I was looking for a kind of dollar hedge investment, like gold, but I did not like some of the fees and other inconveniences of gold, like you mentioned... so when I came across bitcoin, it seemed to resonate with me right away, and I started a plan right away which involved investing for 6 months from late 2013 until about May 2014, and then to reassess my situation at that time.. which I did and I extended another 6 months, and by the time that I was investing into bitcoin for a year, I had pretty much established my position, and then just tweaked my strategy from time to time.

I do believe that there are going to be some people who look into bitcoin and it is going to resonate with them either right away or soon after looking into it (and maybe making a few mistakes, too?)... There are some people who consider bitcoin to be a good idea, but they are lacking in motivation to set up an account and to begin to take some action right away.. rather than waiting and/or not doing anything.

To me, it seem that if someone takes action right away and even just starts investing into bitcoin slowly, then they are going to start to get more comfortable with it.

I do personally believe that bitcoin is eating some of gold's lunch, and many people are realizing that, but surely there are some people who are already comfortable with gold because they have been investing into it for a while, but it also seems that some of those folks are going to see the light, after a while, especially if they are really trying to pay attention and study into bitcoin rather than failing/refusing to appreciate that bitcoin is actually around 100x or 1,000x better than gold (while bitcoin has a market cap that is about 1/10 of gold.. so there should be some ongoing appreciation of the upside potential of bitcoin), but there are going to be some people who consider the physicality of gold to be a positive attribute rather than really not being as positive as they are making it out to be.. so many of them are going to come around to bitcoin.. even if it takes 5-10 years or so to play out.. not sure how long it will take.. but one or two more cycles in bitcoin is going to be harder and harder to deny its ongoing solid investment thesis.... and more and more people are recognizing such strong bitcoin investment thesis and getting ahead of the game.. including OP and his strategies seem to be decently good in terms of ongoing investing into bitcoin (even if seeming to be relatively modest amounts.. it adds up.. and surely going to put him ahead of his peers (not just gold bugs) who are failing/refusing to see the light and/or failing/refusing to act which is almost the same level of failure).

Strange isn't it? I know online there's been a steady (slow but steady) growth of gold buyers and communities who discuss how to get it, how to safely store, sell, trade, etc.

And no one there talks about how old the gold market's been (or silver, or other metals), how expensive it seems, how difficult it is to obtain (while guaranteeing authenticity), how it's already done 10000x or whatever. All the arguments people use as excuses not to get into Bitcoin, they don't seem to consider when buying gold.

And so they miss out on the next 5 years, just as I did when I missed out first hearing it in 2013 (my reasons were very different then, I simply wasn't investing or even putting time into anything digital after a horrendous experience years prior).

We are not really going to know if these are currently high prices or low prices, and sure many of us suspect that we are on the verge of another upswing in BTC prices, so hopefully you are not really holding back on any of your BTC buying at this time.. and like a poster below stated that you have not updated your buys since August, which to me does not seem to be a good idea if you stop.. but it may well be an o.k. idea if you just maintain some kind of steady buying amount, and sure saving some extra in case the price dips, but not really stopping on the regular DCA buys.



If you keep buying, you may well become considered as a whale or a big fish down the road by merely accumulating a bitcoin or two.. a lot of it depends upon your timeline and persistency.. so of course, an even worse category would be a no coiner, so there are folks who had established decent stashes of coin and then they sell all or part of their coin because they want to buy back lower, which really just seems nutso to me, even though quite a people go down that path and end up with way fewer coins because they thought that they could time the market.

Let's say for example, you do not really have a lot of cashflow, but you are able to stack between $20 and $200 per week for the next 10 years, and sure maybe you ONLY stack one or two coins, but you still end up being in a very good position compared with someone who is trying to time the market and ends up making mistakes.

In the end, of course, you gotta do you, and so hopefully you figure out some methods that work for you and allow you to continue to be fairly persistent, even  if you might have part of your cash that you buy regularly at any BTC price and another portion of cash that you save in case the BTC price dips.. without being too greedy in terms of how much of a dip that you are waiting for because sometimes the dip that you are waiting for never ends up happening.. we have seen that a lot of times in bitcoin... think about $500 bitcoin in 2016 and people were waiting for lower prices that did not come, and $1k bitcoin in early 2017 and people were waiting for lower prices that did not come and $3k bitcoin in august /September 2017 and people waiting for lower BTC prices that did not come.... and $10k prices in September 2020 and people waiting for lower prices that did not come...  and seems like we had lower $30k bTC prices just recently and people waiting for lower BTC prices of either low $20ks or even sub $20k and those prices did not come.  Those kinds of situation repeat themselves over and over and over, and we do not really cannot know if todays prices are going to never be possible again, so we have to stack what we can to attempt to prepare for UP just in case further down does not happen... which we never know but we could be in one of those kinds of price situations again, even if prices are currently in the upper $40ks.


I think that there are still a lot of people who have failed/refused to get into bitcoin, and they are just going to be coming into bitcoin in 5- 10 years from now, and you are going to be looking like a genius in 5-10 years, especially if you keep on stacking whatever level of sats that you are comfortably able to do.. whether that is $20 per week or $200 per week or maybe once in a while you might get some extra cashflow.. and then you might be able to do more.. but even if you are not able to do more, it is good to make sure that you do not overly do it so that you do not have your regular expenses covered.

I strongly believe is investing money in bitcoin is worthful. So I have been watching bitcoin price fluctuations for last three months. So I'm waiting to invest money safely. In August it touched around $39000 and on September 4 it touched around $49899 and yesterday we saw it touched again $49899. Two days ago it showed a uptrend mode . So wishing to reach $70000 soon.

@aysg76

So now it is almost going to be 6 months after your initial post of 3 months. How has it been for you since then? Your last edit was on August 11 so I guess you will be very happy over the past time to get more BTC at prices near to or much lower than your initial.

I envy you in many ways,,, for your situation to be able to do this but more for your spirit and freshness to this scene. I wish all the best!

You are right I am not into selling at this time and my only goal is to accumulate bitcoin without any target that i want to have 1 btc or more because my savings are being put into DCA investment strategy and maybe they can go up or low with time but my habit of putting funds into bitcoin is not gonna change.

Speaking frankly i don't want to build a huge bitcoin portfolio due to the prices at this time.With $48k per bitcoin at this time i would have to spend that much to have one full bitcoin and building huge portfolio for me is difficult depending on my salary, savings and future bitcoin prices which are going to be more high.

But the main point of concern is that it's not necessary to be a whale or big fish in bitcoin market but in coming time you should not be categorised under no coiner as that will be painful.So i would like to keep this DCA strategy going with whatever amount I am willing to do and maybe end up with big portfolio in end if we speak of 5-10 years.Anytime is good but don't wait too much for it as very less are to mined now.

You seem to misunderstand and mischaracterize how OP says that he is accumulating bitcoin.

Op says that he is just buying regularly at any price based on whatever his savings might be, and he said that he was overall trying to increase the amount that he is able to buy to the extent that he is able with the passage of time and to either cut his expenses or to increase his cashflow.

There is no selling involved, and even if OP did not say his exact target, it seems that there is a kind of goal to just continue accumulate for at least several years and to see how much his accumulated BTC may go up in value with time.

I do agree with you that it would probably be preferable to establish some kinds of more specific goals, even if it might take several years to accomplish, but I do not agree that selling bitcoin should necessarily be a goal.. at least perhaps not until after having had reached high level accumulation goal (perhaps over accumulation or exceeding targets).   

For sure, everyone is likely to establish these kinds of goals separately and differently, but it does seem to me to be a very first important goal to just get started and to act like OP has seemed to have done, and then just buy regularly and perhaps attempt to be aggressive to the extent reasonable .. and at the same time, perhaps to reassess if the goals need to be tweaked from time to time, or maybe even considering if there might be ways to increase cashflow in order to have more to invest in order to attempt to achieve higher levels of value appreciation to the extent that is possible.. .

From my own personal experiences, I have found that it may well take way more than 10 years to really start to build a sizable investment portfolio, even if you have a decent amount of extra cashflow that is invested, and of course, OPs amounts are not really large, so it may well take a decent amount of time to really start feeling that the size of the BTC investment is getting to a decently large size (and hopefully without being tempted into selling too much too soon or taking other rash approaches that could screw up maintaining and carrying out decent ongoing and persistent BTC accumulation).

Long term is a strategy that requires patience and person needs to have a goal, I don't know how you are having stable source of income with long term investment. you are buying and then you hold temporarily until the price has reached a certain level then you sell and wait to fall and then buy and rise to sell to a certain level. Is what do you do?

Are you saying that you have been DCA buying into bitcoin for a decent amount of time and it has paid off for you?  If so, how long have you been DCA buying into bitcoin?  Depending on your cashflow and how much you are able to invest into bitcoin, frequently it will take several years to build up a decently sized stash, and even if you build up a decently sized stash, it may not be enough of a reason to stop DCA investing into bitcoin.. so it depends on your circumstances in terms of how much you had already put into bitcoin and whether it is a prudent idea to keep investing into bitcoin.

Of course, this thread is not so much about either trading or crypto currencies.. except maybe that some people will consider other tactics beyond merely buying bitcoin in terms of their own ways to accumulate bitcoin or even attempt to maintain their position in bitcoin (or their overall investment portfolio above and beyond just the bitcoin portion).

That’s the same thing with me, I have a job that I am doing and I can’t quit my job to be trading cryptocurrency when I know that I have lots of responsibilities to handle, so quitting my job to be a trader was going to affect me. And moreover, quitting my job to be just a trader never seemed right to me, I needed to just have a second means of income.

So, what I did was just started investing in bitcoin for a long term, and it did work out for me. I do research and analysis to know where the market might be heading to, and then I would invest to hold for a long term. I kept doing this and it has worked for me. I didn’t quit my job, I continued and also kept investing bitcoin and now I have two stable sources of incomes that I can rely on.

It is a bit unclear what you are wanting to say, yohananaomi.

Of course, there can be difficulties in investing into anything, so in some sense in terms of attempting to make the investment less difficult, you should attempt to tailor to your individual circumstances in order that you do not invest too much, and also there are likely needs to work on your own psychology in terms of not necessarily being tempted to cash out too much too soon.

No one can completely inform you how to balance your various individual factors in order that you are feeling neither over invested into BTC and that you also may well be able to invest enough to make a significant difference in your life in the long term  - while knowing and appreciating that BTC UPpity price performance is not guaranteed - even while it is likely amongst the best (if NOT the very best) long term investment that anyone could be making.

If you fail/refuse to adequately account for your own various circumstances including but not limited to cash flow, risk tolerance, timeline, other investments, view of bitcoin compared with other investments and time, skills and abilities to plan, strategize and tweak based on learning including considering reallocating from time to time and trading and the employment of various financial instruments.  Of course, trading and the employment of financial instruments are increasingly more advanced techniques, but still any investment, whether referring to bitcoin or otherwise is going to be better tailored to your own circumstances by attempting to adequately account for your own circumstances.


Anyone who might have $150k that they are able to invest can consider a variety of tactics including lump sum investing, DCA investing and buying on dips. 

Of course, a lot of normies do not have lump sum amounts that they are able to invest (including likely the situation of OP), so sometimes with a lump sum, there can be some strategies in figuring out how to divide up the amount that anyone investing into BTC may well have available, all at once, or to supplement the investment plan with DCA and buying on dips, as well as the lump sum technique that you, proTECH77, seem to have employed.

What a great steps. I almost lose hope with my bitcoin few months ago when  price of bitcoin keep reducing till last month ending when the price hit $47k few days ago, to show that this month it will be massive pumping in the exchange market. I invested $150k few months ago but right now my profits is improving base on the strategy's am using to carry out my bitcoin investment.
Many bitcoin users will keep follow this your steps, that helped you to get to where you are today. This steps will really help many newbies who don't have faith with their bitcoin holding to start believing what they are holding right now that some day it will increase massively in the market to enable them to achieve something good.

certainly something that is not easy to do what you do, with every week saving in coins and plus the salary that is also invested there. because we know that a while ago bitcoin always decreased and if you are impatient and have high optimism, you can sell it so you don't lose too much.

appreciation for what you do because it takes a high level of trust to be able to run the same as the op did. we clearly know that at any time bitcoin will be able to increase and definitely. but if you look at it every week you can be sure there is a different feeling in doing it. clearly requires a high level of willpower in accepting what is done.

Wow that great. It is somehow inspiring to me. It also reminds me of my friend who is a long time bitcoin holder. Her story is quite different but the same about you and her is that you both believe in bitcoin.
It seems easy but something tells me that it is not how easy as I think because bitcoin price is fluctuating and there are times that it continuously dump. But like I said if you believe in bitcoin, if you have patience, if you knew what this coin can gave us and how worthy this coin is, success really awaits you.

Sure! I did a mistake and sell 0.3 BTC in 2020 at $20,000 because of FOMO, but now I understand I must be confident enough because  BTC is not a shit coin. Thanks buddy!

This thread is about DCAing into bitcoin, not about "crypto" or "a coin" or even "fiat".. one of the problems, even with fiat is that it is likely getting taxed behind the scene and damned close to inevitable in terms of losing value.. the fiat system is currently structured to both lose value, but a question becomes by how much relatively speaking, and surely, something like bitcoin should both gain value relative to fiat, and perhaps any other investments. 

Besides saying merely "fuck shitcoins" as any kind of a solid investment vehicle, if there were some kind of possible analysis that would cause them to be anything but a short-term in and out investment, those kinds of assessments should be done in some other thread... even though, as far as bitcoin is concerned, there have already been quite a few assessments of its present value and its likely future value to consider the odds pretty damned high that you are going to be able to hang onto it for 10 years or more... if that ends  up being your investment timeline.. while at the same time, none of us are locked into having to hang onto any investment, if we determine that the underlying factors/fundamentals have changed to cause us to change our investment thesis at a future date, even if at today's date and even our anticipated future contributions into bitcoin using DCA should retain something approximating our original investment thesis.. or our investment thesis becoming stronger perhaps with the passage of time, too.

Whether you believe it or not, I am saving/investing my weekly payment from signature campaign on a coin. Started last month and investing my first week pay of every month into this coin. I am really happy about it. Happy to see OP's message likewise. Such a small investment will pile up one day and will give a big support financially. Let it be a crypto or fiat savings, its a good practice though to gain a lot.

Nice DCA strategy OP, slow & steady wins the race
A much better strategy than being a moron gambling with leverage. It might not feel a lot to you at the moment but keep going. I don’t know how old you are but this type of long term savings plan with bitcoin will do very well for you in 10-20 years.