Topic: Refer to my previous topic: "Investing plan" - page 3. (Read 521 times)

Wishing you success in your investment, but the main objective is to invest for a long time. Since you invest in Bitcoin I think it is the most safe and risk free for your money. But you must learn to control your emotions before investing, if you can't control your emotions then you can never survive in the field of investing. That's why learn to control yourself first and invest later because many times you may face losses due to market volatility.

It will be good and profitable if you invest in Bitcoin from the beginning and plan to invest more in the future. Since you plan to use a secure wallet to purchase your bitcoins, this is definitely the right thing to do. If you use Electrum wallet for bitcoins then it is best and safe for your money is not likely to be hacked. Of course, keeping money in exchanges is not that safe as it may lose time or block your funds due to any mistake. That's why this plan of yours using the right Electrum wallet will always provide you security.

Investing $100/200 won't be too difficult if you get paid a lot of money every month. And if you have planned this then I would say it is good because if you act like this every month you will accumulate a lot of money at some point. When a good fraction of bitcoins are in your wallet you will more than double the profit after a long time when the price of bitcoin is at its peak ATH. That's why I think this plan of yours is best if you can invest this amount every month.

Electrum's safe but you've got to keep your seed & password away from prying eyes. If you're going to invest 100-200$ in month your Electrum wallet's going to hold enough bitcoin to make you worry if you lose it so use virus protection software because you don't want to get hacked.

I stand behind this plan of yours OP. It’s basic and yet something that you’d easily be able to follow and fall through if you were to take this into the real world.DCA’ing your investment strategy (what you’re doing right now is practically Dollar Coat Averaging since you’re practically allocating a pre-set budget from your money for bitcoin, which enables you to have a stake at bitcoin and crypto regardless of the price action). And since you’re using one of the most secure digital wallets on the market right now, pretty sure you’d have enough safety to get by. I would suggest setting up another wallet however, where you would transfer and park funds if you were to convert them into fiat. That would ensure your main wallet’s not getting touched nor given access to the internet and if worse comes to worst, your hot wallet is the only thing that’s affected.

Also check your PC by running an antivirus scan, check if you have malwares that are active or trojan softwares and whatever. Just to make sure that your PC is secure from stuff that would risk your walletMs safety is all.

OP, as a newbie in this forum, you should learn how to quote someone properly. So that someone would know that you quoting someone  else in the forum.

I'm able to correct the way you would have made the quote, you are replying to Fiasal2202.

Let's go back to your monthly bitcoin investment plans. It's a smart strategy to have at this point since nearly all crypto enthusiasts want to position themselves to invest in bitcoin in order to catch the moving train, which is the halving and bull run. I'm happy to learn that a newbie has discovered that bitcoin is the wealth of the future. they can invest in it and hope to get the highest returns possible.

Yes hardware wallets are definitely good options when you want to hodl for a longer time when seeking for hardware wallets use Trezor and avoid the ledger wallets for now because some of their new policies regarding ones seed phrase sucks. You can also try out the new passport hardware wallets.

Another way to safely store your bitcoin on offline storage is using an airgapped device for storing your bitcoin. This doesn’t require any purchase of hardware but the device that is to be used for offline wallet creation with electrum should be one that has never gone online before And will never go online.

Your monthly purchase of bitcoin is certainly one of the best idea to accumulate bitcoin, it is just like you’re doing monthly DCA, this will help you minimize the risk of losing and also maximize the profit.

You can just continue the discussion on that thread that you've made. But going on with the topic, it's true that exchanges aren't a safe place for storing our cryptos, especially BTC. Electrum is a good choice and starting with the use of it, you can plan the purchase of your hardware wallet in the nearest future. I am guessing that someday you'll think of having it and that's where you're going to store your Bitcoin purchases and with that $100-$200 per month plan, you really need to have one of those.

Go ahead, if you are lucky, in the coming months, this $1,500 could turn into $3,000 or even $5,000 before the end of 2025. If $1,500 is not a large amount, or if you can invest more, do so because we will most likely not see these prices again.
Some may advise you to invest in some altcoins, but only listen to up to 20% only.

Would suggest reading more about the recent negativity toward Ledger and Trezor before ordering any Hardware Wallet.  They used to be top of the game but now the best Bitcoin Talk members avoid them.

Ledger has lied to their customers about how it was impossible to extract the Seed from their Hardware Wallet.  See the topic here,
https://bitcointalksearch.org/topic/fuck-you-ledger-5469941

Trezor has a pretty sketchy history of wrong doings now.  This quote will help you understand more briefly,

Finally.  It is important to choose a safe way to store your Bitcoin.  If you are choosing to go with Bitcoin ONLY then you can invest in a Foundation Passport which is Airgapped or just create your own Airgapped Wallet using an old laptop or computer you probably have lying around.

Passport Bitcoin Talk thread,
https://bitcointalksearch.org/topic/foundation-passport-official-thread-5441422

Official website,
https://foundationdevices.com/

Since you already decided to invest in Bitcoin, I will advise that before investing in Bitcoin, you should invest in a hardware wallet. It doesn't cost too much lately, and you must choose an open-source hardware wallet. No doubt Electrum is a safe wallet, but we experienced some hacking issues through an update pop-up. So it's less secure than a hardware wallet. And more importantly, you are going to invest on a monthly basis, not once. In these circumstances, I feel you must buy a hardware wallet. You may face any issue at any time, like losing a seed phrase, and at the same time, your device may crash somehow. If something happens like this, you have to struggle to recover your funds. So to avoid hassle, a better practice would be to use a hardware wallet and keep storing it. In case you need to store some altcoins, Electrum won't help you, but the hardware wallet will keep supporting you.

Electrum is a good wallet. Just as others have said, you need to be careful when making use of online wallets to store large amounts of money. For example, if you want to start a weekly accumulation of $100 worth of BTC, it will be safe for you to use, but you should be very careful about the kind of links you visit online with the device on which you have that wallet installed.
 
And if you are to use mobile, it's not always advisable for you to carry about bitcoin holdings on your mobile device. Things happen now that only the ones we are willing to spend on a daily basis are expected to be kept on mobile wallets, which we move around with for security reasons.
 
While you think about the best hardware wallet to buy, try protecting the phrase of the electrum that you have chosen to use, and don't use any cloud storage as a means of protecting your phrase. The old, traditional means of saving phrases are the most recommended. (Paper and pen, and keeping the different locations that can only be accessed by you and those you share access with.)

I will suggest you not do DCA here because the market is in a bullish cycle which means we might see BTC go up not go down as the DCA technique is beneficial when there is huge doubt in the market like we don't know whether it will go up or down.

So to manage the risk we buy in parts at equal intervals of time with equal money. But if you will plan to invest $100 to $200 in a monthly timeframe then you might miss the opportunity to get BTC at lower rates.

You should focus on getting more BTC while you can because it is the accumulation phase and the sentiments of the overall market is to hold more BTC which means the lump sum is the best option for you instead of doing DCA.

Thanks community above all for your suggestions and your times.

You are right i have to learn more and here is a great place for it.

I decide to put some portions from my monthly income which will not hurts me. That is good investment than keeping it on banks or as a cash.

I checked some Hardware wallets Ledger nano s and Trezor too . Will buy it too after .

Thanks for making me more strong on this crypto world.

In your previous post, you did not mention that you are planning to invest in part, as you only mentioned you have capital of $1500 so what would be better for you, well if you said, you are a job holder and have a monthly income then I will definitely suggest you to go for DCA as buying in little will not become a weight on your pocket as you only have to invest with what your life will not be disturbed.

I am glad that you are making progress.
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I was collecting this 1500$ over months from my monthly incomes. And i wanna to put it on BTC all. Than i plan as mentioned above. I decided to invest that amount on Crypto than keeping it in cash or in banks because i think keeping money nothing gives back hope i am right.

Thanks for your suggestions.

I saw your thread a few days ago and I see you also got a lot of useful advice and I'm glad you decided to choose bitcoin over altcoins. The strategy of investing little by little is wise, but I need to remind you that investing in bitcoin still carries certain risks, so invest with what you can afford to lose.

Also, as some people mentioned, you should have a hardware wallet that holds those bitcoins instead of using Electrum, it's also safe but a hardware wallet will give you more security.

You made the right decision dear, I did not mention the usage of Electrum for holding purposes in my reply to your previous post but it's a good choice because it is open source and it can be used with Hardware wallets as well of course it has many other features too. But the most you should see is that the wallet is open source and non-custodial if it has both properties then you can prefer it over custodial wallets like CEXs.
In your previous post, you did not mention that you are planning to invest in part, as you only mentioned you have capital of $1500 so what would be better for you, well if you said, you are a job holder and have a monthly income then I will definitely suggest you to go for DCA as buying in little will not become a weight on your pocket as you only have to invest with what your life will not be disturbed.

I am glad that you are making progress.

It is good that you ask here before you invest, because sometimes thinking out loud is best.

This may be a great investment plan, but it is not the best investment plan because for now it is better to invest in one lump sum, as the price of Bitcoin now will be the cheapest for all the coming months, or it may be the cheapest at all.
Invest now with the amount of money you may need to invest in the coming months. If it is difficult, invest the largest amount you have at the present time.
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Make sure you not click any random links and learn about security concern, also you need to verify the PGP key [GUIDE] How to Safely Download and Verify Electrum [Guide]

Correct, @OP invest $100-$200 per month which is enough to buy a hardware wallet, this thread can be used as a reference Open Source Hardware Wallets, but the most popular and safe is trezor.

Your plan isn't too bad, but you still have a lot to learn to be able to hold onto your bitcoin investment until it becomes profitable. So in addition to focusing on accumulating bitcoin every month, you need to continuously improve your knowledge so you don't have to panic every time the market has Fuds or negative news spreads. Also, Electrum is a reliable wallet but if you have more bitcoins, you should consider a hardware wallet which will be more secure.

Electrum is a recommended wallet for storing BTC, but it is worth mentioning that it is an online wallet, so if you are going to accumulate a large amount of BTC's, you should use a hardware wallet or use Electrum in an airgapped device.
That's called the dca plan, and it is a good one, but do not invest more than you can afford to lose, because BTC is not a get rich quick scheme, neither was it created to be an 'investment' option.

Greetings,

refer to my previous topic about ''Investing plan" (as this topic is closed to reply back) https://bitcointalksearch.org/topic/investing-plan-5473379 i wanna say thanks for this wise advises.

I believe future is for BTC and my investments will mostly on it. I wanna use Electrum as my main btc assets storing. As i heard exchanges is not safe for storing purposes.

Also my plan is to invest after that litle by litle for example from my income to invest 100-200$ in month.

Thanks again for all members who responded to  my previous topic.