Steps to owning sats - page 2. | Bitcointalksearch.org

KingsDen

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Quote from: m2017 on July 28, 2022, 03:38:09 AM

Quote from: BitcoinGirl.Club on July 26, 2022, 02:36:56 PM

Save or collect 0.01BTC and you are a Satoshi millionaire. Isn't it something to be proud of? 0.01BTC is still in reach of everyone.

Probably everyone in their heart wants to become a millionaire. 0.01BTC is a great opportunity to feel like one. Satoshi millionaire sounds proud and greatly. You can brag to your friends about your "countless" wealth.

For now, Satoshi millionaire sounds funny, but in the future there may come times when Satoshi millionaire will really be a rarity and this title will be honorary and the envy of others.

It's not too late yet, because 0.01BTC is worth ~230$. This is the current price of Satoshi millionaire title.

I like the phrase Satoshi millionaire. O haven't heard it from anywhere else though, I am not sure if it's originating from this forum such that Hodl did originate from here. About becoming a satoshi millionaire with few hundred dollars, it will still make the person become a satoshi millionaire because a few hundred dollars will not become real time millionaire when converted to fiat. But it is important that everyone owns some fractions of bitcoin, it could become very huge in the future.

Lucius

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Quote from: m2017 on July 28, 2022, 03:38:09 AM

For now, Satoshi millionaire sounds funny, but in the future there may come times when Satoshi millionaire will really be a rarity and this title will be honorary and the envy of others.

I would not agree that satoshi millionaires will be a rarity in the future, because Bitcoin has existed since 2009 and many people had the opportunity to buy it, as they have the opportunity to buy it today. A few hundred $ to achieve this will not change much even if the price of BTC is x5 or x10 in the future, just as probably no one will get rich from owning 0.01 BTC.

Quote from: mk4 on July 27, 2022, 04:21:56 PM

Yes, but I think it's a very safe assumption. I get how most people wouldn't get the importance if you mostly just communicate on Bitcointalk(because I guess Bitcointalk is slightly smarter than mainstream social media), but I personally talk to a lot of newbies interested in crypto and it's scary how much people say "I bought xxx because it's still cheap and hopefully someday it will reach bitcoin's price".

I stopped telling people what to do with their money a long time ago, and that includes any cryptocurrency advice. If someone thinks they will profit from buying coin X or Y, so be it, everyone is responsible for their actions. As I said before, people are mainly there for profit and they are not interested in Bitcoin because of what it represents.

m2017

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Quote from: BitcoinGirl.Club on July 26, 2022, 02:36:56 PM

Save or collect 0.01BTC and you are a Satoshi millionaire. Isn't it something to be proud of? 0.01BTC is still in reach of everyone.

Probably everyone in their heart wants to become a millionaire. 0.01BTC is a great opportunity to feel like one. Satoshi millionaire sounds proud and greatly. You can brag to your friends about your "countless" wealth.

For now, Satoshi millionaire sounds funny, but in the future there may come times when Satoshi millionaire will really be a rarity and this title will be honorary and the envy of others.

It's not too late yet, because 0.01BTC is worth ~230$. This is the current price of Satoshi millionaire title.

sunsilk

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Those people that don't own bitcoin thinks like this. They're also scared of asking people to own bitcoin when they've known that they've once said something bad against it.

This is the beauty of bitcoin that it's not really a requirement to own 1 bitcoin but you know what, this is becoming the plan and the goal of the majority. To at least own 1 bitcoin.

mk4

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Quote from: Lucius on July 27, 2022, 09:39:46 AM

We will never know if you are right, unless at some point everyone would agree and start showing the amounts exclusively in smaller denominations - although I think that most people would still not resist buying 1 xxx coin for the same price instead of 0.0001 BTC. The problem, if we can call it that at all, is that everything revolves around possible profit, and everyone wants as many coins as possible at the lowest possible price, and they don't really care what they buy.

As for the market cap, it is a real illusion that more or less all altcoins sell successfully - and if all altcoins were limited to 21 million coins, only then we would see how much they are worth compared to Bitcoin.

Yes, but I think it's a very safe assumption. I get how most people wouldn't get the importance if you mostly just communicate on Bitcointalk(because I guess Bitcointalk is slightly smarter than mainstream social media), but I personally talk to a lot of newbies interested in crypto and it's scary how much people say "I bought XRP because it's still cheap and hopefully someday it will reach bitcoin's price".

Lucius

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Quote from: mk4 on July 27, 2022, 02:49:48 AM

If people knew this, or better yet if we're using a smaller denomination like sats by default, I could almost guarantee that there would be far less demand for the so-called "cheap" coins like xxx, etc. The reason why a lot of altcoins are attractive to noobs is because they think they're "cheap"; despite them having a freakishly high marketcap, just a low unit price because of the very high supply.

We will never know if you are right, unless at some point everyone would agree and start showing the amounts exclusively in smaller denominations - although I think that most people would still not resist buying 1 xxx coin for the same price instead of 0.0001 BTC. The problem, if we can call it that at all, is that everything revolves around possible profit, and everyone wants as many coins as possible at the lowest possible price, and they don't really care what they buy.

As for the market cap, it is a real illusion that more or less all altcoins sell successfully - and if all altcoins were limited to 21 million coins, only then we would see how much they are worth compared to Bitcoin.

aysg76

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This is the thing which people ignore while investing that stacking sats is also possible in bitcoin but yes at the current rates you won't get anything for 1 satoshi so it's advisable to invest a little higher portion keeping up the fees at that time.

People have mindset that bitcoin is highly expensive even if it has lost it's 60-70% value at $18k and see they need to have full one bitcoin but it's not true and you can invest small amount you are willing to put in some shitcoins also giving you guarantee of your funds also but no they just prefer the latter option of shitcoins.

Slowly you can acquire one full bitcoin but till then stacking sats is perfectly fine according to me and if you can then DCA investment strategy is best for you.

RILWAN

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Bitcoin can be owned in bits and I must say one does not have to own 1 Bitcoin, but then this will lead us to another question of what amounts of satoshi can be spent and what amounts are referred to as dust amounts.

mk4

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If people knew this, or better yet if we're using a smaller denomination like sats by default, I could almost guarantee that there would be far less demand for the so-called "cheap" coins like XRP, Cardano, etc. The reason why a lot of altcoins are attractive to noobs is because they think they're "cheap"; despite them having a freakishly high marketcap, just a low unit price because of the very high supply.

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Quote from: Darker45 on July 26, 2022, 08:05:04 PM

This thread is not about steps to owning Sats. The title does not refer to what's being talked about in the OP, and vice versa.

Anyway, it is enough just to know that we don't have to buy a whole Bitcoin.

And I would say the title is misleading because I doubt you can buy 1 sat or just 10 sats, plus if you could do that you couldn't transfer them to your hardware wallet. Even if it appeared in your exchange account that you have 10 sats, it wouldn't do you any good, at least at today's prices.

And I would say the title is misleading because I doubt you can buy 1 sat or just 10 sats, plus if you could do that you couldn't transfer them to your hardware wallet. Even if it appeared in your exchange account that you have 10 sats, it wouldn't do you any good, at least at today's prices.

If you want to stack sats, make it at least 1,000 in 1,000, and if it is 10,000 in 10,000 or greater amounts, even better. Then a problem that people who collect sats that win in faucets find is that to transfer them for having many inputs of little amount, the fees eat up what they have.

cryptoaddictchie

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Actually some prefers btc even a fraction of it. But I also encountered who uses Satoshi for the part they own btc. This isnt a guide on owning btc but a characterization of quantity of satoshi to btc. In my opinion even though you had a little least satoshi(btc) it would be better to still call it btc even it is only 0.000001btc cause others might interpret this as different cryptocurrency if they arent aware of the historical terms on crypto especially on bitcoin.

tranthidung

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Quote from: Upgrade00 on July 26, 2022, 02:27:26 PM

you just discovered DCA - Dollar Cost Averaging.
That's one of the most ideal ways to stack up bitcoins without pressure of checking the price to determine the best buy in time.

Websites for Dollar Cost Averaging DCA
Amongst them, that one is the best in my opinion: https://dcabtc.com/ because OP wants to DCA with Bitcoin.

Dollar Cost Averaging can be used in both bull and bear market but I think in bear market, it shows biggest effect in long run. It helps to get rid of fear and hesitate to get in. Then when a new bull market comes, you will harvest good profit from your DCA-seed during many months of bear market.

Darker45

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This thread is not about steps to owning Sats. The title does not refer to what's being talked about in the OP, and vice versa.

Anyway, it is enough just to know that we don't have to buy a whole Bitcoin. You don't have to buy a specific amount of Satoshis, either. You just have to buy what your money can afford. But if you've only got like a dollar or two, while you can already buy Sats with that, it is better to save some more fiat. The fees, premium, or spread may not be worth it.

sheenshane

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We have already similar on this thread created by @GreatArkansas before, [Did you know?] Bitcoin Table of Units.

I didn't know also before that there's the smallest fraction aside from satoshi and I thought it was the smallest fraction.
Sometimes reading fractions made us confused about the real amount of Bitcoin.

BitMaxz

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There is someone who wants to call those small fractions of Bitcoin into bits or mbits which is not the appropriate name for sats.

Actually, before I know Bitcoin I first earn sats from faucets until I learn that the sats or satoshis are the small units of Bitcoin.
There are other unit names like uBTC, mBTC, and kBTC but mostly we use BTC instead of them.
Better read more about Units and divisibility here

Coyster

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Quote from: cytpoway121 on July 26, 2022, 02:15:34 PM

I believe this is what the table is trying to break down to help new investors. The bigger question is, is this achievable by anyone or do we have anyone who has tried out this similar methods before ?

Yes it is an achievable method, a user mustn't go for the goal of reaching 1BTC, so you do not invest more than you can afford to lose in trying to achieve that, just 'dollar cost average' on what you can afford periodically and grow your portfolio, the thing is to ensure that whatever amount you're allocating for DCA should not affect you financially in RL, accumulate on your own financial pace, after all it's a long term investment.

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Quote from: BitcoinGirl.Club on July 26, 2022, 02:36:56 PM

Somewhere I read by 2030 there will be 1 billion bitcoin user. It seems reasonable to me 😉

For people to use Bitcoin, they would have to own it first. With a world population of about 8 billion, I would say it's unlikely that about 12.5% of that number would hold Bitcoin in the next 8 years, that's a quantum leap and is not feasible imo.

I think I also saw a post around the forum recently, discussing that topic; it would likely have involved all cryptocurrencies and with that would still be an optimistic claim.

BitcoinGirl.Club

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Save or collect 0.01BTC and you are a Satoshi millionaire. Isn't it something to be proud of? 0.01BTC is still in reach of everyone.

Quote from: Upgrade00 on July 26, 2022, 02:12:19 PM

I've encountered a number of such cases. They either didn't know they could buy fractions of Bitcoin or they were not used to buying fractions of an asset, so thought it's unprofitable, sort of like it would be unprofitable in the long run as they did not get a full stack.

Still there are people who think they will have to buy a whole bitcoin. I don't know how the psychology works but when you talk about bitcoin to someone and tell them the price they usually ask that's lot of money. Then you need to give another lecture, you can buy any amount of bitcoin anytime. Somewhere I read by 2030 there will be 1 billion bitcoin user. It seems reasonable to me 😉

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Quote from: cytpoway121 on July 26, 2022, 02:15:34 PM

The bigger question is, is this achievable by anyone or do we have anyone who has tried out this similar methods before ?

Congratulations, you just discovered DCA - Dollar Cost Averaging.
That's one of the most ideal ways to stack up bitcoins without pressure of checking the price to determine the best buy in time.

You described how it works properly in your post and it's a workable formula that many people have used to acquire bitcoins and other assets as well.

cytpoway121

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Quote from: Ojima-ojo on July 26, 2022, 10:54:34 AM

Just came across this on Reddit and thought it will be helpful here.

Source:
https://www.reddit.com/r/Bitcoin/comments/w85wvx/guide_to_stackin_sats/?utm_medium=android_app&utm_source=share

In my opinion (after observing the image), i think the satoshi table is teaching us how we can accumulate bitcoin strategically if the aim is to hold bitcoin in the long run. The sequence of the satoshi if followed can help a bitcoin enthusiast to get to 1 btc over a period of time.

The first step would be to find out in $ how much 1 or 1000 or 10,000 satoshi costs;
Then figure out if your finances would cater for a daily, or weekly or monthly purchase of selected satoshi.
Determine the time frame to become a btc owner
Accumulate satoshis according to your schedule.

I believe this is what the table is trying to break down to help new investors. The bigger question is, is this achievable by anyone or do we have anyone who has tried out this similar methods before ?

Topic: Steps to owning sats - page 2. (Read 547 times)