Topic: Things to keep in mind before accumulation of Bitcoin - page 4. (Read 1260 times)

Well I've learned some new things from the thread. I've been accumulating BTC from some time now but I've learned something from the thread that can make my accumulating easier such as the best wallets and helpful tools. Noobs who plan on accumulating should read this thread. I'm doing DCA now and I agree that it's one of the best strategy for me because it suits myself.

We as an experienced bitcoiner, already knows all the stuff listed by the OP but still thanks for that. We can always re read it again as a form of review. The one that needs it the most are those who are noobs who are only getting started their journey in cryptos. Indeed that everyone should use DCA as it was the best strategy so far, this is because the market is so unpredictable. We won't know what if the price dips more? So, it is always better to have a spare cash in hand than doing all in most of the time.

It must be a good approach hence congrats to that because your timing was so perfect. You can start selling now if you want to and still earn something.

Your example is the proof that sometimes DCA backfires when there’s clear bearish market trend while you keep buying for more. The price obviously hit the peak on 67K and the bullish is already ended the moment the price touch below 50% of the ATH. There’s a perfect time to apply DCA if you want to use it properly instead of randomly use it on a clear start of bearish trend for long term.

I believe you lose a lot even if you do DCA if you keep buying since January until now. DCA is perfect if there’s already a sign of recovery in the longer time frame because you can guarantee that the price will be moving upward in long term.

Yes, I am expressing the opinion in this post that you can keep Bitcoin in a separate good and advanced device that will keep you safe. Don't send to a device that gets ricks Bitcoin is very important. You can save a lot of Android device because it is more likely to be lost whenever you go to save to a local device. That's why I say keep bitcoins if you want to A good device should be keep.

Great article that should be read by anybody who wants to buy some bitcoin or other crypto currencies. The main take away is to use the DCA method to take advantage of the volatility in the market. I have been buying bitcoins since the start of the year myself, and its so much better to spread out your purchases across multiple months instead of buying everything at once. Who would have thought in January that bitcoins are going to drop down to 17,000 USD. The timing issue is one the biggest challenges in trading and with DCA we need to worry less about buying at the right price. Also DCA is well used strategy in stock trading for years.

Electrum is primarily for Bitcoin, but there's many altcoins currently support, you can read below. There's few alts currently can be accessed, it seems they're stop supporting those alts e.g. DASH and DOGE due to internal problem of the one who created. There's a discussion where it might be re-run by someone, but it will increase the risk since it's possible he add malicious code.

Hot wallet aka custodial wallet aka exchanges are completely different with non custodial wallet since you not get the private key. Electrum is non custodial wallet since you're get the private key.

yeah dear i can explain it very well as dear i said its best for the beginners there is 24/7 support for any queries and also there is a builtin exchange for them. Also dear one more thing i want to add is Exodus is supports 240+ assets and Electrum is a primarily Bitcoin wallet for alts im not sure about it. No doubt Electrum is on top of Hot wallets but i made point there for beginners so consider it.

This made me a little confuse as maybe i am missing something as why the Exodus wallet is better than the Electrum wallet. I am more curious to know this because i haven't used Exodus wallet but frequently used the Electrum wallet.
Also as per my knowledge , Electrum is the best and safest software wallet after the hardware wallets.

According to the source, the accumulation was spotted as BTC price refuses to fall below $30K. Those who accumulated must have been also the ones selling when the price plunged down to $20K.

Short-term investors would find it unprofitable to accumulate when the bear market isn't over. It would make sense for them to buy when the market is about to form a bullish momentum. It's why I find it too early when Bukele bought BTC above $30K,  its okay if this is going to be for longterm however.

Actually, it may not be as complex or complicated as it may appear here.

The first step, of course, is to only get to know the basics of Bitcoin. The second is to buy it. You don't even have to DCA or be familiar with indicators or techniques; you don't even need to care about these so-called whales. You don't even have to learn analysis and how to track whether the price is already hitting bottom or not. You just buy. You already know that the target is long term. And because you intend to keep it for a long time, store it somewhere safe. That's all there is to it.

and the most important thing for beginners is to keep looking and continue to dig up all the information little by little and must be understood because basically investing there is such a thing as profit and loss so to reduce losses look for information and dig the knowledge because I believe a little knowledge and lack of information will be less profitable. important point in my opinion for beginners don't panic easily and buy bitcoin when the market is down.

some tools to detect the movement of the Whales are really needed. I myself to monitor movements and large transactions in and out of the exchange to my personal wallet and vice versa, I use whalebot_alert (https://t.me/whalebotalerts). so that we can monitor the movements of the whales' major transactions via telegram notifications.
like when the price of BTC will experience a correction. then usually starting with the day before there is always a large amount of BTC transactions entering the exchange from personal wallets. me when I found this. then it will wait first and not enter the market first. and I put the price at the nearest support that might be subject to correction. of course with DCA. and most of them always prove to be true. after a large transaction of btc to the exchange enters, after that most of the BTC will be corrected. so it is very important to monitor the movement of this Whales transaction.

Besides that, we must always keep up to date with the latest news.
I myself put a special notification on telegram from special channels that are considered the fastest in publishing news. because news sometimes matters too. and it is very useful to always collect information as the basis of our analysis before making accumulation.

if you also want to always be notified of the latest news all the time then I suggest some of these channels.
- https://t.me/crypto_panic_news
- https://t.me/CryptoPotato
- https://t.me/cointelegraph
- https://t.me/CTMarkets
- https://t.me/CryptopolitanOfficial
- https://t.me/WatcherGuru
These are the channels that I think are the fastest in providing up-to-date news

This content is very interesting for those who make a long-term investment in this explanation we must know and some other basics.

I now always use Dollar Cost Averaging (DCA) although this is a little different from your explanation but I make weekly purchases above $50 or more that's how my balance is in spending dollars so I don't place more orders but I just buy at the appointed time on a weekly routine within my own Dollar Cost Averaging (DCA).
Although different techniques are used but the goal is the same for the long term.

This is the most important thing, don't ever panic under any circumstances let alone get carried away by FOMO, hype or any other kind of trend that can trap you in selling your own assets, I never check the market every day but I am always consistent not to be influenced by any news that makes me panic, I will remain patient with some bad news but with patience and discipline make us more confident.

I've never followed the movement of whale transactions that move assets to the exchange, for me this will not affect myself to worry but I prefer to maintain my own balance.

Yeah there are some elements belongs to trading still i think the Topic is more relevant to the BTC Discussion so lets the the others response.


Thanks for your appreciation,


Exactly point is its all up to your determination and grip on your investment as far you are confidential about the market you can easily avoid the news cycle but if there comes a weak mindset then thats a easy trap for you and you can lose potential assets.


Most of Us, even

That's very true about 80%+ Bitcoiners do DCA. DCA can be more worthy instead of the savings account as BTC market follow all these phases, Accumulation in bear, Sideways in Consolidation zone and Mark Up/ Profit booking in Bull Run. DCA minimize the risk on the investment which attracts the users and a time to time investment helps to create better Avrage price setup for your assets more positive results can be obtained through this system.


Thanks Dear, I've got your point and working on it, My previous topic seems to be weakly composed and low researched  because i was trying to move onto the basic go through of that topic for new comers but still there are flaws in it. I think now i should cover both Hot and Cold Wallets one by one again with more detailed information as i need to also follow some of suggestions mentioned in replies.

I usually do DCA with Bitcoin every month and may be planning to buy again after my extra money arrives soon. I don't mind about my losses though because I just knew and believe that one day Bitcoin will be reaching new heights again especially the upcoming BTC halving.

Back then after the 2020 halving, BTC rose up to almost $70k. How much more for the next halving. But of course, I am aware of the uncertainties and the risks that I am taking, but I just don't mind as I already acknowledge whatever results that I'll be getting in the future.

[moderator's note: removed redundant OP quote]

This is a pretty nice write up and I can tell you took some time doing so, appreciated. One thing that I would add or mention with your write up..I believe mycelium works fine with android devices, but I don't think that it works with iPhones.  I used to have it on the iPhone and they simply stopped supporting the app.  Luckily I was able to get my bitcoin off of it, but just a heads up, you might want to build that note in to your write up.  Otherwise, good stuff.

In Bitcoin accumulation, this is very important.
In the DCA way of buying Bitcoin, you can minimize your possible loss because you only purchase Bitcoin when it will drop.  Buying a little by little using this method, will surely your investment becomes profitable when there's a new ATH.

All in all, OP has good input, and newbies should know this and educate themselves when it comes to accumulating Bitcoin.
It's a complete process of accumulating Bitcoin.

Every decision that we made in the crypt business always has its own risk, the lower to higher risks. the risk will depend on what we are doing, planning, considering, and also deciding. However, we know that the crypto business in this bear market is highly more volatile and riskier. but on the other hand, this is the right time to accumulate Bitcoin. Why should be Bitcoin? Because Bitcoin is the most trusted and valuable cryptocurrency asset to have, much better compared to all altcoins.
And this DCA system is the best for me so far. We can really implement this technique due to considering the market changes every time. By doing DCA, we can utilize very chance to take Bitcoin at any rate. With this, we may not miss every chance. Although we may have fro the highe rprice to lower, at least we also know n what rate to target to take profits.

Whale's participations really have a huge market influence bringing most of us to rely upon them. We tend to know what really they do and plan next in order for us to be prepared but unfortunately, we did not.
In this situation of the market, DCAing is certainly the most applicable way of accumulating Bitcoin. Buy low, hold and sell if there is already a profit. In fact, this idea has already been practiced by many so I believe this is really working despite how these whales are doing and manipulating the market.

Following those whales alert, it will make you more emotional because it adds to that feeling of yours of being frightened that a whale has just moved a huge amount of bitcoin from his wallet to an exchange.

Although the possibility of selling it off is high but if it's taking your mental health which I think is really happening for some, you guys better stop following those alerts for your own sake.

As for the wallets, if the plan is to DCA and accumulate and to hold for long, aside from electrum, there should be the other wallets like wasabi and samourai and most likely, the hardware wallets - trezor & ledger.