Topic: This is my plan. - page 2. (Read 1469 times)

OP, you want to invest $50 per month in Bitcoin from your $300 salary, this method is pretty good. Be sure to take the extra time to understand the plan you've made so that you're ready for any challenge and make informed decisions. Learning about Bitcoin can help you identify any weaknesses in your plan and make necessary adjustments. OP I think since your income is stable and you have fixed $50 for your investment, you can start anytime. Finally, be patient and think long-term when it comes to investing, to get the chance of high returns.

And OP's plan to use the DCA method in his investments is great. He OP earns $300 every month with a $50 plan for a Bitcoin investment of $300, of course this OP plan has already been implemented by other Bitcoin investors with monthly income greater than OP's monthly income. This investment strategy is good enough to be used by everyone with different incomes because they make regular purchases. If one day his income rises from $300, OP can increase the amount that will be allocated to Bitcoin investments.
It's a smart savings method.

Everyone should save for the future. Focus on your main goal. Try to save as much as possible from the current income. If you invest $50 of your current income in Bitcoin, your investment will continue to grow over time. Your invested savings will remain in Bitcoin while the value of Bitcoin will increase and your wealth will increase.

Investing $50 monthly on Bitcoin is not a bad idea since that is what we can afford. We don't need to be too curious to invest in Bitcoin when we know that we don't have the means. Investing in the market need to a little understand so that no matter what happens whether the market goes up or down, we would be able to make solid decisions and makes sure ww get things done as fast as possible.
If op keep investing $50 in the market for consecutive time, he would be surprised that in 20l years, he would made some good.profit from the market.

Of course OP needs to invest for long term also he needs to grow the investment by investing in DCA method. Whenever OP invests in DCA method he has to hold the investment for long term. Here is OP's monthly income of $300, there is $250 for his household expenses and $50 to invest in Bitcoin. 50$ monthly investment is not bad. If he can invest regularly 50$ in Bitcoin and keep it for a long time then he will get big returns.

I am still here to gather little knowledge about Bitcoin, I don't need enough knowledge, I can invest while learning Bitcoin, but the thing there is I am shuffling my self, so I will not be tangled while I am accumulating Bitcoin, I have come up with a plan of using the DCA method to accumulate a $50 monthly, my monthly payment from my job is $300, if my expenses will collect up $100 then $50 can be kept in crypto (Bitcoin) and another $100 for emergency funds then the remaining $50 can also be kept for personal things. Now is the best time to buy Bitcoin, I am not in a hurry to start investing Bitcoin, when the time comes for me to invest nothing will stop me to invest in BTC, as Bitcoin is not something I will start today and get rich tomorrow that is why I don't want to rush in to it. I will use electrum Bitcoin wallet to save my coins because I have learned so far that the electrum wallet is a safe wallet for any investors that what to hold Bitcoin for long, so I will be using it to hold my coins when I buy some Bitcoin, I will update when I buy my first BTC.

Since you don't have enough knowledge about investing in Bitcoin, do enough research and gather a lot of knowledge about investing before you invest. Everything you need to know about your investment. And before investing first prepare yourself for full investment. If you get a salary of $300 per month, if you invest $50 in bitcoins out of that, you can very well serve your family and all your personal expenses with $250. You don't need any exact time to buy bitcoins, if you invest in long term you will definitely get profit. Just invest for long term. If you continue to invest in Bitcoin in this way, you will surely achieve great success in life.
And good luck to you

Bitcoin can indeed experience a drastic price decline. Because it cannot be denied, assets will definitely not always be at the top. But if you have thoughts like that, I don't think you understand what a bitcoin asset is. Because when deciding when to buy it, you still seem hesitant. In fact, if you invest your money in any asset, including Bitcoin, there is always a risk of loss. So basically, when you want to invest in Bitcoin, don't be too afraid. Because you need to know, investing is not just looking for profits, but in investing we also have to be able to accept when losses come. So the most important thing is when we start investing in Bitcoin, don't forget to do a thorough analysis. Learn all the important things related to bitcoin, don't miss a single point, because all the learning points related to bitcoin investment are very valuable.

And regarding when is the right time to buy bitcoin, I think now is the right time to buy bitcoin. Because currently bitcoin will be approaching halving and a bullish market. What is certain is that the potential will be better, if you want to make a profit. Especially if you intend to invest in Bitcoin in the short term, I think now is the right time to buy.

That is an excellent plan by the way that you are using the DCA method to accumulate the Bitcoin. If you are separating some $ From your income this will be a good long term strategy to get more Bitcoin. And you talked about Electrum wallet so in my point of view this a safe wallet and you can use it to store you Bitcoin.

Here's the thing op. So many people keep saying that now is the best time to buy BTC since it's price is low and it will increase and reach its new ATH later, but that's all wishful thinking since BTC can even drop like crazy.

There is no guarantee that you will earn profit on your investment at any point in the future which is why you should invest only what you are willing to lose.

I am guessing that a lot of people do not earn enough yet to be investing since they probably have put in their money somewhere else or they have too much bills to pay right now

Crypto knowledge is essential for those who want to invest and harvest in a quick time that’s for traders who ever want to go into crypto trading need to have basis knowledge before they can take that step, but as for the OP, what’s needed of him is just the right investment plan and a little knowledge on how to safe keep those investment since no intention of trading it on a daily is mentioned in their.

What the OP probably want to do is DCA since it’s earning comes on a monthly basis and the plan for what the monthly salary will be used for has already be mapped out, adding bitcoin as part of the primary things which need to be added into budget is a wise decision and if that continues before the end of 12 months one will be able to buy enough bitcoin that could be worth something.

Well, there is no way anyone can say the DCA style of investment is not good, but in fairness, at times, it is such that is not easy to practice, and again, it is not a must that someone DCA, it all has to do with the market situation, the conviction of the trader, the money at hand and the expected money (including the frequency of getting it). Take for instance, if the market is at a low level that is convincing enough, there is no need to think twice, just put in all the money and wait for the outcome. After all, you didn't buy it at an expensive amount, so it is a very good bargain. This was what happened with altcoins months ago, anyone who is wise will just commit their money to them at once without thinking twice, you can see what is happening with altcoins now, that is the risk one should be willing to take at a very low price.

The same thing goes for the bullish market for those who can read the chart very well, if you've gotten to that stage, committing your money to the market at once will not be an issue too. But for those who have missed out a lot and the market is at a somewhat high level, yet, they need DCA so that they do not buy all at a too-expensive level, Who knows if the coin can still retrace much to buy at some reasonable level? That is where DCA is most effective. But guess what? I hardly follow DCA strictly, I am too versatile for that.

No one should be allowed to forbid us from investing, why should that be your fear, even if you become rich from this investment then people around you will definitely benefit from it. so I think it's nothing to be afraid of. but how do we control our emotions and control our finances where our investments always use free money which can be lost at any time, this is a crypto investment that has high risks, so always be ready for risk at any time. that's the best thing of what I suggested.