Topic: This is my plan. - page 3. (Read 1542 times)

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.

Since you decided to hold Bitcoin I like your decision. You definitely need a strong wallet to hold bitcoins so I think it's safe for you to use Electrum wallet. If you are looking for a stronger wallet than Electrum wallet, I would suggest you.

Currently hardware wallets are the most powerful, most secure way to hold Bitcoins. Sefepal X1 is currently the most demanded wallet you can enter here to know about this wallet.
Safepal X1 wallet Details: https://blog.safepal.com/safepal-x1-open-source-wallet-suite/

The amount you invest in Bitcoin is entirely up to you. But in terms of investment you have made a very reasonable plan to invest by following the DCA method. Investing Bitcoin in DCA method is the best investment method. But if you have adopted electron wallet as safe to hold investment then you must keep seed phrase of electrim wallet very safe for sure. If you can keep the wallet seed phrase safe then your investment will be the safest.

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.

Investing in Dollar Cost Averaging(DCA) method seems to me to be very convenient method. As an example I work as a mason and get paid weekly from that. I am investing bitcoins by dollar cost averaging(DCA) method by deducting a day's payment from that payment, so my total monthly investment is 40 dollars worth of bitcoins. I have been following this investment method for almost 9 months and even I have more desire to invest in this method in future. I am investing in this way it is not affecting my family expenses but investing in this way is beneficial for me.

I can't say anything wrong with what you are saying, especially the DCA that you will use to accumulate Bitcoin. That $50 for a person like you is already a lot compared to others who also do DCA in cryptocurrency.

I'm just paying attention to you, dude. You're really preparing for the future because you're also taking the time to accumulate the emergency fund. There are only a few people who do this, even though everyone wants it, but most of them can't do it in actual life. So for me, what you are planning is good thinking; just go ahead with it.

Your Dollar Cost Averaging system is very useful for the Bitcoin you invest in. Since you will be investing a portion of your monthly salary in Bitcoin, you will get an average profit by doing your dollar cost averaging system. If you want to hold long term you buy bitcoins at a fixed price and store them in a secure wallet. But in case you have to wait for a DIP market. If you can buy bitcoins at a favorable price and save long term then you can get a big digit profit from bitcoins in future.

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.

I like your plan. Focus on the following points: install an application where you will record all your expenses, so you can predict how much you spend every month, and based on this information you can understand exactly how much you can save.
You have chosen the Electrum wallet. This is one of the two wallets that I truly trust. It is open source. This is good. The second wallet I like is TrustWallet. It is more convenient, even if the source code is closed. But its owners are Binansier.
Good luck with your plan!

I think OP has made a good budget for that looking at the fact that the investment is quite alright but it would be okay if OP does this in a long term looking at the profit range for it to be able to yield a reasonable amount of profit for OP. But i just hope this amount of money invested by OP would not affect him in the long run looking at the salary earned and the amount in question.  Although the amount is moderate but it is still reasonable compared to the income.

Earning $300 bucks monthly, and investing $50 bucks in crypto, it's good start to triggered good positions in the system. However we tend to face barriers because it's not easy to grab big wins in the system. Knowledge happens to be one of the important basic information necessary for all traders and investors in the system. There are numerous techniques to enchanced our strategies, making good earnings from the system either daily or weekly, depending on the methods we choosed for ourselved. Planning before executing projects will do a lot of help for us, just stick to a more emphasize grind and 100% focused though I must warned, loses and profits are 50/50 probability.

From what you have said so far, I confirm that your plans are far from the OPs plan. Reading carefully, you will know that the op doesn't have a dime of BTC, but I think he is planning to buy some, and still, he can't earn BTC from this forum because he has not reached the rank to join. You are already a signature champagne participant, so I would like to tell you, that if you want to start up your own business with the little pay you are receiving from the champagne, then you have to work harder because sometimes, signature champagne for a while, but this does not mean that you should not get a skill that can help you out In case.

I recently started earn from Bitcointalk. I belong from middle class family of Bangladesh and I read in class 12. It's a dream to set up a small business of my own. Because of I belong from a middle class family it's a dream to started something new of my own. I think forum can give me this opportunity to start something my own. Why I am saying that I am saying that because I recently started earning from signature campaign and its a dream to hold full amount of BTC I have earned from this forum I want to hold this until my HSC exam end. After my exam with this money I want to start something my own. I don't know how much amount of money I can save from it but it's will be quite helpful for starting something my own and the earning take me  to the next step that I want to start.

Even if bitcoin price is 10k$ but you don't believe in it and don't have money then it's not the best time. So the best time to buy is when you have the money, otherwise there will be no best time to buy.

If you use the strategy of buying monthly and holding long-term, you should not pay much attention to the price of bitcoin because it will easily make you hesitate. Then you will wait for the price to decrease to buy, but if the price does not decrease but increases, you will miss the opportunity to buy. So stick to the original plan and don't worry about the price.


Bitcoin's ATH is impossible to predict just as we cannot predict where bitcoin's bottom will be during bear season. The best way is to set a selling target and only sell when the price hits the target.

You are absolutely correct because now is the best time. With the way Bitcoin moves delaying might lead to high prices which can discourage people from getting in.

The OP mentioned starting his investment with $50 per month, which is a great plan. But a time hs coming when the quantity if Bitcoin $50 can buy will be so insignificant compared to what it can achieve now. The pressure in Bitcoin recently is already showing how rapid Bitcoin can move within a short time.

I have seen many varying predictions about the ATH and it has become difficult knowing which one will work. To be conservative,  I think $100k is fine since it is the least price among the predictions. The moment Bitcoin gets to that price, it will just be a matter of time before it gets higher in line with the other predictions.

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.

But we also need to understand that maybe he is not well known in bitcoin. Bitcoin may become high in the following weeks or months, but we can't predict it. He can't predict it. Maybe he has a plan, so let's not get involved with it. I also think right now is a good time to halve bitcoin, as it got hyped by the recent price spike. Many have caught their attention to it, and I'm sure many will enter and invest in bitcoin. With that, there will be a lot or big movement in the bitcoin price, which has a profit potential. But still it also risky, we can't ignore that maybe it will go opposite, well it is worth to risk as we know cryptocurreny has a lot of risk and investing to it take a strong mind and dedication, maybe that's why the op is hesitant to buy bitcoin right now or doesnt have enough funds to do so.

And the right moment to start for those who haven't started their investment venture on Bitcoin yet is now.  We are still in the end phase of the bear market, soon after the halving, a bitcoin bullish market may emerge so starting to DCA today can prepare us prepared enough on the next bull run and possible breaking of an all-time high.

This will give us a very good profit since the current price is around $35k and the prediction of the new ATH would surpass $160k, a possible 3x or more profit is indeed very good considering it will only take less than 3 years to possibly realize.

i have seen many predictions that the price of bitcoin will reach $100k ++ in late 2024 to 2025, for people who really have the intention of investing in bitcoin in the long term, it is recommended to use the DCA and buying dip method ^{(both are the best strategies for investing in bitcoin today)} in investing in bitcoin, don't sell the existing bitcoin you have even though the market is bearish which will definitely happen quite often, sell bitcoin with your own price target, and be sure that bitcoin will pass its ATH sometime in the future.

If you find investing $50 a month too risky, consider reducing your investment. Electrum, an open source wallet, is not secure by default. Store your seed phrase carefully and keep multiple copies on hand to avoid potential compromises. Use Electrum on an air-applied device or purchase a hardware wallet for increased security. If you stick with your DCA plan, your funds will grow and your investment will be secure.