Topic: This is my plan. - page 5. (Read 1469 times)

I think OP refers to learning about Bitcoin. We all know how wide Bitcoin is, OP is referring to that and not only about investing in Bitcoin. As he planned to learn about it, he decided that he can invest while learning about Bitcoin. OP is still in the middle of learning so while he's at it, investing money would be a wise move. He will not missed out the possible trend as he will do not need to focus only on his investment.

---

OP, Everyday is a learning day in Bitcoin, it will surely take a lot of time to learn more about it.
But as long as you continue and show your interest on learning, your efforts will not be in vain.

Well, if, according to your claim, knowledge means basic and objective knowledge regarding investment in Bitcoin, then I agree with your position without hesitation. Because, in general, knowledge of the basic concept is enough for investment. Getting more knowledge is not mandatory for the investor, because finding knowledge at the time of opportunity and investing after that can deprive you of grabbing this investment opportunity.

And yes, if you mean that without basic knowledge, which has not been learned, or investment while learning, it is better in your position. If I have not misunderstood what you said, but with excuses, I'm not ready to accept your opinion. The reason is that if you don't have basic knowledge about investment strategy in the cryptocurrency market, that investment will cause you a loss instead of a profit. Can be more demanding to give. The cryptocurrency market is based on high volatility, which can also cause losses.

So it means to say that basic knowledge is also enough to invest. If you use whatever is needed according to the occasion and the circumstances of your knowledge, then the opportunity to gain profit can be ensured. The rest is my opinion; you can disagree.

Your plan sounds good, and I agree with you on starting to buy and hold Bitcoin using the DCA strategy. In addition to that, I have another strategy that I'm using. If you don't mind, you can check it out at the following link:
https://bitcointalksearch.org/topic/m.62754648

Additionally, I don't believe someone needs to be knowledgeable enough to start investing in bitcoin. Trying to gain sufficient knowledge before investing in bitcoin can result in someone missing out on some possibilities because, for beginners, gaining that much knowledge will take a lot of time. Furthermore, gaining knowledge is a gradually process, especially learning about bitcoin technology. Therefore, having a basic understanding of Bitcoin and the cryptocurrency market is sufficient for someone to begin their Bitcoin journey, in fact, someone will find it easier to learn quickly if it is already in the system, as this may even make them more serious since they will not like losing their money.

The greatest way to acquire bitcoins is through DCA since it exposes one to a variety of bitcoin values. The truth is that you should only invest what you can afford to lose. Consequently, buying a small quantity of Bitcoin each month is a really fantastic idea. I am aware that $50 is not a lot, but the reality is that for those who don't have much, losing that kind of money after putting it in for a while will make them mad. Although I don't pray you will lose your  Bitcoin but the truth is that anything happen.

The greatest time to invest in Bitcoin is always. As of now, someone is willing to hold it for a very long time, but if you have a target between short periods of time, like chasing a bull run, you must look for a good time to accumulate, especially when the price is low, like right now when Bitcoin's price is not all that high. I think that if someone is aware that Bitcoin won't make them rich overnight, then they can be free with worrying a little bit.
 

The idea is actually quite simple, because anyone who wants to invest in Bitcoin for the long term, anyone can do so by separating the money they need from the money that will be used as their own investment capital for Bitcoin. Regardless of the amount of income each person gets for this, what is clear is that this idea will always work if we ourselves have the intention to make it happen in the simplest possible way and one of them is by separating the money for daily needs from the money that will be used as an investment.

Not everyone has the same desire in investing so people who do not invest in Bitcoin, while they have a very large income and know how to protect their own money are people who simply do not have the desire to invest in Bitcoin so they also should not be considered as the wrong person because basically they also have their own way of managing their own money. Apart from that, it could be that they are also hindered by their level of knowledge about Bitcoin which is still very little so that their trust in Bitcoin is still not that much and this causes their confidence in Bitcoin to still be very thin.

\Saving even below that amount is best than keep on waiting like many says to wait for perfect timing but the sad part is they missed the low and turns into so much high before they finally realized to buy.

That sounds like a good investment plan and yes you don't need to go thoroughly and learn about bitcoin like a computer geek, but what I suggest for you to learn more is how to secure your bitcoin in most safest way possible. Some investors forgot to secure their funds first because they are too focused on accumulating and learning the steps of how to maximize their profit. These same people are the ones who are susceptible to scam.
Though $50 a month may sound a small value but once accumulated it would become a large sum of money.
It seems like some of the forum members have already commented in the first page about a few steps and a few layer of security you can do to secure your bitcoin. I hope you will follow those steps and use the one you are most convenient with.

You should probably start with figuring out what (hopefully realistic) goal are you trying to achieve by investing in Bitcoin and then choose the right strategy that is more likely to get you there.
If you want to hold for 10+ years no matter what, then the DCA is probably a good way to go. But if you're aiming in maxing up the profit on the next bull-run (expected around/after the next halving) then buying more as soon as possible (before the price starts going up) makes more sense than doing the classic DCA.
You yourself said that "Now is the best time to buy", and DCA is used when you don't know if it is or isn't a good time to buy. Of course if you can't afford to pocket out any larger amount up front, then there's not much choice but to buy regularly after a pay day.

Anyhow, best of luck and remember that BTC/crypto are really high risk investments, so sit yourself down and have a serious thought of how much are you willing to risk. Don't be a gambler.

It is true that if a person wants to invest in Bitcoin then he must have good knowledge about crypto. Even if you want to do well in the future, you have to spend time behind it. Although investing in bitcoins can change a person's life by earning good money in the future. According to you if a person has the desire but does not have enough money to invest. Then he should save some money from his monthly money and invest that money gradually. As @OP said he plans to invest $50 per month. If a person invests less and less in this way, then it will be seen that a lot of money has been invested. And hopefully life will change by earning good money in future.

I think it is a very good strategy to start with. Invest whatever you can easily manage/ save; you can even invest $20 or $30 as well. Over time, you will be able to accumulate some amount of BTC, and you won't even realize it. At the end of the day, you will get profit from your investment, and if you want to hold for a few years, it will be excellent for you in terms of ROI. DCA is a feasible option for you, and yes use Electrum for BTC accumulation. You must not hold your investments on any exchange, as it is very risky, and you could lose your BTC.

In order to invest here, it is important to have income as well as knowledge about bitcoin. Because I have seen many people in real life whose income is very high. But they have never invested in Bitcoin e. They have found other ways to protect their money.
So not everyone invests in bitcoin e. Only those who have faith and good knowledge about bitcoin always keep their bitcoin investment money separate from their money.

Your idea is not too bad. I like your idea very much because there are many people who want to invest in Bitcoin but because of their financial position, many people think a lot before investing. But you are saving a little for your investment even in your small earnings. This is very encouraging to those who want to invest in low income and what I think is the best idea of investing in low income.

It is good you are buying with the amount you can afford to lose,  according to what you explain when you buy bitcoin from your allowance you still have money for your savings and emergency, with this you don't have to be bordered about your investment or depend on it. Investing in Bitcoin npw that the price is still low is a very good decision to make for those who can hodl, the bull market is coming that will be so much profitable for early investors who bought bitcoin to invest . Accumulating bitcoin like you have said and never get panic and keep hodling will really profit you when the bulll markets comes.

Action you can invest as you are learning is not bad but the problem is that do you understand the system of bitcoin, do you know that investing in bitcoin it doesn't necessarily mean that bitcoin will make you reach or bitcoin will give you profit aa you expected, remember that bitcoin is a digital currency that is decentralized and the price circulation is not something I know that increases every day or been stagnant in price, so investing in bitcoin their is every tendency that the price of bitcoin can decrease at any point in time, so bitcoin investment is something you will calculate very well before invest and secondly use your spare money for bitcoin investment.

Good planning and discourse as well as a BTC purchasing strategy are also considered very appropriate using the installment system (DCA).


I think volatility problems are commonplace and OP seems to be ready for whatever happens. Yes. As you said above, the OP will be a financial winner in the future if he is focused and doesn't change his direction and thoughts, meaning his view is only on BTC, not his brain fiddling with other types of coins/tokens.

I am glad that a newbie is interested in Bitcoin investment and wants to gain knowledge about Bitcoin. Look bitcoin is not a quick rich scheme as you say you can increase your asset through your work. If you are a newbie DCA is best for you doing $50 per month will not disturb your finances and you are going smoothly I recommend you to do the investing monthly through DCA and don't stop your investment looking at the price of Bitcoin, Buy at the dump and then hold it and when you realized that you need money then sell it a good price but just take the profits and reinvest the base money. On this level, the Electrum wallet is best when you are growing up and have more bitcoins than any trustworthy wallet like the Airgape wallet but the Electrum wallet is simple and easy to use its security is very strong. So I recommended Electrum wallet

I think people who can stick hard to something can achieve success when the time is right. But if you start walking without having any confidence in yourself, you will never achieve success. We need to have patience to achieve success.  We have to keep going in the right direction, then we will see success. Those who start doing something without confidence in themselves will never see success. We should start the work with this in mind.

One of those easy but difficult things. Like you stated, its important everywhere, especially Bitcoin. Even when we work for it, life throws us curveballs, right? All of us lose inspiration sometimes. WE are human. Finding your way back is what important.

Using incentive alone isnt smart, in my opinion. In the volatile crypto realm, we need solid data to make decisions. Wow, a 5-year committment is a marathon. Many folks jump in thinking its a sprint and burn out. Selling part of your HODLings is a strategy, but the market is unpredictable. If everyone expects a drop, would it happen?

The thing is, that's already a big amount of money that you are putting into investment in bitcoins and perhaps that wouldn't really hurt you that much if you somehow lose it due to the volatility because as you said, you are preparing to invest for long term. in other words, if you can fund your essential needs without worrying about the price of bitcoins in the crypto market from time to time and stress yourself with it, you are already winning because you can just simply wait for the bitcoin price to rise while constantly investing every time you get your monthly salary.

DCA just seems to be the best investment strategy for newbies and people who are just getting themselves into crypto. It's systematic and it instill a habit that you can't help but fall under especially if you've done this on a regular basis already, plus it's not that hard to perform, or even hard to keep up with since you are the one deciding how much and how little you're starting capital must be. So yeah you can't say anything bad about DCA really lol.

What I would like to add tho, is to suggest that you also up your investments soon as you get a better paying job. $300 monthly is good enough but there's a high chance you'd get paid more in the future especially if it's a career you're making something out of. Push for it, and when you get better pay increase your DCA limit too.