Topic: This is my plan. - page 7. (Read 1544 times)

Everyone says that holding bitcoins is quite easy, that is only true if we compare it with bitcoin trading, but it is not easy, especially for newbies. If we lack knowledge and are steadfast with our plans, dumping when the market is flooded with Fuds is inevitable. So I hope OP tries harder to fully pursue his plan. No success can be achieved easily even if we start with bitcoin. You are right, bitcoin is a potential asset but success or failure depends entirely on us, not bitcoin.

If you are not here to collect information about Bitcoin, then you can benefit others with your information, because our aim is not only to collect information on this platform. Rather, you have to benefit others with your useful knowledge and experience. Of course, Bitcoin investment is considered to be the best investment at the moment and buying Bitcoin at the current price can give a good profit in the future.

In my opinion, if you have the capital you should rush to invest in Bitcoin right now. , because at this price you will hardly get Bitcoin again. Just like people didn't buy Bitcoin in the early days. Until now, Bitcoin has never had such a low price. Bitcoin is not something that will make you rich in a few days, but the longer you buy, the higher the price and the lower the future profits.

Good luck on your journey with Bitcoin, the best thing for Bitcoin at the moment is the DCA strategy since prices are still considered good so far.
Since you say there will be $150 remaining from your monthly salary, I advise you to buy Bitcoin for $75 every month because this is a good opportunity before the big race for ATH begins.

The plan you have made is definitely a good plan. Before investing he must have a source of income to live his life. But you said you earn $300 a month from the job. Now even if you lose from the investment, you will be able to save your family. OP you said you don't need to acquire much knowledge to invest in Bitcoin, but if you acquire good knowledge it will be good for you. If you are going to invest in Bitcoin following DCA, your investment will be an ideal investment. The way you wrote your post seems like you are quite knowledgeable. You start investing, and hold for a long time.

Based on your plan I guess seems really ideal because you don't hurry too much and chase too much with the money which is a common newbie mistakes this happens the market is still ongoing and the near halving is coming and for sure next year of 2025 probably is the green days of the market no one knows so accumulate as you can without pressure.


This is really the best thing invest in your security and not use an exchange as your wallet so you have secured funds with full authorization, sooner or later I recommend to you use a hardware wallet so you don't get overwhelmed with computer viruses.

The plan is fine, now in what you should concentrate is in actually putting it in practice and not make a dumb mistake that could cause you to lose your coins.

So make sure you download your wallet from the correct source and verify its integrity, keep your computer up to date and only connect that device online when you are about to make a transaction, and more importantly avoid shitcoins completely, as once you have invested in this market it is very easy for a newbie to think they can make more money with those coins and lose everything they have worked so hard for.

I do love how you delineate your monthly income for use and the $50 monthly DCA might sound like a small amount but it's obvious that's what you've thought out that you can afford to lose for a month which is pretty cool. And did I hear you say something about not in a hurry to buy now? Oh there's no better time than now as much as you have the funds available each month from your monthly income. And while you invest plan on a long term DCA so should bitcoin price goes lower you don't have to worry because on the long way it would definitely shoot high. And make sure to keep your seed phrase safe using an electrum wallet if your seed get exposed to a third-party it's no more your  coins alone and that's risky.

Bitcoin had huge number of the application now,Some corporate also trying to take the adoption of the bitcoin.The Honda was claimed to be had their acceptance of the bitcoin.If you really was old person here,the most essential one you need to do is the hold your bitcoin.With my knowledge including myself use their bitcoin earning and trading to their personal expenses.Selling the bitcoin and convert to USD will bring you the temporary happiness.But it never help to uplift your life to next level.

It was good enough for sure, you did a great job still doing savings and emergency funds, most of the newbies investments just straight up invest everything on Bitcoin and cryptocurrency nowadays not considering how risky this investment is, its always a great thing to still have good enough savings since if you have something like that your not just gonna end up selling your investment if you get an emergency and you quickly needed the money.

Dollar Cost Average is a great strategy to accumulate for sure, 50$ per month was I think a good investment already as long as you are consistent with your investment, or probably if you have extra you could add more if you see the market price is dropping a few percentage then you could lower it down when the price is pumping so that you could somehow get a discount and lower your risk.

Its also better if you will just have other sources of income since you could avoid selling your investment, and lower your risk in case you get fired from your full-time job something like that you have another source of income if that happened you doesnt to use your emergency fund since you still have income.


In my country 100 per month is what I use just for my daily food allowance at work, just to be enough to buy lunch daily, it was kind of cheap I guess considering the inflation and high prices of food, etc.

Have good planning for accumulating few percent of passive income to invest in bitcoin but in the reality we face many choose make us consistent or not keep investing in bitcoin every months. FUD and bad news sharing every time make us little doubt for consistency investing or accumulating in bitcoin every month but OP have good decision keep spent his fund $50 every month for investing in Bitcoin. Actually holder or investor is the winner at the end and OP have try to fight with how many FUD sharing every day and keep consistency for accumulating $50 every month to earn much profitable in the future when Bitcoin success raise to higher price. Need strong faith for long term profitable in bitcoin actually with small capital use for investing.

I can't manage well with my income every month, I have try to be consistent for accumulating bitcoin but unpredictable outcome make me still can't accumulate bitcoin every month but still invested depend on how much left of my salary after spending to the other needed.

I'm very shocked to hear, that your monthly expenses are 100$. I mean really in today's world?  If it is right, that's amazing from your side. And also, you can save very much in the future if you are going by that method which you have expressed here.

Putting some money for the emergency is a goof thinking by your side, as I have been suffering from this for a long time, when I was trading coins, I was in full profit. But a time came when the bull market had almost ended and the bear market started, so there I wasn't a single money to help my family or to invest a where because I hadn't put some money for a very important emergency. So, your planning for putting some money into the emergency is quite nice. 100$ for an emergency fund would be a good amount nowadays, and that will help you in your bad times.

well, looking at the plan, it was a good plan. However, what is planned is sometimes easier than the reality. This plan will truly be felt when he does this continuously and sticks to the principles of the plan he makes.
However, many people fail because of FUD, or seeing the price of bitcoin fall, so they rush to sell the assets they have accumulated. However, I have a suggestion, if you want to do this in the long term, then don't even think about the price of bitcoin when things are bad and stay focused on your planned asset savings. When market conditions improve, or even rise, you can think about the next steps regarding your plan.

Your plans look good to me because they are realizable. You have set out a portion of your income that will not affect your standard of living. I have heard stories of people who will say they are investing all their income or even going to the extent of taking loans or selling properties to buy bitcoin. I am also pleased with your plan because you are using the DCA strategy to buy your coin. This will make you spread the risk and do   Electrum is fine for now but you can consider buying a hardware wallet when your holdings have increased. I don't think you need to tell anyone when you buy your first bitcoin. Bitcoin promotes privacy, so learn to keep your financial life secret.    


OP already got a good plan for emergency expenses.

The money for daily spending should never be used for investment purposes, many people like making these mistakes and they will be looking for profits to take in a few weeks, moreover we are in a bear market, the downtrend is more certain in this period than uptrend, it's a time to buy and hold for the long term.

Investment is not easy but we have to do it because we want better ROI, the road is not as smooth as some are saying, a month ago I was able to DCA using a good amount of money but this month is different, I have other things that I must do with money, so my DCA in this month is going to be lower compare to last month.

Always have emergency money saved somewhere, and make sure you won't be going back into your portfolio to sell your asset to sustain yourself, it's a wrong investment strategy, make sure you invest money you won't need for a long period of time.

I like OP's plan but you're right, it's great that we prepare a perfect plan but whether we can complete it is another matter. There is no success without trade-offs or we have to pay a high price, and reality is much harsher than we imagine. So I hope OP will maintain his monthly DCA plan with discipline and if there are any setbacks, he doesn't give up. Bitcoin is truly an asset, a potential investment, but whether it brings us profit or not is up to us to decide, bitcoin cannot decide for us.

Monthly buying is what I can suggest the OP. You should also try to upgrade your job to get a higher income, if required, learn the skills and get a degree, if possible because that is an investment for your own future.

Plan seems good but dont get disheartened if it does not work out. A lot of factors come into play, like in some months you might spend more on emergency funds or need extra cash to pay off some needs. Try to balance these with bitcoin buying.

Do try to improve the capital, that helps a lot. Secure your wallet and devices and never share private keys with anyone nor invest in any quick-rich-schemes.

I just want to express my appreciation to you for having such faith in Bitcoin. With just three hundred dollars, you manage to live on one hundred dollars and still save fifty. I don’t know how correct it is to ask what country you are from and how you manage to exist like this. In any case, I want everything to work out for you. Learn the rules for storing and using wallets, and stay strong when Bitcoin faces difficult times.

But how do you know when bitcoin will drop in price or if it will definitely happen? Everyone knows and wants to buy at low prices to get more profits but we all agree that bitcoin is unpredictable. No one can know whether bitcoin will decrease or increase tomorrow. That is also the reason the DCA strategy was born and is always considered the best strategy.

Like what's going on, do you think bitcoin will drop even more? And what is the lowest price for you to buy? Or do we start going up from here and never drop below $25K again? No one knows what will happen.

Do you consistently set aside $100 each month for your emergency fund? Shouldn't an emergency fund be a fixed amount, substantial in size? For instance, one might feel secure with a $1,000 emergency fund, with the remainder available for food and investments. With a well-devised strategy, it would only take about 10 months to accumulate this emergency fund. Perhaps in the 11th month, you could allocate the funds to both investments and personal rewards.

However, the above is merely my opinion, and it's entirely possible that individuals have varying approaches to managing their finances. You don't have to mimic what I'm saying, but if it provides some food for thought, feel free to consider it.

Well, that's only applicable and possible if you're living on you're own as you can handle to budget and minimize the number of bills like, less electricity by not using AC or electric fan for 24 hours, less water by doing laundry once a week, things like that cause it would be hard to budget that $100 if you are not living alone. I could actually relate to the budget meal prize into our country which is affordable at $1, if you're discipline enough there's would be always an spare money to invest.

But for the knowledge, I think it's still would be better if you do your own research and still attain information. Cause if you only stick to the basics, then it would be a problem if you're planning to have a huge investment soon. I mean there's nothing wrong with that especially OP is a newbie, since we all have different techniques and goal to achieve. Thing they only need is the consistency and discipline.