Topic: This is my plan. - page 8. (Read 1566 times)
That’s a great plan to be honest for investment purpose. All the middle class working personnel should follow a similar type of plan. They should invest a certain amount of their salary regularly on any type of investment. Moreover if you choose to invest in Bitcoins, then it will be extra beneficial. Bitcoins are limited in number, hence regularly accumulating the Bitcoins will surely help when the price goes up. So according to me this plan is great for long term investment.
Depending on each person's income and circumstances, we will have different investment plans in bitcoin. So, I have no opinion on your plan because only you know what is best for you. But investing and accumulating bitcoin is not as simple as many people think, so I hope you will continue to learn every day to have a deeper look at bitcoin and have stronger faith in bitcoin. There will be many challenges waiting for you, I hope you can maintain your plan as long as possible.
-snip-
I don't need enough knowledge,
You need to learn more so you won't draw this conclusion:I don't need enough knowledge,
-snip-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,
Electrum also does not help protect against device attack factors (viruses, malware, etc.) that interfere with app performance and careless users who store seed phrases and passwords in places that are easy to find or guess. If you don't learn from the start, you might not realize that your privacy is being leaked and in turn you will be late in securing it. 
That's a method I have been using for a long time now; accumulating it as much as I can every month. I don't have a particular amount , it just depends on my sales and profit for the month, because I'm a self-employed and I run my own business. So depending on what profit I have made, I just bring a percentage of it that I think is okay and invest it in Bitcoin.
If you use this method, you will surely do well in the future. Save by understanding your finances, Save as much of your salary as possible. As you are a trader, you need to save from the amount of profit you get every month. I think you don't get the same amount of profit every month, but there is a rate of profit and growth according to which you can accumulate money for investment. When you can accumulate a good sum, invest BTC with your funds so that you can profit. You need to be aware of the volatility before investing and later hold your investment for a long time, but you will reap the profits.
Also make sure that you run the latest version of Electrum, because new exploits gets bug-fixed in the newer version of the software. I would also not suggest that you buy Bitcoin on a schedule, but rather hoarding your cash... until there are a drop in the price.
The DCA strategy is good... but I prefer to buy coins when the price are low, so that I can maximize my profit when I sell it. The most important thing is that you are buying coins.... so you will be ready when Bitcoin goes to the Moon.
The DCA strategy is good... but I prefer to buy coins when the price are low, so that I can maximize my profit when I sell it. The most important thing is that you are buying coins.... so you will be ready when Bitcoin goes to the Moon.
Sounds good, I'm also using electrum for years now and I've never experienced anything horrible about it.
To make your transaction cheaper, why not save for like 3 months first so it will be $150 worth of Bitcoin it you would convert it to save fees, but it's up to you though. I mean, $50 is already a big amount rather than hesitating to make an investment and missed a lot of opportunities when Bitcoin went bullish again. Just make sure you'll save your private key somewhere safe.
To make your transaction cheaper, why not save for like 3 months first so it will be $150 worth of Bitcoin it you would convert it to save fees, but it's up to you though. I mean, $50 is already a big amount rather than hesitating to make an investment and missed a lot of opportunities when Bitcoin went bullish again. Just make sure you'll save your private key somewhere safe.
It's a good plan to invest in Bitcoin but if you don't start, it's just a plan. Everything requires action to get started because no matter how good the plan is, without action, it is still just a plan.
Using $50 each month to invest in Bitcoin is a great start. You also have to determine how long you want to invest, especially since there will soon be a Bitcoin halving where there is usually a very high price increase. Will you hold Bitcoin for the long term even after the next halving comes? Or you will sell your Bitcoin when the price increases very high. It has to be in your plan.
You need to be able to buy Bitcoin regularly every month because many people can initially invest in Bitcoin. But after a few months, they stop buying Bitcoin and forget about it altogether. You must be disciplined with your plan to achieve the target you want.
Using $50 each month to invest in Bitcoin is a great start. You also have to determine how long you want to invest, especially since there will soon be a Bitcoin halving where there is usually a very high price increase. Will you hold Bitcoin for the long term even after the next halving comes? Or you will sell your Bitcoin when the price increases very high. It has to be in your plan.
You need to be able to buy Bitcoin regularly every month because many people can initially invest in Bitcoin. But after a few months, they stop buying Bitcoin and forget about it altogether. You must be disciplined with your plan to achieve the target you want.
Quote from: TribalBob
You already have a plan, you just have to be self-disciplined and your commitment to implementing your plan is finalized, because the future now has to be thought about early, and your decision to invest in BTC is very correct. By purchasing at a cheap price during the bull run, you can get a profit from your previous investment.
Know when to purchase Bitcoin to fulfill your plan is very important to investors, because many investors will plan well from the beginning but they will miss it at the end by purchasing Bitcoin in a high price in the market, which it will not help them to make a passive income at the end of their investment. Now that the price is not good to invest in this season, because the price of Bitcoin has increased to $27,731 that is giving investors hope that the price will reach $40,000 before the end of this year 2023. Once you have the money ready just discipline your self by control your emotions to allow the market price to decrease down to where you can use your money to purchase huge amount of Bitcoins and hold to make your plan fruits in the future.
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.
Investing while learning is kind of like trying to run before you can walk, but I get it; you're eager. Putting $50 into Bitcoin now that you get paid $300 a month? That's dedication. I value that. However, here's the thing: what happens if your monthly spending go up? Will you modify your Bitcoin holdings? It's critical to have flexibility.Electrum is indeed a go-to for many Bitcoin enthusiasts, but ensure you keep updating the software. An vulnerability could arise from outdated software, which is something you really don't want.
You're correct; Bitcoin isn't a means to become wealthy quickly. Your perseverance will undoubtedly be rewarded. Continue sharing and working hard; who knows? Many others on this forum might find inspiration in your path
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.
really? 100 dollars for monthly expenses? how much are you dealing in daily base? 3.30 $ expenses daily? do you really live with that amount? that is a single meal in my country .but if you can manage to do that with earning 300 dollars a month then you are good in spending that 50 dollars for investing , since you need no big knowledge in bitcoin like what you said , then for what is the DCA all about?
you said that you are willing to invest while learning then better to learn from your own mistakes .
If you come from my country, are single and live frugally, then with 3 USD you can spend enough for yourself, a budget meal in my country is only 1 USD. In many developing countries, the average income is only 250-300 USD, so spending 100-150 USD per month is reasonable.
I think what he means is, he doesn't need a huge amount of knowledge to get started with bitcoin, just the basics so he can buy and hold bitcoin. He will then increase his knowledge while accumulating bitcoins each month. DCA every month and continue to improve your knowledge, this is not a bad idea for newbies. What's important is how long they can maintain it because it's easy to say but not easy to do.
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.
really? 100 dollars for monthly expenses? how much are you dealing in daily base? 3.30 $ expenses daily? do you really live with that amount? that is a single meal in my country .but if you can manage to do that with earning 300 dollars a month then you are good in spending that 50 dollars for investing , since you need no big knowledge in bitcoin like what you said , then for what is the DCA all about?
you said that you are willing to invest while learning then better to learn from your own mistakes .
What do you mean you don't need enough knowledge? Well, "enough" is subjective, but I consider the bare minimum to be "enough". By minimum, I mean the amount of basic knowledge about the what and why and how of Bitcoin and other information that guarantees you that your coins would be kept safe for the longest time possible.
Well, there's probably a little hypocrisy when you said that you're not in a hurry to start investing in Bitcoin. In the first place, we're talking about "investing" in Bitcoin. We all want to buy Bitcoin at a cheap price. You know, the halving is near, a spot ETF in the US might also be near, and so on.
The same goes with you saying that "Bitcoin is not something I will start today and get rich tomorrow". Obviously, by talking about Bitcoin as an investment, by talking about DCA, we're not particularly talking about freedom and control and whatnot. We're talking about making money, aren't we?
Well, there's probably a little hypocrisy when you said that you're not in a hurry to start investing in Bitcoin. In the first place, we're talking about "investing" in Bitcoin. We all want to buy Bitcoin at a cheap price. You know, the halving is near, a spot ETF in the US might also be near, and so on.
The same goes with you saying that "Bitcoin is not something I will start today and get rich tomorrow". Obviously, by talking about Bitcoin as an investment, by talking about DCA, we're not particularly talking about freedom and control and whatnot. We're talking about making money, aren't we?
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.
Few points based on what you said:1. Yes, you can investing while "learning" about bitcoin, but make sure you know what you are doing. You don't need to learn about the stuffs like cryptography or how blockchain works, but you need to know how to use a wallet, back backup and keeping it safe. If you don't know these, chances are high that you will end up losing your coins.
2. Sure, $50 a month isn't bad, but since your average salary is like $300, you might want to think again. But as long as you think it is find to put 20% of your total income in bitcoin, then sure go ahead.
3. You should stop thinking about getting rich in few days. You are definitely not getting "rich tomorrow" even if you start today.
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.
Without commitment you won’t start, without consistency you won’t finish. Great idea and quite enlightening as I developed ideas for my own self too. However, please ensure to have emergency funds as this is one of the challenges that most investor have. They invest in Bitcoin and when something comes calling, they are forced to sell which greatly affects their consistency, hence ruining the whole plan. I know you mapped out some percent to handle your needs, make provisions for unforeseen needs.
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,
That's a good plan you have got mate, because instead of keeping money in banks that will depreciate in value with time, it's far more better you save your funds in Bitcoin which is likely to appreciate in time, and if only you could be disciplined enough to save just $50 monthly, in 2years time, you are sure of having $50×24= $2400, which is quite a good sum of money, and unfortunately if the price of Bitcoin happens to skyrocket higher after next halving, I assure you of likely making almost double that price. 
The OP's plan seems decent enough. He's both saving for emergencies, a must in our everyday world, and investing at the same time. $50 per month may not seem much now, but you might be able to pull off a higher amount in the future. I don't know where you're from, but I'm understanding that $50 is quite a fair amount of money. You're making a reasonable start in cryptocurrencies that you can advance through this forum. You're still new; however, if you stick to it, rank up, and contribute, you'll have fair chances of entering a signature campaign and having a significant flow of extra income.
You already have a plan, you just have to be self-disciplined and your commitment to implementing your plan is finalized, because the future now has to be thought about early, and your decision to invest in BTC is very correct. By purchasing at a cheap price during the bull run, you can get a profit from your previous investment.
I don't see anything wrong with what you're planning; it's fine, and if you can start it now, that's great. If I look at your salary of $300 a month, it can be said that when you do that, you have something called self-discipline.
OP has a better plan and a direct one at that, but can he put his self discipline to test? One thing is to say something and another is to do it. And all he said seem like he hasn't decided if he wants to start up this journey or not. With the way the market is I think is best to make a move rather than having a shakey decision making, with that $300 per month I feel he should go for it already.
I don't see anything wrong with what you're planning; it's fine, and if you can start it now, that's great. If I look at your salary of $300 a month, it can be said that when you do that, you have something called self-discipline.
And I also noticed that you think in advance about your future; at this point, this attitude that you also show is a good quality in an investor. Just continue the DCA that you think about Bitcoin, and for sure, two years from now, you will reap good from the accumulation that you can do when the bull run season itself arrives.
And I also noticed that you think in advance about your future; at this point, this attitude that you also show is a good quality in an investor. Just continue the DCA that you think about Bitcoin, and for sure, two years from now, you will reap good from the accumulation that you can do when the bull run season itself arrives.
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.
Right now bitcoin price is at a very good level, maybe it will go down a little further but, in my opinion, any purchase below $30k is great. Regarding Electrum, that would be a hot wallet, you must be very careful, if I were you after a little while, when you have purchased more bitcoins, I would make the effort to buy a cold wallet, in that way you are safer. Best of luck with the DCA!Jump to: