Topic: This is my plan. - page 9. (Read 1469 times)

If a plan has been prepared, it is better to implement it immediately. because sometimes it's just a plan but in reality it doesn't come to fruition, I'm proud that you can live on 100$ every month because in my country that kind of money is not enough to make ends meet, especially if you have a family.
Investing $50 in crypto is also quite big, especially now that BTC has a low value, for hardware wallet problems, like the others, Electrum could be a good choice.

Basically, the better our knowledge about Bitcoin or crypto as a whole, the better our preparation will be when we enter the world or the crypto business. because there are many things that are high risk in the crypto business, not only in how or what coins we invest but also where we should store them, how to buy them, and what they should be like so that we avoid scammers or various frauds that very often occur in crypto world. equipping ourselves with good knowledge from reading various news information, knowledge from various sources and learning from various existing experiences both from ourselves and others and then collaborating within ourselves will be much better for our preparation. so at least we have equipped ourselves. However, our main awareness is to invest in Bitcoin. At least we understand that Bitcoin is much better than investing in altcoins which still have a higher risk.

Bitcoin is indeed the best for investment, both long and short term, especially when we want to accumulate Bitcoin for long time holding, in my opinion that is a very good decision. as long as we can still manage all the risks and can face whatever obstacles come our way.

The plans you have to invest in Bitcoin are good plans. I am happy to see you do as you just said whenever you are ready to invest in Bitcoin. However, since you are using an electrum wallet, it is a kind of saving wallet for you to hold your coins as long you are not storing millions of BTC in it.

$50 from your $300 will remain just $250. Can you make good use of the remaining balance ($250)? Well, I believe that before you came up with this plan you had already set everything in place. However, if
You constantly save $50 every month, and if you keep accumulating for more years, like 5 to 10 years, you will get big profits. Although it is not an easy task, I believe you can do it if you keep to your word.

Making this bitcointalk forum a medium for finding out about Bitcoin, I think you are in the right place. Investing in Bitcoin will always be a good thing to do even if you are still planning to invest in Bitcoin the way you want to do it. Choosing Bitcoin to invest in is a choice and not a compulsion.

By trying to learn Bitcoin along with learning to know where to store Bitcoin, which is called a wallet, is a basic thing that anyone should do before immediately jumping into investment activities.
Electrum is the best Bitcoin storage wallet for you to use after receiving Bitcoin from your purchases.
Also learn more seriously about how to use a wallet properly and correctly, even if the Electrum wallet you use is good, it can cause Bitcoin to be lost due to hacking.

That seems to be a credible plan but can you afford to live with the remaining funds out of those investments that you're planning to do? $50 from a $300 monthly salary is around 16% of the entirety. It seems not high for most but with your wage, it's quite high. Well, I think you have already assessed your way of living and this is really an affordable plan that you can do. You have also given the other plans you're about to do and that's commendable to you. I am looking forward to your first purchase and that's just the start of your journey, you haven't officially started but if you will follow this plan, we're all on this journey and we all going to make it even if the market is sometimes brutal to everyone.

It's easy to plan like this but to make it reality is the problem OP. you can start saving that $50 per month through out the year but at the end when you are about to use the money to invest in BTC and the price is high in a way you can't try to buy BTC from the market than to wait for the price to depreciate before you can buy,and something happen that will make you to spend all the money. Don't wait until you gather all the money before you can invest in BTC, but you can start using that $50 or $100 to buy BTC to test yourself to know if you will be able to hold long or not before you will plan to increase the capital when the price is low, and that is the best time many BTC users prefer to buy and continue holding till the price of BTC reach $80k before they can sell to make profits.

The plan you just explained is not a bad plan, $50 from your $300 salary to invest in Bitcoin is about 16.67% of your salary and I don't see that as too much to invest monthly in Bitcoin. But while you plan to invest that amount, make sure you're comfortable investing that amount without it affecting you expenses. It isn't about how much you invest in Bitcoin but make sure you're comfortable investing that amount and it's your spare money that won't unstable your expenses if the market doesn't give you profits instantly. Now is the perfect time to start investing if you haven't started already because we're still in a bear market and the price of Bitcoin is still very affordable.


For long term investment, hardware wallets are the most recommended but your choice of using electrum wallet isn't bad provided you're still a beginner and not investing too much into the market and can also take precautions measures to ensure that the device you'll be using don't get compromised. Electrum tick all the box for an ideal bitcoin wallet for holding except it isn't a hardware wallet and that's what you'll need for storing your Bitcoin offline and putting the security of your coins in your hands. You don't need to update us when you buy your Bitcoin, prioritize your privacy because we don't know who's online watching you.

I think if you can afford to put $50 through DCA, then you can obviously afford a hardware wallet. Electrum is the most reputable wallet in the market or crypto world for saving Bitcoin, but if you want the maximum security, then I would always recommend a hardware wallet. As you have said that your monthly income is $300, and you are willing to put $50 every month through DCA I really like that idea but if you ever face any difficulty putting $50 in your monthly investment then you can always lower it because in Bitcoin investment there is no minimum or maximum limit. Make sure to take care of your personal stuff first and then put your money into Bitcoin. As you have already said that Bitcoin is not overnight quick money scheme, so you know it well. That's why if your target is a long-term investment plan, then you can always put less amount. But that's up to you. If you can manage your daily life and then put $50 in investment, then I am sure in the long run you will make a great profit.
Only few months left for the next bull run. You are doing a great job accumulating Bitcoin through DCA. So good luck to you. Not a professional financial advisor, so make sure to do your own research before investing. If you think you are good with your plan, then you should carry on.

Is that a mistake or you don't mean the latter where you said you don't want to rush or you are confuse?

I will assume you want to start investing in bitcoin and it's a great decision that you know how bad is to keep your bitcoin in centralized exchanges, don't ever do that because not your keys, the bitcoin is never yours. The best is to get a hardware wallet but I'm not sure if you can afford that though but it's more safe if you keep your bitcoin in a hardware wallaet. Alternatively, electrum is not a bad idea, download your electrum from the official website and set up the wallet and generate seed phrase, make sure you back up the seed phrase in a safe place you can always remember. Generate a wallet address, copy it and be sending any bitcoin you buy monthly, with time you will be accumulate more of it.

Just some Tips:
-Don't keep your bitcoin on any exchange for any reason.
-Don't share your private keys or seed phrase with any one.
-Make sure the wallet is encrypted with a password so that no can access it incase they have access to your device or PC.

Looks good but you have to be very consistent. Well, Bitcoin is a world where peeps get started with huge motivation, sometimes from valid sources and sometimes out of thin air. They really think they would go and lock Bitcoin for the next 5 years but usually, many break apart when they see Volatility is a real bitch in the world of Bitcoin. Peeps start selling off below their buying price, and some start FOMO actions during a hyped market.

I hope your plan does add up all these events. You should clearly make plans about what would be your reaction to such crazy events. Specially look after halving. It's coming next year and things gonna get either ugly or beautiful. The fact that we have no idea what would happen makes it a more fun investment in terms of Bitcoin. Anyways, be long-term holder, good luck for making millions.

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!

This is a very good plan. But it's even better to hear that even if your salary is $300, it only costs you $100 per month to live in your country. In this case, about two-thirds of your money is saved. So in this case keeping $50 per month in crypto will not be a problem for you. on the other hand DCA strategy will also be adopted. If you implement this plan it will bring you a better future.
But before investing in crypto the first thing you must have a good understanding of is choosing a good secure wallet. Which will allow you to hold crypto without any fear. In this case Electrum can be a good choice

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.

Quite interesting to learn that one could live with 100$ a month. Here in my nation it takes as high as over a grand to live per month, obviously there are people who live with less, but never heard of anyone who could ever live with 100 dollars before, not now and not before. And not like I am from some rich nation, I am from Turkiye and we are not leading the world in econoımy neither, certainly not the poorest nation neither, wherever you can live with 100 dollars a month, that seems like the cheapest nation in the world. But overall, if you could save about 50 bucks per month on bitcoin, and do that for 20-30 years, you are going to retire a wealthy person I am sure of that without a doubt.

I like the plan you had made. I also think that you have enough knowledge on what to do in accumulating since you plan to use electrum to save your coins. I know that the expenses aren't non negotiable if we will change your plan but if I'm on your situation, I will reduce the emergency funds to $30 and put the difference into investing into bitcoin. You don't need to have a large boost on your emergency funds since I think that the $100 on your emergency fund will last you a month without any income. Though this will depends if you know you will still have your current stable job in the future. You can still change your emergency funds depending on your target maximum amount to be saved on emergency funds.

It's nice that you're starting your crypto journey with bitcoin. Many people get discouraged by the price and think it's better to buy a coin where you can get x number of "full" coins, instead of buying 0.001 BTC, but it's a wrong assumption. $50 allocated into any cryptocurrency is still $50, no matter if they'll give you 0.1, 1, or 100 coins for that. The only difference is that with bitcoin your funds are safe, as long as you hold the keys. With altcoins you can even see 99% loss, while for bitcoin a 10% move is a large one.

Stay safe, hold bitcoin in cold storage, if you have any questions post them here, just remember that there's also a search function that will help answer most of them.

You figured it out with the careful breakdown you presented, OP. I love your enthusiasm and I can say it is very achievable.
From my stand point and with the experience I have had with money, setting aside $50 for an investment in BTC might seem okay, but I can assure you that it might look like alot when you start committing to set aside this amount regularly.
What's to note is that if you aren't taking care of a family and no serious responsibility, to approach with caution bearing in mind security concerns and how to keep your seed phrases properly is the final step to this your great plan.

If the OP will buy BTC through CEX, then the miners' fees have nothing to do with what he will pay when withdrawing his coins to a non-custodilal wallet, considering that he will have to pay what is actually called a service fee. Of course, in order to save on that fee, it does not make sense for him to make individual withdrawals for such small amounts, so he will have to take a certain risk and keep what he buys on the exchange.

The alternative would be to try to buy BTC on one of the decentralized exchanges, which might be the next move when he understands a little better how things work.

Probably because you choose too much comfort than the little hassle with hardware wallets. But electrum can be equal to hardware wallets if they are properly airgapped and never comes online. The seed getting exposed to the internet is the major advantage the offline wallets like Hardware wallets have over the online ones like electrum so airgapping it and just having it on a phone as watch only wallet breaks that barrier. Just like you also said the importance of securing your seeds or keys should not be over emphasized, while doing so one shouldn’t use to many ways of securing it and causing redundancy or getting it complicated like the colorful seeds does


It definitely depends on the country, the $100 is almost like 3x the minimum wage workers of some countries earn, so that should at least cover a little and if not he can just fall back to the other $50. The $50 is just like 17% of his monthly earnings and that’s not bad but as said he should be obliged to buy every month with that amount, there are months that OP can reduce it or months that he can go above that amount. It just depends on the amount he thinks he do away with that month.

Nice plan but dont invest money you are need on your spending everyday or you need in your life. Investing in bitcoin is not necessary, investing is quite risky and you cant expect to profit from buying bitcoin monthly. Its a long term goal that you might enjoy in the future or for longer years to come. Only buy bitcoin if you have extra and dont pressure yourself to maintain buying it that it could compromise your budget.