Why Not Just Buy BTC? - page 6. | Bitcointalksearch.org

TheSpiral

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Quote from: CupCakeHugs007 on July 02, 2023, 11:11:20 AM

I've seen over one dozen websites believing that BTC will skyrocket in the upcoming years.
The platform I use is Coinbase.
I'm thinking of just buying BTC-USD and just leaving it be.
Any thoughts on this strategy?

Its depends upon you , if you want to hold for long term with low risk coin then BTC is fit for you and you don't need to think of other coins. every one has one strategy with which he entered in market. my strategy is to invest half fund for btc while other trade in other potential coins to make quick profit and at the end buy btc. now there is little difference in our strategy. you have just hold btc and i have increased quantity of btc but you traded risk free while i can loss too

_act_

legendary

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Quote from: Unbunplease on July 02, 2023, 04:07:02 PM

Is this a good time to buy bitcoin? It probably is. But are you willing to wait several years for 2-3x? It all depends on your financial capabilities. It is unlikely that bitcoin will fall to 9000 - as many have predicted recently. It is also unlikely that bitcoin will fall below 15000. So you can buy now, but you don't know when you will make a profit.

Bitcoin can not fall below $15000 is what I think too. The market is green for now and the support at $25000 would be strong, if it gets to $20000 because it is still possible, I do not think bitcoin will fall much further than that. If there would be another worse bear market, bitcoin will not fall below $17000 is what that I think.

To invest now is still good, but DCA can help. 2024 is still far, like six months from now. Having too is round march or April of next year. There is possibility that the price may still fall one more time, which would be a good time to by more, but buying now using DCA is good.

wxa7115

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Quote from: CupCakeHugs007 on July 02, 2023, 11:11:20 AM

I've seen over one dozen websites believing that BTC will skyrocket in the upcoming years.
The platform I use is Coinbase.
I'm thinking of just buying BTC-USD and just leaving it be.
Any thoughts on this strategy?

Buying bitcoin and holding it is a simple and yet a powerful strategy, however I am a little bit worried about your comment about just let it be, I suppose that by that you mean leaving your coins at Coinbase wihtout moving them at all, and if I am correct then this is a very dangerous move.

Centralized exchanges regardless of how powerful they may seem can collapse very quickly, and we have a very recent example of this with FTX, so if you decide to follow through and execute this plan I recommend that you hold those coins on your own wallet.

Ndabagi01

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Quote from: CupCakeHugs007 on July 02, 2023, 11:11:20 AM

I've seen over one dozen websites believing that BTC will skyrocket in the upcoming years.
The platform I use is Coinbase.
I'm thinking of just buying BTC-USD and just leaving it be.
Any thoughts on this strategy?

Purchasing additional bitcoin and accumulating them for long-term profit is really advantageous. Dozens of websites predict that bitcoin will skyrocket, and dozens more people believe the same. As long as you don't sell them, 1BTC will remain 1BTC. Waiting is always the most difficult part of maximizing the earnings that must have accrued over the years.

Myleschetty

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Quote from: CupCakeHugs007 on July 02, 2023, 11:11:20 AM

Any thoughts on this strategy?

Those who urge you to acquire Bitcoin because of the skyrocketing price that will occur in the coming years are correct since Bitcoin usually follows a 4-year cycle and every Bitcoin halving is always a rally season.
Buying Bitcoin now is thus a solid move, but you must apply risk management and never invest out of greed of making profit.

Dr.Bitcoin_Strange

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Quote from: CupCakeHugs007 on July 02, 2023, 11:11:20 AM

I've seen over one dozen websites believing that BTC will skyrocket in the upcoming years.
The platform I use is Coinbase.
I'm thinking of just buying BTC-USD and just leaving it be.
Any thoughts on this strategy?

Well, just as you said that you have been using Coinbase, I want to ask, Hope you have received an email from Coinbase just like what I have on the image below?

If you are buying or selling Bitcoin, I suggest that you mostly use only DEX to carry out your Bitcoin transaction. Also, don't develop the habit of keeping your coins in a centralised exchange, or else you might lose your asset unexpectedly. The rest has been said by others.

Cheers 🥂, Dr.Bitcoin_Strange 👺👺

dothebeats

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It's a good strategy but certainly not something that a lot of people will recommend given that it's not wise to put all your eggs in one basket. If you have other assets outside of bitcoin then perhaps this would be something that could work for you. If you're not betting your life savings into bitcoin then you can do this no problem, though be ready for the heartaches and disappointments when they come, especially when the price starts to dip so hard that the only thing left to do is forget about bitcoin for a while.

Unbunplease

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Is this a good time to buy bitcoin? It probably is. But are you willing to wait several years for 2-3x? It all depends on your financial capabilities. It is unlikely that bitcoin will fall to 9000 - as many have predicted recently. It is also unlikely that bitcoin will fall below 15000. So you can buy now, but you don't know when you will make a profit.

Hamza2424

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Quote from: CupCakeHugs007 on July 02, 2023, 11:11:20 AM

I've seen over one dozen websites believing that BTC will skyrocket in the upcoming years.
The platform I use is Coinbase.
I'm thinking of just buying BTC-USD and just leaving it be.
Any thoughts on this strategy?

A good plan to go with Bitcoin if you are thinking about the Alts as well you should know the following view as well. A person who asks about the risks of choosing other than BTC should remember. Why does everyone choose BTC?

From the institutional point of view of risk management and reliability, Do you know how much dominance bitcoin had in the market for a long period of time and it will continue to hold it? Market capital is one of the main reasons people trust the most trusted one and Bitcoin is the only most trusted one. Just imagine for a while a company wants to bring $1B to the crypto market what will he choose an asset with already $300B+ capital or a $1B to $10B Altcoin or shitcoin. The answer is clear.

There are other reasons transparency, Supply, Volume, Widely recognized, and much more. Going with BTC is safe compared with any other coin. Even the profits are high with altcoins but there are great risks as well. Institutes can't afford a high risk.

As you are interested in Bitcoin primarily, You should try DCA as already recommended by many.

Stable090

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Quote from: CupCakeHugs007 on July 02, 2023, 11:11:20 AM

I've seen over one dozen websites believing that BTC will skyrocket in the upcoming years.
The platform I use is Coinbase.
I'm thinking of just buying BTC-USD and just leaving it be.
Any thoughts on this strategy?

I also have the believe that bitcoin is going to skyrocket in the coming years but nobody knows when that will happen, nobody is sure when it will skyrocket but we are just accumulating bitcoin and we are hoping it will happen soon.

When accumulating bitcoin, buying from coinbase is good but leaving your coin on exchange is not good, make sure you get a non custodial wallet address and store your bitcoin their, no exchange is secure for you to store your investment in any exchange, if anything goes wrong with the exchange, then your investment is also going with the exchange, that’s why you should make sure your bitcoin is stored in a non custodial wallet and properly secure your private key.

mindrust

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Quote from: CupCakeHugs007 on July 02, 2023, 11:11:20 AM

I'm thinking of just buying BTC-USD and just leaving it be.
Any thoughts on this strategy?

You can probably double your wealth if you wait long enough in btc. Some people don't choose this strategy because they don't want to double their money. That's not enough for them. They want to go from zero to lambo. Even x10 gains ain't enough for these people. They need x100 x1000 gains to accomplish their dreams and because of that they choose alts over btc since they think the more risk they take they bigger the potential prize will be.

I think your strategy is a very wise and safe but you should also be realistic with your expectations. I don't see btc doing another x100 from here.

tjtonmoy

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Quote from: CupCakeHugs007 on July 02, 2023, 11:11:20 AM

Any thoughts on this strategy?

This strategy is called HODLing. It is commonly used all over the crypto world. And yes, the next halving will push BTC again. It could possibly break the previous ATH and create a new record. This will not be surprising because we have already seen this happen in the past. And history will repeat itself. This is why big investors always buy and HODL till the next ATH for profits.

You can surely do it because it is a less risky approach toward Bitcoin investment. But be sure that it's a long-term investment plan. You need to have the will to HODL for that long. As you are using Coinbase as the purchase method, know that it is a centralized exchange. Be sure to withdraw your coins after purchasing to somewhere safe. In a personal wallet that is. I would recommend hardware wallets. But if you can't get access to that, be sure to use other decentralized software wallets that provide good security. For example Electrum.

Fivestar4everMVP

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Quote from: CupCakeHugs007 on July 02, 2023, 11:11:20 AM

I've seen over one dozen websites believing that BTC will skyrocket in the upcoming years.
The platform I use is Coinbase.
I'm thinking of just buying BTC-USD and just leaving it be.
Any thoughts on this strategy

Buying bitcoin is good, most especially now that the price is still relatively low, the many sites predicting that the price of bitcoin will rise in the near future are not wrong, with all that is coming, which the most important of them all is the bitcoin halving which is coming up next year, this is an event we all are anticipating which drive the price of bitcoin to a new all time high..

But just make sure to move your coins to your private wallet after buying from coinbase, coinbase is like a centralized exchange, it's not advised to store your coins there.

_BlackStar

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Quote from: Oshosondy on July 02, 2023, 11:23:16 AM

You can use Coinbase to buy, but know that you do not have privacy. If you are aware of that and you still want to use a centralized exchange that requires KYC before you can do anything on the exchange, then you can make use of it.

But for better way of buying and protecting your privacy, use Bisq. Bisq may be inconvenient and some people will prefer centralized exchanges for the convenience after getting verified. Traders too prefer to just use centralized exchanges to buy.

Of course - I'd also recommend the Bisq exchange if the OP really wants to keep his privacy. But buying bitcoin anywhere is fine - but only if he agrees and understands the risks of KYC.

The fact is that not everyone cares about privacy because some of them need a sense of comfort and convenience when they buy and trade their bitcoin. So far the centralized exchange has a license - it's government backed by rules, but the security of its assets and accounts really depends on the users themselves.

Quote from: Oshosondy on July 02, 2023, 11:23:16 AM

But if you buy bitcoin using Coinbase, send it to your non-custodial wallet. That is very important because you do not have your keys on coinbase.com, it is not even a wallet but an account.

Regardless of where the OP bought his bitcoin - it is important to recommend him choosing a proper storage wallet for the long term safety of his assets. A non-custodial wallet is recommended - IMO, beginners are usually fine with Electrum.

mk4

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Nothing wrong with just buying BTC — if anything, it's the best option for 99% of people, instead of trying to bet on altcoins. You shouldn't be holding the bitcoin on Coinbase(a custodial exchange) though, go non-custodial.

https://NotYourKeys.org/

Eternad

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Quote from: CupCakeHugs007 on July 02, 2023, 11:11:20 AM

I've seen over one dozen websites believing that BTC will skyrocket in the upcoming years.
The platform I use is Coinbase.
I'm thinking of just buying BTC-USD and just leaving it be.
Any thoughts on this strategy?

Buying Bitcoin and just hold it is really a good strategy but holding it on a centralized exchange after you purchased without moving it on a non-custodial wallet is a bad strategy because centralized exchange can close their service anytime while your balance is trap inside the exchange. You are lucky if you can recover part of your assets but most cases user lost their holdings once the exchange assets is not sufficient anymore to distribute to users.

Purchase Bitcoin and Hodl it on hardware wallet for long term is the best strategy for everyone in Bitcoin.

armanda90

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Its not simple like you said, buy bitcoin which one market used and OP recommended with Coinbase then hold it until reach to higher price, we need research and understand about Bitcoin resistance on which one area or price have to invest. No doubt with Bitcoin potential at the future has possibility reach to higher price but all investment need research and analyze right time for investing. One little advice for long term investment in Bitcoin put or save in exchange account its not really recommended, OP can move your assets to own wallet because not you key is not your coins, learn what happen with second top exchange global cryptocurrency market FTX dropped and scam many.

Bananington

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Quote from: CupCakeHugs007 on July 02, 2023, 11:11:20 AM

I'm thinking of just buying BTC-USD and just leaving it be.
Any thoughts on this strategy?

Your strategy is good but it will not be really profitable if you do not make it better. Trading is a way to get more, but if cannot trade yet because you know that your skills are not good enough to make profit from, buying and holding bitcoins is also a way to benefit from bitcoins, but to benefit well, do not just stop at buying once, continue buying as much as you can and try your best to hold am much as you can safely away from loss and theft.

jasonjm

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Quote from: CupCakeHugs007 on July 02, 2023, 11:11:20 AM

I've seen over one dozen websites believing that BTC will skyrocket in the upcoming years.
The platform I use is Coinbase.
I'm thinking of just buying BTC-USD and just leaving it be.
Any thoughts on this strategy?

If you are looking for a long-term investment and have other sources of income, I believe it is a wise strategy. For short-term investment, I suggest you diversify your portfolio.
Use Coinbase for trading, but do not use an exchange wallet for holding your BTC.

Crypto Library

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Quote from: CupCakeHugs007 on July 02, 2023, 11:11:20 AM

I've seen over one dozen websites believing that BTC will skyrocket in the upcoming years.
The platform I use is Coinbase.
I'm thinking of just buying BTC-USD and just leaving it be.
Any thoughts on this strategy?

It is true that there is no better option for investment in the cryptocurrency world rather than Bitcoin. In my opinion Bitcoin is the most reliable and secure of all the coins in this crypto currency so far. But a professional trader can invest in other coins if he wants to because it is his personal freedom. But wise people always choose the good one especially when it is for long term benefit.
Anyway I see in your topic that you are choosing the centralize exchange Coinbase for investment. I won't say that Coinbase is a bad platform, but considering security in longterm investments, I think it's better not to use a centralized exchange. And if you want to know the reason, then you can consider the case of ftx exchanger a few days ago as an example. And finally I will say that following a perfect DCA strategy for investment reduces the risk in the investment.

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