Quote from: wayne_kenoff on Today at 02:21:29 PM

Quote from: noormcs5 on September 21, 2021, 03:25:44 PM

Quote from: lalabotax on September 20, 2021, 09:51:50 PM

Quote from: Ultegra134 on September 20, 2021, 07:26:41 PM

Interesting story, according to you, the purpose of this investment is long term, however, I'm wondering how you considered Bitcoin as your best investment? Don't get me wrong, but, the amounts being invested are quite small, considering Bitcoin's value. I believe that sometimes, investing in some other reputable altcoin, such as Ethereum, Cardano, Binance and many more, is deemed more profitable than purchasing Bitcoin.

I am sure that if he can invest in Bitcoin continuously with that kind of method, he will acquire many.
Let's see how he always invests every week for months.
He is always trying to add around 10$ in every week start and he continues it every month.
If he can do it continuously, he will accumulate more Bitcoin.
And well, for here, with that amount, I personally like how he chose only Bitcoin. I know that he said he wanted to invest in it for a long time. So, his purpose may be for long-term investment.

Dollar cost averaging is the best way to accumulate more bitcoins and keep them for long term. I am also buying bitcoins on every month saving and keep them locked in my wallet.

I find it hard to save money at the month end. Now i have my own solution for buying bitcoin through DCA.
I cut out my extra expense and buy bitcoins. Like last week, i quit the plan of having dinner at restaurant and used the saved money to buy some satoshis.
Although the amount was not much but every satoshi counts.

Several times I told my story of having had DCA invested into bitcoin through all of 2014 by first setting aside a certain amount for the first 6 months, and then dividing that into weekly allowances. I had both cashflow allowances and also money that I was authorizing based on lump sum amounts that I had available.

So for example if the total amount was $2,600 then I would divide that by 26 to arrive at $100 per week for that period, and in 2014 after the first 6 months had passed, I made an additional 6 months authorization based on projecting my cashflow and other cash that I expected to have available for the next 6 months.

In January 2015, I had been continuing with some form of weekly DCA allowance into BTC, yet I had suffered from some business-related issues (not related to BTC) that screwed up my cashflow at that time and caused me to have to dip into emergency funds (or project the dipping into emergency funds, and some people had suggested selling some BTC - which I refused to sell any BTC since it was at a loss at that point), but also left me with a bit of uncertainties regarding the amounts of my future cashflows in the first half of that year, so pretty much I forced to stop any of my regular allocation of amounts into BTC and to re-project my cashflows for the upcoming 18 months to 2 years.

It had already been my usual practice to project my cashflow at least 18 months into the future, so at that time (in January 2015), I used fairly conservative estimates of my cashflow and expenses, and it ended up that I was not able to buy any BTC between late January and mid-April 2015; however, after about mid-April 2015, some of my cashflow started to clear up, and I was able to replenish some of my emergency funds and project an ability to continue to buy BTC in the event that I were to receive cashflow based on my mere minimum projections. Therefore, I recall several times between about mid-April 2015 and about October 2015 in which I was buying BTC based on any little amount of extra cashflow that came in. So for example if I had $20 (or $100) come in, then I would split that in half and buy $10 (or $50)in bitcoin and put the other $10 (or $50) into my other expenses..

Whatever extra amount that came into my cashflow or amounts that I might save on some anticipated expenses that ended up being less than I had expected, then half of the new amount or the saved amount would go into bitcoin, and I did that for most of that period between mid-April 2015 and October 2015, and at the time, it felt that I was just scrambling and not making a whole hell of a lot of progress because the value of my BTC holdings were in the negative at that time. I had an overall average cost per BTC of between about $500 and $550 that came down through the period because of my ongoing buys, and the BTC prices were largely in the mid-$200s for most of that year.

For sure there is no guarantee that everything is going to work out, so each of us will be in a better position to be able to project our anticipated cashflow and to invest into BTC based on how much we are comfortable, and to recognize that we might be able to profit from more aggressiveness but we have to be careful that we do not overextend ourselves in such a way that we might have to draw from our BTC at a time that is anything except a time that is completely of our own choosing and that we have other options to draw from other areas in the event that we feel that it is not a good time to draw from our BTC holdings - even if the value of those BTC holdings might be decently high as compared with our other sources of funds.