Post
Topic
Board Trading Discussion
Re: 1$ per day crypto investment plan any good ?
by
Mauser
on 11/06/2023, 06:28:11 UTC
Is 1$ investment in crypto every day enough? I'm making up to 10$ per day and I don't want something that will tie me down financially since I have other things I'm using the money for aka responsibilities so all I can afford is 1$ per day, also is BTC the best option with this 1$ per day?

Buying Bitcoins continuously is a good idea, just the time frame to buy coins every day seems like too much work and too expensive in my opinion. A more practical approach would be to buy coins over longer periods of time, like every 2 weeks or once per months. Using 10% of your income is a great number, as long as you actually can afford it. Don’t use any money for investing that you need in a short period of time. In case there are some expenses coming up where you need the money again I would advice against investing it in Bitcoins. There is a lot of volatility in the crypto market and being forced to sell at unfavourable prices can lead to big losses. So instead of buying daily 1$ I would recommend to buy 30$ worth of bitcoins every month. The transaction fees are quite high at the moment, it’s better to make less transfers as you always need to send the coins your bought to your wallet. Don’t leave all your money at the exchange, the risk to lose it in case of a security breach is too high.