The essence of DCA is to eliminate the tendency of investing under duress such as forfeiting your basic needs so you can buy bitcoin. This might not be the best approaching as it can drain you psychologically and even deny you peace of mind. The reason for accumulating wealth is for the peace and comfort it brings, this means that any method you are adopting that does not give you this peace can never be regarded as DCA.
That's not correct @adultcrypto. Just because DCA has an ability to bring peace of mind, and less needs to worry about your investment, it does not completely remove the possibility that some people might still worry or that some other BTC investment strategy might bring them more peace of mind because it suits them better to be lump sum investing, buying on dips and/or whatever other strategies that they choose. They may well need to be more active with their investment, and perhaps that is what you were aiming to say. .that DCA allows someone to be an active investor without having to be active... whereas some other strategies might take a bit more managing.. but not even that is completely true because there could be ways that someone is able to set up the parameters for whatever system that s/he follows that is even less worrisome for them (and even less active) than DCA.
This is well understood and thank you for the patience to explain this to me. From this discussion I have realised that DCA is just one part to it and that there are other ways to achieving the same result and all depends on what the person is comfortable with. The other point you made about active investors is also very correct.
In trading, there are day traders, swing traders(those that hold trade for couple of days) and position traders( those that hold for months and years). The category anyone belong to depends on what suit his personality. Now I understand personality also play key role in approach as regards to buying Bitcoin and investing in general.
Failing to sufficiently establish either an emergency fund and/or sufficient reserve funds for other kinds of regular expenses is an easy mistake to make.
Unfortunately, it took me this long to realise it was a big mistake. Now that I know better, my approach will be different.