Quote from: JayJuanGee on Today at 04:32:38 AM

Quote from: Moreno233 on October 07, 2023, 07:27:33 PM

Quote from: tjtonmoy on October 07, 2023, 06:29:17 PM

One more thing, I want to disagree with you here is that you don't need a good financial status in order to invest in Bitcoin. It is a long-term process, so you can put as little as 10 to $15 and you can start your journey. And as it is a long-term investment plan you can keep on putting small value and in the long run you can make it big.

The amount you quoted, $10 to $15 dollar is actually a big amount of money for some people. According to this article, the minimum wage in Bangladesh is 14.62 per month. This mean $15 is a big amount of money for some people. So one need a good financial balance to be able to DCA even with the amount you quoted.

Hopefully anyone who is a member of this forum and is ONLY making minimum wage in a place like Bangladesh and/or any other country with similar kinds of low level wages, these people should be working towards increasing their wages rather than merely making minimum wage... and so maybe they should still be figuring out ways to make more and to be able to put that extra money into bitcoin.. . and surely make sure that their monthly expenses are covered so that they do not ever have to sell any of their bitcoin, except at a time that is of their own choosing, and surely many of us even realize that it could take many many years to reach a stack of bitcoin that feels sizable if you are ONLY able to invest $10 per week, which would be $520 per year, which would be $5,200 over 10 years, and so maybe 10-20 years of investing into bitcoin, even with a low amount will start to feel like it is providing a lot of options that had not been available without any kind of investment into bitcoin.

What you described is risk management, money management and probability in investing and a little depiction of the DCA strategy that we usually mention here, of course I agree that if we can only buy bitcoin at only $10 per week it will make our position better in the next 10 years, provided that we do it regularly and seriously in investing long-term in bitcoin (holding) and that is the real key to getting wealth in bitcoin, just as if we did it ten years ago and we regularly invested in bitcoin $10/$5 we will get decent wealth today.

Quote from: JayJuanGee on Today at 04:32:38 AM

Another potential problem area with poor people is to make sure that they are able to hold their bitcoin privately, so it they are not initially holding their BTC privately, maybe every once in a while, even once a year, their bitcoin value can be transferred to private locations.. and surely they have to figure out their best ways of storing their private keys.. even if they might not initially start out holding their own keys until maybe after they have built up their BTC stash to a high enough level that it would be worth it to transfer to a private wallet (accounting for sometimes transferring fees can sometimes be a bit higher than would be justified to transfer smaller amounts of bitcoin - depending on where it is held and what are the fee options for that particular location).

Yes, this is an alternative way not to eat fees from the market to a personal wallet so we can wait a semester or a year until a decent amount of bitcoin is stored in a personal wallet, I think this method is not only for those poor people but for people who are quite capable, this method is the best way to save from transfer fees.