Quote from: Blitzboy on October 09, 2023, 01:42:14 AM

Your "little drops of water" concept is fantastic. Its true that even the biggest endeavors frequently begin with small steps. But consider this: won't the ocean become somewhat static if we all continue making modest contributions and then just hodl, hodl, hodl?

I must also ask: have you thought about allocating some for diversification into other assets or cryptocurrency coins? Sometimes diversification saves your life. Even if that basket is quite dazzling right now, you shouldnt put all of your eggs in it. In any case, good luck with your investments and may your money grow!

It is funny (or should I say strange?) how so many folks, including you Blitzboy, get so excited about dumbass ideas of diversification... as if those kinds of ideas would be helpful for relatively smaller level/sized investors.

The fact of the matter is that diversification is likely neither needed nor justifiable until maybe a person gets to a point in which s/he might have invested 25% or so of his annual salary/expenses (that would be around 3 months or more) into any one asset, and even then, there may not be any need to diversify before having 1 or 2 years of annual/salary expenses into any one asset, and if OP is investing around $10 per week or some other period of time, it could take him a fucking long time to get to more than 25% of his annual salary/expenses in BTC.. and it still may well not be justified to diversify.. why dilute something that is already small.

A more important concept would be to make sure that he has 3-6 months salary/expenses in some kind of an emergency fund. .which would serve as a kind of diversification that would serve to protect him from getting pushed out of his BTC investment based on fluctuations in cashflow, and so many folks have trouble putting together their emergency fund.. and even worry that their emergency fund is not sufficiently working since it may well be losing value due to debasement of the currency.. so yeah their are challenges with emergency funds being able to keep up with inflation.. so each person should be striving to figure out how to deal with the kinds of matters to not be forced out of their investment due to fluctuation in cashflow issues or other things that could come about.. and maybe when they get towards 2-3 years down the road in which they have been building their BTC investment and their emergency fund (perhaps simultaneously) then reassess at that point if the investment into BTC might be starting to get to such a level of BIGness that diversification would be justified.. rather than dumbass ideas of diversification for the mere sake of diversification. .which is just a distraction and likely not even productive, especially for smaller level of investors that seems to be where OP's circumstances fit.

Quote from: ChiBitCTy on October 09, 2023, 01:57:52 AM

....
Diversification is key, but stability is what should come first in any portfolio. Just make sure to remember that.

That is why an emergency fund is way more important than dumbass ideas of diversification.. like I mentioned above in my response to Blitzboy.

Quote from: BlackBoss_ on October 09, 2023, 02:04:07 AM

Quote from: ChiBitCTy on October 09, 2023, 01:57:52 AM

I mean if it’s a lot of money to you, be careful of how much you’re “investing” in to Bitcoin.

Also be careful with how he stores his bitcoin.

He bought it through Binance P2P trading and I hope he did not and won't store his bitcoin on Binance.

Reminder: do not keep your money in online accounts

Choose wallets
Chose your wallet.
[LIST] Open source hardware wallets.
Recommended wallets.

As a newbie, I advise OP to use Electrum wallet.
[GUIDE] How to Safely Download and Verify Electrum.
The paranoid user's security guide for using Electrum safely.

With Electrum wallet, multisig and cold storage wallets are available.
Creating a multisig wallet.
Creating a cold storage wallet.

I cannot really blame members for making these kinds of posts, but many of us likely realize that so much of 2023 has been filled with a lot of high fees, and becoming more of an issue after the date of the above post (especially since November), and likely we realized that there are several issues with having a bunch of small UTXOs, and personally, I do agree with the idea of private wallets and minimizing the holding of coins with third parties, such as exchanges, but also the fact of the matter is that there maybe be some needs to protect yourself in terms of the size of your UTXOs, and I personally do not have any problem of the idea to hold funds on exchanges until they reach $500 to $1k in value, but surely there also might be some needs to get some of those coins into personal custody, especially for someone who does not have a lot of wealth.. so there could be some thoughts of also sometimes moving the amounts to private wallets when they are smaller amounts of $200 to $500.. but I cannot really recommend purposefully creating UTXOs that are smaller than $200 when they are created.. even though others might be willing to accept even smaller amounts.

Lightning network and lightning network channels is another story.. and risky to hold very much funds on their, and it could be costly to first start out channels.. otherwise getting into custody type concerns with some of the wallet types.

Quote from: TakeItEasy on October 10, 2023, 01:25:57 AM

Quote from: DubemIfedigbo001 on October 07, 2023, 01:23:13 PM

[edited out]

You have to start with a small fund, we can suggest that other coins with a small fund are better, but in Bitcoin the more we fund, the more we engage ourselves in trading.

Fuck shitcoins and fuck trading. They are not necessary... just like diversification is not necessary.. like I already mentioned. .but I forgot to say fuck diversification, even though that is what I meant to say. Cheesy

Quote from: TakeItEasy on October 10, 2023, 01:25:57 AM

Although that is a good decision to invest now in Bitcoin, the price is quite good to buy, so you easily get a profit in the coming year i.e. 2024.

Hopefully OP is investing into Bitcoin for the longer term, such as 4-10 years or more into the future and not trying to play around with the wave within this particular cycle, even though I understand that a lot of folks get distracted by short-term BTC UPpity price moves, if that is what ends up happening in the next year or two.

Quote from: TakeItEasy on October 10, 2023, 01:25:57 AM

You must be proud of your decision as Bitcoin Halving is coming, and always we know Hodl is the key to success. You can buy with even this amount in pieces, you have to look at the prices in different stages and you can easily buy at different prices to get fully involved in it and get your full benefits through your investment.

Surely one of the great things about bitcoin is the ability to buy in pretty damned small increments, relatively speaking, as compared with buying something like real estate or even stocks, sometimes it is difficult to get some kind of investment into some of the traditional asset classes... and don't bother with getting distracted into shitcoins, even though it can be quite easy to get into them too.. but the mere fact that you can buy shitcoins with small amounts of value does not mean that you should... even though you should buy bitcoin with a 4-10 year or longer timeline if you have such an ability for such a timeline, and then try to be as consistent, persistent and ongoing in your buying of BTC as you can, and over the years of a cycle or two, then reassess from time to time, but likely you will find yourself in a decently good place and you can figure out if you have accumulated enough BTC to justify changing your strategy... yet I doubt that $10 per week is likely going to put you into such a state of having enough BTC, even if we might calculate $10 per week would be $520 per year and $5,200 over 10 years, so maybe after 10 years, there could potentially be some needs to reassess the situation and figure out if you have enough.. that is if you had not already figured out that you need to continue to buy and to increase the amount that you buy.. to the extent that you are able to do so... and of course, there is variance in how individuals are going to assess these kinds of buying and/or stacking of sats opportunities even with an investment time horizon of 4-10 years or more.

Quote from: Xampeuu on October 11, 2023, 04:45:03 AM

It would indeed be ideal if we invested the majority of our capital in Bitcoin and invested in several potential altcoins, so that besides our capital being safe, we will get more profits, indeed we have to take bigger risks, but we also have to be able to work on it so that it remains safe. safe, considering that investing in cryptocurrency has high risks, but also has higher returns, so knowledge is the main capital before investing

You make hardly any sense Xampeuu. Bitcoin is already a risky investment, yet it is the leader of the sector, which largely mean that any shitcoins that are in the sector perform in ways that are correlated to bitcoin's performance, so why fuck around with coins that are already correlated to the king? especially if you are a long term investor rather than someone who might be trying to gamble or distract himself by trying to figure out which shitcoins to get into and which shitcoins to get out of.. and a lot of just meaningless gibberish that likely would not help any newbie who is trying to build his bitcoin investment, and there is plenty exciting and in need of learning about bitcoin, so why get caught up in various kinds of imitation coins, affinity scams and other pump and dump house of cards snake oil products? That makes little sense, if any.