Quote from: JoyMarsha on December 25, 2023, 08:10:58 PM

Quote from: Popkon6 on December 25, 2023, 09:30:06 AM

If you have to invest in Bitcoin at this time, you must invest quickly. Because the longer you delay the price of bitcoin will go up, because I can see bitcoin price stayed between 26k and 30k for a long time. At that time some people said that the price of bitcoin would be lower and it would be better to invest, but now that the price of bitcoin is 44k some people still say that it would be better to invest if the price of bitcoin is lower. But no, you should notice that Bitcoin price has almost doubled in last 2-3 months. So if you observe carefully you will realize that many people have made a lot of money by investing in this Bitcoin DCA method and they are becoming financially independent. If you invest regularly in bitcoins and your average price will decrease, then of course you can become self-sufficient using the DCA strategy in this way.

When I first heard of this kind of mindset, I remember rushing into a Bitcoin purchase without realizing that the market is erratic and that you can wait a little to buy at a discount.

A price increase does not guarantee that it will continue to rise without a fall. Because the price of bitcoin was rising, I had to purchase it at a high cost using the money I had saved. What did I witness the following day? The price of bitcoin dropped by 4%.

Having said that, don't suggest someone make a hasty investment because many people may utilize borrowed funds or their last savings to purchase bitcoin, which could lead to them selling off when they are not ready because of an emergency

If a person just came to this thread, and realized that he should be investing into bitcoin (and he owns absolutely no bitcoin right now), so within a day or two, he figures out that he has right around $2,400 that he could invest into bitcoin right away, and then after that he has about $400 per month that he knows that he can invest into bitcoin, and he believes that maybe he could get his financial matters in order in order to reduce his expenses and to increase his cashflow and perhaps increasing his discretionary income, but that might take some work to get there.

Let's say that he also realizes that he has around $2k in various kinds of debts, such as credit card debts.. and they vary in terms of their interest rates.. between 3% and 20%.. and he calculates that he has about 1.5 to 2 months of emergency fund. and he recognizes that he has to build his emergency fund to 3-6 months, especially if he is engaging in investing that presumes that the invested funds are not going to be available for 4-10 years or even longer than that...

So he has to figure out right away about getting started in BTC right away or not.. and then also paying off his credit card debts, and how fast and which ones first, and building up his emergency fund and also shoring up his income and cutting expenses. He could well do all at once, and in regards to the amount that he puts into bitcoin right away, he could lump sum in part of his available cash and save some for buying on dip and DCA.. although he already knows that he has cashflow coming in too.

Identifying his own situation is part of the challenge, and there is some discretion regarding how aggressive to be or how to divide up various categories to do things simultaneously or to maybe accomplish one thing or another first or to give higher priorities to certain parts over other parts. There might be smarter ways in regards to selecting whether to do some items first and/or whether to get started investing into bitcoin right away, and deciding how and how much in the various categories. It could take 6 months to a year or maybe even longer before the person in this particular hypothetical is really able to get his finances in a decent place... and to me it seems that building his bitcoin stash should be something that he includes right from the start, even though he likely would not be able to invest very aggressively into bitcoin until getting some of his financial matters into a better order, and he really does have quite a bit to work with, but a lot of balancing of where to put his discretionary income (the amount of cash that he has remaining in his monthly budget after expenses).

Quote from: MainIbem on December 25, 2023, 08:53:55 PM

Quote from: JoyMarsha on December 25, 2023, 08:10:58 PM

Having said that, don't suggest someone make a hasty investment because many people may utilize borrowed funds or their last savings to purchase bitcoin, which could lead to them selling off when they are not ready because of an emergency

This is the issues that mostly happens when following trends or news about people speculating on bitcoin price and if it happens that the price is gradually driving to where they said you would notice a sign of regret in you for not investing but along the line you may still want to utilize the opportunity to venture into investment either with borrowed money or not. During investment we need to be prepared for it not because we see some changes in the market before we could go invest there are some people who doesn't make investment if they don't see the market changes direction maybe with at least 10 percent changes they won't invest without knowing that the market could turn back as a correction the previous charts or candle.

There is always a possibility for a correction, and that is part of the reason that everyone needs to invest in bitcoin in a way in which he prepares for short-term price moves in either direction, and if he has no bitcoin, then he is not prepared for up.. .so even if the BTC price has already gone up more than 60% in the last 2.5 months, that still does not mean that it might not continue to go up from here.

Historically many people are not sufficiently/adequately prepared for UP, and that still remains the case of the overwhelming majority of the population, generally speaking an overwhelming number of peeps are inadequately and insufficiently prepared for UP... and that inadequate/insufficient preparation for up problem is at least partially addressed by at least getting off zero and getting some BTC.

Quote from: Winterfrost on December 25, 2023, 10:27:55 PM

Quote from: JayJuanGee on December 25, 2023, 06:34:08 PM

I doubt that being in bitcoin for 4-5 years or more helps you to know better when the BTC price will move,

There is nothing to be unsure of. It is a fact. Many years of experience cannot make an investor know what the price of bitcoin would be. Although experiences matters a lot when you want to accumulate Bitcoin. It will help you know the strategy to use and when to utilize that strategy to accumulate enough Bitcoin. In my experience DCA is the way. When it goes up we DCA and when it goes down we DCA as well. DCA has helped me neglect the urges to trade short term and sell often. With time it will be the best way to accumulate Bitcoin.

Wow!

You have been here nearly 2 years longer than me, and if you are suggesting that maybe earlier in your BTC accumulation journey, you screwed up because you did not accumulate enough BTC, then at some point you might know if you have accumulated enough BTC... but you gotta get started and keep accumulating the BTC until you have enough.

How much is enough is another story, and so you should attempt to account for your personal circumstances, but the longer that you have been accumulating and the more aggressive that you have been, then at some point, your BTC accumulation could even bring you to entry-level fuck you status.. which should be a sign that maybe you are getting close to the state of having had accumulated enough BTC.. and surely, even getting to entry-level fuck you status, might not mean that you are quite ready, yet to pull the fuck you lever and to be able to live off of your BTC investment through a kind of passive income (and perhaps other investments that you have), so if you are fairly young, then you have a lot of years that you would need to feel comfortable to support yourself, and if you are getting older and closer to retirement age, then you may well be at an age where you were already planning to stop working.. and so then there might be a question if you have any other sources of age-based income such as social security, pension 401k.