Quote from: Dailyscript on Today at 07:36:41 AM

Quote from: JayJuanGee on Today at 01:39:15 AM

After securing our emergency fund that could last for about 3 months, using lump sum would be a great idea. Because how far you go in your accumulation is determined by the opportunities you took advantage of when the price was still low.

From what I understand, OP has been struggling financially with the passion to invest in bitcoin sooner. Until he was capable of saving a little to buy his first bitcoin.

That is not true. You seem to be just making up your own facts.. Op had already created another similar thread, and he referred to that thread in the OP of this thread. Accordingly, in his other thread, OP already admitted that he had a cashflow of $300 per month, and he ONLY had been budgeting around $50 per month for the buying of bitcoin, so if we go by his own representations, then he did not all of a sudden save up the money because according to him, he ONLY has around $50 per month extra that he is able to earn for bitcoin, which would take around 30 months (2.5 years) to be able to save up $1,500.

Yeah, he might have already had that money saved up or maybe there were facts about his cashflow that he was not disclosing, but the mere estimation of a $50 per month investment plan is way different from what he said that he ended up doing.

Quote from: Dailyscript on Today at 07:36:41 AM

I am kind of certain that OP does not keep money for emergency funds. He sounds like an individual in that whenever he receives his income, he settles the housekeeping bills and thinks of where to invest his money next. So this made him save up regularly to start an investment.

That could be partially true.. that he is erratic and spontaneous, and even the portion that he makes seems to have dedicated a pretty decently large percent (which is 16.7%) towards bitcoin.. and so he did mention a expenses of $100 and an emergency fund of $100, and $50 for personal (which would be a kind of reserved expenses). So even if he had not been saving an emergency fund previously, and if he had been saving $150 per month, it would still take 10 months to save up to $1,500...

And, maybe I am being a bit too harsh, but I am using OP's representations - and likely he had something already saved up because otherwise it makes little sense to all of a sudden have $1,500 that he could buy BTC when he had previously been contemplating a mere $50 per month, and yeah sure people change their minds about how much they are going to allocate towards the investment in something, whether bitcoin and/or any other investment.. and maybe even sometimes we either receive extra unexpected money or we are able to juggle around our finances and realize that we have some money in some other location that we are able to reallocate towards investing in bitcoin or some other investment.

Quote from: Dailyscript on Today at 07:36:41 AM

If OP's monthly income is stable, I think the best thing to do to accumulate bitcoin faster is to DCA consistently, but if his income is not steady and it varies from different prices based on his work input, I will suggest saving up for 3 to 6 months and lump sum.

This comment does not make a lot of sense, either. You should not be saving up an emergency fund and then plunking it all down into bitcoin, that defeats the purpose of the emergency fund... and whether OP has a steady income or not (which he described as $300 per month which sounds pretty steady to me as a way of describing it), he still would need to save up 3-6 months worth of expenses for his emergency fund, and if we consider his expenses to be around $150, based on his description, he could save up 3-6 months, of that which would be $450 to $900, and he could invest in bitcoin at the same time, and his having said that he was putting $100 per month into his emergency fund suggests that he would be able to save up his emergency fund in 4-9 months, and simultaneously buy $50 per month worth of bitcoin.

Once an emergency fund is established then it mostly could be maintained and drawn from here and there, but if it is drawn from then it is replenished soon thereafter, and if it maintained, then any extra income that had been used to build it would then be available for investment, so OP could start to use $150 per month for investment into bitcoin rather than just $50 per month once he reaches his emergency fund target.

And, if there is a possibility that his income is unstable rather than stable, as you suggest Dailyscript, then more likely that would justify building a greater emergency fund rather than saving in order to lump sum into bitcoin, and hey I don't have any problem with the idea of lump sum investing, which is used for buying upfront, or buying on the dip, which is used for when the BTC price moves against you, presuming that you had already been investing, and yeah there are some people who don't want to buy BTC right from the start, so they save up in order to buy on the dip.. which may or may not work out for them, and is not a very good way of preparing for UP, if they have not already bought BTC in advance of their waiting for the dip, which means they might have ONLY prepared for one BTC price direction if they do not already own BTC.

Quote from: majeed on Today at 01:28:21 PM

Quote from: Odohu on Today at 08:32:42 AM

[edited out]

Knowing the basics? An absolute must. Truthfully, though, you don't need expert-level technical knowledge to hop on the Bitcoin train. Did every gold prospector know earth geology? But they understood gold was valued. Similar to Bitcoin, recognizing its value is more important than blockchain technology. Continuous learning is needed, especially in a dynamic area like cryptocurrencies. You don't need a PhD in computer science to invest, but remaining informed and learning? Smart move. Knowledge is power and profit in Bitcoin. You must learn to swim, even the basics, before diving into the ocean.

In your local board, you're doing a great thing guiding newbies. It's good. Remember that guiding is not overwhelming. It's not wise to scare folks with technical language. Finding that fine line between informing and intimidating. Keep curiosity, learning, and interest alive. Bitcoin is for everyone, not just techies.

Of course there is a bit of a balance, yet there needs to be an emphasis upon people getting started as soon as they can, which does not mean that they jump into bitcoin blindly, but instead almost everyone comes to learning about bitcoin, and they may already know if they have $10 that they could buy bitcoin or not... so they have basic understandings of their cashflow... if they do not know their cashflow very well, then they likely need to learn those kind of things, but still does not mean that they should not get started with some small amount.. setting up accounts, figuring out where they are going to buy it and to hold it, and then figuring out more things along the way in terms of their own discretionary income regarding how much extra that they have that they are able to spend each month (or each week) after accounting for their expenses... how much of their income is left? Anything? $10? $100? $1,000? or some other amount? Is their cashflow/expenses regular or erratic? What about their personality? Sometimes an investment style and even creating some investment plans (such as into bitcoin) might be able to help a person to better understand and manage his own financial and psychological matters.

Quote from: cryptoWODL on Today at 01:43:37 PM

Quote from: anushkasachith888 on Today at 08:22:36 AM

Congratulations. Back in 2016-2017 I could have bought bitcoin for cheaper price but I didn't. Instead if bought some altercoins. I think I made a bad decision.

If you had started investing in Bitcoin since then, it seems you would have been one of the lucky ones. Yes if you had invested in bitcoins between 2016 and 2017 you would have owned a lot of money by now. In 2016 to 2017, the price of Bitcoin was much lower than it is today, when the price of Bitcoin was only between $963 and $1500. Since then, the price of Bitcoin has increased by almost 100% to its current value of $42,840. Bitcoin price will increase as time goes by. You can start investing in Bitcoin right now if you want. If you don't have enough money then you can start investing with DCA method.

Yep.. we cannot go back in time, so we have to start from the present, but we can see that investing even $25 per week into bitcoin since mid 2016 to present would have resulted in nearly $10k invested until now and nearly 2.5 BTC accumulated (current value right around $107k - so very close to 11x more valuable than the amount invested.