Quote from: Justbillywitt on Today at 07:46:28 AM

Quote from: smelody on Today at 06:28:50 AM

Quote from: AirtelBuzz on Today at 05:27:19 AM

Quote from: Mayor of ogba on Today at 01:00:01 AM

As a newbie, it is good to adopt the DCA strategy when accumulating bitcoin. Even though you are a low-salary earner, you can still accumulate bitcoin with the DCA strategy because you will set a day when you will be investing a small amount of your fund in bitcoin when you receive your salary, and you can be buying bitcoin monthly so that it will allow you to take care of your financial needs since you are a low-income earner. The DCA strategy will make you consistent in accumulating bitcoin because you will set a plan for accumulating bitcoin anytime you receive your monthly salary.

Dollar Cost Averaging Method (DCA) is the easiest and recommended strategy for new investors because investing in Dollar Cost Averaging method is a systematic investment strategy. I think these days not only newbies are adopting this method but also many experienced investors and methods especially those who don't have huge amount of money.

The prices of different coins in the cryptocurrency market often deceive newbies with volatility, but newbies can reduce all that risk by investing in the dollar cost averaging method. Here are some steps that beginners should follow to invest in Dollar Cost Averaging method:

Beginners should buy regardless of market conditions. Dollar cost averaging method of investing in any coin or bitcoin requires beginners to buy a small amount of bitcoins every few days or weeks or months. Beginners should properly analyze the market based on their long-term value potential and then buy coin.

It seems that newbies should be more careful about DCA than experienced ones. Because the more knowledgeable the newcomers are in this sector, they will be able to innovate new ideas that will bring more benefit to all.
Some ideas in my mind like:
Education,Set clear goals,Start with the basics,Create a budget,Open an investment account,Diversify your portfolio,Stay informed,Seek professional advice from senior,Monitor and adjust and invest for the long term.

Newbies should embrace the DCA method as if their life depends on it. It should be their watch word, they shouldn't deviate from it. When you say they should be careful with DCA I don't really understand what you are driving at. As a newbie who is making your first investment in bitcoin, I expect your first buy to be in lump sum or possibly an aggressive buy in order to have a reasonable amount of bitcoin in your portfolio. Once this is done and the newbie is not satisfied with the level of his portfolio, he should embrace the DCA with all his heart and follow it. There is nothing to be careful about with DCA, as this method was carefully designed to give everyone a soft landing. Also as a newbie you have no business with portfolio diversification, your primary target should be bitcoin. Don't go any any shit coins in the name of diversification and get yourself hurt at the end of the day. I won't deny that there are room for diversification, but this can only come in when you have spent a reasonable amount of years in your crypto journey and have better understanding of the market, but as a newbie this is not for you.

Also smelody made a bit of a placated and non-substantive recommendation to seek professional advice.. which is really stupid, because for years and years and years "professionals" have been on the wrong side of bitcoin, and also they likely would want to direct you into a financial products such as an ETF without necessarily considering the advantages of BTC's direct ownership... and don't get me wrong, I am not against learning from others who are smarter, yet sometimes they are not smarter when they either do not adequately know the subject matter and they might have some built in biases that the newbie is unable to easily identify, unless he has his own strength of convictions and abilities to engage in critical thinking. .and even critical thinkers can sometimes get lured into the wrong professional advice - so each of us should ongoingly be attempting to check our own blind spots and our sometimes receptiveness to not so great ideas.

another thing that smelody might not have had sufficiently emphasized is the value of experience and getting started in BTC investing/accumulation ASAP... and so even if we might not be comfortable with our level of knowledge about BTC, then we may well have to start out with a relatively small position size while we are learning and figuring out the details, and surely DCA can serve greatly in the getting started arena..

We should also keep in mind that even with DCA we might end up buying too aggressively, so we have to figure out what is our disposable income and make sure that we are sufficiently staying within our disposable income and not stressing out our own budget too much in terms of how aggressive we are in the beginning times.

Quote from: smelody on Today at 09:39:17 AM

No one learns anything from the mother's womb. Circumstances and personal ambitions make him interested in the outside world. No one comes into a profession fully learned, one has to gradually acquire skills. One thing needs to be mentioned here if anyone can buy a fish from the market then understand when will gone and which better.
In exactly the same way how to buying and how to holding about cripto currancy there need not have no special knowledge.Only you have to know which board and what do you have to do. you have to know also how to secured his own wallet.

We are not talking about cryptocurrencies and/or shitcoins here. So hopefully you know that we are talking about bitcoin, so maybe you would like to use the correct term if that is what you meant to say.. otherwise some of us might consider you to be lost or in the wrong thread or talking about some other topic... so if you meant to say bitcoin then why didn't you use such term? Perhaps you don't know what is bitcoin, or maybe you were trying to sound smart by suggesting that crypto is the same as bitcoin, which shows that you probably don't know what you are talking about if you cannot even bring yourself to use the word bitcoin in order to show that you recognize and appreciate that we are talking about bitcoin in this thread.

Also when getting started, a person does not need to know how to secure his own wallet. There is no reason to overly complicate matters, even though learning about wallets is something that a person does need to work towards knowing about, especially once he starts to get value in the $500 to $1,000 or more stage, and if he might be investing smaller amounts, he still might need to learn about wallets early in his bitcoin journey but he does not necessarily need to know about bitcoin wallets before he gets started.

Quote from: BITCOIN4X on Today at 05:15:59 PM

Quote from: JayJuanGee on February 03, 2024, 11:52:58 PM

[edited out]

.........The hardest thing here is to control emotions and psychology. There are many external influences that can make an investor change his plans midstream, including friends or family. Sometimes that is the reason why we don't need to tell our friends and family about investment plans, they can influence us not to take big risks regardless of their support for the final decision. Starting small and going big is much better than the other way around.

Yes.. that is an interesting point in regards to many reasons that we might not tell friends and family about some things that we are still investigating and/or in the earlier stages of building our knowledge, and surely it may well depend upon how much we might rely upon friends and family in our own investigation process versus if we might consider that they might not necessarily be helpful in terms of our coming up with a plan that is sufficiently well tailored to our own circumstances, that also might have to do with some personal matters (and balances) that they might not be able to help us in resolving.

So, yeah, if we are in the earliest stages of figuring out our own position regarding the 9 factors, friends and family may or may not be helpful - depending on our own relationship with them in these kinds of somewhat tending to be personal and/or investigatory matters.

I am not completely opposed to the idea of starting out small and going BIG because it is likely that folks might start out too BIG, so how BIG is a matter of balance that might not be easy for anyone except for that person to figure out how BIG is too BIG.. or how small is too small. For example, someone could already know that he has $6.6k that he could invest into bitcoin, which is $4k right now and $2,600 over the next 26 weeks ($100 per week).. so then he might have some questions regarding how much to start with... and/or how much he might need to learn before really getting started.

He could feel that he has enough information to choose to invest $1k right away and $20 per week, and then to reassess after a month of investigation, and so there can be variations regarding how to start and what kind of timeline he feels that he needs to investigate in the earliest days.. and even in the process of investigating so that he could start to invest the $1k lump sum and the $20 per week. There could be situations in which it might take him a few weeks just to figure out his budget or maybe he might need to take one or two weeks just to figure out how to source his first BTC.. or maybe there is some kind of fundamental aspect of bitcoin that confuses him, and he feels that he has to study and to resolve that fundamental questions prior to starting.. and so maybe he has a 1-2 week timeline for that.. .and so there could be quite a few variations that might contribute towards NOT buying right at the earliest moment, even though frequently buying some might be something that is towards the more urgent of matters rather than overly complicating how much he believes that he needs to study before getting started.

Quote from: Troytech on Today at 05:31:07 PM

Even though it's still in its early stages, Bitcoin still has a lot of potential because nobody can predict what the next few years will bring. However, in order to be safe, once we have a certain amount of bitcoin holdings, we should try to diversify our portfolio by adding other more tangible investments, such as real estate, stocks, or bonds, or even starting a business. We would also try to balance our portfolio to avoid risking our income.

The BIG question is how much bitcoin do you need to have before you start to feel that you might need to have some other assets besides merely having BTC and cash. So if you are in fairly early BTC accumulation stages then you are not even close to having to consider those kinds of diversification questions.. beyond bitcoin and cash.. and so how are you holding your bitcoin and how are you holding your cash. .those are likely more important questions, and then if you start to get to having 1 year of expenses in bitcoin and 6 months in cash, there might come a point in which you might start to think that you need something else in your holdings, but there also might not be any need to rush the matter, and then when you start to get to 2 to 5 years of bitcoin and still ONLY 6-12 months of cash, at various points along the way, you might start to think that you might need more cash or other ways of holding value besides just in bitcoin and in cash.especially if you are already experiencing quite a few very volatile periods... and the other ways holding value might be like the ones that you mentioned..