Quote from: michellee on April 03, 2024, 04:11:19 PM

Quote from: simons_js on April 03, 2024, 01:43:33 PM

Buying bitcoins little by little and withdrawing them to a personal wallet is the most effective way. I've been doing it for a few months and now I think I'm pretty successful even though I only have a few bitcoins at the moment. But I hesitate to buy again when the price of bitcoin becomes too expensive. Do you have an opinion? Unfortunately I just found out about this forum, if I knew about it a long time ago maybe I would have more bitcoins. Even though I've known about bitcoin for a long time, I was hesitant to start buying bitcoin for a long time before finally deciding to start buying it on binance

When Bitcoin prices become more expensive, you may stop for a moment to wait for a correction. You can buy it again when the Bitcoin price drops and accumulate it. That's what investors usually do.

However, when people use the DCA method, they may continue buying Bitcoin until they have decided to stop buying it. They just wait or continue buying Bitcoin, depending on their respective plans.

Many people feel it is too late to buy Bitcoin because some have known about it for a long time. But they just decided to invest the money in Bitcoin. So it all depends on each person's plan to continue buying Bitcoin or postpone it until the Bitcoin price declines or experiences a correction.

Honestly, in my opinion, I think this is baseless. This is based on the assumption that Bitcoin falls back to the price you bought it at or lower, which in reality, as it is now, is not likely... For example, at the beginning of the year Bitcoin was around 42k , and it's climbed up to 70+ during the course of these 4 months, and given all the dips, hasn't quite dipped down to that initial 42k we started the year with, and then relating this to what you said, if somebody bought Bitcoin at 42k and is waiting for that dip from 66k to that 42k, is not likely.
And then, you mentioned people feeling it's too late with the reason of knowing it for long.. actually, that should be a core reason to get involved. Having 'known' Bitcoin for however long that 'long' you mentioned is, and seeing the past performances of Bitcoin, that should encourage you to dive in, because you should know that there isn't unlimited units in circulation, whales are doing their thing and all that. I think knowing about a cryptocurrency for long being a reason not to go into it, should only be in the context of shitcoins, seeing their past records should be enough to keep you away from them, that's if they last long enough to have a past record long enough to learn from.
I also think that buying Bitcoin, if you're a long-term investor, using DCA or not, should have nothing to do with looking out of dips , and buying Bitcoin should be a 'now' action, in present tense. In some sense, there's no need to wait for corrections, you keep buying in bits however you are able to keep up
Before you go into Bitcoin, know what the fuck it is you're buying, you're buying BITCOIN for crying out loud, have that in mind. Don't take your past experiences with shitcoins to measure btc, sometimes this makes people panic and sell off. You also should know that Bitcoin is a stay longer earn better thing, so you'll streamline your investment funds in a way that you can keep depositing, and not starve off..
You also should know why you're doing Bitcoin.
About the DCA thing. I feel I should say this, don't put in all your money at once in btc, you'll find that you'd trade in no time. However, the aggression you invest with is all up to you, just do the smart thing