Quote from: Mayor of ogba on Today at 12:34:30 PM

If we are purchasing our bitcoin on a centralized exchange, that doesn't mean we should be withdrawing our bitcoin anytime we purchase bitcoin. We can withdraw our bitcoin when we have accumulated bitcoin worth $500-$1000, so we will spend less money paying for the centralized exchange transaction fees.

The reason that we want to make UTXOs that are a minimum of $500 to $1k is not ONLY to save on the transaction fees that might happen during that particular transaction to move the funds from the exchange to the private wallet, but it is also to lessen the chances that we are going to engage in a practice that ends up resulting in us having a bunch of small UTXOs that from time to time (or even permanently) become unspendable and/or uneconomical to spend at some later date that we might not even know in the future whether we might want to move our coins again in the near future, or perhaps not for 4-10 years or more down the road, so we should not want to be getting stuck with a bunch of small UTXOs when we could have had engaged in better practices to avoid putting ourselves into such a situation.

Quote from: Sim_card on Today at 04:37:36 PM

Quote from: Reredmi896 on Today at 04:22:47 PM

Quote from: Justbillywitt on Today at 07:07:02 AM

Most people in Africa are struggling to own bitcoin, taking risks just to own bitcoin, because if you check the living conditions of masses, you will see the main reason why there is many adoption of bitcoin especially by their young citizens is because bitcoin is hope. Bitcoin has become the shinning light they can look up to for a brighter future and better everything around them, and improve their living conditions. People living below $50 monthly salary are still buying bitcoin and hodling for dear life.

Isn't it better for people like that who have a salary below $50 to collect money first before buying BTC. Or at least it is better to invest in trading with a short term. And if there is more profit from trading can be saved to meet the target, if you feel the target has been reached you will be ready to start long-term investment by buying BTC with the DCA method. Because if you push too hard it will be very risky, better slowly but surely,

Trading is the worst option on how to increase his income. Trading is more of gambling and it is not advisable for any investor to see trading as a means to increase his bitcoin investment, because he will end up the opposite way and lose all that he have, which will lead to regret and frustration for him to continue his bitcoin journey. I don't know why newbies think that trading is very easy and you can double your bitcoin with trading, which is against this thread, and how will he gets his emergency funds through trading. . Trading are for short-term profits and that is why it does not suit into using it for long term strategy because you are always selling. What if you sell and you are unable to buy back cheaper, the little gain that you made becomes useless.

Long term investment is what we are talking about and how a new investor who wants to invest in bitcoin for 4- 10yrs and above should go about. When you are investing in a long term, you don't sell but only buy regularly to increase your bitcoin portfolio through regular DCA weekly or monthly. The best way anyone with a small income can invest in bitcoin, is for him to find another means of income, so that he can have a discretionary income in which he can use to start up his bitcoin investment by buying every week based on his discretionary income, and so he can also build his emergency funds from there.

Thanks for highlighting that point Sim_card.

I had sent an smerit to Reredmi896 and I had not even realized that he was talking about trading rather than my liking the idea that came from his post in regards to building up some kind of a cushion in terms of something like cash prior to overly investing when the income might be so low there can be needs for building up some cash and then strategically investing, but I was thinking about cash in that regard, and not fucking around with trading.. which surely Reredmi896 seemed to be talking about trading.. .. which seems like a strategy that is not going to really help, even with poor people..

Poor people may well never get ahead if they are fucking around too much with trading and gambling rather than establishing more of a building kind of an approach and also an approach that has measured practicalities.. and yeah sure there might be some risk taking that is in there too. .but surely it should be with very small portions of their investment stash, such as only 10% of their BTC value.. without cheating in regards to allowing their shitcoins, trading or whatever to siphon off their BTC value with the passage of time.

Many of us likely recognize a certain amount of temptation that comes to people with low finances to figure out other ways to earn money, so I don't necessarily want to discourage that, so there could be some possibilities in which some folks will end up resorting to trading/gambling/shitcoins when they might not have job and/or employment opportunities, and it might not even be clear if those are the better choices since it tends to be quite difficult to build wealth from trading rather than figuring out more traditional ways to try to earn a somewhat steady income when it might be possible to find ways to accomplish that.

Quote from: Miles2006 on Today at 07:07:04 PM

Quote from: Mayor of ogba on Today at 12:34:30 PM

Quote from: Ambatman on May 14, 2024, 10:45:24 PM

Buy with spare funds and hide the balance
It would shock you one day the amount you would find there when you go finally check.

maybe we can make a little adjustments to this statement and rather say, Buy with the right amount of funds and take your eyes off it. the concept of buying with your spare funds will tend yo suggest that you have to nake all the expenses that you have and then whatever is left will go into investing into Bitcoin. You can't really do too well in your accumilation journey if you buy your Bitcoin with such kind of idea.

You don’t invest with spare money, it sound as a disrespect or lack of trust from my view cause when referring something as spare it’s considered as a leftover or not so important but rather you invest with your satisfied amount for example, each time I receive my monthly pay I make sure bitcoin budget is involve cause bitcoin investment is so valuable so I can’t afford to miss the date set for accumulating sometimes I use my monthly bonus to accumulate cause I know I can hold for long term and still plan ahead, if you’re referring your accumulating money as a spare amount you’re actually trying to say you can miss the date set cause what if there’s no spare money during that month.

"Spare money" is another way of saying discretionary income, so "spare money" is the proper term.

If you do not have spare money, then you should not be investing.

Sure you can still prioritize bitcoin investment from your salary.. but you better fucking make sure that it is spare money, otherwise, you are investing money that you need or that you might need soon.