Quote from: Ndabagi01 on Today at 11:06:40 AM

Quote from: JayJuanGee on August 08, 2024, 03:29:47 AM

Quote from: Ndabagi01 on August 07, 2024, 06:28:03 PM

Quote from: Sim_card on August 05, 2024, 04:42:37 PM

Quote from: mich on August 05, 2024, 07:43:49 AM

Well I can not wait for getting my next salary check this week. After I pay off some of my expenses and spend some money on a birthday gift for my dear friend, I know am going to add more sats to my portfolio.

We can see this correction in price for a bad thing or for a good thing. If you are 'bullish' like I am well then you can take advantage of these cheap coins like I am going to do. We must make the best out of this bad position and just HODL.

The dip is only for people who are prepared for it and not for those who don't bother about it because it comes like a thief in the night when no one is expecting it. It might be that before you will take your paycheck this week, you might not see this current price and that is why a new investor does not need to bother about the dip because it will come and go when you don't expect it.

People who are planning for the dip are those bitcoin investors who have kept their reserve funds for the dip and those investors who are on their regular DCA buying every week or monthly because they are in their early stage in bitcoin and will surely buy bitcoin at different market price.

You are right and that has now made it paramount to know by all investors that the dip will not always come when you expect it, you don’t have to be waiting for it because it may or may never come your way or when you’re ready for it. Those that always take advantage of the dip are those that have enough money reserved for it before it even comes. The DCA method is a good way to accumulate a lot of bitcoin in your savings but if you’re able to also buy the dip when it is at its peak, you’ll gather enough that someone that does DCA wouldn’t have.

The DCA strategy is always proposed for those that have a lot of time to to accumulate bitcoin and don’t have the funds all at once to put in them, it is also encouraged to not buy all at once and do DCA in order to accumulate and get the average buy of bitcoin at a very much lower price. The times of the downtrend in the market is always the longest time and if you’ve been taking advantage of it through the DCA method, you would have had enough now and a much lower average price for a buy of bitcoin and the dip won’t scare you off.

DCA does not give you lower prices, and also holding back money waiting for the dip does not guarantee that you will end up geting more BTC or even getting the BTC that you get at lower prices. In the whole scheme of things, those waiting for dips may well end up being disadvantaged by employing that tactic, unless they are merely using a buying the dip tactic to supplement an already existing DCA strategy while realizing that their buy the dips may or may not end up getting executed and the buying the dips might not even make enough of a difference to make it worth it to employ buy the dip strategies.

Once a person has accumulated a lot of bitcoin and becomes a bit indifferent about whether he has enough or not, such person might have more luxury to wait to buy on dips since he already has a decently good sized stash of bitcoin in light of his overall financial circumstances.

Overall, you should prioritise your DCA strategy while not hoping to get to buy at the dip when a dip comes in the market. Since nothing is certain in the market and you can’t tell when you can always see a dip in the market, you should focus on continuing your DCA strategy to reach your target. Before reaching that target or even after reaching that target, you can get an opportunity that the dip comes around and you can stack as much bitcoin as possible depending on the finance at hand. What I understand in the context of this all is that, follow your DCA strategy and when you’re able to reach your target quickly before the dips comes or after a dip, you can take advantage of the dip if you’re not satisfy with what you have yet in your portfolio or take advantage of it to reach your portfolio target quickly. Supplementing them both is good, DCA is always available to employ but the dip comes once in a while.

It seems to me that you are having some troubles with the idea of DCA. Yeah, maybe you understand the idea sufficiently, yet the point that I am trying to make is that it takes a fucking long time to build up a bitcoin portfolio, and it probably is not going to help a large number of people (especially relatively poor people) to be fucking around worrying about bitcoin prices or trying to figure out whether or not there is a dip or how much of a dip there is or not, and whether the BTC price is going to dip more or not or whether the BTC price is going to go up.

Most likely many BTC accumulators are going to be way better off by just concentrating on keeping their finances in order and figuring out how much BTC they can buy with their weekly disposable income and just continue to buy every week no matter what for the next 4-10 years or even longer.

Sure, as a newbie, you can continue to study the bitcoin market to attempt to learn more and more about various aspects of bitcoin including potentially getting some senses of bitcoin's price performance and/or price movements, yet you likely need to be accumulating bitcoin fairly aggressive, for more than a whole cycle before you might even be close to being ready to be adjusting your BTC accumulation strategy away from just buying regularly. But yeah, whatever, it is up to you if you want to try to fuck around trying to figure out if there is going to be a dip or not and if you might want to wait with some of your BTC purchases, rather than just making sure that you are buying BTC regularly and also that maybe you are figuring out ways to either increase your income or to cut your expenses so that you have more disposable income in order to buy more bitcoin on a regular basis no matter if you believe that the BTC price is up or down or sideways.

Quote from: Ndabagi01 on Today at 11:06:40 AM

Quote from: Mayor of ogba on Today at 01:03:29 AM

Quote from: Dailyscript on August 08, 2024, 08:29:01 PM

Holding our coins in non-custodian wallets is still the same thing as staking if we maintain the discipline of not touching it the only difference is that apart form the increase in the value there is no extra reward in terms of quantity in the amount of holdings.

Holding bitcoin in a self-custodial wallet is different from staking bitcoin on a centralized exchange. Before you can stake bitcoin on a centralized exchange, you need to move your bitcoin to the centralized exchange where you want to stake it, which will give the centralized exchange access to your bitcoin, and your bitcoin will be at risk because you don't have access to the private key. The centralized exchange team can cook up a cock and bull story that their exchange was hacked and they lost all their assets to the hackers just for them to steal your bitcoin without you suspecting them. Holding bitcoin in a self-custodial wallet gives you full control over your bitcoin, and nobody can tell you any false story about your bitcoin because you are in charge of the private key.

Anything that has to do with leaving your funds in an exchange is already a red flag to me. You have lost all control of your funds and you should be ready to face the consequences of that. There are exchanges that have reputation but after big exchanges with such reputation fall scammed what more else do you need to be convinced that exchange is not the right place to leave your funds in. Haven’t heard of the likes of Mt. Gotz and FTM, they were top exchanges and now have fall scam and have stopped existing. If you want to have a clear mind and to be free of doubts about your money, keep it safe with you with your keys provided by the self-custody wallet you’ve saved them in.

If you are buying $10 of bitcoin per week, then you might want to wait several weeks, even maybe up to a year before you transfer your bitcoin to a private wallet in order that you are managing your UTXOs more responsibly. It would not be a good thing for folks to be transferring a whole bunch of small transactions to their private wallets and then years down the road realize that their UTXOs are quite small and they are having to use a lot of fees in order to spend them.