Post
Topic
Board Speculation
Re: Road to 100k?
by
Odohu
on 27/08/2024, 13:32:28 UTC
The idea of getting started does not necessarily mean that anyone needs to start by investing a lot, and the getting started causes them to have to learn more about how bitcoin works and where to get price exposure. 

Most people should have some general idea about how much discretionary income that they have, so even a person who knows that they have $100 per week that they could invest into bitcoin, might decide to start with $20-$30 per week while they are investigating further into bitcoin, and maybe it takes them several weeks or even several months to get more comfortable that they feel more comfortable to increase their DCA amount to perhaps $50 per week, and after some time they might be able to figure out how to increase their income and/or to decrease their expenses, so that they have $150 or $200 per week that they could invest into bitcoin, but they might decide to increase their investment to $80 or $100 per week at some point later down the road. 

Surely, there is no exact formula even though there can be reasonable ways to get started, and some folks are going to have to figure out their local options, which also can take a while to figure out.. .and many of us might take a while to just set up one account on an exchange or we might try to find places that we can buy directly, which can be harder to do if the purchases are every week.  Some current BTC holders might not want to sell small amounts of BTC (such as less than a few hundred dollars), but individuals are going to vary and maybe some folks might not want to sell directly if they have to replace their coins.  I remember when I used to sell bitcoin directly and in person, I would replace them, so I wanted to make sure that my selling costs were going to be higher than my replacement costs (so maybe even having something like a 5% premium), otherwise it would not be worth it for me to go through with the transaction.
You are absolutely correct sir JJE getting started doesn't mean an investor need to invest all that he or she have that is why it is always important and advisable to invest an amount you can afford to lose and getting started will also an investor know more about how the whole thing works, the strategy that can be suitable to use as a starter the DCA strategy is always recommendable then as time approaches an investor can decide to increase the amount of his DCA because his get to know more about how Bitcoin investment works. So it is very important to get started first instead of trying to know all about Bitcoin investment.
You have to keep your goals and investing strategy levels right, the way you mentioned investing here is not correct at all. Because when an investor invests by following the DCA method, after meeting his basic needs, he can invest in Bitcoin with all the extra money. Properly he can sustain his investment for a long time, and if an investor invests all his income in Bitcoin, he will never be able to sustain his investment for a long time. That is why we need to follow the DCA method in our investments by following the DCA method and targeting the next Bitcoin market.
This is the mistake that many investors including myself made when I started and it drew me back a little because I had to sell some of my Bitcoin when I had some challenges I needed to fix urgently. When I learnt the DCA method, I was so excited that I started implementing it almost immediately but then I never learnt about the need for emergency funds. It was from following discussions in this forum I also learnt the concept of emergency funds which I also applied and go the problem of sudden sell off solved. If you meet your basic needs, which is the first step, but failed to make provision for emergency funds, when emergencies arises, you will not have any option than to resort to your Bitcoin which will be the first thing that our mind will tell you. We are not praying for emergencies but they are things that are bound to happen so we have to plan for it if we must enjoy investing and preserving the investment. Irrespective of any method you are using, the idea of emergency fund is something very important because that is like a protection you are giving to your investment.