Quote from: Mayor of ogba on Today at 05:06:13 AM

Quote from: GIF-JOBS on October 13, 2024, 11:19:08 AM

Quote from: cryptoWODL on October 12, 2024, 01:31:14 PM

Quote from: sotelorene on October 11, 2024, 07:54:26 AM

if you said our focus is to buy Dip and the market haven't that means we won't buy Bitcoin right? perhaps our focus should be accumulating and holding regardless of the market price which is the DCA method or strategy.

If you are using DCA strategy for investing then why wait for dip period like a fool. Buying Dip may not be easy for those who are just starting Bitcoin investment i.e. new investors. Also, waiting for a dip period in the market is also unwise, there are some investors whose main goal is to buy bitcoins during the dip period i.e. they want to buy more bitcoins at low prices. But the time they wait for does not happen in the regular market and hence they are not able to invest. But they had ample opportunity to buy bitcoins at any given moment in the market.

Dips are unpredictable, so instead of waiting for this period to invest, one should set a fixed source of income and prepare to buy bitcoins immediately i.e. buy bitcoins continuously and prepare to prolong Holding. By buying Bitcoin regularly you can take advantage of any time in any market.

In fact, those who wait to buy dips are always missing out on good market opportunities because the times they may have been waiting for never come. Market ups and downs are often unpredictable, and we may not be able to buy precisely at the moment a dip occurs.

We have gained a lot of knowledge about bitcoin investment in this thread, and we now know the strategies to combine together that will allow us to consistently be accumulating bitcoin and also wait for bitcoin dip to happen so that we can buy the dip and also increase the size of our bitcoin investment. For instance, if you want to wait for the bitcoin dip so that you can accumulate some of your bitcoin at a low price, you can divide your bitcoin accumulation money into two equal parts, and you will keep one part for buying the bitcoin dip any time it happens, and you will use the second part to be consistently accumulating bitcoin with the DCA strategy, which will allow you to take advantage of the market and also make you not miss out on bitcoin investment. Investors who only want to accumulate bitcoin in a dip are the ones who will miss out on bitcoin investment because they are not certain if bitcoin will dip to where they will be comfortable accumulating it. This will make them less active in accumulating bitcoin, and the chance of not accumulating a good amount of bitcoin is very high because no one is certain how often the bitcoin dip will happen each year.

Of course, newbies can do whatever they want, yet I would not recommend holding back value to wait for dips that may or may not end up happening, unless maybe he might start out with a lump sum and/or front loading his/her BTC investment right from the beginning. Otherwise it is probably better for newbies to concentrate on buying regularly (perhaps weekly) rather than giving too much thought about whether the BTC price might be dipping or not dipping.. and getting distracted into possibly employing unproductive waiting strategies. But hey, each person can do whatever he likes and he is going to have to live with consequences in regards to whatever might happen in terms of his having had created good BTC accumulation strategies and including whether he might have been aggressive enough in his accumulation or not..

Quote from: inearth on Today at 06:04:36 AM

I have decided to invest in Bitcoin, I know about DCA and DCA's feasibility, and I have gained a rough understanding of Bitcoin and Crypto. But I still don't know much about them. But I decided to start investing in Bitcoin. And in DCA I will continue to invest and slowly learn everything about crypto. Hopefully I can move forward in this way.

Welcome to the forum and welcome to bitcoin investing.

If you want to waste your time and energies fucking around researching into shitcoins (aka crypto) then that is your choice. This here thread is about bitcoin, so hopefully you don't distract yourself too much with such nonsense such as crypto whatever that might be which seems to boil down to a bunch of shitcoins that likely end up wasting your time, energies and money, that is if you are not able to focus and you let yourself get distracted into such nonsense.

Consider attempting to focus yourself and learn about and figure out bitcoin first, and so hopefully you have figured out some regular investment strategy that allows you to make sure that you are buying bitcoin regularly and making sure that you are taping into your discretionary income rather than money that you might need in the next 4-10 years or longer... so it can take a quite a bit of time to establish an investment and a BTC accumulation groove and also to get your cash management skills in place and to learn about various aspects of bitcoin while you are buying it regularly and building up your BTC stash.

So it tends to not be healthy to be considering get rich quick ideas, and you likely need to figure out your budget, whether you are able to buy $100 per week or $10 per week or whatever might be your regular buying amount, it can take a while to build up a BTC stash without overdoing it and making sure that you invest enough without dipping into money that you need for your various expenses that likely exist on at least a monthly basis.

Many guys take a while to build their BTC stash if they are merely DCA buying it every week, yet sometimes there can be opportunities to lump sum invest and/or to front load your BTC investment depending on your resources and maybe if you ever come across extra cash (discretionary income) that you can add to your BTC investment, then you can consider categorizing any of that extra cash in terms of DCA, lump sum (buying right away) and buying on dips...

And surely at the same time that you are investing into bitcoin and building your bitcoin stash, you may well need to keep in mind various justifications for building up and maintaining various back up funds that includes an emergency fund of at least 3 months of your expenses.. so that you never would have to tap into your bitcoin investment, except at a time that is completely of your own choosing. which if you have an intention to invest into bitcoin rather than trading it, then you may well be wanting to consider how to build your bitcoin investment over 4-10 years or longer and learning what you are able to learn along the way in order to figure out if you need to tweak and/or personalize your investment strategies within your own personal circumstances (such as the 9 individual factors that I listed in another post). A lot of the learning tends to come from getting involved and doing your research, yet at the same time you can bounce ideas off of various members in this thread or other forum threads you find to be interesting, and sure it is up to you if you can figure out ways to stay focused on bitcoin rather than getting distracted into pump and dump schemes.

Quote from: GIF-JOBS on Today at 06:36:01 AM

Quote from: inearth on Today at 06:04:36 AM

I have decided to invest in Bitcoin, I know about DCA and DCA's feasibility, and I have gained a rough understanding of Bitcoin and Crypto. But I still don't know much about them. But I decided to start investing in Bitcoin. And in DCA I will continue to invest and slowly learn everything about crypto. Hopefully I can move forward in this way.

Just to invest in Bitcoin, we don't need to have complete knowledge about Bitcoin, we can start investing only if we know the basics.

Preliminary planning is always very important before starting a new investment. A novice should take firm decision before starting investment, he should not think about profit, his plan should always be long term. If a new investor makes a proper plan and believes in the future potential of Bitcoin and buys Bitcoin for a long period of time, then he can definitely make a profit in the future.

There is no guarantee of profits, yet at the same time, if the bitcoin investor does not use leverage and merely buys bitcoin on a regular basis, then the most that any investor into bitcoin can lose is 100%. So each person investing into bitcoin should be using money that he does not need for his expenses and realize that his bitcoin investment is not guaranteed to go up... yet if he is investing for a long time into bitcoin he can continue to learn about bitcoin and hopefully gain more and more confidence in both investing into bitcoin and also managing his bitcoin investment, which includes hopefully learning how to self-custody most of his bitcoin rather than leaving his bitcoin with third parties in the event that he might be buying bitcoin through bitcoin exchanges.

Quote from: GIF-JOBS on Today at 06:36:01 AM

But before you start investing, you must pay attention to your financial management. You need to create a strong source of income.

This is true. A person should not be investing into bitcoin unless it is extra money that is not needed for his expenses... so some people make way more money than their expenses, and other people struggle to make enough money to cover all of their expenses. So it can take some skills to make sure that the income is sufficiently exceeding expenses in order to NOT be investing into bitcoin with money that will be needed in the next 4-10 years or longer.

Quote from: GIF-JOBS on Today at 06:36:01 AM

There are times in our life when our monthly expenses are higher than usual, i.e. during inflation, our expenses will increase due to inflation or extra expenses, at this time, you will reduce the amount you use to buy bitcoins in that particular month. But you have to keep in mind that time so that your investment does not stop at once. You need to continue investing, if your cost is low, you can increase the amount of Bitcoin investment, and if the cost increases, you can reduce the investment amount, but in no way can you stop investing in DCA.

These are good ideas too.. except that it seems to me that you have to make sure that all of your expenses are going to be covered before you invest in bitcoin, and if you have doubt about your having enough money then you should not be buying bitcoin with money that you might need for your expenses, and so it seems that a lot of folks can attempt to make sure that they maintain enough cash cushion so that they are able to buy bitcoin every week, yet if your income versus your expenses is tight, then you could run into troubles if you buy bitcoin with that money. And, if you make mistakes managing your cashflow and/or investing too much or too little into bitcoin, you have no one to blame except yourself. You have to figure out an investment balance that makes sure that you don't put yourself into a position that you screw things up for yourself in your finances and even having to sell bitcoin at a time that is not completely of your own choosing, which surely might be 4-10 years or longer down the road before you might start to sell some of your bitcoin if you had been spending quite a bit of time accumulating it... depending largely on your own BTC accumulation circumstances.

Quote from: GIF-JOBS on Today at 06:36:01 AM

And I think an investor must have a reserve fund and emergency fund before starting investment, so that his investment does not stop in any way.

Those kinds of funds are not needed to be established in advance, yet they may well may need to be established in the early days of getting started investing into bitcoin, so a person investing into bitcoin might have to invest into bitcoin more conservatively in the beginning as he is building up at least his emergency funds in the event that he does not have an emergency fund of at least 3 months of his expenses... so maybe in the first year or so, a guy might be buying $50 worth bitcoin and putting $50 into his emergency fund, and so after a year, he has around $2,600 in each... so are his expenses? around $900 per month? then $2,600 would nearly be 3 months worth of expenses. Perhaps after getting his emergency fund to at least $2,700, then he would thereafter be able to invest $100 per week into bitcoin and just maintain his emergency fund in case he has an emergency, such as loss of income or some health event that causes his expenses to go up unexpectedly.

Quote from: GIF-JOBS on Today at 06:36:01 AM

That is, in any unexpected situation, you can handle that situation with that emergency fund.

Once the Emergency fund is established, it may well never have to be used, and surely a guy might also have reserve funds too that are more flexible beyond the funds that are kept in the emergency fund. A guy is going to be much more empowered, including more able to be more aggressive in his bitcoin investing if he also maintains an emergency fund and perhaps other kinds of back up funds too.

Quote from: GIF-JOBS on Today at 06:36:01 AM

Definitely plan DCA long term, if you manage DCA properly we can slowly build our bitcoin stash. A "hodley" or long-term investment attitude is the key to success from DCA.

4-10 years or longer is long term. If you are planning to get in and out of bitcoin in less than 4 years, then you are trading rather than investing, and sometimes it can take a bit of time for guys to recognize and appreciate the power and the benefits to themselves to both develop and to try to reinforce an investing mindset and approach to bitcoin rather than thiniing about bitcoin as if it were a trade and planning to trade it rather than learn about how to get into an investment mindset to be able to allow more likelihood that bitcoin is going to actually empower you rather than allowing you to gamble with one of the best investments (if not the best investment) currently available all across the globe to poor and to rich and to anyone who is willing to invest into it. Of course, rich folks have advantages based on their having more money to work with, but even though rich people are rich, they don't necessarily appreciate the power of investing into bitcoin, so they way well not take advantage of bitcoin being available to them and to everyone else.

Poor people are likely to be more empowered by bitcoin, but they still have to figure out and put into practice their various methods they do not end up gambling with what should be an investment a way that they can build wealth and to put themselves at an advantage after really learning how to do it through ongoing, consistent and persistent practices of buying it and guarding what they have bought - even if it might take a while before the BTC stash becomes profitable and even if the BTC stash might shoot up in price in the short term, there still need to be practices of continuing to buy BTC rather than getting lured into selling it before it is really enough.... and each person has to figure out how much is enough? is it one year worth of expenses, is it 10 years worth of expenses, is it 25 years worth of expenses? or is it something else. I sense there are ways to likely establish systems in which getting to 10 years worth of expenses and also measuring that BTC value from the 200-WMA may well be enough to get to entry-level fuck you status, yet surely each person needs to figure out both how to evaluate how much is enough for them financially and psychologically if they are planning to stop working and to live of their BTC or if they might feel that they might need to keep accumulating BTC until they establish enough of a financial cushion or perhaps with the passage of time the valuation of BTC may well continue to sufficiently go up to allow the intersection of time and the intersection of how many BTC the guy has to be enough...

Quote from: Justbillywitt on Today at 07:00:47 AM

Quote from: inearth on Today at 06:04:36 AM

[edited out]

.....And there are certain things you need to put in place before starting your investment journey, they are;
Emergency funds, reserve funds, floating funds etc.

New investor to bitcoin do not have to establish their emergency funds, reserve funds and floating funds prior to investing into bitcoin, even though they need to make sure that they have discretionary funds, and they are not using money that they need for expenses... Emergency funds can be built up simultaneously to building up the size of the bitcoin holdings, and surely each person needs to figure out how he is going to want to make sure that he manages his cashflow well and does not make mistakes, since no one is going to save him if he fucks up, whether he invests too little into bitcoin or if he invests too much into bitcoin.

Many of us likely realize that one of the main things for any investor whether newbie, whether rich and/or whether poor is that there is a certain value to make sure that he figures out a way to stay in the game and not get forced into having to sell any of his bitcoin at a time that is not of his own choosing, and so a brand new bitcoin investor might not realize how to balance various aspects of his cashflow and make sure that he does not over do it or underdo it, yet those are skills that most people should be able to figure out with practice and a bit of focus in terms of trying to learn from their experiences and various resources that are available to them without getting distracted into nonsense, dumb ideas and/or shitcoins, gambling and/or trading without first establishing their BTC investment strategies and practices.. and each of us is responsible for our own choices, including if we might choose to make dumb mistakes or mistakes that could have been avoided or at least minimized... yet surely some folks are not going to learn until they make a few mistakes too... and some mistakes are easier to recover from than others.

Quote from: Justbillywitt on Today at 07:00:47 AM

And you have to have a good source of income. It's good you already know about DCA strategy. And one thing I will tell you is that, don't invest money that you will be needing in one or two years time in bitcoin.

I would suggest to try to get into the mentality of not investing money that you need 4-10 years or longer, which can cause a certain level of moderation, yet also realizing the importance that there is a bit of locking up of the money into the bitcoin.

There are some people who might sometimes spend from their bitcoin, yet it seems that any guys who are still in their early accumulations phases that may well take more than a whole cycle, those guys might want to make sure to practice spend and replace so that they are always accumulating bitcoin even if they might come across circumstances that they might want to spend some bitcoin in order to support bitcoin infrastructure.

Quote from: Justbillywitt on Today at 07:00:47 AM

Also make sure that you have set up your wallet where you will be holding your bitcoin and make sure nobody has access to the seed phrase. As a newbie feel free to ask questions about bitcoin here anytime you feel lost and need directions. People here will assist you.

There is no need to figure out the bitcoin wallet prior to getting started investing in bitcoin, yet of course, any bitcoin that is purchased through third parties such as an exchange is not really your bitcoin until you move it to a private wallet, so it is good to learn about various kinds of private wallets and figure out how to get into the practice of keeping most of your BTC off of exchanges, yet at the same time, you don't need to learn those things right away.. It is probably better to get started first and then figure out the order in which you want to learn things, while at the same time learning that there are risks in keeping your BTC with any third parties, including but not limited to exchanges and/or also getting lured into products that tell you that they will hold your bitcoin and pay you yield.. Newbies have to be careful to avoid those kinds of ways of custodying their BTC and/or getting too greedy trying to earn money with their BTC prior to just building up their BTC stash and figuring out ways to hold it privately and also holding their BTC in ways that they UTXO sizes are not too small. .. so UTXO management can become an issue and a concern, even though it is not something that has to be learned right away and before buying bitcoin. Of course the more BTC that you buy in the beginning, then the more justifiable it is to make sure that you are not holding it on exchanges, especially if you start out buying several thousand of dollars of BTC or several months worth of your income/expenses worth of bitcoin.