Quote from: Tungbulu on Today at 03:17:51 AM

Quote from: JayJuanGee on December 02, 2024, 05:39:42 PM

In the context of this thread we are not talking about trading or selling bitcoin in order to accumulate more bitcoin. Selling is not a good strategy to accumulate more bitcoin.

Sure the title of the OP might be misleading, since it has a concept of buying bitcoin on the dip, which implies that there might be some advantages to identifying the dip or even to wait for the dip rather than buying regularly. So there is plenty to talk about in this thread in regards to the various ways to accumulate bitcoin, and trading and selling bitcoin seems to be outside of the scope of what we have been talking about in this thread or should be talking about in this thread since if we start to talk about trading and/or selling then we get diverted from the main ideas of accumulating bitcoin for the long term, and what tactics and strategies might be effective for accumulating bitcoin.

You’re right!
The thread’s subject does suggest an idea of timing the market and waiting for a dip before, although while the other part of the subject says “And HODL” (which of course kinda frowns against selling) the whole topic still sounds kinda misleading.
But the discussion on this particular has indeed evolved and organically shifted towards considering a more appropriate approach and strategy for Bitcoin accumulation in the long term, which is the Strategy of Consistent Buying using the DCA approach.

If you ask me, I feel this shift in focus of the thread is quite an innovative and positive move/development, because it provided us the opportunity to explore different and several other strategies, p make certain comparisons as well as putting certain things into consideration in order to identify a more appropriate strategy for Long term Bitcoin accumulation and HODLing, thereby learning even more and beyond what the Topic talks about with the aid, knowledge and analysis of experts and professionals amongst us, helping us to build a more secure and solid Portfolio.

By focusing on accumulation approach, we’ve been able to explore other vast topics like the concepts of the Dollar Cost Averaging which of course so many of us never knew about, we’ve also been able to discuss the importance and benefits of having an emergency and other backup funds too.

You’re absolutely right that introducing trading or selling into this discuss could serve as a major distraction from the main theme of the discussion which of course is long term accumulation. Rather than deviating from the discussion, it’ll be more beneficial to maintain our focus on long term accumulation as this would potentially help us to provide a more valuable insight and guide to those who are also seeking after building a solid Bitcoin portfolio in the long term.

There is nothing in the thread topic that suggests either selling or trading as part of the topic, so from the start of the thread, there has been an assumption of a goal of accumulating bitcoin for the long term, yet initially the thread topic, OP and OP's author was advocating for buying on dips, so that invites the discussion and debate regarding whether buying on the dip is the better of strategies, especially when it comes to newbies, so there has developed considerable consensus that DCA is good for everyone, yet it seems to be even more beneficial for anyone who is in their earliest of times of building up their BTC stack size. Sure once they get a decent-sized BTC stack size, then it becomes less clear about whether DCA is a preferred approach, so guys have to figure out for themselves, if they think that they might want to gravitate away from a DCA strategy and into a buying on the dip strategy.

So we don't always agree how and when, which seems to be part of our ongoing discussion, apart from the guys coming in here and wanting to include trading and selling into the topic, which seems to be outside of the scope of the thread in a couple of ways. 1) selling is not a good accumulating strategy and 2) selling might come into play after a person has already accumulated a lot of BTC or too much BTC, yet we are not presuming that anyone here has reached such state of over accumulation... There are so many folks who are way early in their BTC accumulation stages, including so many folks who still have not even gotten into bitcoin yet, so they have to start by accumulating bitcoin once they do decide to start.. rather than starting by waiting... waiting is not a good strategy, either, if you don't have much if any BTC, which is the status of the overwhelming majority of the world's population, whether they realize their status or not.

Quote from: Salahmu on Today at 07:42:32 AM

Quote from: Hewlet on Today at 06:00:19 AM

i might not totally agree with you that while investing in bitcoin you should just set up a plan of accumulating 2 bitcoin and use the whole of your life in getting to that planned figure.

Yeah it is of the nature of every investors to dream big about their future accomplishment, so setting a reasonable target is good way to start the process but not every target is encouraged, so actually I would say that having a set target of 2 Bitcoin to achieve in all of his life does not sound like a target because the conviction will be very low and as the time goes you will start losing interest because of the belief that you still have a good number of years ahead of you to meet up and from such mindset other things will come in play and occupy your mind from thinking about your investment, meanwhile as we normally talk about few years targets is better because it gives us the discipline that whatever thing we do we have something very important to reach out and that idea will now be installed on our head.

I think that you are correct Salahmu in that there should be goals that are reachable and meaningful and for shorter periods of time, such as 6 months, 2 years, 5 years, and sure there can be longer goals that are 10 years or lifetime goals, but those longer goals hardly mean shit if they are just abstract pie in the sky goals, so it seems way more practical and realistic to consider various stepping stones along the way, including that sometimes if the short term goals might not pan out, then there would be back up ways of reaching the goals, and whether the longer term goals need to be changed or not might not be clear, since sometimes, any of us could get distracted off of our long term goals because our short term goals end up changing, so we might have to consider which part we might need to change or if any kind of temporary diversion is going to still allow for staying on the path, since every day we should be striving to make at least some progress towards our long term goal, whether it is ONLY buying $10 per week of bitcoin or if there may be other ways that we might be making progress to increase our income and/or decrease our expenses or some other things that we might be trying to accomplish to still keep our longer term goals in mind while also making shorter term strives towards continuing to make progress towards the goals and even having some shorter-term intermediary goals... that might involve some strengthening of cashflow management or might just involve attempting to surround oneself by people who do not cause us too much drama in life... so we can stay focused on our various, short, intermediate and long term goals and hopefully having connections with the various goals with the short term goals being way more achievable yet sometimes needing to change or tweak them along the way.

Quote from: sotelorene on Today at 11:07:31 AM

Quote from: Salahmu on Today at 07:42:32 AM

Quote from: Hewlet on Today at 06:00:19 AM

i might not totally agree with you that while investing in bitcoin you should just set up a plan of accumulating 2 bitcoin and use the whole of your life in getting to that planned figure.

Yeah it is of the nature of every investors to dream big about their future accomplishment, so setting a reasonable target is good way to start the process but not every target is encouraged, so actually I would say that having a set target of 2 Bitcoin to achieve in all of his life does not sound like a target because the conviction will be very low and as the time goes you will start losing interest because of the belief that you still have a good number of years ahead of you to meet up and from such mindset other things will come in play and occupy your mind from thinking about your investment, meanwhile as we normally talk about few years targets is better because it gives us the discipline that whatever thing we do we have something very important to reach out and that idea will now be installed on our head.

You are absolutely right and I think I get your point and of course this doesn't only happen in Bitcoin investment even in some other investment and activities, I have once set target on something that by the end of the month this where I want to reach in this..., but as days goes by I began to feel reluctant and weak reason because even if I don't achieve it that set date I will still achieve it sooner or later and to a point it was more like an procrastinating not even because I was lazy or not determined but because i believe I can still get to that set target so I have to stop and just do it in a normal way and then I start making progress. I'm not saying that setting a target is not good but sometimes it's not good it can make one reluctant or procrastinate thereby making one to lose some opportunity as a result of not completing a set target on time.

You seem to be showing why it is better to have various intermediate goals that are reachable along the way, so that you don't have to do everything at once.

I have some procrastination problems (personal issues) too, and sometimes I really cannot get myself to do certain things, yet I also know that if there are ways to break the larger project into smaller parts then it can become more achievable to do the various chunks.. or to say each day, I am going to spend 1 hour doing x, so then it becomes easier to reach the goal by the end of the week or the month because some progress was made every day or maybe every other day... something regular to make progress.

Quote from: Justbillywitt on Today at 03:37:32 PM

Quote from: Tamaperdana on November 30, 2024, 01:03:35 PM

And I remind you, if you have bought bitcoin and stored it in your wallet. Don't forget to write your wallet phrase and keep it in a safe place. Then the paper containing the wallet phrase code must be laminated directly. So the paper is not eaten by termites and remains safe even if stored for years.

You don't even have to wait till you buy bitcoin and store in your wallet first, before you will write down the seed phrase. To me it is not a safe practice. You should write your seed phrase down the moment you are setting up your wallet after downloading it from your app store. I think this is the best practice and in your own interest. Because the moment you have stored bitcoin in your wallet anything can happen. So it's safer to have the seed already written down, before proceeding to deposit your bitcoin in the wallet.

Regarding where you mentioned about laminating the paper where your seed phrase was written. It is better to keep the paper in it's original form than taking it to a computer center for lamination. Because when you take it there, there is a high possibility that a third party who is doing the laminating for you, is definitely going to see what you have written down. And once your seed phrase has come in contact with a third party, just know that your funds are not safe. Just look for a good place and store your seed phrase. Just make sure you don't keep it where termite will eat it up. If you keep your house and your surroundings very clean, termites and rodents won't come close. Try as much as possible to make sure that no third party come in contact your your seed phrase.

There is a problem if there is ONLY one back up, and so people need to consider how they are going to deal with matters, and let's say that your house burns down? Is your back up and your wallet in the same place? We cannot secure as much if we have faulty backup systems, and yeah, it can be difficult for some people, including maybe more difficulties if a person is moving locations and he might have all of his valuables in one place.. so there need to be systems that account for possible things that could go wrong if everything is in one place.. and surely the point about if any time anyone might have had seen the seed, then they might have made a copy of it, taken a picture or some kind of way of noting the seed.

Quote from: Callido on Today at 09:12:24 PM

Quote from: sotelorene on Today at 11:07:31 AM

Quote from: Salahmu on Today at 07:42:32 AM

Quote from: Hewlet on Today at 06:00:19 AM

i might not totally agree with you that while investing in bitcoin you should just set up a plan of accumulating 2 bitcoin and use the whole of your life in getting to that planned figure.

Yeah it is of the nature of every investors to dream big about their future accomplishment, so setting a reasonable target is good way to start the process but not every target is encouraged, so actually I would say that having a set target of 2 Bitcoin to achieve in all of his life does not sound like a target because the conviction will be very low and as the time goes you will start losing interest because of the belief that you still have a good number of years ahead of you to meet up and from such mindset other things will come in play and occupy your mind from thinking about your investment, meanwhile as we normally talk about few years targets is better because it gives us the discipline that whatever thing we do we have something very important to reach out and that idea will now be installed on our head.

You are absolutely right and I think I get your point and of course this doesn't only happen in Bitcoin investment even in some other investment and activities, I have once set target on something that by the end of the month this where I want to reach in this..., but as days goes by I began to feel reluctant and weak reason because even if I don't achieve it that set date I will still achieve it sooner or later and to a point it was more like an procrastinating not even because I was lazy or not determined but because i believe I can still get to that set target so I have to stop and just do it in a normal way and then I start making progress. I'm not saying that setting a target is not good but sometimes it's not good it can make one reluctant or procrastinate thereby making one to lose some opportunity as a result of not completing a set target on time.

It is careless of an investor not to include budget while starting up his investment, implementing this will serve as a precaution for consistency and enough reason why to keep the investment rolling. Everyone wants to invest in Bitcoin and earn profits but just a few are willing to subdue their funds as capital into their investment journey without a second thought of cutting off. Creating a budget is more like a predicted goal, you don't create a budget that is beyond once source of income, it should be in line with what the investor has to offer, close check from earnings, to expenses and what is left after every bills being sorted.

No way can drafting a budget make anyone reluctant, from where you started and total destination creates the impact of being more productive knowing that there is a target to be reached. An investor who chooses to be reluctant after setting a budget did so based on his personal regards and nothing else to explain.

Sometimes a person may have created a budget and he is executing his BTC investment plan, and maybe 6-12 months down the road, he realizes that he made some mistakes in his budget. One of the great things about making a plan is that there likely would be various cushions built into the plan and if mistakes are made, then the mistakes can be addressed along the way in order to make the plan stronger at the later point down the road... versus someone who had not planned very well, then that person gets themselves into a pickle since he had not planned very well and probably did not include any kind of financial and/or psychological cushion in regards to whatever he had been doing...so planning and tweaking along the way are great things for anyone in their earliest years of investing, and it can take a bit of time to really get used to following the plan and adjusting it along the way and reaching various goals along the way, too.