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I also think so. I do not support Bitcoin trading or holding for a short period of time. Without a long-term plan for Bitcoin, we cannot make real profits. Therefore, we should buy Bitcoin with the mindset of holding for a long time. It is better to adopt the DCA method. It is better to adopt the method that is best for us. It is better to buy according to our own wishes, buy when we want, but we have to stay on buying. Bitcoin has already reached an all-time high. We hope that something good will happen very soon. If we buy Bitcoin, it will not lose, we just have to wait for time. I think we can buy Bitcoin and sleep peacefully, and after two, four or ten years we will see that we will get a lot of profit.
It's not necessary to sleep soundly after buying Bitcoin for the long term, even if we store it in a safe place, especially if we buy a small amount. But for those who can afford to buy a large amount at once, perhaps they can take a nap to rest their minds, because the next day they'll have to think again about buying Bitcoin and storing it in their personal wallet. The more frequently and consistently we buy Bitcoin, the better it will be for us, as a larger holding of Bitcoin clearly has the potential to yield more tangible benefits. So, let's keep working on the path we've been on so we can more regularly set aside money to buy Bitcoin, regardless of the price. Our goal is long-term, so we don't need to focus so much on the price, even though Bitcoin has hit new highs several times this month.
When I was in my earlier years of BTC accumulation like 2014, 2015, 2016 and perhaps even into 2017 and 2018, I used to set various kinds of bitcoin alarms, so I think that I tended to be watching the price more than I am now.. and so I think that sometimes when we are first building our bitcoin position, there can be a lot of tendencies to watch the price.. and even to get emotional about it.
Yet, I also think that we can learn to be less emotional about it, yet at the same time, bitcoin is so volatile and so curious of an innovation, invention, discovery, so even when we might build up our investment systems in order to try to be less emotional, we can still be sucked into watching it a lot and thinking about if there might be ways that we can tweak our various plans based on what the price is doing.
At the same time, we likely still have to develop some sense of where we are at, how we got to where we are at and where we plan to go, even though we cannot know any of it with any exact certainty. We can ONLY attempt to control the aspects of our bitcoin investment, our cashflow management and various aspects of our psychology by the parts that we can control, which is our own actions and having some plans that we don't necessarily need to have in the very beginning, yet that we can build along with building our investment into bitcoin... which like I frequently suggest getting through a whole cycle is likely quite helpful to any of us.. to help to orient us in terms of also considering how much of a bitcoin stash we might have had accumulated in our first cycle that might affect the extent to which we might need to adjust anything in what we are doing in terms of accumulating or maybe we have to accumulate for another whole cycle and then reassess after two full cycles.
Even with you, iamsange, you have more than two full cycles in bitcoin,.... even more than 9 years, so you are not very much behind me with my 11.5 years in bitcoin, yet each of us has our own ways of starting out and maybe taking some time before we might become more bitcoin focused and maybe less inclined to trade, but surely we each have our styles and sometimes we make changes, and other times we just build and tweak various aspects of our original paths to account for our financial and psychological circumstances and our learnings along the way.
It seems to me that there is no reason for a bitcoin accumulator to panic sell if he already had developed and had been following various plans to manage his investment and to develop and practice strong cashflow management, so confidence comes from the reinforcement of ongoing actions, and yeah, when a guy is first building up his bitcoin holdings, it can take a whole hell of a lot of time - 1 or 2 cycles to get the bitcoin position up to a size that is meaningful within the guys income and position in life, and so we do not necessarily buy bitcoin with an intention of selling right away, especially if we might have an investment timeline that is 4-10 years or longer..
So maybe if the bitcoin accumulator will spend 6 years accumulating BTC, and then he might spend another1-2 years merely holding before transitioning into some kind of a sustainable withdrawal that might be price-based and/or time-based.
I go over quite a few of my ideas related to sustainable withdrawal
in my thread, and it seems that I have been a proponent of incremental sales of BTC rather than selling large chunks of the accumulated BTC at any given time - which I would consider large sales to be serving as a forum of trading rather than an investing approach to BTC portfolio management. I dont' recommend trading bitcoin or even setting up a bitcoin portfolio up as something to get in and out of rather than setting it up to be 4-10 years or longer, and generally guys should not be selling their whole bitcoin portfolio in less than 10 years unless he has age and/or health related matters that contribute to such need to sell at a time that is less than 10 years.
I also think so. I do not support Bitcoin trading or holding for a short period of time. Without a long-term plan for Bitcoin, we cannot make real profits. Therefore, we should buy Bitcoin with the mindset of holding for a long time. It is better to adopt the DCA method. It is better to adopt the method that is best for us. It is better to buy according to our own wishes, buy when we want, but we have to stay on buying. Bitcoin has already reached an all-time high. We hope that something good will happen very soon.
If we buy Bitcoin, it will not lose, we just have to wait for time. I think we can buy Bitcoin and sleep peacefully, and after two, four or ten years we will see that we will get a lot of profit.
You don't buy bitcoin as you wish to buy but you're to buy bitcoin within your own discretionary income so that you don't buy bitcoin with money that is not your discretionary income and end up selling when you need arises. It means that you are no longer investing but gambling. If you want to buy bitcoin make a proper calculation on how much of your discretionary income that you can use to buy bitcoin and have a bitcoin target as you goal to accumulate overtime. We all wish to have 50btc but is it possible. No because we are plebs.
You don't just buy bitcoin and go to sleep but you need keep your bitcoin accumulation ongoing, consistently and persistently with your regular weekly DCA for 4-10 years and above. This will enable grow your bitcoin portfolio to a good size in future and if possible reach your bitcoin target. Bitcoin is getting more expensive as time passes on, this is why you need to accumulate as many bitcoin as possible for your future so that you wouldn't regret in future when you have very little bitcoin because you were waiting and sleeping instead of increasing the size of your portfolio.
Don't forget that it's the size of your portfolio that will determine your profits in future and the measure that you give is what you will receive.
I agree with everything you are saying Merit.s , yet at the same time, each of us needs to recognize and appreciate that bitcoin is such a great asymmetric bet that we have to try to accumulate as many as we can, but at the same time, we have to make sure that we don't overdo it, and sometimes we might need to error on the side of making sure that we are not investing beyond our capabilities, including being careful with any temptations to employ leverage... so that we make sure that we get better and better at our cashflow management so that we know how far we might be able to go without overdoing it and/or without taking the chances that we might unwittingly end up overdoing it without realizing it.
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I also think so. I do not support Bitcoin trading or holding for a short period of time. Without a long-term plan for Bitcoin, we cannot make real profits. Therefore, we should buy Bitcoin with the mindset of holding for a long time. It is better to adopt the DCA method. It is better to adopt the method that is best for us. It is better to buy according to our own wishes, buy when we want, but we have to stay on buying. Bitcoin has already reached an all-time high. We hope that something good will happen very soon. If we buy Bitcoin, it will not lose, we just have to wait for time. I think we can buy Bitcoin and sleep peacefully, and after two, four or ten years we will see that we will get a lot of profit.
It's not necessary to sleep soundly after buying Bitcoin for the long term, even if we store it in a safe place, especially if we buy a small amount. But for those who can afford to buy a large amount at once, perhaps they can take a nap to rest their minds, because the next day they'll have to think again about buying Bitcoin and storing it in their personal wallet. The more frequently and consistently we buy Bitcoin, the better it will be for us, as a larger holding of Bitcoin clearly has the potential to yield more tangible benefits. So, let's keep working on the path we've been on so we can more regularly set aside money to buy Bitcoin, regardless of the price. Our goal is long-term, so we don't need to focus so much on the price, even though Bitcoin has hit new highs several times this month.
If someone wants to buy Bitcoin with their saved money and keep it for 4-10 years by using a secure wallet and go to sleep, I will support it. due to which he will not be influenced by greed or any other rumors. Though there is no guarantee of profit in investing in Bitcoin. But Bitcoin's past behavior and future prospects provide reason for optimism. If someone use DCA strategy in buying Bitcoin by his discretionary income, it is easy for them to hold it for the long term and grow their portfolio. By applying this method, the holder can increase his holding without any risk. Regardless, there is certainly no better strategy than DCA in terms of holding Bitcoin.
I understand that we have different personality types, and I personally consider bitcoin to be one of those kinds of investments to continue to interact with, even if we might haver had invested big in the beginning, but yes, I understand that we have our own personalities, and some folks do want to get into a kind of set it and forget it, whether it is automatic DCA or maybe just stocking the bitcoin away and just going on with various other aspects of life, and surely there are importances of having a life outside of bitcoin.