It is better to adopt the DCA method. You can buy weekly or monthly amounts of $20, $50, $100. It is better for traders to wait for the market to fall but not for holders. After buying $500/1000, you transfer your high security to a wallet. I created a wallet, saved the phase well,
You are referring to the seed phrase that serves as a back up, which can be 12 or 24 words and there are some wallets that allow differing numbers even though 12 and 24 words are probably the most common.
kept the wallet address, deleted the wallet and only transferred bitcoin from the exchange to that wallet address and I think this is safe and good. And I wrote the phase of that wallet in a diary and told my wife because if I die, she can find them.Because a few days ago a boy in our village died. He held Bitcoins like this but we don't know his wallet phase so they couldn't be saved anymore.
Surely passing down the wallet or the back up phrase is not necessarily easy, and there are some folks who want to limit the access of the heir(s) while they are alive, but they want the heir(s) to be able to get access the information upon their passing or incapcitation or maybe at some point that they would have had either authorized release or sufficiently lost capacity.
. It is better for traders to wait for the market to fall but not for holders.
It makes no sense waiting for the market, yes it's true that traders prefer waiting but that doesn't mean that they can outsmart the market by acting in such a manner. The best thing to do is to buy Bitcoin anytime your discretionary income is available and hold because that's the only way you can achieve something huge with Bitcoin, all other means that traders are doing thinking they can make a fortune from the market are just time consuming and less rewarding when compared with someone that accumulated a huge stash of Bitcoin and hold for a long duration like 10 years or more.
So in essence of what am trying to say is that waiting doesn't guarantee success, and it's a terrible way to accumulate Bitcoin.
I suggest you to clarify your position, do you want to be a trader or an investor?
This thread is specifically made for investors and it would be better to discuss investment here. Because discussing investment and discussing trading will not be the same and the advice is also contradictory.
Does my write up makes me looks like a trader?
I don't really think so if that's what's going on in your head, I was trying to address what cpt_reader said, and yes it's true that this thread is mainly about investment in Bitcoin, but In the cause of discussion you can't totally avoid comparing investment in Bitcoin and trading, so forgive me if you think am turning this thread into something else, because am an investor, not a trader.
There are some forum threads that are about trading and others about investing.
I think that this thread is about either topic since at the times of the creation of this thread, OP seemed to be questioning whether it was a good time to sell or to buy bitcoin, and the bitcoin price was in the $50/$60ks at that time.
Through the various posts in this thread there have been a good number of guys proclaiming that investing is better than trading, so it seems to me that trading is not off topic for any member who might be wanting to argue that trading is a better way to deal with bitcoin or to argue other various favorable points in regards to trading rather than investing.
Don't get me wrong. I think that trading is mostly dumb, especially when it comes to bitcoin and especially if a guy might be trying to accumulate more bitcoin, yet some guys have their own views, and from my opinion, talking about trading or arguing in favor of trading is not off topic in this thread.
So true, and I like the fact that you politely addressed this issue about trading and investing, not to think that any is off topic but to be Able to actually be on the right track as a bitcoin investor whose initial strategy is focused on the long term goal of investing. And in this context I fully agree with you that as a bitcoin investor whose strategy is focused on the long term goal of accumulating don’t have any business with trading, and is even more dumb if the investor is trading for a short and quick gains. Every focus should be on your consistent accumulation and hold for the long term and build up your portfolio without panicking to sell when you notice a little downturn in the market. Bitcoin investment is a long term investment strategy and at such should be treated as one and not trading for short term goal which you will still end up regretting in the near future just like some folks are regretting now that the bitcoin price has skyrocketed and I’m sure many folks who will likely trade now will still be in regret in near future. I know nothing is certain In bitcoin investment but there’s hope in being patient and accumulate consistently and hold for the long term.