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Please I will like you to elaborate more on this, because I don't understand how collecting bitcoin using the DCA method weekly will reduce someone's additional expenses. I would like to know those additional expenses you are referring to. Because to the best of my knowledge, buying bitcoin is also an expenditure which one has budgeted from his discretionary income. So what are those additional expenses that DCA will reduce for the investor?
Note: You know I am a newbie and I'm trying to learn as fast as I can.You are a newbie trying to learn as fast as you can?
Yes Sir, I am a newbie, and I am trying to learn as fast as I can that's why I am here Sir. That's why I have started paying close attention to this thread recently because I have come to realise that this is the only thread that can teach me things that I need to know about buying bitcoin and holding it.
When you are new to a topic, you can learn from a variety of sources. Sure, you don't want to learn bad habits or bad information, yet I have difficulties understanding why this thread would be any better than any other place, except maybe if you have resonated with some of the ideas in this thread and such resonation is helping you to pay attention better.
Another thing that likely helps learning is when can relate to the topic due to earlier experiences and/or perhaps attmepting to put some of the learnings into action.
Have you started buying bitcoin yet?
Yes Sir, I started buying bitcoin three months ago. I have been buying gradually from what I have read in this thread. They said newbies should be buying using a method that is called DCA. That is what I have been doing for the past 3 months.
That sounds good, and of course, you realize that you are responsible for any decisions that you make, including that there are possibilities that DCA might not be correct for you.
I tend to think DCA is a good way to start for a lot of guys including newbies to bitcoin and/or newbies to investing, yet there is also a need for each of us to consider various aspects of our personal circumstances... or at least be attempting to learn our personal circumstances as we are investing into bitcoin, whether it is $100 per week or $10 per week or some other amount and time period hat you consider to be fitting to your personal situation. So, yeah, sure getting started is helpful to learning, even if you might later change your mind about what you are doing and your technique.
It looks like you have been registered on the forum for 4-ish months. Did you start looking into bitcoin prior to your forum registration?
Yes Sir, you are right I registered not quite long ago. A friend of mine introduced me to the forum. I have been doing much of reading on different threads trying to understand the forum that's why I haven't been posting much yet, because as a newbie I ought to be doing more or reading than posting. I learnt that from your posts that I have been reading in this thread. No I haven't I started looking into Bitcoin after my registration here in the forum. Anything I know now is what I learnt from from the little time I have been reading the pages of this thread.
Fair enough, and sometimes as you learn you will have questions or you might want to share your experiences, and the forum can be very helpful like that. I am not against the idea of reading more than posting, yet the forum is not like a book, so there might be some needs to have interaction in order to attempt to get better value out of your forum participation.
You seem to have the right idea that if we consider our income and then our basic expenses (which sometimes can vary or be a bit unclear if they are basic or not), then once we subtract our basic expenses from our income, we have our discretionary income (or our discretionary funds).
Thank you sir this mean so much to me that someone like you is giving me this complement. I really appreciate you Sir, that means my months secretly following this thread was worth it.
I doubt that we have learning without making mistakes, and I know that I have made plenty of mistakes over my 11.5-ish years participating on the forum...
I think that Popkon6 likely misspoke when he was suggesting that employing DCA allows for the reduction of expenses,
Alright Sir, if you think Popkon6 misspoke, I will take it that way. I just wanted to be clear on things I find confusing, that was why I quoted him to draw his attention.
Fair enough. Nothing wrong with attempting to get clarifications, since many times the more complicated areas are not going to make sense if someone is describing some of the basics in confusing ways.. .. and sometimes a member might be making a different point and not realize that he made a mistake in an area that he might have had thought was not central to the points that he was trying to make.
Sometimes, we will also get in battles with each other when members are using terms differently from one another, so sometimes it can be helpful to try to get some clarity, even if sometimes it will not resolve the matter of members continuing to use some terms in confusing and/or ambiguous ways.
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The advantage of depending on bitcoin as a better alternative to the conventional banking system is far too enormous and are all centred as a means that is to your own advantage. keep $10k in the bank ten years ago and go back to get it, if the bank is still in existence and you are able to get your money, the $10k qill remain same amount with chances that such account might have been termed a dormant account that has been handed over to the government placing you at the lossing end. do same with bitcoin for that lenght of time and you can boost that you are a millionaire at the present because of the difference between bitcoin price ten years ago and what it currently is now.
You are correct that $10k into bitcoin, would have had resulted in at least a million dollars under a variety of scenarios..
We likely would not expect buying BTC at the bottom of the market, yet we could figure the range to be of BTC prices 10 years ago (in 2015) to have had been between about $225 to $450 per BTC, so best case would have been around 44.44 BTC, and worse case would have had been 22.22 BTC... and so any of those cases would have resulted in at least $1 million valuation of the bitcoin as long as the person had sufficiently and adequately protected such BTC.
Even if a person would have had invested the
$10k over two years from January 1, 2015 until December 31, 20016 (that would have had been $100 per week), and would have had resulted in right around 30 BTC.