Bitcoin Forum

Hello, I'm new here.
I've been interested in bitcoin for a while now, and have bought 1btc to date. I've put off buying more, because the price has been dropping. Anyway, to cut to the chase, I have just inherited $10,000, and I'm tempted to convert it all to bitcoin. It seems like now could possibly be the best opportunity I may get to buy in.

$10,000 is a nice lump, but if bitcoin continues its upwards trend, $200,000+ would be life changing to me.

Thank you in advance, any advice appreciated.

$350 might be a good price to average down if your first btc is way higher. But if you don't want to take risk then wait a little longer. Buy at about $320...

Start buying but do so gradually. Long term prices will be much higher than now. But only do it if you can afford to lock it away for several years.

Do NOT put all 10k into Bitcoin.

Find some safe investments and utilize them, and put a portion into Bitcoin.

If you are certain this is what you want to do ($10k is a lot of money, and it is probably not a good idea to put what you imply is your "life savings" into a risky asset such as bitcoin) then it will probably be best to employ some kind of dollar cost averaging strategy.

You would essentially want to buy some portion of your $10k every week (or every day, or every month) until you have spent all $10k. This will prevent you from spending all 10k right before a major price decline, but will also prevent you from buying all 10k right before a major price increase

^^ This. It's much too risky to spend 10k straight off the bat, particularly if you can't afford to lose it all.

+1
It all depends what is your tolerance level vs risk/rewards.

Golden rule for investment: never invest more than you can afford to lose

theres that saying, only put what you can afford to lose.

Literally what I said 10 minutes before your post, but okay.

Best economic decision is to slowly invest more, and then if the price drops, you make sales off when you paid less than the current value.

Takes serious time commitment and patience

Dont put all your money in one basket. To minimized the risk, spread your portfolio. Invest also on other type of investment. I know that you have too much confidence on bitcoin, but its not wise to invest all your life changing savings into it.

and remember to place your wallet into deep cold storage if you plan on sitting on all that coin.

No matter what don't invest more then your willing to lose.

A lot of us think long term it has lots potential, and will go up.   But nothing is for sure.

I highly suggest never invest all in one thing.

Think about whether you can afford to lose the entire $10,000. If not, put a smaller amount into bitcoins and the rest into safer and less volatile investments.

convert 50% of what you can afford to lose. you never know the price can drop out of no where again.

Now is the best time to buy Bitcoin, just put all $10,000 into it. But everything have a risk so don't do it if you can't afford to lose those..

Go for it, it is the right time to buy btc, it wont go much lower now.

Buy btc but don't invest all!

as i've always said: never invest more than what you can lose
10,000 $ is a lot of money and i suggest you invest it in something more reliable than bitcoin. but if you insist on buying you can invest a smaller portion and see where its going from there.

p.s. didn't you have another post before saying i am going to inherit 10,000 $ from my aunt or something!

activity is tantamount to buy bitcoin future investment, where you could not take advantage in a short time, bitcoin investment activities require a relatively long time in order to get the maximum benefit, I hope you can be prepared for the unexpected when investing on bitcoin, I suggest you invest in a cloud of mining alone, where you will get a bitcoin even while you sleep ...  ::)

 ??? ??? Has the OP been reading these helpful replies?

Seriously though, when you invest, record the "buy price" and then sell them at a higher "sell price"; if you buy one BTC at $350, and then another at $370, and another for $410, sell the first one when the price goes up to $400, and yeah...patterned like that