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Are you using Argents wallet or do you know someone using them, tell them to remove funds from the wallet for now, the have stopped development. This could result in loss of funds or assets. If you are using it withdraw your funds immediately share the news.
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I have been buying small amounts of bitcoin for over 10 years. While I was always knew bitcoin would grow I did hope that some events might make it jump up in price say 3 to 5 times. Events like etf approval, a harvening etc. I still remember those charts that had predicted supersonic prices by now. But now read that both the etf and harvening aew now priced in and yet the price is not even an earlier all time high.
Does that mean the excitement days are over. Has bitcoin become boring in terms of big price fluctuations☹️
Your joking right, with the halving coming up next what fo you think would happen, bitcoin would be more scares with the mining rewards beign slashed. The ETF approval wasn't such a big thing to me cause it would only help bitcoin get more investors and things are still getting in place, so chill bro! Bitcoin still has excitement just hasn't come yet. |
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Bitcoin Etf approval brought joy to our faces, yes another win for bitcoin, then how much more would the next halving bring, right now all I'm doing Is buying, I was DCAING gently before, but right now no one hold me, no more gentle buys, cause right now I'm pumped, I'm dancing for the bull run, I wasn't part of the last halving cause just recently started my bitcoin journey and I can't wait to brag about beign one of the next bull run partakers. Start buying 🦾
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Volatile nature of Bitcoin is a big issue even for long time investment, it makes both the new investors who's intention is to learn more in the process and the old investors to experience or maximize FOMO and the fear of doubt and uncertainty Which are very common to investors, volatility should only be seen are a characteristic of Bitcoin to encourage investors not to sell but to hold and accumulate even more regardless the nature of the volatility which has made some investors to sell their investment.
I believe many investors already know that bitcoin is volatile even before going into it and this can not be the reason for them to sell their holdings or stop their learning process. I believe it all boils down to proper investment orientation and accumulation strategy which we are all enjoying from this thread, cause what an unexperienced investor ill call them would see as a loss or would cause him to panic and sell his asset another who has a proper investment plan(DCA), has checked out his numbers(his income and expenses), and has already started building a good emergency funds would be in that same position and is only thinking of buying more at that dip and continues his accumulation. Besides Bitcoin price no matter how much it falls always finds its way back up. Think about the March 2020 event too. This method is a win win situation because your bitcoin investment is winning and your backup portfolio is winning too no matter how small and there's little or no chance that your investment will be uprooted to serve an emergency because your backup funds is both able and capable to satisfy your needs.
Yes it's true that with DCA your investment is always winning as long you've got it all planned well and it's also important to add other strategies like lump sums to keep yourself ahead but it all boils down to what you hope to achieve. But referring to emergency funds, I believe that this is used to take advantage of market opportunities that would have seemed like a loss, like a major dip and then you use your emergency funds that has been kept in case anything happens during your accumulation. I think think its advisable to separate your investment emergency funds from another you can have normal savings incse of expense emergency, but its always good to have emergency funds for your investment incase of worst case senerios. Sir Jay mentioned to me earlier that we can plan out different senerios the market or our investment can go, this would help you to be prepared for everything that could happen. I might be wrong and will gladly ascept any correction but I think their should be a time to invest and a time to begin taking profits, one step needs to be attained first before taking the other.
no one makes an investment without the intention of making profit, as a matter of fact, the reason why we are talking about the best way of investing in bitcoin is because we want to make profit out of our investment. It's not like any profit would be guaranteed if you don't invest in the first place. Now talking about the best time to take off your investment is totally a personal situation because their are lots of factor that could lead one to stop holding on to his bitcoin which might include unplanned event or an opportunity that the individuals feels could give greater returns to his funds. But in an ideal process when all these factors are out of place, It's best to sell off your accumulation after the price of bitcoin has increased above the amount you bought it, using the DCA method puts you at an advantage while selling off your asset because it's almost 100% certain that you will sell it out in a price bigger than the one you bought it. I like you guys to start seeing bitcoin as an asset and not just any investment commodity or scheme and I think the term investment is putting confusion here since many persons have started to look at the profit side although I can't seem to find a word that can replace its context or meaning. See bitcoin more like a real estate, tesla stock or any big companies stock. The idea here is to own as much a large share of bitcoin so that as it progresses your investment progresses. The joy of long term is I bought bitcoin at 1k and now it's worth 50k, now that's we bitcoin holders are looking at , the long term value of bitcoin. So when you guys are talking of profit, you should be talking in term of what percentage or numbers you have accumulated in your investment journey. |
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Omo the way the country dey go now, I don't think it's wise for any person to have only one source of income again oh, omo One source of income not for do anybody again. Price if things Don high, house rent Don high, oya the one wey dey shock me now and wey dey still pain me na as common water wey dey everybody house Don add serious price, even as cheap as the major resource them dey use produce am dey. For this thread I wan just put up list of side hustle wey dey pay for the country and where you fit go learn am, although some of them dey expensive small to learn but the passive income e dey generate fit help you meet up with higher needs, even now wey many of us do dey see the need to invest in crypto and to keep up you know say you need to get many source of income 👉 this skull na number one for my list based on say i don try am and I dey do am. This one na Affiliate marketing. Make I explain am small since I know am. This skill dey allow you to leverage on people product sell them, then get commision from am. As an Affiliate your work na just to be online mediator between product owner and seller. Commission fit range up to 50% and its not complex or hard to start. One of the place you fit find cheap course learn na selar.co, Digistem, even me sef get product on this one and I dey willing to put anyone through on am. They pay in dollars 👉number two on my list na AMAZON KINDLE PUBLISHING: this one too dey easy but you need laptop to start am. This one you go dey create books dey sell and amazon go dey pay you in royalties. No worry e no hard na AI most of my friends dey use. And they pay in dollars 👉copywritting and blogging: I no too sabi how this one dey work but you fit read about am here. http://www.copyblogger.com/content-marketing-copywriting/http://www.copyblogger.com/content-marketing-copywriting/👉 video editing. 👉 forex Trading: we all the risk involved in this, but when it has been mastered it gives good results. This are all the easy to learn once I sabi. Goodluck. |
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Actually no be bad idea to start to accept Bitcoin for business transactions, because that na the main reason why satoshi Nakamoto create am. To be used for P2P transactions, meaning majority of the time na business related stuff naim dey influence em transactions. It was created to be used as normal money but I the form of digital currency. However na because of the volatility naim make we come dey see am as an asset for investment. And that na the main reason why some persons don dey hide the ones wey Dem get, allowing just small amount to be used for transactions purpose. Anyway in consequent time, I believe say e go become very hard for Bitcoin to even dey fly around anyhow because of the value, and people no go like to wan dey trade again, Bitcoin go scarce.
But the only problem I see, when using Bitcoin as a p2p transaction channel, is the mempool congestion that we are experiencing now, that result to high transaction fee, and delay in transaction confirmation which is not good for business purposes.
Like you said it was created for p2p transactions, but for now high gas fees go really affect me na y I carry the matter come here. |
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Omo my country men e get watin I wan ask oh, how I wan use integrate crypto payment for my local business so me sef fit follow dey teach people about bitcoin.
E gat many of our country men wey never still know anything about bitcoin and if I make am as means of payment I think say I fit use am create opportunity for person to ask me one or two questions, the reason why I care to this na say I believe say e get time wey bitcoin go dey very difficult to aquire, that time you fit spend even 5 years dey try aquire only a fraction of bitcoin, and many of our country men go lose this opportunity ,like many people from age 34 up no dey actively into crypto and then fit discover very late.
Although I no blame them , we dey live for the center of cyber crime and our country men Don to lose money to fake crypto currency like one wey them advertising for my street pink coin, many people invest for the stuff, they carry their money run.
So now I wan help, I dey sell cloths online and digital courses too, I dey think if I fit create crypto currency course to teach people and also create means to add crypto payments for my online business too. Abeg make we put head for this matter even if na to create tutorial on bitcoin then give am for free, sponsored by this forum.
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Omo despite say our government bad, but me is still like the doings our country men dey show, when it comes to music our country dey number one, even no sef our starts na most recommended world wide burna boy, omay lay, rema etc. These our brothers continues to make us proud. But no be music I come yan here. E get two things wey dey burst my head, one of them na when I hear say e get time wey we no get local board for this forum, we where unrecognised here but our senior men them come together go fight war for us come out success, the thing dey sweet me because b4 now e get many of our senior men wey I no even know say them Niger men wey be say if you see them post for other places you go very high level of professionalism for their write up, men like CryptopreneurBrainboss, nwada, hugeblack, Charles-Tim omo I hail una, the example una dey show dey really motivate me to work on my self.
Secondly now na say Nigeria na number 1 African country wey dey use crypto, y this one sweet me specially na say as government Don decide to frustrate men, we sef Don choke head another place, the strong gene for survival dey our country men body, even as other country dey wey dey do well pass us, the. Go still pass them call us as number 1, I no even wan enter the percentage of successful Nigerians wey dey do well for outside country. Omo I hail our country me. Make I no too talk if not the way e be me the post go long.
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If your a newbie I guess your weren't aware of this thread that came out around August last year https://bitcointalk.org/index.php?topic=5464606.0 Merit farming in the WO thread has gotten way out of hand. The typical merit farmer post is a copy/pasted tweet from a large bitcoin-focused Twitter account, complete with picture and (often in smaller text) the word "source" with a link to the tweet. These accounts are literally just taking popular tweets and pasting them in WO for no other reason than to get merits. You'll see them on just about every single page of the thread this year. Although It seems a Post created based on pure assumption, I just wanted to give newbies a heads up about the kind of post accepted here, I've not heard any news on any major forum rules changes based on this. Just wanted to give everyone a heads up . |
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I've got little to no experience on this kind of matters, but I sure say you should be careful next time and try to avoid most online wallet payment system, most if them are scam that's why they chose that form of payment that makes it difficult to trace and Is irreversible. Sorry for your bad experience. But thanks for the heads up at least we all know one more site to be careful about
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If you want to explain about dust attack, you should know that you need to explain about coin control. You only included in your post that the dust coin should not be spent. There are just few wallets that has coin control. Examples of wallet with coin control are Bitcoin Core, Electum, Sparrow, Bluewallet, Samourai and few others.
The best is to just use coin control to freeze the dust coin.
That's true for sure didn't know this but don't you think it's good for people to know what a dust attack is too. I guess some newbies might not have experience with a dust attack so I just thought on sharing. Dust is money too (depending on tx fees). Dust me al you want, I like free money.
Lol that's why I said don't panic about it, just make secured moves about it and the money is yours, i guess a better thread with more Information has been made about it. What are Address Poisoning Scams? ( https://bitcointalk.org/index.php?topic=5433343.msg61556293#msg61556293) Address Poisoning Scam. ( https://support.metamask.io/hc/en-us/articles/11967455819035-Address-poisoning-scams) The key to avoid these attacks are - Have multiple wallets for different tasks and avoid using only one wallet to store your coins and interact that wallet around
- Checking carefully when you broadcast any transaction
Wow never had this strategy in mind. Thanks for the heads up |
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With all due respect this is a seniors argument and I'm don't think I have much experience to be talking here, but i think think the best way to solve this problem is to find people posting such and giving them a temporary ban for doing so instead of giving balme to anyone or pointing fingers. Only you can fix the problem. But you obviously don't care... You will rank up the most useless multi-accounting scammers here if they kiss the center of your b-hole just right, because that is what matters to you most in your forum experience.
I've been following on up on this thread for a while and none of you seem to have prove that users are using multiple accounts even if we know its true and neither do you know if JayJuanGee has a hand in this too. Its all assumptions cause you have no prove to back it up. And going as far as reporting him or calling him out, isnt that a bit too far. |
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OP the difference is very clear, we know that forex may seem like a prediction but I don't think so. I'm opportunied to have some experience by beign around a lot of forex traders. Forex is all about speculating the market directions based on facts surrounding it, by fact I'm referring to the causes of this actions. In forex I'll prefer to say it this way your the player and your playing against the market or with the market based on your choices, but it's speculative because it involves some calculations and chart reading.
But gambling on the other hand is more like having two card on the table and your been asked to pick the card with the highest number. Its uncertain in a way but just pure prediction since your totally uncertain about anything.
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Lol its funny how scammers are very innovative these days, who have heard about dusting, where a scammers sends tiny bits of crypto to different wallet address. Guess what I just received the smallest sol ever, three times in a role. In case your having same experience don't panic your wallet isn't hacked or anything its just a scammer trying to get to know you. If you feel unsafe about this I'll just explain what they try to achieve by this and how you can be safe.
👉dusting attacks happen when small very negligible amont of crypto is sent to multiple addresses on a network. In case it happens to you dont panic its not such a big deal but you must understand why they do this in other not to further fall a victim cause its a means to an end and they usually use crypto with very low fees like sol, I've experienced it mostly on sol about four times now.
From my research I've found out that this is why they dust
👉to find out who own the wallet don't know how they do this tho
👉to track your transaction: this is possible since transaction are recorded on a ledger and they just need to track the dusted funds as its been moved with other funds
👉to find out active wallets
How to be safe
👉 something this dusted fund can come with a link in their description. So you would be a fool to click, your 3 feet from falling into their trap.
👉adopt usage of wallet that prioritize privacy and try not to spend that dusted fund, since they are majorly trying to get information through tracking your transaction and don't bother moving funds to a new wallet they can still track that except new wallet has more privacy.
This is just one way that scammers use to compromise privacy But it's not such a big deal if you know wat it is and know not to panic or fall for any Link trick they mostly add to the transaction description.
Stay safe.
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ONLY you are in a position to figure out your exact balances, and usually you want to put enough into bitcoin so that you won't feel bad if the BTC price goes up since you would have already put enough in that you feel that you have a bit of a stake, yet the balance goes in the other direction too, so as I already mentioned your first full cycle, and maybe even longer could be difficult in terms of getting a kind of balance that is comfortable for you, and you can ONLY do so much about your income and your expenses.. so you have to work with what you have, and even if you believe that you do not have a lot of income, you have to still realize that you are ahead of a lot of people in the world who still do not either appreciate bitcoin and they have not taken actions to invest into it... so sometimes a fairly modest investment approach can pay off quite well while you are still figuring things out.
Remember just a few days ago, you said that you ONLY just made your first $10 purchase, so that already put you ahead of those who had not taken any actions, so maybe if you just consider whatever you are doing is making progress so long as you don't overdo it and cause yourself to get reckt because you over did it.. and at the same time, you seem to be still studying about the plusses and minuses of bitcoin, so there should be nothing wrong with starting out with a relatively modest investment approach until you get your bearings.
I'm still trying to learn my way around bitcoin, but as you advised I think I should keep it basic for now and keep investing into bitcoin with dca, but I just have this feeling that i should also invest as much as I can cause for now that I have the advantage that I can't have any major challenge that causes me to spend money and I've already built up quite a source of income although from multiple places, your last example 8, I just want to see if I can fit myself in his shoes and follow out that plan, for now I don't think I can map out any major strategy for myself since I'll still be mixing things up and trying to find out which pattern of accumulation suits me best based on my income and expenses and also my back up funds cause I don't think I would love situation where the market is now experiencing a major dip I can't take advantage of. My basic would just be dca then I'll just use dip buys strategies for now . So I can I have a balance between how much I'm investing and also so I can have control In other not to act too reckless or quick around putting money In. Like you said major mistakes early investors make is putting themselves in a situation where they have to dip their hands in the investment or sell at a major dip with fear of loss and end up regretting as price recovers, I'm also human and I can see myself in such situations if I'm not careful about it. I'm thankful for this advice. I plan on building up my emergency funds from saving from my monthly income, since this is more reliable, and since you've been stressing on the importance of having a backup fund in case of market opportunities like major dips, this could also favour me if I buy at such opportunities. But if I can't meet up with this high strategies, cause I still think it might take a while for me to fully understand the way the market works, would you consider it wise, I buy majorly at dips and dca regularly for safety and to insure I buy at all times than to lump sum without giving a kind of spice to it.
Ultimately the choices is yours, and you are completely responsible for whatever you do, and we are largely just brainstorming in these kinds of threads because no one is going to help you if you screw up and we are not going to take blame if you follow what we suggest and then it does not end up working out for you. Many of us will take from our own experiences, and for me, when I first got into bitcoin, I set up a 6 month budget. I added up all the cash that I had available that I was authorizing to go into bitcoin, and I also added up my expected cashflow for those upcoming next six months. One of my advantages is that I had already been investing for more than 20 years when I got into bitcoin, so I pretty much already had my emergency fund in place. So what i am suggesting is that if you establish your budget, and let's say that you have figured out that you have around $400 to $800 in income every month, and you have around $300 in expenses every month, you have about $600 saved up, and so you could try to figure out what to do from there, once you have all the numbers. So if you already know that your income exceeds your expenses by between $100 and $500 per month depending on your income, and then you know that you have about 2 months of an emergency fund, so you should probably build it up between 3-6, but you can invest in bitcoin and beef up your emergency fund at the same time. You can kind of figure out if you are buying BTC every week or if you are going to wait for certain times in the month, and if you figure out your 6 months budget for bitcoin the you could divide it by 26 or maybe you divide it by 13 so then you have a budget every week or every two weeks. If you do not end up lump summing to get started, then you could divide part of your weekly/biweekly allowance into DCA and buying on dips... maybe you decide that no matter what you will buy $10 per week DCA, and then you will build up your buying on dip fund until it gets to $100 or $200 and then once it reaches certain sizes, then you might increase your weekly DCA because you have more in reserve for buying on dips and you could also use your emergency fund as such a measure. Once your emergency fund reaches a certain size, then maybe you decide to increase your DCA by a certain size and/or your buying on dip fund. You could have situations in which some months you have some extra money come in or some expenses that get greatly reduced, and you can decide which bucket to put that extra money into, and the more you practice, the more it will start to become naturally to you which category to put it into, and maybe after you get up to a certain amount of BTC, whether $500 or $1k, then you figure out some private wallet to move it into... hardware wallets (such as the Trezor) are good, but maybe you want to make sure you get up to a certain amount of BTC before you buy a hardware wallet. So maybe after 3-4 months you end up figuring out or even receiving an extra $600, and maybe the default would be to divide it into 3 and invest 1/3 into DCA, lump sum and buy on dips, but if your emergency fund is not quite bolstered, then maybe you would decide to divide it into 4 parts... there are a lot of possibilities and no real right answers, even though some ways of going about it are probably preferred to others, and you likely will make some mistakes along the way, but if they are just small mistakes it is easier to learn and recover, but if you end up making some BIG mistakes, like you decide to just throw everything into bitcoin, and then you end up having an emergency and/or the BTC price moves against you, then you could end up losing all or most of your investment, and sometimes guys will lose several years worth of investing and putting systems into place because they make big mistakes and they cannot figure out how to get out of the mistake and then they end up doubling down or some other kind of gambling behavior rather than just accepting that losses along the way will sometimes happen. With this proper explanation I just feel like going back to my book to look at things properly and prepare, cause at the end of the day I'm the one bearing the risk and if I don't have a good plan it might end up been too difficult for me and as much as I'll hate to admit I'm a little scared as a beginner just didn't want anyone to mock or talk down on it. By spice I mean when lump sum are just done as they should when I'm just buying in large quantities than I normally through dca, this time I use my lump sum amounts to buy only at dips. Or should this emergency fund be for a totally different senerio where a major dip happens that nobody expects and I use that money to take advantage of it.
You should be able to more or less pre-describe the reason that you are holding any extra money in certain funds and in certain ways, but one of the problems when you try to be too smart about it, then sometimes you could end up panicking if you are holding too much cash and waiting for dips that do not end up happening, and then if the BTC price ends up going up 15% or more, then you start to speculate that you should have just been buying all along with it instead of holding it, so these are not easy balances, either way.. As a beginner, you probably should be allocating more towards either buying right away or DCA rather than holding for dips, but I cannot really tell you for sure what is going to pay off the most in the end, because I don't really know either, especially short-term price moves - ...yet if the you spend a certain amount investing and even overinvesting at certain price points, then you might feel that you need to protect yourself by keeping some extra cash on the side to have ready for dips because you had concluded that you already over did it.. and you want to have some extra cash in case there is a dip.. but if you are just starting in bitcoin, it is not very likely that you have bought too much, since you have ONLY so far proclaimed to have had bought $10.. so it would be difficult to perceive to have too much BTC, at least at this point in your BTC investment journey, you don't have any problem of having too much all at once... unless maybe you go and buy $500 and then start to feel stressed about it. then at that point it might be good to have some extra cash available to buy on dips, in case there is a dip from whatever point you bought the $500 worth.. If waiting for dips could cause panic to me than I think it would be better I divide that waiting money I a ratio of 60/40 where I'll use the 60% for instant lump sums since at the same time we are unable to conclude the short term moves of the market which could be with us or against us, then I'll add that 40% to my emergency funds and wait for major dips even if it would happen once or sometimes not even in a month. but at same time if I wait too long for dips without seeing them in a way I'll still be safe cause I've been accumulating and it would only help build my emergency funds for even better buying opportunities. For a start I think I can use two strategies, lump sum and dca since I can manage that for now, is it also possible I lump sum on dips, since its buying with a huge percentage of your capital each month, can I use lump sum in a way that i set it to buy at any dip that occurs in the market while I use dca to be on a safe side since the market is unpredictable?
That sounds mostly reasonable to be combining your practices and then also monitoring how it goes which might allow you to learn from if you are balancing matters out well. None of us is going to feel comfortable if we run out of cash and the BTC price dips, and maybe we buy but then it keeps dipping, so then we might start to wonder if we structured our dip buys good enough or maybe we can just use DCA if the BTC price keeps dipping and we don't have any extra money at that time.. The longer that you are in bitcoin, then the more that you should be able to build up your reserves in various places, but even experienced investors might run out of cash or feel that they don't have enough cash to take advantage of dips and then they get concerned about if they might want to sell some and to buy back lower.. which I believe is one of the worst mistakes, even though quite a few people engage in that kind of behaviors, but if you have a regular cashflow coming in, then you can keep buying, but if you had been buying BTC for 4 years and then it dips a lot then you might feel that you are not getting as much advantage from the dip because you are buying lower, but your BTC holdings might have lost 50x or 100x or more than the amount that you ended up being able to buy.. because let's say you had been buying $100 per week of BTC for the last 4 years, so you had invested around $21k and you have more than 1 BTC, and if you are still investing at the same rate, but the BTC price drops 20% from $49k to $39k, then at today's prices you lost around $10k, but you might have been able to buy $100 or maybe $200 worth of bitcoin at those prices, depending on how long the prices stay down at the 20% dip levels. From what your implying I believe that a having a reserve fund is good incase of dips, tho during long period of accumulation sudden dips that could go up to 20% could seem as a loss, but if my time frame and goal is still far I think, this could be to my advantage if I've had my reserve fund in Check and I'm still dcaing, cause surely bitcoin has surely shown price improvement and I'll end up buying more during those dips since price are low. You can really never know - especially now there are so many people who believe that we are more likely in the earlier stages of a bull market rather than a bear market or flat, which would justify lump sum and aggressive DCA.. but that could also end up being wrong. When I got in, there ended up being 2-3 years in which my holdings were mostly not in profits, although since I continued to DCA especially in 2014 (a down year) and 2015 a mostly a flat year, my average cost per BTC came down from $1k to below $500, but then I ended up having some mistakes in 2017 that likely brought my costs back up to $750, and these days I just like to say that my costs per BTC are around $1k, since it is a nice round number. and so i am not sure how much it matters if I say that my holdings are 42x in profits or if I try to use a lower number to say that my holdings are 52x or 62x or more in profits. At a certain point the profit levels might not matter as much as just figuring out how to plan your maintenance after you have reached the stages in which you feel that you have enough or more than enough BTC, versus if you are in the earlier accumulation stages, you just should probably be focussing on accumulating and not so worried about the price, but instead worried about your keeping yourself from making mistakes in which you lose your accumulation and your building of the your stack.. so lets say if you first set your goal that you want to get 1 million sats, and then you want 2 million, and then you want 5 million and then 10 million and then 21 million and then 50 million, and etc etc.. and maybe it won't really matter how much you pay for them, as long as you are using extra money that you have and you are not putting yourself into any bad money situation while you continue to build your stack size... after you are doing these things for a while, then you can readjust your goals and rethink about where you are at, where you came from and where you want to go. For now I think coming with a investment journal to properly track myself, it might seem a bit lame but I'm not very good with having numbers on my head, I seriously don't want to bother myself about much calculations for now, since dca offers me safety even if price fluctuates as it likes, even if we have a bull run or a bear market what I should be more focused on now is to keep investing even if small amount while I'm building up emergency funds and bigger capital for my next month, since I'm giving a weekly approach for my dca , I'll wait till next month before I start adding lump sums, cause I love the emotional safety that dca gives me. You may well feel screwed if the BTC price goes down after you had already invested all $200 and then you don't have anything left, and then you may well feel screwed if BTC prices go up and you still are sitting on some cash. In the beginning it is almost a no win situation and you just try to balance it out as best as you can, and maybe after a few years investing you start to feel that you have everything in place. You have figured out your budget and you have some reserves for buying on dips and you have built and established an emergency fund.. and maybe you have figured out some ways in increase your cash flows and to decrease your expenses... but you still are likely going to always have some tensions in terms of trying to figure out how many BTC you need and how long it is going to take to accumulate as many BTC as you believe that you need.. especially if your goals might be to reach some variation of fuck you status...
and if you think about it, there are a lot of people who work 30-40 years or more and they do not reach fuck you status, so if you are able to actually reach it or maybe even reach it in 15-20 years, then you end up both reaching it and cutting the time in half.. and none of that is guaranteed.. You just need to do your best under your own particular circumstances.
I believe in other to avoid that tension I would set a big goal, then start with smaller targets or milestone, this emotion strategy would be good for me to avoid the tension around the time frame for accumulation and how many I would accumulation within that time frame. For sure, you can set goals and then adjust them along the way... you want to have reachable and aspirational goals, and you likely could even set up some worse case, best case and medium case scenario kinds of projections, and the medium case scenarios should be the most likely to play out, but you still could end up having scenarios where either worse case or best case end up playing out... or sometimes it might appear that a worse or a best case start to play out and then BTC could surpise and bring it back to the middle, and surely once some past events play out, then your future scenarios might end up changing, so you might have an excel spreadsheet that has various scenarios and plans and then you save them and update them and then 1-5 years down the road you might revisit some of your earlier projections to compare with what you were projecting as compared to what ended up playing out. The approach your teaching is quite very professional cause I can see it involves some real documentation and futuristic thinking. Im really unskilled with creating senerios but I'll try as much as I can to adapt, even if I make little mistakes that makes me not to reach my intended yearly goal, but I think all for the better I'll learn. I'm putting my gain hopes on dca for now , lump sum and dip buys are just if I see opportunities. Until I really get a hang of the market I'll stick around dca. If you are still living with your parents, then I will assume that you are on the younger side maybe lower 20s or less, and so sometimes it can take a while to both build up your investment portfolio but also to figure out your targets (or how easy or difficult it might be to reach them), so surely you can plan out targets of 1 year, 3 years, 5 year, 10 year and 20 year and maybe even further out and some other variations of timelines, and your actions are going to be much more concrete in the shorter term, but your ability to meet shorter term targets or to adjust them would likely be more measurable in the short-term in order to potentially keep you on track for the longer term... sometimes it will seem that you are not making very much progress, even if you might be ongoingly making efforts and even reasonably adjusting from time to time...and sometimes large dips can feel as if you might have had been set back 1-3 years or more, but then those perceptions might end up being false perceptions or they could become realized perceptions in which you might make some mistakes that ends up causing losses to your progress and sometimes difficulties to make up at later dates.. which in the BTC world, some BTC hodlers make mistakes of selling too much BTC too early and then they become disgruntled or maybe they end up holding too much on exchanges that get hacked or go into bankrupcy or rug pulling them, so there are various measures that each of us should try to take in order to lessen the impact of our various mistakes along the way.. It is almost inevitable that we are going to make various mistakes along the way.
I think for now I'll just follow up a bit till I can grab what your saying fully, I'll try my best to keep following on this thread. I can see a I've got a lot to learn here. What kind of waller is best for holding, I just keep mine on Binance, do u think its okay?. If mistakes are inevitable, I'll make sure my back up funds are always in place. You probably need to research, including other threads.
I think that up to $500 to $1k it can be o.k. to keep your funds on exchanges, and a lot of people recommend Electrum as a private wallet.... but I am not used to that one. Bluewallet is good, but still that is a hot wallet and so you might be careful in terms of keeping too many funds on your phone, or maybe something like Trezor.. once you get up in the area of a couple thousand dollars it would be good to have a hardware device as your wallet, but you still have to learn about what you want and what are the trade offs and the need to be careful about how much of your BTC you hold with 3rd parties rather than keeping your own.. In the long run, you probably would want to have 90% or so of your BTC in your own various forms of self-custody rather than being held on or through 3rd party services.
I'll do some research about wallet, I'll also try trezor. Thanks For now I think I would start with dca with my little allowance and then use my monthly income to set up a system that can generate a substantial amount for investment. Cause if poor income and management could be a deficiency in accumulation where I might have to dip my hand back in my portfolio then I guess my first real move here should be to fix that and get my finance in order. What do you think about this.
You are describing the creation and building of an emergency fund, which surely could be life saving (and save your investment) .. and having an emergency fund will tend to give a lot of peace of mind when the BTC price starts to move against you.. which it will do from time to time.. especially the longer that you are involved in investing in it and building the size of your BTC stash. By the way, you mentioned at least 2 bitcoin, but then you are also talking about investment numbers that would likely be quite lower than the amounts needed to reach 2 bitcoin, and I am not even necessarily suggesting that you need to get to 2 bitcoin, but if you consider that $100 per week would be $5,200 over 1 year and $52k over 10 years, you would almost need to be crazy to believe that there are very high chances that you would be able to accumulate BTC for less than $52k by averaging out your buys over the next 10 years, and that is why I had been saying that even $200 per week would be optimistic for reaching 1 BTC even with $104k invested over 10 years, so if you expect to reach 2 bitcoin or more in 10 years, then you would likely need to average around $400 per week over 10 years, and there is a bit of a presumption that you would be able to do that from the start since it is more likely that $400 per week now is going to get you more BTC than it is going to get you 10 years from now... and surely you are not even hinting at being able to have that kind of money to be able to invest now or to consistently be able to do it without putting yourself into a pickle in which you end up not having an emergency fund. ... Surely, I am not going to tell you to NOT have high goals because sometimes goals can be reached and/or exceeded, and surely even with my getting involved in bitcoin in 2013, I had created goals for myself to be able to achieve in the next 6 months and then maybe to extend beyond the 6 months, and I was able to exceed my goals, but that was mainly because the cost per BTC was going down during that time, rather than up... so then my expectation of my average cost per BTC ended up going down because I was mostly anticipating how many bitcoins (or satoshis) I would be able to get for a certain amount of cashflow that I expected to spend over the first 6 months and then extending into the second 6 months, and each time adjusting some of my expectations based on expected dollar cashflows and also considering best case and worse case scenarios, and even though falling prices did cause worse case scenarios in terms of how the value of my BTC holdings was then going, but it created best case scenarios for being able to accumulate more BTC (as perverted as that kind of perspective seems).. because people can really call you names when you keep investing into something that is continuously loosing value (or at least its spot price continued to go down throughout 2014 and even into 2015, even though the very end of 2015 did end up being an UP year).. I think I would keep my investment personal in other not to get your same experience and I would unwise not to take not of the fact that my goal is too high for now especially since I'm not having the capital in Check and if bad situation occurs on the long run I'd find my self in panic. I'll start small but I would still try my best to build my income to match the target. I know its possible but I still have to make sure I have a good plan. I only mention how much commitment it would take to get to 2 BTC, which is a lot of money compared to investing $10, so there is no problem in terms of keeping your specifics personal, but if we start to talk about how many BTC that you might want to get in a certain amount of time, then we should attempt to be realistic about what kind of numbers (investing amounts) that you would need to meet in order to reach those kinds of numbers. There is also nothing wrong with having lofty expectations (aspirational goals), but even folks with aspirational goals might also need to have more realistic goals that line up with what they are actually doing..and maybe it is not that BIG of a deal if you have some that are more easily reachable and others that are more difficult and some others that are not as likely but there could be some scenarios in which the further out ones could end up being reached or close to being reached and when they get closer, then the path towards reaching them might become more clear too.. so it likely does not hurt to make those kinds of plans and then revisit them from time to time. Okay I was thinking my approach was wrong by having high expectations, cause my initial plan and capital at hand based on my calculations and my expectations beign meet I could be able to accumulate at least half a bitcoin this year of the price to remain in the range of 40k-50k but since I don't know what to expect, I wanted to work with the approach of the guy from example 8 where I'll invest like half the money I dca and half in strategies lump sum since I intend to lump sum at dips too, but all this are been calculated based on the market initials and we don't know what to expect from bitcoin this year. |
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We don de advocate for the board say make we de write more with pigin as e be say na the general language when every nija person fit speak well but e still get plenty people when no de fit use pigin write as e be say some of them don de used to normal good English.
The average English speaking man fit speak and write him English fluently without stress as e be say na wetin them know as their language right from when dem de small.
But when it comes to an average Nigerian, we know say most of us fit speak our Hausa, Igbo, yoruba or Efik well but when it comes to writing in those our local language eh, e de always de very difficult.
Like me eh, I fit speak my dialect well oh but when it comes to reading an article that is written in my dialect or even trying to write an article in my dialect eh, na suffer I go de suffer oh, I fit even manage read small for my local dialect but to fit write de hard me aswr.
how easy e de for you to fit read and write using your local dialect?
How we fit improve on being comfortable in the use of our local dialect? I mean either reading or writing with it.
Even I say we improve on our local language, e no dey wise we come show am here, bacuse if go write post for my language, how many people go read my language understand am, talk less of to even reply. If na pidgin we fit speak, but no be every body sabi that one too. You know say the country get plenty people we no too sabi speak their language for this our 21st century pass before, cause many parents no too dey gree carry their children go villa, and this reason make many of them no identity with home, this fit also be the reason why many youths no sabi. We no go blam them, no be like say government approve make then dey teach individual language for school. |
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It seems that I have already described some of this in earlier posts, so generally you want to hold 3-6 months of your expenses in some kind of way that would be mostly in the type of currency that you use to pay your bills, and sure some people even hold value in the dollar rather than their local currency because it tends to hold value better.. but none of that is guaranteed either... so when you invest into something that is as potentially volatile as bitcoin, you don't want to have to cash out at time that is not of your own choosing.. think of the March 2020 event.. if you had been forced to sell your bitcoin during that dip, you would have been screwed in terms of getting it back for even close to the sell price. There are a lot of ways that people can have emergency expenses, and yeah, you might not have as many if you are relying on your parents as your emergency fund... but maybe that would cause that you don't need as much of an emergency fund, and you might have to consider if something happens with your parents or your reliance on them as an emergency fund.. and I am not going to be the one to determine how adequate your emergency fund is.. or if your practices of thinking through your own situation is sound enough..
I think i need to also work on my mindset as I work on my capital and strategies cause if I'm not prepared in such a way that I've made my decision not to touch or sell my bitcoin because of any dip that happens and from your senerio from march 2020 some dips can happen and make it look like as tho I didn't plan well, so I think in my preparation I should keep a standard to never sell until I reach my goal, since a rush sell intended to cover up and buy at a cheaper price could in turn back fire at me. I think setting standards would also be of good help to me as a beginner. I plan on building up my emergency funds from saving from my monthly income, since this is more reliable, and since you've been stressing on the importance of having a backup fund in case of market opportunities like major dips, this could also favour me if I buy at such opportunities. But if I can't meet up with this high strategies, cause I still think it might take a while for me to fully understand the way the market works, would you consider it wise, I buy majorly at dips and dca regularly for safety and to insure I buy at all times than to lump sum without giving a kind of spice to it. By spice I mean when lump sum are just done as they should when I'm just buying in large quantities than I normally through dca, this time I use my lump sum amounts to buy only at dips. Or should this emergency fund be for a totally different senerio where a major dip happens that nobody expects and I use that money to take advantage of it. For a start I think I can use two strategies, lump sum and dca since I can manage that for now, is it also possible I lump sum on dips, since its buying with a huge percentage of your capital each month, can I use lump sum in a way that i set it to buy at any dip that occurs in the market while I use dca to be on a safe side since the market is unpredictable?
That sounds mostly reasonable to be combining your practices and then also monitoring how it goes which might allow you to learn from if you are balancing matters out well. None of us is going to feel comfortable if we run out of cash and the BTC price dips, and maybe we buy but then it keeps dipping, so then we might start to wonder if we structured our dip buys good enough or maybe we can just use DCA if the BTC price keeps dipping and we don't have any extra money at that time.. The longer that you are in bitcoin, then the more that you should be able to build up your reserves in various places, but even experienced investors might run out of cash or feel that they don't have enough cash to take advantage of dips and then they get concerned about if they might want to sell some and to buy back lower.. which I believe is one of the worst mistakes, even though quite a few people engage in that kind of behaviors, but if you have a regular cashflow coming in, then you can keep buying, but if you had been buying BTC for 4 years and then it dips a lot then you might feel that you are not getting as much advantage from the dip because you are buying lower, but your BTC holdings might have lost 50x or 100x or more than the amount that you ended up being able to buy.. because let's say you had been buying $100 per week of BTC for the last 4 years, so you had invested around $21k and you have more than 1 BTC, and if you are still investing at the same rate, but the BTC price drops 20% from $49k to $39k, then at today's prices you lost around $10k, but you might have been able to buy $100 or maybe $200 worth of bitcoin at those prices, depending on how long the prices stay down at the 20% dip levels. From what your implying I believe that a having a reserve fund is good incase of dips, tho during long period of accumulation sudden dips that could go up to 20% could seem as a loss, but if my time frame and goal is still far I think, this could be to my advantage if I've had my reserve fund in Check and I'm still dcaing, cause surely bitcoin has surely shown price improvement and I'll end up buying more during those dips since price are low. But if this strategy is so important could I replace it with lump sum for a start, cause I'm still building up my portfolio, so those lump sum capital could go into my savings while I keep it for dips, but what I'm considering is would they always be dips and if I say lump sum is better, what's is the need of lump summing if its not going to give me a better advantage. If your okay with this I think I could go with dca and dip buys for a start. You may well feel screwed if the BTC price goes down after you had already invested all $200 and then you don't have anything left, and then you may well feel screwed if BTC prices go up and you still are sitting on some cash. In the beginning it is almost a no win situation and you just try to balance it out as best as you can, and maybe after a few years investing you start to feel that you have everything in place. You have figured out your budget and you have some reserves for buying on dips and you have built and established an emergency fund.. and maybe you have figured out some ways in increase your cash flows and to decrease your expenses... but you still are likely going to always have some tensions in terms of trying to figure out how many BTC you need and how long it is going to take to accumulate as many BTC as you believe that you need.. especially if your goals might be to reach some variation of fuck you status...
and if you think about it, there are a lot of people who work 30-40 years or more and they do not reach fuck you status, so if you are able to actually reach it or maybe even reach it in 15-20 years, then you end up both reaching it and cutting the time in half.. and none of that is guaranteed.. You just need to do your best under your own particular circumstances.
I believe in other to avoid that tension I would set a big goal, then start with smaller targets or milestone, this emotion strategy would be good for me to avoid the tension around the time frame for accumulation and how many I would accumulation within that time frame. If you are still living with your parents, then I will assume that you are on the younger side maybe lower 20s or less, and so sometimes it can take a while to both build up your investment portfolio but also to figure out your targets (or how easy or difficult it might be to reach them), so surely you can plan out targets of 1 year, 3 years, 5 year, 10 year and 20 year and maybe even further out and some other variations of timelines, and your actions are going to be much more concrete in the shorter term, but your ability to meet shorter term targets or to adjust them would likely be more measurable in the short-term in order to potentially keep you on track for the longer term... sometimes it will seem that you are not making very much progress, even if you might be ongoingly making efforts and even reasonably adjusting from time to time...and sometimes large dips can feel as if you might have had been set back 1-3 years or more, but then those perceptions might end up being false perceptions or they could become realized perceptions in which you might make some mistakes that ends up causing losses to your progress and sometimes difficulties to make up at later dates.. which in the BTC world, some BTC hodlers make mistakes of selling too much BTC too early and then they become disgruntled or maybe they end up holding too much on exchanges that get hacked or go into bankrupcy or rug pulling them, so there are various measures that each of us should try to take in order to lessen the impact of our various mistakes along the way.. It is almost inevitable that we are going to make various mistakes along the way.
I think for now I'll just follow up a bit till I can grab what your saying fully, I'll try my best to keep following on this thread. I can see a I've got a lot to learn here. What kind of waller is best for holding, I just keep mine on Binance, do u think its okay?. If mistakes are inevitable, I'll make sure my back up funds are always in place. For now I think I would start with dca with my little allowance and then use my monthly income to set up a system that can generate a substantial amount for investment. Cause if poor income and management could be a deficiency in accumulation where I might have to dip my hand back in my portfolio then I guess my first real move here should be to fix that and get my finance in order. What do you think about this.
You are describing the creation and building of an emergency fund, which surely could be life saving (and save your investment) .. and having an emergency fund will tend to give a lot of peace of mind when the BTC price starts to move against you.. which it will do from time to time.. especially the longer that you are involved in investing in it and building the size of your BTC stash. By the way, you mentioned at least 2 bitcoin, but then you are also talking about investment numbers that would likely be quite lower than the amounts needed to reach 2 bitcoin, and I am not even necessarily suggesting that you need to get to 2 bitcoin, but if you consider that $100 per week would be $5,200 over 1 year and $52k over 10 years, you would almost need to be crazy to believe that there are very high chances that you would be able to accumulate BTC for less than $52k by averaging out your buys over the next 10 years, and that is why I had been saying that even $200 per week would be optimistic for reaching 1 BTC even with $104k invested over 10 years, so if you expect to reach 2 bitcoin or more in 10 years, then you would likely need to average around $400 per week over 10 years, and there is a bit of a presumption that you would be able to do that from the start since it is more likely that $400 per week now is going to get you more BTC than it is going to get you 10 years from now... and surely you are not even hinting at being able to have that kind of money to be able to invest now or to consistently be able to do it without putting yourself into a pickle in which you end up not having an emergency fund. ... Surely, I am not going to tell you to NOT have high goals because sometimes goals can be reached and/or exceeded, and surely even with my getting involved in bitcoin in 2013, I had created goals for myself to be able to achieve in the next 6 months and then maybe to extend beyond the 6 months, and I was able to exceed my goals, but that was mainly because the cost per BTC was going down during that time, rather than up... so then my expectation of my average cost per BTC ended up going down because I was mostly anticipating how many bitcoins (or satoshis) I would be able to get for a certain amount of cashflow that I expected to spend over the first 6 months and then extending into the second 6 months, and each time adjusting some of my expectations based on expected dollar cashflows and also considering best case and worse case scenarios, and even though falling prices did cause worse case scenarios in terms of how the value of my BTC holdings was then going, but it created best case scenarios for being able to accumulate more BTC (as perverted as that kind of perspective seems).. because people can really call you names when you keep investing into something that is continuously loosing value (or at least its spot price continued to go down throughout 2014 and even into 2015, even though the very end of 2015 did end up being an UP year).. I think I would keep my investment personal in other not to get your same experience and I would unwise not to take not of the fact that my goal is too high for now especially since I'm not having the capital in Check and if bad situation occurs on the long run I'd find my self in panic. I'll start small but I would still try my best to build my income to match the target. I know its possible but I still have to make sure I have a good plan. |
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I've been thinking on making this thread for while now and I think everyone should support in any way they can, I have been really stuck in understand a lot of technical terms in bitcoin and I think a lot of newbies are having the same issues, so I'm making this thread as a question and answer for any term you dont understand yet in bitcoin expecially the technical term like ordinals and the rest of those mind blowing terms. Pls everyone should help out. I would explain a few technical terms I know and I'll ask my own question too to start up the thread.
So let's start and wish me good luck
Layer 2 solutions: this are simply a set of secondary protocols built on top a blockchain to solve a problem. Mostly scalability issues that result to low transaction speed, congestion etc. They are literally built to share the burdens of the first layer(L1 or original chain), let use this senerio to explain it. Let's say I'm an accountant and I have a lot of paper works on my table and I have such little time and space to finish them on time or even store them, so I employ an assistant that helps me do some of the assignments and then submit back to me for check up. So that's how a layer 2 solution works, they assistant the main chain and then still rely on the main chain as the final boss that issues commands and stores information. If I'm wrong please correct me.
Blockchain: is a shared, immutable ledger for recording transactions, tracking assets and building trust. This is the simplest way to explain it.
Lighting: Lightning is a decentralized network using smart contract functionality in the blockchain to enable instant payments across a network of participants.
Everyone pls contribute, ask for terms you don't understand, can't wait to see those comments piling.
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It's really a thing when I see legendary post on this forum the difference is always so clear. Its really good beign here, lots of profitable knowledge, bur how do you guys know about all this stuff, can someone refer me to a place I can get indept technical lectures about the working of some technologies in bitcoin, cause I'm still stuck in a lot of things, can someone show the way forward to start understanding somethings like you guys. Like damn I'd love to
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