Up or Down, Crypto Investments forces me to save money!

[JuniAiko]

.. that would be otherwise spent on shopping for more clothes and shoes and makeup that I do not really need! lol

I'm basically putting $500 every month into crypto, either into one of the coins I already have that is being dumped by others atm; or venture into other promising altcoin that I have been researching for awhile.

[BrewMaster]

one of the best ways of investing "what you can afford to lose" is to invest the money that you are wasting. Andreas Antrapolos once said, invest the money that you spend on a pack of cigarette for example. cut something bad and invest that money in bitcoin.

i am still not convinced about altcoins in long term though! i consider them as a much higher risk than bitcoin while having a much lower potential than bitcoin. which is why i prefer only keeping my money in bitcoin.

[lizardbtc]

one of the best ways of investing "what you can afford to lose" is to invest the money that you are wasting. Andreas Antrapolos once said, invest the money that you spend on a pack of cigarette for example. cut something bad and invest that money in bitcoin.

i am still not convinced about altcoins in long term though! i consider them as a much higher risk than bitcoin while having a much lower potential than bitcoin. which is why i prefer only keeping my money in bitcoin.

With greater risk comes higher chances for profit and higher chances of losing your money. Many people are playing with alts, why not if they choose the right one they can get even 10x their money in like few months while they will have to wait longer for something like this to happen with bitcoin. Anyway I still think that majority keep at least big portion of their portfolio in bitcoin.

[Lucius]

.. that would be otherwise spent on shopping for more clothes and shoes and makeup that I do not really need! lol

I'm basically putting $500 every month into crypto, either into one of the coins I already have that is being dumped by others atm; or venture into other promising altcoin that I have been researching for awhile.

There is nothing wrong in saving money,in any case this is much better than borrowing money and taking the loan.What matters is that a person knows what they are doing,instead of a random investment-like playing lottery with altcoins.Considering that you invest in many coins,you're reducing your risk in a way-but altcoins largely depend on stability of BTC(for now).

For short term investment and possible high returns on some altcoins it is worth the risk,for long term investment beside BTC only few coins are worth in my opinion.If coin have no application except pump&dupm scheme,it is expected that it will disappear with time.

[lorylore]

one of the best ways of investing "what you can afford to lose" is to invest the money that you are wasting. Andreas Antrapolos once said, invest the money that you spend on a pack of cigarette for example. cut something bad and invest that money in bitcoin.

i am still not convinced about altcoins in long term though! i consider them as a much higher risk than bitcoin while having a much lower potential than bitcoin. which is why i prefer only keeping my money in bitcoin.

On the other hand, i believe in a balance blockfolio. So i will must sure i have a portion in bitcoin, a portion in eth, a portion in neo, and then the remaining is into potential alt coins and the last portion is into flipping in icos.

[tee-rex]

.. that would be otherwise spent on shopping for more clothes and shoes and makeup that I do not really need! lol

I'm basically putting $500 every month into crypto, either into one of the coins I already have that is being dumped by others atm; or venture into other promising altcoin that I have been researching for awhile.

A penny saved is a penny gained!

There is nothing wrong in saving money,in any case this is much better than borrowing money and taking the loan.What matters is that a person knows what they are doing,instead of a random investment-like playing lottery with altcoins.Considering that you invest in many coins,you're reducing your risk in a way-but altcoins largely depend on stability of BTC(for now).

For short term investment and possible high returns on some altcoins it is worth the risk,for long term investment beside BTC only few coins are worth in my opinion.If coin have no application except pump&dupm scheme,it is expected that it will disappear with time.

If you are a long-term investor, then you are right indeed. But for traders, especially day traders, the risk may well be worth it. If you earn more than you lose, and this makes you happy, then I see no reason why you should completely discard altcoins. After all, there are few people who keep their bitcoins hoping to become a "new money" in the future. Most are here for fiat profits only, but then it doesn't really matter how you get there, right?

[Kprawn]

Save for the Dip and then Buy the Dip. Instead of buying every month, what is the chance of you saving that money in a

separate savings account and then buying on the Dip? I also followed your strategy, but that lead to situations where I

bought at the peak. If you buy low and sell high, you will maximize your profits. 

[jrrsparkles]

.. that would be otherwise spent on shopping for more clothes and shoes and makeup that I do not really need! lol

I'm basically putting $500 every month into crypto, either into one of the coins I already have that is being dumped by others atm; or venture into other promising altcoin that I have been researching for awhile.

saving money is not a bad though,but you need to invest them on the right coins,because many altcoins will fade away in some years bitcoin bitcoin is managed to hold on still so if you are really saving it for too long term then it is better to invest on bitcoin.

[tegarp90]

if it's a "free money" just calm down, buy at low sell at high.
If you buy at low but it went lower, just hodl it till it higher that your previous buy

[BrewMaster]

one of the best ways of investing "what you can afford to lose" is to invest the money that you are wasting. Andreas Antrapolos once said, invest the money that you spend on a pack of cigarette for example. cut something bad and invest that money in bitcoin.

i am still not convinced about altcoins in long term though! i consider them as a much higher risk than bitcoin while having a much lower potential than bitcoin. which is why i prefer only keeping my money in bitcoin.

On the other hand, i believe in a balance blockfolio. So i will must sure i have a portion in bitcoin, a portion in eth, a portion in neo, and then the remaining is into potential alt coins and the last portion is into flipping in icos.

it is just different views and because of it, different strategies.
i believe in diversification but i diversify into other assets, the traditional ones. and i treat altcoins more like penny stocks: short term and high risk only for trading. but if you have any other strategy that works for you then stick to it.

[lorylore]

one of the best ways of investing "what you can afford to lose" is to invest the money that you are wasting. Andreas Antrapolos once said, invest the money that you spend on a pack of cigarette for example. cut something bad and invest that money in bitcoin.

i am still not convinced about altcoins in long term though! i consider them as a much higher risk than bitcoin while having a much lower potential than bitcoin. which is why i prefer only keeping my money in bitcoin.

On the other hand, i believe in a balance blockfolio. So i will must sure i have a portion in bitcoin, a portion in eth, a portion in neo, and then the remaining is into potential alt coins and the last portion is into flipping in icos.

it is just different views and because of it, different strategies.
i believe in diversification but i diversify into other assets, the traditional ones. and i treat altcoins more like penny stocks: short term and high risk only for trading. but if you have any other strategy that works for you then stick to it.

There is no right and wrong. Overall as long we knew what we are doing then we are in good hands. I do agree that it is good to diversify into other assets to even traditional ones. I am aiming to up my crypto investments x20-30 more before i will start to withdraw some for traditional investment.

[Shirin16]

.. that would be otherwise spent on shopping for more clothes and shoes and makeup that I do not really need! lol

I'm basically putting $500 every month into crypto, either into one of the coins I already have that is being dumped by others atm; or venture into other promising altcoin that I have been researching for awhile.

yes, I think the savings in the investment crypto is necessary. because I think when we really want a big profit will be within reach in a long time. means patience is needed in this case. so in my opinion, try to set your investments into coins that can have profits on the long term and also short term so that income from investment can be felt every month minimum.

[Canis Majoris]

Save for the Dip and then Buy the Dip. Instead of buying every month, what is the chance of you saving that money in a

separate savings account and then buying on the Dip? I also followed your strategy, but that lead to situations where I

bought at the peak. If you buy low and sell high, you will maximize your profits. 

This strategy is called dollar-cost averaging (DCA), which is about buying a certain dollar amount of bitcoins regularly. In the OP case specifically, you buy when you have some spare money, regardless of the current price as the DCA approach suggests. It makes perfect sense because you can't know in advance whether you are buying at the actual dip or top. I mean price can always plunge deeper as well as rise further below or above your entry point. In other words, while looking for dips, you may lose an excellent opportunity to catch a major uptrend. And even if the price goes lower later, you will still be able to average down at the next buy.