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Author Topic: I'm looking to start buying ~$30/month in bitcoin using Coinbase. Best tactic?  (Read 505 times)
zoominer
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November 27, 2013, 03:07:06 PM
 #1

I'd like to set up a reoccuring purchase of about $30 a month in bitcoins, regardless of the price. My reasoning is that it will hopefully take some of my emotions out of the smaller, more frequent purchases Ive been making more recently. I'm also thinking it will sort of average out my buying so that I don't fret/overthink over whatever price it may be when I hop online.

What is the best way to go about this? My thought was to do a $15 purchase every two weeks, scheduled for Saturdays at 3am CST. I chose this time simply because it seems a like a time that may be slower in transactions. But that could be way off. If anyone can suggest a better time that would be great! Any other critiques on this method? The timing, etc?

Any thoughts on this would be great. Personally, I'm pretty bullish long term, and while I can't afford to dump a lot of money now, I'd like to make it into a monthly or bimonthly investment that might just pay off in the long term.
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HollowIP
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November 27, 2013, 03:12:28 PM
 #2

Set your scheduled buy time for when you think people won't sell. Generally, people probably sell on the weekends, so have your purchases set for before the weekend and hopefully you can secure a lower price. I'd say maybe Wednesday? Also, split it up into purchasing weekly, rather than 2 $15 purchases. You may see more fluctuation, and that way if you happen to buy at a abnormally high period, it won't be as big of a loss. Also, this way, if you notice you are buying at an abnormally low price, you can quickly purchase more on the spot and still keep your budget.

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MeanSigma
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November 27, 2013, 03:24:07 PM
 #3

How do you think the market will react on Blackfriday w/ free trade on Coinbase?
I'd assume people are likely to either cash out or buy bitcoins.
ToTheMoon1k
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November 27, 2013, 03:37:08 PM
 #4

I agree with breaking it down weekly, instead of 2 times a month.  The more you break it down, the better, to maintain a cost/risk balance.

deadweasel
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November 27, 2013, 03:38:23 PM
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I agree with breaking it down weekly, instead of 2 times a month.  The more you break it down, the better, to maintain a cost/risk balance.

I've setup a recurring on coinbase every two weeks.  This way I don't have to worry about it except to move my coins to a cold wallet once a month.

I see your point on the weekly spread though, I may have to change that.

Sindelar1938
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November 27, 2013, 03:39:04 PM
 #6

Good idea

Compress the frequencies even further if you can, small amounts work well

Misterate
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November 27, 2013, 03:58:22 PM
 #7

Oh wow this is a good idea. I always thought it would be a waste buying a small amount, but if you're putting money in and it's always appreciating (hopefully) then it's better than a savings account! I may have to give this a try...
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