Well if you started in 2017, and then maybe you started with only $10 per week, and then every year you increased it by $10 or $15 per week, then you would be getting close to $100 per week.
No one can ever tell anyone how aggressive that they should be or maybe if they are being too aggressive without having some details of the circumstances, and even with details, the person should be in the best position to figure out these kinds of matters, even if sometimes they might share ideas with others (for example in this thread) to figure out the extent to which they might be able to think about their matter of discretionary income or even how much BTC to try to buy per week in different kinds of ways.
Some details of circumstances are compulsory but I will add one more point that is:
Aggressiveness should be there but not much which affect on the personal life. Let's think if anyone is aggressive and want to invest $100 in Bitcoin every week but he is not caring about his personal life and separating $100 per week. He is not taking care physically himself. So this will not good. Separate that amount to invest which is really separate. In aggressiveness never forget you have your life and your family. Aggressive on that amount which is separate you have.
Well if I suggest that you should be as aggressive as you can without being overly aggressive as to take too many risks with your health and/or putting yourself into a panic mode, etc etc etc..
It should already be understood that there are limits, and surely sometimes people might be doing damage to themselves without realizing the damage that they are doing, so it could not always be understood where someone is going to draw the line.
In my earlier example of starting out at buying BTC at $10 per week and then increasing $10-$15 every year, and then after nearly 7 years getting to $100 per week, there still likely would be needs for the budget to be able to absorb a 10x increase in the amount per week of the DCA, and there is a bit of an assumption that the person is analyzing his situation well enough that he is being aggressive without being overly-aggressive... Yeah, if someone had a $400 per month salary at the beginning of the 7 years, and still has a $400 per month salary, then such a plan likely would not work because he starts out at 10% and works his way to 100% of his income being invested into bitcoin.
Spo maybe there is a bit of an assumption that the guy is either starting with a higher income or is able to cut expenses along the way or is able to increase income along the way.
Also, a person who starts out in his investment very whimpily, and maybe he earns $4k per month, so starting out at $10 and working his way to $400 per week has merely increased his DCA from 1% of his income to 10%, which is still a 10x increase over the 7 years.
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That is the main goal of a person's income, the extra money after excluding household expenses should be invested in Bitcoin.
I am not sure if the goal would be or should be to invest 100% of your discretionary income into bitcoin, but surely it is possible to do that, and that would be quite aggressive, but not overly aggressive because you are not going over 100%, and yet we probably would be assuming that any such person who is investing 100% of his discretionary income into bitcoin, would have a pretty robust emergency fund, and maybe even one that is funded for 6 months of his expenses.
By the way, part of the reason that I am so concerned about the idea of investing 100% of your discretionary income into bitcoin is because on a practical basis, there is likely to be a bit of a float (or a cushion), because even when people might have really strict rules and structure there is likely to be variance... but the over all idea of being as aggressive as you can is not a bad one, especially when it comes to the earliest days of BTC accumulation.
If you don't accumulate wealth for the future, you may find yourself in dire straits in old age.
That still does not mean that you have to be so aggressive as to invest 100% of your discretionary income into bitcoin.
Even a person who is quite whimpy in his bitcoin investment still might put himself into a much better position in order that he does not end up in "dire straits" in his old age. Part of the matter has to do with time, so if you consider old age to potentially start around early 60s, then if a person is in his early 20s, he has nearly 40 years to prepare for old age, so even if he was saving pretty whimpily at $10 per week for 40 years, he would have had saved more than $20k after 4 years, and potentially that investment could have doubled in value very 10 years or so, and so he would have a bit of a cushion to be able to use that money.. and yeah in an example like that we do have to kind of assume that the person may well have had increased his investment amount (even with a relatively whimpy investment) with the passage of time because the currency would have likely lost a lot of value during that time.
If the person is in his late 40s or even into his 50s, and he has not really saved/invested a lot, and if he is just getting started in saving/investing, then he might need to be more in a panic mode, especially if he might be expecting that he might not be able to (or want to) work as much once he gets into his 60s... or at least whatever work that he does, he would like it to be completely voluntary.. or things that he chooses rather than he is forced to do for financial reasons.
I think that if Bitcoin can be invested in the present, this investment can be tripled in future generations to make my life comfortable. This could be the main tool to protect against Bitcoin shortages. So it is better to invest in Bitcoin monthly or weekly by following the DCA method.
Sure investing in bitcoin is good, but you are not being very specific in this part of your commentary and you seem to largely just throwing out empty platitudes.
To be specific, what are the risk factors of Bitcoin? Losing your money to hacks and mistakes or Bitcoin price dropping to zero? I have heard so much about the risk of Bitcoin, so much that we need to put it into context so others will understand and take caution. Unfortunately, a lot of people singing about the risk of Bitcoin cannot specifically say what the risks are and the highest they will say is that Bitcoin is volatile and therefore risky.
Maybe most of them will say bitcoin is not real, we can't touch it we can't see it and it's probably money game
People say that, but so what? It is hardly worth even repeating without saying that it is really dumb in terms of not understanding that if whole industries are built around bitcoin, then there is quite a bit of concreteness and real world connectedness, even if bitcoin is ultimately an intangible kind of property... that happens to be one of the most powerful kinds of technology invented (or discovered).
Perhaps you were inspired by CZ who quit his job, sold his house to invest in Bitcoin. Remember he advised that getting another job would not have been difficult for him. So, I guess you figured out how to survive without a job and still hold Bitcoin.
So tell me, since you were all in in crypto, how were you paying your bills? Were you selling part of your portfolio to feed and pay bills? What method did you adopt in accumulating your assets? I am asking as the time the price of Bitcoin was not up to the $45k where you sold, meaning you were selling in parts to feed and also pay your bills.
Your approach is not perfect for me because I don't believe in selling all my Bitcoin holding at once. You will definitely lose a good portion of the profits you would have made. Imagine you sold at $45k yet the price went higher to $69k. If I am not mistaken, most of the funds you realized from selling your Bitcoin have been channeled to shitcoins or other things.
The best would have been to sustain your job and invest in Bitcoin gradually and not with all you've got only to sell them all off at once.
Basically iam salesman but iam full time in
crypto. one of my service is facilitated people who want cash out
crypto into fiat below exchange rate.
At first i accumulating my
crypto from bounty program and I usually pay my bill with credit, maybe i spend alot thats why
Yeah, but do you realize that you are in a bitcoin thread?
Do you know what bitcoin is? Fuck crypto. We could hardly give any shits to talk about shitcoins in this thread or to use such ambiguous language that you don't seem to know what you are talking about. If you are talking about bitcoin, then use the word and describe what you mean in terms of bitcoin, since that is what we are talking about bitcoin here.
If you want to talk about shitcoins, then at least say why you think that it is relevant, because there is no such thing as "being in crypto." It is dumb to even think it, and probably you are lost if you are "in crypto" and you are unable to state exactly what it is in relation to bitcoin, and if you hardly own any bitcoin and you own a bunch of shitcoins, then you likely do not really know what you are in or what you are doing, unless you are just gambling or playing the roulette table... which surely is not what we are talking about in this thread.
And, perhaps if you are getting in and out of "crypto" then you are trading/gambling and/or trying to get some fiat gains, which is also not what we are talking about in this thread.
Maybe if you rethink your post and try to frame it in terms of bitcoin, then at least you will better state what it is that you are talking about and how it might relate to this thread.
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The whole point of investment is to get good return. Any investment is of no use if it cant benefit the investor. I have an opinion that don't wait till your 60's to start using your funds. Use them when you have energy in your body.
What will be use of a million dollar in your 60's when you can't move freely and have different odds with your health. Try to use your investment when you are young and have energies. Driving lamborgani is your 30's or 40's is more
Of course there are exceptions and have people in 60's and 70's that have good health, they can take the chance of using funds in later part of age.
Just my opinion.
I doubt that anyone had been saying that you have to wait before you start to spend your funds, but you still might want to consider whether you are in accumulation stage, maintenance stage or liquidation stage, and so each of those stages is going to affect the way that you treat your BTC stash, and you may well overlap stages, but at least if you know where you are at, then you are in a better place to figure out what you might want to do in terms of spending. it is possible that you could get through your accumulation quite quickly, and then once you are in maintenance stage then there would not be any needs to accumulate more bitcoin, and so you would have that extra cash to consume or to buy toys or whatever it is that you want to do, so the mere fact that you are no longer in your BTC accumulation phase does not necessarily mean that you are all of a sudden spending from your bitcoin stash rather than either spending from other areas or spending from the extra cash that you might have from not buying bitcoin with it... also being in maintenance stage might end up causing you to strategize both BTC buys and sells in such a way that you are selling on the way up and buying on the way down, which generates cash, but you still are not really engaging in any kind of depletion of you BTC stash size and/or its value.. and in fact its value is likely to be increasing while you are such a stage if you structure your sells in ways that are meaningful, and like I suggest in
my two different styles of sustainable withdrawal (time based and price based).
Why will I keep my money in the bank to face inflation when I can just invest it in Bitcoin where it will grow for me and will never lose value. This is the reality on ground that is motivating people to go the direction of Bitcoin.
You keep some of your money in the bank in order to be able to manage your monthly cashflow and expenses.. so you may well even have a kind of cushion that is 1/2 of a months expenses or maybe even more than that that you continuously keep in the bank, so if you might have salary coming in and out, then you may well have periods in which you have a lot of money in the bank and other periods that you are paying bills from your bank, but if you plan ahead, you might have systems in place in which the bank account never goes below whatever you had set your cushion to be whether it is 1/2 months expenses or some other amount.
When I was really young (including in my early 20s) my cushion was always between $300 and $500, and so I slowly realized that $500 is better than $300, because it gave me more to work with, but then as my income and/or expenses got more complicated, I slowly gravitated up to $1k and then $2k and then $3k, and recently I had tried to go back down from $3k to $2k, and after about 3-6 months, I just found that it caused me too much stress to have my cushion at $2k because of situations that sometimes might happen, so I feel way better maintaining $3k as my current cushion... so even with a $3k cushion, there still might be times in which the cushion gets breached and the amount in the account is less than $2k and even getting down close to $1k, which surely makes me nervous, but if I know that I have sources in which I can fairly quickly draw upon, if the cushion is getting close to $1k and it is ONLY for a few days, then I won't panic, and since I project my income and my expenses in advance, I tend to be able to see quite a bit in advance if my cushion is going to be low in the future, and if the projection out 2-3 months is showing a cushion of less than $3k, that gets fixed within a fairly planned out way so that I know what I have to do by when in order that the account (further out) gets down to those sub $3k amounts, but if there is some kind of an immediate expense or something that I might be considering doing that will cause my cushion to go from $3k to close to $1k, then I might not panic if there might be cash already expected to come in so that the deficit will only last a few days at most.
By the way, my above numbers might be real or not, and I am largely trying to make the point, that it is good to have a cash cushion, and you may or may not be using your bank for these kinds of cashflow matters, even though it is not always the case that people have electronic forms of receiving cash and paying their bills, and maybe if someone is dealing a lot more in cash, then there might be less reasons to manage cashflows through a bank, even though it does not seem that banks are disappearing any time soon or that it would necessarily wise to give up on ways in which they might be able to be used to your advantage.
Because Bitcoin investment is not done under compelling circumstances. There are basic needs that must be prioritized apart from investment needs. Therefore, whoever is consistent with their financial management will have maximum results.
Of course we cannot force ourselves to invest in Bitcoin, because it takes a long time to be able to get a profit from the investment
The level of profits that you expect and how you calculate them depends on you. If you purposefully go into bitcoin as a long term investment, then you may well not be considering short term profits because you are already in for the longer term, which may well be 4-10 years or longer.
and if we still force ourselves to invest,
Hopefully you are not forcing yourself.
yeah of course there are delayed gratification concerns, even if you pick $10 per week rather than $100 per week, because maybe you could spend that weekly amount, but instead if you actually are investing longer term, then you are buying bitcoin and locking it up for 4-10 years or longer.
of course when we experience a need that we didn't expect, of course we have to sell it in the current situation if the situation is necessary.
That means that you 1) over invested into bitcoin, 2) you failed/refused to sufficiently adequately considered to establish a sufficient emergency fund of 3-6 months and/or 3) you are engaging in gambling rather than investing
Of course we can still make a profit and if it is the other way around, of course we will bear the losses from the investment.
It sounds like you are mixing up the ideas of investing and gambling. In other words, you don't know the difference, and if you do know the difference, your behaviors are not reflecting investing rather than gambling behaviors.
It is indeed very important to be able to manage finances well so that we can invest without interference from unexpected funding needs, so we will be able to hold on until it is profitable for us to invest.
That is dumb. there is no need to build up cash in order to strategically wait for when to invest. Instead what you are doing, is that you are failing/refusing to establish an emergency fund, and so you therefore build up your cash (which would be your emergency fund) and then you are using part or all of that to buy bitcoin in order to gamble it with the expectation that its price will move in your favor rather than not by the time that you need the money, but you have not really planned very well, so you are largely just winging it and hoping for the best.
I would not call those kinds of practices investing... but hey if you are trying to learn, then maybe you can fix your seemingly dumb and ill-advised way of saying that you are investing when you are not, and if you really want to invest, then there are probably ways to fix your ways so that you never have to sell any BTC except at a time of your own choosing.. which may well be many years into the future.. once your investment has grown and perhaps even compounded a few times... perhaps there is hope for you? perhaps? I am not holding my breath, because people do all kinds of dumb stuff and then don't necessarily learn from why it is not working.. so I am not going to presume that you are ready, willing and/or able to either get our of your trap and/or to start investing rather than gambling. That's on you.
By the way, think about it. You have been registered on the forum for more than 6 years, and if you had been investing in bitcoin
$25 per week into bitcoin for those 6 years, you would have invested $7,825 and you would have accumulated 0.68 BTC (which is an average cost per BTC of $11,500 and currently worth about $29k) and so that would be right around 3.7x increase in value from the amount invested. Hopefully whatever you have been doing in connection with bitcoin the past 6 years comes somewhat close to that - otherwise you might want to consider some kind of a DCA approach from here forward, since BTC's investment thesis is not really getting any weaker.
....But as a long-term investment, so far Bitcoin has never disappointed its investors.
FTFYYes.
So far, bitcoin had never disappointed its long-term investors.
I first started with a very small amount of money to invest in Bitcoin. I once decided to borrow $1000 from my family to invest in Bitcoin but later changed my mind.I changed that decision to the fact that I am connected to a job and get a certain amount of money from it every week I invest a day of money from it in bitcoins. I do masonry work from which I get fixed amount money every week. I take one day's worth of money I get every week from this masonry job and invest it in bitcoins. That is 5 dollars worth of bitcoins, that is 20 dollars worth of bitcoins per month. I am trying to invest in dollar cost averaging (DCA) method every month.
I have been accumulating bitcoins like this for about nine months. But I have decided that when my source of income increases I will invest more in Bitcoins. I intend to extend this investment method up to four years and will do so. People who don't have much money to invest in Bitcoin can invest in Bitcoin using Dollar Cost Averaging (DCA) method. I hope that if I invest in Bitcoin for the long term, I will never be disappointed.
Why would you limit it to 4 years? Even if you increase your investment to $50 per month that would be right around $600 per year and $2,400 in 4 years. It does not seem to be a place to be stopping. And let's say you extent that to 20 years, and then you have right around $12k invested, so now you might start to be getting somewhere in the event that your disposable income does not go up.. but there can be ongoing adding of value and then at some point it might start to become more clear if you should be changing your strategy or at what point you might be getting to be out of accumulation phase and into either maintenance stage or liquidation stage.. and surely from my own thinking it does not seem clear to transition from accumulation stage to liquidation stage without first going through a period of maintenance stage... but hey, each of us have our ways of thinking about these kinds of bitcoin investment related matters.
