Bitcoin Buyers Club

[Pearls Before Swine]

I myself have set up a monthly wire transfer from my bank account to Coinbase and a recurring purchase of Bitcoin every 1st day of the month.

That's smart and good for you for committing to buying bitcoin on a regular basis.  

Personally I have no way to buy bitcoin with cash from an exchange, because I'm not going thru kyc procedures to do it.  However I do have someone I can buy it from when I want to, and it works out well.  Don't count me in the club because right now I don't have enough disposable income to keep buying bitcoin, though I would really like to.

Good luck with your club.  Not sure if you'll find members here who would really get into it, but you never know.

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[TheCoinGrabber]

Instead of a monthly purchase I'd probably set a total annual amount I'd like to invest in Bitcoin. (I ain't that rich enough to regularly buy) Then I'd just sprinkle them out throughout the year during crashes.

[error08]

It does not have to be a club. Everybody who is serious enough to build a treasure with Bitcoin will always set aside a tiny portion of his regular income to buy Bitcoin. And not just Bitcoin, it could be divided among solid altcoins as well. The better club is HODL club. Not everyone who buys Bitcoin is committed enough to HODL them for a long time. Many are emotional owners. They cannot HODL when the times are bad. HODL club is made up of stronger Bitcoin supporters.

Sure, I don't mean a club where people need to sign up. More like a board where people display their commitment by telling the rest of the world that they're investing in the long-term.

I'm not sure about pure HODL. If everyone just hodls, what happens to actual adoption? People should be spending at least a portion of what they buy every month to foster adoption, even if it's as little as buying a Cryptokittie or playing some other blockchain game.

So, this will be the board of people commit to buying bitcoin every 1st day of the month?
While it's a good idea for the long term but not really if you have to spend it to buy something when the price drop significantly, imagine if bitcoin price is $10K in the 1st day, then it drops to $8K a few days later, a bad idea to spend it at that moment.
Well, I prefer to buy bitcoin every month, not always in the 1st but whenever I think it's a good entry point, then hold it until an unspecified time. Usually, I will convert my bitcoin to cash in order to buy more btc after the price tumbled. Anyway, I'm in.

[grintsch]

I myself have set up a monthly wire transfer from my bank account to Coinbase and a recurring purchase of Bitcoin every 1st day of the month.

That's smart and good for you for committing to buying bitcoin on a regular basis.  

Personally I have no way to buy bitcoin with cash from an exchange, because I'm not going thru kyc procedures to do it.  However I do have someone I can buy it from when I want to, and it works out well.  Don't count me in the club because right now I don't have enough disposable income to keep buying bitcoin, though I would really like to.

Good luck with your club.  Not sure if you'll find members here who would really get into it, but you never know.

Thanks a lot. Which country are you based in? This sounds bad. Do you have a credit card? You could try a service like https://buy.carbon.money/ that doesn't require fully-blown KYC.

[grintsch]

Instead of a monthly purchase I'd probably set a total annual amount I'd like to invest in Bitcoin. (I ain't that rich enough to regularly buy) Then I'd just sprinkle them out throughout the year during crashes.

Everybody should do whatever they think is best and what they feel comfortable with. I prefer the automation; if it's about long-term investing it's the equivalent of buying ETFs or stock regularly. However, never put any money in crypto that you can't afford to lose (at least up to this point).

[grintsch]

So, for anyone interested I've set up this Google Form. As soon as I find the time I'll link that to a Google spreadsheet and we'll see how far this will get us:

https://forms.gle/rjD81677yipAVhtaA

[Wysi]

I've been tossing around the idea of starting a group of people who are committed to buying Bitcoin every month. Can be a small portion, like 5$, or however much people can afford (I suppose it would make sense to use higher amounts for fee reasons, though). I myself have set up a monthly wire transfer from my bank account to Coinbase and a recurring purchase of Bitcoin every 1st day of the month. This is really simple, and you keep investing and $-cost-averaging your BTC purchases.

Who's in?

I created a Google Form where anyone who wants to "join" can do so: https://forms.gle/rjD81677yipAVhtaA

This is too risky and not sure if this will work out in this volatile environment as what you are planning involves money from a group of people and you will be held responsible if things don't go well because most of them might not invest small amount due to the transaction fee as you have already mentioned and there are some people who might be concerned about their anonymity as well. Anyways all the best with your project but please do give it a second though to eliminate the risks and start with a small group of users like your friends and then grow the group gradually if it works.

[jossiel]

What is the purpose for compiling people who have been cost averaging all of the time? Isn't this just going to make a sort of database that anyone can benefit out of it? I have taken a look at the spreadsheet and it contains only two forms.

Is this just a sort of survey or study?

[Ayiranorea]

What Op has done can be done individually. For a regular investment purpose there is no need for a club. Maybe through this club one can get to communicate and share information related to the market trend and everything associated with cryptocurrency. Clubs have a big role in promoting services, and in such a way these buyers clubs too could contribute in the promotional process of bitcoin.

[huu78]

Is it risky if the market situation is bad? I will buy Bitcoins if the market has improved as it is today, but it does not also benefit because the price is still very unstable up and down too deeply.
If price Bitcoin can be stable up maybe yes, I can invest every month to buy Bitcoin little by little to add my money slots to become more for the long term.

[error08]

I've been tossing around the idea of starting a group of people who are committed to buying Bitcoin every month. Can be a small portion, like 5$, or however much people can afford (I suppose it would make sense to use higher amounts for fee reasons, though). I myself have set up a monthly wire transfer from my bank account to Coinbase and a recurring purchase of Bitcoin every 1st day of the month. This is really simple, and you keep investing and $-cost-averaging your BTC purchases.

Who's in?

I created a Google Form where anyone who wants to "join" can do so: https://forms.gle/rjD81677yipAVhtaA

This is too risky and not sure if this will work out in this volatile environment as what you are planning involves money from a group of people.

No, it's not risky at all if you know the price fluctuations and plans to hold for the long term, at least we know bitcoin will reach over $20K next year or in 2021.

you will be held responsible if things don't go well because most of them might not invest small amount due to the transaction fee as you have already mentioned and there are some people who might be concerned about their anonymity as well.

No, he's not responsible to anyone or anything.
People who decide to buy bitcoin at their own discretion, @grintsch doesn't compel anyone to join the club nor he holds other's bitcoin.
You simply buy bitcoin and keep it in your wallet.

[Periodik]

What Op has done can be done individually. For a regular investment purpose there is no need for a club. Maybe through this club one can get to communicate and share information related to the market trend and everything associated with cryptocurrency. Clubs have a big role in promoting services, and in such a way these buyers clubs too could contribute in the promotional process of bitcoin.

It can and should be done individually. No need to broadcast it somewhere public. But if the idea is simply a group where people could hang out and discuss about Bitcoin development or good news or perhaps a rough amount on your additional Bitcoin I guess it is not totally bad at all. After all, everything is made anonymous. Nobody can know the identity behind each and every member's username or even wallet.

[Wapfika]

What is the purpose for compiling people who have been cost averaging all of the time? Isn't this just going to make a sort of database that anyone can benefit out of it? I have taken a look at the spreadsheet and it contains only two forms.

Is this just a sort of survey or study?

I'll consider it as OP survey to know whether is he's only the one whose doing it, buying monthly like paying bills or like a monthly salary. This discipline is interesting not the form part, but as a individual who disciplines himself to allocate funds for his investment than to put somewhere else that will not gain o simply spend it with no return.

[Murat]

I appreciate your planning but not an appreciated work for all the people who usually hold Bitcoin and Buy Bitcoin on a regular basis, so this will not work as much as your expectation, I think in this platform, privacy is the best priority for all of us, so this type of community will not get accepted those people who want to play hide and seek game, I think it's important to hide of all my transaction, since you don't know anyone in this platform so you are not going to believe any single person. this is why we want to keep secret our saving and holding from others, that's the simple reason for not participating in your club.

[Suslived]

Isn't it more riskier to do cost-averaging in bitcoin rather than in local stock market? Bitcoin, although solid as of now, has a higher risk of crashing down rather than companies, especially blue chip companies.It wouldn't be as effective in my opinion compared to cost-averaging in much lower risk stocks. Although your move, if large base is interested, could potentially increase market demand, and price, only if your number is significant enough to do so.

Yeah blindly cost averaging on every "x" day of the month is highly unadvisable especially in bitcoin or the cryptocurrency scene. With all the volatility we experience it is not so difficult to time the buys when the charts show a downtrend.

A smarter way would be to actively look at charts (5mins a day?) and find a comfortable entry point once a month.

[SvonioneFromMangoCoinz]

But who will hold my bitcoin and ensure it is safe and I am the owner? If you have an accident or lost your wallet, who will compensate me for bitcoin?
I think this should only be done on our own and we should not work together to avoid bad situations.

[toast]

if you want to save bitcoin then you have to check each price if you want to buy because if one day you want to sell but it's still below the same purchase price you don't profit but lose, it's too risky but go back to yourself if you don't mind it continue only

good luck in investing with crypto as investors we must be good at utilizing every opportunity we will get if it is not lucky why not wait and be patient because it is the capital needed maybe I agree with your opinion that there is too much risk to speculate for sure in the future with the eyes crypto money

[tambok]

if you want to save bitcoin then you have to check each price if you want to buy because if one day you want to sell but it's still below the same purchase price you don't profit but lose, it's too risky but go back to yourself if you don't mind it continue only

good luck in investing with crypto as investors we must be good at utilizing every opportunity we will get if it is not lucky why not wait and be patient because it is the capital needed maybe I agree with your opinion that there is too much risk to speculate for sure in the future with the eyes crypto money

Let's believe in the market and with our own understanding, we don't need paid signals or a group that will tell us what to do and what should not, it is okay at a beginning but is better if we will rely on our own understanding and read some reliable experts opinion about it, Bitcoin is really. Simple holding will make us profit if we know how to patience.

[grintsch]

It's the exact idea on which mutual fund houses are functioning and the monthly purchasing is called "SIP". But anyway, why do you want to create a group?

Does that mean, you will first create pool of funds and then buy the bitcoin in one go, and then distribute the proportionate amount of bitcoins to the investment of the group member? Am I understanding it correctly?

It's just a group (actually it's more like just a board) to be able to display crowd activity. If someone sees that many people are doing something they might be more encouraged to do the same thing, too. It's not about facilitating that at all - I don't want your money :-D

[grintsch]

This is too risky and not sure if this will work out in this volatile environment as what you are planning involves money from a group of people and you will be held responsible if things don't go well because most of them might not invest small amount due to the transaction fee as you have already mentioned and there are some people who might be concerned about their anonymity as well. Anyways all the best with your project but please do give it a second though to eliminate the risks and start with a small group of users like your friends and then grow the group gradually if it works.

I don't want to touch your money - it's simply a bunch of people who say "hey, I'm buying BTC every month". I'll update OP to reflect that better :-)