My Past nine months bitcoin journey

[kxwhalexk]

I think we are all dragons who like to collect treasures.

If you ask me why I am collecting bitcoins now, are you storing money for playing games and eating junk food for the purpose of buying luxury cars and villas after appreciation? Or do you believe in Bitcoin and simply want to own more and more Bitcoin.

[1714257014]

1714257014

[Kimberl2020]

If you can ignore the price to buy bitcoin every week or month and last for more than a year, it will be really great, and it will definitely be an unexpected surprise. I bought it every month in 2019, but sold it on March 13, 2020. This is my most failed decision. I sincerely hope that you can do what I haven't done well.

[JayJuanGee]

If you can ignore the price to buy bitcoin every week or month and last for more than a year, it will be really great, and it will definitely be an unexpected surprise. I bought it every month in 2019, but sold it on March 13, 2020. This is my most failed decision. I sincerely hope that you can do what I haven't done well.

Of course, there is no guaranteed price performance with bitcoin, but historically, one of the best ways to invest in bitcoin has been dollar cost averaging and continuing that process, and the longer than any BTC HODLer/accumulator is engaged in bitcoin investing the more likely that s/he is in profits and the amount of the profits is likely to be greater, greater and greater with the passage of time... again .. no guarantees.

Take your example of starting out investing in BTC in the beginning of 2019 and continuing until this date.  If you had invested $200 per month (or $50 per week) for that whole time, you would have had around $6,650 invested until this date, and your BTC accumulation amount would have been around 0.715BTC, and so that would have been worth nearly $24k - so almost 2.6x in profits.  Not bad.. not bad.. especially for a $50/week or $200/month ongoing investment... and perhaps it could be an amount that you are not too attached to in terms of if you ended up losing it all, so it would be preferable that you do not get emotional if the BTC price UP, DOWN or sideways... and perhaps 10 years later, you can start contemplating whether you have enough BTC or whether you might need to change your BTC accumulation strategy.

One thing about being in the midst of the largest wealth transfer in history, it would be nice to have some of that valuable asset.. and to accumulate such asset (whether you believe that there is actually a wealth transfer or not going on), and in the process of accumulating the asset (referring to bitcoin here), you do not necessarily need to invest a lot to have the potential of profiting considerably... that's kind of the nature of an asymmetric bet, to be able to invest a little, but still be able to have the potential of profiting a lot, even if such high profit scenario does not end up playing out as high as you wished it would have and also a possibility that what had seemed to have been an asymmetric bet ends up failing (or falling on its face, completely).

[bitterguy28]

Great to see that you are investing gradually everyweek , if you will maintain this increase each week then you will be putting thousand dollars after couple of months investing?

I have been doing the same thing but with fix amount per 15days( because that is my Payday) amounting 40$ every 15 days means 80 dollars a month and that is i can only afford for now.

But all the amount i earn from other money making i do is also dropping for  my investment .

Will be following this thread if how long will you make it to the top.

[Kelvinid]

Impressive, you really have the courage unlike the people around who keep neglecting Bitcoin and are even too naive to think about the negative.
That is exactly, since our goal is to hold for the long term, don't mind the price today or even tomorrow because changes will often show.

Now that the price of Bitcoin continues to move down, this is another opportunity for you take. if I already have some money left in my pocket, I surely buying more but sometimes, we also think about our financial status. I think I already reached my limitation.

[JayJuanGee]

Great to see that you are investing gradually everyweek , if you will maintain this increase each week then you will be putting thousand dollars after couple of months investing?

I have been doing the same thing but with fix amount per 15days( because that is my Payday) amounting 40$ every 15 days means 80 dollars a month and that is i can only afford for now.

But all the amount i earn from other money making i do is also dropping for  my investment .

Will be following this thread if how long will you make it to the top.

How long have you been doing that, bitterguy?

6 months?   a year?  longer?  It can take a while to build up your investment in anything. and the earlier you are in your investing career the longer it seems to take to see results.. and sometimes you may even feel like you are spinning your wheels for several years.. but $80 per month is not a bad amount, especially if it is manageable for you and you are not stressing out your cashflow too much. 

There is a need to also have some cash set aside for emergencies, so that you do not have to dip into your investments... so people do need to be careful about not overinvesting into something in which they are going to have to draw into at a time that might not be of their own choosing.. and that is a lot of the rational of having a certain amount of emergency cash that is just there.. just in case...

[Caldear]

This is a novel and very good investment method. Don't worry about weekly price fluctuations and capital investment, invest in a certain amount of Bitcoin and hold it for a long time, and you will get higher profits in a few years. Reduce junk food and invest in Bitcoin to ensure one's health and gain wealth, which is a wise choice.

[aysg76]

I am really not expecting prices to rise with great boom period shortly and don't have any worries at all.I have just decided to invest my funds for period of 6 months regularly without even waiting for price to go down or up and want to hold that investment for long period but if I will try to increase my DCA investment strategy for a longer period and completely give up on unhealthy foods and unnecessary items which only lies in my backyard.This will surely keep on going with btc investment because we are still not too late to this journey.

[ethereumhunter]

At least, @OP did a good job by invest in bitcoin. I suggest that you stop buying gaming stuff for a while because you need to focus on investing in bitcoin. When you can make a lot of money from your investment, you can buy the gaming stuff anytime and any product you want. Investing $360 in two months is good, and if you can continue doing that, you will have more satoshi and when the price increase in the next month, you will make a profit. But investing like that needs consistency and calm down because the price will fluctuate.

[AicecreaME]

I am away from my home working in an office and it is hard to manage both work and house at the same time for me as i came late from office. So most of the time I order food online say 3-4 times in week and was happy with that until the point i realised that i was wasting lot of money on junk food. So i decided to have my future plans as i was already investing in bitcoin so i decided to reduce my weekly budget for ordering online food and decided to invest that money into bitcoin despite the prices and just go on investing till the time being. But i made a plan that every time i would add on the fixed budget of $10 extra to btc investment and from next month increased my intial investment by $10 also.For example say my weekly budget or food expenditure was $40-$50 weekly on my 3-4 order i would reduce it to half and say invest $25 weekly and next week it would be turned to $35.Along with this I was also planning to buy some gaming stuff for my time pass but i dropped that idea for the same reason and decided that i would keep on investing in bitcoin only not any other altcoin also .So this was my plan and investment was done every week.

1^st Month Investments

Week     Investment    Bitcoin aqquired       At price

Week 1: $25                 0.0005                   $49150.53
Week 2: $35                 0.00094                  $37002.44
Week 3: $45                 0.00114                  $39294.20
Week 4: $55                 0.00147                  $37575.18

Total 1^st month bitcoin investment in my portfolio stood at : $160

How much btc were bought:  0.00405


2^nd Month Investments

Week     Investment    Bitcoin aqquired       At price

Week 1:  $35                 0.00093               $37345.12
Week 2:  $45                 0.00117               $38347.06
Week 3:  $55                 0.00163               $33723.03
Week 4:  $65                 0.00185               $35040.84

Total 2^nd month bitcoin investment in my portfolio stood at :  : $200


How many btc were bought:  0.00558

Total Bitcoins aqquired with $360 = 0.00963
 

I have doing this from past two months now and planning it to carry on for long time as i know that my returns will be high in long run and my wasting that money on my food items would have given me happiness and relaxation for few time but this investment at this time would be long lasting and give me pleasure and joy for lifetime. So I decided to compromise my that things for bitcoin investments as it will surely have more value in future when every other assest will be depreciated with inflation but my this investment will prove worthy at that time.

Speaking frankly I was happy at this dip as i was getting big share at small prices and they don't even matter for me because i was not into trading and my sole motive was to invest and hold for long time no matter what the prices are and will be.I have decided to follow this plan for atleast 6 months and will keep posting the updates on this thread. So i am constantly reducing my miscellaneous expenses and allocating that funds towards bitcoin and i will not panic with any price dumps and afford to loose that money(but it will not happen as i am optimistic) and will hold that coins until i need to use them.Till then my 6 months chart is on for investments 

It's nice that you avoided ordering online because most of the fast-foods were junk anyway. It's not healthy and it's more expensive as well unlike if you're going to cook your own food at home.  Although, if you don't have the means to cook your own food you don't really have a choice but to always buy from them. It's a good choice to stop ordering if you want to save more, but do not be so thrifty so much to the point that you'll starve yourself. We should always prioritize our health above all because everything will be worthless if we are going to acquire diseases and die soon after.

You have a nice plan and you are disciplined if I must say because you have successfully executed your investment plan for the first two months. I really do hope that you'll be able to continue and achieve your goals in the crypto world. I agree you should not be paranoid whenever the dips happen because it's totally normal in bitcoin. Volatility is its nature after all. Since you are here for the long term I suppose, then you have a little to fear when such dumps happen. Hodl until you need your funds and do what suits you best. Goodluck!

[Kimberl2020]

If you can ignore the price to buy bitcoin every week or month and last for more than a year, it will be really great, and it will definitely be an unexpected surprise. I bought it every month in 2019, but sold it on March 13, 2020. This is my most failed decision. I sincerely hope that you can do what I haven't done well.

Of course, there is no guaranteed price performance with bitcoin, but historically, one of the best ways to invest in bitcoin has been dollar cost averaging and continuing that process, and the longer than any BTC HODLer/accumulator is engaged in bitcoin investing the more likely that s/he is in profits and the amount of the profits is likely to be greater, greater and greater with the passage of time... again .. no guarantees.

Take your example of starting out investing in BTC in the beginning of 2019 and continuing until this date.  If you had invested $200 per month (or $50 per week) for that whole time, you would have had around $6,650 invested until this date, and your BTC accumulation amount would have been around 0.715BTC, and so that would have been worth nearly $24k - so almost 2.6x in profits.  Not bad.. not bad.. especially for a $50/week or $200/month ongoing investment... and perhaps it could be an amount that you are not too attached to in terms of if you ended up losing it all, so it would be preferable that you do not get emotional if the BTC price UP, DOWN or sideways... and perhaps 10 years later, you can start contemplating whether you have enough BTC or whether you might need to change your BTC accumulation strategy.

One thing about being in the midst of the largest wealth transfer in history, it would be nice to have some of that valuable asset.. and to accumulate such asset (whether you believe that there is actually a wealth transfer or not going on), and in the process of accumulating the asset (referring to bitcoin here), you do not necessarily need to invest a lot to have the potential of profiting considerably... that's kind of the nature of an asymmetric bet, to be able to invest a little, but still be able to have the potential of profiting a lot, even if such high profit scenario does not end up playing out as high as you wished it would have and also a possibility that what had seemed to have been an asymmetric bet ends up failing (or falling on its face, completely).

Thank you. It would be great if I saw your suggestion last year. The cost of my Bitcoin is about $6,000, with 10 coins at the most. Unfortunately, I hurriedly sold it in fear. (That was the first time I faced such a large decline. My heart really collapsed. Because it was a lot of money.) To be honest, when I decided to invest, I never thought I would lose so much. Now I have learned to set profit and loss.

[zanezane]

I am really not expecting prices to rise with great boom period shortly and don't have any worries at all.I have just decided to invest my funds for period of 6 months regularly without even waiting for price to go down or up and want to hold that investment for long period but if I will try to increase my DCA investment strategy for a longer period and completely give up on unhealthy foods and unnecessary items which only lies in my backyard.This will surely keep on going with btc investment because we are still not too late to this journey.

That's what I do too although I always try to make sure that I won't lose that much money during down times when I buy at a certain prices. Plus I am on the long-term so if I can, I try to choose to buy bitcoin if it's going down or the market for a week is on a red.

[oHnK]

I am really not expecting prices to rise with great boom period shortly and don't have any worries at all.I have just decided to invest my funds for period of 6 months regularly without even waiting for price to go down or up and want to hold that investment for long period but if I will try to increase my DCA investment strategy for a longer period and completely give up on unhealthy foods and unnecessary items which only lies in my backyard.This will surely keep on going with btc investment because we are still not too late to this journey.

Yup for long term investor, we shouldn't think about the movement price in the short term. As long as BTC was created, it has a good performance and the price is always higher than before. There is no asset without bearish condition, if we are in bearish market, thats natural. Even gold that is popular as a safe asset has its own history when the price dump. We have to be focus on our saving and investment. In this pandemic, indeed all of assets have the slow movement.

[JayJuanGee]

At least, @OP did a good job by invest in bitcoin. I suggest that you stop buying gaming stuff for a while because you need to focus on investing in bitcoin.

For sure, a lot of people ask questions regarding which kinds of things that they can give up and not really notice, but for sure some of those same people are going to get anxious if they see a 2x or 5x price appreciation and perhaps want to sell and might end up timing the market wrong or maybe cashing out and then not buying back in the amount of BTC that they sold.  There are a lot of ways to screw up your bitcoin investment when you start to value your wealth in various consumption goods.. and start to cash out way too soon, when sometimes there can be way better strategies to cut back on the various consumption goods (whether junk food or other discretionary items), and then once the bitcoin investment quantity gets to a decent sum.. perhaps start to consume those discretionary items with other money while just maintaining the quantity of bitcoin on the side.. for a longer term time horizon of just HODLing... until reaching fuck you status or something higher up in the time to cash out timeline in the even that a person might be considering using the BTC in connection with a kind of retirement status.

When you can make a lot of money from your investment, you can buy the gaming stuff anytime and any product you want. Investing $360 in two months is good, and if you can continue doing that, you will have more satoshi and when the price increase in the next month, you will make a profit. But investing like that needs consistency and calm down because the price will fluctuate.

Some people will base their investment quantity on a kind of consideration of something like how much it costs for junk food.. and other people might aim for something like 10% of their income... and sure there could be variance in terms of getting carried away with the amount.. and then maybe even some attempts to time the larger swings in the market too... or setting an accumulation goal and then attempting to merely maintain once reaching the accumulation goals... when you are in your 20s you might be ok. having most if not all of your assets in one asset class, but some folks do like to diversify into other assets too.. and I am certainly of the understanding that so many people lack in having any investments beyond their house so frequently they may have to start with learning about one investment at a time.. and bitcoin is likely a good one for a starting point for people who might not have any other major investments.. and build up to a certain point, whether that is $10k of value or $20k or some higher amount might depend on what part of the world you live in (what are the expenses in that area) and then also what kinds of skills do you have to generate income (some people will invest in education or other ways to attempt to increase their chances of being able to generate higher income with their skills or certificates or licenses or who they know (who you know, not what you know ideas, too)).

[edited out]
Thank you. It would be great if I saw your suggestion last year. The cost of my Bitcoin is about $6,000, with 10 coins at the most. Unfortunately, I hurriedly sold it in fear. (That was the first time I faced such a large decline. My heart really collapsed. Because it was a lot of money.) To be honest, when I decided to invest, I never thought I would lose so much. Now I have learned to set profit and loss.

I think that it tends to take a long time to both figure out a strategy that works for you and then to employ such strategy in an effective way and in a long term way... in which you do not get overly excited about cashing out because you are worried about the ups and downs of the value of the investments.. so sure that might be part of the problem in getting rich too quick in one asset class because you start to feel imbalanced and like you have to cash out to preserve what gains that you have made up to that point of time... and then as you experienced, you might take a winner investment and then turn it into something a lot more mediocre or way less than its potential.  Lots of people make mistakes in bitcoin, and some people learn along the way, and some other people might get bitter or move over to shitcoins, which might not be good resolutions.. especially if you may well be trying to establish long term strategies that are likely to be effective.

DCA is one of the best and most effective strategies for accumulating bitcoin and also just long term accumulating no matter what the price, especially if you consider that you have a decently long timeline .. at least, in bitcoin there has been a tendency of even coins bought at the top of the cycle to become profitable in less than 4 years (no guarantee that the ongoing profitability will continue).  If you are continuing to invest into bitcoin there are still pretty damned likely indications that it is going to continue to perform at least as good as any other investment over the long term..

and surely, I personally don't think that there are any shitcoins out there worthy of investing any more than perhaps 10% of your total crypto value.. at most.. so in my own thinking more than 90% of your crypto investment should be in bitcoin, unless you specifically have some insider knowledge and in and out assurances regarding some other projects - considering that you might be involved in a scam or a pump and dump too... which morally I have some difficulties going down that kind of a path.. in terms of how I want to focus my efforts, my money and my thinking.

Regarding diversification, the threshold for when it is good to do so might be different for each of us, and usually there is some need to diversify into other asset classes, and so when you get to that stage, you might be kind of considering the balancing of attempting to grow funds, not put principle at too much risk, and preserving principle (and even preserving gains)... but yeah, getting emotionally caught up about whether something in profitable in the short term might not be a great perspective, because if something that you believe in, such as bitcoin, is down in price, it may well be a time to buy (or at least just HODL) rather than sell... so then another question is when to sell or just maybe how much to shave off because a lot of people who consider something as a long term investment might either just let it completely ride through the ups and downs or just sell very small portions as the price goes up.. and even that selling could get carried away if you lose sight and end up selling too much too soon.. imagine so many people who ended up selling their bitcoin in 2017 the $1ks, 2ks and $3ks and then the price went up to $20k.. and not even saying that it would have been necessary to sell anything in the 20ks, so long as you were able to ride out the cycle for 3 more years from late 2017 to late 2020 when the BTC bought at $20k became profitable again...

and just by looking that the DCA link that I had provided, you can change the dates in there and then see that a person who ended up investing $50 per week through the whole 4-year cycle (which is an amount that is reasonably within grasp for a decent number of people - even though it may take some ongoing budget balancing persistence), that person would have ended up investing a bit more than $10k but having had accumulated about 1 1/3 bitcoins... which surely is not a bad place to be.. just as a foundation for building wealth that may well do quite well to continue to DCA or just stop the DCA'ing and just let that sit for 10 years or longer.. even though I would recommend to continue DCA'ing until you really reach a status that is getting somewhere close to fuck you status....

One of the potential problems in BTC, and has happened historically is that an investor could well end up investing a reasonably aggressive (but not too much in terms of overall budget) into BTC, then the BTC rises in value way more than any other investments that s/he has.. and that can cause the investor to become emotional too in terms of questioning whether to let his/her winner continue to ride or to pull some out.. sometimes the better situation could be to let the winner ride; however, there might also be a need to pull some value out in order to dampen down some of the emotions that inevitably come from having too many eggs in one basket, and the investor will likely feel much better by having some value in other investments.. and then perhaps once there is value in some other investments, the investor can either continue to invest more aggressively in bitcoin or just let it continue to let BTC ride, once some of the other base assets might be established to protect from the emotions that likely come if bitcoin has a 50% or so dip (where we are at right now) and sometimes bitcoin has had 85% or so dips, such as in 2018, 2020, and earlier periods too.. in 2014/2015 and earlier.. but maybe if we go too far back, people have harder times considering the bitcoin of back then as the same as bitcoin as an investment today.

[horrifiedx1]

Slowly but surely as long those funds aren't used for living or expenses or savings then it should be fine.Im having the same move on accumulating bitcoin but only on monthly purchases

and everything would be random in terms of amount because I do make use of those extra money I do have after I had paid up the bills and everything is already organized.

Somewhere in between $100-300 depending if there are no other expenses or unexpected ones.Yes, it is just small compared to others but at least you are saving up.

As long as you are using funds that you can afford to lose, no matter how big or small, that would be fine. At least, you are not relying on that funds for your daily expenses. Because the volatility that you will encounter everyday will make you panic if you are relying on those funds and you may sell at a loss. But if you are looking for long-term investments, you will not be agitated by everyday movement. And with small investments, in time, you will find out that it is already a hefty amount.

right, at least with free money we will be able to feel calm in investing, not only in a month or two, but we can last for years, because investment is our savings which will later lead to a better family economy. For beginners, investment is indeed more suitable than trading, trading requires expertise that requires a process, not an easy way to make money for beginners

[ziennakarishma21]

I am away from my home working in an office and it is hard to manage both work and house at the same time for me as i came late from office. So most of the time I order food online say 3-4 times in week and was happy with that until the point i realised that i was wasting lot of money on junk food. So i decided to have my future plans as i was already investing in bitcoin so i decided to reduce my weekly budget for ordering online food and decided to invest that money into bitcoin despite the prices and just go on investing till the time being. But i made a plan that every time i would add on the fixed budget of $10 extra to btc investment and from next month increased my intial investment by $10 also.For example say my weekly budget or food expenditure was $40-$50 weekly on my 3-4 order i would reduce it to half and say invest $25 weekly and next week it would be turned to $35.Along with this I was also planning to buy some gaming stuff for my time pass but i dropped that idea for the same reason and decided that i would keep on investing in bitcoin only not any other altcoin also .So this was my plan and investment was done every week.

1^st Month Investments

Week     Investment    Bitcoin aqquired       At price

Week 1: $25                 0.0005                   $49150.53
Week 2: $35                 0.00094                  $37002.44
Week 3: $45                 0.00114                  $39294.20
Week 4: $55                 0.00147                  $37575.18

Total 1^st month bitcoin investment in my portfolio stood at : $160

How much btc were bought:  0.00405


2^nd Month Investments

Week     Investment    Bitcoin aqquired       At price

Week 1:  $35                 0.00093               $37345.12
Week 2:  $45                 0.00117               $38347.06
Week 3:  $55                 0.00163               $33723.03
Week 4:  $65                 0.00185               $35040.84

Total 2^nd month bitcoin investment in my portfolio stood at :  : $200


How many btc were bought:  0.00558

Total Bitcoins aqquired with $360 = 0.00963
 

I have doing this from past two months now and planning it to carry on for long time as i know that my returns will be high in long run and my wasting that money on my food items would have given me happiness and relaxation for few time but this investment at this time would be long lasting and give me pleasure and joy for lifetime. So I decided to compromise my that things for bitcoin investments as it will surely have more value in future when every other assest will be depreciated with inflation but my this investment will prove worthy at that time.

Speaking frankly I was happy at this dip as i was getting big share at small prices and they don't even matter for me because i was not into trading and my sole motive was to invest and hold for long time no matter what the prices are and will be.I have decided to follow this plan for atleast 6 months and will keep posting the updates on this thread. So i am constantly reducing my miscellaneous expenses and allocating that funds towards bitcoin and i will not panic with any price dumps and afford to loose that money(but it will not happen as i am optimistic) and will hold that coins until i need to use them.Till then my 6 months chart is on for investments 

yes ,  I appreciate your article, you are a logical and smart investor, why do I say that because the rich get richer and the poor get poorer, the rich get richer? they always know how to save money as well as time for them all with a clear plan in a logical way, I always appreciate people like you and what you share as something that makes How should I rethink my investment?

[marilynmanson21]

really inspires me friend, I personally sometimes still consider investing in bitcoin using personal money, by watching you buy bitcoin gradually you can collect 0.009 btc, it's like I'm shopping for something that has just been eaten or damaged, it's better to invest in bitcoin what else is currently being done  below bitcoin price

[ataylor65]

It is probably an investment for your future completely smart, persevere every day for the achievement you are trying to achieve, BTC is a priceless asset, any investment in it at this time is a wise choice, wish you will gain profit in the near future when BTC price will reach a new growth.

[isabellel2]

this is a great investment method if you only save your junk food for 12 months you will save around $1800~ over $2k (as per the numbers you listed above) in a year and you can buy about 0.05~0.07 BTC (according to the current BTC price is more than 30k $), if so, it will take you more than 15 years to own 1 BTC for yourself Personally, I probably think that your choice of investing in BTC is a wise one and your long-term vision, it will take quite a while to accumulate such a number, but anyway I I hope you will achieve some kind of profit every year with your investment, as BTC growth will form year after year.

[alviemery96]

A saving and investment for the future worth noting, BTC is in a sideways phase during this time so accumulate as much BTC as you can, Your investments will be worth it. In the next 10 years or not time will tell because investing in cryptocurrency is always subject to great volatility that can make you lose money or make a lot of money, but now with your pioneering position, As the value of BTC over the years has shown that every investment in BTC brings a huge profit to those who know the market, so in my opinion the future value of BTC will reach to a new level of development.