Trying to squeeze some dollars into BTC per week

[TreyARC]

I'm planning to start saving some money per week for BTC and ETH so my question is if you are making 100$ per week how much makes sense to reinvest in some satoshis? I'm still single not married and I have less bills on my neck, I just want to hear people's opinions.

[1714471066]

1714471066

[1714471066]

1714471066

[1714471066]

1714471066

[Lucius]

I would definitely recommend you to read Dollar-Cost Averaging (DCA), which is a strategy that some apply when it comes to investing in cryptocurrencies. Therefore, if you have a stable income, and if you are a determined person who does not change his mind just like that, I believe that this strategy is the best way to invest, without significantly affecting your finances.

What is always good to note is that it is not only the strategy that matters, but also the way you will store your cryptocurrencies. For any serious amounts, it is not recommended to store them in an online wallet/exchange, but also in a mobile/desktop wallet. You can learn how to properly make cold wallet storage, or to invest in a hardware wallet which today costs $30 upwards, depending on the manufacturer and model.

[Bitfort]

In simple: That much you can afford to lose.
Imagine worst possible scenario could happen in future: A total collapse.

Say a major flaw is found in BTC (ETH) protocol. Exploited so much eventually making coins worthless (nobody is buying anymore and you are unable to cashout into fiat).
aka
your crypto holdings value turns into $0.

Put in only that much so you can say something like: "Hmm, that was an interesting experiment. Shame it failed but I can move on." should the above happen.

[Jawhead999]

How much does "less bills" you said above? You can substract your $100 with your bills first, after that how much you can afford to lose. Many people always think invest to BTC or ETH will always made profit, while the fact isn't completely 100% you should consider if BTC and ETH will going to 0 (even though it's highly impossible for BTC, for ETH I don't know)

What if you use $50 to buy that and using dollar cost averaging strategy?

[Findingnemo]

I'm planning to start saving some money per week for BTC and ETH so my question is if you are making 100$ per week how much makes sense to reinvest in some satoshis? I'm still single not married and I have less bills on my neck, I just want to hear people's opinions.

You can follow 50/50 rule if you don't have responsibilities of paying bills like house rent, school fee, etc which means invest half of the amount you make every week or month on something like Gold, bitcoins and stocks as well which diversify your portfolio and reduce the risk of losing capital and in the long run you will make good returns for sure.

[Maus0728]

Calculate your weekly expenses first, then convert the remainder to bitcoin. This means that the amount of fiat you use is determined by your finances, as long as you do not deprive yourself from your daily necessities, you're good.

One strategy I use is that every week, all of the money I earn from digital drawing commissions/campaigns and any other side hustle I consider goes 100% into bitcoin. This is because I am still a student living with my parents, so expenses are not an issue.

[hd49728]

I'm planning to start saving some money per week for BTC and ETH so my question is if you are making 100$ per week how much makes sense to reinvest in some satoshis? I'm still single not married and I have less bills on my neck, I just want to hear people's opinions.

Dollar Cost Averaging (DCA) is best for you. Check https://dcabtc.com/ for DCA with Bitcoin.

DCA means you don't care much about entry price and you simply buy Bitcoin each week, each month for example. In order to do DCA effectively, you should use your pocket capital to invest by DCA. If you loan, it is no longer DCA. DCA is for investment from your own money.

[Trojane]

Haha, I don't really think this is what you should ask for someone's opinion to do buddy; I don't know how much you spend approximately on your bill so what can I say? You only said you don't spend much but I don't know the amount exactly just line you mentioned what you earn in a week The question You should ask is: is it advisable to invest ------- amount in btc gradually till it gets to my target? Is it advisable to make it a means of investment? Can I make a reasonable profits from crypto if I invest in bits ( smaller units like sats etc.)
Well, since you ain't certain I dunno what to say on my own part.

[NeuroticFish]

I'm planning to start saving some money per week for BTC and ETH so my question is if you are making 100$ per week how much makes sense to reinvest in some satoshis? I'm still single not married and I have less bills on my neck, I just want to hear people's opinions.

As the others said, invest as much as you're comfortable with/you afford to lose, ideally DCA as you can.

Something that may worth knowing is that you should probably not withdraw from exchange every small amount because the exchanges' withdrawal fees are not small. Of course, after a certain amount is there, withdraw to your own wallet.
You should consider buying a hardware wallet or learn to set up a cold storage or, if you don't plan to touch those coins in the near future, generate safely offline a paper wallet.

[Maliceprime]

Not a good question to ask someone on here because no one knows how much you spend every week from that 100$ per week, you want to share some light on that first? 10$ per day is good enough for me since I'm making 30$ per day im thinking that 10$ or 20$ per week is good enough for you.

[Marvelman]

I'm planning to start saving some money per week for BTC and ETH so my question is if you are making 100$ per week how much makes sense to reinvest in some satoshis? I'm still single not married and I have less bills on my neck, I just want to hear people's opinions.

Dollar Cost Averaging (DCA) is best for you. Check https://dcabtc.com/ for DCA with Bitcoin.

DCA means you don't care much about entry price and you simply buy Bitcoin each week, each month for example. In order to do DCA effectively, you should use your pocket capital to invest by DCA. If you loan, it is no longer DCA. DCA is for investment from your own money.

Yes, I agree with that. I think a large portion of Bitcoin investors (especially young ones) do DCA. They have been confident enough about Bitcoin to buy some each week or each month regardless of the entry price. So you only need a little capital to put up. But you can also accumulate capital over time, so you can buy a large chunk of Bitcoin at a low entry price.

It is an ongoing speculation. The key point is not to invest more money than you can afford to lose.

[Poker Player]

I'm planning to start saving some money per week for BTC and ETH so my question is if you are making 100$ per week how much makes sense to reinvest in some satoshis? I'm still single not married and I have less bills on my neck, I just want to hear people's opinions.

In order to be able to give a good answer, it would be better if you could provide other data. How much are your fixed expenses during the week? What is the average income in your country? Do you have an emergency fund? If you don't have one, the first thing you should do is to save one for contingencies and have it in cash, a minimum of $1K if you live in a western country. If you live in a poor country, maybe $500 will be fine.

From there, with your emergency fund, subtract your fixed expenses of each week and the rest you can invest, or distribute in some expenses that you want to make, even if they are not fixed and the rest to investment.

[Porfirii]

And why don't you simply cut expenses somewhere else and invest the money saved? For example, and taking into account that I have just read a thread about smoking in Politics & Society, imagine that you smoke: let's say that you quit smoking and decide to invest the money you save ($100).

In the worst case scenario you'll have equally lost that money, but at least you haven't smoked/drank/gone whores/contributed to consumerism with it.

[hatshepsut93]

Just put aside the amount that you will not touch anytime soon. Bitcoin is still quite volatile, price drops can and will occur. The worst case is you will be forced to sell at a loss to cover your needs, so make sure that it doesn't happen. It's also not a good idea to go all in on Bitcoin, or really any asset, with the money that you can spare for investment. Just don't hedge into altcoins, because that's a newbie trap - better invest in some traditional assets instead.

[cheezcarls]

I would definitely recommend you to read Dollar-Cost Averaging (DCA), which is a strategy that some apply when it comes to investing in cryptocurrencies. Therefore, if you have a stable income, and if you are a determined person who does not change his mind just like that, I believe that this strategy is the best way to invest, without significantly affecting your finances.

What is always good to note is that it is not only the strategy that matters, but also the way you will store your cryptocurrencies. For any serious amounts, it is not recommended to store them in an online wallet/exchange, but also in a mobile/desktop wallet. You can learn how to properly make cold wallet storage, or to invest in a hardware wallet which today costs $30 upwards, depending on the manufacturer and model.

Yes DCA is something that we can do nowadays with either BTC or ETH. Setting aside an amount that we can afford losing every month is a great long-term strategy without looking back. It’s something that I have failed to do back then when BTC is dipping at $33k due to my busy and rough schedule.

And yes I have a Ledger Nano S in which I am planning to store my BTC and ETH respectively. My income is stable (but recently reduced because of financial adjustments due to various circumstances) and I still continue my side gigs to support myself.

[Issa56]

Seriously I don't think anybody should be the one to decide for you on how much you should be saving I believe the best thing you should do is calculate all the bills you need to pay even if the are less, then calculate the money which you will use to take care of yourself then any amount remaining you can decide to invest all and you can still decide to invest half in bitcoin or Ethereum as you said then invest the remaining half in your fiat account.

[sunsilk]

$10-$50 per week is going to be ideal for me if I'm in your shoes. The highest can be done in some time if you really don't have that much expenses and you're single.

Any amount at that range as long as you're willing to invest and you're fine keeping that for a long time. As you have understood of what you're about to do per week, make sure that you won't panic whatever happens and you're not going to be discouraged once you see the price starts to drop.

Consistency is the key on this method that you're about to do and given with the amount, you can change that every week depending on what you think is the right amount.

[Darker45]

It depends. There is no single formula for investment. Each of us is living with different circumstances. Our expenses differ. We have different needs. So it is hard to give a definite amount or percentage of your income that should be invested in Bitcoin and Ethereum.

But the same basic principle of investing only what you can afford to lose applies. So you should start with your savings. I mean, how much is your savings weekly or monthly? From your savings, you could set aside a moderate percentage for crypto. But don't go all in. It's not always a sunny day in the market.

[yazher]

I'm planning to start saving some money per week for BTC and ETH so my question is if you are making 100$ per week how much makes sense to reinvest in some satoshis? I'm still single not married and I have less bills on my neck, I just want to hear people's opinions.

try to save every 20% or less than that since you're planning to invest in it every week, you will gonna see a big difference once you reached your 100 weeks mark. because the price will start to increase and so as your investment. If you are planning to ignore the market and you only care to store as many bitcoins as many as possible, you might be lucky to witness a new ATH and decide if you still want to keep it or sell it.

[ANSEL_2.0]

In simple: That much you can afford to lose.
Imagine worst possible scenario could happen in future: A total collapse.

Say a major flaw is found in BTC (ETH) protocol. Exploited so much eventually making coins worthless (nobody is buying anymore and you are unable to cashout into fiat).
aka
your crypto holdings value turns into $0.

Put in only that much so you can say something like: "Hmm, that was an interesting experiment. Shame it failed but I can move on." should the above happen.

I hope this won't get into anyone's head, this is the same kind of thoughts that stopped many from investing into BTC in 2010, spreading rumours of a sudden death of the technology, yea anything is possible but I won't wait around for such to happen because the chances it's too slim.