Mr.suevie
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September 07, 2023, 11:42:27 PM |
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Using Binance for DCA when the withdrawal fees are so high is really not recommended. I suggest you look for a better option. One option is P2P. Ask in local communities if someone offers the option of buying and selling in person in your area. There are also P2P platforms, or you can view market offers on this forum. Just be sure to choose a reputable member or use escrow services.
Yes, Binance P2P is an alternative option that the OP can decide to use too. Binance acts as an escrow service during the transactions. There are no fees on Binance P2P so that could be a solution that the OP needs. It is the merchants that the individual would interact with that set their own exchange rate for the various payment methods. Just as you would while being online, the individual must adhere to safety tips which includes taking the time to verify the information of the recipient and very importantly, if you start a transaction on Binance P2P platform, do not take it out of there no matter the suggestions you may receive from the merchant. I actually use binance P2P myself and like you said it's very recommendable because for every transaction you carry out the binance system is actually there to act as a middle for the transaction which somehow is acting like the escrow service you mean. Transaction on binance P2P are actually quite easy if only you are strict and follow the rules that covers your transaction, I bet you won't have any problems with buying your bitcoin on a steadily basis with its P2P trading.
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Mr.right85
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September 08, 2023, 06:14:01 AM Merited by JayJuanGee (1) |
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Overall, I don't have any problem with your strategy erep, but it still seems to be a strategy that would have better chances of working well for someone who has already built a decent BTC stash, and so if you are either a no coiner or a low coiner who is still in the earliest of stages of building a BTC portfolio, it may well take several years, before there is any value in waiting to buy on dips rather than just buying regularly at any price (aka DCA).
When I hear a low coiner talking about waiting on the dip to invest, I tend to see someone who is most likely not going to invest at all. Why do I say this; Being a low coiner at this stage is defined by one with very minimal experience. Yes, there might be those who have gained theoretical knowledge by taking several studies but, it doesn’t end there. When you start buying and experiencing the flux of the market, there the market plays it’s best cards on you. So yeah, a low coiner has little or no experience and as such, you can’t predict the dip for sure nor is any of the veterans which makes you procrastinate on investment even after presented with the best opportunity. Another thing is that OP seems to be talking about $50 to $100 per month, so it is not a whole hell of a lot to work with, and depending upon how high of an annual salary s/he has, it could take well over 10 years, at such rate, to even get to a point of having a year's worth of salary invested into bitcoin..
I have seen some users on the forum propose a $1 per day and over $7 a week. The $100 seems even better as compared with these but, it’s what there income allows of them and that’s good enough for them but still, they should be ready to do the time it takes to add a lot of value and that could be such a long time, who knows.
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Z_MBFM
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September 08, 2023, 06:17:53 AM Merited by JayJuanGee (1) |
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I'll tell you a little story here, I have been doing DCA for a long time and hope to continue because I always set aside every week or month to buy BTC. I buy Bitcoin from Binance exchange and some other exchanges but the withdrawal is quite expensive, at the moment but what I often use is Binance exchange which I think is the highest exchange and with its reputation. My DCA is not big at most per week $15/$20 sometimes once a month $50, I store on the exchange until the estimated $100 when it is reached I withdraw it to a private wallet for security because I don't want to store all assets on parties when like exchanges, therefore I am a little burdened by high fees when withdrawing - for example on Binance bitcoin withdrawal is 0.0005BTC or ($14) that money is quite meaningful to me if you think about it. I just a little advice where to buy bitcoin with minimal withdrawal such as I buy bitcoin $20 and withdrawal fee $1, it's not heavy for me if the fee is still $1. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) Nice DCA strategy, Investing 15/20$ per week is not bad, it averages the price of Bitcoin lower and your risk is much lower. If you continue like this for 5 years you can save $3600+ plus multiple returns of this amount when Bitcoin price rises. But since Binance exchange is very popular and reputable you can withdraw your investments every month instead of every week. Because when you withdraw every week at $1 per withdrawal fee you lose $4 in fees out of $60 per month. And if you withdraw once a month, you will save $3. in this way you can save $180+ over 5 years
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Jon_Hodl
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September 08, 2023, 08:22:32 AM |
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I love to see people using DCA to stack. All we need to escape global fiat currency is a decentralized network of 10 million plebs around the world all auto-stacking an average of $10 per day.
That would be $100 million of upward buy pressure every single day until everybody in the world started to buy bitcoin and then it's game over for fiat.
Thanks for your update. Stay the course, pleb. We all appreciate your service to help global bitcoin adoption.
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I'm here to chew bubblegum and stack sats....and I'm all out of bubblegum. - Learn More About Bitcoin: What Is Bitcoin?
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JayJuanGee
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Self-Custody is a right. Say no to"Non-custodial"
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September 08, 2023, 02:43:59 PM |
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Overall, I don't have any problem with your strategy erep, but it still seems to be a strategy that would have better chances of working well for someone who has already built a decent BTC stash, and so if you are either a no coiner or a low coiner who is still in the earliest of stages of building a BTC portfolio, it may well take several years, before there is any value in waiting to buy on dips rather than just buying regularly at any price (aka DCA).
When I hear a low coiner talking about waiting on the dip to invest, I tend to see someone who is most likely not going to invest at all. Why do I say this; Being a low coiner at this stage is defined by one with very minimal experience. Yes, there might be those who have gained theoretical knowledge by taking several studies but, it doesn’t end there. When you start buying and experiencing the flux of the market, there the market plays it’s best cards on you. So yeah, a low coiner has little or no experience and as such, you can’t predict the dip for sure nor is any of the veterans which makes you procrastinate on investment even after presented with the best opportunity. You might be right Mr. Right, but it seems to be problematic to merely describe a low coiner in terms of the amount of experience that s/he has with bitcoin rather than the more obvious description that a low coiner would be someone who does not have very many coins as compared to how many s/he should have based on his/her own financial situation. For example if someone has a $100k investment portfolio, and ONLY has less than 1% in bitcoin, then that would seem to be a low coiner, and maybe even some of us might argue having 1% to 5% into bitcoin would also be a low coiner, but at least that person might have allocated low, but still at least they got off of zero and they got over a 1% allocation in bitcoin. There are so many people, institutions and governments who are either completely without bitcoin and/or below a 1% allocation, and I would prefer to focus on them first.. and using some kind of a quantifiable measurement that relates to how many coins that they have instead of just how experienced they are in bitcoin, even though you are likely correct that there is a pretty high correlation that shows the more time that anyone spends studying bitcoin, the more likely he is going to act and the more likely that he acts in relation to bitcoin, the more likely he is going to transition out of low coiner status. Another thing is that OP seems to be talking about $50 to $100 per month, so it is not a whole hell of a lot to work with, and depending upon how high of an annual salary s/he has, it could take well over 10 years, at such rate, to even get to a point of having a year's worth of salary invested into bitcoin..
I have seen some users on the forum propose a $1 per day and over $7 a week. The $100 seems even better as compared with these but, it’s what there income allows of them and that’s good enough for them but still, they should be ready to do the time it takes to add a lot of value and that could be such a long time, who knows. I would never want to suggest that anyone invest more than they can afford in terms of their own cashflow and expenses considerations, so those examples of $1 per day or $10 per week are fine if that is all that someone can afford, and surely I used to make those same kinds of suggestions prior to March 2020, and after March 2020, I started to default by suggesting $100 per week rather than $10 per week because it seems that some people need to be more aggressive in their thoughts about bitcoin, especially if they already know that they can afford $100 per week, and those investing $100 per week starting in March 2020, are likely going to have difficulties ever catching up to those who started with $10 per week 4 years earlier (let's say March 2016), but still I was thinking that the devaluation of the dollar and also some of the price bounces (and strength of bitcoin's investment thesis after March 2020, justified upping the starting recommendation to $100 per week while also with the caveat that there is a recognition that doing as best as you can might well have an end result that might ONLY be $10 per week for some people. Another thing I recognize and appreciate is that no one should be picking out numbers based on another person's recommendation, even though I am likely going to continue to start out with $100 per week rather than $10 per week but people should recognize that $100 per week is likely aimed at a western audience.. and if your income is not in the $30k or more per year ballpark, then you may well be needing to adjust down those numbers... because another way to think about it would be investing between 1% and 25% of your income into bitcoin, and you are ONLY going to be able to invest at the higher ends of that range if you really have your shit together, otherwise you should be picking more realistic and sustainable numbers for yourself, and someone who makes $26k per year might be able to $100 per week which is 20% of his her annual salary ($500 per week), but someone who ONLY makes $13k per year may well be going overboard with $100 per week, because that would constitute 40% of his/her salary, so s/he may have to go through a lot of gymnastics to allow for 40% to work in a way that is sustainable.. including questioning whether s/he already had set up some kind of an emergency fund or maybe some of that money getting taken out for investing goes to bitcoin and the other part goes towards making sure that the emergency fund is solid.
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1) Self-Custody is a right. There is no such thing as "non-custodial" or "un-hosted." 2) ESG, KYC & AML are attack-vectors on Bitcoin to be avoided or minimized. 3) How much alt (shit)coin diversification is necessary? if you are into Bitcoin, then 0%......if you cannot control your gambling, then perhaps limit your alt(shit)coin exposure to less than 10% of your bitcoin size...Put BTC here: bc1q49wt0ddnj07wzzp6z7affw9ven7fztyhevqu9k
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$crypto$
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September 08, 2023, 03:09:25 PM Merited by JayJuanGee (1) |
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I calculated with the dcabtc.com= calculator that at $20/week you will earn $5,220 over the accumulated 5 years that is the average cost in dollars. If you increase the investment longer such as 9 years then it will be even greater can calculate it here dcabtc.com. If you are comfortable with the DCA method, it is not a problem to place the exchange for a while to save on withdrawal fees but don't get too comfortable with the exchange, how about after you have earned one month from DCA immediately withdraw to your personal wallet instead of continuing to delay which will eventually become a risk later.
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jcojci
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September 08, 2023, 04:15:29 PM Merited by JayJuanGee (1) |
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It's okay if @OP can only invest $15/$20 per week. I also do it weekly, but for a smaller amount, maybe around $5-10 per week. I did it on a local exchange and had no problems till now. I collect a small amount of bitcoins weekly and then send them to a personal wallet to combine with previous investments after a month. The transaction fee on the local exchange is also small. I've asked for clarification and the transaction fee of around 0.000077 btc equal to $1.99. source: https://www.tokocrypto.com/fees/scheduleI don't know if my local exchange will accept people outside my country. But you can try.
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Crypto Library
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September 08, 2023, 04:36:48 PM Merited by JayJuanGee (1) |
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Nice DCA strategy, Investing 15/20$ per week is not bad, it averages the price of Bitcoin lower and your risk is much lower. If you continue like this for 5 years you can save $3600+ plus multiple returns of this amount when Bitcoin price rises. But since Binance exchange is very popular and reputable you can withdraw your investments every month instead of every week. Because when you withdraw every week at $1 per withdrawal fee you lose $4 in fees out of $60 per month. And if you withdraw once a month, you will save $3. in this way you can save $180+ over 5 years
Hey buddy you have already said What I wanna say, I currently give this suggestion to all my friends who want to trade and are new to trading. Which I myself have applied. I initially thought I would deposit $10 per week directly into a decentralized wallet. Then I saw that if I do a small amount of bitcoin transactions every week, my fee cost is going down a lot. I now set aside ten dollars of BTC after I get paid by binance every week and then send a larger amount to my decentralized wallet every month or two. It didn't look bad to me. So new commer can also try this trick. And to me it finally feels a little more secure that my funds are being deposited into a decentralized wallet. Let's see how far I can take it. I feel better on it besides depositing on bank.
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Adbitco
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September 08, 2023, 04:55:34 PM Merited by JayJuanGee (1) |
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There have been lots of contribution but if you don't mind why not use some p2p service provider that help you send btc maybe the fee can be reduced from the 14$ withdrawal fees from Binance, I think through p2p you can only spend about $6 to 10$ at maximum since withdrawal from Electrum wallet cost at minimum of 12 sat/byt or for fast transaction they might increase to 20 sat/bit which is apro.. $.57 then you could only be changed about $6 plus as their service fee.
How to do this; locate a reliable p2p provider from yours local thread which I think you could send fiat directly to him/her to their account then they will send you btc to your private wallet or none custodian wallet. At this point you had saved about 7 to $8 as fee from Binance, this should be done with only a reliable p2p service provider in your local board ( I guess every local board has a reputable p2p trader) so you should locate one and trade with him.
Binance is actually cool though, but you may need to save about $500 worth of btc before withdrawal I think at this point you may not be spending much at point of withdrawing your funds. If you wanna constantly wanting to withdraw all time you buy, you may spend much at the cost of wanting to make withdrawal.
Actually you have a good strategies and this is what we need to be doing at most times, since some people keep procrastinating about buying bitcoin but with this style you would end up with a good accumulation process. Good luck!
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letteredhub
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stead.builders
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September 08, 2023, 04:59:13 PM |
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It's okay if @OP can only invest $15/$20 per week. I also do it weekly, but for a smaller amount, maybe around $5-10 per week. I did it on a local exchange and had no problems till now. I collect a small amount of bitcoins weekly and then send them to a personal wallet to combine with previous investments after a month. The transaction fee on the local exchange is also small. I've asked for clarification and the transaction fee of around 0.000077 btc equal to $1.99. source: https://www.tokocrypto.com/fees/scheduleI don't know if my local exchange will accept people outside my country. But you can try. OP is complaining of the high fees he's being charged by binance weighing the amount he is transacting and he's seeking for exchanges with fees of at least $1 for his $15/20 weekly transaction so your recommended local exchange doesn't bring succour to his plight at $1.99 that's approximately $2 mate. Come to think it, this local exchange you're making use of, is it a Cex or Dex? If it happens to be a Cex then you need to have a rethink and change over to a Dex with no kyc. To me it's better to use a Dex with my privacy intact despite their charge fees than to use a Cex with a low fees with my privacy in question
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JayJuanGee
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Self-Custody is a right. Say no to"Non-custodial"
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September 08, 2023, 06:09:55 PM |
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Binance is actually cool though, but you may need to save about $500 worth of btc before withdrawal I think at this point you may not be spending much at point of withdrawing your funds. If you wanna constantly wanting to withdraw all time you buy, you may spend much at the cost of wanting to make withdrawal.
If you think about it, $500 is not really that much to be holding on an exchange that has been around for a decently long time and there really are not any strong signs that they are going to rug pull anyone, even though they have been under quite a bit of pressure in the past year or so and even more so since November/December 2022... which likely shows that there were just people who were pissed off about the obvious scam of FTX going down and somehow wanting to make a connection to Binance and to blame Binance/CZ and a bunch of just nonsense spin because American regulators and financial institutions feel that they cannot control Binance/CZ as much as they would like. Anyway back to the point about $500 not really being very much, even though it could take OP 6 months to a year to get up to $500 in his account, and surely the first year or so, there may be some desire to move some of the accumulated BTC off of Binance, but after a year or two, the percentage of his overall BTC holdings will become smaller and smaller and after a few years, maybe $500 worth of BTC purchases that are sitting on Binance might only be less than 20% of OPs overall BTC holdings size... .. and sure no one wants to lose 20% of their BTC holdings, and so there still is a kind of balancing in term of the practicality of the withdrawal fees.. and it likely feels much more manageable to be paying 1% to 5% on withdrawal fees rather than 10% to 20% on withdrawal fees... which could just cause disincentives to be spending so much on withdrawal fees so it is worth some risk of holding with third parties just to reduce the withdrawal fees to more acceptable levels, while trying to stay practical and without necessarily getting too greedy about the amount of reduction that would be prudent and reasonable.
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1) Self-Custody is a right. There is no such thing as "non-custodial" or "un-hosted." 2) ESG, KYC & AML are attack-vectors on Bitcoin to be avoided or minimized. 3) How much alt (shit)coin diversification is necessary? if you are into Bitcoin, then 0%......if you cannot control your gambling, then perhaps limit your alt(shit)coin exposure to less than 10% of your bitcoin size...Put BTC here: bc1q49wt0ddnj07wzzp6z7affw9ven7fztyhevqu9k
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Dr.Bitcoin_Strange
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September 08, 2023, 06:37:43 PM Merited by JayJuanGee (1) |
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You can better still save your fund in Fiat, and any time you have accumulated up to $100, you can just buy it at once instead of buying it $20 by $20 all the time, which will make you spend more money anytime you buy a small amount.
I also thought about the same solution to avoid the cost of buying bitcoins on exchange or P2P, the purpose of investing DCA method is to avoid the risk of fluctuations in the crypto market and we have to analyze the market to buy bitcoins at low prices, so we still have time to save 100 USD every week/month for investment funds. Yeah, you are right. The reason for DCA is to keep accumulating at every bit of opportunity the person has to invest any certain amount they have plans to invest on Bitcoin, which one reason is also to avoid spending the money; some people cannot hold Fiat without possibly spending it on their needs, but after they have invested it into Bitcoin, they don't feel the need to spend it. The second reason is the fluctuation of prices, as you mentioned. But with what JJG said in the quote below, it's also considerable; you can accumulate your Bitcoin on the CEX, and after you have bought up to $500, you can just withdraw it at once. I am not personally against keeping some funds on exchanges, and if OP is merely buying between $50 and $100 per month on the exchange, then I have no problem letting that amount of BTC stored to build up between $500 and $1k before withdrawing it, and of course these are discretionary matters regarding how comforable any of us might be in terms of how much value to keep on an exchange and also one of the powerful things about bitcoin is having our own personal stash, so it will be important to also have a personal stash that is separate from anything held on exchanges, Or you are also left with the option to spend the $1.8 fee every time you buy $20 worth of Bitcoin to avoid the risk of keeping your Bitcoin on a CEX. ("Not your key, not your coin).
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SmartGold01
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September 08, 2023, 07:08:30 PM Merited by fillippone (1) |
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DCA is a good thing to follow knowing too well about the market instability nowadays and haven to spend 14 or 20 dollars per week is something very encouraging at minimum would reduce the pressure to buy a very large quantities (in fractions higher than 20$ as you said). Considering the current price of bitcoin it practically cleared that at end of every month or I do say weeks you could have gethered what you could never imagined of having at a very low cost without being so panicked to either sell or practically depending on the savings.
But to me, I would be on the opinion that having an extra cash or a reserved fund inform of cushion or ( spare cash) which you could solely depends on maybe whether your current job that makes you buy btc in little fraction would have ended, you may not being in pressure to start depending on your holding in btc without having to achieve your desired investment plan and packages, of course this is one thing that stir's up people to sell most at times while some are merely fear ( this could be FUD FOMO), while those who knows their stands keeps HODL till the Market gets back it ground.
Although many people has been Rekt, I mean, and I quote ("Rekt refers to the rock-bottom feeling of when someone experiences major losses from cryptocurrencies that have plummeted in value") but their decision still stands the same based on the strong believe that certainly they are bitcoiners.
Then let's talk about the cost at point which is involved or that associated with your withdrawal, from my own understanding involving in accumulation doesn't need you to be much in a hurry as I think or have thought so much holding it at the exchange you mentioned but the fear of losing your assets is something that are not guaranteed, although for somewhlie I have never recorded any ill activities or malevolent activities to my noticed ( although there could be some past records of ill active but at present) they remained the number one global leading exchange, which in my capacity I will say Binance is actually working tediously and have remained so strongly in protecting their clients investment (and thus is their topmost priority to safeguard their investors funds).
This could be true but as a self study investor you (we) don't need to be much reliance and being overwhelmed with their promises. So applying cautiousness while dealing with exchange are very much important as I believe no fund are too small for someone to lose. You can keep accumulating but whenever you feels is due enough for you to withdraw to a reliable wallet then you pull it off. There have been lots of tells about how could withdrawal at least to avoid being charged overly and overtime.
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JayJuanGee
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Self-Custody is a right. Say no to"Non-custodial"
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September 08, 2023, 07:37:54 PM Merited by fillippone (3) |
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I believe no fund are too small for someone to lose.
These are not easy questions, and of course, no one should want to either be reckless, lazy and/or failing to think through situations, but people can also get reckt or to miss out on a variety of opportunities, or paying too much in fees, or to be spending too much time on certain non-productive activities and worries by being overly cautious and unwilling to take various risks. sometimes there are advantages towards having some money on exchanges and the whole system of bitcoin (and sure shitcoins too) come from price discovery and liquidation avenues being established on exchanges... so many guys here are lecturing about not keeping value on exchanges as if it were the ONLY thing going on, and sure on an individual level, you may well be motivated to maximize your own protections, but you also need to balance how much you might consider to be too much to be willing to lose and not putting yourself in a position that you are overly jittery. And yeah, $500 has a different feeling to it for depending on your savings (investment portfolio) stash and your income so is different for: 1) someone who does not have any other savings and has an income that ONLY allows for $10 - $30 savings per week, 2) someone who does not have any other savings and has an income that allows for $400 - $800 savings per week, 3) someone who has $10k in savings, and has an income that ONLY allows for $10 - $30 savings per week, 4) someone who has $10k in savings, and has an income that allows for $400 - $800 savings per week, 5) someone who has $100k in savings, and has an income that ONLY allows for $10 - $30 savings per week, 6) someone who has $100k in savings, and has an income that allows for $400 - $800 savings per week, 7) someone who has more than $1 million in savings, and has an income that ONLY allows for $10 - $30 savings per week, 8 ) someone who has more than $1 million in savings, and has an income that allows for $400 - $800 savings per week, Do I need to go on with more examples to make my point? Your feelings about the potential loss of $500 is going to feel different depending on the size of your savings and also the size of your discretionary income And sometimes money is being made (or options are increasing) by using those third-party services, not that I am suggesting that there is a need to trade BTC or to get involved in shitcoins, but just that there could be some advantages by having money on third parties, especially if someone has a cushion and still might be considering ways in which s/he is not thinking in terms of all or nothing in regards to whether to use a 3rd party service but instead considering how much exposure do they consider to be acceptable in comparisons to a variety of other goals that they might have that might even place some value in having money (value) in various places... and I am not even referring to getting involved in shitcoins.. but there could even be some value to keep money in places that are known not to make money (such as keeping some money in fiat) and even to lose money, merely because it is good to have options of ways to be able to spend that money... or even to be able to invest if some opportunities were to potentially come.
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1) Self-Custody is a right. There is no such thing as "non-custodial" or "un-hosted." 2) ESG, KYC & AML are attack-vectors on Bitcoin to be avoided or minimized. 3) How much alt (shit)coin diversification is necessary? if you are into Bitcoin, then 0%......if you cannot control your gambling, then perhaps limit your alt(shit)coin exposure to less than 10% of your bitcoin size...Put BTC here: bc1q49wt0ddnj07wzzp6z7affw9ven7fztyhevqu9k
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SmartGold01
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
September 08, 2023, 08:04:36 PM |
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I believe no fund are too small for someone to lose.
These are not easy questions, and of course, no one should want to either be reckless, lazy and/or failing to think through situations, but people can also get reckt or to miss out on a variety of opportunities, or paying too much in fees, or to be spending too much time on certain non-productive activities and worries by being overly cautious and unwilling to take various risks. sometimes there are advantages towards having some money on exchanges and the whole system of bitcoin (and sure shitcoins too) come from price discovery and liquidation avenues being established on exchanges... so many guys here are lecturing about not keeping value on exchanges as if it were the ONLY thing going on, and sure on an individual level, you may well be motivated to maximize your own protections, but you also need to balance how much you might consider to be too much to be willing to lose and not putting yourself in a position that you are overly jittery. And yeah, $500 has a different feeling to it for depending on your savings (investment portfolio) stash and your income so is different for: 1) someone who does not have any other savings and has an income that ONLY allows for $10 - $30 savings per week, 2) someone who does not have any other savings and has an income that allows for $400 - $800 savings per week, 3) someone who has $10k in savings, and has an income that ONLY allows for $10 - $30 savings per week, 4) someone who has $10k in savings, and has an income that allows for $400 - $800 savings per week, 5) someone who has $100k in savings, and has an income that ONLY allows for $10 - $30 savings per week, 6) someone who has $100k in savings, and has an income that allows for $400 - $800 savings per week, 7) someone who has more than $1 million in savings, and has an income that ONLY allows for $10 - $30 savings per week, 8 ) someone who has more than $1 million in savings, and has an income that allows for $400 - $800 savings per week, Do I need to go on with more examples to make my point? Your feelings about the potential loss of $500 is going to feel different depending on the size of your savings and also the size of your discretionary income And sometimes money is being made (or options are increasing) by using those third-party services, not that I am suggesting that there is a need to trade BTC or to get involved in shitcoins, but just that there could be some advantages by having money on third parties, especially if someone has a cushion and still might be considering ways in which s/he is not thinking in terms of all or nothing in regards to whether to use a 3rd party service but instead considering how much exposure do they consider to be acceptable in comparisons to a variety of other goals that they might have that might even place some value in having money (value) in various places... and I am not even referring to getting involved in shitcoins.. but there could even be some value to keep money in places that are known not to make money (such as keeping some money in fiat) and even to lose money, merely because it is good to have options of ways to be able to spend that money... or even to be able to invest if some opportunities were to potentially come. Though I didn't purely mean saving in an exchange is wrong neither does withdrawing funds from exchange to external wallet is bad, I think all are for investors safety. But those who gets little budget as op shouldn't incur any additional expenses at the cost of DCA and at some point should apply other technique that could helps narrow down his fee, which about 3 to 4 post above gave a good point by also buying from p2p service provider and there could be every possibility to reduce his expenses and that could channeled more to his holding instead of ending up being spent on fee from cex. You expression above shows a good representation.. and of course all may not be the same so it varies.
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░░░░░░░░░░██▄ ▄▄▄▄▄▄▄▄▄▄▄███▄ ▀▀▀▀▀▀▀▀▀▀▀███▀ ░░░░░░░░░░██▀ ░░░▄▄ ▄██▀ ███████████████ ▀██▄ ░░░▀▀ | | | | +250 COINS | | ..Crypto Exchange.. | │ | ▄▄▄▄ ▄▄▄███▀▀███▄▄▄ ▄█████▀▀░▄▄▄▄░▀▀█████▄ ██▀░▄▄▄████████▄▄▄░▀██ ██░████████████████░██ ██░████████████████░██ ██░▀██████████████▀░██ ██░▀████████████▀░██ ▀██░▀██████████▀░██▀ ▀██▄░▀██████▀░▄██▀ ▀██▄▄░▀▀░▄▄██▀ ▀▀██▄▄██▀▀ ▀▀▀▀ | | | │ | |
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JayJuanGee
Legendary
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Activity: 3822
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Self-Custody is a right. Say no to"Non-custodial"
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September 08, 2023, 08:37:30 PM |
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I believe no fund are too small for someone to lose.
These are not easy questions, and of course, no one should want to either be reckless, lazy and/or failing to think through situations, but people can also get reckt or to miss out on a variety of opportunities, or paying too much in fees, or to be spending too much time on certain non-productive activities and worries by being overly cautious and unwilling to take various risks. sometimes there are advantages towards having some money on exchanges and the whole system of bitcoin (and sure shitcoins too) come from price discovery and liquidation avenues being established on exchanges... so many guys here are lecturing about not keeping value on exchanges as if it were the ONLY thing going on, and sure on an individual level, you may well be motivated to maximize your own protections, but you also need to balance how much you might consider to be too much to be willing to lose and not putting yourself in a position that you are overly jittery. And yeah, $500 has a different feeling to it for depending on your savings (investment portfolio) stash and your income so is different for: 1) someone who does not have any other savings and has an income that ONLY allows for $10 - $30 savings per week, 2) someone who does not have any other savings and has an income that allows for $400 - $800 savings per week, 3) someone who has $10k in savings, and has an income that ONLY allows for $10 - $30 savings per week, 4) someone who has $10k in savings, and has an income that allows for $400 - $800 savings per week, 5) someone who has $100k in savings, and has an income that ONLY allows for $10 - $30 savings per week, 6) someone who has $100k in savings, and has an income that allows for $400 - $800 savings per week, 7) someone who has more than $1 million in savings, and has an income that ONLY allows for $10 - $30 savings per week, 8 ) someone who has more than $1 million in savings, and has an income that allows for $400 - $800 savings per week, Do I need to go on with more examples to make my point? Your feelings about the potential loss of $500 is going to feel different depending on the size of your savings and also the size of your discretionary income And sometimes money is being made (or options are increasing) by using those third-party services, not that I am suggesting that there is a need to trade BTC or to get involved in shitcoins, but just that there could be some advantages by having money on third parties, especially if someone has a cushion and still might be considering ways in which s/he is not thinking in terms of all or nothing in regards to whether to use a 3rd party service but instead considering how much exposure do they consider to be acceptable in comparisons to a variety of other goals that they might have that might even place some value in having money (value) in various places... and I am not even referring to getting involved in shitcoins.. but there could even be some value to keep money in places that are known not to make money (such as keeping some money in fiat) and even to lose money, merely because it is good to have options of ways to be able to spend that money... or even to be able to invest if some opportunities were to potentially come. Though I didn't purely mean saving in an exchange is wrong neither does withdrawing funds from exchange to external wallet is bad, I think all are for investors safety. But those who gets little budget as op shouldn't incur any additional expenses at the cost of DCA and at some point should apply other technique that could helps narrow down his fee, which about 3 to 4 post above gave a good point by also buying from p2p service provider and there could be every possibility to reduce his expenses and that could channeled more to his holding instead of ending up being spent on fee from cex. You expression above shows a good representation.. and of course all may not be the same so it varies. I don't want to be a hypocrite because earlier I had mentioned a need to attempt to tailor our answers to what OP is asking and what might be some suggestions that are sufficiently related to what OP is asking without necessarily imposing new hypotheticals onto the situation - however, at the same time, these are public threads, and we are not necessarily going to ONLY go towards answering the OP, but also attempting to address like situations, and largely I gave my examples to attempt to rebut your claim that a loss of anything is too much, and I am trying to suggest that it is not the case, and maybe also to assert that we do not even know enough about OP.. even though he did let us know that he has already figured his own budget amount to be somewhere in the territory of $14 to $20 per week or maybe just $50 in a month which would be less than $14 per week. But since we are in a public thread, we likely need not be completely constrained to the narrow circumstances of OP. because even OPs circumstances could start out to be like one thing, but many of us know that even cashflows and expenses can change and even views of bitcoin that thereafter end up contributing to changes in terms of how much OP might become available towards bitcoin purchases and how much he has saved, which then might bring him outside of the parameters that he had initially described to be relevant to his then situation. I think that in subsequent posts, OP also said that he had some reluctancies towards some of the P2P suggestions, but that he would be willing to look into the matter to see if he might find some that he considers to be suitable for his situation... I personally find some of the P2P to be complicated, but again, I have not really used them, except for the ones that result in face to face cash transactions. .. which may well be quite satisfying if we can get passed some of the potential security concerns in terms of figuring out where to meet.. which sometimes it can be helpful to have reputational systems for that when meeting strangers.. and then if there are local meet ups that can be good, but some people might be nervous (or scared) to get involved in local meetups, too.
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1) Self-Custody is a right. There is no such thing as "non-custodial" or "un-hosted." 2) ESG, KYC & AML are attack-vectors on Bitcoin to be avoided or minimized. 3) How much alt (shit)coin diversification is necessary? if you are into Bitcoin, then 0%......if you cannot control your gambling, then perhaps limit your alt(shit)coin exposure to less than 10% of your bitcoin size...Put BTC here: bc1q49wt0ddnj07wzzp6z7affw9ven7fztyhevqu9k
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BABY SHOES (OP)
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September 08, 2023, 08:44:59 PM Merited by JayJuanGee (1) |
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BABY SHOES - You need to know that many users who can post something useful consistently can set reasonable targets for when they should be able to move up the rankings and build their account's reputation well. You might be able to do it if you can do it consistently - but so far I haven't seen you do it. If you're having trouble doing it - I believe you should have a fixed budget to do DCA.
I accept this suggestion, but why am I not consistent in making posts that are useful for the forum because I still have conflicts with other jobs so I don't just focus here but there are obligations that I must fulfill as a worker. Trying my best on this forum to build a better account and be able to earn BTC from the campaigns you talk about, it's not easy but I will do it. So far it's been about investing Bitcoin the DCA way but the money is coming from my pocket. I am not personally against keeping some funds on exchanges, and if OP is merely buying between $50 and $100 per month on the exchange, then I have no problem letting that amount of BTC stored to build up between $500 and $1k before withdrawing it, and of course these are discretionary matters regarding how comforable any of us might be in terms of how much value to keep on an exchange and also one of the powerful things about bitcoin is having our own personal stash, so it will be important to also have a personal stash that is separate from anything held on exchanges, and perhaps the longer that we are in, the lower percentage of our overall stash would be held on exchanges and./or with third parties in any kind of way.
It seems like I'm comfortable with what I'm doing with Binance. The most I can increase is $200, but it depends on the situation in terms of putting dollars in there to buy bitcoin, as long as the purchase target has been met with more than 1 month's worth then I withdraw all the bitcoin. to personal wallet. Not brave enough to store bitcoins from $500-$1000 on an exchange. I have never done that either, and I would imagine that if you are not very well known on the forum, some members are not going to want to transact with you until you have shown yourself to be reliable... and sometimes it might not be clear about the process of transacting, which is one of the advantages of in person transactions with cash, if you are ablle to find anyone to transact in that way.
Maybe what I do is transact with a reputable forum user while I'm still a newbie so I'll send money to them first and they send BTC to me, that's the scenario in my mind, but it hasn't been done until now. ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) I am not sure if lightning network completely resolves your problem, except you end up getting your BTC off of Binance with a relatively low fee, but then you still would like to ultimately move those funds to an onchain BTC wallet rather than keeping them on a lightning network wallet, so maybe using lighting network would allow you to set your own fees if you are moving your funds from your lightning wallet to an online wallet and trying to time when the fees would be best... .
No. I'm not very familiar with lightning networks. Stick to the choice of BTC onchain that I use, even if withdrawing from Binance is cheap it will still use that network instead of the lightning network. But will understand the lightning network completely.
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jcojci
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September 09, 2023, 04:50:57 AM Merited by JayJuanGee (1) |
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OP is complaining of the high fees he's being charged by binance weighing the amount he is transacting and he's seeking for exchanges with fees of at least $1 for his $15/20 weekly transaction so your recommended local exchange doesn't bring succour to his plight at $1.99 that's approximately $2 mate. Come to think it, this local exchange you're making use of, is it a Cex or Dex? If it happens to be a Cex then you need to have a rethink and change over to a Dex with no kyc. To me it's better to use a Dex with my privacy intact despite their charge fees than to use a Cex with a low fees with my privacy in question Better to pay $2 than pay $14 ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) Also, he doesn't immediately transfer his bitcoins to his personal wallet and waits until he can collect, for example, 0.001 btc-0.01 btc, then he sends them to his personal wallet. So it still makes sense that he only paid $2 instead of $14. The local exchange I use is CEX and it is under government supervision. For example, if something is wrong with the exchange, customers can complain to the government and the government will help. So far, that's what the government says. Maybe for you, using DEX is better than CEX but I still use CEX to buy bitcoins. Each person will seek the convenience that they want and I'm still comfortable using CEX so do with @OP and you and the others. Moreover, I can only buy in small quantities.
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red4slash
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September 09, 2023, 08:49:43 AM |
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Nice DCA strategy, Investing 15/20$ per week is not bad, it averages the price of Bitcoin lower and your risk is much lower. If you continue like this for 5 years you can save $3600+ plus multiple returns of this amount when Bitcoin price rises. But since Binance exchange is very popular and reputable you can withdraw your investments every month instead of every week. Because when you withdraw every week at $1 per withdrawal fee you lose $4 in fees out of $60 per month. And if you withdraw once a month, you will save $3. in this way you can save $180+ over 5 years
Hey buddy you have already said What I wanna say, I currently give this suggestion to all my friends who want to trade and are new to trading. Which I myself have applied. I initially thought I would deposit $10 per week directly into a decentralized wallet. Then I saw that if I do a small amount of bitcoin transactions every week, my fee cost is going down a lot. I now set aside ten dollars of BTC after I get paid by binance every week and then send a larger amount to my decentralized wallet every month or two. It didn't look bad to me. So new commer can also try this trick. And to me it finally feels a little more secure that my funds are being deposited into a decentralized wallet. Let's see how far I can take it. I feel better on it besides depositing on bank. Well this is one solution to reduce the burden of costs that we have to do every time we transact, and indeed everything we do will definitely contain risks. We just have to choose to spend more but we can secure our assets every week, or we prefer to be a little patient to then accumulate our assets on the exchange first before we send them to a more secure wallet. I also read some colleagues suggesting to accumulate fiat first, I also have no problem with that if they are comfortable doing it, but I prefer to be consistent in this within a predetermined period of time. I think holding a little longer on the exchange is fine, we will definitely have different opinions on the amount, and for me personally holding at least $100 is not too much of a problem.
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Z390
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September 09, 2023, 09:21:16 AM Merited by JayJuanGee (1) |
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I'll tell you a little story here, I have been doing DCA for a long time and hope to continue because I always set aside every week or month to buy BTC. I buy Bitcoin from Binance exchange and some other exchanges but the withdrawal is quite expensive, at the moment but what I often use is Binance exchange which I think is the highest exchange and with its reputation. My DCA is not big at most per week $15/$20 sometimes once a month $50, I store on the exchange until the estimated $100 when it is reached I withdraw it to a private wallet for security because I don't want to store all assets on parties when like exchanges, therefore I am a little burdened by high fees when withdrawing - for example on Binance bitcoin withdrawal is 0.0005BTC or ($14) that money is quite meaningful to me if you think about it. I just a little advice where to buy bitcoin with minimal withdrawal such as I buy bitcoin $20 and withdrawal fee $1, it's not heavy for me if the fee is still $1. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) Which binance exchange are you using because I've not seen Bitcoin withdrawal this high on Binance exchange and I use this exchange almost every week, here is all the available withdrawal option for Bitcoin on the Binance exchange. ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.postimg.cc%2FxC16X13s%2FScreenshot-2023-09-09-08-33-54-513-com-binance-dev-edit.jpg&t=665&c=v5WNifkFMbuacw) As you can see it cost 1.99$ to withdraw Bitcoin from Binance exchange, there is also an option to use the Lightning Network too, which is more cheaper than the rest. I know it could be hard to still use 2$ for withdrawal every week or month, since the money you are making is small compared to other Bitcoin investors, why don't you store the money up first? Like two months before buying Bitcoin? Because if you DCA for every month in the next 8-12 months the withdrawal fee is up to your monthly DCA money. I think using the Lightening Network is better.
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