This is my plan.

[Su-asa]

I am still here to gather little knowledge about Bitcoin, I don't need enough knowledge, I can invest while learning Bitcoin, but the thing there is I am shuffling my self, so I will not be tangled while I am accumulating Bitcoin, I have come up with a plan of using the DCA method to accumulate a $50 monthly, my monthly payment from my job is $300, if my expenses will collect up $100 then $50 can be kept in crypto (Bitcoin) and another $100 for emergency funds then the remaining $50 can also be kept for personal things. Now is the best time to buy Bitcoin, I am not in a hurry to start investing Bitcoin, when the time comes for me to invest nothing will stop me to invest in BTC, as Bitcoin is not something I will start today and get rich tomorrow that is why I don't want to rush in to it. I will use electrum Bitcoin wallet to save my coins because I have learned so far that the electrum wallet is a safe wallet for any investors that what to hold Bitcoin for long, so I will be using it to hold my coins when I buy some Bitcoin, I will update when I buy my first BTC.

[1714752690]

1714752690

[1714752690]

1714752690

[1714752690]

1714752690

[1714752690]

1714752690

[mocacinno]

Sounds like a plan... The only tip i'd give you is to look into running electrum on an airgapped machine... If you are going to convert around 1/6th of your monthly income to bitcoin, it'll represent a big part of your funds, and it might be a good idear to keep it as safe as humanly possible.

you'll need this (official) electrum document to set this up: https://electrum.readthedocs.io/en/latest/coldstorage.html
I'd also suggest to test non-"default" setups with tBTC before actually using it on the main chain, that way you can make sure you know how everything works

[Oshosondy]

Cold storage is better or use Electrum multisig wallet if you have two devices.

You can DCA bitcoin now when the price is low. You will see profit by 2024/2025. But if you see the price decreasing, do not sell for you not to sell at loss and for you not to regret that you sell because the price of bitcoin is going to increase and get the ATH.

[tbct_mt2]

I have come up with a plan of using the DCA method to accumulate a $50 monthly, my monthly payment from my job is $300, if my expenses will collect up $100 then $50 can be kept in crypto (Bitcoin) and another $100 for emergency funds then the remaining $50 can also be kept for personal things.

It is good to know you assign part of your income for emergency as you will never when you need an emergency fund.

You can imagine about your Dollar Cost Averaging progress with this website and input your $50 monthly DCA fund.
https://dcabtc.com/

Now is the best time to buy Bitcoin, I am not in a hurry to start investing Bitcoin

When you are using DCA, there is no best time. Because by saying best time to buy Bitcoin, you are trying to find bottom price, timing the market. It is not how a person is using DCA think about the market and his investment plan.

Back to your $50 monthly DCA fund, you will have to do like 3 to 4 rounds of DCA before withdraw your bitcoin from an exchange account to your non custodial wallet. Withdraw your coin to your wallet when you see withdrawal fee is good enough for you.
Reminder: do not keep your money in online accounts

[Out of mind]

You have presented yourself at the right place to gain knowledge about Bitcoin, and I hope your plans comes true soon. Since you don't have much experience in investing till now, you need to take some more time before investing and learn well. If you are random at the moment, don't participate in the investment but get yourself together and invest later. If you are earning $300 a month from your job, I'd say that's a good salary for you. If you save $50 from here, and spend the rest on your family or personal things, your daily life will be well served. Invest BTC in the fund when you have enough money to buy your bitcoins, it will be the best decision for you. There is no golden opportunity to buy bitcoin, rather you can buy bitcoin from any market from anywhere for long time investment. By buying bitcoins you must hold for a long period of time only then you can become rich, moreover you should always keep in mind that you will not get much profit after buying bitcoins. Anyway, since you have taken a great step, I hope you get this done soon. Also, when you invest you must use a secure wallet, you can use Electrum Bitcoin Wallet it will provide you maximum security.

[Yamane_Keto]

It is a lifestyle more than a plan. You will try by all means to reduce your spending in the coming months and invest in Bitcoin, but if there was a way to invest once and then start paying later, it would be better because within less than 5 months to 7 months, the price of Bitcoin will be between 40k to 60k, which is almost a double increase, and there may not be enough time for assembly.

We cannot advise you much because we do not know the circumstances of your country and the savings allowance, but create an airgapped machine and keep several copies of the seeds (one of which is metal).

[snowpega]

I am still here to gather little knowledge about Bitcoin, I don't need enough knowledge, I can invest while learning Bitcoin, but the thing there is I am shuffling my self, so I will not be tangled while I am accumulating Bitcoin, I have come up with a plan of using the DCA method to accumulate a $50 monthly, my monthly payment from my job is $300, if my expenses will collect up $100 then $50 can be kept in crypto (Bitcoin) and another $100 for emergency funds then the remaining $50 can also be kept for personal things. Now is the best time to buy Bitcoin, I am not in a hurry to start investing Bitcoin, when the time comes for me to invest nothing will stop me to invest in BTC, as Bitcoin is not something I will start today and get rich tomorrow that is why I don't want to rush in to it. I will use electrum Bitcoin wallet to save my coins because I have learned so far that the electrum wallet is a safe wallet for any investors that what to hold Bitcoin for long, so I will be using it to hold my coins when I buy some Bitcoin, I will update when I buy my first BTC.

Hi buddy, First of all, I will welcome you in this field if you are a newbie in cryptocurrency. you can learn a lot from the BTT platform as there are many seniors who share their own experiences in threads. By reading those threads you can lean a lot and it will groom you as well in the cryptocurrency field. I am sharing a thread where a lot of users is discussing about bitcoin accumulation and the DCA technique. Buy the DIP, and HODL!

I would suggest you if you are a newbie in the field of cryptocurrency start it doing from Bitcoin Accumulation while using the DCA Technique then do DYOR which is also good for you to understand market sentiments. Investing in other shit coins is not good for you at the start I'm sharing the meme which i designed it on my own from this you can take an idea of how actually be happen to you while investing in other shitcoins instead of Bitcoin

[Z-tight]

I will use electrum Bitcoin wallet to save my coins because I have learned so far that the electrum wallet is a safe wallet for any investors that what to hold Bitcoin for long, so I will be using it to hold my coins when I buy some Bitcoin

You have a good plan, you can even invest with a lower amount if you feel that $50 monthly is above what you can afford to lose. Take note as well that despite the fact that electrum is a well reviewed open source wallet, it isn't secure by default, you have to store your seed phrase well and have more than one backup of it, if you use your Electrum wallet online, it can be compromised, and if you also lose your seed phrase, your wallet will be compromised. If you continue with your dca plan and your funds get bigger, use Electrum on an airgapped device or buy a hardware wallet for better security.

[tbct_mt2]

If you continue with your dca plan and your funds get bigger, use Electrum on an airgapped device or buy a hardware wallet for better security.

If having an airgap device is impossible, another choice is using Electrum with multisig wallet that is safer than a single signature wallet.

Creating a multisig wallet with Electrum.

Single signature or multi signature wallet, verify Electrum wallet file before using it to set up a wallet.

[Guide] How to Safely Download and Verify Electrum.

[Minecache]

If you continue with your dca plan and your funds get bigger, use Electrum on an airgapped device or buy a hardware wallet for better security.

If having an airgap device is impossible, another choice is using Electrum with multisig wallet that is safer than a single signature wallet.

Creating a multisig wallet with Electrum.

Single signature or multi signature wallet, verify Electrum wallet file before using it to set up a wallet.

[Guide] How to Safely Download and Verify Electrum.

I think using Electrum with multisig wallet is safe enough for our bitcoins, if someone has difficulty purchasing a hardware wallet. Electrum, airgap devices, or hardware wallets, none of them are absolutely secure, the safety of our bitcoins will largely depend on ourselves. Before owning a hardware wallet, I used Electrum for many years and I never encountered any attacks or problems with it. In my opinion, it all depends on us, we don't need to make things more complicated. And I also want to confess something, I still prefer using Electrum over hardware wallets, maybe because my habits haven't changed yet .

[kryptqnick]

I don't know where you live and what kind of finances are required there, but in general, $100 for monthly expenses isn't enough for anything, even for a developing country and even if you don't have to pay the rent... Are you confident that such a low amount of money can cover your basic expenses?
Electrum's a good choice and DCA is a good strategy, but I'm concerned what kind of life quality you can have with $100 per month (it's good there's also $50 for personal stuff, but that's still very low). Also, in that case, I don't think you need $100 per month for emergencies.

[Jawhead999]

I hope you will not feel bored and want to earn instant profit when the money you invested in Bitcoin isn't yet growing. I will not limit you anything because this is your first time to buy Bitcoin and using DCA strategy. Sooner or later you will know if investment is good when you earn good amount salary.

Before owning a hardware wallet, I used Electrum for many years and I never encountered any attacks or problems with it. In my opinion, it all depends on us, we don't need to make things more complicated.=

You can't see a bad day in your calendar, that's why preventing in order to make you prevent to get hacked or compromised is better than just safe enough.

[cryptoaddictchie]

Nice plan but dont invest money you are need on your spending everyday or you need in your life. Investing in bitcoin is not necessary, investing is quite risky and you cant expect to profit from buying bitcoin monthly. Its a long term goal that you might enjoy in the future or for longer years to come. Only buy bitcoin if you have extra and dont pressure yourself to maintain buying it that it could compromise your budget.

[Zaguru12]

In my opinion, it all depends on us, we don't need to make things more complicated. And I also want to confess something, I still prefer using Electrum over hardware wallets, maybe because my habits haven't changed yet .

Probably because you choose too much comfort than the little hassle with hardware wallets. But electrum can be equal to hardware wallets if they are properly airgapped and never comes online. The seed getting exposed to the internet is the major advantage the offline wallets like Hardware wallets have over the online ones like electrum so airgapping it and just having it on a phone as watch only wallet breaks that barrier. Just like you also said the importance of securing your seeds or keys should not be over emphasized, while doing so one shouldn’t use to many ways of securing it and causing redundancy or getting it complicated like the colorful seeds does

I don't know where you live and what kind of finances are required there, but in general, $100 for monthly expenses isn't enough for anything, even for a developing country and even if you don't have to pay the rent... Are you confident that such a low amount of money can cover your basic expenses?
Electrum's a good choice and DCA is a good strategy, but I'm concerned what kind of life quality you can have with $100 per month (it's good there's also $50 for personal stuff, but that's still very low). Also, in that case, I don't think you need $100 per month for emergencies.

It definitely depends on the country, the $100 is almost like 3x the minimum wage workers of some countries earn, so that should at least cover a little and if not he can just fall back to the other $50. The $50 is just like 17% of his monthly earnings and that’s not bad but as said he should be obliged to buy every month with that amount, there are months that OP can reduce it or months that he can go above that amount. It just depends on the amount he thinks he do away with that month.

[Lucius]

~snip~
Back to your $50 monthly DCA fund, you will have to do like 3 to 4 rounds of DCA before withdraw your bitcoin from an exchange account to your non custodial wallet. Withdraw your coin to your wallet when you see withdrawal fee is good enough for you.
Reminder: do not keep your money in online accounts

If the OP will buy BTC through CEX, then the miners' fees have nothing to do with what he will pay when withdrawing his coins to a non-custodilal wallet, considering that he will have to pay what is actually called a service fee. Of course, in order to save on that fee, it does not make sense for him to make individual withdrawals for such small amounts, so he will have to take a certain risk and keep what he buys on the exchange.

The alternative would be to try to buy BTC on one of the decentralized exchanges, which might be the next move when he understands a little better how things work.

[Cryptomultiplier]

You figured it out with the careful breakdown you presented, OP. I love your enthusiasm and I can say it is very achievable.
From my stand point and with the experience I have had with money, setting aside $50 for an investment in BTC might seem okay, but I can assure you that it might look like alot when you start committing to set aside this amount regularly.
What's to note is that if you aren't taking care of a family and no serious responsibility, to approach with caution bearing in mind security concerns and how to keep your seed phrases properly is the final step to this your great plan.

[darkangel11]

It's nice that you're starting your crypto journey with bitcoin. Many people get discouraged by the price and think it's better to buy a coin where you can get x number of "full" coins, instead of buying 0.001 BTC, but it's a wrong assumption. $50 allocated into any cryptocurrency is still $50, no matter if they'll give you 0.1, 1, or 100 coins for that. The only difference is that with bitcoin your funds are safe, as long as you hold the keys. With altcoins you can even see 99% loss, while for bitcoin a 10% move is a large one.

Stay safe, hold bitcoin in cold storage, if you have any questions post them here, just remember that there's also a search function that will help answer most of them.

[abel1337]

I am still here to gather little knowledge about Bitcoin, I don't need enough knowledge, I can invest while learning Bitcoin, but the thing there is I am shuffling my self, so I will not be tangled while I am accumulating Bitcoin, I have come up with a plan of using the DCA method to accumulate a $50 monthly, my monthly payment from my job is $300, if my expenses will collect up $100 then $50 can be kept in crypto (Bitcoin) and another $100 for emergency funds then the remaining $50 can also be kept for personal things. Now is the best time to buy Bitcoin, I am not in a hurry to start investing Bitcoin, when the time comes for me to invest nothing will stop me to invest in BTC, as Bitcoin is not something I will start today and get rich tomorrow that is why I don't want to rush in to it. I will use electrum Bitcoin wallet to save my coins because I have learned so far that the electrum wallet is a safe wallet for any investors that what to hold Bitcoin for long, so I will be using it to hold my coins when I buy some Bitcoin, I will update when I buy my first BTC.

I like the plan you had made. I also think that you have enough knowledge on what to do in accumulating since you plan to use electrum to save your coins. I know that the expenses aren't non negotiable if we will change your plan but if I'm on your situation, I will reduce the emergency funds to $30 and put the difference into investing into bitcoin. You don't need to have a large boost on your emergency funds since I think that the $100 on your emergency fund will last you a month without any income. Though this will depends if you know you will still have your current stable job in the future. You can still change your emergency funds depending on your target maximum amount to be saved on emergency funds.

[Captain Corporate]

Quite interesting to learn that one could live with 100$ a month. Here in my nation it takes as high as over a grand to live per month, obviously there are people who live with less, but never heard of anyone who could ever live with 100 dollars before, not now and not before. And not like I am from some rich nation, I am from Turkiye and we are not leading the world in econoımy neither, certainly not the poorest nation neither, wherever you can live with 100 dollars a month, that seems like the cheapest nation in the world. But overall, if you could save about 50 bucks per month on bitcoin, and do that for 20-30 years, you are going to retire a wealthy person I am sure of that without a doubt.

[Emmanuelex]

That's a method I have been using for a long time now; accumulating it as much as I can every month. I don't have a particular amount , it just depends on my sales and profit for the month, because I'm a self-employed and I run my own business. So depending on what profit I have made, I just bring a percentage of it that I think is okay and invest it in Bitcoin.