This is my plan.

[Darker45]

What do you mean you don't need enough knowledge? Well, "enough" is subjective, but I consider the bare minimum to be "enough". By minimum, I mean the amount of basic knowledge about the what and why and how of Bitcoin and other information that guarantees you that your coins would be kept safe for the longest time possible.

Well, there's probably a little hypocrisy when you said that you're not in a hurry to start investing in Bitcoin. In the first place, we're talking about "investing" in Bitcoin. We all want to buy Bitcoin at a cheap price. You know, the halving is near, a spot ETF in the US might also be near, and so on.

The same goes with you saying that "Bitcoin is not something I will start today and get rich tomorrow". Obviously, by talking about Bitcoin as an investment, by talking about DCA, we're not particularly talking about freedom and control and whatnot. We're talking about making money, aren't we?

[1714289490]

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[bitterguy28]

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.

really? 100 dollars for monthly expenses? how much are you dealing in daily base? 3.30 $ expenses daily? do you really live with that amount? that is a single meal in my country .
but if you can manage to do that with earning 300 dollars a month then you are good in spending that 50 dollars for investing , since you need no big knowledge in bitcoin like what you said , then for what is the DCA all about?
you said that you are willing to invest while learning then better to learn from your own mistakes .

[Iranus]

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.

really? 100 dollars for monthly expenses? how much are you dealing in daily base? 3.30 $ expenses daily? do you really live with that amount? that is a single meal in my country .
but if you can manage to do that with earning 300 dollars a month then you are good in spending that 50 dollars for investing , since you need no big knowledge in bitcoin like what you said , then for what is the DCA all about?
you said that you are willing to invest while learning then better to learn from your own mistakes .

If you come from my country, are single and live frugally, then with 3 USD you can spend enough for yourself, a budget meal in my country is only 1 USD. In many developing countries, the average income is only 250-300 USD, so spending 100-150 USD per month is reasonable.

I think what he means is, he doesn't need a huge amount of knowledge to get started with bitcoin, just the basics so he can buy and hold bitcoin. He will then increase his knowledge while accumulating bitcoins each month. DCA every month and continue to improve your knowledge, this is not a bad idea for newbies. What's important is how long they can maintain it because it's easy to say but not easy to do.

[Blitzboy]

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.

Investing while learning is kind of like trying to run before you can walk, but I get it; you're eager. Putting $50 into Bitcoin now that you get paid $300 a month? That's dedication. I value that. However, here's the thing: what happens if your monthly spending go up? Will you modify your Bitcoin holdings? It's critical to have flexibility.

Electrum is indeed a go-to for many Bitcoin enthusiasts, but ensure you keep updating the software. An vulnerability could arise from outdated software, which is something you really don't want.

You're correct; Bitcoin isn't a means to become wealthy quickly. Your perseverance will undoubtedly be rewarded. Continue sharing and working hard; who knows? Many others on this forum might find inspiration in your path

[Sebas.tian]

You already have a plan, you just have to be self-disciplined and your commitment to implementing your plan is finalized, because the future now has to be thought about early, and your decision to invest in BTC is very correct. By purchasing at a cheap price during the bull run, you can get a profit from your previous investment.

Know when to purchase Bitcoin to fulfill your plan is very important to investors, because many investors will plan well from the beginning but they will miss it at the end by purchasing Bitcoin in a high price in the market, which it will not help them to make a passive income at the end of their investment. Now that the price is not good to invest in this season, because the price of Bitcoin has increased to $27,731 that is giving investors hope that the price will reach $40,000 before the end of this year 2023. Once you have the money ready just discipline your self by control your emotions to allow the market price to decrease down to where you can use your money to purchase huge amount of Bitcoins and hold to make your plan fruits in the future.

[michellee]

It's a good plan to invest in Bitcoin but if you don't start, it's just a plan. Everything requires action to get started because no matter how good the plan is, without action, it is still just a plan.

Using $50 each month to invest in Bitcoin is a great start. You also have to determine how long you want to invest, especially since there will soon be a Bitcoin halving where there is usually a very high price increase. Will you hold Bitcoin for the long term even after the next halving comes? Or you will sell your Bitcoin when the price increases very high. It has to be in your plan.

You need to be able to buy Bitcoin regularly every month because many people can initially invest in Bitcoin. But after a few months, they stop buying Bitcoin and forget about it altogether. You must be disciplined with your plan to achieve the target you want.

[AicecreaME]

Sounds good, I'm also using electrum for years now and I've never experienced anything horrible about it.

To make your transaction cheaper, why not save for like 3 months first so it will be $150 worth of Bitcoin it you would convert it to save fees, but it's up to you though. I mean, $50 is already a big amount rather than hesitating to make an investment and missed a lot of opportunities when Bitcoin went bullish again. Just make sure you'll save your private key somewhere safe.

[Kakmakr]

Also make sure that you run the latest version of Electrum, because new exploits gets bug-fixed in the newer version of the software. I would also not suggest that you buy Bitcoin on a schedule, but rather hoarding your cash... until there are a drop in the price.

The DCA strategy is good... but I prefer to buy coins when the price are low, so that I can maximize my profit when I sell it. The most important thing is that you are buying coins.... so you will be ready when Bitcoin goes to the Moon. 

[Out of mind]

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.

If you use this method, you will surely do well in the future. Save by understanding your finances, Save as much of your salary as possible. As you are a trader, you need to save from the amount of profit you get every month. I think you don't get the same amount of profit every month, but there is a rate of profit and growth according to which you can accumulate money for investment. When you can accumulate a good sum, invest BTC with your funds so that you can profit. You need to be aware of the volatility before investing and later hold your investment for a long time, but you will reap the profits.

[noorman0]

-snip-
I don't need enough knowledge,

You need to learn more so you won't draw this conclusion:

-snip-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,

Electrum also does not help protect against device attack factors (viruses, malware, etc.) that interfere with app performance and careless users who store seed phrases and passwords in places that are easy to find or guess. If you don't learn from the start, you might not realize that your privacy is being leaked and in turn you will be late in securing it.

[Ayers]

Depending on each person's income and circumstances, we will have different investment plans in bitcoin. So, I have no opinion on your plan because only you know what is best for you. But investing and accumulating bitcoin is not as simple as many people think, so I hope you will continue to learn every day to have a deeper look at bitcoin and have stronger faith in bitcoin. There will be many challenges waiting for you, I hope you can maintain your plan as long as possible.

[Nrcewker]

That’s a great plan to be honest for investment purpose. All the middle class working personnel should follow a similar type of plan. They should invest a certain amount of their salary regularly on any type of investment. Moreover if you choose to invest in Bitcoins, then it will be extra beneficial. Bitcoins are limited in number, hence regularly accumulating the Bitcoins will surely help when the price goes up. So according to me this plan is great for long term investment.

[Lorence.xD]

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.

really? 100 dollars for monthly expenses? how much are you dealing in daily base? 3.30 $ expenses daily? do you really live with that amount? that is a single meal in my country .
but if you can manage to do that with earning 300 dollars a month then you are good in spending that 50 dollars for investing , since you need no big knowledge in bitcoin like what you said , then for what is the DCA all about?
you said that you are willing to invest while learning then better to learn from your own mistakes .

If you come from my country, are single and live frugally, then with 3 USD you can spend enough for yourself, a budget meal in my country is only 1 USD. In many developing countries, the average income is only 250-300 USD, so spending 100-150 USD per month is reasonable.

I think what he means is, he doesn't need a huge amount of knowledge to get started with bitcoin, just the basics so he can buy and hold bitcoin. He will then increase his knowledge while accumulating bitcoins each month. DCA every month and continue to improve your knowledge, this is not a bad idea for newbies. What's important is how long they can maintain it because it's easy to say but not easy to do.

Well, that's only applicable and possible if you're living on you're own as you can handle to budget and minimize the number of bills like, less electricity by not using AC or electric fan for 24 hours, less water by doing laundry once a week, things like that cause it would be hard to budget that $100 if you are not living alone. I could actually relate to the budget meal prize into our country which is affordable at $1, if you're discipline enough there's would be always an spare money to invest.

But for the knowledge, I think it's still would be better if you do your own research and still attain information. Cause if you only stick to the basics, then it would be a problem if you're planning to have a huge investment soon. I mean there's nothing wrong with that especially OP is a newbie, since we all have different techniques and goal to achieve. Thing they only need is the consistency and discipline.

[bayu7adi]

Do you consistently set aside $100 each month for your emergency fund? Shouldn't an emergency fund be a fixed amount, substantial in size? For instance, one might feel secure with a $1,000 emergency fund, with the remainder available for food and investments. With a well-devised strategy, it would only take about 10 months to accumulate this emergency fund. Perhaps in the 11th month, you could allocate the funds to both investments and personal rewards.

However, the above is merely my opinion, and it's entirely possible that individuals have varying approaches to managing their finances. You don't have to mimic what I'm saying, but if it provides some food for thought, feel free to consider it.

[Minecache]

Also make sure that you run the latest version of Electrum, because new exploits gets bug-fixed in the newer version of the software. I would also not suggest that you buy Bitcoin on a schedule, but rather hoarding your cash... until there are a drop in the price.

The DCA strategy is good... but I prefer to buy coins when the price are low, so that I can maximize my profit when I sell it. The most important thing is that you are buying coins.... so you will be ready when Bitcoin goes to the Moon. 

But how do you know when bitcoin will drop in price or if it will definitely happen? Everyone knows and wants to buy at low prices to get more profits but we all agree that bitcoin is unpredictable. No one can know whether bitcoin will decrease or increase tomorrow. That is also the reason the DCA strategy was born and is always considered the best strategy.

Like what's going on, do you think bitcoin will drop even more? And what is the lowest price for you to buy? Or do we start going up from here and never drop below $25K again? No one knows what will happen.

[lovesmayfamilis]

I just want to express my appreciation to you for having such faith in Bitcoin. With just three hundred dollars, you manage to live on one hundred dollars and still save fifty. I don’t know how correct it is to ask what country you are from and how you manage to exist like this. In any case, I want everything to work out for you. Learn the rules for storing and using wallets, and stay strong when Bitcoin faces difficult times.

[TheUltraElite]

Monthly buying is what I can suggest the OP. You should also try to upgrade your job to get a higher income, if required, learn the skills and get a degree, if possible because that is an investment for your own future.

Plan seems good but dont get disheartened if it does not work out. A lot of factors come into play, like in some months you might spend more on emergency funds or need extra cash to pay off some needs. Try to balance these with bitcoin buying.

Do try to improve the capital, that helps a lot. Secure your wallet and devices and never share private keys with anyone nor invest in any quick-rich-schemes.

[Btc_1856]

Depending on each person's income and circumstances, we will have different investment plans in bitcoin. So, I have no opinion on your plan because only you know what is best for you. But investing and accumulating bitcoin is not as simple as many people think, so I hope you will continue to learn every day to have a deeper look at bitcoin and have stronger faith in bitcoin. There will be many challenges waiting for you, I hope you can maintain your plan as long as possible.

I like OP's plan but you're right, it's great that we prepare a perfect plan but whether we can complete it is another matter. There is no success without trade-offs or we have to pay a high price, and reality is much harsher than we imagine. So I hope OP will maintain his monthly DCA plan with discipline and if there are any setbacks, he doesn't give up. Bitcoin is truly an asset, a potential investment, but whether it brings us profit or not is up to us to decide, bitcoin cannot decide for us.

[KiaKia]

The money for daily spending should never be used for investment purposes, many people like making these mistakes and they will be looking for profits to take in a few weeks, moreover we are in a bear market, the downtrend is more certain in this period than uptrend, it's a time to buy and hold for the long term.

Investment is not easy but we have to do it because we want better ROI, the road is not as smooth as some are saying, a month ago I was able to DCA using a good amount of money but this month is different, I have other things that I must do with money, so my DCA in this month is going to be lower compare to last month.

Always have emergency money saved somewhere, and make sure you won't be going back into your portfolio to sell your asset to sustain yourself, it's a wrong investment strategy, make sure you invest money you won't need for a long period of time.

[Die_empty]

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.

Your plans look good to me because they are realizable. You have set out a portion of your income that will not affect your standard of living. I have heard stories of people who will say they are investing all their income or even going to the extent of taking loans or selling properties to buy bitcoin. I am also pleased with your plan because you are using the DCA strategy to buy your coin. This will make you spread the risk and do   Electrum is fine for now but you can consider buying a hardware wallet when your holdings have increased. I don't think you need to tell anyone when you buy your first bitcoin. Bitcoin promotes privacy, so learn to keep your financial life secret.    

Always have emergency money saved somewhere, and make sure you won't be going back into your portfolio to sell your asset to sustain yourself, it's a wrong investment strategy, make sure you invest money you won't need for a long period of time.

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.

OP already got a good plan for emergency expenses.