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Author Topic: Start with the little you have, you don't need millions of dollars to own BTC.  (Read 547 times)
Oasisman
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November 16, 2023, 09:44:34 PM
 #21

It doesn’t matter if you are a low net worth, low earning individual. You still want to avoid losing purchasing power of your savings don’t you. There is no better hedge than bitcoin so like you say OP, you can invest very little. If you are able to DCA for a number of years & be very patient, your money will do much better in bitcoin than it will sitting in the bank suffering from annual inflation.

That's the correct mindset of a true investors who truly value their hard earned money rather than sitting them all in the bank which gradually losses it's purchasing power over time. Though I don't suggest either to put all your savings to bitcoin, but having bitcoin as part of your several kinds of savings/investment will help you financially as long as you're patient.
However, some people today are just looking to put their money in bitcoin hoping that they would become rich overnight or a short period of time, clearly doesn't know how bitcoin works. Those are not called investors, they just want easy money, I call them crypto trend-setter lol.

R


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Sanitough
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November 16, 2023, 09:49:35 PM
 #22

 Bitcoin is expensive and we are all aware of that. So if we jump on buying bitcoin risking our hard-earned money, maybe the outcome may not be as good as what we expected most especially that we are dealing with a volatile asset here.  So the best option is to buy bitcoin with our spare money that we don't care to lose. And we can only maximize our purchase if we also timing it when there is bearish season in the market so we can buy at its affordable price.

The challenge here is not actually to buy a lot nor buy it at its affordable price, but the real challenge comes when you want keep a sustainable amount of bitcoin without falling on the market volatility that will push you to sell at a losing price.
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November 16, 2023, 10:07:59 PM
 #23

But investing $10 is not very practical with the fees attached to it, except you choose to store them on a exchange which is not recommended. New investors would try to achieve a balance between investing with what you have, maximizing profits and hang optimal security.
Yes, in this kind of situation where transaction fees are way high, the investor may decide or choose between increasing to an amount he or she is capable of affording or spending within the period we are experiencing high transaction fees such as we have right now and not only tied to buying with $10, we can adjust to suit this kind of situation, take you for instance if you were buying on a week interval you may choose to shift into buying in 2 weeks intervals and combine the two funds to save cost or worst case some can choose to wait for the fees to go down.

R


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November 16, 2023, 10:10:55 PM
 #24

DCAing demands whatever amount you can use to add to your investment it mustn't be specific amount as in $100 each of the week or month as the case may be, but rather any amount ranging from $10,, $15, $20, $19, $30 on and on.

The concept of DCA couldn't be simplified any further than this, most people find it hard to DCA simply because they set a high weekly limits for themselves and along the line they realize that they're unable to maintain that set limit, and this might discourage them or probably make them just quite.
I always tell people who want to DCA to see it as saving up for something, getting a piggyvest/piggybank and throw in your savings there every day, week or month depending on how your income flow and plans are. It's really not difficult if you visualize it this way, rather than setting a high and specific DCA limit that you might likely not keep to. If you see it as saving up for an event you might just be surprised how much you've been able to realize in such a short period and before you know it, you've accumulated a quite quantity of Bitcoin in your investment.
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November 16, 2023, 10:24:23 PM
 #25

You have said my physical campaign awareness on bitcoin to people. A lady met me one day and Sid someone told her that for her to own a bitcoin she has to purchase it with the minimum of $4,000 USD and immediately I have to reconciled that mentality from her and told that she can invest with any form from $5 US dollar and that should be depends on the current dollar exchange rate and after the orientation she was very happy and took my number so she can call me to start the investment.

It is possible that the person who told the lady is an agent of a company, possibly a Ponzi scheme one since these kind of company often have a fix entry level.  It is a good thing that you are able to intercept this lady from being scammed by a Ponzi company agent.

Yes many people have that misconception that it is only big amount can be used to invest in bitcoin but that is not true. In my country of you have #4000 which is equivalent to $5. Though I don't blame them because they are ignorant of the ecosystem.

It is because many people who are interested in investing Bitcoin do not do their own research and are often swayed by companies that exploited Bitcoin.  Like during the time before Bitcoin get popular in my country, there are already some international fraud company that are exploiting the Bitcoin nature and are using Bitcoin as a front to scam people and their entry fee is really high which makes people thinks that investing in Bitcoin really needs a huge amount of money.  It was way back as early as 2015 before our government acknowledge Bitcoin as mode of payment in 2017.

Although the idea of the need of huge capital to invest in Bitcoin has already been debunked for countless times, there are still people who thinks that huge fund is needed to acquire Bitcoin since they are just looking at the price of it as a whole and not how Bitcoin has this divisibility.

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November 16, 2023, 10:24:47 PM
 #26

First of all people need to have clarity on what is bitcoin and how it is gaining value when the fiat keeps falling. Most of the people without proper understanding start to invest and gets caught into traps. Saw a post about a lady who is been said the minimum investment is $4000. People who had heard about the tremendous growth might tend to invest and if the market isn't in their favour they end up losing. Before getting into bitcoin, basic learning is must and the same is possible through investing on small amount and further going to higher investment. As said it have got the 8th decimal divisible and we should start at the earliest to experience the best of it.

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November 16, 2023, 10:25:06 PM
 #27

In both ways let the investor never run out of income. Whether they invest big or in bits, once there is no income flow. The investment would be as good as not investing at all. Hence, while we set aside money to invest in bitcoin. We need to also make sure that it doesn't affect our earnings or better still look for other means of income. Most people who invest little money in bitcoin, easily go back to spend the money when they need it. Thereby breaching the long term investment agreement that most investors should have in mind while throwing money in bitcoin. I'd say that successful bitcoin investors are successful business men. For instance, micro strategy, invest big money into bitcoin and he's or will succeed in it. Because he's already successful in his field of business. When we are not sure of ourselves financially, that's where the doubt comes to play. Whether to put big or little. In the both category, many didn't maintain their focus, due to life or business challenges that presents them with reasons to sell the coin. Sure, we can start little, but how sure are we that, we'll finish the journey of setting little amount of money, in our control, for 10 - 20 years without spending a dime. That's true spirit of an investor. Why many lose focus, depends on their intentions. Some could be for the profits, but one general reason for financially unstable people is that they have control over the money. They can decide to sell the coin at any given moment. So, whenever they feel threatened by lack of funds they'll run back to their bitcoin and sell in fractions, until it's over. In a nutshell, to achieve this goal, be financially stable first. Then invest.

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November 16, 2023, 10:55:58 PM
 #28

DCAing demands whatever amount you can use to add to your investment it mustn't be specific amount as in $100 each of the week or month as the case may be, but rather any amount ranging from $10,, $15, $20, $19, $30 on and on.

The concept of DCA couldn't be simplified any further than this, most people find it hard to DCA simply because they set a high weekly limits for themselves and along the line they realize that they're unable to maintain that set limit, and this might discourage them or probably make them just quite.
I always tell people who want to DCA to see it as saving up for something, getting a piggyvest/piggybank and throw in your savings there every day, week or month depending on how your income flow and plans are. It's really not difficult if you visualize it this way, rather than setting a high and specific DCA limit that you might likely not keep to. If you see it as saving up for an event you might just be surprised how much you've been able to realize in such a short period and before you know it, you've accumulated a quite quantity of Bitcoin in your investment.
What those people do not see is that maybe they could be able to maintain those high savings for a few weeks, but after that it is impossible to maintain such rhythm, in a way this is very similar to what we see when people want to lose weight, they set themselves impossible goals by trying to exercise every single day for a few hours while eating almost nothing, and while this could be done for a time, at some point your body will break and demand rest and a good nutrition, making impossible for them to achieve the goals they set for themselves.
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November 16, 2023, 11:01:46 PM
 #29

This is what I like about Bitcoin as a type of investment in this industry, because no matter how much it costs, you can buy it and save little by little until your balance in your wallet grows.

He doesn't have a fixed amount, so you can buy it; instead, you can buy whatever you can, and you can do it in Bitcoin. Then this is the recognized top crypto, or King, or Father of all cryptocurrency, or isn't it great? And this is also the reason why there were altcoins in this business industry as well.


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November 16, 2023, 11:14:25 PM
 #30

But investing $10 is not very practical with the fees attached to it, except you choose to store them on a exchange which is not recommended. New investors would try to achieve a balance between investing with what you have, maximizing profits and hang optimal security.
Yes, in this kind of situation where transaction fees are way high, the investor may decide or choose between increasing to an amount he or she is capable of affording or spending within the period we are experiencing high transaction fees such as we have right now and not only tied to buying with $10, we can adjust to suit this kind of situation, take you for instance if you were buying on a week interval you may choose to shift into buying in 2 weeks intervals and combine the two funds to save cost or worst case some can choose to wait for the fees to go down.


We should accumulate for a while and withdraw to our wallet every time we reach a significant number of bitcoins, I think there's nothing too dangerous or too risky. It's true that storing bitcoins on a centralized platform is not recommended, but if it's just a negligible amount, there's nothing to worry about. We need to behave according to our circumstances, not being too rigid or imitating others when our circumstances are different from theirs. Furthermore, not every exchange will collapse, Kraken, coinbase...and many exchanges have existed since 2012 until now, not every exchange will become the 2nd FTX.

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November 16, 2023, 11:31:52 PM
 #31

It is actually called the DCA strategy; in this strategy, you don't need to invest a large amount. It doesn't matter if you aren't rich; if you have good intentions to invest and hold, then any amount you can buy. If we don't have a large amount and can't afford to lose, then the DCA strategy is best for us. We can invest a portion of our savings and hold it tight until we have good profits. If you are looking for a bottom, then you may not find it because Bitcoin is unpredictable anyway.
Only those who rush to invest in bitcoin without prior knowledge will decide to buy bitcoin at a full blast, thus buying an amount that you will surely regret once it end up losing. And I have known at lot of these people and end up quitting after experiencing an initial loss with a significant amount. That is why I want to discouraged those people who have no clear mindset about bitcoin, never invest in bitcoin if you want to get rich quick as putting a large amount of capital will never guarantee that your investment will succeed.

Do the DCA instead. Never worry for a small purchase because once you do it consistently, you will still be able to own a huge portfolio of bitcoin in the long run. Just stay patient and timing the market when it offers a big discount on the price of bitcoin.

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November 16, 2023, 11:47:11 PM
 #32

The reality truth and advice is that it offers you a better profit if you can invest with the least Capita at hand which could generate you gradual incomes while you strives to top up your trading Bitcoin wallet to your benefitted amount that tends to profer you the huge income as dreamt else, other times could be a wasted one because you ignorantically failed to take advantage and make your unreadiness a productive time (s).

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November 16, 2023, 11:48:54 PM
 #33

While I agree with the whole thing about what OP has said but we need to consider the current situation if we're just going to buy with $10, $20 or $50 because of the fees. The highest priority will charge us with $11 or 227 sats/vB and that's a lot for the little investors if that's what they're going to do right now.

I am not discouraging to invest with the little that you have but save that money first and wait until the fees drop off and be back to 1 sat/vB. It's going to take a while but it won't be that long as we wait for it to drop. But it's true that you don't buy the whole thing when investing in Bitcoin because that's the wrong idea of many that sees towards it.

It's not forcing you people to invest on it and buy the 1 Bitcoin and that's why the fractions that you can invest with, just focus there and aim to have at least a few decimals of it if you ever started to like buying and investing bitcoin. This isn't just all about liking it but understanding that it's best to have it during these times because of the inflation, crises, etc.

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November 16, 2023, 11:53:17 PM
 #34

If you only have a small funds, you can also be called investor if you invested in Bitcoin. You have to think twice before you make a decision since it's only a little amount. If you don't have knowledge in investing or in trading, it's not the best idea to use your funds since it only increases the risks of losing money. You have to gain knowledge first, learn how to analyze the market, and back test so that you can gain confident that your plan will work. Also avoid checking the chart from time to time as it will generate negative emotions that affects your decisions. Always stick to your plan and trust the process, you will get what you want soon.

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November 17, 2023, 12:52:21 AM
 #35

It doesn’t matter if you are a low net worth, low earning individual. You still want to avoid losing purchasing power of your savings don’t you. There is no better hedge than bitcoin so like you say OP, you can invest very little. If you are able to DCA for a number of years & be very patient, your money will do much better in bitcoin than it will sitting in the bank suffering from annual inflation.
Thats right. Even with retailers who are lack of funds wanted to have btc they purchased btc with their mightiest buying power. Not all are capable of buying and recently the investment option for everyone tend to point to crypto which means that this industry are reaching them out through a lot of tongues. Adoption is either socially hype or business incorporated.

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November 17, 2023, 12:54:47 AM
 #36

Quote
Re: Start with the little you have, you don't need millions of dollars to own BTC.
There are some reasons why people don't really buy or at least own Bitcoin.
- They have little to no knowledge about Bitcoin. They are afraid to lose their money.
- They have no spare money to start with.
- They have no interest in investing in it.

Yes, starting even with a small amount of money is already a good start, but it's just that, not all people who are capable of buying even a single Bitcoin are interested in buying it. It always comes back to how knowledgeable you are regarding Bitcoin because you will make better decisions if you have the knowledge. It doesn't matter how little your money is as long as you know what you're doing.

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November 17, 2023, 01:06:28 AM
 #37

I agree. One has to start buying the moment they understand Bitcoin. If not for starting to build a Bitcoin portfolio, it's for them to try making Bitcoin transactions. Learning Bitcoin includes learning to receive and send Bitcoin. Creating a wallet, storing backup, getting the public address, and so on are exciting things for somebody who's still in the learning process.

In terms of investing, the advantage of buying in small amounts is that you could have a lower buying price average. And there's also the tendency that once you start buying, you will continue doing it. You couldn't get enough of it. And that's how your portfolio grows. Keeping your money for that perfect time and price could either mean you won't buy anymore because the price has already risen or you have spent your savings on something else.

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November 17, 2023, 02:45:32 AM
 #38

The reality truth and advice is that it offers you a better profit if you can invest with the least Capita at hand which could generate you gradual incomes while you strives to top up your trading Bitcoin wallet to your benefitted amount that tends to profer you the huge income as dreamt else, other times could be a wasted one because you ignorantically failed to take advantage and make your unreadiness a productive time (s).
If we can see an opportunity to make a profit from investing or trading and don't take advantage of that opportunity, of course we will be very sorry when we see that other people can make a profit from the investment they made, because we could have started. with whatever amount we can afford and we also have to be able to do it regularly to be able to get a profit from the investment we make.

If you only have a small funds, you can also be called investor if you invested in Bitcoin. You have to think twice before you make a decision since it's only a little amount. If you don't have knowledge in investing or in trading, it's not the best idea to use your funds since it only increases the risks of losing money. You have to gain knowledge first, learn how to analyze the market, and back test so that you can gain confident that your plan will work. Also avoid checking the chart from time to time as it will generate negative emotions that affects your decisions. Always stick to your plan and trust the process, you will get what you want soon.
In my opinion, there is nothing wrong with having small funds to be able to collect Bitcoins, because if we can buy them consistently then we will be able to make a profit from the Bitcoins we collect.
If we can't understand it well then we need to be able to study it well before choosing to buy it, but if we still choose to buy it and study it well, of course this will be very profitable for us and it is also very important for us to be able to understand it well. control our emotions in trading because if we cannot do this we will make inappropriate decisions in the trading we do.
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November 17, 2023, 03:09:25 AM
 #39

This does not happen only with Bitcoin. One of the good things that digitalization has brought is a democratization of the ability to acquire financial assets. Today it is possible to acquire investment funds for small amounts as well, or fractions of shares. This means that, together with Bitcoin, which is what we are talking about, people with modest incomes can acquire financial assets to the extent of their possibilities and start on the road to wealth. Let's remember that if you want to get rich what you have to do is to allocate a percentage of your income to acquire assets, perhaps the best being the Bitcoin, and for this, DCA strategies, as mentioned above, are very useful.

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November 17, 2023, 03:17:41 AM
 #40

The method provided can be tried by people who want to start investing in Bitcoin. They don't need to buy Bitcoin in full but can buy it little by little. The important thing is that they can regularly invest in Bitcoin for a certain period, for example, 1 or 2 years or even for the long term.

Setting aside money like @OP could give them the opportunity to invest in Bitcoin. This investing routine is like saving in a bank account. But the difference is that we save in Bitcoin and we are the bank. The current price of Bitcoin is still low compared to the possibility of Bitcoin price increases in the future.

So don't waste time now to start investing in Bitcoin regularly. The method used by @OP is called the DCA method, which many people have used. The important thing is that before starting to invest in Bitcoin, they can learn about it first so they don't panic.

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