Does the DCA strategy inspire newbies to invest?

[abaeze]

I would also agree with you that we should use custodial wallets. So that we have our own control and the funds are safe. But for those who are completely new and are not yet fully aware of the wallet and even not prepared for their own security, if it is mandatory at the beginning of investing, many times they may delay starting or make mistakes. It is not a bad idea to let the exchange accumulate for some time by doing a small DCA. This does not have to pay fees repeatedly. Even he gets time to learn about custodial wallets and non-custodial wallets or other aspects of Bitcoin. Then when he is ready to handle his own security, he will use his own wallet. The main thing is that using the exchange in the initial stage is part of learning. But the ultimate goal is always to control himself.

In a custodial platform, technically the coin is not under your control. There is an account freeze, withdrawal at any time and KYC risk. There is also a possibility of exchange hacking. Despite all these problems, I recommend that beginners use custodial wallets because for a new person, if they use a non-custodial wallet without learning how to use wallets and invest in Bitcoin, they may lose the seed phrase or make a wrong transaction.

Therefore, using a trusted exchange to start with a small amount and DCA can be called a realistic strategy in many cases. Especially when the amount is small and the user is at the learning stage. Later, when the amount is large and complete learning the use of all types of wallets then they will use a non-custodial wallet. However, an important issue here is the user's mindset. Many people make the exchange as like a permanent bank, which is very risky and dangerous.

[ruykeri]

In a custodial platform, technically the coin is not under your control. There is an account freeze, withdrawal at any time and KYC risk. There is also a possibility of exchange hacking. Despite all these problems, I recommend that beginners use custodial wallets because for a new person, if they use a non-custodial wallet without learning how to use wallets and invest in Bitcoin, they may lose the seed phrase or make a wrong transaction.

Therefore, using a trusted exchange to start with a small amount and DCA can be called a realistic strategy in many cases. Especially when the amount is small and the user is at the learning stage. Later, when the amount is large and complete learning the use of all types of wallets then they will use a non-custodial wallet. However, an important issue here is the user's mindset. Many people make the exchange as like a permanent bank, which is very risky and dangerous.

I agree with you. The smartest thing to do is to buy Bitcoin from an exchange and store it in a safe wallet. Most people probably do this. Because those who have a fair idea about Bitcoin and wallets will not start holding Bitcoin there because of the convenience of the exchange. And the main job of the exchange is to move people towards trading and repeatedly show advertisements like transferring to fiat. Because this is where they make profit. And those who hold Bitcoin for the long term, they always use a separate safe wallet. Those who have a lot of Bitcoin, they use hardware wallets to increase safety.

[Silikiem]

The above bolded part isn't really necessary for a newbie, even if he doesn't have that conviction yet, he can still get started, because it is mostly that personal conviction that mostly makes investors develop that long term mindset, and most of the time, this doesn't build up at the first stages of the investment. This is because most investors who get started often do so with the intention of sticking around for a short time, make some profits, withdraw and zoom off, so you can't tell them they can't invest, because sooner or later, they could figure out the right way themselves.

So what you are trying to say is that newbies don't need to know anything before they get started because this is what your write up entails. How logical does that sounds to you?

Basic knowledge on Bitcoin and discretionary income to start with is very important for a start, and after starting you can go for more knowledge on what is needed to be able to hold strong, like putting down emergency and reserve funds in place, just in case of real life emergencies, so I am surprised at your statement that it's not necessary to have a basic knowledge and discretionary income before starting as a newbie.

You don't need basic knowledge in order to start to buy bitcoin.

You need discretionary funds and common sense.

Your common sense will help to inform you the extent to which you need to know more things, or gain more skills or to look into matters or not.

What is the basic knowledge that you expect that normie newbies need to know in order to get started buying bitcoin besides being sure that they have discretionary funds in order to make their first purchase?

Let's say that some normie newbie was in the middle of carrying out his weekly drinking, smoking and going to bars, and usually it costs him around $200, and so he had the $200 in his pocket and then before he got went to the first bar and bought his first pack of cigarettes, he ran into a friend who told him about bitcoin and told him to get started buying bitcoin, and the friend told him to buy his first bitcoin on Binance.  So the guy decided to agree with his friend, and instead of spending $200 this week on his fun.. he was only going to spend half of it, and save the rest, and he would buy his first $30 of bitcoin.  What is wrong with that?  What more does he need to know?  The guy used his budget to buy $30 worth of bitcoin (at least bitcoin representations since he does not have them in self-custody, but is instead going to hold them on Binance).

Of course, the common sense of any person might guide them in realizing that they might need to look into one particular thing or another, yet each newbie can decide what those things that he may or may  not need to look into might be, since there is no exact basic knowledge as long as the newbie has figured out that he has discretionary funds that are available and he figured out a starting amount.  Sure, if he does not know from where he is going to buy his bitcoin, then he probably would need to figure that out, but in the example that I gave the guy spoke with a friend who told him to start with Binance, which is good enough to get started with $30, no?  What more does he need to know in order to start?  Can't he look into the details later?  Maybe next week?

Yeah they can consider those things you have mentioned and there's really nothing wrong for starting up using small amount of their funds. What's important is the used their discretionary funds and not the money intended for their rent, emergency funds and utility bills.

For newbies, the real basic information that they need to learn is.

To know which platform they buy their Bitcoins.

To accept Bitcoin is volatile asset so it moves up and down from time to time. So they need patience here.

Don't store their coins on third party platforms, always use non custodial wallets to make sure that they have control and their funds safe

Other than those information or deeper knowledge about Bitcoin can be learn thru step by step process of their investment. So what's important is their first step, because nothing good will happen if they keep waiting for something.

For a newbie i think all of these in depth knowledge you listed above can be acquired as they are ongoingly buying bitcoin. The basic knowledge needed is more of a common sense to tell them that they will need a discretionary income to use in buying bitcoin and without this discretionary income being available to them they cannot buy bitcoin even though they have all of these in depths knowledge. So a newbie might not necessarily know all of thes before he can buy bitcoin but he can buy bitcoin if he have a discretionary income and that is what guarantees them to start their bitcoin investment, without it they can not invest.

[Z_MBFM]

In a custodial platform, technically the coin is not under your control. There is an account freeze, withdrawal at any time and KYC risk. There is also a possibility of exchange hacking. Despite all these problems, I recommend that beginners use custodial wallets because for a new person, if they use a non-custodial wallet without learning how to use wallets and invest in Bitcoin, they may lose the seed phrase or make a wrong transaction.

Therefore, using a trusted exchange to start with a small amount and DCA can be called a realistic strategy in many cases. Especially when the amount is small and the user is at the learning stage. Later, when the amount is large and complete learning the use of all types of wallets then they will use a non-custodial wallet. However, an important issue here is the user's mindset. Many people make the exchange as like a permanent bank, which is very risky and dangerous.

I agree with you. The smartest thing to do is to buy Bitcoin from an exchange and store it in a safe wallet. Most people probably do this. Because those who have a fair idea about Bitcoin and wallets will not start holding Bitcoin there because of the convenience of the exchange. And the main job of the exchange is to move people towards trading and repeatedly show advertisements like transferring to fiat. Because this is where they make profit. And those who hold Bitcoin for the long term, they always use a separate safe wallet. Those who have a lot of Bitcoin, they use hardware wallets to increase safety.

To buy Bitcoins with fiat money, you must take the help of a centralized platform. And they have to be held in a non-custodial wallet. However, new investors cannot invest very large amounts, which is why they do not withdraw small amounts when they buy them on a centralized platform because if they withdraw small amounts frequently, then the transaction fee will be much higher compared to their investment. So they hold the Bitcoins they have invested in that centralized platform. For small investments, it is not a big risk, but if the investment amount increases, then it is important to move to a decentralized wallet.

[KawasakiNinja1_]

In a custodial platform, technically the coin is not under your control. There is an account freeze, withdrawal at any time and KYC risk. There is also a possibility of exchange hacking. Despite all these problems, I recommend that beginners use custodial wallets because for a new person, if they use a non-custodial wallet without learning how to use wallets and invest in Bitcoin, they may lose the seed phrase or make a wrong transaction.

Therefore, using a trusted exchange to start with a small amount and DCA can be called a realistic strategy in many cases. Especially when the amount is small and the user is at the learning stage. Later, when the amount is large and complete learning the use of all types of wallets then they will use a non-custodial wallet. However, an important issue here is the user's mindset. Many people make the exchange as like a permanent bank, which is very risky and dangerous.

I agree with you. The smartest thing to do is to buy Bitcoin from an exchange and store it in a safe wallet. Most people probably do this. Because those who have a fair idea about Bitcoin and wallets will not start holding Bitcoin there because of the convenience of the exchange. And the main job of the exchange is to move people towards trading and repeatedly show advertisements like transferring to fiat. Because this is where they make profit. And those who hold Bitcoin for the long term, they always use a separate safe wallet. Those who have a lot of Bitcoin, they use hardware wallets to increase safety.

Yes, the smartest thing to do when buying Bitcoin using an exchange with fiat is to keep it in a secure wallet. So investors should be aware of the idea that if you buy Bitcoin on an exchange, you must pay a transaction fee to another separate secure wallet, so you should focus on making the decision to do it every week or a few weeks, not frequently. In this context, it is correct that those whose portfolios contain a large amount of Bitcoin are using very secure high-quality wallets. So at this stage, my personal opinion is that all those experts are not involved in holding BTC on any exchange or mobile app.

[ejikeme24]

Yes, the smartest thing to do when buying Bitcoin using an exchange with fiat is to keep it in a secure wallet. So investors should be aware of the idea that if you buy Bitcoin on an exchange, you must pay a transaction fee to another separate secure wallet, so you should focus on making the decision to do it every week or a few weeks, not frequently. In this context, it is correct that those whose portfolios contain a large amount of Bitcoin are using very secure high-quality wallets. So at this stage, my personal opinion is that all those experts are not involved in holding BTC on any exchange or mobile app.

There are method you can use to purchase bitcoin without spending any transactions fee, have you tried buying through P2P? This is the method I have been using since I'm not allowed to make a direct deposit from my bank. Although there's risk in it so for that I can't advice you to buy via P2P unless you're ready to take the risk. Those who are working in those companies where they pay in BTC will not find it difficult because the money will just go direct to thier wallet in form of deposit at least it will save them from this stress of buying from exchange and later transfer it to the right wallet.

[O.G boy]

I find investors using the DCA strategy invest for the long term.
Special Considerations Should Beginners Follow the DCA Method for Bitcoin Investments? What Can Be the Outcome -Future

## DCA here very okay for me and I prefer it more and more or thought it different is during the fall of dollar.
DCA mean.. dollar-cost-averaging.it is very helpful for the newbies because it predicted the time to buy by reducing fear of timing the market so as to lower the emotions trading control.

[laspol65]

I find investors using the DCA strategy invest for the long term.
Special Considerations Should Beginners Follow the DCA Method for Bitcoin Investments? What Can Be the Outcome -Future

## DCA here very okay for me and I prefer it more and more or thought it different is during the fall of dollar.
DCA mean.. dollar-cost-averaging.it is very helpful for the newbies because it predicted the time to buy by reducing fear of timing the market so as to lower the emotions trading control.

Bitcoin investment is a long-term plan, and it is a very effective method for every investor. So in the current situation, those who have been investing in Bitcoin according to the DCA method are buying Bitcoin at the best and most economical price.
But as always, you were in a very good opinion, but at the last moment you added the word trading, I did not like it at all and no Bitcoin investor will like this from you. In this case, newbies may be confused, and those who are interested in investing in Bitcoin may be reluctant to do so. It is not appropriate to mention trading here, because you remember that we are not planning to trade but to invest in Bitcoin for the long term.

[BluebloodCXVI]

## DCA here very okay for me and I prefer it more and more or thought it different is during the fall of dollar.
DCA mean.. dollar-cost-averaging.it is very helpful for the newbies because it predicted the time to buy by reducing fear of timing the market so as to lower the emotions trading control.

Look man DCA doesn’t care about whether dollar falls today, tomorrow or next week, the main idea of DCA is consistency. Instead of sitting around trying to predict every economic move or waiting for the perfect moment, DCA will allow an investor to be able to keep accumulating with whatever amount they can comfortably afford over time and this is the reason why DCA works well for so many people.
Even when dollar weakens or strengthens or even inflation rise and the market becomes chaotic, investors who use DCA strategy are always less worried about reacting to every move and they are more focused on staying consistent with their long term plan.

[7juju]

## DCA here very okay for me and I prefer it more and more or thought it different is during the fall of dollar.
DCA mean.. dollar-cost-averaging. it is very helpful for the newbies because it predicted the time to buy

The dca does not predict the time to buy bitcoin, rather the dca gives investors the opportunity and leverage to buy bitcoin anytime they want. The dca is a strategy of buying bitcoin and not a tool of predicting the market, it is important you understand how these things work so you don’t spread false information so you don’t mislead other newbies like yourself.

[cyberninja2]

The dca does not predict the time to buy bitcoin, rather the dca gives investors the opportunity and leverage to buy bitcoin anytime they want. The dca is a strategy of buying bitcoin and not a tool of predicting the market, it is important you understand how these things work so you don’t spread false information so you don’t mislead other newbies like yourself.

The DCA is a strategy or method for buying Bitcoin. I disagree with those who claim it can predict the right time to buy Bitcoin. This is a flawed idea as it's often misunderstood. People don't understand what DCA actually means making it easy to claim it can predict the right time to buy Bitcoin. Essentially the DCA is a strategy that anyone can use to make purchases not a tool for predicting the right time to buy Bitcoin.

Even though many people already know that when someone already holds or has money it is very easy to make purchases especially using the DCA method in purchasing Bitcoin because with the money that someone has of course their opportunity to accumulate Bitcoin will be very easy especially when someone makes a direct purchase using the DCA method or strategy so I think that every thing that wants to be discussed must be understood first so that the goal is not to mislead other people who sometimes the person may have just started in this forum especially if someone has the desire to buy Bitcoin to be used as an asset for the future of course with an understanding like this it can be destructive for those who have just joined to start.