When it comes to DCA into Bitcoin, what gets you going?

[S3300]

Do not allow anyone to talk you out of your conviction about holding Bitcoin for a long term, after you make up your mind is likely when adversity will start showing up, it nearly got the best of me three years back.

I lost my job and trusted friends tried to discourage my idea of buying Bitcoin, today they are all buying like their lives depend on it, a lesson they learnt from me the hard way.

What are ways that can cripple a made up mind about buying and holding Bitcoin for a long term? And also, what challenges have you faced that tried to ruin your DCA mindset?

[Roberto888]

The main thing that cripples a strong mind is price volatility. When the price crashes 50% or more, doubt creeps in and people panic sell at a loss.

The biggest challenge is needing the money for an emergency, like losing a job. It forces you to sell your stack when you don't want to. Staying employed with an emergency cash fund is key to holding long-term.

[Sim_card]

The main thing that cripples a strong mind is price volatility. When the price crashes 50% or more, doubt creeps in and people panic sell at a loss.

That means that you are a weak hand because if you understand how bitcoin works, you will know that the price will always bounce back. Have a long-term investment mindset and only invest with the amount of money that you can afford to lose.

The biggest challenge is needing the money for an emergency, like losing a job. It forces you to sell your stack when you don't want to. Staying employed with an emergency cash fund is key to holding long-term.

You have to set up an emergency funds of at least three months of your expenses to enable you not sell off your bitcoin when you are hit with a real life emergency as a long-term bitcoin investor.

[Pterosaur]

You lost your job and you are able to stand again, do you later find another job? How did you fixed that part because it is extremely hard to DCA without a job, some people have no choice, the unexpected happens at times, some did got talked out of it like you said, they got discouraged and if the market isn't even doing well at the time they will likely succumb.

Mining Bitcoin have always been my hobby and I struggled to keep up with it because of some personal home problem, many tried to talked me out of my Bitcoin mining and I told them that my future depends on this Bitcoin mining that I am doing, what I learned is I don't have to prove anything to anybody, if I am doing something and I have made up my mind then nothing can change it, I will get it done no matter what.

The possible lesson you will learn out of it is failure or mistakes which can still be fixed, people like talking you out of things that they don't understand themselves, don't give them the chance, keep believing in yourself.

[BIT-BENDER]

The main thing that cripples a strong mind is price volatility. When the price crashes 50% or more, doubt creeps in and people panic sell at a loss.

If the price crashing can be anyone's reason not to invest in Bitcoin for long term that means they don't even deserve to be investing in Bitcoin at all.
Don't invest in Bitcoin if you haven't come to terms with the fact that Bitcoin market is completely volatile.

For me one fastest way to get out of investing in Bitcoin for a long time is the mistake the OP friends made and that is investing in Bitcoin like you life depends on it. Don't rush investment especially long term investment. Invest gradually making out plans and schedule that also acknowledges your personal needs.

[fullfitlarry]

Do not allow anyone to talk you out of your conviction about holding Bitcoin for a long term, after you make up your mind is likely when adversity will start showing up, it nearly got the best of me three years back.

I lost my job and trusted friends tried to discourage my idea of buying Bitcoin, today they are all buying like their lives depend on it, a lesson they learnt from me the hard way.

If that is the case then their not your friends, how can they discourage you to buy when they are secretly buying it?

What are ways that can cripple a made up mind about buying and holding Bitcoin for a long term? And also, what challenges have you faced that tried to ruin your DCA mindset?

One reason is that there could be some emergencies in your family that might 'forced' to you sell. We all know that during the pandemic, a lot of people died and so some of us might have some family members that might have a victim of covid. My sister was one of them, so I have to sell some during that time to help with the hospital bills. Or maybe if you are into media, you might hear some FUD that discourage you to continue with your DCA. Or you are simply impatience, specially in a long two year bear market, that you can't wait for the price to increase and so you are tempted to sell or change your strategy.

[Cryptomultiplier]

I have come to understand in this life that when you do not tell people your next moves, you keep them guessing no matter how close or how the relationship with that person is.
It is also always better to have taken action before spilling the beans than spilling the beans before taking any action at all.

That being said, points to the fact that Dollar-Cost Averaging, DCA, is a strategy that requires and demands absolute discipline. It is a  long term strategy and shouldn't be rushed into, because there would always be challenges that come to  hinder an investor who has already made up their mind on using this strategy.
The challenges almost always comes as psychological issues and often accompanied by external factor such as financial pressures that arise to break the required consistency.

What gets me going is when I remember it is a long term plan and am under no duress to HODL at the moment. I don't withdraw or sell off in a hurry, I just leave it for the time being and focus on other sources of income to carter for any rising financial pressures I may be under at the time and then continue dcaing later on.

[bitmover]

Do not allow anyone to talk you out of your conviction about holding Bitcoin for a long term, after you make up your mind is likely when adversity will start showing up, it nearly got the best of me three years back.

I lost my job and trusted friends tried to discourage my idea of buying Bitcoin, today they are all buying like their lives depend on it, a lesson they learnt from me the hard way.

What are ways that can cripple a made up mind about buying and holding Bitcoin for a long term? And also, what challenges have you faced that tried to ruin your DCA mindset?

I think it is worth having a DCA strategy when bitcoin is near the ATH, in bull runs.

But if we are in a bear market, I think that buying aggressively is way better.

When the price is low, build your position fast, this will maxmise your gains because bitcoin may skyrocket very fast. If we are in a bull market, DCA is a good strategy.

[Eternad]

What are ways that can cripple a made up mind about buying and holding Bitcoin for a long term?

If you value others opinion over yourself this will be the number 1 hindrance on why DCA will be impossible since you will feel fear and uncertain to your decision just because others doesn’t like your decision.

And also, what challenges have you faced that tried to ruin your DCA mindset?

It’s more on selling my current holdings that I accumulated on lower price. The problem on DCA is you will unintentionally keep checking the price while the temptation to sell is always there.

[tbct_mt2]

If you value others opinion over yourself this will be the number 1 hindrance on why DCA will be impossible since you will feel fear and uncertain to your decision just because others doesn’t like your decision.

Accumulation with DCA strategy requires maintain your purchases during a long time and investment result with DCA strategy needs long term holding too. You can not purchase bitcoin this week and sell it next four weeks, it is not DCA I. estment but it is more similar to speculation or even trading.

This is biggest challenge for people who want to apply DCA strategy as they must maintain their action on DCA track very well, and don't fall to more attractive short term chances and profits. Long term investment result is hardly to see or imagine when you just started and most newbie investors change from investment to trading. It is quite tricky even they were told about risk of trading as well how to succeed in investment.

[Webetcoins]

I think it is worth having a DCA strategy when bitcoin is near the ATH, in bull runs.

But if we are in a bear market, I think that buying aggressively is way better.

When the price is low, build your position fast, this will maxmise your gains because bitcoin may skyrocket very fast. If we are in a bull market, DCA is a good strategy.

Buying aggressively at what period though? That is why people do DCA because during bear markets do you really know when you are at the bottom?

Most people do not really know that we are going to make that kind of return and that is why they end up with bad returns. I think it's clear that we should do DCA at bear periods so that we could end up with something much better with time. That beats buying a lot all in at a bad price when it is still going down.

You would not know when it is bottom, some people may know but most don't and because of that it is smarter to end up with a good return.

We should try to guess how it will go and how it will make money for us and could profit from it. I do DCA monthly every month during bear market, and benefit from it.

[betswift]

Buying aggressively at what period though? That is why people do DCA because during bear markets do you really know when you are at the bottom?

Most people do not really know that we are going to make that kind of return and that is why they end up with bad returns. I think it's clear that we should do DCA at bear periods so that we could end up with something much better with time. That beats buying a lot all in at a bad price when it is still going down.

You would not know when it is bottom, some people may know but most don't and because of that it is smarter to end up with a good return.

We should try to guess how it will go and how it will make money for us and could profit from it. I do DCA monthly every month during bear market, and benefit from it.

That's how we delete "guessing" part, as you do - and everybody who doesn't want to fear of what may come or already did should just buy BTC using DCA, and don't give it that much of a stress: it doesn't deserve our nerves

[stackerlabsdev]

Do not allow anyone to talk you out of your conviction about holding Bitcoin for a long term, after you make up your mind is likely when adversity will start showing up, it nearly got the best of me three years back.

I lost my job and trusted friends tried to discourage my idea of buying Bitcoin, today they are all buying like their lives depend on it, a lesson they learnt from me the hard way.

What are ways that can cripple a made up mind about buying and holding Bitcoin for a long term? And also, what challenges have you faced that tried to ruin your DCA mindset?

Before I had a 6–12 month stash of living expenses, I couldn’t DCA properly as I was anxious and inconsistent. But once I built that safety net, I gained peace of mind knowing that even if I lose my job, I can still keep DCA’ing into BTC (I even include my BTC DCA amount in my living expenses)

[Youngrebel]

If you are using DCA the. You don't have to be afraid in any period in your investment. Whether bear or bull, DCA is for all. And there is nothing that cripples your bitcoin investment if your using DCA. In the time of bear market you will acquire more quantity. Example. If you use $20 as your DCA method, and you buy with the $20 now that the market is on the bull, you will have 0.00016 BTC but when the market crashed, you will have more unit of bitcoin would th the $20. So DCA has been the best method in acquiring bitcoin.

[Ojima-ojo]

Your story is not that different from mind, at the unset I have some close colleagues that we do almost everything together and when I told them about buying Bitcoin with our savings way back they decided to buy other materials that doesn't have assets value like Bitcoin.

Fast forward to recently when my Bitcoin holdings began to appreciate significantly, and how I managed to make up my financial strategy couple with experience I gain from this forum, this have helped me to put my focus all into Bitcoin and maximizing the opportunities to come along the line.

[EL MOHA]

What are ways that can cripple a made up mind about buying and holding Bitcoin for a long term? And also, what challenges have you faced that tried to ruin your DCA mindset?

The thing is when a person is actually set to start doing DCA most of the times the only thing that can actually discourage the person for actually continuing to by is usually factors behind is control which is usually center at emergencies, I actually pluralize it because most at times one emergency isn’t enough to shake someone from not DCAing or Holding but the multiple emergencies will definitely stop and discourage one from DCAing because most of the funds will be going towards that emergency and the investor might get frustrated and abandon the hoarding.

That’s why usually top or experience investors usually say one should have a good emergency funds as back up, while investing or when starting investing everything shouldn’t be going to DCA but some for emergency funds for future use but one thing about emergency funds is that you can never say you can save it all because emergencies are tough sometimes, you might be faced with one who could eat up the funds and nothing more left.

So it’s emergency that actually cripples one determination to accumulate more bitcoin

[SOKO-DEKE]

The main thing that cripples a strong mind is price volatility. When the price crashes 50% or more, doubt creeps in and people panic sell at a loss.

The biggest challenge is needing the money for an emergency, like losing a job. It forces you to sell your stack when you don't want to. Staying employed with an emergency cash fund is key to holding long-term.

The fact is that no matter what you want to do in this life, there will always be some people who will try to discourage you. That is why it is important to have proper knowledge and do thorough research about whatever you want to do.If you have done proper research and have deep knowledge about Bitcoin, then I may say for sure you wouldn’t listen to your friend, but rather follow your own mind, as you would have already gotten the right answers from your research.

During the period when your friends discouraged you from investing in Bitcoin, it may have been because they didn’t yet know much about it or even have nay knowledge about Bitcoin. And if someone doesn’t know much about Bitcoin, then seeking advice from them will likely lead to wrong advice.So, let the past remain in the past and focus on your future.As for me, I’ve had no challenges holding my Bitcoin. The reason is that my first step into Bitcoin was encouraged by a friend who was knowledgeable about it, and that guidance helped me a lot.

[Agbamoni]

I can relate to this. Starting your investment can be so easy with the amount of capital you must have kept for it. But going further it can be rough for anyone. The worst thing that could happen is when you lose zeal to invest further. And these may arise from loss of job, unexpected life events or failure to make proper preparation before embarking on the journey.

What has kept me going all these while is my passion to hold a sizeable amount of Bitcoin in my wallet. I trust the network, if I don I wouldn't start my investment in the first place.

[Pi-network314159]

I lost my job and trusted friends tried to discourage my idea of buying Bitcoin, today they are all buying like their lives depend on it, a lesson they learnt from me the hard way.

One thing about life is that no one will believe you until they see results or when you have made it. Your results will be  motivation for a start-up.

What are ways that can cripple a made up mind about buying and holding Bitcoin for a long term? And also, what challenges have you faced that tried to ruin your DCA mindset?

The way to cripple the made up mind is by kicking against them when they think of advising you or trying to talk anything contrary to your plan. Sometimes advice can be deceptive without knowing. You may see it as a joke until you gradually deviate from you plan.

[Maslate]

Honestly, I often heard a lot of discouragements about bitcoin before, but I never let them control what is on my mind. I know what I’m doing, and I’m sure about bitcoin, so no one should stop me from that. And now, if I listen on them, I must be regretting then. Fortunately, I have a strong conviction about bitcoin, so I keep buying and hodling in silent, and everything has paid off now, while they are now starting to favor bitcoin now.