How I’m Building My Bitcoin Position

[bitbollo]

It sounds definetely a good setup. Pay attention to safety of your cold wallet (verify always integrity / backup copy / don't use online etc)...
I would just add (a kind of cherry on the top) some satoshi reserved for other wallets or LN2 - it could be interesting to lear anew way to store or spend btc.
Probably coin in an exchange are un-necessary since there are many services (including wallets custodial) that already offer an internal exchange/swap service.

[maydna]

We called that DCA. If you buy weekly, I buy monthly following to my salary. The investing in Bitcoin will have different way but we have the same goal to invest in Bitcoin and accumulating more.

Most people who use DCA will have similar way as you. Perhaps it is a bit different but that almost the same. Buying Bitcoin in exchange is not be a problem but saving Bitcoin in personal wallet is a must to secure the amounts.

I agree that we don't have too often check the price. We need to calm down our emotions seeing the price fluctuation and if we don't check the price, we will not affected to the price.

[slaman29]

That, as some people have pointed out, my friend OP, is called DCA. You will find me and a few others constantly talking about it.

You are doing it much more frequent than me, I'm just doing about 1 per month if not 2 months (this is actually counting my earnings in BTC which I actually try to save every few weeks so rather than buy its saving what I don't need).

Trust me, once you realize how much time you save and the certainty, you will never trade again

[Italian Panic]

Hey everyone, I just wanted to share how I’m currently investing in Bitcoin, in case it helps someone else starting out.
I keep it simple. First, I set a small weekly budget that I’m comfortable losing if the market turns ugly. Every week, no matter the price, I buy a fixed amount (basically a dollar-cost averaging approach). This stops me from stress-watching the charts or trying to perfectly time dips, which never worked for me anyway.
Second, I move most of my Bitcoin off the exchange into my own wallet for safety. That step alone helped me sleep better. I still keep a tiny portion on the exchange in case I ever want to trade, but the majority is strictly long-term hold.
Finally, I limit how often I check the price. Sounds small, but it really helps keep emotions out of the decision-making.
That’s my current method.
How are you doing it?

Your method is good and is what people who are not early adopters do.
The Bitcoin market follows very specific rules – up to this point – and it seems that the bottom of a cycle corresponds roughly to the ATH of the previous cycle. So, if I may offer some advice, I would decide on an investment threshold as you have done, but in periods like this, I would raise the purchase value a little and return to the threshold when Bitcoin starts to grow.
Then in a few years see what your average purchase value is and use that value as your new threshold. When it is below the threshold, increase your purchases, and when it is above the threshold, return to normal purchase.

[knowngunman]

Withdrawing weekly may reduce your earnings, as withdrawal fees and service charges are all deducted from your profits. If your average dollar cost is small, it's best to make withdrawals over longer periods, such as monthly or 40-day purchases.

It reduces earning but much more safer than keeping his coins in the exchange. Moreover, it depends on the exchange Op is using because some exchange offers cheaper withdrawals than others and also depend on the chain network he uses. Exchange like the popular Kucoin offers withdrawal of Bitcoin on multiple chains including BTC, SegWit, Lightning, Abitrum and even Bep20 chain with varying fees. Withdrawal from other chains are more cheaper than the main BTC chain but the problem here is whether the Op wallet support deposit from other chains apart from BTC.

Alternatively, Op can buy from local vendors carefully without falling for scams directly to his wallet bypassing the withdrawal fee on exchange.

[Strongkored]

That’s my current method.
How are you doing it?

What you're doing is no different than most people who have limited funds or who dislike trading because it's time-consuming and stressful, especially given the constant volatility of the market.
Because you're buying regularly, you might want to consider withdrawal fees, as the amount can be significant if you don't have a way to mitigate these costs.

[Odogwu-Blockchain]

Hey everyone, I just wanted to share how I’m currently investing in Bitcoin, in case it helps someone else starting out.
I keep it simple. First, I set a small weekly budget that I’m comfortable losing if the market turns ugly. Every week, no matter the price, I buy a fixed amount (basically a dollar-cost averaging approach). This stops me from stress-watching the charts or trying to perfectly time dips, which never worked for me anyway.
Second, I move most of my Bitcoin off the exchange into my own wallet for safety. That step alone helped me sleep better. I still keep a tiny portion on the exchange in case I ever want to trade, but the majority is strictly long-term hold.
Finally, I limit how often I check the price. Sounds small, but it really helps keep emotions out of the decision-making.
That’s my current method.
How are you doing it?

Since you are pretty buying little quantity every week, can you afford to pay for the withdrawal fee to decentralized wallet? How much does it cost you from the cex you are using? If it's costly, I advise you leave the Bitcoin on the cex. If less, then go ahead doing that.
If you have made up your mind to be buying weekly, why avoiding the market
You know your plan to keep it for longer period of time, right? so there is no need to be panic anytime you spy on the price chart.

[JeffBrad12]

I'm doing the same except I'm using technical analysis to determine the best demand zone and buy it in there.
Believe it or not it has reduced my price by a significant margin, buying at the bottom always feels good and fulfilling to me.
Instead of just buying it weekly consistently in the same time, try TA, find nearest support.

[Big Dirams]

I'm doing the same except I'm using technical analysis to determine the best demand zone and buy it in there.
Believe it or not it has reduced my price by a significant margin, buying at the bottom always feels good and fulfilling to me.
Instead of just buying it weekly consistently in the same time, try TA, find nearest support.

Technical analysis isn’t a bad idea at all and with technical analysis such individuals has hedge of seeing the market lows and buying at a very low price. Well accumulating during lows is a smart idea and with technical analysis then I guess the OP don’t need to accumulate during weeks anymore instead he or she will just wait for the analysis to align with the market lower lows and asap he can accumulate at lows.
 But the OP can still be setting out the weekly budget for accumulation of bitcoin and apply technical analysis so once the price touches the point of lows then ASAP he can buy there. But for one to apply technical skills then such person needs to be knowledgeable and have proper understanding of the market properly before he can apply technical skills not like just accumulating alone without experience or knowledge.

[Bitcoin_people]

Hey everyone, I just wanted to share how I’m currently investing in Bitcoin, in case it helps someone else starting out.
I keep it simple. First, I set a small weekly budget that I’m comfortable losing if the market turns ugly. Every week, no matter the price, I buy a fixed amount (basically a dollar-cost averaging approach). This stops me from stress-watching the charts or trying to perfectly time dips, which never worked for me anyway.
Second, I move most of my Bitcoin off the exchange into my own wallet for safety. That step alone helped me sleep better. I still keep a tiny portion on the exchange in case I ever want to trade, but the majority is strictly long-term hold.
Finally, I limit how often I check the price. Sounds small, but it really helps keep emotions out of the decision-making.
That’s my current method.
How are you doing it?

If you use a special method to invest in Bitcoin, it will be good for you and if you invest in an average method, it will avoid more losses for you. Since you buy in an average ratio weekly, it will allow you to buy when the market is down, then your capital will accumulate a good fraction of Bitcoin. If you plan to invest for a long time and not sell when the price rises, but hold them, then it will give you high profits in the future. Since you are investing using the DCA method, it will keep you risk-free and you will not have to face losses in the future. If you can buy using this method when the market turns volatile, you will be able to avoid losses and your chances of profit will be high.

[Frankolala]

If you're storing a small amount of Bitcoin on an exchange but don't want to, try Wrapped Bitcoin WBTC. It's easy to trade on the Ethereum network, but it's a token with its own risks. It's not real Bitcoin, but it offers anonymity and is very popular.

The OP said, the little bitcoin he stores in an exchange is the ones for trading. He already know that storing funds in exchange is highly risky. However, I don't like investing on any project that's not real Bitcoin because if it's not bitcoin, it can never be like bitcoin. I love self custody because that's what makes bitcoin unique.

[tvplus006]

...That’s my current method.

This accumulation strategy is used by hundreds of thousands of investors, not only for bitcoins, but also for the securities for which it was developed. From what you've written, your strategy is no different from the classic one DCA, except that you've added an emotional part to it. If you want to learn more about investing in bitcoin, you need this topic: "JJG’s Outline of Bitcoin Investment Ideas"

[suhadi88]

This accumulation strategy is used by hundreds of thousands of investors, not only for bitcoins, but also for the securities for which it was developed. From what you've written, your strategy is no different from the classic one DCA, except that you've added an emotional part to it. If you want to learn more about investing in bitcoin, you need this topic: "JJG’s Outline of Bitcoin Investment Ideas"

Yes, I also often visit and read it because there are many interesting things to follow and apply from JJG's explanation.