Does Buying Bitcoin Regularly Build Wealth or Just Build Confidence?

[bitLeap]

As far as I'm concerned, this idea of consistency is worth anything only if patience, money planning and rational expectations stand behind it.

Do you see buying Bitcoin every day as the way to actual finances growth or simply the one that makes you're feeling secure?

You can get both i.e. build confidence that will lead you on the level of wealth. As long as you have a strong foundation in terms of finances, because talking about regular buying consistency is not easy. The target is long-term, in bitcoin the longer you hold it the greater the chance of getting rich. Believe it or not, all those who have ever existed in the era of the emergence of bitcoin and managed through various hands managed to become financially self sufficient people.

[Marvelockg]

Do you see buying Bitcoin every day as the way to actual finances growth or simply the one that makes you're feeling secure?

The possibility of buying bitcoin on a daily bases lies largely on the kind of wealth you have attained and that is still hinge on the fact that you are relatively successful in some way. if you are not financially successful, doing daily investment in bitcoin will just be an idea on the top of your head and nothing more.

To an extent, investors ought to treat bitcoin as a means of preserving wealth and not necessarily means of creating wealth. if you are creating your wealth through bitcoin, chances are high that you are going to be incapable of doing long term investment. the odd that you will get profit from investing in bitcoin and that you will stay afloat throughout your investment journey is hinge on you having a strong stream of income that allows you to remain consistent in your investment. buying regularly might seams easy theoretically but in reality it requires descipline and that is why weekly/monthly DCA still remains the best investment approach.

[HajiBagi]

However, even if the investor buys Bitcoins on a daily basis, he/she will not build any fortune.

Can you statistically prove this? This is not right.

Do you see buying Bitcoin every day as the way to actual finances growth or simply the one that makes you're feeling secure?

I am saving up retirement plan fund and some other money for some other purposes in bitcoin, but I do not buy it every time. I prefer the price to first fall and I buy during bear market with dollar cost average. But that does not mean those people that are buying bitcoin regularly will not make money from it.

There are different ways of buying bitcoins, and it is not bad to use the methods, as long as you are able to buy and hold for a long period of time, you are good to go. There is a reason why you want to wait for the price to fall before you buy, and there is also why some people will want to buy using the DCA method. Although as an investor, it is not a good idea to wait for the price to drop before you want to buy bitcoin, because no one can predict bitcoin, but since your plan is to buy when the price falls so that you can buy the way you want, it is your choice.

Investing when the price fall or any time does not mean that you will you are smart than other who invest regularly and also those who invest regularly does not mean that they will make a quick profit, investing in bitcoin is about having a good confidence and good plan, if you are capable of buying on a daily basis you can do it and if you are not then you will wait for the  price to fall.

[ZeroVinsonN]

Why can't it do both, there is absolutely nothing wrong with buying bitcoin regularly to build wealth, ask whales and they will tell you how successful doing this is

You don't need to ask any whales about that.
It's easy and possible to use DCA tools for checking DCA results if you do that in previous years till now.
https://costavg.com/
[Tool] DCA Bitcoin calculator.
https://bitcoindata.science/dca-calculator

DCA for accumulation and investment with purchases and holding but surely investors will have to take profit.
[ANN] JJG Sustainable Bitcoin Withdrawal Strategy.
https://bitcoindata.science/withdrawal-strategy

Which even goes to prove my point even more, bitcoin accumulation works are a means of building wealth, it has done that consistently since it first became a thing all those years ago and every expert speculation points to it doing even better in the near future.
It's human to want to doubt something but the more proof that is available to debunk those doubts the better and bitcoin has more than enough proofs you have clearly just pointed out.

[Sunshine1525]

It's  does but gives confidence to keep buildng wealth for the future. The Bitcoin market is volatile and comes with lots of pressures on an investor especially when the market goes downwards, some people get discouraged and choose to sell off out of fear but buying consistently helps ease that pressure of selling and gives the investor confidence to keep holding.

As for building wealth, it does for only those who can be patient to hold what they're buying for the future. So let's just conclude that it builds confidence and long term wealth.

[Aanuoluwatofunmi]

When you invest in Bitcoin, you are not just getting yourself a position for wealth, but you also gain another advantage in financial freedom and security, because it places you in a better position to be profitable under a secure decentralized network with your assets, unlike using a centralized platform, whose policy overrides your control over the assets.

[Alpha Marine]

You did not fully explain your point.
I don't believe people will get wealth through Bitcoin, but that is general for investment. I talked about this yesterday in another post. Investments are a way to actually grow wealth you have already gotten, not a way to get wealth.
So Bitcoin is the same. The early investors who bought Bitcoin with little money and held it till when it was high are the people who got rich through investments, and the chances are very low.
It is very rare to buy an investment with a couple thousand and then become a millionaire with it. What you can do is create wealth through your job, business or skill and then find ways to grow and secure that wealth through different investments.

[Dr.Bitcoin_Strange]

Do you see buying Bitcoin every day as the way to actual finances growth or simply the one that makes you're feeling secure?

Buying Bitcoin everyday is a kind of DCA strategy that not everybody can be able to do, people have different sources of income that pays on different periods, while some people earn receive their income daily, others are paid weekly, biweekly and those who get paid at the end of the month. So, you can see that not everyone is able to invest daily because of their financial status. However, the way someone decides to invest on Bitcoin is based on how it suitable their financial status, whether someone is investing weekly, or monthly, they will still experience success on their investment as long as they hold their coins for a long term, same with the person that invest daily. Consistently accumulating Bitcoin and holding for the long term is a wise decision that can help one achieve good ROI.

[#CapsLOck]

I believe the most important thing is not how much his or her purchasing power is impacted by the purchases, but whether or not he or she can make them without hurting the budget. While DCA is a good strategy to limit the need for finding the ideal entry point, it doesn't guarantee that one will not suffer from long-term losses when Bitcoin's price drops. One of the other factors to think about is opportunity cost: If you invest in Bitcoin, you won't have emergency funds available, nor will you be able to invest in other commodities. Before reaching some goal of building up a certain amount, there needs to be a sustainable plan in place. If not, it's easy to create a sound paper plan, but have it turn into money pressure once it's live.

[boyptc]

When you invest in Bitcoin, you are not just getting yourself a position for wealth, but you also gain another advantage in financial freedom and security, because it places you in a better position to be profitable under a secure decentralized network with your assets, unlike using a centralized platform, whose policy overrides your control over the assets.

You only get that advantage if you don't sell and never panic. Because there can be some misleading point upon this from the pov of a newbie.

They'll think that if someone just buys it and then they're already on the road of financial freedom. But they're getting it wrong.

We have to endure the bear markets, the fud, the panicking and we have to exert patience while holding it.

[drangos]

One thing to think about is the distinction between the Bitcoin accumulation and specified wealth development. The amount doesn't always reflect the market value of your BTC since you may have more coins in your wallet, but the price may have dropped. While DCA can be useful to distribute purchases over a period, the results will always be determined by the average price the investor pays for the purchase and the market value, as well as the holding period and the investor's ability to do so. That's another reason to have an emergency fund, too if the downturn occurs, and you have to sell, you can't do so to help your long-term plan.

[Kelward]

If I'm to compare between the two options of buying Bitcoin for wealth or confidence I will categorically say that I'm buying to build wealth because Bitcoin is a store of value, Bitcoin price from it's creation to where it is today have shown that it has potentials to always reach ATH. Holders who are doing DCA strategy to accumulate Bitcoin are value driven, you cannot be making budget to buy Bitcoin if you don't see it's potentials to always recover from dip and reach ATH.

There is no investment that is totally risk free so I wouldn't subscribe to being overconfident that Bitcoin must reach x,y,x price at a certain time in the future, there is no guarantee that it has to workout exactly as you planned. This is why it is best to accumulate from your discretetionary funds, using amount that you can afford to lose to buy Bitcoin is a smart strategy.

[Basels]

Regularly buying Bitcoin is often seen as a simple method that will lead to future prosperity and wealth. Rather than trying to predict at each moment and speculate buying or selling at a right time, the person makes a choice and always buys some of the asset.

Well, this depends on how much you end up accumulating. Buying in hundres of satoshis at intervals may mean nothing at the end of the day. But buying in hundreds of dollars may add up and perhaps make you rich.

However, even if the investor buys Bitcoins on a daily basis, he/she will not build any fortune. This is an extremely unstable digital currency and putting money into it day by day without any knowledge of the limits of personal finances is risky.

You just said what I wanted to hear. In fact, if you're not already reasonably comfortable in your earnings, hoping to get rich through Bitcoin may be a pipe dream.

Furthermore confidence needs to be addressed in these circumstances. Although the investor is probably likely to exercise restraint because he/she has developed a specific routine, he/she still needs to be confident as there is knowledge of the risks involved.

Every investment carries risks, not just Bitcoin. Your funds may get stolen or hacked, you may have it frozen for any reason if you move it to an exchange, anything could happen to cause you losses, but that's the same with any other investment.

[YOSHIE]

Do you see buying Bitcoin every day as the way to actual finances growth or simply the one that makes you're feeling secure?

There is a real story that happens in the area where I live. There was a woman she worked in a company, the woman earned $ 300 / month, she saved / invested every month $ 100 in gold, He did for 20 years, yesterday when gold rose the woman selling gold with a total of $ 190k's wealth when the gold was all sold.

In the story we can conclude, when we want to save regularly every week or month in Bitcoin at least $ 100 / month for a period of 10 years, I am sure we have created wealth for ourselves, there is no doubt to be rich if investing for the long term.

Even though the price of Bitcoin goes up and down, the situation is not a barrier for you to buy, maybe you can buy at a price of $ 80k for 3 years and at a price of $ 100k one year and then you do for 10 years, When the price of Bitcoin has gone up to the level of $ 500k or $ 1 million you sell it, logically you already have wealth in bitcoin assets which number may be far from what we imagine.

[Junii]

Do you see buying Bitcoin every day as the way to actual finances growth or simply the one that makes you're feeling secure?

Bro buying consistently remove the pressure of entry like some people waiting for perfect entry but Kenneth fisher said time in the market beats timing the market so consistently buying is better but with discretionary fund or if the money is for investment purposes i also do a same like from the past few years i am accumulating bitcoin consistently and the fund is discretionary when i pay all my bills and other important things in the end when i have some money left over i buy bitcoin without waiting for support or resistance.

[abel1337]

You did not fully explain your point.
I don't believe people will get wealth through Bitcoin, but that is general for investment. I talked about this yesterday in another post. Investments are a way to actually grow wealth you have already gotten, not a way to get wealth.
So Bitcoin is the same. The early investors who bought Bitcoin with little money and held it till when it was high are the people who got rich through investments, and the chances are very low.
It is very rare to buy an investment with a couple thousand and then become a millionaire with it. What you can do is create wealth through your job, business or skill and then find ways to grow and secure that wealth through different investments.

I agree with your point. Big capital means big gains on investing on crypto. At our current price, expecting a 2-3x on the next bull market is entirely possible but it won't make you rich if you only have small bags.

I also see bitcoin as an investment, I hold some and doesn't really plan to sell until I'm satisfied with the profits, It won't make me rich but it is better than putting it into other type of investment as I had confidence on bitcoin.

This topic will be received differently if this topic was posted 12 years ago.

[IjawMan]

As far as I'm concerned, this idea of consistency is worth anything only if patience, money planning and rational expectations stand behind it.

Consistency involves availability of money and not only by the investors willingness to stay patient in accumulating.

The desire could be there but the persistency is most driven by your cashflow, it is on this that guys are always advised to have dependable sources of income, cause with it you are confident of steady accumulation mindless of how long it takes to have your investment mature with big profit.

^^

This is an extremely unstable digital currency and putting money into it day by day without any knowledge of the limits of personal finances is risky

It has volatility not unstable
And there's no investment that doesn't have it's risk.

If it comes with no risk to it that is ponzi scheme not real investment, this is one insight that persons who wish to invest their money should not neglect to look into. If an investment is with no risk, it is a red flag.

[Fiatless]

Regularly buying Bitcoin is often seen as a simple method that will lead to future prosperity and wealth. Rather than trying to predict at each moment and speculate buying or selling at a right time, the person makes a choice and always buys some of the asset.

Buying Bitcoin consistently within a period is called DCA. This doesn't guarantee riches, but it is a way to preserve money and potentially make profits.

However, even if the investor buys Bitcoins on a daily basis, he/she will not build any fortune. This is an extremely unstable digital currency and putting money into it day by day without any knowledge of the limits of personal finances is risky.

Bitcoin is a volatile asset, but investors can take advantage of it. Buy when the price is low and maybe sell during the bull market. Having comprehensive knowledge of an asset is important before investing in it.

Furthermore confidence needs to be addressed in these circumstances. Although the investor is probably likely to exercise restraint because he/she has developed a specific routine, he/she still needs to be confident as there is knowledge of the risks involved.

As far as I'm concerned, this idea of consistency is worth anything only if patience, money planning and rational expectations stand behind it.

Do you see buying Bitcoin every day as the way to actual finances growth or simply the one that makes you're feeling secure?

Show me a successful investor, and I'll show you someone who is a good planner, a risk taker, and patient. Having emergency funds is essential to Bitcoin investors because the price is unpredictable.

[Baki202]

As far as I'm concerned, this idea of consistency is worth anything only if patience, money planning and rational expectations stand behind it.

Do you see buying Bitcoin every day as the way to actual finances growth or simply the one that makes you're feeling secure?

You can get both i.e. build confidence that will lead you on the level of wealth. As long as you have a strong foundation in terms of finances, because talking about regular buying consistency is not easy. The target is long-term, in bitcoin the longer you hold it the greater the chance of getting rich. Believe it or not, all those who have ever existed in the era of the emergence of bitcoin and managed through various hands managed to become financially self sufficient people.

And I agree with you on this, and that is why you need to work on your confidence, because that way you will be able to buy more, because one of the goals is to become wealthy when it comes to investing in bitcoin. After all, people who have worked on this part have not registered it, and that is why we need to follow that step of also investing and also accumulating, because when it comes to finance, we have to have the principles behind growing your wealth through Bitcoin. That is one of the easiest ways that wealth can be created you have to be ever ready when it comes to Bitcoin accumulation. After all, we are not going to be making any mistakes. Because if you succeed in buying and holding through any of the bull runs, then the story changes.

[Rockstarguy]

Furthermore confidence needs to be addressed in these circumstances. Although the investor is probably likely to exercise restraint because he/she has developed a specific routine, he/she still needs to be confident as there is knowledge of the risks involved.

As far as I'm concerned, this idea of consistency is worth anything only if patience, money planning and rational expectations stand behind it.

I don't think regularly buying Bitcoin builds confidence; rather, it is the understanding one has towards Bitcoin that brings confidence in the way they buy Bitcoin regularly. Just like someone who has the mentality of investing in Bitcoin to become rich, because of this understanding which they have towards Bitcoin, they feel motivated to buy Bitcoin regularly, to the extent of buying with an amount they can’t afford to lose. What one knows about Bitcoin can bring confidence in buying it. Bitcoiners that have a real understanding of Bitcoin buy regularly because they understand what it means to buy consistently. Buying regularly just builds consistency that will make one used to buying Bitcoin.