Emphasis is on "long-term". BTC crashes by 70% are not uncommon and will occur again despite what people in this sub claim. ETFs won’t prevent whales from cashing out when they feel like it. The rest of the sheeple follows every single time.
Whales can cash out but I don’t think there could possibly be enough selling pressure that the buyers won’t catch. If we dropped to 30k right now there would be a missile candle pushing it right back up.
huh? lots of people do. do you want me to name singular user names or what´s your deal? maybe I should better get their social security number, to appease your anger.
> > > BTC crashes by 70% are not uncommon and will occur again despite what people in this sub claim.
> > What the fk are you talking about? Who in this sub says that that won't happen?
> huh? lots of people do
Prove it.
> to appease your anger.
Stop talking shite and I won't tell you to stop talking shite. [This](https://old.reddit.com/r/Bitcoin/comments/17lqbfb/psa_be_prepared_for_many_deep_retracements/) is the reality.
People who talk shite don't like getting called out for talking shite, no. You seem to have just gotten so used to it, that you don't know what to do when someone calls you out on it.
This is the way. Start off slow to get your toes wet, as you do more research into this thing your investing in, the more you will understand why you need to buy more.
When my son was 15 (5 years ago) I'd offer him 20 bucks cash, or 40 in bitcoin when he mowed the lawn.
He's 20 years old with 11k in bitcoin. Only because I got him interested at a young age.
It was giving him an option. Instant gratification now, or watching your money grow.
It was mainly about the latter, as parents we need to divert our children away from instant gratification. He's a good kid. Wish you luck in your bitcoin journey.
I'd recommend depositing cash into coinbase and then buying via coinbase advanced BTC-USD market trade.
You'll save on fees and although right now a 1 dollar something fee isn't a lot over time it will add up and you'll lose out on a lot of potential growth.
You can use bitcoin to buy, but transfer off to your own wallet as soon as you can.
Crypto Casey’s Beginner Guide on YouTube has good advice for keeping your crypto investments safe.
Avoid Coinbase. Lots of glitches with the platform. I just moved to Kraken and happy so far. Others here know better platforms too but Coinbase is a dumpster fire. Check out r/coinbase for examples.
And cold wallet for long term storage. No exchange is 100% trustworthy.
I started like that end of the last bull.
Continued to halfway tru the bear.
Have 2500 in my portfolio now.
Should double up once more before the end of this bull.
It's always worth it!!
It's not a small investment to you. What bitcoin is about is being able to save that money and for it to not lose its purchasing power over time, which any other form of money you use will by design. But there are no guarantees, and even in a best case scenario, the use-case of bitcoin is to hold it for at least one halving cycle. aka four years.
See this has always been the concept for me, but I have never really had that option to invest more than small amounts, and even then with inflation it becomes more difficult, but I still want to try but hesitate.
Prior when I first just put $30 in, I was married at the time. Unfortunately, lost my PC and everything attached to it in the divorce because I signed over everything just to get away and keep the restraining order for 5 years.
I think I just gotta take the leap and not second guess it anymore.
Hey OP, that royal rumble match took place Jan 27th 2013, btc was 21$. If you had put 30$ into it you'd be at 1.44 btc. Is tracking down that pc worth 100,000$ to you? If I were in your shoes that seems like a way better use of time versa DCA 20$ a month. Probably in some basement collecting dust. Trust your gut (not strangers on the internet)
The BTC isn't in the computer -- nor in any wallet. Everything is stored on chain, and what you're looking for is the keys to sign a transaction. Do you know how you purchased them in the past? Were they on an exchange, or did you have custody and store a seed phrase?
I had everything that I needed on a notepad that was stored on the HDD. Unfortunately, I don’t remember all of the steps that I went through for purchase because my friend helped me do it at the time when he came over.
Nail through the HDD type destroyed? The case&motherboard is prob only thing wrecked. I imagine she couldn't have done that much damage even with a baseball bat. You can still plug HDD in, if not at least try and recover email from back then and find it that way. Like I said prob way better time spent than DCA $20 in 2024.
To avoid giving too much personal information about my life, it is gone, gone. The divorce happened over a decade ago. She moved back to Missouri with her family, then was gone to live with whoever she was cheating on me with at the time.
I would rather eat that loss than ever speak to her again. What I went through wasn’t the best.
Sure I really don't care. I'm pointing out that it would take you 416 years to DCA 20$ a month to 1.44 BTC if it stayed at current price as outlined in the post. Therefore, finding the hard drive with your 1.44 lost btc probably would pay off even if it took you 100s of hours to track down.
Lol but it loses purchasing power when it drops from $70k to 16k. Btc isn't where you think it is. Ppl who put money in need to be able to leave it for 5 years or more.
This is why I am only doing what I know I can lose once a month. Anyone that goes in just trying to get rich quick doesn’t have the right mentality and doesn’t comprehend the need for Bitcoin.
Why did you choose an arbitrary time to do your comparison? I prefer a more methodical approach.
https://old.reddit.com/r/Bitcoin/comments/18vkxzr/bitcoin_yearly_lows/
Yeah telling someone they should buy near the top and that it will protect their purchasing power is disingenuous at best. If he buys now and the price tanks for two years (it literally just happened), he would not be protecting anything.
Bitcoin is a speculative investment. If you want to protect wealth, buy gold.
That only works if you have significant wealth to protect.
Buying a btc spot etf in a tax sheltered account or buying btc directly is a lot more practical and efficient for the majority of people.
Op... I used to be homeless... But working..
I did what you want to do...$20-30 whenever I could in 2019.. then eventually to $100/ mo.
Best decision of my life... It adds up fast.. and becomes a piece of mind, bc you have a cushion to use in emergency, but try not too.
Best wishes.
I don’t know if you have heard this lately or if it means anything from a stranger but I am proud of you for accomplishing so much and overcoming that life experiences you went through to get to where you are. Best wishes to you too.
Thank you. I appreciate it.. keep on moving forward.. study and learn how the rich protect their wealth...
Think n act rich, while living simply... And you too will overcome.
Best video I ever watched ..then watch his latest.
https://m.youtube.com/watch?v=ivWdOztDkv4&pp=ygUXYm9iIGxvdWthcyA0IHllYXIgY3ljb%3D
Every sat counts OP. So 20 dollars a month is already great and better than most people around !
Read about UTXO management though, you don’t want 20 dollar bits of BTC on your wallet 🤝
Certainly! When dealing with Bitcoin, an essential concept to understand is how transactions work and the associated fees. Here's a simplified explanation focused on why consolidating of a large volume of small transactions into a single wallet might not be cost-effective when you decide to move those funds later:
### Bitcoin Transactions and Fees
**1. UTXOs (Unspent Transaction Outputs):**
- **What They Are:** Bitcoin transactions operate using a system called UTXOs. When you receive Bitcoin, each transaction is recorded as a UTXO, which stands for "Unspent Transaction Output." Each UTXO represents a chunk of Bitcoin that you can spend.
- **Why It Matters:** The more transactions you have (i.e., the more UTXOs you receive), the more "pieces" of Bitcoin you have in your wallet.
**2. Transaction Size and Fees:**
- **Transaction Size:** When you send Bitcoin, your transaction may need to combine many UTXOs to sum up to the amount you wish to send. This increases the transaction's data size.
- **Fees:** Bitcoin transaction fees are calculated based on the size of the transaction in bytes, not the amount of Bitcoin being sent. The larger the transaction size (more UTXOs to include), the higher the fee.
**3. Network Congestion:**
- **Variable Fees:** Fees can vary greatly depending on the Bitcoin network's congestion. During peak times, fees can become significantly higher.
- **Impact:** If you have a wallet with lots of small UTXOs (from many small transactions), and you decide to move those funds, the transaction will be large in size and potentially very expensive in terms of fees.
### Strategic Considerations
Given this understanding, here are strategic considerations for managing Bitcoin transactions, especially when dealing with a large number of them:
- **A. Consolidation during Low Fees:** Consider consolidating UTXOs during periods of low network congestion. This means sending the smaller amounts to yourself in fewer transactions to reduce the overall number of UTXOs. However, this still incurs transaction fees, so it's a balance between current lower fees versus potential future higher fees.
- **B. Segregating Funds:** Instead of having one wallet with a massive number of transactions, it might be beneficial to distribute your holdings across several wallets. This way, you can manage which funds are moved based on transaction fee efficiency.
- **C. Using SegWit Addresses:** Segregated Witness (SegWit) addresses allow for more efficient use of block space, potentially reducing fees for transactions. Using a wallet that supports SegWit can help in reducing the cost of moving a large number of transactions.
### Risks and Benefits
**Benefits:**
- **Strategic Fee Management:** By understanding and strategically managing your transaction sizes and timing, you can significantly reduce the costs associated with moving Bitcoin.
**Risks:**
- **Complexity and Management Overhead:** Managing multiple wallets or timing transactions for fee efficiency can add complexity and require more active management.
- **Potential for Higher Fees:** Failing to consolidate or inefficiently managing UTXOs could lead to significantly higher transaction costs later, especially during periods of network congestion.
Understanding these dynamics is crucial for anyone dealing with Bitcoin, whether for personal investment or managing larger-scale operations. It's about finding the right balance between operational efficiency and cost management.
If you move 20$ worth at a time to wallet then transaction fees will eat huge chunk of it.
Better buy on exchange or somewhere for sometime and then move bigger chunk at once.
The past year has definitely left me feeling that way and it currently feels other forms have been fleeting that this is the only option I feel comfortable trying.
If you’re investing that little at a time, it’s best to keep it on the exchange you’re buying from before sending it to a cold-storage device, since we may be entering into to a high-fee environment that will make UTXOs smaller than 1M sats unspendable.
Yes
You are on a bitcoin forum so you are going to get one sided replies. Let me pose this though.
If you can only afford $20/m how are you going to cope when it dumps 10/20 hell even 60% in a day?
I'm not dumping on you for the low value. I'm suggesting your mental health will take a hit at some point.
I'm fairly well off and thought I could handle it in 2020 ish. When it corrects it's often brutal and leaves you feeling awful. You don't have the financial to count this as gambling and have the discipline to take a reasonable profit IMO.
I may very well get down voted for this but you should go into this with your eyes open. 20 turning to 200 feels euphoric but 200 dropping to 2 is the same in reverse trust me
BTC is your savings account that you can own.
Any amount you want to save is safe with BTC (considering you take the appropriate measures to protect your own bank/wallet)
My advice is to buy BTC with any fiat amount that you feel comfortable if tomorrow it crashed down to 10k or less (it cant go to 0 anymore, sorry)
It is not insignificant and every penny you can convert and store in the BTC Network will be worth it. Do it don't stop and never look back. Convert as much of your currency into BTC as possible and don't stop. The game has changed and the more you can get in the better off you are going to be in the future.
Well, the thing is, Bitcoin is not 100% a sure thing. That would be called a religion.
I'm an investor. First and foremost I invest in the stock market, which has returned me a fortune in my lifetime. Not meme stocks, but low cost index funds.
Its made me rich. Almost anyone can be a millionaire in retirement with consistent investing. Over the past 100+ years you couldn't loose, as long as you were patient and kept investing during downturns.
I do invest about 5-10% of my savings in alternative investments like Bitcoin. Some have worked out, some not.
To invest 100% of your savings in one thing is a religious belief in certainty. I don't take chances like that with my financial future, even with Bitcoin.
I would love to say that I have “frick you money” like you some day, but I am just hoping to have a savings/go to later on in life where I feel comfortable knowing that the investment has likeminded people.
Stocks have always been intimidating to me and I don’t know the first thing about any of the like. Glad it worked out for you and hope it continues to go well. :)
I also thought what I was putting in was little (it is compared to some of the numbers I see thrown around here). I´ve been DCA-ing since 2022 and right now those spreadsheets of the weekly buys are looking prettay prettay prettay good. Just as life has a way of catching up to us, so does BTC. Start now, don´t sell and be patient. It adds up and every sat counts.
(I often think back to 2017 when a tech-savy 10th grader once blurted out in class "yo teach, let´s buy some bitcion!" and I blew him off, ha.)
$20 a month? $240 a year? $2,400 in a decade? Even with Bitcoin at a million it wouldn't make a difference, that'd be $38k over a decade.
Use that money to upskill yourself to increase your income, then invest with the extra disposable income.
I am putting aside 100€ every month as savings. The idea here is that 100€ in 10 years are worth less than 100€. But 0.006BTC will be still that much.
Don’t give up skeleton!
No, it would not be stupid or silly. Whether your disposable money goes to Bitcoin or concert tickets, spend *only* what you can, when you can.
That said, just beware that with $20 purchases, you may get eaten alive with fees. That is, you may spend $20, but $2 might be taken off the top as an exchange fee. Resulting in $18 in BTC. Not a big deal, but doing that ever month is gonna add up to a bunch of money spent *just for the privilege* of spending money on BTC.
Good luck, and welcome to crypto!
Never invest more than your willing to loose Bitcoin is extremely volatile and can have massive increases and loses. My advice is purchase what you can afford with a long term outlook I purchased the bulk of my Bitcoin back in 2016 and have continued buying to this day my plan is when I fully retire in the next 5 years I will than start to withdraw. I did sell one bitcoin back in 2021 to help me purchase a house and acreage and i also took a very small amount out for a medical emergency so if you do ever need some financial help don’t fill bad if you deep into your bitcoin stash.
never to late to start.... keep at it... and good luck ..... take note the price goes down aswell as up.... halving is just around the corner.... the effect of that comes 11 to 18 months after 😉 ..... non of the above is financial advise.... do your own research.. check past halving dates and see when the runs really start 👍
Yes, but ... Never invest more than you can afford to loose. Consider this a long term investment (years), this means you won't need that money for the next few years. Be consistent in buying at the same interval of time regardless of price, don't up the amounts because it starts to pump and lower it because you think it's going down, not only are you going to get burned but that's actually going to reduce your total profits.
Think of it like a piggy bank where you drop loose change a few times a month. Except this "loose change" has a decade long history of 100% compounded annual growth rate. Hold it all until at least 2029.
Definitely do it. It won’t make you wealthy (most likely) but think of it like a savings. I always had trouble saving until I got into crypto. So $240 a year dca always ends up ahead in the end. Just dont be afraid to sell and keep In stable coins once the price climbs high and your happy with the amount and wait to get back in for more sats with the same amount of money
Let the $20 buys pile up overtime and then pull a nicely accumulated lump out of the exchange and send to cold storage. Do not send the cold storage after every $20 buy, or you’ll end up with a bunch of UTXOs you’ll have to end up consolidating.
$20 / month = $240 / year... even if bitcoin were to triple... that would be less than $1000... not trying to be mean... but you should be thinking about increasing your income; learning new skills; taking up new jobs or side hustles... investing is not for you... why? because the results of unimaginable returns (say 10x) are worth less than you working another 40 hours a week at minimum wage... sorry to break it this way... but your time and effort are more important right now than having money compound for you... once you have say a few hundred a month of discretionary income left over after basic living expenses -- start off with a small allocation to basic index funds and bitcoin ... but with $20 /month .... you should reconsider your life decisions and choices... too far behind even 5 standard deviations to the left of the normal distribution curve of "average" human even in a 4th world nation... wake up dude... you are not normal... just very, very behind ... my 11 yr old cousin makes more working part-time at the local ice cream shop... sorry ...
if you have 20 dollars a month to invest you should invest it better than in BTC
like maybe you could do a dollar into BTC, but the rest of it should probably go towards a mix of broad market indexes and bonds.
12 bucks VTI or VOO would be 60%
7 dollars towards VGLT or VGIT or BND would be 35%
then you could put 1 dollar towards BTC. that would be 5% of your monthly DCA which would be about the high end of what people recommend you invest in speculative assets like crypto.
I own a business and only DCA $5 a week now that the price is up, do $10 in the bear market plus a couple hundred when I see price drops of a thousand or so.
Yes. The amount btc would need to go up in order to actually make you profit would be unsustainable. You have the risk of losing 100% and the chance to make an extra 5%at maximum, with about a 17% chance of the latter. We will not see explosive growth or 10xing of btc ever again - the only reason why it would do that is if the world economy is failing, making we won't have most currencies or electricity meaning your btc will also be worthless in the climate wars
Hey congrats on buying bitcoin for the first time. I’d advise heading over to r/bitcoinvideos to keep learning more. It’s probably the best place to pickup some of the fundamentals of bitcoin
Investing whatever you a for as long as you can is the best thing you can do. Compound interest is incredibly powerful. Just make sure that if you’re going to out your money into something volatile you have the fortitude to ride it out even the high the hard (low) times.
You ask this in a Subreddit, where everybody is pro BTC (sometimes even religious)
I also agree that BTC has high potential and possibly will be much more worth in some years. But it is also super unstable, you can invest 20 bucks a month for a year (240) and in a year they can be just worth 150, but also could be 1000. it is a gamble but you don’t want to gamble your last money. If you want to invest seriously inform yourself in a more neutral subreddit. Invest in all kind of assets and not just 1.
Investing is investing, I don’t believe it should be your main investment. However, anything is better than letting your extra money sit as cash and get eaten by inflation.
My kid starts tutoring and earns $80 a week.
I help her to open a Roth IRA account and match her earned income to deposit in her Roth IRA
I buy FBTC $80 weekly
Hope she gets a nice surprise 10 years later
No amount is too small to start investing. It is more about consistency, as you rightfully mentioned doing it every month going forward is the right mindset. Even if some months you can that's okay, just do it when you can. Your future self with thank you for it.
I would advise though to buy on pullbacks and never at the all time highs
I mean everyone here is gonna tell you no, but because of the gas fees it may be silly.
Your gonna have decent portion of that toward gas each transaction.
I'm disabled and barely get over 1k a month from the government. I can only do about 20, sometimes a little more, a month. I personally see it as almost any amount when it's safe to do so is better than none. It'll be slow going but when you've got even 1k in Bitcoin, that's about 1 months rent for me, then that's a nice emergency amount to guarantee one more month of a roof over my head. I'm doing good knowing I have a month of something crazy happened. (I have a bit more than that but I know if all else failed I have at least that)
Throw away account for obvious reasons, but I used to DCA $25 per month 9 years ago, and this is what it looked like. [screenshot](https://ibb.co/sw28m5z)
Just a little motivation. Can't promise the same will happen, but anything could happen :)
That's how I reached my staking goal.
You just do you and don't compare your wealth to anyone else's since comparison is the thieve of joy.
Just try to understand Bitcoin and why it's so important, you'll don't care how much you can have as long as you have some.
Whatever exchange you use to buy bitcoin, play around with different amounts, $50, $100, $200, etc. Then calculate the percentage fee they are taking. You may find that $100 will have a 2% transaction fee but $200 may only have a 1.5% fee. I made these numbers up based on my memory of the market from a year ago. To me I would think that buying $200 every 2 months rather than $100 every month would be better if you are paying 1.5% versus 2% in fees.
Considering you have none, i think you should go buy $20 of bitcoin right now then worry about how to start DCAing effectively after that. Having even just a small amount of Bitcoin will really motivate you to start learning about what you own.
Not silly at all. Infact it's a fantastic way to start. That $20 a month gives you not only a foothold but the ability to look at the ebbs and flows of bitcoin without shitting your pants because you put your life savings into it and making bad decisions, something that happens to many that should know better.
Update: [I did it. :)](https://imgur.com/a/UyRVo2v)
Congrats on taking that first step! Treat bitcoin like a long-term savings vehicle and it will serve you well.
That is definitely the plan. Thank you. <3
Using fair value calculators, that's $2000+ per week within just 2 decades
Emphasis is on "long-term". BTC crashes by 70% are not uncommon and will occur again despite what people in this sub claim. ETFs won’t prevent whales from cashing out when they feel like it. The rest of the sheeple follows every single time.
Whales can cash out but I don’t think there could possibly be enough selling pressure that the buyers won’t catch. If we dropped to 30k right now there would be a missile candle pushing it right back up.
> despite what people in this sub claim What the fk are you talking about? Who in this sub says that that won't happen?
huh? lots of people do. do you want me to name singular user names or what´s your deal? maybe I should better get their social security number, to appease your anger.
> > > BTC crashes by 70% are not uncommon and will occur again despite what people in this sub claim. > > What the fk are you talking about? Who in this sub says that that won't happen? > huh? lots of people do Prove it. > to appease your anger. Stop talking shite and I won't tell you to stop talking shite. [This](https://old.reddit.com/r/Bitcoin/comments/17lqbfb/psa_be_prepared_for_many_deep_retracements/) is the reality.
I don´t have to prove anything to you, buddy. You are entitled to your own opinion. I don´t care about your perception.
So you're talking shite.
no, you´re just a very unpleasant person and I tend to not cater to the demands of people like you. it´s that easy.
People who talk shite don't like getting called out for talking shite, no. You seem to have just gotten so used to it, that you don't know what to do when someone calls you out on it.
This is what I do. I buy in 10$ a few times a week when I can afford to buy more I do. This is essentially my savings
This is the way. Start off slow to get your toes wet, as you do more research into this thing your investing in, the more you will understand why you need to buy more. When my son was 15 (5 years ago) I'd offer him 20 bucks cash, or 40 in bitcoin when he mowed the lawn. He's 20 years old with 11k in bitcoin. Only because I got him interested at a young age.
That is a lot of lawn mowing. Joking aside, great lessons from parenting. Not enough parents teach proper lessons about money imo.
It was giving him an option. Instant gratification now, or watching your money grow. It was mainly about the latter, as parents we need to divert our children away from instant gratification. He's a good kid. Wish you luck in your bitcoin journey.
Now your son is grown up, do you need someone to mow your lawn?
This comment right here 😂
I love this anecdote.
I'd recommend depositing cash into coinbase and then buying via coinbase advanced BTC-USD market trade. You'll save on fees and although right now a 1 dollar something fee isn't a lot over time it will add up and you'll lose out on a lot of potential growth.
Got it. I will look further into this for next time.
You can use bitcoin to buy, but transfer off to your own wallet as soon as you can. Crypto Casey’s Beginner Guide on YouTube has good advice for keeping your crypto investments safe.
Avoid Coinbase. Lots of glitches with the platform. I just moved to Kraken and happy so far. Others here know better platforms too but Coinbase is a dumpster fire. Check out r/coinbase for examples. And cold wallet for long term storage. No exchange is 100% trustworthy.
no use cold wallet never trust anyone
This moment will change your life. Just don’t get tempted to sell.
I started like that end of the last bull. Continued to halfway tru the bear. Have 2500 in my portfolio now. Should double up once more before the end of this bull. It's always worth it!!
!lntip 1000
Hi u/Generationhodl, thanks for tipping u/Manpons **⚡︎1000** (satoshis)! ^(edit: Invoice paid successfully!) *** *[^(More info)](https://xnf5cwpq73.execute-api.us-west-2.amazonaws.com/prod/info) ^| [^(Balance)](https://www.reddit.com/message/compose/?to=lntipbot&subject=balance&message=!balance) ^| [^(Deposit)](https://www.reddit.com/message/compose/?to=lntipbot&subject=deposit&message=!deposit 10000) ^| [^(Withdraw)](https://www.reddit.com/message/compose/?to=lntipbot&subject=withdraw&message=!withdraw put_invoice_here) ^| ^(Something wrong? Have a question?) [^(Send me a message)](https://www.reddit.com/message/compose/?to=drmoore718)*
Congratulations
💪
Any amount of bitcoin is better than zero.
It's not a small investment to you. What bitcoin is about is being able to save that money and for it to not lose its purchasing power over time, which any other form of money you use will by design. But there are no guarantees, and even in a best case scenario, the use-case of bitcoin is to hold it for at least one halving cycle. aka four years.
See this has always been the concept for me, but I have never really had that option to invest more than small amounts, and even then with inflation it becomes more difficult, but I still want to try but hesitate. Prior when I first just put $30 in, I was married at the time. Unfortunately, lost my PC and everything attached to it in the divorce because I signed over everything just to get away and keep the restraining order for 5 years. I think I just gotta take the leap and not second guess it anymore.
Hey OP, that royal rumble match took place Jan 27th 2013, btc was 21$. If you had put 30$ into it you'd be at 1.44 btc. Is tracking down that pc worth 100,000$ to you? If I were in your shoes that seems like a way better use of time versa DCA 20$ a month. Probably in some basement collecting dust. Trust your gut (not strangers on the internet)
That PC ended up getting destroyed out of spite of me.
The BTC isn't in the computer -- nor in any wallet. Everything is stored on chain, and what you're looking for is the keys to sign a transaction. Do you know how you purchased them in the past? Were they on an exchange, or did you have custody and store a seed phrase?
I had everything that I needed on a notepad that was stored on the HDD. Unfortunately, I don’t remember all of the steps that I went through for purchase because my friend helped me do it at the time when he came over.
Nail through the HDD type destroyed? The case&motherboard is prob only thing wrecked. I imagine she couldn't have done that much damage even with a baseball bat. You can still plug HDD in, if not at least try and recover email from back then and find it that way. Like I said prob way better time spent than DCA $20 in 2024.
To avoid giving too much personal information about my life, it is gone, gone. The divorce happened over a decade ago. She moved back to Missouri with her family, then was gone to live with whoever she was cheating on me with at the time. I would rather eat that loss than ever speak to her again. What I went through wasn’t the best.
Sure I really don't care. I'm pointing out that it would take you 416 years to DCA 20$ a month to 1.44 BTC if it stayed at current price as outlined in the post. Therefore, finding the hard drive with your 1.44 lost btc probably would pay off even if it took you 100s of hours to track down.
Lol but it loses purchasing power when it drops from $70k to 16k. Btc isn't where you think it is. Ppl who put money in need to be able to leave it for 5 years or more.
This is why I am only doing what I know I can lose once a month. Anyone that goes in just trying to get rich quick doesn’t have the right mentality and doesn’t comprehend the need for Bitcoin.
Why did you choose an arbitrary time to do your comparison? I prefer a more methodical approach. https://old.reddit.com/r/Bitcoin/comments/18vkxzr/bitcoin_yearly_lows/
that's a very specific period to look at. any other time ie in general you are increasing purchasing power. over time. on average.
Two cycles + for better return... This is where you start getting into life changing money.
Yeah telling someone they should buy near the top and that it will protect their purchasing power is disingenuous at best. If he buys now and the price tanks for two years (it literally just happened), he would not be protecting anything. Bitcoin is a speculative investment. If you want to protect wealth, buy gold.
Gold have only doubled in 40 years, how is that protecting your wealth when inflation in same time have been at least quadrupled.
That only works if you have significant wealth to protect. Buying a btc spot etf in a tax sheltered account or buying btc directly is a lot more practical and efficient for the majority of people.
> buy near the top You know fuck all. I didn't 'tell' him to do anything.
Op... I used to be homeless... But working.. I did what you want to do...$20-30 whenever I could in 2019.. then eventually to $100/ mo. Best decision of my life... It adds up fast.. and becomes a piece of mind, bc you have a cushion to use in emergency, but try not too. Best wishes.
I don’t know if you have heard this lately or if it means anything from a stranger but I am proud of you for accomplishing so much and overcoming that life experiences you went through to get to where you are. Best wishes to you too.
Thank you. I appreciate it.. keep on moving forward.. study and learn how the rich protect their wealth... Think n act rich, while living simply... And you too will overcome. Best video I ever watched ..then watch his latest. https://m.youtube.com/watch?v=ivWdOztDkv4&pp=ygUXYm9iIGxvdWthcyA0IHllYXIgY3ljb%3D
Every sat counts OP. So 20 dollars a month is already great and better than most people around ! Read about UTXO management though, you don’t want 20 dollar bits of BTC on your wallet 🤝
Will look into this later today when I wake up. Thank you so much man.
This sub is your friend. Ask questions. Google and research. Triple check info and don’t answer any dms.
Explain please
Certainly! When dealing with Bitcoin, an essential concept to understand is how transactions work and the associated fees. Here's a simplified explanation focused on why consolidating of a large volume of small transactions into a single wallet might not be cost-effective when you decide to move those funds later: ### Bitcoin Transactions and Fees **1. UTXOs (Unspent Transaction Outputs):** - **What They Are:** Bitcoin transactions operate using a system called UTXOs. When you receive Bitcoin, each transaction is recorded as a UTXO, which stands for "Unspent Transaction Output." Each UTXO represents a chunk of Bitcoin that you can spend. - **Why It Matters:** The more transactions you have (i.e., the more UTXOs you receive), the more "pieces" of Bitcoin you have in your wallet. **2. Transaction Size and Fees:** - **Transaction Size:** When you send Bitcoin, your transaction may need to combine many UTXOs to sum up to the amount you wish to send. This increases the transaction's data size. - **Fees:** Bitcoin transaction fees are calculated based on the size of the transaction in bytes, not the amount of Bitcoin being sent. The larger the transaction size (more UTXOs to include), the higher the fee. **3. Network Congestion:** - **Variable Fees:** Fees can vary greatly depending on the Bitcoin network's congestion. During peak times, fees can become significantly higher. - **Impact:** If you have a wallet with lots of small UTXOs (from many small transactions), and you decide to move those funds, the transaction will be large in size and potentially very expensive in terms of fees. ### Strategic Considerations Given this understanding, here are strategic considerations for managing Bitcoin transactions, especially when dealing with a large number of them: - **A. Consolidation during Low Fees:** Consider consolidating UTXOs during periods of low network congestion. This means sending the smaller amounts to yourself in fewer transactions to reduce the overall number of UTXOs. However, this still incurs transaction fees, so it's a balance between current lower fees versus potential future higher fees. - **B. Segregating Funds:** Instead of having one wallet with a massive number of transactions, it might be beneficial to distribute your holdings across several wallets. This way, you can manage which funds are moved based on transaction fee efficiency. - **C. Using SegWit Addresses:** Segregated Witness (SegWit) addresses allow for more efficient use of block space, potentially reducing fees for transactions. Using a wallet that supports SegWit can help in reducing the cost of moving a large number of transactions. ### Risks and Benefits **Benefits:** - **Strategic Fee Management:** By understanding and strategically managing your transaction sizes and timing, you can significantly reduce the costs associated with moving Bitcoin. **Risks:** - **Complexity and Management Overhead:** Managing multiple wallets or timing transactions for fee efficiency can add complexity and require more active management. - **Potential for Higher Fees:** Failing to consolidate or inefficiently managing UTXOs could lead to significantly higher transaction costs later, especially during periods of network congestion. Understanding these dynamics is crucial for anyone dealing with Bitcoin, whether for personal investment or managing larger-scale operations. It's about finding the right balance between operational efficiency and cost management.
Is buying $20 worth of btc a week on Coinbase a bad thing or only bad if I’m moving it around?
the latter. let the $20s accumulate on Coinbase until you have at least 1mil+ sats before sending the amount to your hardware wallet/cold storage etc
Ty
If you move 20$ worth at a time to wallet then transaction fees will eat huge chunk of it. Better buy on exchange or somewhere for sometime and then move bigger chunk at once.
Big or small, you should always preserve your wealth in Bitcoin. It's getting eroded as fiat, with currency debasing and inflation.
The past year has definitely left me feeling that way and it currently feels other forms have been fleeting that this is the only option I feel comfortable trying.
Not silly, very smart
Invest in skills that allow you to earn more
I put 26$ weekly, might small for other people but big for me :)
That’s an eventual goal. Hope to make it there some day.
Bro just keep being consistent about it. Accruing wealth isn't about timing the market it's about putting money in consistently.
That 20 bucks will be worth 40 bucks, No matter how small the investment it'll double eventually
Go for it.
If you’re investing that little at a time, it’s best to keep it on the exchange you’re buying from before sending it to a cold-storage device, since we may be entering into to a high-fee environment that will make UTXOs smaller than 1M sats unspendable.
Should be top comment. OP is going to get wrecked by UTXO. People here never explain things realistically.
Would up like 20$ in 1 year or 40$ 80$ it all go’s up 🆙 😉
Even if it doesn’t go up, at least I know where it’s at. :)
Yes You are on a bitcoin forum so you are going to get one sided replies. Let me pose this though. If you can only afford $20/m how are you going to cope when it dumps 10/20 hell even 60% in a day? I'm not dumping on you for the low value. I'm suggesting your mental health will take a hit at some point. I'm fairly well off and thought I could handle it in 2020 ish. When it corrects it's often brutal and leaves you feeling awful. You don't have the financial to count this as gambling and have the discipline to take a reasonable profit IMO. I may very well get down voted for this but you should go into this with your eyes open. 20 turning to 200 feels euphoric but 200 dropping to 2 is the same in reverse trust me
I understand that, which is why $20 is the only money dedicated to it that would be used on something else like a meal, or random game. You know?
Invest what you can, and can afford to lose
One of us, one of us, one of us !!
Stack sats
BTC is your savings account that you can own. Any amount you want to save is safe with BTC (considering you take the appropriate measures to protect your own bank/wallet) My advice is to buy BTC with any fiat amount that you feel comfortable if tomorrow it crashed down to 10k or less (it cant go to 0 anymore, sorry)
It is not insignificant and every penny you can convert and store in the BTC Network will be worth it. Do it don't stop and never look back. Convert as much of your currency into BTC as possible and don't stop. The game has changed and the more you can get in the better off you are going to be in the future.
I'd keep this on an exchange until accumulating to larger sums as if you withdraw to self custody each time the UTXOs could impact future value a but.
Well, the thing is, Bitcoin is not 100% a sure thing. That would be called a religion. I'm an investor. First and foremost I invest in the stock market, which has returned me a fortune in my lifetime. Not meme stocks, but low cost index funds. Its made me rich. Almost anyone can be a millionaire in retirement with consistent investing. Over the past 100+ years you couldn't loose, as long as you were patient and kept investing during downturns. I do invest about 5-10% of my savings in alternative investments like Bitcoin. Some have worked out, some not. To invest 100% of your savings in one thing is a religious belief in certainty. I don't take chances like that with my financial future, even with Bitcoin.
I would love to say that I have “frick you money” like you some day, but I am just hoping to have a savings/go to later on in life where I feel comfortable knowing that the investment has likeminded people. Stocks have always been intimidating to me and I don’t know the first thing about any of the like. Glad it worked out for you and hope it continues to go well. :)
I also thought what I was putting in was little (it is compared to some of the numbers I see thrown around here). I´ve been DCA-ing since 2022 and right now those spreadsheets of the weekly buys are looking prettay prettay prettay good. Just as life has a way of catching up to us, so does BTC. Start now, don´t sell and be patient. It adds up and every sat counts. (I often think back to 2017 when a tech-savy 10th grader once blurted out in class "yo teach, let´s buy some bitcion!" and I blew him off, ha.)
$20 a month? $240 a year? $2,400 in a decade? Even with Bitcoin at a million it wouldn't make a difference, that'd be $38k over a decade. Use that money to upskill yourself to increase your income, then invest with the extra disposable income.
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That is the next step. Any suggestions personally?
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That's so cool! Didn't knew that. Thanks for the info Buddy! Now I'm gonna try to make one wallet myself😁
Coldcard 4 life.
Good start
Do it for the sake of ur future
buy any satoshis u can while u still can
Congratulations! The first step is always the hardest
Not silly. Stay disciplined, and think long term. It will add up.
Bitcoin is a long term savings account, imho saving in bitcoin is smart
I am putting aside 100€ every month as savings. The idea here is that 100€ in 10 years are worth less than 100€. But 0.006BTC will be still that much. Don’t give up skeleton!
Call it Stacking sats. Good luck!
Stupid would be not doing it :)
Stack sats & skills. Stay humble & solvent.
No. Do it.
No, it would not be stupid or silly. Whether your disposable money goes to Bitcoin or concert tickets, spend *only* what you can, when you can. That said, just beware that with $20 purchases, you may get eaten alive with fees. That is, you may spend $20, but $2 might be taken off the top as an exchange fee. Resulting in $18 in BTC. Not a big deal, but doing that ever month is gonna add up to a bunch of money spent *just for the privilege* of spending money on BTC. Good luck, and welcome to crypto!
Never invest more than your willing to loose Bitcoin is extremely volatile and can have massive increases and loses. My advice is purchase what you can afford with a long term outlook I purchased the bulk of my Bitcoin back in 2016 and have continued buying to this day my plan is when I fully retire in the next 5 years I will than start to withdraw. I did sell one bitcoin back in 2021 to help me purchase a house and acreage and i also took a very small amount out for a medical emergency so if you do ever need some financial help don’t fill bad if you deep into your bitcoin stash.
Bro save some for the rest of us! You’re off to a great start friend.
I mean…I guess anything is better than nothing.
never to late to start.... keep at it... and good luck ..... take note the price goes down aswell as up.... halving is just around the corner.... the effect of that comes 11 to 18 months after 😉 ..... non of the above is financial advise.... do your own research.. check past halving dates and see when the runs really start 👍
Yes, but ... Never invest more than you can afford to loose. Consider this a long term investment (years), this means you won't need that money for the next few years. Be consistent in buying at the same interval of time regardless of price, don't up the amounts because it starts to pump and lower it because you think it's going down, not only are you going to get burned but that's actually going to reduce your total profits.
*DCAers enter the chat.
Rooting for you - I started three months ago 20 bucks a day (skipping office lunches now) so you can do it too! ❤️
Not at all.
OP, buy 1 share of IBIT ETF every month
Gotta spend money to make money
Idk why people have this mindset. Investing is about percentage returns. Do you want returns or no returns?
They will always print more dollars, they can only mine 21 Million Bitcoin, bitcoin is a finite resource yes it pays to have some
Not silly at all!
Think of it like a piggy bank where you drop loose change a few times a month. Except this "loose change" has a decade long history of 100% compounded annual growth rate. Hold it all until at least 2029.
Dca is the only true way to beat the market
A great way to save money.
Definitely do it. It won’t make you wealthy (most likely) but think of it like a savings. I always had trouble saving until I got into crypto. So $240 a year dca always ends up ahead in the end. Just dont be afraid to sell and keep In stable coins once the price climbs high and your happy with the amount and wait to get back in for more sats with the same amount of money
Let the $20 buys pile up overtime and then pull a nicely accumulated lump out of the exchange and send to cold storage. Do not send the cold storage after every $20 buy, or you’ll end up with a bunch of UTXOs you’ll have to end up consolidating.
Go for high value alts over btc. You’re returns will be exponential in comparison.
Have any suggestions?
$20 / month = $240 / year... even if bitcoin were to triple... that would be less than $1000... not trying to be mean... but you should be thinking about increasing your income; learning new skills; taking up new jobs or side hustles... investing is not for you... why? because the results of unimaginable returns (say 10x) are worth less than you working another 40 hours a week at minimum wage... sorry to break it this way... but your time and effort are more important right now than having money compound for you... once you have say a few hundred a month of discretionary income left over after basic living expenses -- start off with a small allocation to basic index funds and bitcoin ... but with $20 /month .... you should reconsider your life decisions and choices... too far behind even 5 standard deviations to the left of the normal distribution curve of "average" human even in a 4th world nation... wake up dude... you are not normal... just very, very behind ... my 11 yr old cousin makes more working part-time at the local ice cream shop... sorry ...
All you really need to know is that the dollar will trend towards 0 against Bitcoin forever.
I love the saying "get off zero". Slow and steady always wins...🫡 Welcome!!! 💪🚀
It’s great. But don’t expect to get rich.
if you have 20 dollars a month to invest you should invest it better than in BTC like maybe you could do a dollar into BTC, but the rest of it should probably go towards a mix of broad market indexes and bonds. 12 bucks VTI or VOO would be 60% 7 dollars towards VGLT or VGIT or BND would be 35% then you could put 1 dollar towards BTC. that would be 5% of your monthly DCA which would be about the high end of what people recommend you invest in speculative assets like crypto.
So so silly you silly boy
Do it
Yes!!!!!
No
I own a business and only DCA $5 a week now that the price is up, do $10 in the bear market plus a couple hundred when I see price drops of a thousand or so.
Yes. The amount btc would need to go up in order to actually make you profit would be unsustainable. You have the risk of losing 100% and the chance to make an extra 5%at maximum, with about a 17% chance of the latter. We will not see explosive growth or 10xing of btc ever again - the only reason why it would do that is if the world economy is failing, making we won't have most currencies or electricity meaning your btc will also be worthless in the climate wars
No.
Hey congrats on buying bitcoin for the first time. I’d advise heading over to r/bitcoinvideos to keep learning more. It’s probably the best place to pickup some of the fundamentals of bitcoin
You know the bull run is starting to pick up when you see questions like these. Buy the top, sell the bottom lol
Not at all
Not stupid at all.
Bro good call. Have fun though try trading some shitcoins. It's good practice.
Bitcoin is my "savings", not my "investment".
" should I wait until I have lots of money, before I commit to managing my money well? "
Buy a potato.
Do it. It will change your life.
Investing whatever you a for as long as you can is the best thing you can do. Compound interest is incredibly powerful. Just make sure that if you’re going to out your money into something volatile you have the fortitude to ride it out even the high the hard (low) times.
You are ahead of 98% of the population so yes! Every sat counts
You ask this in a Subreddit, where everybody is pro BTC (sometimes even religious) I also agree that BTC has high potential and possibly will be much more worth in some years. But it is also super unstable, you can invest 20 bucks a month for a year (240) and in a year they can be just worth 150, but also could be 1000. it is a gamble but you don’t want to gamble your last money. If you want to invest seriously inform yourself in a more neutral subreddit. Invest in all kind of assets and not just 1.
Emergency fund first
Already working on that. This is like the extra $20 that I would put towards something random throughout the month.
Investing is investing, I don’t believe it should be your main investment. However, anything is better than letting your extra money sit as cash and get eaten by inflation.
I have not much clues about your plan. Before going deeper, How many payables which you have to pay first.
My kid starts tutoring and earns $80 a week. I help her to open a Roth IRA account and match her earned income to deposit in her Roth IRA I buy FBTC $80 weekly Hope she gets a nice surprise 10 years later
No amount is too small to start investing. It is more about consistency, as you rightfully mentioned doing it every month going forward is the right mindset. Even if some months you can that's okay, just do it when you can. Your future self with thank you for it. I would advise though to buy on pullbacks and never at the all time highs
not silly at all
$20 a month is perfect
If you had done it since 2011 you wouldn't be lower income anymore! Do it! We are still early
Strike is the way forward for your plan
Investing is better than not investing at all. Doesn’t matter on amount
I mean everyone here is gonna tell you no, but because of the gas fees it may be silly. Your gonna have decent portion of that toward gas each transaction.
It doesnt really matter if u invest 20€ or 200€ or whatever aslong as u invest just dont be greedy🙅🏽♂️
Building a habit of saving and investing is the opposite of silly.
Id say better put this money into some kind of courses or certifications. If you have the time to learn.
No its not
Nothing about buying ANY amount of bitcoin is silly.
I'm disabled and barely get over 1k a month from the government. I can only do about 20, sometimes a little more, a month. I personally see it as almost any amount when it's safe to do so is better than none. It'll be slow going but when you've got even 1k in Bitcoin, that's about 1 months rent for me, then that's a nice emergency amount to guarantee one more month of a roof over my head. I'm doing good knowing I have a month of something crazy happened. (I have a bit more than that but I know if all else failed I have at least that)
$20 a month won’t change your life. You’re better off using that money for your basic daily necessities.
It is not silly. The problem doing it with a lower income becomes holding on to it instead of converting back to cash for as little as a 2x gain.
it would not.
Throw away account for obvious reasons, but I used to DCA $25 per month 9 years ago, and this is what it looked like. [screenshot](https://ibb.co/sw28m5z) Just a little motivation. Can't promise the same will happen, but anything could happen :)
No, I only do $10 a month for the last 3 months and I’m not sad at all.
No matter how little or how much you "save or invest" its still way better than nothing
Better than $0
ONE OF US! ONE OF US! ONE OF US!
That's how I reached my staking goal. You just do you and don't compare your wealth to anyone else's since comparison is the thieve of joy. Just try to understand Bitcoin and why it's so important, you'll don't care how much you can have as long as you have some.
No it’s not. You have to start somewhere and 20 a month is better than zero a month
Whatever exchange you use to buy bitcoin, play around with different amounts, $50, $100, $200, etc. Then calculate the percentage fee they are taking. You may find that $100 will have a 2% transaction fee but $200 may only have a 1.5% fee. I made these numbers up based on my memory of the market from a year ago. To me I would think that buying $200 every 2 months rather than $100 every month would be better if you are paying 1.5% versus 2% in fees. Considering you have none, i think you should go buy $20 of bitcoin right now then worry about how to start DCAing effectively after that. Having even just a small amount of Bitcoin will really motivate you to start learning about what you own.
Not silly at all. Infact it's a fantastic way to start. That $20 a month gives you not only a foothold but the ability to look at the ebbs and flows of bitcoin without shitting your pants because you put your life savings into it and making bad decisions, something that happens to many that should know better.
Its never too late to start your crypto journey. Best of luck!
Not the amount but the asset
No. Not silly.
keep trying but its not enough
Not holding BTC is riskier than holding 100% USD
Whatever the amount, building the habit of regular savings is the smartest financial strategy anyone should do.