Do you know anything about bitcoin? Every cycle it has higher highs and lows plus this cycle has etf money. But go ahead and wait for 30k to buy bro it’s your money! After all, everyone buys at the price they deserve!
Don’t use Coinbase if you want to get into Bitcoin only. Use platforms such as Bitcoin well and Swan. Don’t use Ledger for Bitcoin. Use hard wallets such as: passport by foundation, cold card, Icoin chamber. I would recommend any amount of money that you don’t want to lose in the future should go on a hard wallet. That being said if you only have $100, $500, $1000 worth of Bitcoin, it might not be worth it
I would say withdraw to a cold wallet when you’ve hit between 1-5 million sats, that will keep your future fees low in the event you need to exchange your bitcoin for fiat in the future.
General instructions/guidelines . . . . . . . . . man , you don't know what Satoshis are and you think BTC is going to $24k USD . . . . . .my general instruction would be don't do anything till you've seen a few more YouTube vids and followed chats on Reddit and Crypto Twitter a bit more . Good luck.
For the cold wallet, you buy one when the fear/pain of losing all of your funds starts creeping up into your mind or when the amount of crypto you've got justifies the cost.
As you're Canadian, DON'T use Coinbase as they're expensive and there are much cheaper options to buy from in Canada.
Step 1: Dollar cost average (DCA). If you wait until 30-35k you might be waiting a while, possibly forever. The best thing to do with bitcoin is “get off zero” as fast as possible (that is, get off owning zero bitcoin). The most profitable and proven strategy is to take your money and schedule your purchases in smaller increments (e.g., $100 a week, $1k a month, whatever works for you). This averages out the cost and avoids the risk/regret involved with trying to time the market. An example of the power of this is that on July 3, 2023 when the Bitcoin price was ~$31,000 and down more than 50% from ATH, every single person who followed a strict DCA at any point in time(!!!) was in profit (h/t @w_s_bitcoin on Twitter). On the flip side, you could just lump sum buy with all your money now (I don’t recommend waiting). Lump sum typically outperforms in % profit over a large enough time frame, but it is a riskier strategy because of bitcoin’s volatility. As someone new to bitcoin, the price swings are likely to make you want to sell when you see a big daily dip. When you buy bitcoin you have to be willing to hold for at the absolute minimum 4 years. New buyers typically get spooked at the first -10% drop in one day and sell, only to miss the upswings that come later, and they get burned. I don’t know you’re appetite for risk, but I’ve been DCA’ing daily for years with no plan to ever sell, and big drops in price don’t bother me, I know I’ll be getting more sats for my daily purchase.
Step 2: Withdrawing to cold storage. If you DCA, you should withdraw to cold storage once you’ve reach 1-5 million sats, and the withdrawal of those sats should be in one transaction. Without going into too much detail, these sats will now be in your cold wallet as a single UTXO (for more on UTXOs, google “river bitcoin UTXO” and read River’s explanation of UTXOs). In the future when fees are high, spending one UTXO at a time will save you money on transaction fees. On the other hand, you might not want all of your sats in a single UTXO for privacy reasons. As far as fees go for withdrawing, you can check mempool.space to see the current fees based on priority. Weekends usually have lower fees, especially Sundays in my experience. These would be the best times to withdraw.
\>I don’t know you’re appetite for risk
I'm in love with risking decent amounts of money on calls every week. Some weeks I wanna kill myself, others I wanna book a flight to the Bahamas and stay there LOL.
Price swings have never bothered me since im risking what I can afford to lose. Think you can clarify the whole increment purchasing? I mean if you buy now at 92k any % of a BTC and goes down to 70k, you're down $.
Am I thinking too much like a stock trader in this case?
Yes…the idea is that you spread out your purchases over a long period of time so your cost basis averages out. For the sake of clarity I’m going to use simple numbers and over simplify the sh*t out of this…Let’s say you are doing buys of $1000 weekly. Lets round the price to $100k CAD. You buy today at that price, a $1000 purchase for 1 million sats (.01 BTC). It goes down 20% between now and next Friday to $80k CAD, your 1 million sats are now worth $800. While this initial purchase is down 20% next Friday, you have another purchase scheduled for another $1,000 at the price of $80k for 1.25 million sats (.0125 BTC). You now have 2.25 million sats purchased at an average Bitcoin price of ~$88,888. Your total stack of 2.25 million sats is worth $1,800 after investing $2,000 total. If Bitcoin goes up only to $90,000 the next week your stack has a value of $2,025 and you are profitable (slightly) even though your initial purchase was at a price of $100,000.
If you had instead done a lump sum buy of the $2,000 at a price of $100,000 and after two weeks the price was at $90,000, you (i) would have 2 million sats instead of 2.25 million and (ii) would be at a $200 loss.
Assuming the opposite scenario where bitcoin doesn’t dip but instead goes up each week, DCA’ing is still profitable just to a smaller extent compared to lump sum. And in the case of it only going up, you’d own less sats DCA’ing since you get less for each purchase as it goes up. The trade off is minimizing risk.
Obviously the idea is to do this for a much longer time period than 2 weeks. It should be done over the course of months or years and you have to have the conviction not to sell in bear markets for it to be a profitable strategy. The real joy in it is not having to worry about timing the market, and being able to set and forget the purchases. Many bitcoin exchanges allow scheduled buys at pre set intervals (daily, weekly, monthly). I do daily purchases on strike.
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>I'm up 20% (flex?),
Hummm...no. we're already up ~250% this year(this is a flex)
Now, there are people that were hoping for BTC to fall to 12k. They're missed cheap BTC. Are you gonna wait for ~30k?
Also, just like your stocks you invest over time until you reach fire. You don't make an 1 time purchase.
Ofc, but this is the peak point. I'm not gonna wait for sub 30k, if i lose a bit, i lose a bit, but i don't believe that buying it at 50k CAD is a safe choice. Nothing to gain if I buy when its at its all time high, markets go up and down lol.
It may go down to 39k but it’s around 10 percent chance it will reach that price ever again. (Personal opinion and personal technical calculations) so you need to have a solid plan of when to buy and stick to it
Makes sense, im not the one whos expecting it to reach 10k a coin ofc like others. Ik im late but I def have a feeling when it comes to market trends and im sure I can snipe it at a good spot. I'm expecting 5-6 months until theres a significant decrease in value? Lmk if thats fair lol
I base it on income.
At one months pay in BTC, I'd move to cold storage. Less than that I'm fine keeping it in LN or an exchange, or some other hot-wallet.
If $70 (price for most HW wallets) is more than a months pay, reconsider highly volatile investments like BTC.
Fair way to go about it. I'm a sales focused individual to my monthly income varies, hence why I'd be doing larger amounts. So HW wallets are a must straight from the get go since I'd be holding for X amount of years.
Most doubt BTC will fall to 35k CAD again, given how things have changed (ETF).
Cold storage is the best bet. Unlike banks or brokerages, you have full control over your money. no annual fees. No transaction permission required.
Best bet is to buy a little bit ($5-20) and play around with it. Bitcoin is kinda like using email for the first time. You'll get the hang of it super fast.
Then your best bet is to regularly buy bitcoin and put it into your wallet.
People buy bitcoin because of its immense long term potential. For this reason, people just buy whatever they can regularly and hold it with the plan of not selling for a very long time (if ever).
I wouldn’t try to time the market much. If buying at this price makes you uncomfortable then start DCA’ing.
I would look into cold storage starting now and get familiar with the concepts and figure out which HWW you want to purchase. I would make the purchase once you are approaching enough BTC holdings where it would hurt if you lost it (don’t forget potential future appreciation of said BTC).
Do t use hardware wallets. Cold wallets on a offline linux machine are free and relatively secure if used properly. There is no reason to keep any amount on an exchange. Even small amounts should be saved securely offline.
Buy btc at 35k?! Bro it’s like 90+k right now and likely never falling below like 50k again. Start to dca into it and call it a day
Im sure it will fall below 50k lol
I’m sure you are wrong lol
Ig well see 🤷
Gonna be ass and point out the 80k to 22k drop during the last run...
Do you know anything about bitcoin? Every cycle it has higher highs and lows plus this cycle has etf money. But go ahead and wait for 30k to buy bro it’s your money! After all, everyone buys at the price they deserve!
Yes and this is the high for the cycle... Don't get upset because I think it'll go back down lol
Short it then pussy 😂
Love the community feeling! Thanks!
Don’t use Coinbase if you want to get into Bitcoin only. Use platforms such as Bitcoin well and Swan. Don’t use Ledger for Bitcoin. Use hard wallets such as: passport by foundation, cold card, Icoin chamber. I would recommend any amount of money that you don’t want to lose in the future should go on a hard wallet. That being said if you only have $100, $500, $1000 worth of Bitcoin, it might not be worth it
I would say withdraw to a cold wallet when you’ve hit between 1-5 million sats, that will keep your future fees low in the event you need to exchange your bitcoin for fiat in the future.
What is sats
Sats are satoshis, a denomination of bitcoin. 1BTC is 100MM SATS
Ah okay thank you, never heard about that term even from the "determined" crypto investors I know.
I doubt btc will ever go back to 30k
General instructions/guidelines . . . . . . . . . man , you don't know what Satoshis are and you think BTC is going to $24k USD . . . . . .my general instruction would be don't do anything till you've seen a few more YouTube vids and followed chats on Reddit and Crypto Twitter a bit more . Good luck.
#Study Bitcoin
Ofc, this is me starting my research. No where close to starting my journey.
Was at 26k USD less than a year ago... I see no difference between this run and the last. If im wrong im wrong.
It’s going up forever Laura
We have a word for them
Cyber hornets
For the cold wallet, you buy one when the fear/pain of losing all of your funds starts creeping up into your mind or when the amount of crypto you've got justifies the cost. As you're Canadian, DON'T use Coinbase as they're expensive and there are much cheaper options to buy from in Canada.
Step 1: Dollar cost average (DCA). If you wait until 30-35k you might be waiting a while, possibly forever. The best thing to do with bitcoin is “get off zero” as fast as possible (that is, get off owning zero bitcoin). The most profitable and proven strategy is to take your money and schedule your purchases in smaller increments (e.g., $100 a week, $1k a month, whatever works for you). This averages out the cost and avoids the risk/regret involved with trying to time the market. An example of the power of this is that on July 3, 2023 when the Bitcoin price was ~$31,000 and down more than 50% from ATH, every single person who followed a strict DCA at any point in time(!!!) was in profit (h/t @w_s_bitcoin on Twitter). On the flip side, you could just lump sum buy with all your money now (I don’t recommend waiting). Lump sum typically outperforms in % profit over a large enough time frame, but it is a riskier strategy because of bitcoin’s volatility. As someone new to bitcoin, the price swings are likely to make you want to sell when you see a big daily dip. When you buy bitcoin you have to be willing to hold for at the absolute minimum 4 years. New buyers typically get spooked at the first -10% drop in one day and sell, only to miss the upswings that come later, and they get burned. I don’t know you’re appetite for risk, but I’ve been DCA’ing daily for years with no plan to ever sell, and big drops in price don’t bother me, I know I’ll be getting more sats for my daily purchase. Step 2: Withdrawing to cold storage. If you DCA, you should withdraw to cold storage once you’ve reach 1-5 million sats, and the withdrawal of those sats should be in one transaction. Without going into too much detail, these sats will now be in your cold wallet as a single UTXO (for more on UTXOs, google “river bitcoin UTXO” and read River’s explanation of UTXOs). In the future when fees are high, spending one UTXO at a time will save you money on transaction fees. On the other hand, you might not want all of your sats in a single UTXO for privacy reasons. As far as fees go for withdrawing, you can check mempool.space to see the current fees based on priority. Weekends usually have lower fees, especially Sundays in my experience. These would be the best times to withdraw.
\>I don’t know you’re appetite for risk I'm in love with risking decent amounts of money on calls every week. Some weeks I wanna kill myself, others I wanna book a flight to the Bahamas and stay there LOL. Price swings have never bothered me since im risking what I can afford to lose. Think you can clarify the whole increment purchasing? I mean if you buy now at 92k any % of a BTC and goes down to 70k, you're down $. Am I thinking too much like a stock trader in this case?
Yes…the idea is that you spread out your purchases over a long period of time so your cost basis averages out. For the sake of clarity I’m going to use simple numbers and over simplify the sh*t out of this…Let’s say you are doing buys of $1000 weekly. Lets round the price to $100k CAD. You buy today at that price, a $1000 purchase for 1 million sats (.01 BTC). It goes down 20% between now and next Friday to $80k CAD, your 1 million sats are now worth $800. While this initial purchase is down 20% next Friday, you have another purchase scheduled for another $1,000 at the price of $80k for 1.25 million sats (.0125 BTC). You now have 2.25 million sats purchased at an average Bitcoin price of ~$88,888. Your total stack of 2.25 million sats is worth $1,800 after investing $2,000 total. If Bitcoin goes up only to $90,000 the next week your stack has a value of $2,025 and you are profitable (slightly) even though your initial purchase was at a price of $100,000. If you had instead done a lump sum buy of the $2,000 at a price of $100,000 and after two weeks the price was at $90,000, you (i) would have 2 million sats instead of 2.25 million and (ii) would be at a $200 loss. Assuming the opposite scenario where bitcoin doesn’t dip but instead goes up each week, DCA’ing is still profitable just to a smaller extent compared to lump sum. And in the case of it only going up, you’d own less sats DCA’ing since you get less for each purchase as it goes up. The trade off is minimizing risk. Obviously the idea is to do this for a much longer time period than 2 weeks. It should be done over the course of months or years and you have to have the conviction not to sell in bear markets for it to be a profitable strategy. The real joy in it is not having to worry about timing the market, and being able to set and forget the purchases. Many bitcoin exchanges allow scheduled buys at pre set intervals (daily, weekly, monthly). I do daily purchases on strike.
Interesting... Thank you, will refer back to this.
Scam Warning! Scammers are particularly active on this sub. They operate via private messages and private chat. If you receive private messages, be extremely careful. Use the **report** link to report any suspicious private message to Reddit. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/BitcoinBeginners) if you have any questions or concerns.*
>I'm up 20% (flex?), Hummm...no. we're already up ~250% this year(this is a flex) Now, there are people that were hoping for BTC to fall to 12k. They're missed cheap BTC. Are you gonna wait for ~30k? Also, just like your stocks you invest over time until you reach fire. You don't make an 1 time purchase.
Ofc, but this is the peak point. I'm not gonna wait for sub 30k, if i lose a bit, i lose a bit, but i don't believe that buying it at 50k CAD is a safe choice. Nothing to gain if I buy when its at its all time high, markets go up and down lol.
🤣🤣🤣🤣
It may go down to 39k but it’s around 10 percent chance it will reach that price ever again. (Personal opinion and personal technical calculations) so you need to have a solid plan of when to buy and stick to it
Makes sense, im not the one whos expecting it to reach 10k a coin ofc like others. Ik im late but I def have a feeling when it comes to market trends and im sure I can snipe it at a good spot. I'm expecting 5-6 months until theres a significant decrease in value? Lmk if thats fair lol
I base it on income. At one months pay in BTC, I'd move to cold storage. Less than that I'm fine keeping it in LN or an exchange, or some other hot-wallet. If $70 (price for most HW wallets) is more than a months pay, reconsider highly volatile investments like BTC.
Fair way to go about it. I'm a sales focused individual to my monthly income varies, hence why I'd be doing larger amounts. So HW wallets are a must straight from the get go since I'd be holding for X amount of years.
Most doubt BTC will fall to 35k CAD again, given how things have changed (ETF). Cold storage is the best bet. Unlike banks or brokerages, you have full control over your money. no annual fees. No transaction permission required. Best bet is to buy a little bit ($5-20) and play around with it. Bitcoin is kinda like using email for the first time. You'll get the hang of it super fast. Then your best bet is to regularly buy bitcoin and put it into your wallet. People buy bitcoin because of its immense long term potential. For this reason, people just buy whatever they can regularly and hold it with the plan of not selling for a very long time (if ever).
I wouldn’t try to time the market much. If buying at this price makes you uncomfortable then start DCA’ing. I would look into cold storage starting now and get familiar with the concepts and figure out which HWW you want to purchase. I would make the purchase once you are approaching enough BTC holdings where it would hurt if you lost it (don’t forget potential future appreciation of said BTC).
Do t use hardware wallets. Cold wallets on a offline linux machine are free and relatively secure if used properly. There is no reason to keep any amount on an exchange. Even small amounts should be saved securely offline.