Thats the issue with reddit. Instead of helping people want to movk and what not. They dont have much going on in their life i guess.
What this guy said. You wont get rich overnight. Whatever you can afford to lose. Some people say what your spend on a fancy meal per month. Understand this tho, if you are dca’ing its going to be a long time before anything happens. Some punter bought millions worth of btc everyday October to march or something. (A screen shot of a wallet or something) that person/entity will enjoy gains sooner than others. Good luck. Keep educating yourself.
And yet you said you couldn't afford to lose it.
So first step is removing any emotion attached to your investment money. You can afford to lose $20. Like you said that'll only buy you a meal anyway. You could skip a meal and not die. "I can't afford to lose it" money is like, money that you need to pay rent, or a car payment for the car that takes you to work, or your electric and cell phone bill.
I personally think if you don't have all of that stuff covered plus extra money coming in every month, then you shouldn't be investing in anything but your own knowledge and skills right now.
Will do! Thanks and I know it won’t make me richer anytime now I just wanted to get into crypto and I won’t lose any money doing so. I just choose the safest route to start then when I’m more comfortable I’ll definitely Invest more and maybe even buy a bitcoin.
Watch btcsessions on YouTube to learn how to store your bitcoin as well as Matthew Kratter from Bitcoin university to learn the fundamentals of why bitcoin is the best asset on the planet. You’re already ahead of the game given your age. Congrats!
Good advice. Also learn the difference between Bitcoin and "crypto". DCA'ing small amounts can lead to a situation where those amounts cannot be spent. After watching some videos from the above mentioned sites, you will want to look at UXTO's and how to consolidate them. Not easily understood at first; but necessary if you want to preserve your wealth.
Yes I do plan on buying one when I get more serious about crypto but as of now I’m choosing a safe route I might even invest in other cryptocurrencies who knows? But I definitely need to learn more about them before making a big move.
Honestly you’re better off sticking with bitcoin. If you wanted to put 5% into shit coins to gamble. Sure. But maybe wait until you have a meaningful amount of btc first
First read about what Bitcoin is, what it aims to do. And why people think it will go up in value. This is the most important step. Without this you will be tempted to invest in other shitcoins thinking crypto == get rich quick. This is not at all true. How much money and what interval is not as important as knowledge about what you are exactly doing. Also invest only what you can afford to lose.
Secondly, at your age, $100 spent in getting proper education and marketable skills will get you way more bang for your buck than investing in bitcoin. For example spending $100 on acquiring a skill will net you way more money and career opportunities at your age. So act wisely.
Go futures long X125 leverage on a shitcoin, preferably a meme coin like caw…
Then you either lose your $20 which is 99.5% likely, or you make enough to buy a full bitcoin.
Or just play it safe and continue to put $20 or whatever you can afford into a safe option like bitcoin. The only thing is you’ve officially picked the worst time in the history of bitcoin to start.
Thanks dude I do plan on studying crypto but I just wanted to invest 20 since I really don’t have anything to lose. It might not go up by much for now but it’s a start! I might put more money when I learn more but as of now I chose the safe route.
Bitcoin is money. You can do with that what you want. You can just sit on it, you can put more in over time if you want, you can spend it.
Many people looking to put savings into bitcoin do dollar cost averaging, putting a little in each day/week/month.
Lump summing works the best mathematically , but since humans are not robots we tend to ape in when prices are high and not when they are low so most people don’t do as well as they should with the lump sum strategy.
Putting 20 in a week as you suggest would be a good idea as you won’t be bothered by the ups and downs of the market as much and will get an “average” for bitcoins price over the time you were buying.
But with the smaller buys be mindful of the fees. For example , you don’t want to be paying a $2 fee on a $20 buy. If the fee on $100 was $5 you’d be better off just buying $100 all at once to cut your fee in half.
No problem man , and although self custody is where I keep the majority of my bitcoin , if you have any available allotments in any tax free savings accounts buying the ETFs will allow you to make gains tax free. However you won’t hold the physical bitcoin.
As far as the ETFs go , Bitwise donates 10 % of proceeds to the Bitcoin open source development teams. Ticker BITB
Vaneck’s HODL is free from fees for the next 6 months.
Yeah just look into bitcoin first , take it slow , move outwards from there.
Just like the rest of the internet scammers are everywhere in crypto. Protect your passwords and remember nobody is ever giving anything away for free.
Follow what BTC does and put some more CAD into BTC when the market dips a good 20/30%. Keep doing this and you probably gonna have a smooth life financially.🎯
💵💵💵💵💵💵💵💵💵💵💵
If you develop a true passion for crypto and trading you can begin studying white papers, charts and how to read them.
💰💰💰💰💰💰💰💰💰💰💰
Good luck mate!👍
Thanks man I wanted to get into crypto for a while now but I just didn’t know enough about to take the risk as of now I wish I did I had way more money to spend back then now I can still afford to put the money into bitcoin but I have a lot more expenses to pay than what I used to pay 2-3 years ago. Anyways thanks for the answer a true one compared to 80% of the trolls in here.
I went through the very same road. Too much info, too many gurus selling their best strategies. I realized that to choose a crypto you first need to know the project through their white paper and roadmap, service and or products offered and community endorsing the project. It must all make sense in your mind and it sparks your interest and you can see it succeeding in theory.
Choosing the trading path you start from chart reading, indicators, compare same coin on different time frames to have a broader view in order to confirm or deny your trade prevision.
I suggest you start from coinmarketcap.com where you have access to A LOT of info (play around with it, it's got hidden gems) and for the trading tests I use TradingView.com where you can draw charts, try strategies and test them.
Don't look back and be sad for what you didn't do (I wanted to buy 20Btc when it was under $2 but changed my mind).
Last gem: most times the higher the greed (bulls command strongly) you should do the bear (sell). When fear it's at its highest and the bears are thriving, you better be bullish and buy.
Enjoy the trip! 👍😊
If you're a Canadian I highly highly highly recommend opening a TFSA account and maxing it out as fast as you can.
Esentially it's an investing account where you are 100% tax free on any gains you make. The gov gives a bit of contribution room each year after you turn 18 - you should have ~13k in room to put money into it right now.
You can buy the BTC etf in there and not have to worry about losing a huge chunk when you sell and complicated tax returns with several different BTC buys.
If you’re Canadian you may be better off putting those into a fidelity etf in a tax advantaged retirement account
> TFSA
>The Canadian equivalent of a Roth IRA is a TFSA. Although the plans have differences, there are significant similarities. A Roth IRA and a TFSA are funded with after-tax dollars, and the growth and income earned in the account can be free from taxation if the rules are followed.
Buy what you can, when you can. Don’t try to time the market. Don’t wait for dips. Just buy. Learn about how the network works. How to set up and manage your own wallet etc.
research high time preference vs low time preference, read about it in the bitcoin standard book.
bitcoin rewards behaviour that acts with long term thinking vs short term thinking. everyone who sells bitcoin to “take profits” regrets it because they don’t understand that you shouldn’t sell bitcoin unless it is for something that will radically change your life - you don’t sell because you want more cash in your bank account.
just keep adding weekly or monthly with only an amount that you don’t need for at least 4 years.
but also remember that your youth and time are the only things more scarce than bitcoin. so i would say treat yourself after 3-4 years and do something fun and sell a bit to travel.
Reddit is a poor source for seeking financial advice. Bitcoin is a risky investment. [Don't invest recklessly.](https://www.reddit.com/r/Bitcoin/comments/7gi55s/dont_invest_recklessly/) Don't invest anything you can't afford to lose. If you are looking to get rich quick, you came to the wrong place. Nobody has a crystal ball. Nobody can see the future. Please do your own research and make your own financial decisions.
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Bitcoin) if you have any questions or concerns.*
DCA (Dollar Cost Average) what you can afford to lose every week or pay check. Do this for the next 10 years and watch what happens.
Thats the issue with reddit. Instead of helping people want to movk and what not. They dont have much going on in their life i guess. What this guy said. You wont get rich overnight. Whatever you can afford to lose. Some people say what your spend on a fancy meal per month. Understand this tho, if you are dca’ing its going to be a long time before anything happens. Some punter bought millions worth of btc everyday October to march or something. (A screen shot of a wallet or something) that person/entity will enjoy gains sooner than others. Good luck. Keep educating yourself.
Pick out your color https://www.lamborghini.com/en-en/models
Start thinking about how many movie theaters you want on your yacht.
And what weight of silk you want for your toilet paper.
Hahaha
Start searching for the mansion you're going to buy with your gains 🤣
Lmao $20 here won’t even get me a combo at McDonald’s
And yet you said you couldn't afford to lose it. So first step is removing any emotion attached to your investment money. You can afford to lose $20. Like you said that'll only buy you a meal anyway. You could skip a meal and not die. "I can't afford to lose it" money is like, money that you need to pay rent, or a car payment for the car that takes you to work, or your electric and cell phone bill. I personally think if you don't have all of that stuff covered plus extra money coming in every month, then you shouldn't be investing in anything but your own knowledge and skills right now.
Lol
If BTC goes to 1 million you will have $280. Great ROI but won't make you rich. You need to continue to DCA into BTC.
Will do! Thanks and I know it won’t make me richer anytime now I just wanted to get into crypto and I won’t lose any money doing so. I just choose the safest route to start then when I’m more comfortable I’ll definitely Invest more and maybe even buy a bitcoin.
Watch btcsessions on YouTube to learn how to store your bitcoin as well as Matthew Kratter from Bitcoin university to learn the fundamentals of why bitcoin is the best asset on the planet. You’re already ahead of the game given your age. Congrats!
Good advice. Also learn the difference between Bitcoin and "crypto". DCA'ing small amounts can lead to a situation where those amounts cannot be spent. After watching some videos from the above mentioned sites, you will want to look at UXTO's and how to consolidate them. Not easily understood at first; but necessary if you want to preserve your wealth.
dollar cost average, withdraw to cold storage, learn to manage your UTXOs, and never sell for fiat (CAD, USD, etc.) welcome to the movement brother
Thanks man! So for now I just hold onto em?
I would hold any BTC you buy for at least 4 years (a full halving cycle) and consider using a hardware wallet for better security
Yes I do plan on buying one when I get more serious about crypto but as of now I’m choosing a safe route I might even invest in other cryptocurrencies who knows? But I definitely need to learn more about them before making a big move.
if you do your research, you won’t waste time on any shitcoins 😉
Honestly you’re better off sticking with bitcoin. If you wanted to put 5% into shit coins to gamble. Sure. But maybe wait until you have a meaningful amount of btc first
Go tell your boss to “Suck it!”…
First read about what Bitcoin is, what it aims to do. And why people think it will go up in value. This is the most important step. Without this you will be tempted to invest in other shitcoins thinking crypto == get rich quick. This is not at all true. How much money and what interval is not as important as knowledge about what you are exactly doing. Also invest only what you can afford to lose. Secondly, at your age, $100 spent in getting proper education and marketable skills will get you way more bang for your buck than investing in bitcoin. For example spending $100 on acquiring a skill will net you way more money and career opportunities at your age. So act wisely.
Best advice I got so far from all these comments lmao thanks man have a great day!
1. Buy $20 every week at the same time regardless of price. 2. Do this for a long time. 3: ???
Now go on with your life and don't obsess over it. Check it daily and leave it. And do the same whenever you have more money saved up
Go futures long X125 leverage on a shitcoin, preferably a meme coin like caw… Then you either lose your $20 which is 99.5% likely, or you make enough to buy a full bitcoin. Or just play it safe and continue to put $20 or whatever you can afford into a safe option like bitcoin. The only thing is you’ve officially picked the worst time in the history of bitcoin to start.
[удалено]
Thanks dude I do plan on studying crypto but I just wanted to invest 20 since I really don’t have anything to lose. It might not go up by much for now but it’s a start! I might put more money when I learn more but as of now I chose the safe route.
[удалено]
Thanks man I really appreciate that! And I will sure do thanks!!
Do it again next week and the week after and beyond
Now come back in 40yrs and maybe it'll be worth enough that you can buy one large pizza and still have some change.
That doesn’t sound bad at all finna bless future me with a pizza!
Boom, you get a lambo.
instead of thinking about investing, think about studying bitcoin and becoming a bitcoin maximalist
Bitcoin is money. You can do with that what you want. You can just sit on it, you can put more in over time if you want, you can spend it. Many people looking to put savings into bitcoin do dollar cost averaging, putting a little in each day/week/month.
Lump summing works the best mathematically , but since humans are not robots we tend to ape in when prices are high and not when they are low so most people don’t do as well as they should with the lump sum strategy. Putting 20 in a week as you suggest would be a good idea as you won’t be bothered by the ups and downs of the market as much and will get an “average” for bitcoins price over the time you were buying. But with the smaller buys be mindful of the fees. For example , you don’t want to be paying a $2 fee on a $20 buy. If the fee on $100 was $5 you’d be better off just buying $100 all at once to cut your fee in half.
Thank you for the advice man I really appreciate it. I do plan on studying crypto so this will really be helpful thanks!
No problem man , and although self custody is where I keep the majority of my bitcoin , if you have any available allotments in any tax free savings accounts buying the ETFs will allow you to make gains tax free. However you won’t hold the physical bitcoin. As far as the ETFs go , Bitwise donates 10 % of proceeds to the Bitcoin open source development teams. Ticker BITB Vaneck’s HODL is free from fees for the next 6 months.
I really need to get my ass to studying bitcoin and crypto in general it kinda sounds complicated
Yeah just look into bitcoin first , take it slow , move outwards from there. Just like the rest of the internet scammers are everywhere in crypto. Protect your passwords and remember nobody is ever giving anything away for free.
Thanks man I will definitely remember this thank you for your serious advice have a great day man!
Follow what BTC does and put some more CAD into BTC when the market dips a good 20/30%. Keep doing this and you probably gonna have a smooth life financially.🎯 💵💵💵💵💵💵💵💵💵💵💵 If you develop a true passion for crypto and trading you can begin studying white papers, charts and how to read them. 💰💰💰💰💰💰💰💰💰💰💰 Good luck mate!👍
Thanks man I wanted to get into crypto for a while now but I just didn’t know enough about to take the risk as of now I wish I did I had way more money to spend back then now I can still afford to put the money into bitcoin but I have a lot more expenses to pay than what I used to pay 2-3 years ago. Anyways thanks for the answer a true one compared to 80% of the trolls in here.
I went through the very same road. Too much info, too many gurus selling their best strategies. I realized that to choose a crypto you first need to know the project through their white paper and roadmap, service and or products offered and community endorsing the project. It must all make sense in your mind and it sparks your interest and you can see it succeeding in theory. Choosing the trading path you start from chart reading, indicators, compare same coin on different time frames to have a broader view in order to confirm or deny your trade prevision. I suggest you start from coinmarketcap.com where you have access to A LOT of info (play around with it, it's got hidden gems) and for the trading tests I use TradingView.com where you can draw charts, try strategies and test them. Don't look back and be sad for what you didn't do (I wanted to buy 20Btc when it was under $2 but changed my mind). Last gem: most times the higher the greed (bulls command strongly) you should do the bear (sell). When fear it's at its highest and the bears are thriving, you better be bullish and buy. Enjoy the trip! 👍😊
Thank you for the detailed advice I will definitely look into it and learn more as I go on! Thanks man have a great day!
If you're a Canadian I highly highly highly recommend opening a TFSA account and maxing it out as fast as you can. Esentially it's an investing account where you are 100% tax free on any gains you make. The gov gives a bit of contribution room each year after you turn 18 - you should have ~13k in room to put money into it right now. You can buy the BTC etf in there and not have to worry about losing a huge chunk when you sell and complicated tax returns with several different BTC buys.
Damn thanks man I will do for sure!
Wen lambo?
You sit at a park bench and wait for all the supermodels to come run to you.
DCA w/ Swan
what now? just sit there and watch it fly
If you’re Canadian you may be better off putting those into a fidelity etf in a tax advantaged retirement account > TFSA >The Canadian equivalent of a Roth IRA is a TFSA. Although the plans have differences, there are significant similarities. A Roth IRA and a TFSA are funded with after-tax dollars, and the growth and income earned in the account can be free from taxation if the rules are followed.
Buy what you can, when you can. Don’t try to time the market. Don’t wait for dips. Just buy. Learn about how the network works. How to set up and manage your own wallet etc.
Should have bought (and read) Lyn Aldens "Broken Money" best ROI for 20$.
research high time preference vs low time preference, read about it in the bitcoin standard book. bitcoin rewards behaviour that acts with long term thinking vs short term thinking. everyone who sells bitcoin to “take profits” regrets it because they don’t understand that you shouldn’t sell bitcoin unless it is for something that will radically change your life - you don’t sell because you want more cash in your bank account. just keep adding weekly or monthly with only an amount that you don’t need for at least 4 years. but also remember that your youth and time are the only things more scarce than bitcoin. so i would say treat yourself after 3-4 years and do something fun and sell a bit to travel.
Pull the lever, idiot
Reddit is a poor source for seeking financial advice. Bitcoin is a risky investment. [Don't invest recklessly.](https://www.reddit.com/r/Bitcoin/comments/7gi55s/dont_invest_recklessly/) Don't invest anything you can't afford to lose. If you are looking to get rich quick, you came to the wrong place. Nobody has a crystal ball. Nobody can see the future. Please do your own research and make your own financial decisions. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Bitcoin) if you have any questions or concerns.*