Master Don Juan
- May 19, 2002
- Reaction score
- Northern CALI USA
I've been pretty disciplined in buying some every 2 weeks or so, so basically I shouldn't care what the price is and just buy as it should increase overall in the future just like blue chip stocks so to speak right?Just setting up a daily, weekly or monthly automatic buy. Unless you want to watch the charts 24/7 and are confident in timing markets, it a great way to smooth out the volatility. If the price drops, you are picking up some at a lower price and lowering your average cost, if it goes up you have a position to participate in the upside. Most of the vets in the space would recommend this method for most people.
For Bitcoin, strike app is by far the cheapest way to auto buy. For everything else I use pretty much coinbase pro and kucoin, not positive you can set an auto buy on there though, maybe have to use regular coinbase for the auto where the fees are not the best. I do have an auto buy for bitcoin on strike that I just leave on, relatively small but overtime the compounded growth is powerful and would rather not sit in cash. I also have around 25% of my holdings sitting interest accounts that pay me in crypto, that comes out to a decent amount and am just leaving it in so in a way look that as Dollar cost averaging too. I've used a few platforms but am primarily using crypto.com where I get 6.5%.
The volatility in this industry, especially if new, can be hard to stomach. The best way to deal with that is educating yourself to develop conviction in your holdings. If you think there is a place for bitcoin and this industry in the future, everything is going much much higher. It will just take time. Once you have been in a few years your original cost is outside the volatility range the moves are easier to stomach. The best thing you could do is determine an amount weekly/monthly that you can afford to put in, set up an auto buy, and just leave it on and forget about it for a while. The important part is leaving it on when the market feels like it is going to zero, that is when the real multiples are made. Really educate yourself on this stuff though, it is important.
I've been buying them though my business, I guess worst case scenario I can write off the losses. I use venmo though so I can't really use the actual crypto for purchases its for investment purposes only.. I like it cause it makes it easy to buy/sell. You think I should use coinbase or strike instead? The service fees don't really bother me to be honest..
Interesting take.. isn't the appeal of these cryptos that they aren't government regulated though? I wonder how government regulation would affect them from an investment standpoint.. is it a good or bad thing?Truth is nobody knows wtf it is going to do because it's entire value model is derived from FOMO , until first world financial systems / governments agree bitcoin is a tangible asset you may as well be trading bottle caps
WEB3 is interesting , metaverse is interesting , NFT's are interesting, heck even decentralised ledgers are interesting
Bitcoin isn't , it was just first kid on the block and got a head start still so many people involved with it that don't have a fvcking clue what a blockchain is
When you understand the economics and real world applications of tokenisation you understand it's already too late for bitcoin to really be used for much other than " a store of value " which i am not really convinced about
I can sort of see ETH 2.0 working as a native layer within web 3 so it would make more sense to put your money there
The biggest question is will a gov or CB's be prepared to adopt ETH 2.0 in their own web3 applications or will they want their own token
I think i already know the answer unfortunately but time will tell
Metaverse is nuts.. I've started reading about NFTs lately.. that's basically like copyrighting internet shvit right? Videos, stories, etc...?