Buying Crypto In Small Chunks Starts To Add Up
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Please excuse me if this is old news for you! The fact that I'm writing this article on a crypto based social media site like Steemit might not seem like the best use of space, but there is a method to my madness...
One of the new training videos I have planned for my students and members at Bitcoin Bully is to teach them that they don't need to buy a 'full bitcoin' to get into the game.
Again, this may seem like common knowledge for many of you that are experienced in this industry but a huge chunk of people new to crypto have the notion that they simply cannot afford to 'buy' a Bitcoin. As I'm doing this article the current price of one BTC is roughly $8400. So you can see their dilemma..
They want in, but can't bring themselves to buy a full coin!
Here's the brilliant thing about the majority of the crypto out there, you can actually buy a fraction of a coin instead of the whole enchilada.
What I have done for months now is dollar cost average my purchases and bought small chunks of bitcoins, litecoins and others to my portfolio.
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(Example of the Dollar Cost Averaging training inside of BitcoinBully)
A really good example of this is the May HODL challenge where I simply purchased $100 worth of a bitcoin, which ended up being 0.011 BTC. The fractions can get tricky to remember and when 'satoshis' come into play I can see the gloss go over your eyes right now.
Thankfully, a lot of the exchanges that allow you to bring fiat into the crypto space allow you to easily purchase 'chunks' of a coin at a time. So this is great news for new people interested in crypto investing....You can start small, and add a piece here and a chunk there....Over time, your portfolio will start to grow!
But here's the big point to my post....
And this is where it turns from general information into full out excitement!
Because I'm not very smart, I like things that are...Simple.
And my 'investment' plan is to dollar cost average like I mentioned above. Every week, I bring the same amount of fiat into my portfolio. And because I've been doing this since last year, I'm starting to see some fantastic results.
And not for what it's worth in fiat either...
Even though I may have lost on some coins, the purpose for my investing in crypto in 2018 is to - Accumulate coins!
Wait a minute?
You don't wanna make money from your investments?
Sure I do...But I'm more interested in getting as many coins as I can this year and seeing where I'm at this time, next year. I've got this crazy long term plan that seems foreign to a lot of professional investors and that's ok...I like slow and steady. I like thinking long term. And I LOVE the entire concept of the blockchain and cryptocurrency in general.
Here's a tweet that highlights exactly why I wanna accumulate coins in 2018...
A revolution!
And that...Is exciting :)
So I urge you...Think about building your portfolio in crypto for the long term!
We can add coins to our portfolios over time and slowly build it up. You don't need to mortgage the farm to get into the game and you should NEVER spend more than you can afford to lose.
Want to have an action step to wrap it all up?
You don't even need to spend a dime to start building your portfolio today!
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Look up to the right of this blog post and find this....
Start creating awesome content and engaging right here on Steemit! Every day you can start adding a Steem token to your wallet. Some STEEM power here and there. Maybe a few SBD's along the way as well...I'm blown away at the tokens I'm accumulating right here, just by doing something I love...Creating content and engaging daily!
Slow and steady, here a coin, there a coin...And after a while, the future begin to look very bright!
Hi Jon
I could not agree more. Awesome post
Since joining Bitcoin Bully to start my Crypto journey, slow and steady has been the mantra.
Getting to know the ins and outs of the digital currency world at my own pace, slow :), has really helped my to gain confidence.
I truly believe that the "good things come to those who wait" philosophy will pay off in the long run with crypto currency.
Thanks again Jon for yet another fantastic post on the subject, and for the email that brought me here today :)
Awesome to her that sir! Yeah man, the big thing is to learn 'now' so that we are better positioned when the masses come..and they will be coming shortly :) Glad to hear you are getting value from the site and these blog posts!
Glad to see you here Kevin!
I got your email stating to check out your new blog post. I wish I would've just kept doing faucets and other tasks when I first found out about crypto. I first found out about bitcoin when it was $3,000USD. My wife wasn't a believer so we didn't invest. Oh well, there is still potential for my future in crypto.I'll be keeping my eye out to learn from you. This post is a little behind the times but I know you have more.
Oh i hear you man...I started mining them a few years ago....sold them all and got out....at like $500 each lol . Oooops.
Howdy Jon, I have been working on building my Crypto currency selection in several different forms... I am mining with a paid amount, mining for free, using faucets, creating content, and buying during a falling market.
My personal opinion on Crypto was a little (some would say a lot conservative.) At one point I was concerned about acceptance from governments... for me investing in something that was not accepted I was concerned. Now that time has passed so I am much more in tune to investing. Of course, investing in the Stock Market is not a guarantee, neither are bonds (which I lost $25K in years ago!). Now many currencies are fiat currencies... so why not do crypto... it has the same risk values. :)
If you look at this on the long term investment it makes sense now! There are risks in many investments... this is no different. So I am sitting and accumulating my Crypto currency each day! :)
As alway a great article! These are my opinions and not necessarily the opinions of an investor or my spouse! :)
Appreciate you sharing this with us Paul. Yeah man there are no guarantees for sure. But for me, this seems like what business was meant to adopt. Especially online. So I have a big vested interest in it for sure :)
Yes, Jon I still read your emails (every one). You always make me smile when you say you're not very smart because you could buy and sell me before I got out of bed. A case in point is Crypto itself. We both saw the rise of Bitcoin - hell, I can remember when I thought it was a scam selling at $6. You embraced it, tested it and learnt it. I, on the other hand sniffed it, prodded it and thought about it. Even this platform I joined months before getting an email from you proclaiming its virtues and had done NOTHING with it. If it weren't for your urging I still would have done nothing. Cheers. (and that blog post is still curdling away n the recesses of my mind somewhere)
LOL Thank you sir. Appreciate the kind words very much. I wish I didn't make some of those mistakes that I did when my company was first introduced to crypto.Lesson learned though, I'm in this for the long run whether it rockets to the moon or crashes a few times on the way LOL
Hey Jon I got your email and I hear you on a little Bitcoin here and there it does add up over time the same with Lite Coin and Ethereum. And there are some good Alt Coins out there too I do own a few of those also but only the ones that I see the big institutions putting money into that is usually a good sign that you should pay attention to those Alt Coins they are putting money into.
Awesome thanks for the comments :) . Oh for sure...It's all being set up and positioned for big money to get dumped into this space real soon...I hope so at least :)
It's amazing, isn't it? I've got a little tucked here and a little tucked there and I've actually accumulated something. It's not much, but compared to my fiat accumulation it's pretty exciting.
Like you, I have some of the 'lesser known' coins, and if one of them 'goes to the moon' I have a hard and fast plan for them. Otherwise I'm willing to bet on steady accumulation and inflation. Means I'm collecting, not trading :)
Thanks Jon, for a great post.
Collecting not trading!
Absolutely man...That's the mindset I think everyone should have if they are thinking long term. Sure the day traders and stuff wanna turn a profit quickly and that's fine....I just wanna see where this stuff gets to in a few years from now.
And obviously...I'm rooting for STEEM ;)
Hey Jon i thoroughly enjoyed this post and I am only using what I have already accumulated with fawcetts and the mining. i will be doing some posting for myself soon in fact I am looking forward to it. I like the hodl pattern that you suggest as well
For sure. That's the slow and steady approach and what I did as well. Thanks so much for commenting nd taking part in this post. I appreciate it very much!
I have been a late comer to the crypto game but every time I read a post or article like this one I feel like I better get off my butt and start investing. I think this article is just what I needed to read. Thanks for the email Jon and I look forward to learning more at Bitcoin Bully!
Awesome to hear it sir! And thanks very much for the comments. Awesome to have you on board and looking forward in sharing the journey together!
Hi Jon, Great post about accumulating coins/wealth/assets. Well known billionaire, Warren Buffett, is known for his buy-and-hold (HODL) strategy in building Berkshire Hathaway. If this strategy is good enough for a billionaire like Warren Buffett, it should be for us as well.
I opened and read your email. So I arrived here via the link in your email.
Awesome to hear man, thanks for letting me know. I'll be doing the SBD give away in about an hour on my live stream :)
Hi Jon!
Your posts are always a delight to read!
Your plan is excellent! Someone could argue of course that, deep down, it's just an old and proven method that it has worked for countless generations. "Savings"! :)
Aesop has said it before thousands of years, in his "The Ant and the Grasshopper" fable! - Save for a rainy day!
LOL Thank you sir. Yeah nothing revolutionary about this stuff, just need to execute it and tay the course....Much easier said than done!