To all the legends that already managed to accumulate 1 full BTC or more:
What is your number one key lesson? What advice could you give someone like me who is grinding hard to fill that btc?
Discussion
if I had accumulated 1BTC I would advise anyone trying, to be steady and regular with your buys. set it and forget it. emotion will defeat you in terms of leverage or panic.
Never try to time the market. Be humble stack sats, set it and forget it.
So i do a huge portion of my investment via dca every teo weeks. But i have also set aside some fiat to buy dips if they occur.
Shouldn’t i do that? Rather dca only with full amount?
I do both. DCA and set some amount for larger dips. Let's say I have 100$ to invest, I do 80$ DCA and 20$ for larger dips. I don't want to time the market but if there is a big dip, I want to have some fire power to buy more during this opportunity.
Oh that's not really what I meant.
To make it quick, never sell what you bought, even if you feel you could win at that game and stack even more bitcoin by timing the market right. Chances are you'll end up rekt.
As for your DCA, idk if there really is a better way. From everything I've seen, DCAing in a daily, weekly or even biweekly bases gives results that are very similar. As long as you do it by regularly that's all that matters.
And I have a dip stash too 😉
Thanks for clarifying 🙏
I never sold one satoshi except for network fees 😅
What i did sell was a few altcoins that just flipped back into positive for me. Sold abd will buy btc with it.
For me it's the mindset. I can deal better with 'set it and forget it' then feeling like I have to check the price every minute to not 'miss the dip'.
Yeah that’s a struggle i have sometimes =/
Using limit orders helps a bit but then there is still the thinking: what if it does nit drop that low? 🤔
Never have the weakness to try and gamble or time the market for a quick buck, especially when the bull market will start again.
Chances are you'll loose half your stash and feel absolutely miserable.
So don’t wait for drops? Invest everything as soon as it’s available?
You only need 223k sats today for your slice of the bitcoin supply.
Anymore than that is a bonus.
Few.
That’s true. Thank you for removing me 🙏😌
But accumulate one full btc might me a task that will not be possible for a long time 😅
trying to get a whole coin is a bit fiat minded.
any bitcoin > no bitcoin
you’ve already won 🤙🏽
stay humble, zap sats😆
Uh i like that aspect 🙏
Yes, i think it is mainly for cosmetic reasons .. the urge to complete that 1 full btc 😅
But still it motivates me atm 💪
£47/£48 - for 234k sats. Why wouldn’t anybody risk it?
took me 2 years to chill out over stack anxiety 🤙🏽😊
Earn it the old fashioned way - by reincarnating into a wealthy family 😁 On a more serious note - either learn a profitable skill or rob someone. Jk, learning skills is boring. The main thing is don’t shitcoin and at times when you open your portfolio more than 10 times a day think of DCA out into other assets until better buying opportunities.
this is it?
Thanks mate 🙏 appreciated and followed 🤙
Do you guys also save fiat or btc only? 🤔
I personally only keep enough fiat to live comfortably for a year (unless I am offloading near the top of the bull market). But that depends on your current situation, if you don't have people dependent on you and don't need to worry about where to live and what to eat you can practically be 99.9% in BTC.
1. Don’t leverage
2. Keep doing DCA even if it’s a small amount
3. Consistency is key
4. Stay humble
I second that. Sound advice.
This was probably the best advise. Although if your single and young. Sell everything, but Bitcoin. Hodl through the struggle. Years from now you'll be grateful.
I want to have kids soon 😅
Then my plans not for you. 🙂
Thanks anyway 😅🙏
I am so happy to see so many opinions on this
Buy (not mortgage) a home even if it's a small home and it's piece of crap. It'll be yours and your family will have a place to go. But if the property value goes up if they sell it and get a better home.
Owning property of any sort is so valuable, and it’s completely out of reach for most younger people these days because they’ve lost their way.
A return to traditional values is so necessary, but we’re too busy figuring out our gender and what to be angry at, that we can’t open our eyes to how rewarding and beautiful life can be…
To be honest, i don’t feel like i want to own a home. Their is lot of duty involved. I like the idea of digital property better as it gives me more freedom and peace of mind 😌
I don’t mind renting. In fact i see it as a way to buy freedom in a specific way.
But i totally get that owning a home for many ppl is a great thing to achieve. Especially if you are a handyman and love to take care of everything. I am not unfortunately 😅
I agree with #[6]
renting is liberating. You aren't tied to a property. Property tax is still theft. The bank will still look to grab your home if you have an account with them. It happened during the housing bust, people who were up to date on their bills were evicted from homes they owned outright.
I've lived both ways.
Renting was hands down worse. While I rented I was subject to the landlord. Does he raise the rent. Does he evict me if I fail to pay? A few times I paid and they still sent me a notice. So much stress for a young father.
Is owning perfect? Of course not. There's still State organizations to deal with. Nevertheless, owning is what allows me the freedom to invest in anything.
To be fair, your mileage may vary.
🙏🫡 leverage is nothing i consider. I considered doing altcoins with small amount to buy then more bitcoin later but this did not resolve well in the current bear market 😅
Been there, done that. Leave it and just find new side hustles to mine some fiat and convert them straight into Bitcoin without thinking “oh I’m gonna spend this on nice things”. Low time preference and focus on what that converted fiat can do in the long run.
You will make it! Stay humble
Yes, i learned that if you are patient, the redults will come.
Unfortunately i can not put every dollar earned with my sidehustle into btc because it is an selfemployment thing and i alway need to have liquidity. Made that mistake in the beginning and then came government asking for taxes 😅
For sure! But it’s just good to learn some new skills (something everybody can do with internet,..) and try to make some money of it.
You grow yourself and you grow your stack. Double win
And zap
5. Self custody
Absolutely
Uh yes! I am greatful that this was one of the first things i learned 🙏
As soon as i buy btc it goes directly to my cold storage. No matter the network fee / mempool activity 💪
Safe is safe 🫡
And ideally all accumulated peer-to-peer, not via KYC'd exchanges, if possible...
Unfortunately not yet 😅
Not in that phase yet! But want to learn more about it
Try out Peach. Simple to use app on TestFlight, works like a charm. P2P stacking
Bisq is my preferred method.
Consistency never stop. Make a plan and stick with it
Try to keep the emotions out of it. Especially the feeling of desperately wanting to get to a certain number of coin. Having a strong will to work hard is constructive but watch out for the emotional exasperation and feeling of inadequacy. Slow steady purchases, even tiny ones, all go to building a stack. If you have no cash maybe even do reviews for heyapollo, read articles on bitcoin magazine app and get paid for listening to podcasts on fountain. It's small $ in sats now but if there's one thing I've learnt it's that each and every sat is, and will be in future, important.
Thank you 🙏
Before i discovered nostr i didn’t even now about these opportunities 😅
Now i am doing all of it daily 💪
Use faucets, read BitcoinMagazine, listen fountain and even play some games for sats 😅
Also i value esch sat even more since then. It is very satisfying to watch the sats stack grow every day 😌
And i have to admit, being active on nostr is also a helpful thing as nostriches go out of their way to zap your ass of 😅🙏💜
Exactly, I see nostr protocol as a place that is going to develop almost like a country. Economies will develop and a societies will develop. Bitcoiners making it work.😎
Little pieces add up. .001btc = $25 per purchase , 10 of those buys is A TENTH of a btc!
Now do that 10 times.
Enjoy your life while doing it.
oops - 10 of those buys is 100th of a btc. (Too little coffe this AM)
Do it 100 times.
Just buy small chunks as you can and keep stacking them , in your custody. It adds up quicker than you think.
Maybe i need to change the settings to show in sats rather than in btc 🫶
yes - husky zapped for 100.
And followed.
Thank you mate 🙏
100 sats nearer 💜
And after you get to .01 or .02 in your lightning wallet, sweep the whole thing into cold storage.
And make sure you know how to restore whatever lightning wallet you are using. Just in case.
Yes. I mainly use WoS but found a nice way to bring sats back on chain via Muun wallet, which is also non custodial 😌
Thank you for that…
I’ve accumulated a lot of lightning sats and wanted to find an on/off ramp back to on-chain custody. Downloaded Muun wallet
🧐how? I have Muun..
Just send from WoS to Muun. Muun stores onchain. You can send to your cold wallet directly from the muun app.
ok - but make sure you have your Muun backed up, make sure you have restored it once and know, for sure, how to get it back up. This requires practice, atleast one time. Consider using a hardware wallet for cold storage down the road.
This is the way! I use muun and WOS also
it is the way 🙌
😅 that would be great 💪
But still, very helpful thoughts, thank you mate 🙏💜
Never get lured by websites or exchanges that offer you yield in exchange for holding your bitcoin, like FTX.
Uh boy, learned that kind of the hard way 😅
Not FTX but blockfi. Fortunately i had only 100 bucks in usdc there. But still, lesson learned. That was planned to buy btc with 😔
Yeah, kinda reverses the whole point of bitcoin.
But wait for the next run, all that crazy stuff will return double & triple time. 20% monthly yield paid buy the next sucker in line, jpgs with a price tag, people tattooing rug pulls on their arms etc etc
It’s hard to stay away from all of that when you start your crypto journey
Have a friend who I had to convince not to commit suicide because he lost over 100 BTC on FTX…
We argued about this for months… But he maintained he was earning 9% interest…
🥲
100 btc, Jesus Christ. I think I have no imagination of how much money has actually been stolen from people.
OMG 😳 that is hard. 100 btc 🤯
I can’t imagine how this feels.
But still. Lifetime is the only thing more precious than btc. I have to remind myself every day of that.
Hope he is doing better today. Guess it takes some time to recover mentally from that 🙏
He is spending a few months in Thailand… but has no idea how he’ll recover. He understands, there is no recourse or way to get it back, and losing $2M is rough…
He still has his family, and his kids keep him from making any impulsive bad choices.
He won’t come back from that so easily. Will take some time. That whole ftx thing opened my eyes for the reason why governments would want to regulate crypto, makes it more easy for them to steal from us.
The greed is strong with us, or our insecurities? Can’t decide which.
I wouldn’t attribute it to greed.
Collecting interest is standard practice in legacy banking.
Banks loan your money out, it’s the lifeblood of their industry.
However, Bitcoin is not regulated in the same way and there are bad players in this space, some with good intentions, but cannot weather the volatility.
I think greed. As most ppl coming for crypto are seeking becoming rich fast. Thats why altcoins are so attractive for many too
Most are just so ignorant and caught up in their fiat/brainwashed ways that they can’t fathom the concept that something better exists. Nevermind that it’s taking over the world one currency collapse at a time.
been at it for 2-3 years. Finally got a few btc. Hardest few years of my life, honestly. Do use leverage as we have seen. Met a few people at the BTC conference in Miami last year that had more btc but it on leverage in nexo, celcius, etc...Ive always owned my own and self, multisig custody. Now, most of them are wiped out and Im still stacking. Think of it as moving/saving wealth through space and time. I look at it as im sending future value to myself to access in 10-15 years. I wont sell it, ill borrow against it. So the price moving up and down doesnt mean much. So if btc was 100k right now I wouldnt do anything until I have enough to use.
The hardest part is holding on and knowing what you own and why you own it. It will be interesting to see how many of the HODLers really hold after this cycle and when its >100K +, it is very tempting to sell some and buy the nice car, vacation, etc.... The best piece of advice I have heard was from Yellowstone on Paramount. Jessie tried to convince his dad, Kevin Coster, to sell some of the land to use as leverage and he responded so eloquently, "Knowing that if you had all the money in the world, this (his land) is what you would buy, that's leverage." He understands what he owns.
Thanks mate. Deep thinking 🤔
I don’t know yet if i would be immun to realize some profits when it goes up high. But if i did i definitely wouldn’t buy luxury but buy more btc when it corrected 😅
Increase you’re skills so you can earn more. This is a marathon not a sprint.
I am at it, thank you 🙏💜
Aaaaand followed 🤙
Make sure you keep some fun money in your budget too for your hobby. If you’re throwing ALL your free cash flows at btc, you’ll burn yourself out.
100%. Gotta make sure you don’t burn out your significant other too.
Oh yes. Thats what i think a lot about. She undestands btc but is not accumulating that much
How long are you planning to hold? Make sure to treat yourself and your lady when the price is up. But don’t go crazy. It’s hard to get it back!
Stack every payday even if small amount it adds up over time 💪
Yes sir 🫡 DCA already set on automatioon 😅
It’s always thoughts like „if it goes up it will become harder and harder“
Live your live and put your savings into btc. Don't try to rush it. It will all grow as you get older, it isn't a race like with fiat where you need to fight against inflation. It's about preserving value.
This is some good advice 🙏💜 Thank you. Yes the fiat game really fucks up our minds …
