Join 76,343 users and earn money for participation
read.cash is a platform where you could earn money (total earned by users so far: $ 543,668.92).
You could get tips for writing articles and comments, which are paid in Bitcoin Cash (BCH) cryptocurrency,
which can be spent on the Internet or converted to your local money.
Takes one minute, no documents required
Dollar Cost Averaging - The Most Underrated Approach to Investing
Dollar cost averaging, not the most sexy thing you will read on here today probably but it could be the most powerful thing you read IF you apply it.
Dollar cost averaging is an easy method to explain, but a very hard method to pull off. Human nature is built on survival so you can bet when you see your asset depreciate it feels like an overly emotional experience, it goes very much against our built-in human survival nature.
A lot of people will discover Bitcoin during a bull run, they end up buying on emotion as it is very easy to feel FOMO in this environment. A lot of people end up throwing in a good percentage of their life savings, only to see this drop by say 50% over a couple of months and if they bought on emotion not really understanding this technology there is a good chance they will sell, take their losses and leave this space. That is not what we want, that is not how we grow the BCH ecosystem.
Timing the Market
Nobody can time the market. Go back and read that again, "NOBODY CAN TIME THE MARKET". So lets not even bother trying.
It is not timing the market you need to worry about, it is time in the market we should be concerned about!
When you find something you believe in, commit to that over the long term. Never stop educating yourself, and remind yourself of what drew you to this in the first place.
Embrace the Dips
When you accept that timing the market is impossible and you switch your focus on where this will be over 10 years say, as opposed to one year everything becomes better.
Emotion is removed and when you see that the day you buy your Sats they are 20% off, rather than question why you are doing this embrace the fact you are getting a discount!
Even when the market is way down, do not be tempted to buy a day or so early and hope you get it at a better price than if you had waited until the day you have committed to buying previously.
E.g. Every second Friday of the month you buy a set amount of BCH, from the same exchange, ideally for the lowest fees possible.
Here is what I am currently averaging in with every two weeks, it is not a lot of money by any stretch of the imagination but it is an amount I got comfortable with.
I overextended myself before, lost my job and then had to sell my BCH to survive. I do not want to EVER experience that again and so I am trying to remain disciplined with a small amount that I know I won't miss and will remove price swing emotions from.
Where to Buy
If you are new to this and don't really know where to start I have a couple of recommendations for you.
If you want to purchase BCH anonymously without it being associated to you, this is by far you're best option. There are sellers all over the World, what you will pay depends on the seller and the fees they charge.
Where I have started buying is through uphold.com, this is because they have no fees on either end of the transaction provided you use your mobile app. They do require KYC though so this all depends on where you sit with that.
There are multiple other options for buying that a simple web search will bring up, that is not the most important thing. The most important thing is that you start and that you start today!
I will finish with what I think is an important thing to note, the people who are buying every payday, every week or every two weeks. Whatever it may be are providing liquidity to the marketplace and that is massive for us.
The more of us that embrace the dollar cost averaging method in my opinion the better.