I have 80% of my net worth in crypto, but that is mostly because the original 20% has grown so much that it now dwarfs my other investments. --RooshV Forum member.
Note: This is not investment advice. How do we know it's not investment advice? Because you're a smart person, right? And smart people don't take investment advice from guys named after 75-year old boats on message boards about banging sluts. If bitcoin crashes and you lose all your money and send me an angry PM, I will laugh at you. (Through tears, since I'll have lost a lot of money too.)
So you want to invest in Bitcoin
Smart guy. You've been reading the threads, or at least hearing the general talk, about how this particular investment is generating absolutely crazy returns. And the real market rise is yet to come: countries like Japan and South Korea have been making it legal. More and more interest is pouring in every day. I was talking with a division manager at a major payment processing company last week and asked him for his thoughts on Bitcoin, and he told me it hasn't even begun to reach the general public's consciousness yet. I'm not going to go too much into whether or not you should buy bitcoin, because this guide assumes that you want to. If not, close the guide and go look at the funny animals thread.
There is now an entire parallel stock market that has grown up around bitcoin and its countless competitors, and it's not unusual for some of the "stocks" in it to see absolutely insane returns that dwarf bitcoin, sometimes even 100x or greater. But that's a dicey proposition, the learning curve is steep, and there's lots of ways to just lose all your money. (Literally ALL your money, if you get involved with margin trading.)
Let's say though, that you're a busy guy, you don't have a financial background, and you don't particularly want to deal with all that shit. You're also a little skeptical about this whole thing: what if the government outlaws it tomorrow? What if the whole thing comes crashing down like the dot-com bubble?
If you're interested, but concerned, there's a smart investment strategy for you called (D)ollar ©ost Averaging, or DACing. It sounds complicated, but it's quite simple. It just means that instead of putting in a big lump sum of money now, every month or week you purchase a little bitcoin. If the price is up, yay! Your investment is worth more! If the price is down, yay! You got more bitcoin! Whichever way it goes, you win, as long as the long term price of the asset increases. (And you think it probably will, otherwise you wouldn't be reading this guide.)
I will now show you a simple, automated, set-and-forget way to buy bitcoins weekly or monthly. You will not be doing trading or transfers. The site you will do it on is FDIC insured, so even if there is some kind of hack on the site, your money will be reimbursed the same way it would be at a bank.
Two caveats before we begin:
1.) If you google Dollar Cost Averaging you'll find a bunch of articles about why it's a bad strategy. These links were written for the stock market, not cryptos. If anyone is seriously interested in why I recommend DACing over a lump investment, PM me or post below and I'll write it out,
2.) The site I'm recommending, Coinbase, has a bad reputation among traders due to slightly higher fees and a tendancy to go offline during periods of high volatility. While I've got my own frustrations with it, neither of these are serious concerns for DACers, who'll just be doing 4 buys a month and forgetting about it.
Step 1
Go to coinbase.com and set up an account. This is a bitcoin exchange, like a stock exchange, and you can use it to turn money into bitcoin, and bitcoin into money, at any time you want. This is what you'll use to buy your bitcoin, and when you want to take it out, It is FDIC insured and has a long history and a solid track record. The account you set up here will handle MONEY, so treat it properly: secure passwords, two-factor authentication if you use it. They'll ask for ID, etc. Give it to them. Link your bank account to it. (Like I said, it's FDIC insured, so the risk of losing your money in a hack is no higher than any standard bank of stock exchange.)
Step 2
Set up a recurring transaction for some amount of money. I do weekly 150$. You do what fits your budget. 100$? 1000$? Skip that 5$ latte you get 3 times a week, and do 15$? Up to you.
It's under tools on the dashboard. Here's a jpeg of where to find it.
![[Image: Step1.png]](https://preview.ibb.co/kAC5fQ/Step1.png)
Then click on recurring transactions on the menu that appears. Set one up, it's pretty self-explanatory.
Step 3
Now, every week or month, the money will be automatically debited from your bank account into your crypto account. You don't have to think about it or authorize it, though you will get email notifications.
You can check your coinbase account with an app or the website itself. If at any point you decide you want to take some money out, or stop doing this, cancel the transaction.
If you're interested in getting a little more serious, I would invite you to join the Ethereum and Bitcoin threads in the lifestyle section, but even if you're not, welcome to the world of Bitcoin and Cryptocurrency!
Note: This is not investment advice. How do we know it's not investment advice? Because you're a smart person, right? And smart people don't take investment advice from guys named after 75-year old boats on message boards about banging sluts. If bitcoin crashes and you lose all your money and send me an angry PM, I will laugh at you. (Through tears, since I'll have lost a lot of money too.)
So you want to invest in Bitcoin
Smart guy. You've been reading the threads, or at least hearing the general talk, about how this particular investment is generating absolutely crazy returns. And the real market rise is yet to come: countries like Japan and South Korea have been making it legal. More and more interest is pouring in every day. I was talking with a division manager at a major payment processing company last week and asked him for his thoughts on Bitcoin, and he told me it hasn't even begun to reach the general public's consciousness yet. I'm not going to go too much into whether or not you should buy bitcoin, because this guide assumes that you want to. If not, close the guide and go look at the funny animals thread.
There is now an entire parallel stock market that has grown up around bitcoin and its countless competitors, and it's not unusual for some of the "stocks" in it to see absolutely insane returns that dwarf bitcoin, sometimes even 100x or greater. But that's a dicey proposition, the learning curve is steep, and there's lots of ways to just lose all your money. (Literally ALL your money, if you get involved with margin trading.)
Let's say though, that you're a busy guy, you don't have a financial background, and you don't particularly want to deal with all that shit. You're also a little skeptical about this whole thing: what if the government outlaws it tomorrow? What if the whole thing comes crashing down like the dot-com bubble?
If you're interested, but concerned, there's a smart investment strategy for you called (D)ollar ©ost Averaging, or DACing. It sounds complicated, but it's quite simple. It just means that instead of putting in a big lump sum of money now, every month or week you purchase a little bitcoin. If the price is up, yay! Your investment is worth more! If the price is down, yay! You got more bitcoin! Whichever way it goes, you win, as long as the long term price of the asset increases. (And you think it probably will, otherwise you wouldn't be reading this guide.)
I will now show you a simple, automated, set-and-forget way to buy bitcoins weekly or monthly. You will not be doing trading or transfers. The site you will do it on is FDIC insured, so even if there is some kind of hack on the site, your money will be reimbursed the same way it would be at a bank.
Two caveats before we begin:
1.) If you google Dollar Cost Averaging you'll find a bunch of articles about why it's a bad strategy. These links were written for the stock market, not cryptos. If anyone is seriously interested in why I recommend DACing over a lump investment, PM me or post below and I'll write it out,
2.) The site I'm recommending, Coinbase, has a bad reputation among traders due to slightly higher fees and a tendancy to go offline during periods of high volatility. While I've got my own frustrations with it, neither of these are serious concerns for DACers, who'll just be doing 4 buys a month and forgetting about it.
Step 1
Go to coinbase.com and set up an account. This is a bitcoin exchange, like a stock exchange, and you can use it to turn money into bitcoin, and bitcoin into money, at any time you want. This is what you'll use to buy your bitcoin, and when you want to take it out, It is FDIC insured and has a long history and a solid track record. The account you set up here will handle MONEY, so treat it properly: secure passwords, two-factor authentication if you use it. They'll ask for ID, etc. Give it to them. Link your bank account to it. (Like I said, it's FDIC insured, so the risk of losing your money in a hack is no higher than any standard bank of stock exchange.)
Step 2
Set up a recurring transaction for some amount of money. I do weekly 150$. You do what fits your budget. 100$? 1000$? Skip that 5$ latte you get 3 times a week, and do 15$? Up to you.
It's under tools on the dashboard. Here's a jpeg of where to find it.
Then click on recurring transactions on the menu that appears. Set one up, it's pretty self-explanatory.
Step 3
Now, every week or month, the money will be automatically debited from your bank account into your crypto account. You don't have to think about it or authorize it, though you will get email notifications.
You can check your coinbase account with an app or the website itself. If at any point you decide you want to take some money out, or stop doing this, cancel the transaction.
If you're interested in getting a little more serious, I would invite you to join the Ethereum and Bitcoin threads in the lifestyle section, but even if you're not, welcome to the world of Bitcoin and Cryptocurrency!
