This is something I have been wanting to do for a long time but I always kept drawn to more speculative altcoins first totally neglecting this. The goal is simple, accumulate a total of 1 Bitcoin, buy a new ledger hardware wallet (or another brand to diversify risk there), move it there once I have it accumulated and just hold on 'forever' afterward.
How I will Accumulate
Over the years I have always focused on creating many different passive and active way to earn more crypto which for sure started to add up even during this bear market. I also have quite some 'moonshot' altcoin positions to potentially take profit from in case they would do well at some point which right now given the market conditions looks unlikely. I'm also a long-term profitable sports bettor with more ways around these days to actually use Crypto to bet. Unfortunately, there also have been multiple ways that I ended up losing some funds which was always going to be inevitable as I tend to spread things around as much as possible to have no central point of failure. Both Celsium and FTX has me taking a small-medium hit and I already wrote those assets off pretty much so if I would ever to get something back it would be a nice bonus.
BTC Expectations
I would be surprised not to See BTC go lower so part of the accumulation phase now will be to set lower buy order on Binance which might or might not be taken up. If anything it doesn't look like the bull will return for possibly a long time to come. In times like this, it's a matter of surviving and being able to cost-average more without the need to sell in order to pay for real-life costs. In that regard, I would say I'm in a pretty good position.
The best analysis I have seen is that of the RSI uptrend that gets broken followed by lower lows. That is pretty much what I expect.
Accumulation Progress
To start off with, I'm already 8.5% into completing my goal.
| BTC | Location | Screenshot |
|---|---|---|
| 0.050 BTC | Binance |  |
| 0.035 BTC | Trust Wallet |  |
I will likely get the 0.05 BTC off Binance just in case and put in in my own custody as the rumors are growing around them. I did set a buy order on Binance of another 0.01 BTC at 14100$ front running a potential drop what was the top
I'm in no rush and will be just chipping away at it from here on out only adding to my stack while never taking anything out. At the same time, I will continue to also accumulate other crypto assets and won't have just all my focus on BTC. I'm just increasing my focus on it compared to where it used to be.
Timeframe for Reaching 1 BTC Goal
I don't really have a timeframe, If I were to convert all my crypto earnings at their current rate it would take a bit over half a year. Also if I don't reach in case the bear market would end early with Bitcoin totally crushing Altcoins it will take a long time but that would also mean that my stack that was owning is pumping.
Previous posts
| Date | BTC Accumulated | % Complete |
|---|---|---|
| 12/12/2022 | 0.085 BTC | 8.5% |
Conclusion
I just continue to accumulate during this bear market and will put more focus in order to reach 1 more Bitcoin in self-custody. Having a series of posts keeping track of my progress for sure will help me stay focused on it and I will bring more of these posts going forward maybe every couple of months. I kind of also want to reach 32 ETH during this bear market and might also make a series around that or add it to this one.
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Posted Using LeoFinance Beta
Long-term my friend, this is likely to have a better outcome IMHO ...
Have you ever considered a DEX alternative to limit orders on Binance? Or any other CEX (I used Gemini for awhile, as my "go to," but ... Even they are in trouble ...) for that matter?
I have had success executing limit orders on ParaSwap, with which you may or may not be familiar. I do what I can, utilizing DCA, to continue to improve the cost basis of my crypto investments. All back by my trusty Ledger, which is not an option on CEXes ...
I am thankful to have options like this now and almost never do anything on CEXes ... Not needed ...
ParaSwap allows you to trade on 7 different networks, the ones most would be interested in, and provides an effective aggregator exchange service on each of them ...
NFA, DYOR ... 😉
Thanks for the suggestion, I always knew there were dexes where it was possible to put limit order but never really explored them. That being said, I'm not that worried about Binance or most centralized exchanges. The risk of having 100% in self custody for me even on a ledger is equally high compared to having some on centralized exchanges. I just by default like to spread funds around as much as possible to enure that I don't get wiped out one way or another and always survive.
Hmmm. Not sure I understand your perspective on the first part ...
But ...
On the second part, my version is to ensure I don't have all of my investments on any one blockchain. Most of these DEXes, etc. are on EVM-based blockchains (7 of which are supported by ParaSwap). I make some effort to keep funds distributed amongst them ...
Let's say I put everything on a ledger, there is a risk of losing it all in case somehow it gets destroyed, stolen, doesn't work anymore, if ledger gets hacked, or whatever.
Centralized exchanges are a way for me to diversify that risk so there is no central point of failure. I don't like the idea of having a lot of your wealth in your house on a stick and a piece of paper. It's an issue that crypto still needs to solve somehow as I think the majority of people would feel safer if it was in custody of a 3rd party somehow.
Okay. Now I understand your perspective. Thanks!
Wish you all the best with your owning 1 Bitcoin. I also dream of owning a Bitcoin one day. But I am doing it with a free Bitcoin mining pool network without investing any of my own funds - crypto or fiat- and it is 100% passive after your initial effort of building your network a bit.
Since you are doing it as a realistic, long-term project this might be a nice addition to your effort:
https://peakd.com/hive-167922/@successforall/poor-man-s-bitcoin-why-i-use-crypto-tab-browser-as-my-free-bitcoin-mining-pool
Posted Using LeoFinance Beta
this is the best thing you can do right now, accumulate more btc and if one day it is worth more than 100k you will be rich!
That is the dream, owning a bitcoin
So good luck and well done on your current progress :)
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