How are you doing?
Over the past few years, whenever people asked me this question, their next question often was, “And how is Bitcoin doing?”
“Very well.”
“Where is it now - $3,000?”
“Actually $7,000.”
“Whoa, one day you’ll have to explain to me how this all works!”
“Sure. Whenever you’re ready.”
Six months go by and we run into each other again.
“Hey Anja, how are you? How’s Bitcoin? Where is it now - $6 or 7k wasn’t it?
“Actually it’s nearly at $12k now.”
“Whoa, one day you’ll have to explain to me how this all works!”
“Sure. Whenever you’re ready.”
This continues until people feel an actual need to do something with their money rather than just saving it in the bank. Or, if that never happens, they just say, “Ah, it’s too late now, I missed the boat, right?”
Personally I believe you can never miss the boat with Bitcoin, but that’s because I view it as more than just an investment opportunity. Also I believe it will be above $20k by the end of 2020.
Take your time, rather than going “all in” (and consider starting NOW)
I bought my first full Bitcoin at $900 and I’m still buying fractions of Bitcoin regularly now.
You can decide to put e.g. $100 in Bitcoin every month, no matter what the current price is. This is called “Dollar Cost Averaging - DCA” (or simply “cost averaging” in any other currency). If you're in the U.S. check out this new app, which makes this very easy.
Sometimes you will get more Bitcoin for your $100 and sometimes less. But over time you maybe have a better Return on Investment this way than if you had put all your money in at once.
There are different strategies, but this one is the simplest that will take you the least effort, and some exchanges even allow you to automate these recurring investments.
DCA Calculators
Here is a website that can help you calculate how much you would be in profit now if you had put a certain amount in every month in the past: https://www.bitcoindollarcostaverage.com/
Crypto Price Trackers
If you want to stay up to date with the price of Bitcoin or any other coins, there are a few apps to help you do that.
If you’re a frequent traveller and you need to convert currencies a lot, you may have the XE app on your phone already. You can simply add Bitcoin to your list of currencies in there.
If you want to track the price of a few different coins, and if you want to see the development of your investment (real or fictional) then have a look at the crypto-specific Delta App and Blockfolio App, where you can select your favorite coins to “watch” and also enter the amount you invested to track your profit or losses.
To paraphrase a famous statement: “What gets measured doesn’t get forgotten.”
If you begin keeping track of things, you'll know when you're ready.
About the author:
| Anja Schuetz helps absolute beginners to become confident crypto investors. She is the author of How To Stay Safe in the Crypto Space and offers Free Bitcoin Education For Beginners on her website. |  |
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Very helpful indeed! I love blockfolio @tipu curate
Upvoted 👌 (Mana: 0/12)
Thanks @cryptoknight12!
Hey you 😊😊😊 nice writeups. I've got a buddy who has been asking me about bitcoin since it was at $550 and still until today have never bought any. I guess we all have "that friend"
Anyway checkout this as well for tracking ur portfolio.. https://cointracking.info/gains.php
Hey yourself 👋
Yeah "those friends"... Do they also forward you articles whenever they spot the word Bitcoin in the media? Like you wouldn't have heard about those news already? 😄😄
It's more like they tag u and send u stuff about scama trying to justify to themselves that they did the right decision of not buying btc 😂