I have 5 BITCOINS. Here is my advice & journey
First of all, I have been DCA/accumulating since 2016. I have taken profits, traded little bit of futures, swung trade by timing the inevitable crash after each cycle etc. Today I reached 5 whole bitcoins and this is what I learned.
Feel free to agree, disagree or discuss. Healthy discussions are always welcome since i want all of us to do better. All our views/experiences will be different so only way to learn is to share with one another and widen our views 🙂
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Money makes money. Don’t listen to those who talk about even 10000 sats will be a lot of money in the future. It won’t be. Bitcoin will not go to ‘the moon’. Your $1000 investment won’t turn into million dollars in the near future. Focus on increasing your personal income first, and THEN invest in bitcoin. I work in a sector where people make a lot of money and there are a lot more whole coiners than the bitcoin community likes to admit. Bitcoin was designed to fight the flawed monetary system, not capitalism. Again, bitcoin is NOT anti capitalism. They are two very different things. Rich will get richer with bitcoin. If you are chasing financial freedom, make more money. Bitcoin is great investment(if not the best one), but you cannot invest if you don’t have a lot of spare money. Remember, bitcoin is NOT a get-rich quick scheme. Those days are over.
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Dollar will NOT collapse, at least in the near future. A lot of us love the idea of decentralization and fighting the corrupt bankers. Many of you guys believe in that meme about ‘when the time comes you won’t need to sell bitcoin’. That day will not come unless your government accepts bitcoin as legal tender. If the US dollar collapses, the world whole won’t just change their main form of currency to bitcoin, the whole government will collapse. Unless you are planning to hodl for literally forever, have an exit plan. You need to take profits and live your life. That’s what investments are for. Bitcoin doesn’t pay dividends or generate interests, unless you take profits, it is random number on your screen. Trading bitcoin back to dollar is not embarrassing and it shouldn’t be discouraged. Unless you are living one of 3 countries in the world, you won’t be able to pay the bills, taxes or buy food with bitcoin. Be smart and flexible.
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DCA is the key. Even if you started to invest during ATH, if you DCA-ed since then, you will be in the green. No one can time the market. If you could, you would be a billionaire. Many people are shortsighted because crypto news always talks about someone turning $100 into a million dollars. That’s the equivalent of winning the jackpot at the casino. If you want to gamble, bitcoin is not for you. Just because it’s volatile doesn’t mean it will make you rich quick. This is a long game. Unless bitcoin goes to $0, it will eventually keep going up. Bitcoin is literally programmed to be a deflationary currency. It either keeps going up in price, or the whole thing collapses. If you believe in bitcoin, then you know you can’t lose with DCA.
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Buy a hardware wallet and keep your phrases safe. I have multiple wallets and have split up my bitcoins into different wallets made by different brands. I put them all in one wallet just to take this monumental screen shot when i reached 5 bitcoins. Being decentralized means that you are your own bank. You can’t insure yourself and you can’t sue yourself when you lose it. Don’t make this mistake. Keep them safe.
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Have a plan. Everyone has a different plan. My plan is to cash out when bitcoin reaches at least 100k per coin, then re-distribute my wealth (buy shares, property etc) and then start buying back bitcoin after the inevitble crash. I’ve been doing this for the past 2 cycles that i’ve been in and it has made me a bit of wealth. I’m not advising you to copy me as my plan is definitely not for everyone. But you should have a plan that is better than ‘accumulate until bitcoin becomes the universal currency’. Always prepare for the worst. And i MEAN the worst (bitcoin being obsolete, death of loved one or yourself, being bankrupt etc).
PS don’t worry about DMs and being a target etc, i wont be checking them. Stay anonymous and keep accumulating!
Well done. Nice flex but it took awhile and alot of discipline. Collapse of USD just means it will continue to buy less and less while having a strangle hold on world currency.
“No one can time the market”
Then explains his plan to try and time the market, again.
You’ve yet to learn that the only way to say it would be singular. 5 bitcoin.
Nice stack, congrats!
Appreciate your realistic post, kinda the only quality post I’ve seen here for ages 😀
I was with you until the last point. You’re just timing the market. It worked out for you in the last two cycles, but there’s no guarantee it will again.
Usd is collapsing, all fiat is collapsing.
Inflating and decreasing our spending power is fiat collapsing.
It may just continue to collapse indefinitely.
> I have multiple wallets and have split up my bitcoins into different wallets made by different brands.
This is common setup I see often. Unfortunately what you’ve done is create many single points of failure. While this means that you’re less likely to have a single catastrophic event, it means you’re more likely to have a partial loss event. This is why we recommend diversifying your keys, not your coins.
Meh. A quicker way to reach 5 BTC is to sell the other 95…
Doubt there’s any intelligent “lesson” in this post, seems like a vain attempt to flaunt their stack.
6- Never tell anyone how many Bitcoins you have.
Absolutely nothing you have said makes me believe I should follow any of your advice. You think 100k is some special number?
Why are you still using ledger?
Bitcoinsssssssss
USD is always collapsing, slow and steady.
You talk like if you were some kind of guru but in reality, points number 1 & 2 prove that you have learnt nothing about this community or bitcoin in all these ‘according to you’ years.
What a ridiculous post. Hopefully noobs dont pay attention to any of that bcuz you are full of s.
People…
Pd after a quick glance at your feed, i can second everything i said plus be sure that you are just a degen.
You literally consolidated every UTXO you have just to take a screenshot? You know you can just use an app like sentinel to do that, lmao.
Your last point. Have you considered the absolute best scenario where you cash out and btc never crashes again and not following previous cycles anymore?
Or are you 100% sure something like that is impossible or improbable ?
Would be a worse case scenario, FOR YOU, indeed
I’m not bringing this up as a hater either, I’m also not a btc maximalist, I have a portfolio that totals 13 btc worth having DCAed as early as late 2016.
We’re approaching the end game in my personal opinion. And in the end game, there are no more 80% crashes
I’m sorry I can’t read “what someone has learned” when they don’t even know the basics about opsec and bitcoin ethos.
Rule number 1 is never tell anyone how much bitcoin you have.
Rule 2 stay humble.
Seems you need to go back to the basics my friend
Roll out the red carpet lads, the almost 1/5th of a millionaire guy is there.
This post was to basically flex his income….
>No one can time the market. If you could, you would be a billionaire.
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>My plan is to cash out when bitcoin reaches at least 100k per coin, then re-distribute my wealth (buy shares, property etc) and then start buying back bitcoin after the inevitble crash.
You are literally contradicting yourself.
>Bitcoin doesn’t pay dividends or generate interests, unless you take profits, it is random number on your screen. Trading bitcoin back to dollar is not embarrassing and it shouldn’t be discouraged.
Taking profits is altcoin degen thinking. It’s amazing that you haven’t realized yet that bitcoin is the money. It’s the hardest, most scarce money in human history.
>I have 5 BITCOINS
This was pretty dumb to disclose on the internet. You never talk about your bitcoins. Now you have put a target on your back for the rest of your life.
good luck picking the top. you’ll sell at 100k and it will be 250k two days later.
It’s my opinion that one should try and never sell bitcoin but that if you do the money should make a MAJOR change in your life. Like all debt paid off or I can retire now, etc. Even then you will regrete selling in the future. You will say to yourself ” I sold my bitcoin so I could get rid of my mortgage and now 10 years later that amount of bitcoin would put me on a forbes list and buy me an island, SHIT”
have fun
A ton of people hating on this post when it’s full of great information. There’s nothing wrong with having a target price to cash some BTC out and take gains to improve your life, even if you believe in BTC long term.
Love how OP thought he could come in here to flex on Bitcoin plebs, but then gets ripped in the comment section lmao
Exit plan? Bitcoin is the exit plan
didn’t read your post, but congrats!
If you learned anything it would be to never post your btc worth.
You opened yourself up to cybercriminals or worse going after your sats.
What, are you fucking new ? I try to recover your Reddit account. I literary get to see half of your email address for the recovery process even if I can’t recover your account. I don’t care, not the point.
I go through all your comments, see your activity, determine what timezone you are most likely in. I cross reference the little information I have about your timezone and email address + username with every DB leak online.
I find a bunch of other applications / mail addresses that are potentially your full email address. I do the same recovery, but this time for every platform I assume you’re using (can find a lot by your comments), unfortunately you don’t dockx yourself in your posts too much.
I find more information.. Twitter and FB do the opposite.. one shows the end of your email address the other shows the beginning.. if I got your full email I can get even more information.. it won’t take long before a professional hacker can find most of your information on the internet. With your Reddit history of four years ~ 10 hours and you’re completely dockxed. Someone who does this professionally will have tools written to assist.. 2 hours maximum.
A low level C api can send you an email from any address, even from applications the hacker knows you are using. SAME EXACT SENDER ADDRESS. You click one link, from a completely legit email sender, you wake up the next day and if your btc isn’t in cold storage ? It’s gone.
DO NOT EVER POST YOUR BTC AMOUNT. If you need to flex your btc, use a fucking new account with no history.
I highly suggest deleting your profile.. You’re not the biggest fish. But recently there weren’t a lot of posts with such a high amount and THAT MUCH Reddit history.
That’s it? 😂
I am a big supporter of Bitcoin, but my general consensus reading this sub is that everyone here is more interested in memes and “Bitcoin go up” thought processes instead of actual reality-based discussion and advice.
OP comes in here and posts some very sound, grounded information/advice, asks for a healthy discussion of agreement/disagreement, and you all tear him to shreds or downvote anyone who agrees with him.
You all need to take your collective heads out of the echo chamber and grow up. You should want people to join this sub for rational discussion, not just the shitty memes we get all day long. The latter is not how you expand a community or grow Bitcoin adoption.
This was a quality post and we need more of them that discuss the topics raised.
Only 5 Bitcoins? are you from a third world country or what?
> I put them all in one wallet just to take this monumental screen shot when i reached 5 bitcoins.
Well, that was cringe…
That’s a decent bag, congrats.
so its time to admit that bitcoin is an investment no one sees it like a currency of future value,the guys like him just gonna sell it in the end in exchange for dollar(the system everyone despises)making a profit.What a useless piece of technology 🪣
He will sell at $100k and it will go to $1m.
how dare u tell me my 0.05 BTC wont be enough to retire
What is “there are a lot more whole coiners than the bitcoin community likes to admit” even trying to say? It’s math.
There can only ever be 21M wholecoiners. Further, we know that number currently sits between 1,017,000 and 21M as on chain analytics yesterday had 1+ BTC address balances at 1,017,267.
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Very good points 👏👏👏
6 Never tell the public how much bitcoin you have
Not often that you see a post perfectly balanced between stupidity and arrogance. $175k paints a big target on your back, and you didn’t post with a throw-away.
Rule 6.15 Don’t doxx your stack for anything less than a beefsteak dinner. IYKYK.
You have 0 bitcoins if this is in an exchange
Congrats on such a big milestone
> My plan is to cash out when bitcoin reaches at least 100k per coin, then re-distribute my wealth (buy shares, property etc) and then start buying back bitcoin after the inevitble crash.
This is such a paradox. Bitcoin only exists because its creator lost faith in the financial system and fiat currency. Bitcoin’s market value only exists because SOME percentage of holders agree that it can be a solution and serve as a universal alternative to fiat.
Meanwhile, the rest of Bitcoin’s holders are a bunch of speculators who don’t really care one way or another, they just believe its value will increase because other people do. And their only end game is to time the market and sell whenever they think its price will drop. This is artificially inflated value and masks what Bitcoin’s real value is unfortunately.
But either way, the OP’s advice is terrible if you’re a believer in Bitcoin as a solution. It’s maybe fine if you’re an investor / gambler who thinks they magically have an edge over everyone else.
You should use a throwaway account if you ever talk about how much crypto you have. Scammers will go through your post history and see how much personal info you share…
the guy i play call of duty with has 11 btc and i was like my mannnnnnnnn
Ignore the haters. Thanks for sharing OP
Dude has 100k in savings and thinks this makes him a crypto expert. This is hilarious