Just reached 5 Bitcoins & what i’ve learned so far

My Bitcoin Journey and Tips

I’ve been buying Bitcoin since 2016 using dollar-cost averaging (DCA). After taking some profits and trading, I now have 5 BTC. Here’s my advice:

  1. Increase Your Income First: Bitcoin is a great investment but not a get-rich-quick scheme. Focus on earning more money before investing. Small investments won’t make you rich quickly.
  2. Take Profits: Bitcoin won’t replace the dollar anytime soon. Plan to take profits and use the money. Bitcoin isn’t widely accepted for daily expenses.
  3. Stick with DCA: Regular, small investments are better than trying to time the market. Bitcoin is a long-term investment designed to grow over time.
  4. Secure Your Bitcoin: Use a hardware wallet and keep backups. Protect your investment since you’re your bank.
  5. Have a Plan: Know when to cash out and diversify your investments. Be ready for worst-case scenarios.

Stay anonymous and keep accumulating!

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Kinda curious, what are your thoughts on Ethereum, since the price of Bitcoins is way up there, can ETH be an alternative?

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Ethereum has distinct usage, technology, and supply compared to Bitcoin. Not simply as digital currency, but also for decentralized applications and smart contracts.

The price of Ethereum is more erratic and dependent on the larger cryptocurrency market. For many, it is an addition to Bitcoin in a well-rounded investment portfolio. Select the cryptocurrency that most closely matches your risk tolerance and investing objectives.

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I like Ethereum better, so I think it is a worthy investment for any person who wants to get into the crypto scene. And its prices are fairly cheaper compared to the BTC. It might compete with BTC in the near future, just my thoughts.