I’ve been researching bitcoin (and the blockchain platform on which it operates) for awhile, but this is my first foray into the bitcoin market with real money.
It’s my opinion that bitcoin is here to stay, and will rise to eye-popping levels over the coming months or years. So, I’ve decided to begin a dollar-cost-averaging program of buying each month. This is strictly buy-and-hold (not trading in and out of bitcoin). Accordingly, I will not try to time the market, or even look at charts.
If the price craters in a particular month, I’ll simply buy more (at the lower price) with my fixed-dollar budget. And, if the price skyrockets in a particular month, I’ll buy less (at the higher price).
I’m betting that 3 years from now I will have a substantial cache of bitcoin, purchased over time at an attractive average price – which is the whole point of dollar-cost-averaging.
I looked at so-called value averaging, as an alternative to dollar-cost-averaging, but decided to keep it as simple as possible for now. I’ll always have the option, in the future, of getting fancy with the monthly purchase amounts, if I so choose.
I don’t want to clutter this thread with any more about my bitcoin adventures, so I’ll shift the conversation (sometime later) to a new thread in the forum’s Global Markets category. I’m thinking of detailing, step-by-step, how I set up my account with a bitcoin exchange, and how I set up bitcoin wallets on that exchange, on my computer, and off the grid. For those thinking of getting into the bitcoin market, but unsure of how to get started, that walk-through might be useful.
Anyway, back to our discussion of offshore brokers.
I have read the recent comments here about problems with spiking prices at Trader’s Way. Sometime next week, I will add LINKS to those comments on page #2 of the List. (Note that LINKS, which used to be on page #7, are now on page #2, after the recent reorganization of the List.)
Let’s continue to monitor the way Trader’s Way handles this fubar, and report the outcome here. A couple of participants on this thread have suggesting withdrawing the TRUSTED BROKER designation from Trader’s Way. I think it’s too early to consider that step, but it will remain an option in the future.
The List has been cleaned up, meaning simply that the red symbols – denoting recent changes to the List – have been removed.
To our friends in southeastern Texas, our thoughts, prayers, and Red Cross donations are with you.
To the rest of our U.S. members, have a happy and safe Labor Day Weekend.