Just DCA it! Dollar-cost averaging is a topic that is near and dear to my heart. It is one of the easiest and simple ways to get involved with cryptocurrencies and bitcoin by mitigating many investment risks. According to Investopedia.com, dollar cost averaging is an “investment strategy in which an investor divides up the total amount to be invested across periodic purchases of a target asset in an effort to reduce the impact of volatility on the overall purchase.” DCA can be done in many different ways and can be set up to automatically happen over time. Think about your 401K or IRA where the money is periodically withdrawn from your bank account into one of those investment vehicles. These periodic investments can happen daily, weekly, monthly, bi-weekly, etc. By applying this investment strategy you are able to catch both the highs and lows which average out over the long term. DCA is not a get rich quick scheme and is a great passive way to get involved with investing in crypto and bitcoin. You can start small and as you get more comfortable you can increase the amount you are willing to invest.
Keep in mind the fees that you might pay when purchasing crypto through apps like COINBASE and Cash App. Depending on the crypto exchange you decide to use fees can vary as high as $10 or less per transaction. Another method of dollar-cost averaging is setting up a monthly budget to allocate all of your expenses. Whatever is left over each month you can invest periodically to mitigate the fees paid per transaction. The money that is left over each month from your budget is excess and what better way to spend that money than by investing in crypto and bitcoin? Please understand no investment method is perfect and there are always risks involved with investing in crypto and bitcoin, but dollar-cost averaging takes the cake for the easiest way to get involved with crypto and bitcoin.
What’s your favorite way to invest long term into cryptocurrencies and bitcoin? Leave your thoughts in the comments!
Want to hear more about dollar cost averaging and passive ways to earn bitcoin and crypto? Check out more @Cryptofinally and @BTCweatherman on my YouTube Channel.
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