Lesson 1: How to think of Bitcoin in USD
Lots of people want to invest in crypto currency. When I started, it took me awhile to think of USD in Bitcoin. So I thought I would write a quick example to help others shorten their learning curve.
Today Bitcoin is worth $7,737.00... roughly.
Example of how I invest in Bitcoin.
Mission Statement: I want to dollar cost average into a position that will significantly increase my wealth over time.
How: Deposit USD into coinbase account, then transfer onto Gdax exchange to buy Bitcoin. Then use the trading technique from @quickfingersluc to find entry positions to buy Bitcoin. Then transfer bitcoin back to Coinbase wallet.
Problem: So how much is Bitcoin worth? "I" want to buy 0.01 bitcoin today?
0.00001 Bitcoin X $7,737 = $0.0773 USD
0.0001 Bitcoin X $7,737 = $0.773 USD
0.001 Bitcoin X $7,737 = $7.73 USD
0.01 Bitcoin X $7,737 = $77.30 USD
0.1 Bitcoin X $7,737 = $773.00 USD
- Think of this chart when you are looking at the price of bitcoin.
Solution: Over time weekly purchases combined with @quickfingersluc trading method should produce positive returns and prepare a position in the greatest transfer of wealth in human history.
***Note: This is not investment advise. This is just an example of how someone might buy bitcoin.
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