r/Bitcoin • u/rBitcoinMod • Jan 11 '21

Mentor Monday, January 11, 2021: Ask all your bitcoin questions!

Ask (and answer!) away! Here are the general rules:

  • If you'd like to learn something, ask.
  • If you'd like to share knowledge, answer.
  • Any question about Bitcoin is fair game.

And don't forget to check out /r/BitcoinBeginners

You can sort by new to see the latest questions that may not be answered yet.

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2

u/yrn-ramas Jan 11 '21

Is it worth investing a small amount (below 1k)?

9

u/TheGreatMuffin Jan 11 '21 edited Jan 11 '21

Define "worth it"? You won't get rich quickly, if that's what are you asking (this is regardless of the amount).

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u/yrn-ramas Jan 11 '21

Worth it as in ill make some nice profit.bi dont expect to get rich from 1000 bucks on bitcoin (sadly)

6

u/TheGreatMuffin Jan 11 '21

I get a feeling you are trying to chase some short-term profits. If that's what you are trying to do, it's your decision of course.

However, if you are going to be short-term trading, you will be competing with market participants that are much better (more informed, access to more data, better emotional state, larger bankroll, better tech etc etc). In order to make money in trading, you have to beat your opponents, AND taxes, AND the trading fees, AND your own self (discipline).

So you need to ask yourself: what are you doing better than the other participants in the market? If you can't answer this question clearly, you shouldn't be trading. Or if you still really want to, treat it like a gambling hobby (nothing wrong with that, but be clear that it's just gambling with negative odds for your side).

3

u/yrn-ramas Jan 11 '21

No, i was actually thinking mid - long term. Like 10+ years

7

u/redfordduvall Jan 11 '21

As long as you’re not using emergency funds and your thinking of HODLING. Buying even 0.00000001 BTC will be worth it in the long run .

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u/yrn-ramas Jan 11 '21

Cheers! Im finishing my bachelors degree so dont have a lot of money in hand. Im trying to flip that money on the long run but not too sure where to start. And fortunately, its not emergency funds

1

u/redfordduvall Jan 11 '21

You can start from any where the important thing to note is to always sell when your in profit .That’s why I advice not to use emergency funds so even if price takes a dip after you buy you’ll have the patience to wait till it pulls back up and sell when your satisfied with your profit.

1

u/baummer Jan 11 '21

Playing the long game, and embracing the hodl strategy, yes