3 ms·

Whatever you decide, set it up on a daily, weekly, or monthly deposit. Then forget about it. Delete all your crypto news alerts, take off all your crypto book m

Whatever you decide, set it up on a daily, weekly, or monthly deposit. Then forget about it. Delete all your crypto news alerts, take off all your crypto book marks. Do everything you can to take yourself out of the equation once the thing is set. Keep it boring, keep it consistent. Emotion is your greatest enemy while investing. But you're smart and you know all this.

tedmiston 9y ago
Definitely a great idea — I'm not sure if there are any limitations around buying and selling small fractional amounts of cryptocurrencies, but if there aren't, dollar-cost averaging is a great idea to apply. https://en.wikipedia.org/wiki/Dollar_cost_averaging https://en.wikipedia.org/wiki/Dollar_cost_averaging
muggermuch 9y ago
Upvote. I have done this on Coinbase. I have recurring daily transactions created for Bitcoin and Ethereum, putting in $5 each. Coinbase charges me $0.15 in fees (3%) for each transaction. I realize that the fees have increased since I set this up, but I guess I'm grandfathered in. FWIW, I've been lately thinking of adding an extra $2.50 each per day for Litecoin and Bitcoin Cash. As another poster has pointed out, dollar-cost averaging is your friend.
- iDemonix 9y ago
  Is there an advantage to daily over weekly/monthly? It seems to me like w/m would make more sense as you'd get less fees?
  - dchuk 9y ago
    The fees are percentage based, so the investment interval doesn't matter. $5/day gets you a $0.15 fee, $35 a week is $1.05. It all nets out to the same dent made.
    - iDemonix 9y ago
      Which marketplace are you getting those fees from? I'm looking at Coinbase and its fees are quite a lot higher than that for using a Credit Card, and bank transfers cost a lot more.
      - muggermuch 9y ago
        Re: Coinbase, I have it setup to debit my bank account every day. The transactions go through between 2.45-3 PM EST daily, with 3% fees. However, I just tried setting up a new transaction and the fee looks to be $0.99 for a $5 investment. At ~20%, this sort of averaging would no longer be worth it. Like I said before, I guess I've been grandfathered in after the new fees schedule was imposed. Let's see how long it lasts.

tedmiston 9y ago

Definitely a great idea — I'm not sure if there are any limitations around buying and selling small fractional amounts of cryptocurrencies, but if there aren't, dollar-cost averaging is a great idea to apply. https://en.wikipedia.org/wiki/Dollar_cost_averaging https://en.wikipedia.org/wiki/Dollar_cost_averaging

muggermuch 9y ago

Upvote. I have done this on Coinbase. I have recurring daily transactions created for Bitcoin and Ethereum, putting in $5 each. Coinbase charges me $0.15 in fees (3%) for each transaction. I realize that the fees have increased since I set this up, but I guess I'm grandfathered in. FWIW, I've been lately thinking of adding an extra $2.50 each per day for Litecoin and Bitcoin Cash. As another poster has pointed out, dollar-cost averaging is your friend.

iDemonix 9y ago
Is there an advantage to daily over weekly/monthly? It seems to me like w/m would make more sense as you'd get less fees?
- dchuk 9y ago
  The fees are percentage based, so the investment interval doesn't matter. $5/day gets you a $0.15 fee, $35 a week is $1.05. It all nets out to the same dent made.
  - iDemonix 9y ago
    Which marketplace are you getting those fees from? I'm looking at Coinbase and its fees are quite a lot higher than that for using a Credit Card, and bank transfers cost a lot more.
    - muggermuch 9y ago
      Re: Coinbase, I have it setup to debit my bank account every day. The transactions go through between 2.45-3 PM EST daily, with 3% fees. However, I just tried setting up a new transaction and the fee looks to be $0.99 for a $5 investment. At ~20%, this sort of averaging would no longer be worth it. Like I said before, I guess I've been grandfathered in after the new fees schedule was imposed. Let's see how long it lasts.