Step One – Define Your Goals and the Rules You will follow

If you are reading this page, it is our hope that you are looking for information on how to buy Bitcoin and have not yet purchased anything without performing your own research. This page is here for you to digest and verify. We are sharing lessons learned that cost some of us a lot of money; so you can avoid some common pitfalls.

We encourage you to sit down and write out your goals and how you plan to achieve them. All we ask is you do your own research before jumping into something that you may not fully understand just yet.

Below are some General Guidelines that we have developed and follow:

What is Dollar Cost Averaging?

Simply put, Dollar Cost Averaging is buying on a schedule, regardless of price, over time in order to accumulate a stash.

We believe the best strategy is to accumulate Bitcoin over time by making regularly scheduled buys. In the long run, it adds up. Setting a weekly or monthly amount to buy that is then sent to your hardware wallet for offline storage, is generally good advice. Again, leaving Bitcoin on an exchange leaves it susceptible to someone trying to hack your account or the exchange itself.

Some of us have taken a look at our personal finances and changed cell phone providers, reduced cable service, pack a lunch to work, and other small changes to free up just a little more bit here and there. It can add up quickly over time.

Before buying any Bitcoin, we believe it is best for the individual to determine how much they plan to buy and in what intervals in order to reach their goals. Keep in mind, you can buy in very small amounts. Not many of us are able to just wire the money for a couple Bitcoin, most of us are buying very small fractions that add up.