Do you guys purchase and forget about Bitcoin for a while? Do you use some kind of notification for price drops or a widget/daily tracker? Just started allocating a sizable amount to my portfolio and having issues with constantly checking the price.
How often do you monitor Bitcoin price?
byu/sirensoflove inBitcoinBeginners
Posted by sirensoflove
4 Comments
Set alerts for notifications for when it drops.
My wallet has the balance in both Bitcoin and US$. I have been known to check the price through coinbase feom time to time.
I don’t check the price. If I’m curious every few months, I open the app I use to purchase or sell bitcoin.
This became a longish comment. If there are terms you are not familiar with, I encourage you to do some research on them.
DCA weekly and set “stair case” limit orders down to unreasonable bearish levels. With River, a Bitcoin only exchange, you earn 3.5% Bitcoin yield on cash held in the account, including on your limit orders. This is a killer feature because while you are waiting for your limit orders to hit, you are earning Bitcoin.
Once this configuration is set up to your liking, there really is no need to watch the charts. Be happy when you receive notifications that your limit orders are triggered and you can reallocate based on your dynamic fiat position.
Do not forget to move your Bitcoin off of any exchange into cold storage. Try the SeedSigner project for a fully open source and commoditized parts (inexpensive) signing device – it uses Raspberry Zero which is great because it has no radios (Wifi Bluetooth, etc). Become very familiar with a FOSS software wallet. Electrum and Sparrow are the gold standard. Sparrow has a great feature where it seamlessly connects to your node without running additional software (electrs).
Generate analog entropy to create your private keys (Pick 12 BIP39 words from a hat). SeedSigner has a function to assist creating a QR code representation of your seed with pen and paper that it can read and then do a PSBT – partially signed bitcoin transaction for 100% air-gapped signing. This is an exceptional set up for multi-sig. Great for single sig as well. Your QR code **is** your seed, so don’t expose them to any digital device including a camera.
Finally, run a node. Connect your wallet to your node. Use your node. With a set up such as all of this, you will have financial sovereignty. With a bit of time, you likely come to the realization that the fiat price is a major distraction. And perhaps you will develop a very healthy case of morbid Bitcoin price apathy. Cheers!