I bought BITCOIN - fulfilling my goal to become a whole coiner

If you are paying attention to my rants on previous blog posts, you know how financially stressed I am. Blame it on Canada (quite literally) as the central bankers have been raising interest rates which in turn is eating up my savings every month.

I stopped buying Bitcoin in March 2022.

I was not buying much but I was following the advice of many on Hive and @leofinance into Dollar Cost Averaging into BTC. Also, if you are aware of my financial goals for 2021 and 2022, one of the goals was to achieve 1 BTC. My effort to DCA was to fulfil the goal to become a whole coiner.

I managed to purchase Bitcoin using Shakepay, one of the easiest ways to get into crypto in Canada. I used to transfer fiat to my Shakepay account every two weeks after my pay cheque arrived. That means I made 26 Bitcoin transactions in 2021. The DCA purchase stopped in March 2022 when the Bank of Canada decided to raise the rate for the first time. That was a shock to me as I thought I would make an easy living out of the money left after paying the relatively modest mortgage back in March 2022.

The rate hike never stopped

The central banks across the world keep increasing the interest rate. BOC followed suit. My interest rate skyrocketed from 1.5% in March 2022 to 5.5% in December 2022. I forecasted the rates to go high but not this soon and this fast. BoC officials promised (what a joke) to keep the rates low until the beginning of 2023. They flipped from the statement afterwards when the inflation started to hit 6.5% that peaked at around 8% in the summer 2022.

Lesson learned - don’t listen to bankers

One of the lessons learned from this is to believe in your own instinct. Like we say in the crypto space -DYOR, it is extremely important to learn on your own and try to see from an outsider perspective. We all knew that the low rates were not sustainable. But, nobody saw the rate increase with this frequency coming.

I made a Bitcoin purchase

While I am waiting for another rate hike this month, I purchased bitcoin after almost 10 months. The recent mini pump that happened made me think of the upward possibility and my reluctance. Your character tests you in difficult times. The DCA purchase I am making could help my financial freedom going forward. I may consume less today but these are the times that make my future brighter.

I am planning to DCA again- piece by piece every two weeks. On to the goal of owning a whole Bitcoin.

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