Why do people use dollar-cost averaging?

An excellent reason to use dollar-cost averaging (DCA) is to minimize volatility risk. Using DCA also removes emotion from the process of saving in bitcoin.

Research shows that using DCA to accumulate bitcoin beats a "buy the dip" strategy:

After analyzing 100 years of S&P 500 monthly prices with 1080 periods of 10-years investment, we can conclude that DCA consistently outperformed Buy the Dip. The median return of DCA was +40% while it was +35% for the second best strategy: Buy the 2% Dip. It seems like there is a correlation between the Dip and the return: the larger the Dip, the lower the return. Also, larger Dips also mean less purchases. - Marc Aragonès Mas

Our favorite illustration of how DCA works is this animation that illustrates how saving in bitcoin with consistency allows you to take advantage of bitcoin's volatility to increase your purchasing power over time.