Topic: Am I doing anything wrong by holding bitcoin?⁰ (Read 787 times)
Personally, I wouldn't keep such amounts in an exchange such as Coinbase. If your ultimate goal is to hold those bitcoins with no intention to trade short-term, I'd say they are much safer in a wallet that belongs to you, not to Coinbase. Since you have $12.000 to spend on bitcoin, you could probably spare an additional $50 for a hardware wallet. There have been many hacks in the past that have caused users to lose their funds. The only exchange I would consider keeping a part of my portfolio in (I was forced to do so) is in Binance. Only due to the way they behaved when they got infiltrated and hard their coins stolen.
Yesterday I bought some bitcoin. I have invested $12,000 in Bitcoin. And in the next two days I will buy some more bitcoins. I wish I could hold these bitcoins. I believe that in 2021 these held bitcoins of mine will make me much happier. Certainly I'm not doing anything wrong by holding bitcoin. As a newbie, I'm not very experienced. So I look forward to the advice of experts.
It depends on your goal but I highly suggest you divide your investments into short/long-term.
With the current bullish run in bitcoin, the prices have been increasing in the past month by 300%. For short-term investments, you can either cash-out some of your bitcoins if it reached its value higher when you purchased it. For long-term, I also suggest that you keep some of your bitcoins as its value may probably increase this 2021.
As someone who purchased bitcoin way back in 2017 (around $5,000/btc), I do suggest to keep at least 80% of your bitcoins for long-term and the remaining 20% for short-term.
This is good advice.
I invested part of my bitcoin funds in 2017 in alt coins and I was wrong.
I thought I was going to diversify my portfolio so well and I actually lost a lot more.
Based on this experience, I would say that in the long run it is safest to invest in bitcoin, and it's really good suggestion to keep at least 80% of your bitcoins for long-term and the remaining 20% for short-term.
Yesterday I bought some bitcoin. I have invested $12,000 in Bitcoin. And in the next two days I will buy some more bitcoins. I wish I could hold these bitcoins. I believe that in 2021 these held bitcoins of mine will make me much happier. Certainly I'm not doing anything wrong by holding bitcoin. As a newbie, I'm not very experienced. So I look forward to the advice of experts.
It depends on your goal but I highly suggest you divide your investments into short/long-term.
With the current bullish run in bitcoin, the prices have been increasing in the past month by 300%. For short-term investments, you can either cash-out some of your bitcoins if it reached its value higher when you purchased it. For long-term, I also suggest that you keep some of your bitcoins as its value may probably increase this 2021.
As someone who purchased bitcoin way back in 2017 (around $5,000/btc), I do suggest to keep at least 80% of your bitcoins for long-term and the remaining 20% for short-term.
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Try to identify and steer clear of ponzi/pyramid schemes and dont invest money thinking that you'll immediately get huge returns, and you'll be fine.
Yes no is wrong with holding bitcoins. The OP has obviously had a big advantage over the bitcoins he's held to date if he were to sell it at the highest ATH price. The most important thing is not to use the money that is needed for your life. Use free money that you don't really need in a fast time.Try to identify and steer clear of ponzi/pyramid schemes and dont invest money thinking that you'll immediately get huge returns, and you'll be fine.
Avoiding ponzi / piramda schemes is a must. Don't get caught in it. Because there will be no profit to be obtained. Ponzi scheme innovations only bring misery to the new recruits.
Better to invest in an obvious project like Bitcoin.
No, you arent doing anything thats wrong. Don't buy anything you cant afford to lose, and also, dont panic sell at the first sign of a bearish trend, as so far, bitcoin has always come back up after a bearish trend. I did a mistake when I used ~70-80% of what BTC I had to pay for random stuff. Its worth a lot more now. But, you have to be careful how you invest, and don't invest without researching the correct time and place for investment.
Try to identify and steer clear of ponzi/pyramid schemes and dont invest money thinking that you'll immediately get huge returns, and you'll be fine.
Try to identify and steer clear of ponzi/pyramid schemes and dont invest money thinking that you'll immediately get huge returns, and you'll be fine.
Yesterday I bought some bitcoin. I have invested $12,000 in Bitcoin. And in the next two days I will buy some more bitcoins. I wish I could hold these bitcoins. I believe that in 2021 these held bitcoins of mine will make me much happier. Certainly I'm not doing anything wrong by holding bitcoin. As a newbie, I'm not very experienced. So I look forward to the advice of experts.
May the new year bring endless peace in everyone's life.
Happy New Year in advance.
May the new year bring endless peace in everyone's life.
Happy New Year in advance.
If you can hold your bitcoin for a long term duration it will be your best investment ever. You will get much higher returns by just holding the bitcoins.
Sir, I put all my bitcoins in the coinbase(KYC). Is it safe or dangerous for me?
This is totally wrong approach. If for instance, coinbase site goes down, how will you recover your funds ? Better to store your bitcoin in the wallets in which you have control over the private keys.
After this, the OP must really consider how to secure the assets it owns. This is the most important thing in the crypto world. Before someone buys bitcoin for a certain amount of money, they have been advised to choose a secure wallet for storage from the start. It is never recommended to store them online even on a recognized exchange.
Personally, I think the big problem is that beginners invest first, then wonder what to do next, which leaves them vulnerable for a while until they understand some basic things. Education is key, then there would be no problem in understanding what is good and what is bad crypto wallet, what is the private key or how to save on transaction fees.
@Lucius, It is a fact that a person who has an accident against his assets comes from his own fault.
But this should not be the case because all the necessary information is available online, and this forum is one of the great sources of such information. It's not a shame to ask if something isn't clear to you, but it's a shame if something bad happens to you because you haven't been informed before - how many times have I heard that Bitcoin is a scam just because someone lost their funds in a rather trivial way.
Yesterday I bought some bitcoin. I have invested $12,000 in Bitcoin. And in the next two days I will buy some more bitcoins. I wish I could hold these bitcoins. I believe that in 2021 these held bitcoins of mine will make me much happier. Certainly I'm not doing anything wrong by holding bitcoin. As a newbie, I'm not very experienced. So I look forward to the advice of experts.
I'm not an expert, but IMO, it's fine to invest to invest with it current value. Just be minded that theres still big risk on the time you'd invested and plan to invest more as bitcoin just reached new ATHs recently. AFAIK, still, no sign that bitcoin will go dip soon, it's more likely stay or go up a little bit more IMO.
But we still see that suggestions from other people can be useful too and don't forget to continue to monitor market movements.
Yesterday I bought some bitcoin. I have invested $12,000 in Bitcoin. And in the next two days I will buy some more bitcoins. I wish I could hold these bitcoins. I believe that in 2021 these held bitcoins of mine will make me much happier. Certainly I'm not doing anything wrong by holding bitcoin. As a newbie, I'm not very experienced. So I look forward to the advice of experts.
I'm not an expert, but IMO, it's fine to invest to invest with it current value. Just be minded that theres still big risk on the time you'd invested and plan to invest more as bitcoin just reached new ATHs recently. AFAIK, still, no sign that bitcoin will go dip soon, it's more likely stay or go up a little bit more IMO.
But we still see that suggestions from other people can be useful too and don't forget to continue to monitor market movements.
I can’t say that the OP made a mistake because it invested in Bitcoin, although logically the timing could have been much better for it had it done a few months ago. Honestly the title thread is not clear to me at all because the OP asks a question and then gives an answer in the post - it all seems a bit confusing..
It's a bit funny actually, but considering the OP is a newbie, it's natural for him to ask questions and answer them himself at the same time. 
While every other more experienced user will say that it is not advisable to store Bitcoin online, it may still be the best solution for an inexperienced user. It all comes down to how much the user is aware of the dangers arising from such storage (phishing, clipboard malware), and to choose a non-custodial wallet (desktop/mobile/hardware) where he is again threatened by clipboard malware, fake wallets, phishing seed sites...
After this, the OP must really consider how to secure the assets it owns. This is the most important thing in the crypto world. Before someone buys bitcoin for a certain amount of money, they have been advised to choose a secure wallet for storage from the start. It is never recommended to store them online even on a recognized exchange.I hope that the OP will not take a wrong step, and I would recommend that we do not stand out publicly with how much we have invested in something - I am sure that scammers can use such things very well as a good basis for easy money.
@Lucius, It is a fact that a person who has an accident against his assets comes from his own fault. Bitcoin has been created with a good level of security, it's just that users need to know how to do it well. Some of the common mistakes of crypto users today are very likely to annoy scammers and distract them. This will increase the number of cases of hacking and losing someone's assets. Yeah, it is a good decision to hold bitcoin even though you are a little late of buying bitcoin, it is still good for you if you keep on holding it for a long term, You just lost the opportunity to buy bitcoin when its price is not that too much. If you don't need money so far then keep holding it, bitcoin could still go up within this year. Just be careful with the virus that may occur on your device, $12000 is such a big amount of money so take care of your devices.
It's a matter of perspective. If he bought in 2018 for 20 thousand everybody including me would tell him that it was late, but not today. Today he'd be a winner who made over 30% profit in 2 years. 25% more that he'd make if he held money in a bank
Keep holding OP, good luck to you and may you, like me, never regret this decision.
It is a good thing to hold onto your bitcoin because presently bitcoin price has skyrocketed to $32,500 and it's keep going higher, bet you have to be careful of the falling time because sooner or later it might start falling and could fall drastically anytime, you just have to be watchful. $12k is not a small amount of money to joke with or take with levity hands, you just have to be watchful of it and ensure that your wallet is secured enough for long-term holding because we have to be security cautious of that as well which is one of the important factor to consider.
Yesterday I bought some bitcoin. I have invested $12,000 in Bitcoin. And in the next two days I will buy some more bitcoins. I wish I could hold these bitcoins. I believe that in 2021 these held bitcoins of mine will make me much happier. Certainly I'm not doing anything wrong by holding bitcoin. As a newbie, I'm not very experienced. So I look forward to the advice of experts.
I'm not an expert, but IMO, it's fine to invest to invest with it current value. Just be minded that theres still big risk on the time you'd invested and plan to invest more as bitcoin just reached new ATHs recently. AFAIK, still, no sign that bitcoin will go dip soon, it's more likely stay or go up a little bit more IMO.
I can’t say that the OP made a mistake because it invested in Bitcoin, although logically the timing could have been much better for it had it done a few months ago. Honestly the title thread is not clear to me at all because the OP asks a question and then gives an answer in the post - it all seems a bit confusing...
While every other more experienced user will say that it is not advisable to store Bitcoin online, it may still be the best solution for an inexperienced user. It all comes down to how much the user is aware of the dangers arising from such storage (phishing, clipboard malware), and to choose a non-custodial wallet (desktop/mobile/hardware) where he is again threatened by clipboard malware, fake wallets, phishing seed sites...
I hope that the OP will not take a wrong step, and I would recommend that we do not stand out publicly with how much we have invested in something - I am sure that scammers can use such things very well as a good basis for easy money.
While every other more experienced user will say that it is not advisable to store Bitcoin online, it may still be the best solution for an inexperienced user. It all comes down to how much the user is aware of the dangers arising from such storage (phishing, clipboard malware), and to choose a non-custodial wallet (desktop/mobile/hardware) where he is again threatened by clipboard malware, fake wallets, phishing seed sites...
I hope that the OP will not take a wrong step, and I would recommend that we do not stand out publicly with how much we have invested in something - I am sure that scammers can use such things very well as a good basis for easy money.
Yesterday I bought some bitcoin. I have invested $12,000 in Bitcoin. And in the next two days I will buy some more bitcoins. I wish I could hold these bitcoins. I believe that in 2021 these held bitcoins of mine will make me much happier. Certainly I'm not doing anything wrong by holding bitcoin. As a newbie, I'm not very experienced. So I look forward to the advice of experts.
May the new year bring endless peace in everyone's life.
Happy New Year in advance.
There's nothing wrong with what you did but it is not really ideal to buy bitcoin right now considering the price of it being its all time high. Even though the value is continuously growing, there's still a risk that it might go down all of a sudden once again. It is very essential that you always keep an eye in the market about the price changes of bitcoin so that you will know what's the best thing to do. Even though there's a risk, there's also a chance that your money will grow if ever bitcoin would really grow higher from the beginning of the year up until the last day of 2021. May the new year bring endless peace in everyone's life.
Happy New Year in advance.
If a few weeks ago you bought Bitcoin before the new year, say December 2020, if seen today you have got happiness for yourself.
At first glance I see that entering the year 2021, Bitcoin continues to move forward, that is a good sign for those who own Bitcoin today, however, to what level and until what month Bitcoin continues to grow, I don't know, there is always a clear belief in my thinking that Bitcoin has a good value in the market, to be coming.
At first glance I see that entering the year 2021, Bitcoin continues to move forward, that is a good sign for those who own Bitcoin today, however, to what level and until what month Bitcoin continues to grow, I don't know, there is always a clear belief in my thinking that Bitcoin has a good value in the market, to be coming.
It seems to me that for the level of knowledge that you show us here, 12,000 is too risky a price to invest. In any case, to say late or early you invested in bitcoin, only time will tell and show.
If we talk about the fact that 2 pizzas were bought for 10,000 bitcoins, then yes, it was a great time to buy bitcoins. Every year he surprises us with his growth. Everything does not always happen the way we want it to, but again, time puts everything in its place.
But even today, buying bitcoins cannot be superfluous if your income allows you to do it.
But it seems to me that investments bring results when a time of 3-4 years is allocated for this.
If you are ready to hold bitcoins for that long, then you are on the right track. The only thing that should worry you are the storage of coins on exchanges, which is not recommended, as well as the passage of KYC. Many, after, have a passionate desire to become an anonymous holder again.
If we talk about the fact that 2 pizzas were bought for 10,000 bitcoins, then yes, it was a great time to buy bitcoins. Every year he surprises us with his growth. Everything does not always happen the way we want it to, but again, time puts everything in its place.
But even today, buying bitcoins cannot be superfluous if your income allows you to do it.
But it seems to me that investments bring results when a time of 3-4 years is allocated for this.
If you are ready to hold bitcoins for that long, then you are on the right track. The only thing that should worry you are the storage of coins on exchanges, which is not recommended, as well as the passage of KYC. Many, after, have a passionate desire to become an anonymous holder again.
Yeah, it is a good decision to hold bitcoin even though you are a little late of buying bitcoin, it is still good for you if you keep on holding it for a long term, You just lost the opportunity to buy bitcoin when its price is not that too much. If you don't need money so far then keep holding it, bitcoin could still go up within this year. Just be careful with the virus that may occur on your device, $12000 is such a big amount of money so take care of your devices.
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~ The question is, when is the right time to sell at peak and re-buy at the dip unless otherwise you are holding for long term and does not care what's happening on the price action. That's just me though
. . .Anyway, for OP, I think it's okay to hold. If you don't need that money for any urgent needs, then so be it. Just make sure that where you place your coins is safe and secure. Happy New Year to you and to everyone.
I think the very good thing with holding Bitcoin, most importantly always use money that we can afford to lose. So when the Bitcoin price drops
you won't panic, and can patiently wait for the Bitcoin price to recover. And the amount of $ 12,000 is a lot of money in my opinion, should start
investing in Bitcoin with less capital. Because Bitcoin is an investment with a very high risk, if you use that much capital it will be more difficult
to control your emotions when the price of Bitcoin drops.
But if you are ready for all the risks, just do what you think is right. To store $ 12,000 worth of Bitcoin I do not recommend storing it on Coinbase,
for me centralized exchanges are not secure. It is better to store your Bitcoin in a hardware wallet which is your own holding the private keys as
the only keys to be able to access your wallet.
you won't panic, and can patiently wait for the Bitcoin price to recover. And the amount of $ 12,000 is a lot of money in my opinion, should start
investing in Bitcoin with less capital. Because Bitcoin is an investment with a very high risk, if you use that much capital it will be more difficult
to control your emotions when the price of Bitcoin drops.
But if you are ready for all the risks, just do what you think is right. To store $ 12,000 worth of Bitcoin I do not recommend storing it on Coinbase,
for me centralized exchanges are not secure. It is better to store your Bitcoin in a hardware wallet which is your own holding the private keys as
the only keys to be able to access your wallet.
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