am now a bitcoin investor(first purchase) - page 2.

GideonGono

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Quote from: AverageGlabella on January 31, 2023, 08:26:26 AM

Nice to see someone buying bitcoin and understanding you will not get rich over night. it could take decades for you to make any meaningful profit and as long as you are prepared for that I think you will not regret your purchase. Make sure that you are storing the btc in a wallet that you own and have the private key. Then backup the seed of the wallet and store it in a secure location. Then sit back and relax and watch your investment grow over the years.

Yes it is a common misconceptions in crypto, most investor thinks that this is a quick rich investment that they could turn their lives over night.
Just because some people became rich or successful in crypto, they thought that it was easy not knowing that most of the successful or lucky people in crypto are the early investor who believe in crypto even before it become a successful project. Those who HODL their investment for a long time and didn't buy the FUD whenever negative news on crypto appears.

sulendra12

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Congratulations on your first purchase, make sure you secure your wallet even if you are not planning to buy much or you want to keep store it in your local exchange. With whatever amount you have, it might better to prevent any worse conditions happen by just downloading good wallet. Just take a look here: [General] Bitcoin Wallets - Which, what, why?

If you are looking for build up your amount of Bitcoin, then I would recommend todo DCA strategy so whenever you have money, you just have to invest it with whatever price Bitcoin currently is on that day. It's pretty a good way to build up your capital until halving occurs.

Accardo

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It's recommended to try new things while in a violatile market like Bitcoin. And your first step looks encouragable for a starter, but it seems like you are testing the waters. I'd advise you to pay for more bitcoin when u have the funds. Hodling remains the best instruction in the market, yet holding enough amount of BTC yields the best reward. Always strive to gain bigger amount so that your profits would be impressing to your portfolio. All experience matters keep buying Bitcoin. Shares!

bounceback

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Quote from: Mr.suevie on January 31, 2023, 08:02:53 AM

The key to a successful bitcoin investment is holding and that's what i intend doing

Holding bitcoins for the long term is indeed a very good strategy when investing in botcoins, but can you survive when the market is declining because so far if we pay attention only some bitcoin investors have strong hands to be able to continue to hold them, sometimes when the market experiences a decline will usually make many people panic so that some of them decide to immediately sell their bitcoins even though they are at a loss.
Many think that holding bitcoins is easy to do, but only a few people are able to do it consistently.

Stella Mese

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you buy bitcoin at the right time, even though the price of bitcoin has increased slightly, but at least it's not too late to buy bitcoin, but I would suggest that you save your bitcoin properly, and don't forget to save your bitcoin in a hardware wallet.

I hope your investment is successful.

kamvreto

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Quote from: Upgrade00 on January 31, 2023, 04:08:12 PM

Quote from: Mr.suevie on January 31, 2023, 08:02:53 AM

so i sold somethings in my place that are not of value to me again and started my own bitcoin investment journey.

Do not rush your journey into Bitcoin. It's alright to sell things that are not of value, but always be careful when investing to avoid risking more than you can afford to lose.

Before investing in crypto, of course you have to know what the risks will be, because it's very important so you don't have regrets when the price drops and don't panic too much to sell at a low price. But Bitcoin became a sound investment as Op did, buying in increments of money he could afford to lose. It will be a long-term investment that can provide benefits.
But what Op did was buy at CEX and store it there. It's better to move it to a personal Wallet to be more secure.

aoluain

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Quote from: Mr.suevie on January 31, 2023, 08:02:53 AM

cryptocurrency or should I say bitcoin in particular is not something that is strange anymore in my locality.

The key to a successful bitcoin investment is holding and that's what i intend doing

Well done OP, this is the start of your Bitcoin Journey.

I like how you distinguish Bitcoin from crypto and that you made to move with Bitcoin rather
than some random on trend project.

You are right also in saying that Bitcoin is becoming less stigmatised although it is still
open to attack in the media.

DeathAngel

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Everybody has to start somewhere, welcome to the club. You may have started small but congrats. Now is time to educate yourself more on bitcoin & really go down the rabbit hole. A good place to start is to read the original bitcoin whitepaper.

You need to research self custody of your bitcoin. Set up a DCA (dollar cost averaging) plan to buy bitcoin regularly. You’re going to need a lot more to make a big positive change to your life.

Adbitco

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I believe since you have brought out your heart to keep buying gradually, don't be surprised when you get to accumulate lots of fractions and the market bounces back to the previous ATH, those who don't know when you were investing might got surprised how come about your success.
Last advise to you, I don't actually know the type of wallet you are using but virtually I sense it to be that your assets is stored on your Binance exchange, which is not advisable for you to leave your funds over there. There have been numerous story about people leaving their funds which have been involved in several attack by exchange hack which made them to lose theirs funds.
Get something in minds that, not your key not your funds. So the best is to look for a better wallet and move out your funds from exchange.
Congratulations bro

Mr.suevie

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Quote from: The Cryptovator on January 31, 2023, 01:40:27 PM

Best wishes and welcome to the board. I hope your first Bitcoin transaction went without a glitch. To help you understand more, I would rather spend more time on the forum. More crucial is secure Bitcoin storage. The best and safest action to take will be to transfer your assets to a non-custodial wallet. If you need assistance, feel free to share your situation here. There are enough helpful forum users to assist you.

i thank everyone for the encouragement and advice on the bold journey i have taken into investing in bitcoin and i am also happy to see many forum guide and give advice on how to go about this journey. I had no glitches on my purchase. But i won't lie, i felt a bit kind of scare using the peer to peer option in the binance app because it took longer time before the merchant credited my account.

CryptoPanda

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Congratulations OP on becoming a complete bitcoiner in theory and in practice. I admire your enthusiasm, though the amount of bitcoin purchase is small, the most important thing is you got your foot in the door and you experienced first hand how bitcoin transactions work. I see you used Binance p2p service, you should know it’s bad practice to store one’s bitcoins in a centralized exchange, the amount may be insignificant but since you plan on buying more and holding for a year it’s best you transfer your future hodlings to a wallet where you can have your 12 seed phrase.

Upgrade00

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Quote from: Mr.suevie on January 31, 2023, 04:55:21 PM

i haven't yet move it but I was thinking to move it to my a wallet i downloaded @trust wallet, i have already written my seed phrase down in a secure and safe place but i wasn't too sure if this wallet would be good or if it a non custodial wallet. So i haven't moved it yet,

Trustwallet is "non custodian", but is closed source and being so, users cannot verify the code being used or check if trustwallet pregenerates keys, which means they have full access to funds stored.

Quote from: Mr.suevie on January 31, 2023, 04:55:21 PM

except* for the case about a campaign manager complaining on how his electrum wallet was compromised and he lost almost 4000$ worth of people money meant for payment so am still confused on the exact wallets to safeguard my coins.

The issue with the campaign manager is an isolated incident and does not reflect any flaw on how electrum works. It was most likely an error made by the holder which led to the loss.

Mr.suevie

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Quote from: Upgrade00 on January 31, 2023, 04:08:12 PM

Great to see more Nigerians getting into Bitcoin and even more impressive that you actually did your own research before deciding to invest.
Hope you've moved your funds out of the exchange (cause I assume it's a centralized one you exchanged with)? You should use a non custodian wallet for storage of your bitcoins to give you full control of your funds

i haven't yet move it but I was thinking to move it to my a wallet i downloaded @trust wallet, i have already written my seed phrase down in a secure and safe place but i wasn't too sure if this wallet would be good or if it a non custodial wallet. So i haven't moved it yet, i was also looking to download an electrum wallet since its the wallet most people use in the forum and seeing to the fact that they have not complain about it accept for the case about a campaign manager complaining on how his electrum wallet was compromised and he lost almost 4000$ worth of people money meant for payment so am still confused on the exact wallets to safeguard my coins.

Franctoshi

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Welcome on board mate, You've made a nice decision by owing some Bitcoin, this made me to recall my first experience with purchasing my first Bitcoin back days and how excited I was.

However my little suggestion to you, is to start by clearly stating your journey with Bitcoin as you've taken a bold step forward having purchased your first Bitcoin, Are you HODLing or looking for short term gains?,
Whichever way, HODLing has been the best way to journey successfully with Bitcoin, so be patient and stomach the volatility while waiting.

White pawn

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It’s never too late to get into bitcoin and I’m glad you’ve made your first purchase.
It’s good to see bitcoin get adopted and used slowly and steadily across the globe despite various setbacks that have plagued its existence. It’s also good that you know that with bitcoin as an investment, you can’t actually get rich overnight. I don’t think there’s any legit investment out there that would guarantee 100% on your capital overnight.

alastantiger

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I am clapping for you and I am wishing you massive success in this new adventure. If you have used the money which you know you can't afford to lose you would know if it was worth it in the coming months. However for now, do your own research, stay away from trading, stay away from telegram channels promising high returns. Just hold and stay up to date with the latest happenings in crypto world. One more thing, if it not your keys, it is not your coins . So take if off any centralized exchange.

Upgrade00

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Great to see more Nigerians getting into Bitcoin and even more impressive that you actually did your own research before deciding to invest.
Hope you've moved your funds out of the exchange (cause I assume it's a centralized one you exchanged with)? You should use a non custodian wallet for storage of your bitcoins to give you full control of your funds.

Quote from: Mr.suevie on January 31, 2023, 08:02:53 AM

so i sold somethings in my place that are not of value to me again and started my own bitcoin investment journey.

Do not rush your journey into Bitcoin. It's alright to sell things that are not of value, but always be careful when investing to avoid risking more than you can afford to lose.

Mate2237

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Wow!!! Op congratulations for the wish decision taking by you to invest on bitcoin. My advice also is that send your Coins even though it is not much to a decentralized open source wallet and not in the centralized wallet. But if you want to use it within the short period of time you can keep it because moving them will cost you transaction fees so you can keep it there and sell it off whenever you want if it is a short time investment but if if is for a long time investment then move them out to a wallet that is more secured.

The Cryptovator

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Best wishes and welcome to the board. I hope your first Bitcoin transaction went without a glitch. To help you understand more, I would rather spend more time on the forum. More crucial is secure Bitcoin storage. The best and safest action to take will be to transfer your assets to a non-custodial wallet. If you need assistance, feel free to share your situation here. There are enough helpful forum users to assist you.

Merit.s

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Congratulation OP,you have taken a bold step to invest in btc at 23k,welcome to the cryptospace. You should get a wallet that you control the keys yourself and don't keep you btc in an exchange because it is not safe. I can see that you bought very little amount and you plan to hodli for long, you can still keep on buying little fraction anytime you can afford it,in order to accumulate more btc for yourself. If possible you should do DCA on your investment. By the year 2025, you investment will have grown big. You shouldn't go into trading until you have understood the market and risk management.

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