Topic: am now a bitcoin investor(first purchase) (Read 456 times)

I will like to congratulate you on your decision to buy Bitcoin but there is something you must understand about the market which is volatile of the market. The market can move to any direction so you have to prepare you mind that this decision you have taken to become a Bitcoin holder will stick with you and will not make you talk bad about the cryptocurrency market eventually when the market turn to a direction that do not suit you. Prepare your mind to work through the bear and bull market because that will certainly come around.

This is great attempt, and it's encouraging for seeing our newbies to surmon a courage of purchasing cryptocurrency for investment, because i have seen some people who have been biased over Bitcoin investment, so i believe that you investing in Bitcoin at least will bring other people within your area to cryptocurrency investment.

OP, sorry about this. I'm really not sure if I'm brave enough to post the asset amount along with screenshot of my transaction for people to see on the forum ^{[even if it's $10K to $100K worth].} This is not great idea if you are looking to invest in bitcoin because to be honest bitcoin are such valuable asset that most people probably expect. So why don't you care about privacy even if your assets are not worth more than $15?

You can claim to have invested in bitcoins for whatever amount you can afford to lose, but you are not required to prove the amount of assets you own. Even someone has started investing $1M in the first day, but they don't want to put themselves and their safety in danger.

@Op, Welcome to the crypto investment stuff. And as I can see, you are also from my locality, which is a good sign that lots of people are adopting crypto. But I hope you also know the risks involved in BTC investment: your money might not be worth the same amount when you need it because of price inflation, unless you are not in a rush and have determined to hold for the long term. Once again, congratulations.

Given the size of the bitcoin purchase, I doubt that the OP will buy a hardware wallet for holding 0.00057854 BTC. But trusting your, albeit small savings to a centralized exchange is also not the right decision. The simplest solution for OP would be to use the Electrum wallet, which has long been trusted by the crypto community.

I remember the first time I got in, it was a tiny amount, and I got out eventually, because I like profit but it was a very wonderful day because it wasn't just about making profit for me, it was about learning more about bitcoin. That day, I truly believe that my life was saved.

Because, ever since that day I have been living a life that is much better than what I can normally live. The world gave me a small portion of place to live and told me that I belong there, thanks to bitcoin however I decided that I do not belong to that corner that was given to me and I believed in much more, not just financially but in freedom to choose as well. Now I am living a much different life, and that's awesome.

Many beginners lose their deposit very quickly, starting to trade without having the knowledge and experience to do so. Therefore, the strategy you have chosen is the only correct one. Since the first purchase has already been made, you need to study the issues related to safe storage.

It's not wrong if OP takes the path of investing in Bitcoin because we all know that OP has chosen a very good currency for his investment at this time and it will be a very extraordinary experience in his life also in the future if he gets a profit. Because daring to try to invest in Bitcoin is a very extraordinary thing than not making any investment because you hear more about other people's words.

In April last year Bitcoin was still in the $40K range and I don't think that's quite as high compared to the ATH that Bitcoin has been in even though it still looks a long way compared to the current price which is still under $24K. But I think it won't be a problem for you as long as you are patient in waiting for a better price increase in Bitcoin this year.

Congratulations man on the purchase. This is a great Achievement, as i myself started with much smaller Amount but later raise up by buying more and even accumulating more coins since i started working on most signature campaign in the forum as a full member. I would advise you as everyone else has and that to move your coins off the centralized exchange you used in making this purchase and maybe secure more in an electrum wallet which is more safe since you are the owner to your keys and your coins and make sure you safeguard your seedphrase when creating your wallet.  

Its seems good and worth with your first time investing 0.00057854 Bitcoin in your Binance exchange wallet account, I don't think good ideas with your investing place trough exchange wallet because have bad thing later based on FTX exchange market collapse. Congrats with your first bitcoin purchase and later you can invest more than this amount and one day later I think you will get sweet thing from your investing funds.

Don't stop your ambition having more than many Bitcoin one day later, I think you can use your technic with daily, weekly, monthly or yearly for spent from salary investing in Bitcoin. I used my way with weekly investing in Bitcoin above $100 since last one years and waiting for selling until bitcoin back to $60,000.

I'm glad for what you did OP, welcome to the club!

I believe you truly had a great vision because you took the risk in investing towards bitcoin and while it may be easy for the other person's perspective but what you did took some guts because cryptocurrencies are somehow demanding and laborious as it requires knowledge beforehand and the learning never stops. So, good luck for you journey OP and again, congratulations. Just don't forget to transfer those assets in a much safer wallet (cold), so that your coins are somehow safer from others to reach.

Not all trading trades away btc. When you trade btc pair, your profits and losses will be on btc. So trading can accumulate btc and necessarily reducing it.
As you mentioned, the most important thing about trading is first being sure you know how to trade. Trading is not all about buying low and selling high. There is more to it and if Op knows how to trade, that is how to increase his small investment.

You don't need to attach a screenshot of the purchase because it will be dangerous for your privacy in online forums or elsewhere.

Congratulations and good luck with the investment you make in bitcoin, it takes consistency and understanding of the bitcoin cycle, so that the investment you make is optimal and profitable, you need the right concept and an accurate pattern to enter the market. No matter how big your first buying effort is, as long as it can be maximized it will be much better. You can increase the amount of your next purchase in a number of ways, both long term and short term from the profits of the first purchase you make.

My advice is don't forget to study market conditions, because bitcoin investment also has a high risk and that's why bitcoin is considered volatile. If you take the wrong opportunity, you are worried that you will suffer a loss when the market conditions are towards a negative trend, because you will panic and try to cut losses by selling.

There are many ways that you can do with your intention to invest in virtual currency so you should find out more about what you are investing in in the future. If you choose Bitcoin you should look for the right time at the current price. if you think this is good to buy then do it.
I bought Bitcoin last year for a very large amount in April and saw the price of Bitcoin was very high. I dreamed that it would continue to increase but apparently everything changed with the recession.

You purchased roughly $15 worth of bitcoin, right? It may seem small to others, but it is a good start to owning bitcoin, and I am sure it will be memorable for you as this was your first time owning a bitcoin. What I suggest is, can you transfer it to a cold wallet? that you own the private wallet? I am sure you purchased this on an exchange, e.g., Binance, but you don't own the private key; you only have the account, and if ever it is the same case on FTX, then it would be difficult to recover. As you notice, people here in the forum are now transferring their bitcoins onto their own wallets just to be safe.

Congratulations on your first purchase of bitcoin and welcome to the hodle community. It is nice you bought bitcoin as an investment. This is absolutely one of the business investment step one can take at this moment in time. You can keep taking advantage of the current market condition by purchasing in fraction bit by bit as the case may be. Remember the phrase "not your keys, not your coin" as not to loose your coin in the custody of third party exchange. Also, remember to invest what you can afford to loose that is you using your spare cash to buy bitcoin so that what ever happens to your investment, it would not affect you and if you are to trade on third party exchange, always do well to collect your profit while sending to your own private wallet where you have possession of you your private keys yourself. I think this would save you some stress.

Indeed it is a good strategy, especially if he keeps his bitcoins in another personal wallet and not on an exchange. This is to anticipate if he panics because of price fluctuations which will occur more often, so he doesn't sell his bitcoins at a low price. Apart from that, this can also allow him to learn to be an investor with strong hands in holding his bitcoins.

After the first purchase, he can buy bitcoins again, especially if the price goes through a deep correction. And he must remember to use the money he can afford so that it doesn't interfere with allocating his funds to other things.

It's good to see newbies doing their research first before buying bitcoin, many rush to buy and they don't have a clue about what they are buying, sooner or later they get tired of holding and they sell for loss, if you know what you are buying nothing can break you. I will say keep it up, they amount you bought is very low but keep DCA when you can afford it and remember that you can't build an empire in a day, welcome to the family.

congratulations on your first Bitcoin purchase. and also, good luck trying to invest.
you seem to have understood how Bitcoin is a better alternative than fiat. and now you have started your first investment. you already have the key and then it depends on how consistent you are in accumulating more of your Bitcoin and also how you can hold it according to your plan.

I will also congratulate to you for buying Bitcoin for the first time, you bought at the right moment especially now that the price is very far from ATH, of course buying at a moment like now is an inevitable advantage, but there is still a long way to go halving and of course on the way there will definitely be a lot that affects your faith and mentality, it will be an important lesson for every small or big holder to build fundamentals as a strong holder.
I really hope you make purchases for the second, third, and so on. Until you feel you have enough as future savings and we can celebrate.

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.

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.

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!

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Congrats! Welcome to the community. I remember my first purchase in OWNR, it was thrilling and I wanted to buy more immediately. But I couldn't do that. Just remember - zoom out in doubt and HODL.

Hey OP, firstly, welcome to the community and to the crypto world. As this is your first purchase, and you are still learning. You should HODL it until you learn all about many more ways to make your asset grow. For the time being, you should keep adding to your purchase in the future and keep hodling.
When the time is right, you can trade and earn more. But don't listen to me. Do your own research and keep learning. And congratulation.

One more thing, read the previous reply above mine. Maus0728 has shared great information about keeping your assets in exchanges. Keep them safe in a private account.

If I may suggest, after you have spent about $100 or so on bitcoin, try transferring it to a wallet where you own the private keys, such as Electrum for desktop or laptop computers or Bluewallet for mobile devices.

Unless you are actively trading with it, using an exchange to hold your asset is a terrible idea^[1].

[1] https://cryptosec.info/exchange-hacks/

Congratulations on your first bitcoin purchase. I hope you can continue buying the second bitcoin purchase until you feel enough with the amount. You have used this time to buy and I see that now is the correct time for the bitcoin price so it's safe to say you are entering a good time to buy bitcoin.

After buying your first bitcoin, you must keep your emotions in check, especially if you see a drop in bitcoin because many people eventually can't stand seeing the price going up and down. But I'm sure you can do it and by continuing to learn to analyze market conditions, you will be able to enter the market on time.

Let me start by correcting you before congratulating you that you can always edit your image size to smaller one, it doesn't need to appear big before your message could be passed across, now  about investing in bitcoin, i believe all that is needed as a newbie os no more new to you, that you're taking this step with the understanding that bitcoin is volatile which indicates that it could rise or fall, also that you're using the appropriate wallet in keeping your investment which could give you full control over it, then lastly you have heard about DCA method of buying bitcoin to avoid or cht loss and have enough patient to hodl before sale, if all these were indeed fulfilled by you then accept my congratulations for a good start.

welcome friend, I hope your bitcoin investment brings a lot of profit.
Don't forget to keep learning, and keep enjoying the whole process.
it seems that every day many new investors emerge, who are ready to enliven bitcoin and other crypto.
hopefully with more and more
bitcoin investors, will be a positive impact.

Now it seems that there are a lot of Nigerian people who are into bitcoin because previously I also found threads that had the same experience as you some time ago and there are even threads of Nigerians who do use bitcoin as a tool for transactions in both trade in goods and services.
This is great I love this kind of thing but indeed if you come in early when they were at $16k in december or early last january then obviously it gets even better but now it's not too late for that.

don't be offended, but you bought 0.00057854 BTC which is the current value of $13.35. And it is not a spectacular amount that could be considered an investment, that amount can be collected even with faucet claims.
I'm glad that you became a Bitcoin holder, but imagine how absurd it is that after the first small purchase of bitcoins, you share advice and talk about what is key in this investment. advice is usually given when you have some quality experience, while one small transaction is certainly not.

A good start, know where you are stepping at, if you know nothing about it then don't force it. Take the time to get ready and for now HODLing will be the plan. Congratulations on your first purchase and I wish you could continually increase the number as time flies by.
I understand that the economy is at it's worst point but investing is still a good idea even for just small amounts. Hoping to see this one day turn into 1 Bitcoin as you keep on adding more.

It is not impossible that someone can get richer overnight via investment in bitcoins. It is not just a common thing and something happens everyday so people are advised not to have that mindset when they are about to invest in bitcoins. Think about this, imagine someone who invested a huge amount amounting to the value of one bitcoin or more, If there is a very positive movement in the market just like after some hours after they invested, they will be richer. This is not something that can always happen and not to everyone because it is not everybody that has the money to invest heavily in bitcoins, and there is no way to exactly know when the price of bitcoins will jump positively to a new profit price.

woah!!! , i think that's a very big and bold step to take in this early stages of learning more about bitcoin especially with the fact that trading is very sensitive and i can lose even this my little investments within a twinkle of an eye, if am not fully grounded on it which am not.  So i think i will just stick to my first plan "planning on buying more", i feel thats way safer than trading for now. But if i eventually developed interest in learning about trading, i know i will need to start from scratch on reading and watching lots of lesson video on trading and for now i not ready yet

Congratulations on your first Bitcoin buy as you said, you are planning on buying more so I would suggest you to DCA monthly if you have the means to in growing your portfolio and do not risk trading if you don't know how to. I am also glad that you understand that Bitcoin Investment isn't a get-rich-quick thing which some people think thereby ending up being disappointed when things don't go that way and I believe that it is a crucial step to know with Bitcoin investment.

Trading is not for everyone and I do not think new members should be trading away their btc. Trading requires knowledge on how the economy works which is a degree level subject that most of us do not have the knowledge to understand. Not everyone should be trading it is risky if you do not know how the market works and when you do know something about economics it is still risky because bitcoin is not like the normal investments you can make.

Congrats on your first purchase mate. However, it is not very recommended to show your order id screenshots in an online forum or anywhere as it may harm your own privacy.

You should try some trading too since the amount you invested is quite small for it to be considered as hodling stack. But always have a note of risk management.

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.

cryptocurrency or should I say bitcoin in particular is not something that is strange anymore in my locality. Although its still not allowed to transact bitcoin with the local fiat bank in my place but the use of bitcoin is still spreading and i am happy to say it has helped alot of people especially when it comes to payment for things online, especially in this particular period of time that my country is facing so much financial restructuring @changing of our local currency @turning the system into a cashless economy@ scarcity of the new and even the old naira note and the holding back of individuals funds restricting them from using their funds in the fiat banks.
       So am glad that i was finally able to purchase my first bitcoin and am also planning on buying more, also i will hodl my coins till the speculuted time of the bitcoin halving due to stats gathered in the crypto space, which is supposed to take place next year but prior to the fact I have gathered on my own, i feel no one truly fully understand the movement of the price of bitcoin so i will holding till whenever bitcoin fully reaches another all time.
     It wasn't easy for me to fully learn and understand the whole concept of bitcoin volatility but due to the curiosity i had to learn, i now know that bitcoin isnt any investments where one can make millions overnight after investing which is normally the basic view most people in my place have towards bitcoin investment. I missed out when the price was still 16k last year but i had to make my move now that the price is ok to buy, before it goes up again so i sold somethings in my place that are not of value to me again and started my own bitcoin investment journey.

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