Bold step to invest my fiat in Bitcoin - page 4.

Z-tight

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talking about save wallet's please I want to know more about different wallet's that are more save.

The safest type of wallets are the ones that are non-custodial and open source: that means you have your keys and recovery phrase, and you can also verify the code of the wallet to be sure the developers are not doing anything harmful behind the scenes. You can also buy a hardware wallet for offline storage, but never keep your coins in a custodial wallet were a third party has your keys.

Electrum wallet is recommended, it is non-custodial and open source, but it is a hot wallet or cold storage depending on how you use it, if you need a wallet for storing a small amount of BTC, you can use electrum as a hot wallet, but if you need a wallet to store a large amount of BTC and for the long run, maybe you should learn how to set up an electrum wallet as a cold storage (1 or 2), or buy a hardware wallet.

I hope you know that your funds are not only safe because of the wallet you use, but also by how you use it, if you expose your seed phrase or keys your funds would be stolen, so as you learn more about wallets, also learn how to use them in a safe enviroment.

mirakal

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Quote from: Dr.Bitcoin_Strange on February 28, 2023, 03:43:26 PM

Quote from: Rockson1 on February 27, 2023, 01:55:10 PM

Although the purchase is small but you won't blame me as it's a first timer situation and in addition to the fact that the funds are not available enough for me

OP, no one is blaming you or going to blame you for buying a few SATs. You do not need to be ashamed of the Bitcoin you purchased, no matter how little it is, and IMO, you must not listen to or see the advice of anyone on the amount you should invest in Bitcoin. Invest what you can afford to lose and hold your SATs in a safe wallet. Keep accumulating if you have money that you think is for nothing else but your Bitcoin investment. You said the fund is not very available for you, and I hope you also don't intend to borrow to invest in bitcoin?

The last phrase is a big no, no matter how likely and big the profits are in the future because even if holding these coins for a long-time bases is good, it doesn't erase the fact that these coins are so volatile that it can move in an unexpected manner and it doesn't guarantee us profits at all. That is why we keep on hearing and saying that "we should only invest what we can afford to lose" because that's how you keep your finances and investments manageable. I hope we're clear about that OP, taking a small step at a time is never a bad idea, you should be patient enough about your investments.

JoyMarsha

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I can imagine how overwhelmed you felt after making your first bitcoin investment. But, you should be aware that due to its price, investing in bitcoin demands a sizable amount of money before you can make a decent profit from it.

According to the image you uploaded, you invested 5000 naira(Nigeria currency), which at the time the bitcoin price was $18,338k was equivalent to around 0.00027264 BTC. That's to say you invested $4 in BTC if you add up the money you received in BTC and its price at the time (18k+). which is too little to invest in bitcoin.

Nonetheless, due to bitcoin's current price of $22k+, if you are still hodling onto your BTC up until now, you have just earned yourself $2. Congrats to ya but how wonder how much profits you will finally make when bitcoin bull run starts

tjtonmoy

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It's good and all, but never share your personal information online. Even if it doesn't have that much information. You never know who's lurking around the shadow. You have taken the first step to be called yourself a Bitcoin holder. Now you need to know how to keep them safe as well. Keep them in your personal wallet instead of keeping it in any centralized exchanges and never share any information about it. Backup your seed in a piece of paper and never keep them in any online platform. Make multiple copy of it.
Congratulations BTW.

Falconer

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thanks a lot for your enlightenment I really want to know more about the investment in the forum that is why I am here to lean more from you guys thanks for your encouragement talking about save wallet's please I want to know more about different wallet's that are more save.

But before that, don't break the forum rules, especially about rule no 32.

Unofficial list of (official) Bitcointalk.org rules, guidelines, FAQ

There are many experienced traders and investors on the forum. You can ask the question on the right board, I mean if you want to get a good strategy about trading then you should discuss it on the trading discussion board. On the other hand, if it's about wallets then you can get good guidance on wallet software boards.

Rockson1

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Quote from: Fiatless on February 27, 2023, 02:28:44 PM

Congratulations mate on your first Bitcoin purchase. it's indeed a bold step in the right direction. One most striking benefit of Bitcoin is it's divisibility which enables both the high and low income earners to buy the coin. Just keep increasing your coins based on your income, keep them in a safe wallet and wait patiently. Who knows, you might make so much profit in few years. It is also important to note that Bitcoin doesn't guarantee financial freedom but it could be part of your financial freedom plans. That's why it is important to diversify your income base. All the best bro.

thanks a lot for your advice it is not a small investment I did just as you said my income rate matters a lot I can not go for what I can't afford for the first place then the talking about save wallet's I don't really know the most save wallet's yet because I still need to lean more from u guys in the forum.

Quote from: Fiatless on February 27, 2023, 02:28:44 PM

Congratulations mate on your first Bitcoin purchase. it's indeed a bold step in the right direction. One most striking benefit of Bitcoin is it's divisibility which enables both the high and low income earners to buy the coin. Just keep increasing your coins based on your income, keep them in a safe wallet and wait patiently. Who knows, you might make so much profit in few years. It is also important to note that Bitcoin doesn't guarantee financial freedom but it could be part of your financial freedom plans. That's why it is important to diversify your income base. All the best bro.

thanks a lot for your enlightenment I really want to know more about the investment in the forum that is why I am here to lean more from you guys thanks for your encouragement talking about save wallet's please I want to know more about different wallet's that are more save.

[moderator's note: consecutive posts merged]

famososMuertos

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These stories of passion, courage, bravery and etc. Ok! although It's just a bitcoin purchase, so, welcome and don't just hold to have Bitcoin for its price.

The holding of bitcoin has very good associated premises, not only study the volatility, understand why bitcoin comes to light.

Mr.suevie

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Quote from: Rockson1 on March 02, 2023, 01:15:39 PM

Thanks to each an every one for your encouragement and advice I really appreciate you all for your comments even does big guys in the forum that make me understand the fiat I buy is not worth celebration I still appreciate you for your comments my happiness is that I have taken a bold step an a new member of bitcoin club, I think investing in crypto currency has been in my mind for a very long time seeing it come to pass is a welcome development do is small I know but know matter how small it is I still appreciate, what matters is my financial ability an the available funds in my hand, because things is not easy in my country right now couple with the scarcity of currency in my country where side hustling an contract works is very scars for now business is no longer moving fine but I believe as time goes on i will invest in more fiat never the less am still leaning from u guy in the forum as a new beginner love u all mates

You are welcome, and by the way since you are now an investor I will like for you to browse and surf the forum more in terms of gathering more knowledge on crypto so as to enable you know more on the benefits crypto could serve you. I would advice again to increase your forum activities more as I have seen that you rearly come online, reading and contributing more in the forum will help increase your knowledge in the forum about crypto.

Rockson1

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Thanks to each an every one for your encouragement and advice I really appreciate you all for your comments even does big guys in the forum that make me understand the fiat I buy is not worth celebration I still appreciate you for your comments my happiness is that I have taken a bold step an a new member of bitcoin club, I think investing in crypto currency has been in my mind for a very long time seeing it come to pass is a welcome development do is small I know but know matter how small it is I still appreciate, what matters is my financial ability an the available funds in my hand, because things is not easy in my country right now couple with the scarcity of currency in my country where side hustling an contract works is very scars for now business is no longer moving fine but I believe as time goes on i will invest in more fiat never the less am still leaning from u guy in the forum as a new beginner love u all mates

ethereumhunter

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I just hope that after buying bitcoins for the first time, he can go on to buy even more bitcoins. He can use the DCA strategy by regularly buying every month and not just buying for the first time and done.

Investing in bitcoin is difficult because you don't just buy it for the first time but can continue it until you feel enough or have reached the target you want and just wait for the price to start moving up higher. Most people think they only need to buy the first time and then won't buy again, even if the price drops drastically. Let's just hope he can go on to buy a second time and so on. But congratulations on your buying bitcoin.

Justtoons

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Quote from: Smartvirus on February 27, 2023, 02:57:32 PM

Quote from: Rockson1 on February 27, 2023, 01:55:10 PM

So everyone should join me and celebrate this purchase as it went through without any stress and please help me show my image for other viewers as my rank prohibits me to

As irritating as this is beginning to look in my eyes, I would say, you've done yourself solid by buying a few sats. That's nice but, is it really something we should celebrate? Like why should we...? You bought your first bitcoin and then what?

This is a trend that I have seen to go around one too many times and it's already polarised at my end. Do we have to see this sort of thread over and over again; i bought my first bitcoin, i purchased goods with bitcoin, I started accepting bitcoin in my business and lots of those similar threads.

This makes me see reason why mega threads are been put in place to house this sort of festivity. Do we have one? I think it hould be made elaborate and let's have all these directed there.
Don't take this personal as its got nothing personal about it, am just not feeling the vibe no more for these trends.

Nice one mate you just took a bold step, it's a first start. as time goes on you will have to top up a little because the more the merrier. Dont mind anyone trying to say something that upsets you if they are tired of the trend then they should overlook when next he see it. Everyone has a right to celebrate their progress it's an open community. I'm happy for you bro Grin

justdimin

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Quote from: Rockson1 on February 27, 2023, 01:55:10 PM

Hello guys my curiosity has really gotten the best of me. I was so eager to get involved in the trending Bitcoin currency that is everywhere in my locality. Bitcoin is acceptable in so many small scale business around me in my locality, I mean I had to just ask what was this all about and finally I was introduced here and since my coming I have Learnt alot and still in the process of learning. But I came to understand few things here which gave me the courage to wanting to purchase Bitcoin and keep it so I can see some tangible profit when the price go up .

Well kudos for getting involved of course, but I do not see the point of this topic. I would say congratulations of course, because finally getting into bitcoin after thinking about it for so long is definitely something to be happy about, there are still so many people out there who are not part of it and that's a shame, everyone should be part of bitcoin so you are definitely ahead of billions of people in the world who never had anything to do with bitcoin so far.

But the topic itself doesn't really make sense, is the purpose to get merit or something? Should we just merit you because you got in finally? Or just say congratz is enough? What's the goal here? Cheesy

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abel1337

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Quote from: Rockson1 on February 27, 2023, 01:55:10 PM

Hello guys my curiosity has really gotten the best of me. I was so eager to get involved in the trending Bitcoin currency that is everywhere in my locality. Bitcoin is acceptable in so many small scale business around me in my locality, I mean I had to just ask what was this all about and finally I was introduced here and since my coming I have Learnt alot and still in the process of learning. But I came to understand few things here which gave me the courage to wanting to purchase Bitcoin and keep it so I can see some tangible profit when the price go up . Although the purchase is small but you won't blame me as it's a first timer situation and in addition to the fact that the funds are not available enough for me but I just want to let everyone know am also a Bitcoin holder now and willing to purchase more as bitcoin is also a financial gateway to freedom of saving fund. But I really had to take my Time to understand the whole volatility of Bitcoin before taking this bold step.

So everyone should join me and celebrate this purchase as it went through without any stress and please help me show my image for other viewers as my rank prohibits me to

https://i.imgur.com/NiPto8D.jpeg

Congratulations on having your first bitcoin. It's common for most of us to try buying bitcoin with just a small amount, My friends also still have some doubts before when I introduced bitcoin to them that's why they bought small amount just like yours that's why there's nothing to be sorry for. It's nice that the adoption in your local place is advancing, Sooner or later it will be for the most small scale businesses as they will notice that people are using bitcoin and will adopt to it as well. Small moves like this is a good one compared of doing nothing. Keep studying about bitcoin and cryptocurrency and make sure to make yourself ready on what kind of things that you will face by being a bitcoin holder. For sure you won't be affected that much even if there's a big dump given the amount of you are holding right now but there's a chance that you can be affected by volatility as you expand your bitcoin holdings.

lalabotax

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Quote from: Rockson1 on February 27, 2023, 01:55:10 PM

...Although the purchase is small but you won't blame me as it's a first timer situation and in addition to the fact that the funds are not available enough for me but I just want to let everyone know am also a Bitcoin holder now and willing to purchase more as bitcoin is also a financial gateway to freedom of saving fund. But I really had to take my Time to understand the whole volatility of Bitcoin before taking this bold step.
....

Congratulations on your first Bitcoin purchase. I don't think that there will be someone who blames you because you have a small purchase. Never think about it and let it be
Your first purchase exactly becomes a bold step that you made. And after reading your story, I really like what happened in your locality because Bitcoin is really accepted there. Well, that's really a good environment. because that is really different from my area here, where I must hide in this crypto business because crypto is still considered negatively around me here.

Btw, one of the keys to Bitcoin investment is patience. You may not see a big pump in Bitcoin price in several days, or you will also see big market corrections that make your Bitcoin rice may be decreasing. But never panic and always be patient because Bitcoin will have its own period to bullish and you will see the precious thing. You can also add more accumulation of your Bitcoin assets to prepare for long-term investment again.

Dr.Bitcoin_Strange

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Quote from: Rockson1 on February 27, 2023, 01:55:10 PM

Although the purchase is small but you won't blame me as it's a first timer situation and in addition to the fact that the funds are not available enough for me

OP, no one is blaming you or going to blame you for buying a few SATs. You do not need to be ashamed of the Bitcoin you purchased, no matter how little it is, and IMO, you must not listen to or see the advice of anyone on the amount you should invest in Bitcoin. Invest what you can afford to lose and hold your SATs in a safe wallet. Keep accumulating if you have money that you think is for nothing else but your Bitcoin investment. You said the fund is not very available for you, and I hope you also don't intend to borrow to invest in bitcoin?

Rockson1

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Quote from: Edwardard on February 27, 2023, 11:06:40 PM

Quote from: Pmalek on February 27, 2023, 02:58:33 PM

Welcome to the Bitcoin club!
$5 worth of Bitcoin today might be work $50 tomorrow, who knows!?

Not tomorrow for sure. Thats too optimistic lol.

Quote from: crypticj on February 27, 2023, 10:36:00 PM

The mass adoption is coming boys BTCBTC

It is already adopted massively. The richest man on earth now talks about it freely, what else do you want to call it mass adopted ?

@OP, your privacy and maybe security is at risk by showing your order id in your screenshot. You should never post your trading screenshots or wallet balance in an online forum. Scammers will start DMing you.
I would suggest you to remove it right away and also the ppl who quoted the screenshot should edit their posts.

now I know the risk involved in screenshoting my transaction I will never do that again.

pixie85

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Quote from: Pmalek on February 27, 2023, 02:58:33 PM

Welcome to the Bitcoin club!
$5 worth of Bitcoin today might be work $50 tomorrow, who knows!?

I hope you are holding your coins in a safe wallet. Is that a Binance P2P purchase on the picture? Did you leave your coins on Binance or did you withdraw them elsewhere?
First of all, I would never advice anyone to hold coins on an exchange but (there is always a but) in your case, it makes more sense than withdrawing them. Let me explain why. You own 0.00027... BTC. Binance's withdrawal fee (I am assuming that is Binance on the image) over the real Bitcoin blockchain is 0.0002 BTC. Not only that, but you don't have enough for a withdrawal. But you have enough to withdraw fake bitcoins. Don't let Binance trick you into withdrawing bitcoin over some alternative networks like its native Smart Chain or as a BEP2 token. Those are centralized and pegged BTC tokens and not the real bitcoin.

As much as I love bitcoin this example shows that it's not the best way for the poor to save money. If $5 is a lot of money for our OP and it has to be because he's willing to celebrate the purchase and I bought a cappuccino at starbucks today for $4 and then had to spend $50 to "feed" my car.

What we've learned today?

You spend pennies on bitcoin at a centralized platform, you'll spend it all on fees.
You think you bought $20 of bitcoin, but in reality you have probably 5 left, unless you get yourself fooled again and change it to a stable coin or some shitcoin in search of lower fee.
I see no way for these exchanges to be attractive in poor countries unless they drop these ridiculous fees.

so98nn

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That is good to see buddy but you bette tjee increasing your stakes over the period of time. Now everyone always measure bitcoin in terms of their local currencies and considering the fact that you already have highly competitive prices against dollar, the bitcoin must be insane figure. Looking at the screenshot itself gives whole picture of it.

I would suggest you stick to your plans and do not listen to what others has to say. You have benefit of getting higher money when world will be earning X USD sun their locality, you will be earning huge Niara for sure. Just do the math properly. You could be local heroic investor soon.

Pmalek

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Quote from: Strongkored on February 27, 2023, 10:42:34 PM

seeing from the picture you included is the nigerian currency, it would be better for you you to join the community Local and learn more...

He is already aware of the Nigerian local forum and posts there. I know because I wanted to tell him about it when I saw the screenshot as well. But after checking his post history, there was no need anymore.

Quote from: Edwardard on February 27, 2023, 11:06:40 PM

Not tomorrow for sure. Thats too optimistic lol.

In this case, the meaning of "tomorrow" wasn't supposed to mean "the following day", but at one point in the future maybe Wink

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ChiBitCTy

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Quote from: Rockson1 on February 27, 2023, 01:55:10 PM

Hello guys my curiosity has really gotten the best of me. I was so eager to get involved in the trending Bitcoin currency that is everywhere in my locality. Bitcoin is acceptable in so many small scale business around me in my locality, I mean I had to just ask what was this all about and finally I was introduced here and since my coming I have Learnt alot and still in the process of learning. But I came to understand few things here which gave me the courage to wanting to purchase Bitcoin and keep it so I can see some tangible profit when the price go up . Although the purchase is small but you won't blame me as it's a first timer situation and in addition to the fact that the funds are not available enough for me but I just want to let everyone know am also a Bitcoin holder now and willing to purchase more as bitcoin is also a financial gateway to freedom of saving fund. But I really had to take my Time to understand the whole volatility of Bitcoin before taking this bold step.

So everyone should join me and celebrate this purchase as it went through without any stress and please help me show my image for other viewers as my rank prohibits me to

https://i.imgur.com/NiPto8D.jpeg

First off, that's great to hear about your local town having lots of small scale businesses whom are accepting bitcoin as payment. That is what it's all about in my opinion. It's important in my mind that bitcoin be used as a means of trade, a currency. There's quite a few people I know who disagree with that sentiment, but I think they are dead wrong. That being said, bitcoin is more about the technology and the breakthrough that it is, versus "making profits". I would continue to learn about bitcoin and understand how it all works before you really start to worry about making money. Just my 2.

Topic: Bold step to invest my fiat in Bitcoin - page 4. (Read 822 times)