Topic: How I decided to buy some fractions of BTC after discussion with members here - page 3. (Read 684 times)

Well, good for you that you actually engaged and invested on this industry. Have seen many topics wherein users are just planning to do so and are looking for advices but only a few have actually bought an amount. But since you've done so, please be mindful of how profit will be earned and how this industry really works. Do not be one of the investors who are assuming that profit will be earned easily from this industry. Right now, we are currently seeing additional increase with market peices of huge tokens in this industry which is a good thing but expect for declines 'coz there are no supporting reason for a continuous market price increase at this moment. Be patient.

Agreed that most of them are from Nigeria and those 5-6 figures means a lot to them. This could be start of something big for them since bitcoins volatility and up rising has surprised the world many times. These fellas should keep working on their balances and keep adding such value over the time to their wallets. I am wondering if they work on paid to Click sites or Satoshi based faucets then they could end up having millions of Naira, is it or is not? Since the conversion is lot more higher for them against the dollar it could be something big for them. Practice those methods as well. Good luck dude.

I agree with your overall point Ultegra134; however, I would clarify that you can be persistent and even assertive with your ongoing investment into bitcoin, but there is no imperative to have to be overly aggressive or to have to try to compete with anyone else in terms of trying to make up for lost time.. in regards to NOT investing earlier.

In other words, I think that it is better to consider the whole ONGOING BTC accumulation matter as a kind of way to be as sufficiently aggressive as reasonable, and to make sure that we do not overdo it within our budgets.. so if we can reasonably accommodate $100 per week, then great, but if our budget does not really allow that much, then we have to figure out what is allowable without overly stressing our own budget in terms of cashflow coming in, expenses and our psychology in regards to NOT having too many extra pressures.

If we keep buying on a regular basis, it is likely that we are going to see progress with the passage of time, but how much progress will likely vary depending on how aggressive that we are able to be without overdoing it..... We should not end up overdoing it, and then find ourselves with few or no coins because we failed/refused to adequately have our budget (and psychology) in a good place to be able to weather the likely inevitable good times and the bad times.. that can sometimes happen in extreme ways both in terms of time and intensities.


I am NOT against the idea of starting out by holding BTC on exchanges or with third parties; however, as we likely own more and more bitcoin with the passage of time, it is likely that we are also going to need to learn more with the passage of time too.

So we should realize that we don't own shit if our bitcoins are on exchanges, but we do own some kind of voucher or a claim to bitcoin and even exposure to BTC price changes, so sometimes it can take a bit of time for the reality of the difference to sink in, and the more we own, the more likely we have to attempt to protect ourselves by investing into studying free or low cost solutions, versus perhaps graduating up to more expensive solutions (such as a hardware wallet), and no matter how are BTC are held, there are going to be tradeoffs in terms of what the risks might be in terms of managing our passwords to accounts or making sure that we have back ups if we start to graduate to self-custody solutions.. that might even be free... but there is no complete freedom in terms of making sure that we spend some time to learn, and the whole matter of holding our coins ourselves becomes easier once we practice more options.. but we also don't want to overdo the complexity of our back-ups or our passwords in such a way that we end up losing access to our coins because we overly complicated our set up or our security.

Most of the people who posted about this here are Nigerian, and I am not shocked that they are one of the countries using bitcoin. You bought roughly $50 worth of bitcoin, and that's huge. It is really memorable to you, and also what most people suggest is that if you accumulate more bitcoin over time, you should transfer it to a cold wallet to make it safe because, in exchange, you don't own it as you don't have the private key on it. But congratulations on your first purchase, and this is your first step toward owning bitcoin.

Congratulations on your first Bitcoin acquisition! You actually reminded me of my first one too, somewhere between 2013 and 2014. Bitcoin was worth approximately $300-$400 back then, and I had acquired a decent sum of BTC for the money I had paid—it was actually more than I've ever acquired. I'd advise you to create an affordable monthly budget and purchase as much as possible since it's likely to be worth a lot more after the halving, approximately a little more than a year from now. Bitcoin has been an incredible journey so far, and I'm delighted to have been a part of it for the last few years. Don't make the same mistake I did; be persistent and don't give up if you see things going the wrong way.

Congratulations on your decision to start investing in bitcoin because only some people are willing to make the first step in investing in bitcoin. They tend to watch and wait for when they can start investing, but they don't make the first step that will define their future.

I hope you can continue investing in bitcoin and keep doing it consistently so that your future profits can increase. And I also hope that you can hold on to your bitcoins tight because investing in bitcoins comes with risks. But I think you already understand the risks and can overcome these risks.

How many Nigerians are there on this Forum?  It feels like they are becoming a majority!

Nobody will double your money for free.  Nobody will give you anything for free in fact.  We may help you out with free advice and guidance, but we will not offer free money nor will any body else.  Do not be naive enough to fall for this trap.

Now, congratulations on becoming a Bitcoin holder.  Make sure you hold it tightly.  You may experience disappointment along your journey due to few crashes, but every survivor of all Bitcoin crashes so far proved to be smart and become richer by resisting the thought of selling that is caused by panic.

Lastly, do not forget the money you invest should be money you can afford to lose.  Not your life savings.  When you bought Bitcoin, think of it as if you never had that money to begin with.  This makes intrusive thoughts so much easier to handle throughout the roller coaster you are about to go through.

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Regards,
PrivacyG

So many Nigerian’s are getting into bitcoin now due to the current situation in their home country. I really welcome it & it makes me happy to read. Bitcoin is for everybody, the fact that it helps people escape draconian measures that their governments impose on them is amazing.

Protect your purchasing value & buy bitcoin guys. It’s the best decision you’ll ever make. OP is a legend, welcome to the future of money.

This is nice you did well. I would recommend you use a good wallet to store up your coin as I do not think keeping it in an exchange is safe just like the other previous commenter said. You took a bold steps in purchasing your first ever bitcoin and it is good you did that now and taking advantage of the current market situation.


I will say this as I heard you talking about promotion of bitcoin. Have you had knowledge about bitcoin to the fullest? If yes then you can be able to talking to your friends and family about bitcoin but if you have no knowledge then I would say you do a research to know more about bitcoin but I will also say this too do not purchase for any or talk of to manage a account for them as it is very risky to do so or are you ready to take the blame when anything happens?
Once more, congratulations for your first purchase.

Welcome onboard mate. You have done well in making your first purchase of bitcoin. I believe you must have done a little research on how bitcoin works so as to enable you scale through the processes involved. As you know, bitcoin market is volatile so it is advisable that you buy in fractions and while buying, it is nice you buy with your spare cash which you can afford to loose if it happens that the market is down or any possible hack. Another thing I would advise you to do is to remember the phrase "not your keys, not your coin". Leaving your bitcoin in exchange is not advisable as you do not have access to the key so therefore if anything happens to the exchange,your funds are all gone. So in your best interest, move your funds out from exchange to your own private wallet which you have access to the keys. That would ok you do it soonest for your safety.

before you teach bitcoin to your colleagues or friends, it would be nice for you to be more knowledgeable about the running system first.
so that when you explain to them you are not half measures.

many people want to teach and tell about bitcoin, that is a positive thing, but don't let there be elements that are a bit pushy with the lure of success.
and congratulations on your bitcoin purchase.

After you understand the many suggestions in your previous thread, you get an answer about what you should do. Deciding to start investing in bitcoin is a good choice. and it will be your first step to getting to know crypto, especially bitcoin. After previously you were reprimanded by many members here who said you were not in line with the thread you made about teaching bitcoin, but you didn't invest in bitcoin.

Now that you are part of a bitcoin investor, start buying bitcoins on the Binance P2P exchange. But for a good suggestion you can transfer those bitcoins in your personal bitcoin wallet, if you don't have one you can create one in Wallet Electrum and it becomes a recommended Bitcoin wallet, security of your bitcoin assets is now the first thing you should think about.

If you intend to hold long-term, feel free to do so and make a purchase gradually because it will be more profitable. Don't panic too much when the price starts to fall, it's a good opportunity to start buying again.

Are you guys merit hunting with such topics? This is not the first time I see topics with content like "Today/month ago/this year, I have started accepting/buying/studying". Surely the sentence with "amount of Bitcoin bought" must be in this topic as well as the word "adoption" must be used.

This does not really look like a Bitcoin discussion, it looks more like a diary entry. Dear diary, today I have started accepting Bitcoin for my business...

What can I say SmartGold01, congrats with becoming holder. Now everybody know that you have crypto and money. People will start to hunt your seed or pass

Congratulations you have stepped further than before. And I hope you buy it with really cold money. I know how good it feels when we first buy and own bitcoins. and it was amazing and indeed quite a valuable experience.

and don't forget to save your bitcoin in your personal wallet. as a sign you really have held it properly and safely.

buy as much as you can . don't push too hard if you don't have enough money, as we know we can buy btc in small quantities / we can afford it if it's regular, I'm sure your btc can be more than your target of 33k (in your local currency)
By the way, congrats to you for making up your mind to buy BTC before the bull run. good luck buddy

Welcome to the rabbit hole!

Now that you have first-hand experience with possessing a fraction of bitcoin, it would be helpful to be familiar with the fundamentals of the wallet, especially Electrum or Bluewallet. Read their documentation, learn how to interpret the data on a bitcoin transaction, be aware of potential malware and mistakes a beginner might make when performing various transactions, etc.

At the end of the day, holding bitcoin over the long haul is a matter of how you can optimally protect your asset by constantly learning and applying what you have learned thru actual testing and holding. You cannot preach what you do not have.

DCA is probably the best way to invest for people with low investment values. If you continue you this you will eventually see results. It will probably be a few years from now and it probably will test your patience but stick with it and you will be rewarded. Even if you get a 3x increase on $100 that is $300 that you did not have when you invested.

Hopefully you learn a lot of things before executing your orders since sometimes even if we think we are prepared about accumulating small portion of bitcoin from time to time still there are unfortunate things will come to test the market also our patience so hopefully you will not go on same situation with others where if they see the market is dumping they became crazy ad get panic to dump their bitcoins thinking that they can save their asses if they do so.

Much better to know yourself if you can handle such pressure since for sure once bull run came and your patience is so high together with your beliefs for sure you can earn with this.

Welcome to the dollar cost averaging club! It might hurt at first, might even be underwhelming for a couple of years but update this thread every now and then and you might find a nice surprise as early as 2025

I'd agree with others to not trust any kind of exchange, including Binance, but since that's likely the easiest way for you to buy, go for it. Meanwhile, familiarise yourself with a Bitcoin wallet (I'd start with Electrum) so you understand a bit more about how to use and keep it safely. When you're comfortable, start taking out your BTC from Binance on a wallet where only you control your private keys.

@Aanuoluwatofunmi, I believe op have been here since 2021 and from her post I came to understand that she do read as well before venturing into it. Well I won't say much about this but I strongly have this feelings that anyone who belongs here would never lack any information and update about the recent and latest event concerning bitcoin and altcoin at large. The only aspect I think we should guide her more is about the security guard because many people who tends to study more about bitcoin still falls prey for scammers to made away with their heart earned money.
Do not be too haste to make gain or profits from your investment because I believe many people are being monitored. Do not send your bitcoin to anyone who wants you to invest in their platform to make additional gain or fast money, lastly also search around here the best wallet to store your bitcoin, btw as a beginner your funds can be temporarily stored on trustwallet and after which you may decide to pull it out from there to another best recommended wallet.

Congratulations on your first purchase.