Topic: How I decided to buy some fractions of BTC after discussion with members here (Read 694 times)

If you have a lump sum of cash that is available, then you have a choice to either buy BTC in a lump sum or to buy DCA; however, part of the common issue is that normal people do not tend to have lump sums of cash in front of them, so one of the advantages of DCA buying and regularly buying is that you are able to figure out a budget in which you can "get into bitcoin" without creating a situation in which you are potentially putting more of a burden on yourself if you put a bunch in at once.  There is nothing wrong with bulk buying if you have the amount that is available, yet people can make mistakes in terms of thinking that they need a lot of value in order to benefit from buying into something like bitcoin that allows you to even choose small buy amounts.

Another thing is that you should be considering longer terms in terms of 4-10 years or longer in order to really consider ways to solidly benefit from bitcoin.   Sure, you can get in and out of bitcoin on shorter term periods, but you might be losing out on some of the stronger longer-term investment advantages that bitcoin potentially offers (no guarantees of course, even though it still seems to be amongst the best of investment asset classes, if not the best investment asset class currently available).



That's not investing; that's trading... I am not against the overall idea of buying low and selling high, yet with bitcoin you should be trying to consider it as a part of your longer term life rather than getting in and out of it, and then you may well end up fucking up if you are trying to sell in order to make dollar profits, and then if BTC keeps going up after you sold  at some kind of mediocre dollar profit, you see that you could have had way higher profits and more options if you had just kept BTC as part of a longer term investment portfolio, such as 4-10 years or longer.


We are talking about bitcoin here.  Fuck shitcoins and fuck the idea of crypto currencies that fails to specify what you are talking about.  The vast majority of shitcoins (crypto) you have to figure out how to get in and get out, so you better be careful when you are vaguely lumping bitcoin into the same category because it creates an impression that you do not know what you are talking about, at least you do not understand bitcoin if you cannot at least specify and use the word bitcoin, and if you also want to talk about bitcoin and some other shitcoin, at least specify which one you are talking about it and even whether it is worth it to talk about any shitcoin in the same topic of bitcoin, unless maybe you might want to bash on some various shitcoin, then that might be understandable as a reason to bring it up within the same discussion of bitcoin. 

You should keep in mind that many shitcoins are affinity scams which largely means that they try to make themselves appear as similar or better than bitcoin in order to confuse people into investing into them.. so if you can at least recognize that bitcoin is distinguishable from the various shitcoins, you will likely start to understand the space a bit better and not be so sloppy with your language in terms of referring to bitcoin and considering bitcoin to merely be a "part of that" conceptualization.

First of all I would like to congratulate you on your decision to purchase Bitcoin and becoming part of the Bitcoin community. It's great to see you that you took the advice of others to lead by example. As for the "Bull run" that people have been talking about, it is important to keep in mind that Bitcoin's value can be very volatile, so it is better to take informed decision and don't get caught up in short term trends. Good luck.

Buying up fractions spread out over a period of time has the advantage that you don't need to do the math each time. But the disadvantage is that it will eat into your overall budget for buying BTC, which due to its volatile price might mean you have less money available over time than if you just buy all at once when you can afford it. It simply comes down to personal preference and you will have to ask yourself: Does it feel more comfortable to keep track every week of what your fractions are costing on average, or is it better to just pull the trigger on one big bulk purchase?

If you want to be an investor, buy low and sell high, that's the simple rule. I must admit I still haven't fully grasped this concept, but I am on my way. Hopefully everyone will be able to appreciate crypto currencies and all that they can do for us in the future..

I could indeed assume you were very enthusiastic when you made your first Bitcoin purchase. Thank you for joining the Bitcoin community. By owning Bitcoin, you have joined the largest Bitcoin community in the world. Since you are on the forum, I hope you have received all the helpful advice. Be engaged in this community and educate yourself about Bitcoin's proper use for things like transactions, storing, and trading. To increase the security of your holding, put it in a non-custodial wallet. Web wallets and centralized exchanges are never secure places to store funds. I hope making your first Bitcoin buy went smoothly.

If you do not have enough BTC, then you should be buying regularly and don't be dicking around with whether the price is higher or lower blah blah blah.

Perhaps set a regular buy order of $50 per week or whatever you can reasonably afford, and then just buy every week.  Sure you can save some of that for buying on dips, such as buying half once a week no matter what, and then the other half you have discretion whether to wait and buy upon dips, if such dips happen.

Your BTC accumulation plan should also involve saving for the long terms, such as 4-10 years or longer into the future, and sure you could take some profits along the way if you overinvest, but if you do not have a very large investment portfolio, I would work on just continuing to build it and to stack sats and to not get worked up about whether the BTC price is high or low, just create a budget and buy for the next 4-10 years or longer and then reassess your situation after you have been stacking and building your stash for a while.

I understand that you would like to get rich quick and all of that bullshit, but the truth of the matter is that it tends to take a long to build wealth, including one of the likely better ways that bitcoin can be used to build, and many normies take 30 years or longer to reach fuck you status, and a vast majority never even reach fuck you status and have to work all of their lives. 

So, even though bitcoin has the ability to potentially allow you to reach fuck you status faster or to cut the time down in reaching fuck you status, it does not guarantee that you will reach fuck you status or even that your life will be better by buying into bitcoin, even though it does seem like amongst the best of investment vehicles that are available to people, so long as you do not screw it up and figure out an long term regular sustainable investment plan that you can manage.

Okay..
I have plan of getting another 10k Naira worth of bitcoin, I noticed I bought the previous at very high so I was considering the market before buying. Currently the price is at $21,671 per Bitcoin, something in me keeps telling me it would go little bit dip maybe to 20k or 19k before it could possibly gets to 27k by ending of next month or so.
Please what do you guys think?

If you own tiny bit of Bitcoin it would be enough to start learning more about it. Its a journey from top to bottom. I wish I could return back in past and re experience all my memories within time frame with Bitcoin. I still can't forget days I bought and sent bitcoins to my Electrum wallet. Beginners should see it as somekind of game and start trying anything possible with Bitcoin. Sending experience with Bitcoin should definitely be experienced many times. Many many times.

Do enlighten us on how your next few purchases of BTC go.

In case Binance P2P is no longer available or maybe gets blocked by the government, you can usually find sellers willing to trade with you on the Currency Exchange board.

I recommend just holding it, instead of trying to spend it right away.

It feels like if you keep monitoring the market all the time it will get bored especially when you don't have time to pay attention every day so it's true that by doing DCA it would be better to keep accumulating from now on until you continue to do it every week so you can keep accumulating bitcoin all the time even with a $10 fee that is in input will still be useful for DCA methods.

Indeed, DCA is the most effective strategy used by many people, so this needs to be done early on while prices are still low, we must have a longer plan, around 5-10 years, we must pass that time limit.
Every good idea must be carried out because behind everything there is a great potential opportunity behind investing in bitcoin with the average cost of dollars being put into bitcoin.

OP congratulations on your first bitcoin purchase surely you can now be reckoned as a full bitcoiner.  But understand one thing, you will now be standing between patience and greed based on the urge to wanting to pull out due to a little profit made or loss taking place cause the market is one with uncontrollable volatility.
Am not part of those that condemn centralized exchange even though I don't like it I still make use of it especially binance and that's due to my part of the world I found myself. What am trying to say here is that, you can make use of binance for your exchange but don't leave a good amount of your asset on any centralized exchange not even binance, it's saver with a non-custodial wallet like electrum, exodus and others. Like the saying goes "not your keys not your coins".

For those who can't seem to find the right time to enter the market, DCA can be a useful tool. Start by investing an amount as small as the cost of a Starbucks coffee every week and forget about it. Over time, the small investments will add up and the cost will be averaged out. With a long-term view, it is possible that the investment can grow significantly, perhaps even enough to buy a lambo.

For those who want to invest in bitcoin, DCA could be a simple and effective strategy to get started. DCA is a strategy that has proven to be effective for many people looking to enter the world of cryptocurrencies, especially bitcoin. The idea behind DCA is to invest a fixed amount of money at regular intervals, regardless of the price. This helps in averaging out the cost of your investment and reduces the impact of price volatility.

As said it is a must to analyse and use the funds that can't be used on near needs. The market volatility could lead the price downwards as well as upwards. However it needs certain time  period, so that the investment made gives good return. With cryptocurrency investment we need to spend and forget about it. This way many have made good profit out of bitcoin. Same as regular savings, spending specific amount to buy bitcoin unlike the price too helps in maintaining good portfolio. The decision to buy at the right time is really appreciable.

This is the point, we don't need to rush into taking action because rushing will usually make us regret it later.
Likewise here, when we want to invest, obviously we have to think about all the possible consequences, considering that when we invest, it is certain that the money used in it will not be able to be used for needs in the near future if you really want to invest. Therefore, we don't need to spend all the money we have because we also need it to support our daily needs.
Like saving, I think we also know how to increase our portfolio without sacrificing our life in the world we live in.
DCA has always been a must for now (at least for me) with bitcoin being pretty cheap right now.

Yeah, congratulations and welcome to the club of bitcoiners, or rather, bitcoin hodlers.
I can tell you from experience that there is no greater feeling than what it feels like when you remember you have some money invested in bitcoin, it automatically gives hope for the future to those who need hope to keep going, most especially, considering the kind of financial issues many Nigerians are faced with today.

There will always be another bull run, what you must do is make sure to hold your bitcoins tight, and while the market is in a bear season, don't forget to DCA when ever you have extra funds laying around, and the price of bitcoin is below your previous buying price, this will help you earn even more profit when the price of bitcoin begins to go up.

But it seems that the OP made a wise decision to first ask the people in this forum to finalize his decision to invest in bitcoin, which maybe I feel happy sharing information to consider about making a decision, I don't think so as simple as you say, I believe the OP also considered that.
Judging from the current position the market is still far from ATH, of course it's not a bad time to make a decision to invest in bitcoin, in fact, faster is better for the current phase because the market hasn't fully recovered to continue its increase. Regarding the ups and downs that attack the scales and the OP blames the members here, I don't think he has any reason to blame people here because we only share suggestions and opinions, the rest is his own decision.

Last year during the month of September OP have started to explore and find ways to buy bitcoin. In a short he have take the decision to buy bitcoin is really appreciable, because most of the users who get into bitcoin for the first time used to wait for much longer time. As in the above post unlike the amount he had bought, he had made the purchase at the earliest. This had made him move on the right track. Slowly with the further purchase OP will learn more about bitcoin and the same lets him make good return out of his investment in the long term.

Good first step as it didn't make any sense that you're a participate of this forum and yet you don't own any Bitcoin yourself. Now that you own some even though they aren't much but you would still be eligible to receive the benefits that comes from holding. I noticed you made your purchase from a centralized exchange, I would like to advise you to take them off that exchange to store in your personal wallet.
This purchase that you just made will encourage you to purchased more in future immediately the money are available and that's why I personally advised anybody looking to get into the industry to start small no matter how little they're.
I hope you weren't pressured into buying as that shouldn't be the reason behind this purchase instead you should buy because you personally has taken that decision to invest in your future through securing some good amount of Bitcoin.

You decided to jump because of strangers telling you to jump?
Although I am happy for your decision to invest in Bitcoin or crypto,
I think you should also understand the risk  on your investment and, don't take everything seriously you invested because a lot of people are saying bullrun so what if it isn't a bull run?
What if the price drop down would you blame the forum member who talks about bull run and told you to invest on it?

Sometimes this people frame stories and surgacoat to win some credits. But if really what it just narrated is nice, will say that is making a good wings in cryptocurrency and especially bitcoin, because have seem some people who gives a series of testimonies about Bitcoin but they are not practicing it. I know quite well from another angle that Bitcoin have it ways of growth via investment, it might seriously favourable to people who invested for long term than someone who invested for short term investment.

It is a must to know about the market risks before investing. With bitcoin the requirements were simple, one need to have the patience to hold. Don't urge for the bullish market. Should know how to move along with the market. When these were possible it is an easy thing to invest. Once after making the purchase OP will get to know more about it. Primary thing in which he needs to focus is keeping his purchased bitcoin in a secure wallet.

As long as you decide to invest, there will always be inevitable and unexpected losses that will come along the way, so hopefully OP is aware of that and will not be affected easily if the market price suddenly crash because that’s how volatility works. However, investing in bitcoin in the crypto market is the perfect choice, but it does not guarantee that it will make you rich eventually. You will have to experience undesirable losses at first and that will seriously test your patience and faith in bitcoin. If you can survive from that, then you will be a successful bitcoin investor in the end.

As the famous quote say "life is a journey, not a competition " so there is no need for us people to regret and there must be a valid reason on why we haven't engaged on some things before but it's never too late to start again if we want to. The best thing about Bitcoin is that its value is not stable.

Meaning we can still buy it cheaply once it goes down and of course it won't remain like that but recovery and increases can also come along the way. This is where we sell our coins for profit. So, there is no need to FOMO and buy when BTC is increasing because the increase isn't guaranteed but we should wait if we can't do a DCA due to financial issues.

More than just acquiring some Bitcoin is also the challenge of being patient to foresee the purpose for which it was bought. Do you intend to keep buying or you intend to trade? Do you just want to hold and study the market?
I also hope your do not forget to adhere to security tips on how to keep them safe from scammers and hackers, because a slip might be costly.
Congrats on your acquisition though, we can do what we set our hearts on to do.

Congratulations on getting your first fraction of Bitcoin.  I hope the passion in you on accumulating Bitcoin won't die down.  I also hope you can withstand lots of selling temptations and holding frustrations. I also hope that you will not leave your Bitcoin in exchanges but rather keep it in your own wallet.  Remember, not your keys, not your coins.  And finally, I hope that this small steps will become huge enough to change your life for eternity.

For beginners, it’s understandable to trust the top exchange first and when you think you have enough bitcoins accumulated, better transfer it to your own non-custodial wallet for more security. Btw, I would like to welcome you to the bitcoin community, and of course to the DCA club. Just keep doing DCA as long as bitcoin price is still a good buy, years from now we will reach a new ATH and start to sell our bitcoin for profits. But always know that before your start to invest in bitcoin, make sure that you know your investment well and you know exactly the risks involved in it.

To setup a 2FA as soon as possible is also a must, it's true. However, in case the exchange itself scams their users, it won't make difference anyway, so it's really advisable he/she cashout the coins to a safe offline wallet before accumulating a considerable sum of money idle on the platform. This way he/she will be safe from potential third party hacking attempts and also from the potential event of being scammed by the exchange.

A well-strategically calculated debt that is aimed at a sustainable business with great future potential, is a quick way to wealth, most especially when the when the investor already has a working business that just needed more funding for expansion to bring in a higher volume of production or services that will increase the business liquidity and enhances growth.
Btw debt risk is more higher when you take it to invest in unstable commodity or sectors such as real estate or Bitcoin since one can not predict what the future demands will be, unless the loan duration is long to cover years with low interest.

Yes it is not a bad thing using exchanges as your wallet and it is more convenient to use, but then we should be careful and turn on all the authentication settings of that wallet. Maybe he should learn not to put too much money in an exchange for safety purposes only. Many people get hack because they failed to secure their money in an exchange or wallet. Hardware wallet can be useful too.

Thank you for correcting my words in the previous post.
What you say is true because debt also has a positive side and a negative side. but in this case it's back to ourselves whether we are really able to coordinate properly about this because this clearly really requires management which is actually very big in terms of risk.
When we have debt from a loan and do good things and are optimistic that we will definitely be able to return it by the specified deadline, it is very good, but sometimes most of what I encounter is the opposite because when they are in debt, it makes them even more troubled in the end. Especially by making a loan only to expect bitcoin to recover quickly so that you can pay monthly from the profits you get is one of the things that is reckless in my opinion.
We are not Michael Saylor who, with all the power that he has, with a lot of assets and high courage to borrow and invest in bitcoin because he has the grace to be able to repay the debt when something is not wanted, like currently bitcoin is still in a crash condition happen. because indeed we also have limitations so when indeed we cannot manage properly in terms of finances especially with debt conditions then I think not being there is still needed rather than having to make yourself dizzy in the end.

This happened because indeed they only thought about conditions where they only saw benefits, not with the worst conditions which made this like a boomerang for them for the inappropriate decisions they made.

I agree with everything you said Ryu_Ar1 - except that I felt that I needed to chime into your presumption that the employment of debt is going to lead to negative results.

I would agree with you that debt is likely an extra level of risk and brings complications towards a BTC investment that might not be needed; however, the employment of debt can also amplify returns if the debt is employed strategically and even with some luck.. so in some sense, you are correct that debt is not necessary, yet there are ways that debt can be employed in smart ways too.. and to bring greater riches to someone, even sometimes without necessarily devolving into gambling..

One of the problems that people have is to employ so much debt that they are not able to service the debt, and then they end up in a worse position because they employed the debt and something like BTC's price performance did not go as they expected.  On the other hand, if they have a multitude of ways to service their debt, and they are not relying on the BTC price to go up, sideways or to NOT go down (or to zero), they still could end up profiting way more from the employment of debt rather than if they had not employed such debt... so let's say that a person is constantly employing debt in order to make a variety of investments, and such person is investing into assets that s/he knows have very high odds of profiting within the timeline of the loan.. something like 80% of the time the loans return well above their expectations, and perhaps even within that 80% of positive performance, 10% of those are going to perform in 3x to 5x (or even more) of the performance of the other successful ones, so in that sense, the 80% positive performance (and perhaps 8% or so stellar performers) will more than make up for the 20% losers, and maybe even the losers are structured in such a way that they are NOT losing even 100% of what had been invested.. or they have various ways to structure limitations on their losses. 

So part of my point is that the employment of debt can add more complications, but the mere fact that there are more complications does not necessarily mean that they should not be done if someone knows how to structure such arrangements in a way that they are not gambling.. and they are quite likely to amplify profits.  So I would agree that amateurs and/or novice investors into bitcoin likely do not need to use these kinds of tactics, and they might not even have enough skills in order to be able to calculate both sides of the price performance possibilities, but it does not necessarily mean that they should not employ those kinds of strategies once they learn them and maybe even become competent with them, and it could take quite a bit of practice to build competence. .and even losing a few before such competence is built....

.... and actually I will agree with you on a side point that in recent times, we have seen a lot of very rich people and even seemingly very smart people get reckt as fuck because they were employing debt and leveraging processes in ways that went beyond their own competence or even that they had been failing/refusing to adequately/sufficiently account for various risks... and so very smart (and even experienced) people might get into products and debt arrangements in which they failed/refused to sufficiently/adequately account for the downside possibilities and repercussions.

For small amounts of money invested I think it's not a big issue to use exchanges, since the investor is confortable following KYC procedure, but once the investment gets more serious and larger sums are invested, I think a physical wallet comes in handy, as it's also newbie friendly, but much safer, having as only cons the costs of acquisition. That is part of the investment anyway, and on long run it's cheaper than paying 50,000 satoshis on every withdrawal from Binance.

Looks you are coming from Nigerian as your local currency used for investing in Bitcoin trough your deposit first by P2P, I am glad with your first time investing or purchasing Bitcoin and I think bigger fund based on my experienced. You were lucky from Nigerian because you have active local board in Bitcointalk forum and easy asking about anything when investing or step by step how to start deposit until withdrawing fund in cryptocurrency. First time I purchased or invested in Bitcoin under $5 with my local currency exchange still support trade under $5, but right now minimum trade or invested on Bitcoin and another altcoin have been $10.

You have been here in Bitcointalk forum more than one year and not bad with your first time investing in Bitcoin this year, I hope you will get profit and understand well with Bitcoin investment, many potential earn later become investor in Bitcoin or cryptocurrency.

Certainly, exchanges have made it easy for people interested in buying bitcoin either for trading or investment purposes so far. That is one of the good sides of the trade as well as the downside when it comes to privacy. The fact is true that exchanges have played significant role when it comes to attracting large number of users to this industry.

The idea is good and I tend to call it one of the strategies that most traders and investors take advantage of. Yes, it is DCA - and it is true that investors holding significant amounts of assets should withdraw them from those centralized exchanges.

This is not a competition about who can bring as many bitcoins as possible so why rush and think of this as competition because indeed in this condition rush is also something that will indeed impact you later.
Thinking that is mature and doesn't need to be forced into something that is good enough to do in my opinion. DCA every week is very good but if we really can't do that then it's better to rearrange another strategy and maybe be able to do it in some good conditions or maybe once every month with the money you actually set aside.
Often times we see tons of people even creating threads about going into debt to buy bitcoins. I think even though it is their right, this can be categorized as one thing that hasty and actually gets them into trouble in the end.

This is an investment for the long term and currently there is still time to continue to add to the portfolio but this must also be adjusted to our conditions so we don't push ourselves too much.

I think crypto exchanges play very crucial role in promoting growth and adoption of Bitcoin by providing a platform for buying selling and trading Bitcoin and other crypto currencies. They constantly upgrade their trading platforms to make transactions easier. They also play important role by attracting new user though educational  material and technical analysis which leads to increased liquidity as more people join the crypto echo system. Hence, buying Bitcoin in fractions on dips from any reputable exchange, and accumulating it, is not a bad idea, but once you have significant holding , it is better to transfer Bitcoin to your personnel wallet.

That's true; people are afraid of missing out and are panicking and buying Bitcoin in an attempt to make up for lost time. As someone who entered the Bitcoin scene early but has only had a tiny amount since then, I can relate. However, you need to be cautious and set limits on how much you can afford to invest every week, month, etc. There's absolutely no reason to rush and attempt to compete with others; whether we like it or not, some users had a head start.

Exchanges, such as Binance or Bitstamp, are generally safe, and chances are that you'll have no issues with their services; they are also newbie friendly.

Congratulations on your first purchase of bitcoin. Well, alot have been said here although I m attracted by the NGN and it gives me the feeling I should also say something to you as well.
First I have to understand that Binance is a very common exchange for our country users and, as an experience individual who have been here I will advise you to take some time move out your fund stored on that exchange to any better wallet or a safe and secured wallet you think is friendly for you to use. Know from today, your phone, your laptop and PC should not be exposed to anyone related or not related to you because you don't expect anyone going close to your device to be a saint, attack can be launched through them by stealing your personal details such as, private key, key phrase or even your forum password.
So please avoid this closeness from anyone to your gadgets if you must hold for long term and also Remember that, the bitcoin market is not stable so don't panic when you see your asset below what you bought earlier.

Goodluck.

Well said. There is no problem in holding Bitcoin on any reputable exchange, as it gives you exposure to day-to-day price changes, but you don't fully own the Bitcoin. As you accumulate more Bitcoin it becomes increasingly important to consider self-custody options for greater control and protection of your precious asset. This may require investing in hardware wallet, but it is the most secure method to store Bitcoin.

with his actual investment on this market, he will be more attentive on what's happening with this market. you won't know the feeling if you are just planning as compared to holding your own satoshis.
as he is already into this market, he will soon discover other investment opportunities with other alts. staking, flexible savings and many others. but should choose a reputable platform to avoid being screwed by scammers.

@OP, Frank A. Clark said, "If you find a path with no obstacles, it probably doesn't lead anywhere." As you have succeeded in buying some fraction of Bitcoin, that is also how some hackers and scammers are looking forward to successfully hacking people's wallets, stealing their private keys and security phrases, and messing with their funds. That's to say, Bitcoin is really a valuable asset, and a lot of people are accumulating it every day, either by buying it just the way you did or by stealing it through some scamming means. @Maus0728 has talked about your security, but you can also read these and these if you have time.

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.

-
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.

I hope you've understood well the things that are involved in this before you concluded on this your action, know that everything that has advantage cab also have as little disadvantages or risk associated, it's good to recommend bitcoin for someone to invest with but it's foolishness to rush into investing with having the an understanding of the whole process involved, i believed you don't only received the advise alone but you've also learnt alot about bitcoin before investing, such as the bitcoin price, buying and selling otherwise known as trading, long term investment, buying pattern, why you should hodl, bitcoin wallets, bitcoin volatility and so on.


It's never a bar id a to use a centralized exchange like Binance to buy but it very unprofessional and wrong to have your bitcoin stored on it, because centralized exchanges have in custody your wallet keys, this makes it more preferable to use a decentralized wallet or a cold storage for your asset to feels secured.

I understand how it's when trying to spread the max adoption of bitcoin without being a partaker of it or even having at least some fractions of bitcoin. Sometimes last year, which was 29th November 2022, I tried asking around the forum on the best way to teach and reach out to people about bitcoin without going through face to face discussion with them. Although, I made mention of not holding any bitcoin then, along the line majority of comments and reply on the thread I created advised me to buy and hold bitcoin, which for me it will sets as an a good example before I could possibly talk to people about bitcoin.

After much readings here and also getting some guidelines, I decided to at least purchased a bitcoin 0.001848BTC worth 33k in our Nigerian Naira. This action was propelled due to some advise given to me from my previous thread and I have decided to act smartly as they said. I think now I have fully become a member and also a bitcoiner.
Above pictures shows fully of the process and procedure though it wasn't easy with me along the line using binance p2p.

I have had lots of people saying about Bullrun, hope i have not missed the whole process to be among

Today being 2nd of February 2023 can never be forgotten.
Thank you all.