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Topic: Investing in Bitcoin with Tiffin money of my college life. - page 2. (Read 530 times)

sr. member
Activity: 2226
Merit: 347
Better keep it some place safe. While I never had any problems with Binance for years, you'll never really know when shit hits the fan. Anyway, congrats on your first purchase! Sometimes all we need is a leap of faith in order to get things where it should be. Right now, the only things you need to do is take the money out of that exchange and kinda forget about it. Focus on what you need to do and come back to it after a year or two. That's what most of us here usually do and it never failed me just yet.
If you are going for long term then better not to mind off about year or two when pulling your profits and it would be depending according into someones preference on when they would be taking up such decision.,
Exchangers cant really be trusted or whatsoever custodial wallets which you could make use.Nothing beats out those non-custodial ones which means you do possess its keys and there's no way that it could be
taken from you forcefully.Unless if you do expose those keys or you've been hacked which had been always the risk.It is really good that theres someone who do see the potential and despite on being a student
he do able to save up and buy at least in small portions.
legendary
Activity: 3542
Merit: 1352
Cashback 15%
Better keep it some place safe. While I never had any problems with Binance for years, you'll never really know when shit hits the fan. Anyway, congrats on your first purchase! Sometimes all we need is a leap of faith in order to get things where it should be. Right now, the only things you need to do is take the money out of that exchange and kinda forget about it. Focus on what you need to do and come back to it after a year or two. That's what most of us here usually do and it never failed me just yet.
hero member
Activity: 1484
Merit: 928
Congrat, you have really done well, but I think you shouldn’t disclose your wealth on public, you can remove the screenshot which you just posted or you can blur some part of your screenshot so that the amount you are holding won't really be showing.

I noticed you purchased your bitcoin from binance exchange, and you didn't talk about transferring your coin to a Non-Custodial Wallet, don't leave your coin on exchange, Binance is a reliable exchange but don't leave your bitcoin their, no exchange can be trusted, anything can happen to the exchange at any moment, make sure you withdraw your coin from the exchange.
legendary
Activity: 2646
Merit: 1106
DGbet.fun - Crypto Sportsbook
Never leave you coins on an exchange, Binance is an exchange. To have full control over your asset, use noncustodial wallet. Cold wallets are safest wallet type.

Exactly what I wanted to say.

If you value your money, then do not leave it in the hands of someone who is not you. And do not leave it in a wallet, like that of an crypto exchange. Because the reason is that you would not be the only person who has access to that wallet. In the case of crypto exchanges, you are trusting them with your money. This goes against the very nature and concept of cryptocurrency, which is TO BE YOUR OWN BANK.

But people still do it. And they think nothing bad will happen to them until it finally does happen.
For amateurs like OP, it’s understandable that they would likely to trust centralized exchanges than their own wallet but until they start losing, that’s when they realized that exchanges are not safe at all. So hopefully, you should create your own wallet OP so you can have the full control of your own money. That way, when that exchange will be hack or whatever in the future who knows, your funds will never get lost from you. You should have thought that before trusting an exchange.
This is his first purchase and it takes little time for him to understand and move funds to the non custodial wallets. Centralized exchanges provide the ease of buying bitcoin, maybe that's the reason why new entries into crypto space prefer centralized exchanges. Small purchase and this needs to continue to experience big things out of bitcoin growth.
hero member
Activity: 2716
Merit: 904
Never leave you coins on an exchange, Binance is an exchange. To have full control over your asset, use noncustodial wallet. Cold wallets are safest wallet type.

Exactly what I wanted to say.

If you value your money, then do not leave it in the hands of someone who is not you. And do not leave it in a wallet, like that of an crypto exchange. Because the reason is that you would not be the only person who has access to that wallet. In the case of crypto exchanges, you are trusting them with your money. This goes against the very nature and concept of cryptocurrency, which is TO BE YOUR OWN BANK.

But people still do it. And they think nothing bad will happen to them until it finally does happen.
For amateurs like OP, it’s understandable that they would likely to trust centralized exchanges than their own wallet but until they start losing, that’s when they realized that exchanges are not safe at all. So hopefully, you should create your own wallet OP so you can have the full control of your own money. That way, when that exchange will be hack or whatever in the future who knows, your funds will never get lost from you. You should have thought that before trusting an exchange.
hero member
Activity: 2926
Merit: 657
No dream is too big and no dreamer is too small
Never leave you coins on an exchange, Binance is an exchange. To have full control over your asset, use noncustodial wallet. Cold wallets are safest wallet type.
That is also my concern as OP is clearly trusting an exchange that will never be reliable at all times. So as early as now OP, move it to your own non-custodial wallet so that your privacy and security will be more possible. However, I am happy that you are now starting to live your dream. I just hope that you are doing DYOR first and gain sufficient knowledge in bitcoin investment before your start taking the risk of investing in bitcoin.
hero member
Activity: 1778
Merit: 722
Leading Crypto Sports Betting & Casino Platform
~ snip ~

First, I wanted to say that I'm happy to see someone is using the money from college as the best way to invest in something instead of spending whole money buying unable stuff which is what people mostly do during this time in college life period, also I wish you good luck holding these bitcoins for the long term because if you do that you will definitely get the benefits from it and this 163 dollar can get you more if you believe in bitcoin. But As I can see you are holding the bitcoins in Binance which is an exchange, don't forget that exchanges are not made for you to hold the assets there, so I suggest you withdraw the bitcoins and hold them in a private wallet where you can have your private key.  
legendary
Activity: 2394
Merit: 2223
Signature space for rent
I appreciate your efforts in obtaining Bitcoin investments. In fact, earning money while attending school is difficult. Since we are completely dependent on our family, there may be more problems if we are not much rich. But it appears that you hardly loved Bitcoin and were able to invest in it. Your decision to set aside money from your tiffin money and put it in bitcoin strikes me as wise. You appear to be purchasing Bitcoin through Binance. But if you're holding your money in Binance, try using a non-custodial wallet instead. On the centralized exchange, we have witnessed a lot of drama. Save the money you worked so hard for. Go to the forum more often and learn more.
hero member
Activity: 2884
Merit: 794
I am terrible at Fantasy Football!!!
First of all, i share with you the joy of making your dream come true and congratulations on investing in bitcoin. If you are investing in Bitcoin i think that the amount you make does not matter. No matter how big or small your investment is your investment in bitcoin will return to you many years later.

If you started investing with small amounts the continuity of the investment is important. Be sure to invest in Bitcoin even if it is in small amounts. Lastly don't leave your balance on exchanges and use a cold wallet. Remember that exchanges will always pull the plug and will disappear.
It is also crucial for anyone which is just beginning to invest in bitcoin or is thinking about doing it to avoid altcoins until they get more familiar with the market, I say this because as soon as anyone gets into this market they get bombarded by ads about how they can make more money with them, but what those ads forget to mention is it is many times more risky to invest in them, and the majority of the new participants of this market are not ready to invest in altcoins.
hero member
Activity: 1722
Merit: 895
I have invested as much as I can in this current market in Bitcoin. and I hope to save more money and invest in Bitcoin in the future.
You have done the right thing, no matter what amount you take to start with, it will look good if you continue to consistently increase your investment in bitcoins. However there are a few things you should know, besides being able to provide great returns, bitcoin also comes with risks, this should be a basic consideration before you get started and shouldn't be a problem once you learn about bitcoin before investing. PMy advice to you, never store bitcoins long term on any exchange.

It's best to store bitcoins in a secure wallet and have full control of the private key, as described by theymos HERE. This effort is to limit and protect the assets you have if you intend to keep assets in the long term.
legendary
Activity: 1946
Merit: 1157
MAaaN...!! CUT THAT STUPID SHIT
5. You're no difference from someone using a bank because everything you do under a centralized exchange is from a central authority like the banks and other centralized institutionizations did.
Banks are better because they are likely to protect your fiat than exchanges will protect your coins. There can be robbery in your bank, you can go to another branch the next day to deposit or withdraw, you can make use of their online banking, this is the way banks operate in my country, but if an exchange is hacked, your coins are gone or inconveniences may occur.

That is good advice, banks are definitely better than centralized exchanges. There are some people who may not like banks, but they do like centralized exchanges. even though the thing that both of them did was the same, asking KYC to be able to use it. But it would be better to use a bank because Fiat funds will be safer than a centralized Exchange which does not have full control and if hacked there are no guarantees. We still depend on Fiat, but we also have to use crypto smartly.

Then regarding Op's thread, I support he investing in bitcoin, but not by saving it. Use safe storage, even all the members here advise you to store your personal bitcoin wallet because CEX is still very vulnerable.
hero member
Activity: 1554
Merit: 762
First of all, i share with you the joy of making your dream come true and congratulations on investing in bitcoin. If you are investing in Bitcoin i think that the amount you make does not matter. No matter how big or small your investment is your investment in bitcoin will return to you many years later.

If you started investing with small amounts the continuity of the investment is important. Be sure to invest in Bitcoin even if it is in small amounts. Lastly don't leave your balance on exchanges and use a cold wallet. Remember that exchanges will always pull the plug and will disappear.
legendary
Activity: 2422
Merit: 1083
Leading Crypto Sports Betting & Casino Platform
I am very happy to buy Bitcoin for the first time in my life. My dream from my school life was that I would invest in Bitcoin in the future and started saving money from my school life. I saved some money from the many tiffins and various tuitions I earned during my college life and finally invested in Bitcoin. And I have fulfilled my past dream today by investing in Bitcoin.
Right now I Buy BTC0.00688 BTC which is some amount of $163 when converted to USDT.
I have invested as much as I can in this current market in Bitcoin. and I hope to save more money and invest in Bitcoin in the future.
A big congratulations to you mate, but i want to believe that by now, you must have withdrawn your bitcoin out of binance exchange into a wallet you control the keys, Always remember that "Not your keys, not your Bitcoin, never leave your investment for your future in the hands of another man, and this particular instance, CZ, no crypto currency exchange is secure enough.

This is is you haven't, download wallet like Electrum, or Mycelium, generate your bitcoin address and withdraw your bitcoins from Binance to the wallet, and remember to keep your keys in a safe place where no one else other than you can see or have access to it.
Goodluck and welcome to the club of bitcoin holders.
hero member
Activity: 2912
Merit: 556
Enterapp Pre-Sale Live - bit.ly/3UrMCWI
Congratulation to you. You now have BTC, and you can save more money and continue investing in bitcoin. But you need to determine how much money every time you will use to invest in bitcoin, so it doesn't interfere with allocating funds to other places. And remember always to set limits on investing in bitcoin. The point is that you determine how much money you use to invest and do it regularly every month and for how many years you want to invest your money into bitcoin.
sr. member
Activity: 784
Merit: 372
 

I am very happy to buy Bitcoin for the first time in my life. My dream from my school life was that I would invest in Bitcoin in the future and started saving money from my school life. I saved some money from the many tiffins and various tuitions I earned during my college life and finally invested in Bitcoin. And I have fulfilled my past dream today by investing in Bitcoin.


Congratulations on making a new investment in Bitcoin.  But if you can hold bitcoin for a long period of time then you can achieve success.  The current Bitcoin price is bullish and its market value is much higher than in the past.  But as the market is currently bullish, you will start reaping the benefits as soon as you invest and your portfolio will continue to grow.


Right now I Buy BTC0.00688 BTC which is some amount of $163 when converted to USDT.
I have invested as much as I can in this current market in Bitcoin. and I hope to save more money and invest in Bitcoin in the future.

Finally I would suggest you to keep your assets in a safe place.  Binance wallet is not that secure.  If you can afford it, you can use a hardware wallet to keep your assets safe.
sr. member
Activity: 1400
Merit: 420

Kudos to you for your efforts and wish you all the best for your dreams to come true.  But I have some doubts that this story of yours is true.  because there are many users make such story most of which are being done for the purpose of getting merit.  Meanwhile you opened the topic today and you are saying that you are the first time to invest in bitcoins but on January 10th you made a post that you are investing on altcoins.  And there you said you don't have much patience to hold bitcoins for long term. here you say you save your tiffin money and collect bitcoins.  The word is not two kinds?
I am not ready to invest for a long time right now.  Currently I have some money with which I trade to make some more money and then prepare to buy and hold bitcoins for the long term. I think buying bitcoins at present is definitely profitable but I need to be patient enough.  But I don't have that much patience right now so I want to invest in Altcoin with a small amount first. And later invest some profit from here in Bitcoin for long time.


on the other hand you create this account and participate on quiz with your first post for getting merit and you successfully got 1 merit there.
I am very happy to participate in this quiz. I first learned something new from this quiz.
My Bitcoin history quiz answers..

So it's not suspicious that you have another alt account. and this is too is a neat story to get merit Huh
hero member
Activity: 826
Merit: 583
good luck starting your investment. I initially also collected Bitcoin gradually. a bit from the campaign proceeds, as well as profits from daily trades which I converted to Bitcoin to increase my investment.
You can also do it in stages until in the end, you won't think that you already have assets of considerable value.
if you do it consistently, you will have enough money in your old age later.
hero member
Activity: 2702
Merit: 716
Nothing lasts forever
snip

I am very happy to buy Bitcoin for the first time in my life. My dream from my school life was that I would invest in Bitcoin in the future and started saving money from my school life. I saved some money from the many tiffins and various tuitions I earned during my college life and finally invested in Bitcoin. And I have fulfilled my past dream today by investing in Bitcoin.
Right now I Buy BTC0.00688 BTC which is some amount of $163 when converted to USDT.
I have invested as much as I can in this current market in Bitcoin. and I hope to save more money and invest in Bitcoin in the future.[/size]

I wonder how much time it took for you to collect that amount. If I had invested this amount back when I was in college then I would have got great profits by now.
It's good that you are trying your best to get started with bitcoin but I will recommend you to start learning more about bitcoin and trading.
Learning to trade will help you to avoid making mistakes that can lead you to potential losses.
Start learning more about finance and management so that you can increase your portfolio over the years.
hero member
Activity: 1862
Merit: 601
The Martian Child
Good start mate. You can continue to accumulate while bitcoin is not yet in a major bull run which may happen next year and in the year 2025. You might as well plan on transferring your bitcoins to a non-custodial wallet for safety purposes. But if you are planning to buy more like weekly or monthly with the same or even smaller amounts then you might not want to transfer them right away every time you buy. Bitcoin withdrawal fee in Binance is around $5 which is already 3% of your capital. So you can schedule your withdrawals to save fees. The most important thing is that you are aware and you know what you are doing. 
hero member
Activity: 994
Merit: 1089
For a beginner you don't have to use hardware wallet. You can use mobile wallet like Exodus, Mycelium, Trust Wallet, etc. You can use them on your phone or laptop PC. These kind of wallets are beginner friendly and easy to use without the expense and greater complexity of hardware wallet but are still a very secure method of self custody. They are also free to use.
I know hardware wallet devices have to be bought with money, but they aren't too expensive. Though Op says his BTC is $163, so i don't think he should buy a hardware wallet yet for that amount, but it doesn't mean they have to store it in a hot wallet, OP is a newbie who might not know how to correctly use their online phone with BTC in it, they could click on one link and their BTC could be gone.

I believe once a person buys BTC, the next important step is securely storing it, if OP has a device that they aren't using anymore, they can format it and use electrum on it as a cold storage. $163 is dust to a lot of members here, but if that is all OP has and he wants to hold it for long and accumulate more to it, then they have to protect the money.
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