Investing in Bitcoin with Tiffin money of my college life. - page 3.

bmwister

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Activity: 99

Merit: 3

Quote from: Bitcoin_people on February 02, 2023, 04:35:53 AM

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.

Bitcoin is not just a risky, but a high-risk asset. On the one hand, bitcoin can be seen as a currency and simultaneously as a new payment technology that emerged during the globalization of the economy as a response to the evolution in modern technology. Almost 90% of all bitcoins as of December 2022 are outside cryptocurrency exchanges. This is the maximum outflow in the last three years amid a crisis of confidence after the bankruptcy of the FTX exchange.

Congratulations! You did a great job for your decision to buy BTS. I think you won't regret it! Except, really, it is better to keep it in a good and safe wallet.

NotATether

legendary

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bitcoincleanup.com / bitmixlist.org

Quote from: OcTradism on February 02, 2023, 05:52:59 AM

Don't use exchanges as your wallets. They provide you custodial wallets and they own keys, not you. After all fiascos from Terra, Voyager, Celcius to FTX exchange, please stop automatic believe in exchanges to hold your coins.

Not to mention if they close your account for whatever reason, your money is usually gone to you. They don't have to go bankrupt in that case.

As your balance gets larger, you definitely do not want to write about it online, because that will paint a target on you for hackers, and scammers will try to send you fake messages and phishing links as well.

drwhobox

full member

Activity: 756

Merit: 133

- hello doctor who box

Congrats on your first purchase, more will come soon.
Don't keep them on Binance. Binance is an exchange not a wallet so move them to a wallet where you have full control of your assets. Save your seed phrases, you can note them down somewhere. Keep your seed phrases on the internet like password keeper apps or notepad software is not a good idea. Write it down on a paper and keep it safe, make several copies of it obviously.

LDL

hero member

Activity: 742

Merit: 671

Quote from: Bitcoin_people on February 02, 2023, 04:35:53 AM

~

Anyway, I wish you all the best for making your dream come true today. Moreover, another important thing is that you are able to invest in Bitcoin as a student, on the one hand you understand the importance of Bitcoin and how its popularity will be in the future. It is very significant that you have invested Bitcoin in addition to your studies, your inspiring work will make students interested in Bitcoin. But my personal advice for you is that you focus on education first and then focus on Bitcoin as time permits.

Bananington

sr. member

Activity: 1470

Merit: 428

Quote from: Bitcoin_people on February 02, 2023, 04:35:53 AM

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.

Since it is already obvious that you have the culture of saving already, you will do well with cryptocurrency because you have already shown how disciplined you can be. Secondly it is a good thing that you have come forward as a newbie to share your excitement on investing in bitcoins for the first time. With this, you will be able to gather enough tips on how to ensure that you do not make a mistake in your trying to keep your investment safe. It is a good way to start this year, at the end of the year if you are consistent, you will be happier than you are now if the prices keep going up till then.

OcTradism

hero member

Activity: 1722

Merit: 801

Don't use exchanges as your wallets. They provide you custodial wallets and they own keys, not you. After all fiascos from Terra, Voyager, Celcius to FTX exchange, please stop automatic believe in exchanges to hold your coins.

Reminder: do not keep your money in online accounts

Some topics about security, passwords to protect your devices, files, wallets and your coins better.
Security checklist
Good topics on security and privacy
How to Create a Strong/Secure Password]
Are your passwords in the green?

blockman

hero member

Activity: 3066

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Vave.com - Crypto Casino

Congratulations! Way to go!
Follow the tip of Charles that you shouldn't keep that bitcoin of yours if you plan to hold that for the long term. Even if it's Binance or any other known exchanges, they shouldn't be used as substitutes for the storage of our bitcoins if we will hold them for a very long time.
If you don't have a hardware wallet yet, you may choose to pick Electrum or any other reputable desktop wallet.
And for the other options (https://bitcoin.org/en/choose-your-wallet?step=5&platform=windows). If you're using a Windows OS.

Charles-Tim

legendary

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Leading Crypto Sports Betting & Casino Platform

Quote from: Aanuoluwatofunmi on February 02, 2023, 05:26:19 AM

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.

goldkingcoiner

legendary

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A Bitcoiner chooses. A slave obeys.

Quote from: Charles-Tim on February 02, 2023, 04:41:53 AM

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.

Aanuoluwatofunmi

sr. member

Activity: 672

Merit: 416

stead.builders

Quote from: Charles-Tim on February 02, 2023, 04:41:53 AM

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.

Addition advise why you should avoid centralized exchanges.

1. They can get hacked from any attacking source
2. There's no privacy in using them because they can leak your data to third party
3. You cannot recover your asset with them whenever there's something wrong with the exchanges either being attacked or went bankrupt because your keys for decoding your wallet address on blockchain is with them
4. You're prone to KYC and AML agencies to investigate your informations abd account being subjected to them.
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.

headingnorth

member

Activity: 266

Merit: 42

NO SHITCOIN INSIDE

Congrats on starting your bitcoin journey. You have made a wise choice.

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.

Zanab247

full member

Activity: 1358

Merit: 207

Catalog Websites

Indeed you have made a good choice this year because, the price of BTC is still low to a level were you can buy as much you want and hold for a better future. I will advise you to hold for like 6 months before you can sell because, it will really help you to enjoy a big reward from your business and it will also encourage you to save more money to buy more BTC in future.

Don't forget to store your coin's in cold wallet always so that you will not experience anything that will hurt you in future.

Charles-Tim

legendary

Activity: 1512

Merit: 4795

Leading Crypto Sports Betting & Casino Platform

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.

Bitcoin_people

sr. member

Activity: 700

Merit: 380

🎗️🍁🎭

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.

Topic: Investing in Bitcoin with Tiffin money of my college life. - page 3. (Read 530 times)