Topic: investment advice? - page 4. (Read 783 times)

It's great to know you are passionate about bitcoin and want to invest in it. But even between a non-custodial wallet and a custodial wallet for storing bitcoin, you can't tell the difference, it seems you were too hasty to invest without any knowledge. I recommend that you have basic knowledge before investing, I find this basic knowledge a lot on the internet, you can find it on forums or youtube. Knowledge is what you need, not investing in bitcoin because if you don't have the knowledge, owning bitcoin can't guarantee you can hold it for long.

There are a lot choice of good wallets, so there's no need to use Trust wallet as your hot wallet. Electrum, Blue wallet, Samourai are the best option because they're non custodial, open source and easy for beginners to use it.

Invest in the short term for every day or every week? you should move your coins after a month to your non custodial wallet because Binance is only used to buy and sell your coin, not hold for long term.

Since you are new in the investment line and you decide to invest, I suggest you to invest in Bitcoin. Because one of the most reliable coins in crypto currency is Bitcoin. While investing in other coins carries a higher risk, investing in Bitcoin is relatively less risky. And before investing, you must have a good idea about investment and then invest, so your chances of getting profit will increase a lot.

No exchange wallet is safe to keep your funds safe. The only secure wallet is a hardware wallet. Many trusted exchanges have seen exchanges become scams in no time. Ftx was a very popular exchange where people deposited large amounts of money with trust but we have seen that Ftx exchange is a scam. So hardware wallet is definitely better to keep your assets safe.

Investing in bitcoin is a solid alternatives in the space with probably profitable returns when it's been triggered bull in the market. Doing complex research on the entries spot usually take time but when targeted, there's absolutely hope for a better gains. I've encountered most traders in the past that uses both trust wallets and binance exchange to store their crypto assets with full confidence that's absolutely safe and secured. Moreover their firewall is not easy to get cracked by scammers, we should be able to sketch our what we need instead of following or imitating any one's ideas of choice.

When it comes to choosing a platform, there are a few factors to consider, including security, fees, ease of use, and reputation.

Both Trust Wallet and Binance are reputable platforms for investing in Bitcoin, and each has its own advantages and disadvantages, but none of them should be used to keep your assets for the long term.

Trust Wallet is a mobile wallet that allows you to store, send, and receive Bitcoin and other cryptocurrencies on your smartphone. It's known for its user-friendly interface and strong security features, including two-factor authentication and support for biometric authentication. However, you should know that as a mobile wallet, Trust Wallet is more vulnerable to hacking than a hardware wallet.

Binance, on the other hand, is a cryptocurrency exchange that allows you to buy, sell, and trade Bitcoin and other cryptocurrencies. It offers a wider range of features than Trust Wallet, including margin trading, staking, and lending. But, as an exchange, Binance charges fees for transactions, and there is always a risk of hacking or security breaches.

So, what I would suggest you is to use Binance to purchase Bitcoin, and then use a wallet to store them. If you can afford a hardware wallet, that's much better, but if you can't, Electrum should do. Electrum is also available on mobile.

I think what people are saying is... don't put anything on Binance you are not willing to lose.
Not just because Binance can get hacked , or pull a Mt.Gox / FTX...
but ( in regards to using leverage ) using any leverage over 5x can quickly get you liquidated.

Getting a hardware wallet, buying some Bitcoin, and leaving it on that wallet is a good idea ( hodl )
also, engrave your seed word on a piece of steel and hide it

Personally, I love the idea of a passphrase, but it seems like others are leary of it because if you forget it, your Bitcoin is irretrievable.

For starters you could use something like Electrum to store your bitcoin, You could start by buying bitcoin in Binance or you could somehow trade on that platform which is I think the best platform compared to other exchanges. Most people do not recommend exchanges because there is a significant risk when you hold your funds on exchanges so make sure always to put it on your Electrum after you buy your bitcoin, Binance is already a big/number 1 exchange in cryptocurrency so you can say that it will not end up like FTX that easily you could probably store your funds there in a few weeks.

Also, you could just buy a small chunk of bitcoin every week since the market price is so volatile it is a great strategy that most investors do so that when the bull run comes, it always ends up as a profit.

if you want to invest in the long term, for example once every 4 years you sell.
I suggest you keep it in a trust wallet if you don't have a hardware wallet yet.
but if you want to invest in the short term, for example every day or every week, saving on binance is also not a problem, because so far binance is very safe.
it all depends on your interests, want long term or short term.
adjust seja according to your ability and comfort.

If you keep your wallet on a centralized exchange there is a possible account got hacked or a centralized exchange default/bankruptcy like what happened recently in FTX case. If you want to HODL for a long period of time use Bitcoin Wallet like Bitcoin Core or Electrum. Or you can buy a cold wallet its way more secure and its like Token Key Internet Banking.

Most people here don't recommend Trust Wallet since is a closed source and maybe backed by Binance too. But I personally use TrustWallet as my Hot Wallet right now. But like always Do Your Own Research first.

welcome, an enjoy the crypto world. 

Before preparing yourself to invest I think the most important thing is to have a secure wallet. If you can't create a safe space then your investment will be at risk. The two wallets you mentioned here are the two wallets I think are risky. The safest would be if you could buy a hardware wallet. If it becomes too difficult for you to buy then you can use software wallets like: Electrum Wallet, Non Custodial Wallet, etc. But the seed phrase must be kept safe so that no one can hack it.

Whatever coins we have must be stored in a non-custodial wallet to avoid losing assets if stored in an exchange, there is a high risk of storing assets on an exchange because exchanges do not have the potential to operate for the long term and regulations can change whenever they wish, immediately transfer your coins have a non-custodial wallet address to keep your assets safe at any time. Your assets must be managed by your own hands.

How is it a wrong choice when you're investing in Bitcoin and not all the other shit coins that are been hyped by paid influencers floating all around social media especially twitter with their click bait of the next 10x to invest in. Binance is one of the most popular word and platform in cryptocurrency after Bitcoin. CZ has made it that the whole world is talking about their exchange and they're trying to buy the whole industry thereby attacking any other exchange that posses a threat to them even though they're all engage in the same shitty business.

Trust wallet was acquired by Binance so they're also benefiting from Binance dominance of the space. The OP shoudn't take a break from investing in Bitcoin but he should definitely research more and read about the currency so he doesn't fall victim to FUD when it starts spreading around. Bitcoin is at one of its lowest price that even though it was to dump further, it shouldn't bother you as the chances of you profiting more when the price reaches and surpassed it's previous all time high is huge and worth investing today.

If you are investing in cryptocurrency, make sure you don’t leave your coin on exchange, make sure you transfer any coin you buy from your exchange wallet to your non custodial wallet, that’s the proper way to store your coin. If you leave your coin on a exchange, any day that anything happens to the exchange then you don’t have money again Also and anything can happen to the exchange at any time, the exchange can also decide to freeze your account incase if you slightly go against there rules. To have full access to your coin then store your coin on a non custodial wallet address.

I believe there are lot of resourceful material that will definitely leads you on how to start with your bitcoin journey. All you need to is seat and read gradually around the forum this question made me flashed back a says that always said "for one to hide something from those that don't like reading him or she should put it in a written form" at this point you've hide something valuable from them. That's why those who truly reads ask less questions from the forum.

Although the top exchange, but we do not recommend that someone holds it in any exchange because our assets can be taken over at any time for any reason, we are frustrated from the FTX case because I also lose funds because of the exchange scam, so we have to put assets on non-custodial wallet to be able to control the crypto assets that we have, you must also be able to protect the safety of non-custodial wallets so that no one knows, because anyone who has access to the personal key is the owner of the wallet so be careful when storing the file and is highly recommended to storing assets in the hardware wallet.

I don't agree. Every time is good to get some bitcoin, you just have to be smart about it.

Let's say that you have 10k USD lying around, waiting to be spent and you have a steady income that allows you to cover your basic needs. Divide that 10k into a number of parts, like 10 times 1k each and dollar cost average by spending 1k every week, or every month if buying each week is too much for you.

Put the coins on a desktop wallet immediately, if you don't have, or don't want to buy a hardware wallet. Don't keep it on exchanges and don't use web wallets. I'm not recommending a paper wallet because it may be annoying to use for a beginner.

While buying, project a profit within 24 months. Don't check your balance every day, or even every week, it will only make you nervous. Forget about the investment, at least for a month or two, it will teach you patience.

Please you shouldn't be in a haste to investing suddenly in Bitcoin please but you should rather take your time to read and study about Bitcoin and also do well to read the white paper and it is always advised that you store your coins in a decentralized exchange and trust wallet is one of them.
You should also understand that Bitcoin is decentralized digital currency and at such, it is very volatile and nothing is assured and just as there are possibilities of making profits (huge ones) so there are also possibilities of making losses( huge ones as well) and you should always be very careful and handle every penny as very important.
Always do your own research please as wrong advises can also be gotten here.

Both of you have to understand that investing in bitcoin is a high risk because prices fluctuate, it is very possible that you can lose if you sell quickly and panic when the price drops, but if you have pretty good fundamentals then it's right to choose bitcoin as an investment.

I see your post on the Bitcoin Discussion board for the first time you buy bitcoin on the Binance exchange, it's a good step because you have dared to do it with a good step I support how you have invested even though it's a small value.

About storing assets for bitcoins it is better you have a private key in the sense of using a Trustwallet wallet which is called non-custodial so have your own control over your own assets and do not recommend storing on any exchange because it is a third party just like a bank.

You are correct, mate. It would be wise for him to learn more about bitcoin before making an investment. Avoid acting too cleverly by asking questions you don't understand. Instead, try to research and understand the type of wallet you intend to use and which can be very secure for a long time. Although all wallets aren't perfect, it all comes down to how you keep your secret keys and don't divulge them to anyone.

It depends on time period you decide to invest and prices at that time which will actually tell whether you are in profit or in loss but if you have long term holding in mind without even thought of selling or getting panicked with normal dumps you are mostly in profitable boat.But you should be prepared for that time period which can be more then 4+ years.

As already pointed out these two options must be avoided at any cost if you are looking for safety of your funds as Binance is a CEX which will have the control over your funds with your keys so what safety do you expect when giving third party acess to your funds who can spend it or even restrict you from withdrawing your funds?

The good option is non custodial wallet like Electrum if you are not interested in buying hardware wallets which are more safe options as your keys remain safe with you without leaving your device.

Then you could have your funds stored in airgapped devices which is not connected to any internet connectivity but most times newbies find it difficult to maintain them but when you don't have any active internet connection the hacking chances are zero.