Topic: My first Bitcoin - page 3. (Read 1054 times)

It is very interesting that you have purchased a good amount of fractional bitcoins, you must have taken a great initiative. Although it is an investment with your hard and hard-earned money so you have to collect good profit from here, and you have to wait for a long time by investing. This investment of yours will definitely be successful, but you have to wait for the best time and hold it until the price of Bitcoin in the market goes to a high level. Our bitcoin halving is ahead so you have to wait for this time and if you can wait for a long time then surely you can earn good amount of money from here.

This is the best sign that you have stored bitcoins.ষ  Nowadays you can store more bitcoins and you use Electrum wallet as a suitable wallet. Electrum wallet is the most secure to use, this wallet is very less likely to get hacked. But if you want to invest more money in bitcoins, then you can use monthly or weekly bitcoins.  Investing regularly every week or monthly is called DCA method. Current DCA method. Such investment should be followed with utmost importance to invest regularly and reduce from risk and everyone gets success.

Well, congratulations on your first Bitcoin purchase looks like you finally made a decision to start investing and accumulating Bitcoin, First of all just want to share with you the Dollar cost average which is the best strategy in my opinion that you could do when investing in cryptocurrency on long term investment, that is basically just buying Bitcoin like weekly or monthly depends on your preference what even the market price as long as your accumulating Bitcoin, you could as well modify it with increasing or decreasing your buying power depends on the movement of the market, as long as you have a target price or going to sell only on the Bullrun you could easily guarantee a profit every time.

As I can see you're putting your Bitcoin on Binance which is an exchange, I dont really recommend putting such an investment, especially on an exchange since you dont really have complete control over your funds, find an open-source and noncustodial wallet, I could easily recommend Electrum for sure since that is as well what I'm using its easy to install and secure compared to other wallets. You could download the wallet here [GUIDE] How to Safely Download and Verify Electrum [Guide] . Its better to be safe I had an experience where my funds were frozen on a custodial wallet and I wasn't able to recover it anymore because they thought that I had some kind of suspicious transactions.

Congratulations on purchasing your first asset in the form of (bitcoin). Have you ever asked or asked your friends to recommend which wallet is good for storage? Maybe in my personal opinion it is better to buy a hard wallet or cold wallet, this device is only connected to the internet, if we only want to make sales transactions, this is much safer for storing your assets.

Everyone wants to invest in Bitcoin for a long time.But some can continue their investment for long time and some cannot continue their investment for long time due to lack of finances. But one method to solve this problem for all of us is to make investing easier for those of us who don't have a lot of money, which is the dollar cost averaging method. Those who are interested in investing in this method continue to invest in their bitcoins with fixed amounts at specific times.

Yes, keeping our invested bitcoins in non-custodial wallets is the safest way to keep our invested bitcoins. Because these wallets are controlled by themselves, keeping bitcoins or other coins in these wallets is the most secure. Investors store their invested bitcoins in non-custodial wallets.

Congratulations on your first Bitcoin! I hope this is the beginning of your journey towards regularly buying Bitcoin and building up a decent investment for the future. My suggestion is to avoid holding your Bitcoin on any exchange. Instead, I recommend using Trustwallet or Electrum to store it, or even better, investing in a hardware wallet.

I agree with you there. There is no need to store crypto on exchange wallets. At any moment, withdrawal conditions may change or access may be blocked. This has happened quite often recently. It's good that you warned the person. Such things do not require a delayed decision. If you do not approach the storage process in time, you can expect quite negative consequences. Hopefully such an error will be fixed in the near future.

He still doesn't succeed with his Bitcoin investment. He needs to achieve his target and take good profits, then we can know whether he is successful or not. He just begins with Bitcoin investment, it is his first Bitcoin. It means he plans to have more Bitcoin, it is just the early of his investment journey. I hope OP realizes that he must improve their knowledge as well. To choose the right wallets and where to put the Bitcoin, it requires a good understanding about Bitcoin investment. If he only has a small number of Bitcoin, he doesn't need to create some wallets. Just create 1 wallet first, then create more wallets when it is needed. I also think having too many wallets is not a secure way, too. It increases the chance to forget the data of the wallets.

Among the wallets you stated above, I think Electrum Wallet is most suitable wallet for OP. If OP wants to keep it for a long time, then OP can choose hardware wallets.

In his local currency, I'd guess, because someone with so much interest and eagerness about Bitcoin and its accumulation wouldn't just use $110 from their salary for buying Bitcoin if they are earning 5 figures in dollars unless they have extremely high expenses and can't manage to save more money than this which again doesn't sound possible to me.

Anyways, congratulations, OP. The very first thing I would tell you is to kindly not keep your Bitcoins or any other cryptocurrency in your exchange wallet unless you are planning to do day trading with it which means buying and selling within short time intervals because exchanges serve different purposes and they are not supposed to be used as wallets to keep your funds.

Electron isn't a bad choice if you don't have a lot of Bitcoin at the moment. You can always upgrade to a better option, like a hardware wallet, in the future when you have more funds to keep. For now, you can use Electron, better than Binance for keeping your funds. Just make sure that you back up your keys and phrases safely.

I have considered non custodial wallets the best way to save your crypto assets and most importantly, the offline wallets.

Trustwallet, Solflare and Phantom and a few others are good non custodial and then if you consider offline wallets, you should look at leger and trezor wallets to do the magic but ensure you are not buying them from a third party or something

You have succeeded in investing bitcoin after your many efforts, my best wishes and congratulations to you for investing bitcoin. Invested hope the investment will grow slowly but to hold your investment I would suggest you to open a separate wallet as investing in exchange wallet looks very risky. It is better to open your own wallet and hold investments there than it is risky to say that any time your account gets blocked you will be in a lot of danger. But you can use Trust Wallet, Electrum Wallet, Blue Wallet, Exodus Wallet or any wallet. But investing in all these wallets will be safe only if you can keep your wallet seed phrase very safe.

I'm grateful for this journey. Since its inception, Bitcoin has amassed some cryptocurrency.  After getting your salary, you can keep it if you'd want in Bitcoin form. These days, I believe that if you keep your money in Bitcoin, it will be a better option than having it in multiple institutions.

If your job is fixated on btc payment then you can do it its ok for you.

Congratulations on your first Bitcon purchase! Even all the big whales we have today all started somewhere, and this $150 is a reasonable amount if we are to convert it to my local currency. Me,  I didn't even start that big. For the time being, I will advise you to buy with what you can afford.
 
The month just ended yesterday and you bought your first bitcoin. To me, you could have done a little math based on what you will spend for the month and what will be left for you. I said this because we do have some unforeseen expenses that we don't budget for, and if you have used up the savings you could have used to settle those, you might be tempted to touch what you just bought to hold. The longevity of holdings started with smart planning.

Although I understand your point, I don't think a hardware wallet is necessary in the OP's case. It's still extremely early; the OP just purchased his first Bitcoin, worth $110; the Electrum wallet will work just fine in this case and probably in most cases if you're careful enough and avoid downloading torrents or anything suspicious. I see that the OP has purchased through Binance, which is also fine for smaller amounts or for short periods; after all, it's the largest exchange of all; no need to get paranoid.

Anyway, congratulations, OP, for entering the Bitcoin scene. Keep DCA-ing, and you should be fine if you're budgeting correctly. My advice is to keep purchasing Bitcoin and transfer them to Electrum for every few purchases.

I'm just curious, if you don't mind, what do you mean by the five figures you mentioned? Do you mean your monthly salary is in the 5 digits? Then which country do you live in, and what currency do you use there in the country you belong to? I'm sorry if my question is a bit personal.

Because if it's in US dollars, you're making a lot of money in that case. But anyway, I still congratulate you on the first step you took. That's why it's better not to hide the Bitcoin you bought from a third party; it's better to buy a hardware wallet, or in the meantime, use Electrum, Exodus, Unstoppable, or others, depending on your choice.

Get a hardware wallet, now you may think that it may be a waste of money to pay for something that you could get for free, and in a way you may have a point, as if you know how to secure your coins and the device in which they are stored, you do not really need to buy a hardware wallet, however since you are a newbie and you are still in your learning phase, the best you can do is to buy a hardware wallet so you can easily secure your coins and they are safe from hackers and scammers.

Yeah. Thats exactly why I asked. I saw the same thing about Nigeria in his profile.  That makes me think maybe he was talking about Nigerian Naira instead of US dollars and  because 5 digits worth of Naira isnt actually a huge amount of money.  It is definitely not enough to invest $100 in Bitcoin like he said.  So Im guessing maybe he just accidentally said 5 digits when he meant to say 6. 

Keep purchasing them every month, then you will be richer than any other people.

Don't forget, "don't pull all eggs in one basket". BTC is not the only crypto you can invest, there are plenty of options

When someone is striving hard to attain something, it could also be said that person is working hard towards achieving that particular thing. It’s actually not confusing. It isn’t necessarily a job when one talks about working hard. You could work hard in your chores or in your studies. Not just in your workplace.


When after working hard and finally thought it appropriate to put in the amount he did, why should you or anyone else have a problem with it?
$110 to a great extent, is a good amount to start with for someone fairly new to bitcoin and I applaud him on that move.

OP welcome on board the Bitcoin Family and congratulations on a dream come through in your end for finally getting some stackingsome stats ,You have taken the right step forward, I hope you have good understanding of how Bitcoin works, the risk involved and the benefits too , in terms of the benefits, Bitcoin is a safe heaven assets against inflation and a store of value, and  you will have the opportunity to oversee your funds, nevertheless ensure you buy with proper DCA method and don't go in all at once.