Topic: My first Bitcoin - page 5. (Read 1680 times)

When I first started investing, the Bitcoin market went down a lot within a few days of investing. At that time I got frustrated and sold the invested Bitcoins. I suffered a lot of losses. I was new to investing at that time.  No. As a result, I have faced a lot of losses by investing without understanding in the first place. I have now gained a good understanding of Binion and recovered those losses very easily.

What do you mean by "there"? Do you mean that you have used a third-party service to buy Bitcoin and have your Bitcoin stored on their platform? If yes, then I would suggest you take them out and store them privately in a non-custodial wallet.

What's wrong with Electron? If your bought amount isn't that high, you can use Electron without any issues as long as you make it secure with a password and keep your seed phrase and private keys safe and secure.

It's simple, you earn money and then use that money to accumulate Bitcoin, but make sure that you are only using the money that isn't supposed to be used for something else so that you don't have to worry if the market doesn't go in your desired direction.

Good luck with your bitcoin investment. You can definitely profit from bitcoin investment if you can hold bitcoin investment for long term. Long term investment will surely bring you success in future. But one thing you must say as a new investor, there are many times when the price of Bitcoin goes down a lot. Don't ever think of selling your bitcoins in despair after seeing them fall in price. It is natural that the price of Bitcoin will fluctuate. Your patience can take your bitcoin investment far.

No matter how slow your progress as long as you are working on it, you will be moving forward soon and know exactly what you gonna do next because you already managed to gain the necessary experience on how to invest in bitcoins and secure it. that's the important matter when it comes to holding bitcoins and you are doing right when you decide just to hold a small amount of it until you become a pro when keeping it securely next time you decide to buy a huge amount of bitcoins, you already know what to do and the things you won't do.

Congratulations.  Your concern is very good.  As your amount till now is very less.  So electrum wallet is enough for you.  If you have more bitcoins then you can move to Hadware wallet.You continue to buy bitcoins like this.  Your plan is very good.  If you hold for a long time you will gain a lot.The price of Bitcoin is increasing a lot.  It can release the previous ATH.  In this you will get good quality profit.

Yes, investing $110 is a good amount that can generate enough profit once the Bitcoin price increases. However, it would be even better if he continues to invest regularly, as the more he invests, the more profit he could potentially make. Furthermore, Bitcoin is a good option for long-term investment, and he is unlikely to regret his decision.

$110 is good amount for a beginner to start with, might be he has been saving some funds for a while and he has bought some Bitcoin with it, I just hope he can continue buying such a decent amount every month.
The OP is not sure if the exchange his Bitcoin is are secure that's why he's asking but since then he hasn't say a word about how he's going around with he's investment, if he has moved it to a more secured wallet like electrum.

Regardless of the amount you say… i think $110 is a good enough amount for a start. At least, this is someone that just started earning 5 figures for a pay grade even though the user didn’t specify on what currency and having to use $110 out of it to buy Bitcoin is a good place to start.
Hope the user gets to continue and more importantly, learn how to secure what you’ve gotten, not going about to look out for means to multiply the coin by trying to stake it on some platform, may be join in a cloud mining or perhaps trade it,,, these are always a tempting option but, you just might loss your coin in the process.
As you learn, learn security too, it’s very important to not break faith in the system.

Welcome to the crypto world. Regardless of the amount, it is important to start. Hopefully you will be a large holder in the future in the range you started with. Which will help you to make more profit in future. Investing in cryptocurrency requires a lot of courage. Because you can't invest in Bitcoin without knowledge and courage. I first started with $124.

Many many Congratulations to you sir. You are doing great that you are saving your money in bitcoin. It will give you good profit in the future. Because, bitcoin price is increasing day by day and you will also get good profit on this saving that you are doing at this stage. I really appreciate your idea. And i advice everyone that save a little amount from your income for future.

How can you buy BTC from someone and still leave the BTC in the person wallet because, it look like the write up is not too clear to me or that is the truth of your first BTC. what if something bad happen to that person you leave the BTC for, do you think the person family will accept the story you are going to tell them, that you bought BTC from he or she and you leave it with he or her to hodl till you search for the safe wallet before you can collect the BTC back.

Electrum is a safe wallet  you can store your BTC if you will take my advise because, many users have confirmed it for the long bear run that made them to continue hodling the BTC in their wallets till bull run occur before they can sold to make profits.

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.