Topic: My first Bitcoin - page 7. (Read 1680 times)
Congratulations to you, investing in bitcoins to buy first bitcoins is a really good decision and hopefully the amount will be very good. There are many currencies to invest in crypto bitcoin investment is the right decision and if you analyze the market you will see all the previous records of bitcoin and this time bitcoin will break all its records. The price of Bitcoin went down but then went up again. It is good to keep some percentage of your income it will be good for future but for investment you have to use good and secure wallet.
~snip~
So, is it safe for me to store my coin there or is there any other wallet I can use to store my coins? I know of electron but apart from the electron is there any other wallet which is safe?.
My profile shows that I am still new on Bitcointalk and I would say with my actions I am very interested in learning more about the accumulation process so I can gain more Bitcoin.
So, is it safe for me to store my coin there or is there any other wallet I can use to store my coins? I know of electron but apart from the electron is there any other wallet which is safe?.
My profile shows that I am still new on Bitcointalk and I would say with my actions I am very interested in learning more about the accumulation process so I can gain more Bitcoin.
Keep accumulating and use the DCA strategy, there are lots of wallets you can use but Electrum is the best wallet for Bitcoin I used so far. Don't forget to set your strategy on your investment because take profit is needed to choose your next strategy.
congratulations to the OP for successfully investing his first bitcoin, whatever the amount it is, it is a good decision even if you look at your salary which is quite large, 5 digits in my country is quite a large amount. If it is true that your salary is 5 digits you should invest 1-2 btc but never mind, I'm sure there was a typo, but forget it now you have to have a personal wallet, don't store your BTC assets in exchange because it's very risky if you have a lot of them,
OP, congrats you bought your first bitcoin. Also, I pray that your new career goes well. It's normal to invest according to one's ability, you started with $110 monthly bitcoin investment which I think is a good amount. Bitcoin halving ahead looking at the historical events before and after Bitcoin halvings in the past, you can certainly expect that the price of Bitcoin is likely to surpass previous record highs. I hope you continue to invest your bitcoins using the DCA method every month and hold on to it, you will see a bull run at the end of the year. I see many have already given advice about wallets, of course you should take care of wallet security to keep your bitcoins safe.
My profile shows that I am still new on Bitcointalk and I would say with my actions I am very interested in learning more about the accumulation process so I can gain more Bitcoin.
Welcome to the hodlers gang. A good way to accumulate is by doing DCA, which is a bit by bit purchase of Bitcoin based on your financial strength. Since you're a salary earner, I'd suggest you go for a monthly DCA. So, is it safe for me to store my coin there or is there any other wallet I can use to store my coins? I know of electron but apart from the electron is there any other wallet which is safe?
Don't store your funds on an exchange. You may lose your funds if the exchange gets hacked, go bankrupt, or gets shutdown by the government. Get a personal wallet and store your bitcoin. Hardware wallets are the safest but if you cannot afford it, electrum, blue wallet or unstoppable wallet are quite good.
Congratulations on purchasing your Bitcoin, now that you own some Bitcoin I hope you'll continue accumulating more Bitcoin from now on. I would suggest you to make your own personal wallet and save your Bitcoin on that personal wallet of yours instead of allowing those on an exchange's custodial wallet. I would suggest you to learn about Electrum in detail and then create your own wallet with it, after that you may withdraw your Bitcoin from that exchange's wallet to your own personal wallet.
I don't see that you need any advice about the Electrum wallet, since you know about it and how to save the seed phrase. But reading that you had to work a lot to buy Bitcoins, I would like to advise you to allow yourself those amounts, the loss of which will not change your life for the worse.
I am sure that you have strong hands and that you will be a good holder of Bitcoin, but in the future, set yourself the goal of buying a hardware wallet since storing your valuables on your phone cannot be completely secure. Good luck!
OP should not store his bitcoin on phone and if he has a computer at home (desktop), it will be better device to store his bitcoin.I am sure that you have strong hands and that you will be a good holder of Bitcoin, but in the future, set yourself the goal of buying a hardware wallet since storing your valuables on your phone cannot be completely secure. Good luck!
Store coins on Binance is unsafe practice and OP will have to consider to withdraw it to his non custodial wallet like hardware wallet like you advised or if he can not buy a hardware wallet, he can use Electrum wallet. With single signature or multisig wallets and must use strong passwords.
[LIST] Open Source Hardware Wallets
How to back up a seed phrase
Congratulations on your first investment, you have tried for a long time and finally you have money and you have fulfilled your investment dream.
You are now in a dilemma as to where you should store your bitcoins. If you think that you will keep the amount invested for a certain period of time then using Electrum wallet is the right decision for you. If you have a long-term view of investment and plan to increase your investment with your salary every month, then you should rely on exchange wallets because buying and transferring bitcoins every month will require you to pay additional transaction fees, which will cost you a lot of money. I recommend you to use an exchange wallet so that extra transaction fees don't cause problems for your investment.
You are now in a dilemma as to where you should store your bitcoins. If you think that you will keep the amount invested for a certain period of time then using Electrum wallet is the right decision for you. If you have a long-term view of investment and plan to increase your investment with your salary every month, then you should rely on exchange wallets because buying and transferring bitcoins every month will require you to pay additional transaction fees, which will cost you a lot of money. I recommend you to use an exchange wallet so that extra transaction fees don't cause problems for your investment.
Congratulations on your first purchase of bitcoin and you have done so much well to have decided to use some part of your salary to invest in bitcoin which is the best decision you have ever taken, from the look out of your images uploaded above it seems to look like Binance interface. Please make sure download a trusted and reliable wallet to save your funds inside because there is a popular saying that says "Not your key not your coin" So move your funds to where you can have a dependency of your coin that leaving it inside exchange account. If you wanna trade with it then you are fine to leave it there maybe after accumulating much profits then you can decides to move out your profits from the exchange to better place to avoid being stolen or hacked that may be launched against the cryptocurrency exchange.
I recommend you to use a hardware wallet sincerely, it is the best investment you can make to secure your bitcoins, but you must take into account what use you are going to give to the bitcoin, you are going to send currently to other addreses? or just to store bitcoin? in my experience I recommend you to use as hot wallet, Exodus, user-friedly app (remember to save the seed phrase) and in the case of cold wallet, ledger or trezor could be your options but that is based on what you want ,the design, the budget etc... just hope you the best in this btc community brother and remember never ever let your coins rest in exchanges.
Whoa whoa, slow down with your recommendations, let OP breathe a little, as OP have said already, that they're new to bitcoin. I don't think OP needs to secure that fast when there are more cheaper options like a TrustWallet or a Blue Wallet for Android devices, he's already considering Electrum wallet so I don't think that it's necessary for OP to even consider hardware wallets especially those that have a close source. I'd say that OP should take his time and explore bitcoin and the forum to know more about the bitcoin landscape and see how OP will want to approach things in the future.Welcome to the bitcoin market OP, enjoy your hodling journey and I do hope that you would find a lot of profits from doing that journey. My only advice to you is to learn DCA or Dollar Cost Averaging, pretty good strategy for long term bitcoin accumulation because you don't want to be not maximizing out your investing opportunities if you can help it.
So, is it safe for me to store my coin there or is there any other wallet I can use to store my coins? I know of electronum but apart from the electronum is there any other wallet which is safe?.
Electrum is safe if you have good security and privacy literacy. In this case, you're still relying on the help of others to buy your bitcoins which means you need to learn more about how bitcoin works.What do you plan to do with your $110 bitcoin stash anyway? I think you don't need to look for the safest external wallet if in the next 1 or 2 weeks you want to cash it out in case its value increases.
Long time ago I was working so hard to buy Bitcoin but I couldn't because I had no job, but starting from this
month of January I have gotten a new job that pays me 5 figures a month and I just use $110 from my salary to buy Bitcoin,so as today is the last day of the month I just bought Bitcoin with part of my salary.
However, I bought it from a 3rd party through the help of a co-worker at my working place.
So, is it safe for me to store my coin there or is there any other wallet I can use to store my coins? I know of electron but apart from the electron is there any other wallet which is safe?.
My profile shows that I am still new on Bitcointalk and I would say with my actions I am very interested in learning more about the accumulation process so I can gain more Bitcoin.
It's a good sign that you have deposited bitcoins, but you can't properly secure bitcoins in an exchange wallet. Exchange wallet is not safe I am not reasonable to use it because it is controlled by others. And privacy is not protected because it is verified by your photo or ID card. So you can use electrum wallet or mycelium wallet. Currently hardware wallets are most useful for bitcoins but you can save on hardware if you don't have financial problems. Or among the software wallets you can find Electrum and Mycelium wallets are the most secure and least likely to get hacked.
another question here, you are earning 5 figures but only spending 110 dollars from that salary when you told us above that you are working so hard to invest in bitcoin?
$110 is a decent amount of money. For someone earning five figures in naira, I would say OP outdid himself. As a rule of thumb, you should invest what you can afford to lose. If $110 is what OP can afford to risk, that’s his prerogative. Other than scrutinizing the OP, do you have any advice for the OP. I have been seeing a lot of threads from newbies about how older members are harsh towards them. Reading your comment on this thread, I understand why they feel that way.
We all know how risky cryptocurrency is and volatile it is.
For now, let's appreciate what OP did regardless of the amount.
Buying 110 dollars in the first step is a big deal because he has taken one step. The most difficult step is the first step. The rest of the steps can be done very easily, but taking the first step is not for everyone. Now he has taken a step, now the way will be paved for him, that is, his thoughts and concerns will start working for a very long time, and provided that he does not go back from his goal now. He bought the bitcoin at $110. Now if Bitcoin goes down, that $110 will become $80 so he shouldn't sell it amd do patience then his future will become very good.
While OP starts with 110$? that is so much high for me when I am started , so Congratulations OP , you did a good job here and I believe that in the future you will add more and more to this starting investment as the Job pays you well.
Please take correction is not electron but is Electrum to avoid future damages and also take a proper view of what you are writing or saying otherwise you would end up having the wrong wallet stored in your phone or system later on you come back here to announce how you have lost huge amount of bitcoin to scammers. You know buying bitcoin isn't the real problems the case here is how to make sure that bitcoin is properly protected without being taken away from you.
There are lots of people who invested in bitcoin but as a cause of wanting to double their profits within some limited time range they got into scam hands by sending their bitcoin to another site where they are deceived to receiving some specific amount in some hours made them not to endure and at last they sent their money there and lost everything.
Do not leave your funds in centralized exchange because is not safe and to whatever that happens to the exchange automatically your fund is gone and you can't hold anyone responsible for that so, it's better you download Electrum wallet move out your funds from exchange account to non custodial wallet where only you can have access to your wallet.
There are lots of people who invested in bitcoin but as a cause of wanting to double their profits within some limited time range they got into scam hands by sending their bitcoin to another site where they are deceived to receiving some specific amount in some hours made them not to endure and at last they sent their money there and lost everything.
Do not leave your funds in centralized exchange because is not safe and to whatever that happens to the exchange automatically your fund is gone and you can't hold anyone responsible for that so, it's better you download Electrum wallet move out your funds from exchange account to non custodial wallet where only you can have access to your wallet.
When someone try to store BTC in Own favorite exchange than must be selected best wallet.
Congratulations on your Bitcoin purchase. You can continue with the second buyer until you have a lot of Bitcoins. You can use the DCA method to buy Bitcoin regularly every month.
You can store your Bitcoin on a trusted exchange, where you buy Bitcoin temporarily. But it would be better to store it in your own wallet to control it directly. You can use a hardware wallet like Trezor or others.
The important thing is that you can continue your investment regularly using the money you can afford. And determine the period for how long you invest. Don't panic about changes in Bitcoin prices because Bitcoin prices always change.
You can store your Bitcoin on a trusted exchange, where you buy Bitcoin temporarily. But it would be better to store it in your own wallet to control it directly. You can use a hardware wallet like Trezor or others.
The important thing is that you can continue your investment regularly using the money you can afford. And determine the period for how long you invest. Don't panic about changes in Bitcoin prices because Bitcoin prices always change.
Congrats on your first BTC~~
One small step for man, one giant leap for Cryptokind
One small step for man, one giant leap for Cryptokind
Long time ago I was working so hard to buy Bitcoin but I couldn't because I had no job, but starting from this
month of January I have gotten a new job that pays me 5 figures a month and I just use $110 from my salary to buy Bitcoin,so as today is the last day of the month I just bought Bitcoin with part of my salary.
However, I bought it from a 3rd party through the help of a co-worker at my working place.
First of all congratulations on starting your Bitcoin investment journey. Second, congratulations on finding a new job. Hope you are able to manage both the investment and your job properly. Investing in Bitcoin Everyone starts and everyone is interested in investing in Bitcoin but not everyone can hold the investment in Bitcoin for a long time. We need patience to hold bitcoin investment for long time I think you have that patience and you will hold it for long time because you have an income source It will serve you well.month of January I have gotten a new job that pays me 5 figures a month and I just use $110 from my salary to buy Bitcoin,so as today is the last day of the month I just bought Bitcoin with part of my salary.
However, I bought it from a 3rd party through the help of a co-worker at my working place.
Quote
So, is it safe for me to store my coin there or is there any other wallet I can use to store my coins? I know of electron but apart from the electron is there any other wallet which is safe?.
My profile shows that I am still new on Bitcointalk and I would say with my actions I am very interested in learning more about the accumulation process so I can gain more Bitcoin.
Oh shit man, you've started investing bitcoins yet can't choose a wallet to store your bitcoins in.You should use non-custodial wallets to keep your invested bitcoins safe and secure. The advantage of keeping bitcoins in a non-custodial wallet is that you can give your bitcoins to someone whenever you want and withdraw your bitcoins whenever you want. That means you will have complete control over the non-custodial wallet.There are different types of non custodial wallets they are Bitcoin Core, Electrum Wallet, Hardware Wallet. You can keep your invested bitcoins safe and secure in these non-custodial wallets. My profile shows that I am still new on Bitcointalk and I would say with my actions I am very interested in learning more about the accumulation process so I can gain more Bitcoin.
OP, I was interested in reading your post history because there was a lot of skepticism among users about your claim of a five-figure salary. But now that I see that you are passionate about being not only a Bitcoin talker but also someone who has some funds in Bitcoin, I want to congratulate you on your purchase. I don't see that you need any advice about the Electrum wallet, since you know about it and how to save the seed phrase. But reading that you had to work a lot to buy Bitcoins, I would like to advise you to allow yourself those amounts, the loss of which will not change your life for the worse.
I am sure that you have strong hands and that you will be a good holder of Bitcoin, but in the future, set yourself the goal of buying a hardware wallet since storing your valuables on your phone cannot be completely secure. Good luck!
I am sure that you have strong hands and that you will be a good holder of Bitcoin, but in the future, set yourself the goal of buying a hardware wallet since storing your valuables on your phone cannot be completely secure. Good luck!
Jump to: