Topic: One Bitcoin - page 5. (Read 857 times)

From my time in cryptocurrency the experiences of going through shitcoins and those that did somewhat well and missing out on pumps or buying  at the peak, actually builds ones ability to hold when they eventually get into Bitcoin and not panic sell at the slightest fluctuation in price.
Although, Bitcoin is not a get rich quick scheme, many would argue it's not a get rich scheme at all, and understanding the potential of what you hold would enable you utilize it appropriately.

This part got me thinking about the difference between; "only invest spare money" and "invest amounts you can afford to lose".
Spare money in this case would be money you can easily do without and would likely not notice if it goes missing, but amounts you cannot afford to lose are those which is highly significant to you, such as loans or huge percentage of your net worth.

I believe the balance of how much to spend on bitcoins is somewhere in-between that; significant amounts, but those you can afford to lose.

Always heartwarming to read this part, where you are okay with Bitcoin going to zero. I say the same for myself, knowing full well that I will be hurt if it really does, but that I also have already enjoyed enough to make the journey worthwhile.

So I urge you to do the same. Bitcoin is unlikely to go to zero but at the same time, try and enjoy some of the gains from sticking around. If it means making life a bit more comfortable for others, or a small outlay to a long-term tangible thing like a first house or a business, go for it.

If not now, the next cycle. Enjoy!

I've had quite a few friends and acquaintances who wanted to get involved in cryptocurrencies thinking that it's a get rich quick scheme. Unfortunately, most of them ended up with large losses after the market crashed, due to them having purchased at a way higher price.

Holding hasn't disappointed me yet, since I started my Bitcoin journey. I'm planning to hold Bitcoin for a long-term period, the most important issue is to hold your cool at periods like this one, where the economy is depressed and the market is crashing.

Congratulations to you. I hope you can take care of your 1 bitcoin and know when to sell. That is a good decision to transfer your bitcoin into the cold wallet so you do not need to worry about anything unless you lose that device and other things. After you have your bitcoin, you can determine what you will do next, whether just hold it in the cold wallet or use some fraction to try to increase your bitcoin amount. But whatever you decide, make sure you learn many things so you do not make a wrong decision which can make you disappointed. But if you do not have enough time to search for other ways to increase your bitcoin amount, holding will be enough.

Well, first of all ..Congratulations on achieving the goal that you set for yourself.  

Now, the difficult part of your journey starts... which is the will power to hold onto that coin... seeing that you will be bombarded with temptations to spend the coin on something or to Sell it at the next all-time-high price.  

You have shown determination to achieve your goal, so I hope you can show the same determination to hoard through difficult times and to make sure that you maximize the satisfaction when you eventually take the massive rewards.   (I bought at $400... and hoarded for years to sell some at $60 000)

Everyone can start from scratch mate but of course remember your mistakes and must have risk management next time and lastly don't forget to invest what amount you can afford to lose to prevent regrets.. Instead educate your self more because indeed all the information can easily search around the internet so must invest time and efforts for it first before entering again to any investment out there so that you can avoid risk.  Just be smart mate..

@6000SUX
You now belong to a prestigious club of 1 bitcoin owners. It's a club with limited seating. Even if all the US millionaires wanted to have what you have, they couldn't. There isn't enough for all of them.

Enjoy it!

It's positive that you invested an amount you would be comfortable with losing. The usual stories are of people investing their life savings and not understanding why that was a bad call.

You only lose when you sell. Even if you purchased bitcoin at the top ($69k), you haven't lost anything yet. You are just holding an asset that is currently worth significantly less than at the time when you bought it. If you accept and agree to get rid of it at this price, that's the time you lose any potential profit long-term.

That's another gamble. You are giving up control of your coins and putting them in the custody of a centralized exchange. Binance has been hacked in the past. It's true that they have returned the lost funds to their clients, but what if next time they decide not to do that!?

Congratulations OneCoiner!!

Cold wallets are great but for someone with a whole coin, you may also consider owning physical collectibles.

That initial FOMO and buying up a trillion coins is definitely just gambling. Yet, I would say that now that you have cleared the separation between bitcoin and the rest, there is a lot you could do from everything you have learned in this space. Going into developing with Bitcoin, delving into the strange world of liquidity providers and exploring DeFi primitives could be another option.

With the clarity and cushion of a solid BTC, I wish you well for the journey onwards. Do keep sharing your thoughts.

I wouldn't recommend OP to put his bitcoin anywhere other than his own cold wallet if he is simply planning to hold for long term. The small additional percentage you will gain from using somewhere like Binance is tiny compared to the overall gains we will see in the price of bitcoin, and the risk of your coins being hacked, stolen, lost, your account being locked, Binance withdrawing support for your country or state, demanding excessive KYC which you can't complete, and so on, does not justify these tiny percentages. Much safer to just hold your bitcoin in your own cold wallet.

Your options for cold storage are a hardware wallet, a paper wallet, or an airgapped device. Although I prefer the latter two over hardware wallets, there is no doubt that they are harder to set up and use and easier to make critical mistakes with, and most users will be better served with a good hardware wallet. Ledger and Trezor are the most common ones, but there are a large number on the market and they each have their own pros and cons. You'll need to decide which one is right for you.

Congratulations.

From what you say, I imagine that you are planning to invest for the long term. Now what you have to do is to forget about volatility, both if the price goes down as well as if it goes up, because you may be tempted to sell. Look at all the people who sold when the price went up to $10 and $100 and $1K, etc. The most profitable strategy with Bitcoin historically has been not to sell, just HODL, and although I personally believe that future returns will tend to be lower, I still believe that the most profitable will be HODL (although it is also acceptable to sell/spend small amounts when the price has risen a lot).

Congratulations buddy, that is awesome. Owning 1 full bitcoin is also my goal for quite some time now, if I didn't have sold all my cryptos back in 2016 I would have reached my goal by now. Unfortunaley I wasn't in it for the long run back then and can't turn back time. Only thing I can do is learn from it and keep buying more bitcoins. Like you I would cherish my coin and save it. You should definitely transfer it away from the exchange. Some people here prefer paper wallets, other prefer hardware wallets. In case you have trouble deciding which one to use, you could just go for both and store 0.5 BTC on each type.

with Bitcoin price right now, a regular person with a regular job at a company will struggle to own 1BTC so yeah congrats yourself for having the guts. majority of the people will likely want to buy early to some altcoins like SOL, AVAX, and Matic than buying BTC which they couldn't own 1. just want to assure you BTC will not go zero no matter how long the bear market will be. it may fall terribly like 80% but it will not go zero and it will be satisfying when te price reach another ATH after it.

You will be fine from what you've posted so I think that you're better off not doing daytrading because 1 bitcoin is pretty big for an individual, you can just hodl on to it if you want to be safe or you can put it in Earn in Binance to earn yourself some interests although it's so low but at the least your bitcoin is making you money while you're hodling it.

Just like many,you have bought BTC only for the sake of making more money(getting rich quick).
There's nothing wrong with that,but:
1.You won't get rich quick.
2.Satoshi didn't create Bitcoin for this purpose(This will always bother me,but there's nothing I can do).
I'm glad that you have dumped all the shitcoins,memecoins and all that scam pump&dump BS,which makes me embarrassed of the cryptocurrency world.
I respect all the people,who have joined the Bitcoin world.Welcome to the HODLers club.
I hope that you have the emotional stability to resist the urge to sell,when the BTC price drops.
Good luck with your Bitcoin journey.

This is a crypto user journey. The longer we know and are familiar with crypto, the more prepared we are for what will happen. Yes, mentality is formed from the experiences we have felt, there is something to be learned from it all. It is not easy to form a mental like what you are doing now, it goes back to all our knowledge of the world of bitcoin and crypto. If we want to get something, then we have to sacrifice something else.

Hello all,

After years of dabbling in crypto, through the highs and lows, the profits and losses, the mistakes and the lessons learned, I finally feel a sense of satisfaction. Like many, I heard stories of overnight riches, and felt the need to get involved. Dog-themed coins and the odd euphoric state of owning 1,000,000,000,000 of something.. ANYTHING.. it all just lacked sense and clarity. It was gambling, pure and simple.

Toward the end of 2021, I sold it all. I had some successes and some failures, yet no direction and zero certainty. I needed to start from scratch, educate myself, read books, listen to experts.. and I did. I soon realized that I should have been investing in Bitcoin all along. Key word: investing. Forget trading, forget short term profits and losses. Rather, accumulating this finite asset in smaller amounts for the benefit of my future. I felt the urgent need to acquire one full Bitcoin, and I did. For the first time in my crypto journey, I feel that sense of certainty that I had been lacking.

Did I stretch my budget to achieve this? Yes. Will I be OK personally if it goes to 0? Yes. This is a risk I am willing to take, and the more I learn, the more confident I am in my investment.

Now that I have one Bitcoin, I need to cherish it. My next move will be transferring it from an exchange to a cold wallet (Ledger, perhaps?)

Looking forward to furthering my Bitcoin journey with you all on these forums.

Best.