Topic: Refer to my previous topic: "Investing plan" - page 2. (Read 521 times)

You heard it right. Exchanges do not give you control of your Bitcoin. They hold the private keys, and you are storing your Bitcoin in someone else wallet. They send Bitcoin once you make a request. They have the option not to send your Bitcoin if they want. They ask for your details to store your own Bitcoin.

Electrum is a good wallet. But If you want to hold for a long time and plan to invest regularly, I suggest buying a hardware wallet. Another important thing is security. Do not fall for scams and phishing. Never share your seed phrases.

Glad to know many more people are aware of this and getting into Bitcoin investment based on their own awareness.
Basically, yes, the electrum wallet is much better than storing it in the exchange, moreover it is for investment.
Keep private your keys and don't tell other people around you about your current investment, be safe of your assets. Crimes will be around you if you tell it to everyone around you. Just watch out.

It doesn't matter how big or small you invest in Bitcoin. The most important thing is that this amount is the amount that you can afford to loose for investment. So, whatever the conditions, you can hold it until the target price you want is reached. because the market will always make you feel uncertain feelings.

Of course BTC has the potential to have a good future compared to altcoins whose prices are very difficult to predict and sometimes the price has the potential to be very difficult to return to its highest price, the price could even potentially go to 0.
bitcoin always shows positive things like now you can see it in the market, btc has penetrated more than $35k and this is a positive sign for btc. Your plan is very good and you can use the dca system in making purchases and it will be better when prices drop or are being corrected. BTC in the wallet, it is certainly very good compared to putting it on the exchange and your decision is very good, friend.

And by your decision to join here, of course you are taking a good step because you can ask questions about BTC and other crypto, and I am happy if you are satisfied with the answers given by our friends here.

Have you started doing these $200 per month dude plans? This is a huge amount, at least for an investor who is going to do a DCA for Bitcoin. And assuming that bitcoin makes $100 000 each, it's not bad because it's actually a big return.

I hope all communities have the ability to do DCA like that. Maybe the source of income that you have is good anyway. If you are capable of doing that, that's fine with what you are planning. But if we can only save a small amount of bitcoins for someone like me that I can't or that I'm not capable of saving such an allocation for bitcoins every month with the amount of expenses, then I do another cryptocurrency with DCA, for that matter.

refer to suggestions about keeping it safely i decided to take this 79$ from my holding money and buy it. I googled before purchase and most popular was Trezor.

I red all suggestions here of course

If you can put $100 to $200 every month then you can easily get your hands on a hardware wallet. Electrum wallet is the best out there on its respective category as a software wallet but when it comes to maximum security to your assets you should always consider having a hardware wallet. It's not super expensive. Some hardware wallets start from $50 to $100. I think you can always spare one month worth of invest into buying a hardware wallet. It's a one-time investment but it will keep your assets safe for the rest of your investment plan.

You may end up investing less for a month but do you want to end up losing everything? Electrum wallet has its own reputation for being the most secured software wallet. But that doesn't mean that it is immune to hack. When is related to online, anything could happen at any time if the right person chooses to do it. So keeping your privacy and accept safe should be your first concern. Choosing only BTC is a great idea but also remember that you will have to hold for a longer period of time. Not one or two year it could take 4 to 5 even 6 years. So choose wisely before you keep your assets somewhere.

I was writing the post and you just posted that you have already ordered it. But you can read this to understand how much privacy and safety means to people who are into cryptocurrency. It is a must and hardware wallet is the best for this reason.

update: I ordered a Trezor safe 3 from its official site. I started hope right way.

Thanks for your suggestions.

I wanna purchase Hardwallet like Trezor safe 3. Its price is not high too about 79$. It worth in this price.I will begin with it first.

Thanks, dear JoyMarsha, I did not get any mention of the OP's quotation due to the wrong use of quote tags, but got a mention notification due to your noticing. Thanks for that.

And dear Kalihunter, if that's the case then you should definitely do a lump sum with the current $1500 you have now, and with your monthly earnings savings, you can do DCA. But I will suggest you not go all in once with your $1500 I know that's what Lump sum means but in my opinion, the market might make some corrections so it would be best to take advantage of that otherwise if your intentions are to hold for longer period of time then it does not matter that much that if you buy now by lump sum or not because after 1 year you will be making profit and that's for sure but please DYOR (do your own research).

Thanks for your wishes.

I staid on Trezor wallet finally. I searched about hardware wallets. And as above informed me Ledger had some issues .

There is another plan after Trezor is that: To buy about 8GB USB flash drive and create it as bootable with Linux OS like for example TailsOS and install Electrum on it. When needed can boot up from that USB stick.

Have this option tested ? if yes is it secure?

Yes, the right wallet choice for storing your assets, the technique you want to try to invest in a month is the dca technique, this technique is quite good, because this technique will take the average value of all your assets. But you need to remember that there is another technique, namely the lump sum, this technique is usually used by people who are experienced in investing or rich people out there, this technique is an activity of investing funds at once in a certain time, this technique can produce quite high returns as long as the timing in purchasing assets is right. Yes, of course, in investing you will be ready to face unexpected things or challenges because prices fluctuate a lot, use the money you are ready to lose in your investment.

That's nice that you've put it all in and then decided to do DCA with your investments that's the best strategy for you to be honest, but I have to remind you that you have to be prepared to pay a huge amount of transaction fees for when you plan invest more because right now the transaction fees are in insane amount and it's your best interest that you have to put some money for that unless you don't mind the lowest priority. Hope your bitcoin journey is going to be a joyful one and I wish you a strong will to survive the harsh bear seasons and price dumps that's yet to come and you have yet to experience, they'll test your will and if you're going to be able to keep on holding on to your bitcoins.

Although, electrum is considered the best wallet after hardware wallets, we also need to remember that it is an online wallet and it will have risks that we cannot predict. I still remember the story of julerz12's Electrum wallet being hacked earlier this year, and it was a lesson that using software wallets on devices that are connected to the internet is very risky. In my opinion, people with investments of over 1,000 USD or more should own a hardware wallet to ensure the safety of their bitcoins. Owning a hardware wallet like Trezor is not expensive, we should not hesitate or hesitate to own it if we are serious about our bitcoins.

Electrum would really be my best choice next to hardware wallet and even if do able to afford HW but still i do love the simplicity on having that Electrum. Just make it sure that you should really be that be keeping those phrases or PK away on others attention or they would really be able to know. Once exposed then your funds is at risks on which it is really that something that we should really be avoiding on the first place.
If you do able to invest on $100-200 then it would be always recommended that you should really invest on what you can afford to lose. You should not compromise your life savings yet we know that when it comes to this investment in crypto, there would really be no assurance of success and you should really be prepared for that.

Investment decisions would really vary into each person on which it would really be just that depend whether you would really be cashing out when bull run hits or you would really be that holding with your
coins on a very very long time. Of course it would be always ideal that you should really be that taking or reap some profits for sometime specially when you have gained that much.
Do make use of your own common sense because the time comes that you would really needing to take profits.

Sounds like a good plan, but one thing I could advise you - is to continue learning how to make yourself secure from scams/hacks and don't be too complacent with what you're used to. Remember, huge bag attracts a lot of scammers. Though Electrum is one of the secure non custodial wallet, IF used with extra care, but there are several options to make it more secure as your bitcoin grows each time you DCA in a monthly basis.
Also, you need to be careful in buying as well, make it sure that bitcoin has to pull back a little bit against the monthly high for you to maximize your profit during bull season. 
$100-$200 in a month is quite a decent amount and that for sure will multiply in the next 3-5 years. Just don't rush things, plan it out for long term or you can even treat bitcoin investment as part of your retirement plan.

It's okay if you finally want to start investing $100-$200 in Bitcoin. That is a good plan, especially if you can consistently carry out your plan every month to the limit you set.

It's never too late to start investing in Bitcoin considering what could happen to Bitcoin in the future. And you're not alone @OP. Many people also invest in Bitcoin with the money they can afford.

And if you have $1500 to invest in Bitcoin and want to spend $100 each month, that means you have 15 months to invest. It is likely that your investment plan will be completed in January 2025 assuming you start investing this month.

Good luck @OP.

Your investment plan is indeed good. Because you already know about safe wallet storage (Electrum) and you also have a capital accumulation plan to invest well. However, I will remind you of some advice, namely don't forget to use cold money to invest in Bitcoin. Because this will make it easier for you to make your bitcoin investment. Because if for example you use hot capital, this will really disturb your psychology when investing in Bitcoin. Apart from that, you also have to continue to learn a lot about other things related to bitcoin investment. Because if you study Bitcoin half-heartedly or incompletely, it is feared that it will also have a bad impact on the course of your investment.

And final advice, when you decide to invest in bitcoin, you must have a definite intention or target. As is the case with the selling price you want to aim for. Because if you don't have an initial intention like that, it is feared that it will make you confused when you want to take profits or when you want to sell your bitcoin assets. However, if you already have a clear intention or target, I am sure you will be more mature when you want to sell the bitcoin assets you own. For this reason, having an intention or target is necessary when investing in bitcoin.

at least you considered this reply on your last post? and I wanna quote it here since it was already locked.

Hoping that in the future you will just UPDATE THIS THREAD INSTEAD OF CREATING NEW AGAIN.

I wanna congratulate you in advance since you choose this way and chooses the perfect currnecy .

Since you are doing already a regular investment every month for long term, I suggest that you should purchase an open source code hardware wallet to hold your Bitcoin safely since it just cost you as low as hundred bucks compared to the total amount you are saving for long term.

Electrum is safe but there’s a chance that you might get hack unknowingly when you accidentally install an app with malware. Hardware wallet can protect on this kind of potential risk since your coins is safe offline.

Even if you are a little late in your decision, it is a good decision. It is true that Bitcoin has started to rise, but there is still time to make some additional profits. DCA's long-term strategy is of course the best.

Your best decision is to stay away from centralized exchanges as they are not safe for holding Bitcoin in the long term. Electreum is the best wallet for Bitcoin after hardware wallets. It is highly recommended for people who do not have hardware wallets.

good luck.