Topic: This week, I acquired my first Bitcoin, which is a milestone for me. (Read 230 times)

Congratulations, that's my first word to you for owning your first bitcoin. I might just want to suggest, be careful in storing and using your wallet, nothing I'm just worried about the unwanted (hopefully that never happens). I am very happy when I hear that someone has managed to muster up the courage to own bitcoin, because in my opinion what you are doing is a very brave thing, because not everyone can do that. I'm sure you have considered everything before you finally decide to buy your first bitcoin. Once again, congrats.

Congratulations on acquiring your first Bitcoin, it's a milestone that I personally haven't reached and doubt that I ever will. I'm hoping that you took into account Bitcoin's volatility and don't panic during the first crash that the market may experience in the future, while at the same time you didn't take extreme measures in order to conduct such a purchase (you mentioned pocket money, but there are other newbies that resorted to loans).

As others have already mentioned, invest in a hardware wallet; they are extremely affordable and reputable brands are starting from as little as $70.

That means, in your country, bitcoin is on the grey side, where people can still hold or trade bitcoin, and that is also the case in several other countries.

You also have a good plan to share your private wallet keys with your wife and other family members. Yes, this is for security only, and you can leave a note about how they can use your bitcoins later. This will help them to understand how bitcoin works in case you can't be there for them, and hopefully, they will be able to use it properly without you.

While you still have time to accumulate more bitcoins, you can use them to buy more bitcoins at this point.

Yes hopefully the OP knows of the benefits of HODLing and using Bitcoin, for example:

Store or wealth
Storing large amounts of wealth relatively inconspicuously
Control of funds 24/7/365
Security of funds ^{when secured and stored correctly}
Security of the Bitcoin network
Global transportability of large amounts of funds over all borders

all the above at the same time

Well done to the OP buying 1 Bitcoin is not easy or achievable by the majority of people.
Very good move by the OP.

I have been onto Bitcoin since 2017 and I can boldly say that selling Bitcoin to buy what you need in life or start a business always comes with a regret later especially if you like and support Bitcoin so much, the best strategy to never be out of Bitcoin and still build your dream business in life is using bear and bull market to your advantage.

Buy Bitcoin in bear market and sell in a bull market, use part of the money to achieve your life goals and wait for another bear market to buy Bitcoin right back again.

This way, you are not entirely out of Bitcoin and you also keep growing in life.

OP says he has bought bitcoin from his pocket money and that he is not wealthy. LOL.
Who has a pocket money of $26000, I guess nobody. If OP is able to buy more than 1 bitcoin then he should consider himself as wealthy.
There are so many people on this forum including myself who still does not have 1 bitcoin and are still hustling their way to accumulate 1 bitcoin.
You should consider yourself lucky to have bought 1 whole bitcoin at $26k knowing the ATH price of $69k.

Then we on the forum have been living in the delusion for years that trading and mining of cryptocurrencies is prohibited in China - and you actually claim that this is not the case? Ok, I understand that some people are still mining Bitcoin in China, but it's also a fact that all CEXs stopped serving within China a few years ago, so I'm wondering how you managed to buy more than 1 BTC legally?

Likewise, 2-3 years ago, you could read the news that some Chinese courts intervened and somehow recognized that Bitcoin is a "virtual asset", but nothing more than that.

https://www.financemagnates.com/cryptocurrency/news/chinese-court-rules-that-bitcoin-is-property-protected-by-law/
https://www.bbc.com/news/technology-58678907

Thank you for your reply. You raised a very good point about handling Bitcoin in case of unforeseen circumstances. My plan is to divide the private key of my cold wallet into sections and inform my wife and family members separately. I will not tell them what it is, just that it is very important.

Then, I will tell my most trusted friend that what I gave to my wife and family are actually pieces of a private key that need to be combined in order to use. If something happens to me, they can meet up and obtain the key to access the Bitcoin in the wallet.
In my country China, there is no clear regulation that holding or trading Bitcoin is illegal. However, if you purchase or hold Bitcoin or other cryptocurrencies and experience loss or fraud, the police will not intervene.

I suppose it's already counting yourself fortunate to have that much disposable income to buy a whole bitcoin (and then some). Most people around me don't have that amount in savings, and if I look back to where I come from, most people will never earn that much in their remaining lifetimes, so welcome and glad to have you here!

What made you bite, and how do you buy it? I find it's complicated for experienced people to do p2p already, never mind a first-time buyer!

Did you make sure you've taken steps for secure storage? =)

Can I ask you, where do you store your coins after buying?

Bitcoin wallets - Which, What and Why?
[Guide] Verify Electrum wallet

If you are not afford to buy hardware wallets, you can use Electrum wallet. With Electrum wallet you can create cold storage too.

[List] Open source hardware wallets

Thank you for your reply. Actually, I believe that it's not important how many bitcoins you own, what's important is that you truly own it from 0 to 1. I will definitely hold it for more than 20 years, that's for sure.

If you think the price of bitcoin is high now, then when you come back to read this post in 5 years, you will feel that its current price is very low. Of course, holding bitcoin is a long-term commitment. You can accumulate it slowly by depositing a certain amount of bitcoin every week according to your income. Bitcoin has never disappointed anyone in the last 10 years.

I wish you all the best.

Good decision with a perfect choice bitcoin, ensure you have a continuous improvement in acquiring knowledge about bitcoin the more a d remain committed to growing up yourself through this learning because it's the first security to your investment, hodl a d smile later.


They may be afraid of missing out, or it may be due to the government ban on cryptocurrency, but they can always have it in a decentralized way just as you did and no one can be able to institutionized their asset or have control over it by any chance.

Thank you for your reply，
Yes, I have read the Bitcoin whitepaper. I thought it was the first time in human history that private property was made sacred and inviolable by technological means.

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Thank you for your reply, PrivacyG.

For me, I hold Bitcoin because I am fascinated by its store of value. It truly allows for personal assets to be sacred and inviolable, truly belonging to oneself. I believe that there are many Bitcoin users with double or triple-digit quantities, especially in China. However, they may not be holding it for storage purposes, but rather to sell at higher prices, primarily for speculative investments. Nonetheless, I think they would also keep some Bitcoin for themselves.

Furthermore, I think it's up to individuals to decide how they want to handle their investments, and we should focus on managing our own.

[moderator's note: consecutive posts merged]

This is really a big step and looks like are all set for the next bull run, its a good thing you believe in Bitcoin and I'm sure you will have no regrets. I hope to own as much as you own in the future. Just try and secure your asset tightly so you don't fall in the hands of scammers

Congratulations on your first purchase, you are now part of the Bitcoin family. It's cool you stored your coin in a decentralized wallet. You didn't tell anyone about your coin even your wife. Maybe you don't trust anybody or you are concerned about your safety in China. But do you have any other means of transferring you coin to your next of kin in case of unforseen circumstances such as sickness or death.

I am also concerned about your safety because you country outrightly banned Bitcoin. Ensure you put the necessary protective and privacy mechanism to avoid any form of intimidation or even arrest. It will be better to obey the law of your land than to start hiding from law enforcement agencies.

I am not well informed about the magical power of Bitcoin, you are just fascinated about the great opportunities Bitcoin offers and excited that you got it. I am also thrilled because you seems to have a positive mentality about investing in Bitcoin because you are not seeing it as a get-rich-quick scheme.

Thats also nice because you are not investing more than you can afford to loose. Cutting expenses that are not basic to invest in Bitcoin is a very good idea. Some person go as far as borrowing to invest in Bitcoin which is not advisable. Investing within one's income or spare income is much better.

Congrats. Just make sure you're holding your precious bitcoin using a reputable hardware wallet; preferably, a Ledger or Trezor hardware wallet.


* https://cryptosec.info
* https://www.lopp.net/bitcoin-information/security.html

   -   Congratulations, if that's the case now you have more than 1.12btc, it's quite a large amount to be honest, it's rare among bitcoin holders in the community here to have such an amount.

I'm saving little by little because I can't afford to buy a bitcoin because it's too much for me. but you got him easily. I just want to ask you, do you intend to hold it for 10-50 years mate? You also have quite a lot of belief and trust in bitcoin then.

Two digit number of Bitcoins is a small goal?  Then you got a big future ahead.  If this is a small goal, most of us will consider you wealthy already too.

It is actually not easy even for an early Bitcoin investor to achieve two digits.  Two digits of Bitcoin years ago were a thousand or even just a hundred if you go back to 2012.  It was worth almost 'nothing' at the time.  You think they all held until Bitcoin touched $24,000?  I do not.  Many of them sold way before then.

Remember.  We all have things we need.  Maybe a car.  Maybe a house.  Maybe starting a business.  Some people hold up to a particular price and then sell their Bitcoin to fulfill their needs.

It will be just as hard for you to hold on to your Bitcoin up to $1,000,000.  The higher it gets.  The more tempted you are to sell and spend it.  'Enough' is subjective.  What is enough for you may not be for me.

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Regards,
PrivacyG

Bitcoin is not every ones cup of coffee and that is perfectly alright. As you have done, you can only suggest to your friends to hold some bitcoin or learn more about it, but the final decision is theirs to make.

You can visit the 中文 (Chinese) local board and discuss with like minded people from your region.

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You seem to already have the general idea of how the whole things works and experience dealing with cryptocurrencies. This would make your stay on the forum more meaningful and I look forward to learning more from you and possibly also acquiring 1 whole BTC sometime in the future.

There technically have to be a reason to throw in $26,000 on an asset besides just liking it... Are you attracted to the freedom it offers or transacting without regulations, or some other feature?

- Jay -

Hello everyone, I am SZ, and I am from mainland China. This week, I spent about $26,000 to purchase my first Bitcoin, or to be precise, 1.12 Bitcoins. I am very happy and have stored it in a cold wallet that no one knows about, not even my wife.

I am thrilled to become a Bitcoin holder and part of the Bitcoin community. I have been following digital currency since 2021 and have bought some stable coins but never owned Bitcoin until this week. My small wish has finally come true, and I am very happy.

As a person from mainland China, it is not easy to come to this forum smoothly and safely, and I won't discuss political issues. My friends around me know about Bitcoin, but many of them do not fully understand and hold Bitcoin, which is regrettable. I try to inform all of my good friends to hold Bitcoin, but it's only a suggestion.

Bitcoin has a magical power. In just two years, it has made me a super fan, and I respect and believe in it. As for my purpose of holding Bitcoin, I do not expect it to skyrocket to a certain price in my mind. I just like it.

Just like when you like a girl or a boy, there is no reason, you just like them.

In the coming days, in addition to loving life and working hard, I have a new personal hobby, which is to accumulate Bitcoin. I hope to reach a two-digit number of Bitcoins, which is my next small goal. For early investors in digital currency, it may be easy to achieve, but for someone like me who is not wealthy, it may take a long time. However, the process is fascinating, isn't it?

All of my Bitcoin purchase funds come from my pocket money. I have reduced my travel frequency, unnecessary expenses, and purchases of clothes, shoes, or other electronics. In short, I am very happy. Holding one Bitcoin makes me feel like I am walking on the street with the wind at my back.

This post is used to record my first Bitcoin in my life and my first post on a Bitcoin forum. Perhaps in 10 years or 50 years, it will still be fascinating.