Which is better, Self-Custody or Non-custodial? Please help me.

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Quote from: TatsuyaJemi on August 12, 2024, 12:17:15 PM

1) When should I invest in Bitcoin? And how can you get the most out of investing? I got some ideas about DCA, but don't know anything about DCA, so please tell me how to invest in Bitcoin to get the most profit and is DCA method really good?

You can invest in bitcoin the moment you have the money to do so, and make sure that you are using part of your discretionary income to invest in bitcoin so that it will not affect you financially.
DCA is one of the best method for beginners to start their bitcoin investment journey because you will be buying every week or month regularly so that you can build and grow your bitcoin portfolio overtime.

Quote

2) How do I save my investing? What would be the safest way to store my assets? Self-Custody or Non-custodial?

Self custody is the same with noncustodial. When using a self custody wallet, it gives you the right to control your coins by yourself because only you have the private keys. Stay away form centralized or custodian wallets because they will be in full control of your coins.

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Quote from: milewilda on August 23, 2024, 08:44:36 AM

1. Investing would really be that depending on you whether you would be making yourself going for long term or you would really be going for short term.
Lets speak about long term, then you wont really be that mattering much about DCA because every entry or buy would really be consider to be good since you would really be that
still aiming for long term but of course it cant really be denied that having that low entry would really be ideal on which profits could really be that able to maximize.
If you are really just that still new to crypto space and its investing then the ideal thing that should really be done is via holding. It would really be up to you whether you would really be
trying out to make those upgrades and making up some short term trades.

2. Non-custodial.. Always consider out on storing your coins on a wallet on which you do possess or own the keys on which simply means that you do have that full
control of your funds on which it is really that totally opposite when storing up your coins on an exchange. No matter how reputable they would but still making use of
exchange wallets for long term holds would really be just that suicide.

Having something like this is quite important to understand your own personal preferences. I get that it is not going to be that easy, because figuring out who you are in the trading and investing world takes time and not everyone can do it easily, a lot of people take time and fail to do a proper research on it and have failure after failure in many cases.

However, when you finally figure out who you are , then you are going to end up getting better results for every question because you will know who you are and what you are looking for, which is the best thing you can do about this. I believe that it is going to be fine, but it is not going to be that easy to handle if you do not know yourself. If you could do that, then when you ask yourself anything, you have the answer already. I prefer non-custodial, but that doesn't mean that it's the right choice, could be wrong, I also keep my money in exchanges, which everyone dislikes so do not look at me for example.

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Quote from: TatsuyaJemi on August 12, 2024, 12:17:15 PM

Hello, I am a new member in this forum. I need some help from you guys, basically I want to start investing in bitcoin, I just started researching cryptocurrency and bitcoin for 4 months, I researched the pros and cons of bitcoin. And after doing a lot of research on bitcoin holdings, I found out that long term holdings can yield huge profits from bitcoins. I read the history of Bitcoin, and learned about the potential of Bitcoin.

After all I know enough about Bitcoin I decide to invest in Bitcoin.

But I have two questions for you, which I would really appreciate and be grateful if you could know:

1) When should I invest in Bitcoin? And how can you get the most out of investing? I got some ideas about DCA, but don't know anything about DCA, so please tell me how to invest in Bitcoin to get the most profit and is DCA method really good?

2) How do I save my investing? What would be the safest way to store my assets? Self-Custody or Non-custodial?

LOL bro where have you seen that "that long term holdings can yield huge profits from bitcoins" ? It uses to do it for early adopters, when the market was very small or inexistant, now this are different. Nobody can guarantee you will make any profit by holding BTC, and you won't lose money instead. DCA won't help you for that, you will maybe lose less money, if Bitcoin crash but you will win also less money if a new bull run happens.

milewilda

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Quote from: TatsuyaJemi on August 12, 2024, 12:17:15 PM

Hello, I am a new member in this forum. I need some help from you guys, basically I want to start investing in bitcoin, I just started researching cryptocurrency and bitcoin for 4 months, I researched the pros and cons of bitcoin. And after doing a lot of research on bitcoin holdings, I found out that long term holdings can yield huge profits from bitcoins. I read the history of Bitcoin, and learned about the potential of Bitcoin.

After all I know enough about Bitcoin I decide to invest in Bitcoin.

But I have two questions for you, which I would really appreciate and be grateful if you could know:

1) When should I invest in Bitcoin? And how can you get the most out of investing? I got some ideas about DCA, but don't know anything about DCA, so please tell me how to invest in Bitcoin to get the most profit and is DCA method really good?

2) How do I save my investing? What would be the safest way to store my assets? Self-Custody or Non-custodial?

1. Investing would really be that depending on you whether you would be making yourself going for long term or you would really be going for short term.
Lets speak about long term, then you wont really be that mattering much about DCA because every entry or buy would really be consider to be good since you would really be that
still aiming for long term but of course it cant really be denied that having that low entry would really be ideal on which profits could really be that able to maximize.
If you are really just that still new to crypto space and its investing then the ideal thing that should really be done is via holding. It would really be up to you whether you would really be
trying out to make those upgrades and making up some short term trades.

2. Non-custodial.. Always consider out on storing your coins on a wallet on which you do possess or own the keys on which simply means that you do have that full
control of your funds on which it is really that totally opposite when storing up your coins on an exchange. No matter how reputable they would but still making use of
exchange wallets for long term holds would really be just that suicide.

Lucius

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Quote from: davis196 on August 20, 2024, 06:43:09 AM

1.This forum thread is in the wrong forum. Move it somewhere else.
~snip~

I guess you wanted to say that this topic is in the wrong board - but if you don't report it to the moderator, then it will stay here forever.

Regarding the question asked by the OP, I have to admit that @Ricardo11 gave an "impressive" answer in only about 20 minutes after the OP asked the question, it seems that the man types and thinks really fast Roll Eyes

perfect999

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Too many people are missing the point, we are talking about preserving bitcoin after we buy, and the reality is that there is no wrong or right answer when we talk about this because it all depends on the person and the tool they use.

If you go with self-custody and pick something wrong or you are not someone who understands it well then you will lose it, if you know it very well and can protect it very well then it would be great, if you do non-custodial but connect to all and never understand security then you will be able to lose it all, so you will not be doing that fine, but if we are talking about something different then we are going to end up with someone who understands it and careful and that's when they are going to do fine. These are all important parts.

Dunamisx

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Quote from: TatsuyaJemi on August 12, 2024, 12:17:15 PM

1) When should I invest in Bitcoin?

When you think you've got all it takes to embrace the risk on making an investment, but before then, you will have to learn about bitcoin, have the understanding of the network and know the kind of investment youre going for, once all these have been settled, you will have a proper and convenient starting ground for your investment.

Quote from: TatsuyaJemi on August 12, 2024, 12:17:15 PM

And how can you get the most out of investing?

Through the deep insight of knowledge you have in bitcoin.

Quote from: TatsuyaJemi on August 12, 2024, 12:17:15 PM

I got some ideas about DCA, but don't know anything about DCA, so please tell me how to invest in Bitcoin to get the most profit and is DCA method really good?

DCA is one of the best ways through which you can invest in bitcoi and safe yourself the cost on having huge loss whenever the market dips, you can read more on what DCA is from here.

DCA Bitcoin
https://dcabtc.com/

Quote from: TatsuyaJemi on August 12, 2024, 12:17:15 PM

2) How do I save my investing? What would be the safest way to store my assets? Self-Custody or Non-custodial?

None custodial wallet is best for your recommendation because you can recover your asset back if anything happened as long as you're with your keys.

ChocolateBitcoinK

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Quote from: Ricardo11 on August 12, 2024, 12:38:57 PM

(Edit)

Brother, thank you very much for explaining the subject of Self-Custody, Non-custodial and DCA so beautifully. Honestly I didn't understand Self-Custody and Non-custodial like brother @TatsuyaJemi, but now it's very easy for me. thanks you.

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Choosing a wallet is very important when it comes to cryptocurrency holding or storage especially whether you choose a self custodial wallet or a non-self custodial wallet depends entirely on a personal matter. However, Self Custodial Wallet is completely safe for a user as it is not controlled by any third party but its control system is completely on the user due to which the chances of hacking are very less. On the other hand, in case of non-self custodial wallets, the security measures are entirely on the third party due to which the user cannot do anything without their permission, which makes the chances of hacking very high.

davis196

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Quote

1) When should I invest in Bitcoin? And how can you get the most out of investing? I got some ideas about DCA, but don't know anything about DCA, so please tell me how to invest in Bitcoin to get the most profit and is DCA method really good?

2) How do I save my investing? What would be the safest way to store my assets? Self-Custody or Non-custodial?

1.This forum thread is in the wrong forum. Move it somewhere else.

2.Just install Electrum wallet and write down your 12-word seed phrase on a piece of paper. Start buying small amounts of BTC and keep them in your Electrum wallet.
Don't pay attention to the current Bitcoin price. Don't panic, when you see a 15-20% price drop(or more). Never have unrealistic expectations about making 5x, 10x or 20x profits. Don't expect the BTC price to hit 200K, 500K or 1M USD. Only invest money that you can afford to lose.
Never trust anyone in the crypto space and always be cautious about potential scams. Install a decent anti-virus and try to maintain a safe browsing experience. This is all you need to know.

SmartGold01

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Quote from: TatsuyaJemi on August 12, 2024, 12:17:15 PM

Hello, I am a new member in this forum. I need some help from you guys, basically I want to start investing in bitcoin, I just started researching cryptocurrency and bitcoin for 4 months, I researched the pros and cons of bitcoin. And after doing a lot of research on bitcoin holdings, I found out that long term holdings can yield huge profits from bitcoins. I read the history of Bitcoin, and learned about the potential of Bitcoin.

After all I know enough about Bitcoin I decide to invest in Bitcoin.

But I have two questions for you, which I would really appreciate and be grateful if you could know:

1) When should I invest in Bitcoin? And how can you get the most out of investing? I got some ideas about DCA, but don't know anything about DCA, so please tell me how to invest in Bitcoin to get the most profit and is DCA method really good?

2) How do I save my investing? What would be the safest way to store my assets? Self-Custody or Non-custodial?

It's very simple what to do is that at first you need to create an exchange account, you could use Binance if they operate in your jurisdiction, after which get yourself verified, and go to p2p to fund your account after which buy bitcoin.

Next to do, you can download electrum wallet install in your personal computer or smartphone. Please note that it's important to have it downloaded on computer for easier experience and operations, after create your wallet and copy down your seed phrase in paper. Copy your address and withdraw your bitcoin to it.

DCA is known to be dollars cost average, it's another cool method to gradually accumulates bitcoin without the need to buy in bulk while the market declined, sometimes it makes you regret of buy huge, so it important to buy little by little if you are watching the market. If the market dropped a bit you can buy and if look again and it drops you keep buying till the market tends to bounce back very high.

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Quote from: TatsuyaJemi on August 12, 2024, 12:17:15 PM

1) When should I invest in Bitcoin? And how can you get the most out of investing? I got some ideas about DCA, but don't know anything about DCA, so please tell me how to invest in Bitcoin to get the most profit and is DCA method really good?

You're eligible to invest on bitcoin anytime you're ready as long as you've the money to invest on but it's more advisable to invest at when you've built your emotions ready Incase there's a turn around of an exciting expectation.
Getting to the best investment scheme in the bitcoin market is to schedule on long term goal in other to have enough time to recover Incase of diminishing of your assets after huge accumulations and also you could have chances to reach your goal.
DCAs is a step by step processes of buying more values of bitcoin and why holding, you stand a huge chance of accumulating bigger values of bitcoins to increase your profitablities.

Quote from: TatsuyaJemi on August 12, 2024, 12:17:15 PM

2) How do I save my investing? What would be the safest way to store my assets? Self-Custody or Non-custodial?

Saving your funds in the decentralized wallets where you're self custody of your bitcoin has been the best move and later on considering keeping your private keys securely on private mode where it's reachable to you only.
Also, keep your holding anonymous within the society so that you don't have yourself exposed to threats to thefts.

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Quote from: TatsuyaJemi on August 12, 2024, 12:17:15 PM

1) When should I invest in Bitcoin? And how can you get the most out of investing? I got some ideas about DCA, but don't know anything about DCA, so please tell me how to invest in Bitcoin to get the most profit and is DCA method really good?

Don't delay better now if you are ready.
Getting the maximum depends on your target, the longer you hold it, the greater your maximum opportunity in bitcoin investment.
The method in DCA investment is very simple, you make regular purchases regardless of the price, be it weekly, fortnightly or monthly, whichever you are able to do.

Quote from: TatsuyaJemi on August 12, 2024, 12:17:15 PM

2) How do I save my investing? What would be the safest way to store my assets? Self-Custody or Non-custodial?

Never store assets on the exchange as a third party it is always risky and just avoid it.

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Quote from: TatsuyaJemi on August 12, 2024, 12:17:15 PM

1) When should I invest in Bitcoin? And how can you get the most out of investing? I got some ideas about DCA, but don't know anything about DCA, so please tell me how to invest in Bitcoin to get the most profit and is DCA method really good?

If you have been doing research for the last four months, you should be able to do some more research to find out what time is best for you to buy Bitcoin. For me, now isn't a bad time to get in even if the price is a bit high, I believe we are going to see something happen soon.

About the DCA, it's a method where you buy Bitcoin or any asset with a fixed percentage of your total capital and have a fixed price interval in mind and make a purchase again when the price falls to that point. For example, you buy Bitcoin at $60k with 10% of your capital, you decide you will buy after every $3k it drops, so you buy again with 10% when it drops to $57k, etc.

Quote from: TatsuyaJemi on August 12, 2024, 12:17:15 PM

2) How do I save my investing? What would be the safest way to store my assets? Self-Custody or Non-custodial?

Self-custody and non-custodial are basically the same thing because in both of these, you are the only one having access to the assets and all the security phrases and stuff. What you wouldn't want to use is custodial wallets where a third-party will also have access to your funds because they will have access to your private keys and not you.

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Quote from: TatsuyaJemi on August 12, 2024, 12:17:15 PM

Hello, I am a new member in this forum. I need some help from you guys, basically I want to start investing in bitcoin, I just started researching cryptocurrency and bitcoin for 4 months, I researched the pros and cons of bitcoin. And after doing a lot of research on bitcoin holdings, I found out that long term holdings can yield huge profits from bitcoins. I read the history of Bitcoin, and learned about the potential of Bitcoin.

After all I know enough about Bitcoin I decide to invest in Bitcoin.

But I have two questions for you, which I would really appreciate and be grateful if you could know:

1) When should I invest in Bitcoin? And how can you get the most out of investing? I got some ideas about DCA, but don't know anything about DCA, so please tell me how to invest in Bitcoin to get the most profit and is DCA method really good?

2) How do I save my investing? What would be the safest way to store my assets? Self-Custody or Non-custodial?

If you feel you have enough basic knowledge about bitcoin and are confident to invest in it. I think you should buy yourself some bitcoin right away to experience buying and selling as well as the feeling of owning bitcoin. Then, spend more time continuing to improve and add to your knowledge with your small experimental investment. I don't think it's a good thing for a newbie to rush to find and crave the best way to make a profit. If you want to make fast and high profits without much knowledge and experience, you will easily fall into the traps of scammers.

There is a huge gap between knowledge and reality, so it's better to slowly experience it yourself, instead of thinking that just having everyone's knowledge and advice is enough.

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Quote from: TatsuyaJemi on August 12, 2024, 12:17:15 PM

(.....)
1) When should I invest in Bitcoin? And how can you get the most out of investing? I got some ideas about DCA, but don't know anything about DCA, so please tell me how to invest in Bitcoin to get the most profit and is DCA method really good?

I will only answer the first question. The number question is very obvious, we all know the answer.

The number 1 question is also very common, so I can answer it safely.
DCA will not guarantee you 100% profits, as it has a lot of bases first you need to be patience, you need to be in the market for the long term and since you are beginning, that is your challenge.
There's nothing bad about using DCA as a strategy, a lot of people have already proven it and made good profits, even me. You just need to sacrifice some amount of your money and time of waiting.

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Quote from: TatsuyaJemi on August 12, 2024, 12:17:15 PM

1) When should I invest in Bitcoin?

This is your own decision to make, nobody is going to tell you when to invest in Bitcoin, you are the only one who can analyze your real life situation and decide for yourself when it is good to buy bitcoin. That being said, we can talk about the strategy to use, and DCA is a very good strategy to implement, particularly for newbies, so you should consider it when you decide to buy bitcoin.

Quote from: TatsuyaJemi on August 12, 2024, 12:17:15 PM

2) How do I save my investing? What would be the safest way to store my assets? Self-Custody or Non-custodial?

They both mean the same thing, it is safe to keep your coins in your non-custodial wallet, what is unsafe is custodial wallets, for example, exchange wallets.

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Quote from: TatsuyaJemi on August 12, 2024, 12:17:15 PM

~

DCA is pretty simple, just buy Bitcoin at a set amount (not in terms of Bitcoin, in your local currency instead) and just wait. At a minimum I'd suggest waiting a year but if you invested at a really bad time you'd sometimes have to wait for more than 2-3 years before actualy profiting. It's good, definitely a lot easier and comfortable to manage compared to shorting.

Here's a really informative thread that I still read every now and then. Long read though.

As for saving, I reckon it depends on how much you trust CEXs? I personally just use Electrum and save it on my spare laptop, which I don't use.

FinneysTrueVision

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Self-custody and non-custodial are used interchangeably. What you want to avoid is custodial wallets where you do not control the private keys. Some people prefer to use exchanges as a custodial wallet. This is only fine for a short amount, once you have enough funds to withdraw to a personal wallet you should do so. If you are planning on saving a decent amount, having full control over your funds will minimize the risk of suffering losses

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@OP actually self custody and non custodial are same, self custody means you're the one who control your own the wallet, while non custodial means it's not controlled by third party. Third party wallet can be said as a custodial wallet.

It's completely depend on how much you buy, if it's small amount, you better use the custodial ones since the exchange fee is quite high. You can move your coins to non custodial wallet if you can afford the fees.

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