Bitcoin Forum

Yesterday I bought some bitcoin.  I have invested $12,000 in Bitcoin.  And in the next two days I will buy some more bitcoins.  I wish I could hold these bitcoins.  I believe that in 2021 these held bitcoins of mine will make me much happier.  Certainly I'm not doing anything wrong by holding bitcoin.  As a newbie, I'm not very experienced.  So I look forward to the advice of experts.
 May the new year bring endless peace in everyone's life.
 Happy New Year in advance.

As long as it isn't funds you despirately needed then you're fine holding them in bitcoin.

It's your choice whether you hold funds in an exchange or in a wallet and you haven't specified which but if you're wanting to use a wallet like electrum or bitcoin core I'd suggest sending a few transactions to and from the wallet and exchange with small amounts so you get used to sending funds. I'd also suggest, whenever you send funds to an address, check the first and last 5 characters match between Windows/screens and optionally check a random string in the middle of the address is there too (just a few characters or try to make out a word).

Sir, I put all my bitcoins in the coinbase(KYC).  Is it safe or dangerous for me?

How good are you at staying virus free and keeping your devices secure? If you're fairly good at not clicking random links or downloading random stuff and you're the only person with access to your computer then you can safely use a software wallet or you can buy a trezor or ledger (from official sites only - not amazon or another reseller).

If not you should be fairly safe with coinbase but exchanges are hard to trust, coinbase seems to have randomly lost a bunch of users kyc info also recently so (but they probably prioritise funds over other data with security methods anyway) ...

Yes, I think you're doing something wrong hodling Bitcoin late. The current stack you're hodling now in dollar value would've bought you more than 2btc in the first quarters of 2020 if you took this initiative then. Well, it's better late than never. I like the advice jackg gave above. Adhering to them will make things easier for you and keep you away from losing your coins to lurking hackers and scammers.

Sir, I will not belittle you with thanks.  I will be forever grateful for your great advice.  And I will try to follow your suggestions word for word.

I totally agree with what you said.  Maybe I'm a little late.  I would have benefited more if I had bought Bitcoin earlier.  But I believe that Bitcoin will cross 50k in 2021.  So I decided to hold Bitcoin.

This entirely depends on the person you ask. Many people are more than comfortable with holding hundreds of thousands in banks, and its the same way for exchanges. However, personally I can't recommend storing coins on something which you don't own the private keys too, and even if you can retrieve the private keys, you should be the only one to have seen them. This is just me, and some might argue that its being paranoid. However, if Coinbase was compromised there's a potential issue of losing your funds, if they haven't stored the coins correctly. Some exchanges make use of cold storage, but I can't say for sure with Coinbase.

I probably don't share your optimism so early on, but I do believe we'll be seeing Bitcoin cross the 50k mark eventually, not that it matters at that point. It all depends on the person, some people will be able to make more money by trading regularly, and reinvesting, some will do a mixture, and some people who doesn't want the risk of trading simply hold. It depends what your end goal is, and how much risk you're willing to take. Of course, holding does have a risk too, and trading might be less of a risk if Bitcoin wasn't to reach the aspired amount you want, but trading requires a little bit of skill, and a lot of luck.

It depends on when you need the fund, mind you don't have the thought that Bitcoin wi always go up from here on, the price will still go down, bears will still take over some day so if you are into Bitcoin for long term hold it's good to buy but if you invested to make more money you got to be careful, no one knows when bitcoin will go down again

No, don't do this. Coinbase Pro is an exchange and Coinbase is a service where you can store and use Bitcoin. The web wallet isn't safe to hold such a large amount. I would agree to use temporary use with small funds. Just yesterday one of my known people face a problem with coinbase. An account on hold to review, even KYC submitted they still hadn't unlocked the wallet. Don't put your bitcoin on a custodial web wallet for a long time. I will encourage buy a hardware wallet like Ledger. I think it's affordable who can invest more than $12K. It's not hard to use.

Verified KYC doesn't mean anything. They could hold or locked your account anytime. But if you use a noncustodial wallet like a hardware wallet or Electrum wallet then no one can hold or lock your wallet. Your fund is safe on a noncustodial wallet unless you become a victim of a hack attempt. Whatever wallet you are using, you have to protect it from viruses and hackers. But hardware wallet is quite safer from hackers.

Regarding hold bitcoin, nothing wrong if you can hold it for longer. No problem if dump it for a while, you should keep patience during that. But don't invest more than you can afford losses.

Ask the question yourself whether you are fine with holding your fund at bank or you want to be your own bank. Coinbase is a custodial centralize wallet which may seize your fund for some reason or lock your fund while having a non custodial account means you can do whatever you want with your fund. Which one sounds better?

Don't get too greedy about the high expectations you might get from investing in bitcoin. Besides you have the potential to make a profit through investing, never ignore the risks. Where you store $12K worth of bitcoins must be absolutely secure and you should take security precautions for that too. In my opinion, this is not a small amount for some novice investors and will be a very large sum for most people.

What if 2021 would be such a bad year for bitcoin that its price would down again ? Are you ready for all the consequences ?

It's not ideal to buy bitcoin when the market price is high like at this moment because the room for profit will be low, the lower the market price the more profit you could when the market price pump.

Bad it's not that bad if your gonna buy at a high market price because it is still bitcoin but your gonna need to hold a long-term investment to get a high profit.

Normal after a big pump in the market like this one the market price will be dump because investors are gonna sell their investment because of the high market price and then circulate again when the market price is dump people are gonna reinvest again.

That's only assuming that Bitcoin will go back down, there is no guarantee for that. If you look back, you'll see many users on this forum share their anger how they waited when it was $50 etc, and are now regretting the decision since its not gone back down. Do I personally think it won't go down again? No, but what I'm trying to say is there is no telling if this figure is going to be common sight from now on, and this period of time might be the best time to invest, especially when it depends on the individuals personal circumstances, as well as how long they want to be holding Bitcoin. Holding Bitcoin, bought today for 10 years, might very well be a good investment, or even a terrible one. No one really can give a definite answer, but if you believe in the technology, and Bitcoin then you'll probably have very high figures in your mind.

Why? Because you believe in 2021 you'll get much more money? How can you be sure that will happen? Or because you can use it to pay for what you need regularly?

Just like what has been said by others, I think you should prepare for the worst. Take a look at how the price plays out, understand when you need to enter or exit, and so on. Unless you plan to hold it for years (and I mean more than 1 year). $12k is not a small amount of money, at least for me. I think you should be careful and make sure you don't get trapped in fomo.

I made a thread few weeks ago about Bitcoin and FOMO. This isn’t the best time to buy, I’d advise you should wait till massive dip. That's my rule always buy the dip and sell the pump. Take for example the massive pump in 2017, those who bought bitcoin at that time had to wait for a year before they could sell and make profits. Since you're new to the crypto space I suggest you should do some research before buying. I'm sure there are lots of threads on the subject. I see you are very bullish about Bitcoin, don't just break down when the market dumps. I hate for you to be one of those people who end up calling bitcoin a scam. In summary, do your own research!

I do know that looking at Bitcoins historical price changes and movements, it's like there's always a dump in price after this kind of appreciation, to the extent people called it a bubble, but what if this particular rise is different, what if with the level of adoption this year, with institutional investors and all that we do not see too much of a dump, would people stop buying bitcoins just cause there's no dip in price, I don't think so, neither will I want that to happen.

The current price could look very high, but what if the current price would be a joke compared to how high Bitcoin will go next year, we can't really be sure of anything, that's the more reason I wouldn't discourage anyone buying Bitcoin right now, except if they are buying with what they cannot afford to lose.

Hodling is great, but don't let it stop you from taking profits. I hodled during the 2017 bull run barely selling any coins, and after the crash it took me 3 years to see Bitcoin touch the $20k again. Yes, I was rewarded with the now higher price of $29k, but if I originally sold in 2017, moved some money into other investments and rebought Bitcoin when it crashed to below $4,000 I'd have even more money now. It's cool to see your crypto value go up, but you only really have that value if you sell.

He already said that with hold bitcoin would make him much happier, so he assumed bitcoin price will be rise more in the future. He doesn't planning to use it for anything, just hold it.
Trapped or not, no one know what will happen later, bitcoin can be falling, sideways, or even rises more from now.

Wish you goodluck, @CaC03

Happy new year to you too! I would say that it was a late date to buy your Bitcoins but it's fine, if you're going for a long term rally then it should be fine to hodl these nice 12k inside a secure wallet, if you're holding them in Blockchain's wallet then make sure to secure it well with 2fa to prevent any risk or damage. These 12k will have bigger value in the future.

Obviously you didn't choose the best moment to buy bitcoin but this shouldn't discourage you as I personally believe in the saying "it's never too late to buy bitcoin!" (not really a saying)
It took bitcoin three whole years to recover and to reach a new ATH after the 2018 crash so don't expect a huge ROI,  if any, just for holding for few months.

Good luck with your investment and happy new year  :)

Even if they are 'official' resellers? Would you mind explaining your reason?

This will be my very first post this year and coincidentally it's a post on holding bitcoin which is something I'm still struggling with. Well for a start you aren't holding bitcoin yet. You just bought it and I'm quite sure it isn't up to a day old judging from your post date of creation. Before I go on, where are you coins currently been held? If they're still on the exchange you bought them, can't be say you're holding.

While you aren't doing anything wrong having the intention of holding bitcoin, you'll be doing everything wrong by holding them wrongly, that's on an exchange or centralized wallet. $12,000 isn't a small fund that shouldn't be looked after properly. With holding intention at mind, one of the difficult you'll face is the pressure of selling when the market conditions aren't favorable like during a flash crash.

Now having your funds on exchange will make that temptation more deadly as the option to sell will be a click of a button away, this is just one of this disadvantages of holding funds on exchange.

Isn't it that you'll face much intense selling pressure when bitcoin is continuously increasing in value rather than a decreasing price value? Because you are hoping to re-buy when price crashes thus accumulating more sats eventually.

The question is, when is the right time to sell at peak and re-buy at the dip unless otherwise you are holding for long term and does not care what's happening on the price action. That's just me though :D, but then I might feel a bit of regret if that happens for not being able to learn trading at an early date.

I think the very good thing with holding Bitcoin, most importantly always use money that we can afford to lose. So when the Bitcoin price drops
you won't panic, and can patiently wait for the Bitcoin price to recover. And the amount of $ 12,000 is a lot of money in my opinion, should start
investing in Bitcoin with less capital. Because Bitcoin is an investment with a very high risk, if you use that much capital it will be more difficult
to control your emotions when the price of Bitcoin drops.

But if you are ready for all the risks, just do what you think is right. To store $ 12,000 worth of Bitcoin I do not recommend storing it on Coinbase,
for me centralized exchanges are not secure. It is better to store your Bitcoin in a hardware wallet which is your own holding the private keys as
the only keys to be able to access your wallet.

Actually, that's a kind of question I ask myself as well. When to sell especially when the price is really looking good. At some point, I'm tempted to sell all of my bitcoins. But fortunately, I manage to counter that thought and continue on holding.

Anyway, for OP, I think it's okay to hold. If you don't need that money for any urgent needs, then so be it. Just make sure that where you place your coins is safe and secure. Happy New Year to you and to everyone.

Yeah, it is a good decision to hold bitcoin even though you are a little late of buying bitcoin, it is still good for you if you keep on holding it for a long term, You just lost the opportunity to buy bitcoin when its price is not that too much. If you don't need money so far then keep holding it, bitcoin could still go up within this year. Just be careful with the virus that may occur on your device, $12000 is such a big amount of money so take care of your devices.

It seems to me that for the level of knowledge that you show us here, 12,000 is too risky a price to invest. In any case, to say late or early you invested in bitcoin, only time will tell and show.
If we talk about the fact that 2 pizzas were bought for 10,000 bitcoins, then yes, it was a great time to buy bitcoins. Every year he surprises us with his growth. Everything does not always happen the way we want it to, but again, time puts everything in its place.

But even today, buying bitcoins cannot be superfluous if your income allows you to do it.
But it seems to me that investments bring results when a time of 3-4 years is allocated for this.
If you are ready to hold bitcoins for that long, then you are on the right track. The only thing that should worry you are the storage of coins on exchanges, which is not recommended, as well as the passage of KYC. Many, after, have a passionate desire to become an anonymous holder again.

If a few weeks ago you bought Bitcoin before the new year, say December 2020, if seen today you have got happiness for yourself.

At first glance I see that entering the year 2021, Bitcoin continues to move forward, that is a good sign for those who own Bitcoin today, however, to what level and until what month Bitcoin continues to grow, I don't know, there is always a clear belief in my thinking that Bitcoin has a good value in the market, to be coming.

There's nothing wrong with what you did but it is not really ideal to buy bitcoin right now considering the price of it being its all time high. Even though the value is continuously growing, there's still a risk that it might go down all of a sudden once again. It is very essential that you always keep an eye in the market about the price changes of bitcoin so that you will know what's the best thing to do. Even though there's a risk, there's also a chance that your money will grow if ever bitcoin would really grow higher from the beginning of the year up until the last day of 2021.

I can’t say that the OP made a mistake because it invested in Bitcoin, although logically the timing could have been much better for it had it done a few months ago. Honestly the title thread is not clear to me at all because the OP asks a question and then gives an answer in the post - it all seems a bit confusing...

While every other more experienced user will say that it is not advisable to store Bitcoin online, it may still be the best solution for an inexperienced user. It all comes down to how much the user is aware of the dangers arising from such storage (phishing, clipboard malware), and to choose a non-custodial wallet (desktop/mobile/hardware) where he is again threatened by clipboard malware, fake wallets, phishing seed sites...

I hope that the OP will not take a wrong step, and I would recommend that we do not stand out publicly with how much we have invested in something - I am sure that scammers can use such things very well as a good basis for easy money.

I'm not an expert, but IMO, it's fine to invest to invest with it current value. Just be minded that theres still big risk on the time you'd invested and plan to invest more as bitcoin just reached new ATHs recently.
AFAIK, still, no sign that bitcoin will go dip soon, it's more likely stay or go up a little bit more IMO.

It is a good thing to hold onto your bitcoin because presently bitcoin price has skyrocketed to $32,500 and it's keep going higher, bet you have to be careful of the falling time because sooner or later it might start falling and could fall drastically anytime, you just have to be watchful. $12k is not a small amount of money to joke with or take with levity hands, you just have to be watchful of it and ensure that your wallet is secured enough for long-term holding because we have to be security cautious of that as well which is one of the important factor to consider.

It's a matter of perspective. If he bought in 2018 for 20 thousand everybody including me would tell him that it was late, but not today. Today he'd be a winner who made over 30% profit in 2 years. 25% more that he'd make if he held money in a bank ;)

Keep holding OP, good luck to you and may you, like me, never regret this decision.

It's a bit funny actually, but considering the OP is a newbie, it's natural for him to ask questions and answer them himself at the same time.  :D

After this, the OP must really consider how to secure the assets it owns. This is the most important thing in the crypto world. Before someone buys bitcoin for a certain amount of money, they have been advised to choose a secure wallet for storage from the start. It is never recommended to store them online even on a recognized exchange.

@Lucius, It is a fact that a person who has an accident against his assets comes from his own fault. Bitcoin has been created with a good level of security, it's just that users need to know how to do it well. Some of the common mistakes of crypto users today are very likely to annoy scammers and distract them. This will increase the number of cases of hacking and losing someone's assets.

It can be said that the right decision to invest in bitcoin with a large enough value, but remember we need to think about the risk if there is a decline then it must be ready in any situation, now that it has reached ATH, even a higher value than the graph, the increase will certainly continue but you are not wrong choose to choose bitcoin over altcoins which are still a little bit vulnerable.

But we still see that suggestions from other people can be useful too and don't forget to continue to monitor market movements.

Thanks for your valuable advice sir. Obviously I always monitor the market movement.

Personally, I think the big problem is that beginners invest first, then wonder what to do next, which leaves them vulnerable for a while until they understand some basic things. Education is key, then there would be no problem in understanding what is good and what is bad crypto wallet, what is the private key or how to save on transaction fees.


But this should not be the case because all the necessary information is available online, and this forum is one of the great sources of such information. It's not a shame to ask if something isn't clear to you, but it's a shame if something bad happens to you because you haven't been informed before - how many times have I heard that Bitcoin is a scam just because someone lost their funds in a rather trivial way.

If you can hold your bitcoin for a long term duration it will be your best investment ever. You will get much higher returns by just holding the bitcoins.


This is totally wrong approach. If for instance, coinbase site goes down, how will you recover your funds ? Better to store your bitcoin in the wallets in which you have control over the private keys.

No, you arent doing anything thats wrong. Don't buy anything you cant afford to lose, and also, dont panic sell at the first sign of a bearish trend, as so far, bitcoin has always come back up after a bearish trend. I did a mistake when I used ~70-80% of what BTC I had to pay for random stuff. Its worth a lot more now. But, you have to be careful how you invest, and don't invest without researching the correct time and place for investment.

Try to identify and steer clear of ponzi/pyramid schemes and dont invest money thinking that you'll immediately get huge returns, and you'll be fine.

Yes no is wrong with holding bitcoins. The OP has obviously had a big advantage over the bitcoins he's held to date if he were to sell it at the highest ATH price. The most important thing is not to use the money that is needed for your life. Use free money that you don't really need in a fast time.

Avoiding ponzi / piramda schemes is a must. Don't get caught in it. Because there will be no profit to be obtained. Ponzi scheme innovations only bring misery to the new recruits.

Better to invest in an obvious project like Bitcoin.

It depends on your goal but I highly suggest you divide your investments into short/long-term.

With the current bullish run in bitcoin, the prices have been increasing in the past month by 300%. For short-term investments, you can either cash-out some of your bitcoins if it reached its value higher when you purchased it. For long-term, I also suggest that you keep some of your bitcoins as its value may probably increase this 2021.

As someone who purchased bitcoin way back in 2017 (around $5,000/btc), I do suggest to keep at least 80% of your bitcoins for long-term and the remaining 20% for short-term.

This is good advice.
I invested part of my bitcoin funds in 2017 in alt coins and I was wrong.
I thought I was going to diversify my portfolio so well and I actually lost a lot more.
Based on this experience, I would say that in the long run it is safest to invest in bitcoin, and it's really good suggestion to keep at least 80% of your bitcoins for long-term and the remaining 20% for short-term.

Personally, I wouldn't keep such amounts in an exchange such as Coinbase. If your ultimate goal is to hold those bitcoins with no intention to trade short-term, I'd say they are much safer in a wallet that belongs to you, not to Coinbase. Since you have $12.000 to spend on bitcoin, you could probably spare an additional $50 for a hardware wallet. There have been many hacks in the past that have caused users to lose their funds. The only exchange I would consider keeping a part of my portfolio in (I was forced to do so) is in Binance. Only due to the way they behaved when they got infiltrated and hard their coins stolen.