Bitcoin Forum

I was very happy to buy Bitcoin today . Since I am new in the crypto ecosystem I used $5.41 to purchase Bitcoin which  is equivalent to 0.00032258 BTC and I am planning  to buy more. And I am investing for a long term investment. Happy  first purchase.
It is not easy for someone  to buy bitcoin  because  of the  bear  market at this time but I picked  courage  and bought it.

https://i.imgur.com/zAXislG.jpeg
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Congratulations on your first BTC purchase, and I hope you will make many more in the future ;)

What you need to know is that when you have a larger amount of BTC in your exchange account, you should consider transferring it to a non-custodial crypto wallet so that only you have control over your private keys. Such small amounts are simply not worth transferring, because the withdrawal/service fee may be higher than the amount you have now, so accumulate sats and in the meantime look for a non-custodial wallet.

I'd recommend familiarising yourself with wallet software, potentially practice with testnet, because your priority will be getting that Bitcoin off the exchange, and into a wallet that only you own. Especially, in light of recent developments with FTX.

Unfortunately, the withdrawal costs basically forces you to keep on there, unless they're using an exchange with no withdrawal costs. If it's the latter, I'd say bugger keeping it on the exchange, and get it out as soon as possible, since this is your learning stage, and you don't want to be picking up bad habits for the future.

Good to see you here, and congratulation on your first step toward digital currency. Do keep in mind that a bearish market is perfect for buying so don't regret your decision, you make a right one.
A friendly piece of advice for you- if you buy more bitcoin to invest don't keep it on the exchange transfer them to your wallet, and gain knowledge about wallets, there are different types of wallets. I personally use a desktop wallet (electrum). Always do your own research before taking any action with your coins.

Its great to see that regardless of the bearish run, you still had the courage to invest in the Bitcoin space. Bitcoin might be facing a little challenge currently but I am very sure that it would bounce back. Your investment is a smart one and you wouldn't regret it. But I want to encourage you to be very patient because Bitcoin is not a get-rich-quick scheme that most ignorant people claim it is.

You must also ensure that you keep your investment safe and secret. Although these centralized platform cannot be trusted but you must ensure that you keep your phone and email password safe to avoid fraud. Also ensure only people you trust are aware of your investment to avoid been targeted by criminals that may think you have become wealthy. Yes, most people are unaware that Bitcoin can be bought in units. They feel that you can only buy it as a whole, which might make them feel that you can afford $16,869.12.     

Please accept my congratulations and welcome to the world of bitcoin. You will remember this moment forever with the first purchase of BTC.

What app did you use to buy it? This is the mobile version, right? It's amazing what you can buy even for a small amount of ~5$.

If you are planning larger purchases in the future (say, starting from $50), then don't be too lazy to test services like bisq or bestchange. You may find a seller with better conditions.

I wish you that the balance of your wallet, albeit little by little, but constantly grows and is always safe.

That small amount coming from new holders is very important to make Bitcoin more stronger since it is distributed on different small wallets and not prone for manipulation. Crypto become shit pump and dump because of wallets that holding huge chunk of Bitcoin.

This movement is good if everyone will follow and do the courage to buy even with small amount while whales is unloading there coins. It's time for retail investors to purchase whale coins at discount price and not the typical scenario that retail buy at top and sell on bottom. Good job OP!

Good time to buy and it's good you are happy with what you did. Nevermind the amount; there's no big or small investment. The moment you've engaged to investments, it takes courage 'coz not everyone will do it for the sake of seeking profit. It is a small step to some but on another point of view, it is a big step towards profit seeking attitude or behavior. Continue learning new things; there are other ways to make your investment bigger, you just have to learn and choose which one would best suit you as an investor.

Also be open for ups and downs on your first investment. The nature of the market value of cryptos, is volatile. There are periods wherein a particular trend is evident which I believe you are aware already (hoping that you really are because it is the conflict for the new investors out there).

That's a great step Op, and I'm sure you will never regret the decision you just made.
You did a great job summoning up the courage to buy Bitcoin even in this current market condition.
Just keep hodling and you shall see the end result.

Congratulations mate and welcome to the world of Bitcoin
We're both in this together and I want to assure you that you've done noble and it's a big win for you especially during this bear period.
I also want to encourage you to please buy more at every instance and opportunities you get because you will definitely benefit it from it when the bull run comes.
Also try as much as possible to not share your pass phrase.
Always try as much as possible to always take out some time to read and know more about Bitcoin as now you've invested some real money in it.
Kudos and I wish you success on your new journey.

Is there a CEX that does not have a withdrawal/service fee? I heard that the one that just failed had that option, I just don't know if it was valid for everyone or for those who bought their tokens. I think the OP has no choice for now, but if he continues with investments and collects a significant amount (for him personally), he should ask for advice on which non-custodial wallet to choose - even a respectable desktop crypto wallet can serve well for smaller amounts.

Congratulations, OP! Even though your purchase came out for a small amount, the main thing is that the first step has been taken. Likewise, as a newbie, I bought a few dollars worth of bitcoin in 2018. Being a beginner, I did not know about all the intricacies of wallets and bought them through Web Money. And only after I began to study the forum deeper did I realize that I should not trust such wallets.
Even if bitcoin starts to rise sharply, your profit will not be big, but it is always nice to realize that you, although small, are already a bitcoin holder to some extent. Don't stop with your investments, and don't stop believing in bitcoin.

Congratulations on your first purchase, although the amount is small, you can pick up from here and begin to use the strategy of DCA-ing to increase your portfolio. Starting something is usually the most difficult thing to do,  but as you have started, with some dedication you can keep it going with a little more discipline and in a little time your portfolio will greatly improve. As an extra advice due to the current situation in cryptocurrency, you should know that exchanges are not the place to store your bitcoin, and since you're making an effort to get bitcoins for yourself you should also make an effort to keep it safe.

Congratulation on your first purchase of Bitcoin, good thing you picked the courage to buy bitcoin because if you chickened out, you will be missing a huge opportunity.  I know there are lots of doubts running through the head of investors especially now that the price of Bitcoin had a huge crash but if they look at the history of Bitcoin, this crash is just one way for the market to open up an opportunity to the newcomer.  Eventually, the market will recover and you will find out that you didn't made a mistake jumping into the Bitcoin wagon.

Congratulations for your first purchase of Bitcoin and your screenshots looks like you bought bitcoin from p2p trading and used fiat money . it is really a good time to bought bitcoin because now bitcoin in a huge dip and due to bad news of FTX exchange The prices of all coins, including Bitcoin, have fallen at an extraordinary rate.  But it doesn't seem that the price of Bitcoin can fall below 15k so this is a right time for you to buy Bitcoin even if you are new to Bitcoin. good luck for you op

A very brave step where beginners can buy bitcoins in a bear market while on the other hand there are those who say this is the right time to buy but beginners are certainly hard to do but you are brave with this step even though the value of your purchase is $ 5 but it will continue to grow in the future along with your courage to have long-term investment goals.

As suggested you don't store assets on exchanges as there has been a lot going on especially recently on FTX and use a hardware wallet if you have one or a wallet that has a private key that can be stored properly.

This is a good stage if you make regular purchases at low prices.

He can always DCA if the price of Bitcoin goes down.  The current crash of Bitcoin price enable the OP to buy more Bitcoin.  I think OP isn't new in the industry although it is his first time buying BTC, he has knowledge about what is going on since he has another thread that encourages his pastor to buy BTC, even saying that the pastor is under his guidance.  Here is the said thread:  I Taught a Pastor Friend on Bitcoin.  (https://bitcointalk.org/index.php?topic=5420785.0)

Anyway, congratulations on your first purchase, I hope that will be the start of your Road to 1 BTC.

Obviously a bear market is one great opportunity for long term investors to take advantage of buying lots of bitcoins instead of buying them when the market recovers. A lot of people who bought for $50K will probably regret that during November 2022 the bitcoin price has dropped to its lowest point, they will really want to buy it again and I think they will if finances allow it.

$5 may not mean much, but it's a good first step to gaining some knowledge of how the market works. OP can increase his investment in the future for whatever he can afford to lose, main point is he did what we should be doing now.

Having learning with the basics should really be sufficient enough and this is the first step that he had done.Now that he had bought Bitcoin on small amount then pretty sure he would really be buying
even more on the future since he had already have the idea. Of course it would be always ideal on buying bitcoin when it is plumetting or decreasing or cheap because its never
been that good to enter when prices are on peaks.This is why the current market condition is the most ideal time or situation to get in.
Spreading out words about Bitcoin or overall crypto into someone is really a good thing to be done, spreading up awareness and recognition
is what we do all need to make this market even more higher.

Start small and in the future you can do even bigger after your first experience, because it's not enough to invest once in bitcoin, it takes several times, you can also apply the DCA strategy that I use and start buying every week it's okay even with a small nominal as long as you can be consistent with your long-term investment journey.

Many have said your courage, I also appreciate that you have taken steps forward so far. In the future, you can understand how the market works, prepare your mentality when the market is bearish, which is even worse, don't check prices frequently in the market, it will affect your psychologist towards investments made, just do DCA let it flow like river water.

This is the first step in a journey which can be both easy or difficult depending on how convinced you are about the future of bitcoin, if you are only interested in making money in this market it will be a hard journey as the bear market can be very discouraging to new investors, but if you really believe in what bitcoin stands for and the freedom that it gives us then bitcoin could be the prefect asset for you and bring a great improvement over your life as long as you keep investing more money in it.

Exciting to be honest. Doesn't matter what is the amount you bought. But for the first experience, really exciting. Hope your experience with buying Bitcoin was smooth which would inspire you to invest more. It's not easy to invest during a bear market, but thank you dare to do it. Just keep secure your funds, and learn more about Bitcoin and wallets. Try to learn how to use a non-custodial wallet or hardware wallet. Read more threads on the forum so you would learn a lot of things related to crypto.

Congratulation on your first purchase @OP, this remind me of my first purchase of Bitcoin, while you do it in P2P, my first purchase was paid over the counter of 7 eleven.  I know it is quite exciting to share the experience and it is thrilling to see our very own wallet having a fraction of Bitcoin in it.  And its so lucky that you had timed your purchase where the price is somewhere in 2018.  It is like purchasing BTC in 2018 when you are actually buying BTC in 2022.

Glad to see this, however, the courage of a newbie to investing in Bitcoin which is full of risk is worth a thumbs up. The decision to invest in Bitcoin instead of altcoins is the right decision, especially if you want a long-term investment. Whatever the amount, this would be a valuable start. Then hopefully you can get even more in number.

Precisely during a bear market, this is a very good time to buy Bitcoin. Why? Because the price is quite cheap and we can hold Bitcoin for the long term, so that later when the price goes up, we can get a lot of profits. Keep it up

It is the route to follow and hopefully people will finally start regardless of the amount, as you have done.

 You make a comment in reference to buying right now, and what if you don't have confidence now, then when?

 It is always a good time to buy bitcoin, it is now and it will be when it is at $20k or $100k etc.

 Congratulations.

^You are in the right decision and welcome to the community and as a part of an investor.
You can purchase BTC in a DCA way like this, a small amount every time BTC will drop the price and until such time you will never know you have held a lot of BTC in your wallet. Just set a target of profit in a long term and hold your BTC in a long term, it is very worth it to wait rather than thinking of a quick getting rich on investing BTC. Well congratulation to you buddy and hope that your plan to invest more will succeed.

I don't think so, although I'm not particularly familiar with all the options these days. I don't really use exchanges all that often. Yeah, definitely agree on that, I think the majority would agree on moving them as soon as it's feasible.

What I'm hoping for is exchanges in the future just drop wallet support, and have a sort of system that just sends you the Bitcoin to your external address you own, as soon as they recieve the funds via fiat. That way, there's no option of storing the Bitcoin on their centralised exchange, which would avoid most problems when things like this happen, at least it would protect a large portion of users from losing their Bitcoin. It can be done, and there have been websites that have done this, they just charged a service fee like normal.

There's actually no reason for an exchange to have a wallet, it encourages bad practices. It makes sense for them, since if you have Bitcoin on the exchange, and the price crashes, people are more likely to act on an impulse if they don't have to send their Bitcoin to the exchange, and wait for that. Instead, they instantly withdraw when they can. What I'm proposing makes exchanging longer, and less convenient, but I believe it's much safer, and should be the industry standard.

You'll never see centralised exchanges fully convert though, there's too many benefits of them having their own wallet. Not until the community standard becomes only using decentralised exchanges will we see it.

Congratulations that you finally hold Bitcoin, dude.
I really expect you have more Bitcoin since 0.00032258 BTC looks like not enough if you have a dream to gain big profits.
But don't force yourself to buy, only buy when you have an extra money.  ;)

I think it is an easy time to buy now.
Bearish season is the best time to buy, you will have a low risk to buy now.
You should be worried when you buy in the bullish season, the price to drop drastically when it is over. While if you buy in the bearish season, the price probably rises when this season is over.

You are also one of the bitcoin holders, congrat for that. I hope you know how to secure your bitcoin, after purchasing your bitcoin from exchange, you should transfer your bitcoin from exchange wallet address to your non custodial wallet address, for security reason and make sure you secure your private key well, make sure it is stored offline where their won't be access to internet. We all see what's happening to FTX exchange currently so we shouldn't leave our bitcoin on exchange for no reason.

We are currently in bear market and most people are discouraged with bitcoin price, we might go dipper nobody knows, but whenever you see your bitcoin price reducing don't panic just hold, the only thing that will reduce is price, the amount of bitcoin you are holding will remain the same and if you can hold, then you are going to make money from bitcoin in the nearest future.

You should not be scared of the bear market because it is just for a little while and if you keep investing and buying more holdings then I'm due time you will be a millionaire when Bitcoin commence the bull run. I will also like to congratulate you on your first purchase of Bitcoin and with this you are build a safe and big future that will be very profitable in some years coming. Bitcoin is a digital currency and can be use in many online store to make transactions. The price is down now giving us opportunity to buy at an affordable price.

Wow, congratulations to you.
As a newbie, this is a good beginning, right? Some people may think twice to start their Bitcoin investment in that amount. But here, this is not only about the amount that you are investing, but more about the value, experience, and also beginning. Something big is sometimes started with something small. However the money, will be growing more if we are able to hold them for the long term and add the amount even little by little. Btw, this may not be easy to take the first step there must be some doubts on it. But, be sure that Bitcoin investment is much better than invetsing n new projects with very high promise. This is a really good move.

It may also be that he already has knowledge about Cryptocurrency but he was not ready to invest here but now he has got some interest to invest and he invested only 5 dollar bitcoin on his behalf though not very much as it is his first time.  Investment is a big deal for him if I speak for myself I started investing only 2 dollars so I respect the op's work very much.

I don't think he was scared, if he was scared he wouldn't have bought bitcoin and has a long term plan. Never tell newbies that investing in bitcoin will make us millionaires, bitcoin can't make us millionaires. As a matter of fact, Bitcoin just gives us the chance to have a better life than we had before.

Also, hope OP is also aware of the risks of investing in bitcoin, Bitcoin is not always a profitable asset, there is always a risk so learn to take risks when thinking about profits. By the way, congratulations OP on your first investment, hope you find joy and success investing in bitcoin.

Did you (OP) feel nervous when buying for the first time?

this reminds me of my first purchase on bitcoin. I also made my first purchase in small quantities. because the first purchase is intended for a trial. And I was nervous at that time. and after successful then I bought with a larger nominal on the second try. and now I routinely make purchases every week. I collect little by little for investment in the long term. and I keep it in a special wallet. And I think you got lucky starting out in a bear market. because now is the time to shop. ;D

Congratulations OP. A brave step in the right direction. As a newbie and someone who is interested in long term investment, I would suggest that you consider DCAing. As you already know we are in a bear market and the DCA(Dollar Cost Averaging) strategy would help you invest at your pace. For example if you have 20000 Nigerian Naira, you may decide to put 5000 Nigerian Naira in the first month, another 5000 Nigerian Naira in the second month, 4000 Nigerian Naira in the third month and so on. And when we enter the bull market you may decide to do the opposite-taking profit. Wishing you the very best in your crypto journey.

Congratulations @OP on your bitcoin purchase.
After this, you can make your second purchase but make sure you buy when the price drops.
I agree with your plan to make bitcoin a long term investment because that way, you have plenty of time to buy more and hold it until your target is reached.
The current state of the market gives you the opportunity to get more bitcoins for a certain amount of money and it looks like this condition will continue.

You did well OP to buy bitcoin during this bear market for not so many person can take this bold step to invest. You should not be scared at the challenge Bitcoin is going through due to inflation because there will be a light at the end of the tunnel.

Bitcoin will hit the bull market again so you need to keep on buying at this stage so that before the bear market will be over you must have accumulated more Bitcoin for yourself and you will be smiling during the Bull market if you are patient enough. Try to keep your bitcoin safe from hackers by storing your coins in a cold storage wallet.

Congrats DaNNy

I know that some CEXs give certain benefits to those who invest and keep their tokens on exchange, and one of the benefits is a lower withdraw/service fee or a higher percentage of earnings from referrals. To me, it is unethical to say the least and I think it should be forbidden for CEX to create their own tokens and manipulate their clients in that way.


That would be something that would definitively change the way CEX works today, but not only do they not want it, it is also a much bigger problem that many investors have a completely wrong idea that CEX is actually some kind of crypto banks. As long as people think in that way, it is unlikely that anything will change, and that in some way corresponds to CEX, who actually have a huge amount of crypto assets under their control and can do whatever they want without the knowledge of their clients. Quadriga is perhaps the best example of such abuse, but also many smaller CEXs that have performed classic exit scams in the last 5-6 years.

No! There is no guarantee. Stop saying stupid things about getting rich with bitcoin. It won't make them smart; instead, it fools them. If Bitcoin guaranteed you to become a millionaire, I'm sure Satoshi would have said early.

you've done the right thing, buying in a bear market is a wise decision, don't be like a beginner (who buys bitcoin during a bull market) who doesn't want to learn from the experiences of others.
in the long-term, the value of your investment will definitely increase many times and if you have extra money, buy it again soon, don't miss the moment (this bearish market).

Masha Allah bro you are the Bitcoiner now haha 🤣 never mind in future you are going to admire it. Well that good everyone now knows how to secure their future. #we can call it the freedom moment here.

Congratulations OP. Am always happy when I see new beginners in crypto, take their first step into investing in bitcoin no matter how little it is. This is a step to secure the future indirectly. This step you took was how the early investors invested in bitcoin way back. They invested the little they have and got bytes of bitcoin, and that byte got profits for them.

Investing a small amount in bitcoin requires patience to see it succeed. It is better to hodl it outside the exchange than have it stock on the exchange you purchased it

A big congratulations on your first Crypto purchase and Welcome to the Crypto Space. Accomodating Bitcoin now is a very wise decision. Although, the price of Bitcoin is not predictable, which probably means it might still dip, but you just have to keep your head up and buy more. The bear market shouldn't scare you. it quite certain that Bitcoin is the future, and those investing In it now won't regret but rather make a good fortune out of it.

The bear shouldn't be a barrier to you or limitations of not holding BTC because I believe with the time you get yourself familiarized with the purchase of bitcoin it would also makes you to be active in reading many news and to study more because you have also participated in holdings.
So lastly endeavor to be buying gradually maybe at every end of the weeks or months before you knew you have invested heavily and when you would start reaping you get amazed with your efforts.

Congratulations 🎊 for your first purchase!

Congratulations to you on your first bitcoin you got for a good price, you are very lucky that you are entering this market and bought your first bitcoins when the market is in a good situation for buys and you bought bitcoin for a fair price so you can hold it as an investment asset for yourself, but just a some a few suggestions in think you can start reaching for a bitcoin wallet to hold the bitcoins you're got and then you start getting familiar with bitcoin itself and the bitcoin transactions to know how they work.

One thing is to invest, and another is to adhere to privacy tips to protect your investment from scammers and avoid being hacked. Bitcoin, being decentralized, is not managed and regulated by any government body, so you can't hold any organization responsible if you lose your investment to scammers; you are totally in charge of your assets and whatever happens to them. One thing I should remind you of again is that the security of your token is in your hands.

I find these security tips helpful, so I think it is wise to share them with you too:
https://bitcointalk.org/index.php?topic=5280274.0
Congratulations 🎉 on your first buy...

Dr.Bitcoin_Strange 👺

When it comes to bears and bulls, especially for newbie investors and even experienced investors is the fact that, weak hands or investors tends to shy away from any Bitcoin investment despite the fact that, its in a bear market and your supposed to buy low, most people just be reluctant. Given the uncertainty of bear markets as either, your dip might just turn put to be you to have bought early and you can't really place it when the bulls would come. Also, most people expects a crash and so they keep off, while observing on the sidelines.

Others just wait for the bulls, buys highs and still get to hodl if they could or perhaps sell after making some profits. The bulls sends a signal that eliminates the possibility of lose and that's what people want.

Having you @OP take this stand, I would say your doing a good thing for your investment, it might might seem small but mega things are built out of small things and besides, you just might be sticking to the policy of using spare cash. Its good, keep it up.

Congratulations you have bought your first Bitcoin in your life and started your investment journey from here. I always wish you the best in your investment journey.You have taken a very nice step.If you can buy and invest bitcoins during the dumping period of bitcoins and hold them for a long period of time, you will definitely own a lot of money at one time.Bitcoin's bad situation won't last long. So those of you who are interested in investing can invest right now like this OP.

You've gone one step further from not knowing what Bitcoin is to having a few Bitcoins gracing your wallet, glad to see you've made your first Bitcoin purchase. Keep buying little by little at a later stage because Bitcoin has a chance to become a field where you can earn a lot of profit in the long term.

Bitcoin has been widely trusted by the majority of cryptocurrency investors and has the support of several large companies, Bitcoin has even been legalized as a means of payment in several countries such as El Salvador. Bitcoin is a very limited investment asset and is not just printed, so speculatively it is very promising to be used as a long-term investment.

I can feel how it is mate when I also purchase my first Bitcoin back in the days , I actually have no total idea where to buy but searching internet and a  understanding I also Bought my first bitcoin amounting 0.008 those day (as bitcoin is still at 4k that time)

Hoping that you will continue buying and add more and more as long as you have funds available in your pocket to risk for.

Congratulations to your first purchase , it is always happy to see more of your kind mate.

Although the price of Bitcoin has been falling, there have been people buying it. But it really takes a lot of courage to buy bitcoin for the first time now. Thank you for believing in Bitcoin so much. Buying Bitcoin now and planning for the long-term investment is the right thing to do. Looking forward to more excitement from you in the cryptocurrency world.