Bitcoin Forum

Never leave you coins on an exchange, Binance is an exchange. To have full control over your asset, use noncustodial wallet. Cold wallets are safest wallet type.

Indeed you have made a good choice this year because, the price of BTC is still low to a level were you can buy as much you want and hold for a better future. I will advise you to hold for like 6 months before you can sell because, it will really help you to enjoy a big reward from your business and it will also encourage you to save more money to buy more BTC in future.

Don't forget to store your coin's in cold wallet always so that you will not experience anything that will hurt you in future.

Congrats on starting your bitcoin journey. You have made a wise choice.

For a beginner you don't have to use hardware wallet. You can use mobile wallet like Exodus, Mycelium, Trust Wallet, etc. You can use them on your phone or laptop PC. These kind of wallets are beginner friendly and easy to use without the expense and greater complexity of hardware wallet but are still a very secure method of self custody. They are also free to use.

Addition advise why you should avoid centralized exchanges.

1. They can get hacked from any attacking source
2. There's no privacy in using them because they can leak your data to third party
3. You cannot recover your asset with them whenever there's something wrong with the exchanges either being attacked or went bankrupt because your keys for decoding your wallet address on blockchain is with them
4. You're prone to KYC and AML agencies to investigate your informations abd account being subjected to them.
5. You're no difference from someone using a bank because everything you do under a centralized exchange is from a central authority like the banks and other centralized institutionizations did.

Exactly what I wanted to say.

If you value your money, then do not leave it in the hands of someone who is not you. And do not leave it in a wallet, like that of an crypto exchange. Because the reason is that you would not be the only person who has access to that wallet. In the case of crypto exchanges, you are trusting them with your money. This goes against the very nature and concept of cryptocurrency, which is TO BE YOUR OWN BANK.

But people still do it. And they think nothing bad will happen to them until it finally does happen.

Banks are better because they are likely to protect your fiat than exchanges will protect your coins. There can be robbery in your bank, you can go to another branch the next day to deposit or withdraw, you can make use of their online banking, this is the way banks operate in my country, but if an exchange is hacked, your coins are gone or inconveniences may occur.

Congratulations! Way to go!
Follow the tip of Charles that you shouldn't keep that bitcoin of yours if you plan to hold that for the long term. Even if it's Binance or any other known exchanges, they shouldn't be used as substitutes for the storage of our bitcoins if we will hold them for a very long time.
If you don't have a hardware wallet yet, you may choose to pick Electrum or any other reputable desktop wallet.
And for the other options (https://bitcoin.org/en/choose-your-wallet?step=5&platform=windows). If you're using a Windows OS.

Don't use exchanges as your wallets. They provide you custodial wallets and they own keys, not you. After all fiascos from Terra, Voyager, Celcius to FTX exchange, please stop automatic believe in exchanges to hold your coins.

Reminder: do not keep your money in online accounts (https://bitcointalk.org/index.php?topic=5421039.0)

Some topics about security, passwords to protect your devices, files, wallets and your coins better.
Security checklist (https://cryptosec.info/checklist/)
Good topics on security and privacy (https://bitcointalk.org/index.php?topic=5239098.msg54186093#msg54186093)
 How to Create a Strong/Secure Password] (https://bitcointalk.org/index.php?topic=5132378.0[GUIDE)
Are your passwords in the green? (https://www.hivesystems.io/blog/are-your-passwords-in-the-green)

Since it is already obvious that you have the culture of saving already, you will do well with cryptocurrency because you have already shown how disciplined you can be. Secondly it is a good thing that you have come forward as a newbie to share your excitement on investing in bitcoins for the first time. With this, you will be able to gather enough tips on how to ensure that you do not make a mistake in your trying to keep your investment safe. It is a good way to start this year, at the end of the year if you are consistent, you will be happier than you are now if the prices keep going up till then.

Anyway, I wish you all the best for making your dream come true today. Moreover, another important thing is that you are able to invest in Bitcoin as a student, on the one hand you understand the importance of Bitcoin and how its popularity will be in the future. It is very significant that you have invested Bitcoin in addition to your studies, your inspiring work will make students interested in Bitcoin. But my personal advice for you is that you focus on education first and then focus on Bitcoin as time permits.

Congrats on your first purchase, more will come soon.
Don't keep them on Binance. Binance is an exchange not a wallet so move them to a wallet where you have full control of your assets. Save your seed phrases, you can note them down somewhere. Keep your seed phrases on the internet like password keeper apps or notepad software is not a good idea. Write it down on a paper and keep it safe, make several copies of it obviously.

Not to mention if they close your account for whatever reason, your money is usually gone to you. They don't have to go bankrupt in that case.

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As your balance gets larger, you definitely do not want to write about it online, because that will paint a target on you for hackers, and scammers will try to send you fake messages and phishing links as well.

Bitcoin is not just a risky, but a high-risk asset. On the one hand, bitcoin can be seen as a currency and simultaneously as a new payment technology that emerged during the globalization of the economy as a response to the evolution in modern technology. Almost 90% of all bitcoins as of December 2022 are outside cryptocurrency exchanges. This is the maximum outflow in the last three years amid a crisis of confidence after the bankruptcy of the FTX exchange.

Congratulations! You did a great job for your decision to buy BTS. I think you won't regret it! Except, really, it is better to keep it in a good and safe wallet.

I know hardware wallet devices have to be bought with money, but they aren't too expensive. Though Op says his BTC is $163, so i don't think he should buy a hardware wallet yet for that amount, but it doesn't mean they have to store it in a hot wallet, OP is a newbie who might not know how to correctly use their online phone with BTC in it, they could click on one link and their BTC could be gone.

I believe once a person buys BTC, the next important step is securely storing it, if OP has a device that they aren't using anymore, they can format it and use electrum on it as a cold storage. $163 is dust to a lot of members here, but if that is all OP has and he wants to hold it for long and accumulate more to it, then they have to protect the money.

Good start mate. You can continue to accumulate while bitcoin is not yet in a major bull run which may happen next year and in the year 2025. You might as well plan on transferring your bitcoins to a non-custodial wallet for safety purposes. But if you are planning to buy more like weekly or monthly with the same or even smaller amounts then you might not want to transfer them right away every time you buy. Bitcoin withdrawal fee in Binance is around $5 which is already 3% of your capital. So you can schedule your withdrawals to save fees. The most important thing is that you are aware and you know what you are doing. 

I wonder how much time it took for you to collect that amount. If I had invested this amount back when I was in college then I would have got great profits by now.
It's good that you are trying your best to get started with bitcoin but I will recommend you to start learning more about bitcoin and trading.
Learning to trade will help you to avoid making mistakes that can lead you to potential losses.
Start learning more about finance and management so that you can increase your portfolio over the years.

good luck starting your investment. I initially also collected Bitcoin gradually. a bit from the campaign proceeds, as well as profits from daily trades which I converted to Bitcoin to increase my investment.
You can also do it in stages until in the end, you won't think that you already have assets of considerable value.
if you do it consistently, you will have enough money in your old age later.

Kudos to you for your efforts and wish you all the best for your dreams to come true.  But I have some doubts that this story of yours is true.  because there are many users make such story most of which are being done for the purpose of getting merit.  Meanwhile you opened the topic today and you are saying that you are the first time to invest in bitcoins but on January 10th you made a post that you are investing on altcoins.  And there you said you don't have much patience to hold bitcoins for long term. here you say you save your tiffin money and collect bitcoins.  The word is not two kinds?

on the other hand you create this account and participate on quiz with your first post for getting merit and you successfully got 1 merit there.
So it's not suspicious that you have another alt account. and this is too is a neat story to get merit ???

Congratulations on making a new investment in Bitcoin.  But if you can hold bitcoin for a long period of time then you can achieve success.  The current Bitcoin price is bullish and its market value is much higher than in the past.  But as the market is currently bullish, you will start reaping the benefits as soon as you invest and your portfolio will continue to grow.


Finally I would suggest you to keep your assets in a safe place.  Binance wallet is not that secure.  If you can afford it, you can use a hardware wallet to keep your assets safe.

Congratulation to you. You now have BTC, and you can save more money and continue investing in bitcoin. But you need to determine how much money every time you will use to invest in bitcoin, so it doesn't interfere with allocating funds to other places. And remember always to set limits on investing in bitcoin. The point is that you determine how much money you use to invest and do it regularly every month and for how many years you want to invest your money into bitcoin.

A big congratulations to you mate, but i want to believe that by now, you must have withdrawn your bitcoin out of binance exchange into a wallet you control the keys, Always remember that "Not your keys, not your Bitcoin, never leave your investment for your future in the hands of another man, and this particular instance, CZ, no crypto currency exchange is secure enough.

This is is you haven't, download wallet like Electrum, or Mycelium, generate your bitcoin address and withdraw your bitcoins from Binance to the wallet, and remember to keep your keys in a safe place where no one else other than you can see or have access to it.
Goodluck and welcome to the club of bitcoin holders.

First of all, i share with you the joy of making your dream come true and congratulations on investing in bitcoin. If you are investing in Bitcoin i think that the amount you make does not matter. No matter how big or small your investment is your investment in bitcoin will return to you many years later.

If you started investing with small amounts the continuity of the investment is important. Be sure to invest in Bitcoin even if it is in small amounts. Lastly don't leave your balance on exchanges and use a cold wallet. Remember that exchanges will always pull the plug and will disappear.

That is good advice, banks are definitely better than centralized exchanges. There are some people who may not like banks, but they do like centralized exchanges. even though the thing that both of them did was the same, asking KYC to be able to use it. But it would be better to use a bank because Fiat funds will be safer than a centralized Exchange which does not have full control and if hacked there are no guarantees. We still depend on Fiat, but we also have to use crypto smartly.

Then regarding Op's thread, I support he investing in bitcoin, but not by saving it. Use safe storage, even all the members here advise you to store your personal bitcoin wallet because CEX is still very vulnerable.

You have done the right thing, no matter what amount you take to start with, it will look good if you continue to consistently increase your investment in bitcoins. However there are a few things you should know, besides being able to provide great returns, bitcoin also comes with risks, this should be a basic consideration before you get started and shouldn't be a problem once you learn about bitcoin before investing. PMy advice to you, never store bitcoins long term on any exchange.

It's best to store bitcoins in a secure wallet and have full control of the private key, as described by theymos HERE (https://bitcointalk.org/index.php?topic=5421039.0). This effort is to limit and protect the assets you have if you intend to keep assets in the long term.

It is also crucial for anyone which is just beginning to invest in bitcoin or is thinking about doing it to avoid altcoins until they get more familiar with the market, I say this because as soon as anyone gets into this market they get bombarded by ads about how they can make more money with them, but what those ads forget to mention is it is many times more risky to invest in them, and the majority of the new participants of this market are not ready to invest in altcoins.

I appreciate your efforts in obtaining Bitcoin investments. In fact, earning money while attending school is difficult. Since we are completely dependent on our family, there may be more problems if we are not much rich. But it appears that you hardly loved Bitcoin and were able to invest in it. Your decision to set aside money from your tiffin money and put it in bitcoin strikes me as wise. You appear to be purchasing Bitcoin through Binance. But if you're holding your money in Binance, try using a non-custodial wallet instead. On the centralized exchange, we have witnessed a lot of drama. Save the money you worked so hard for. Go to the forum more often and learn more.

First, I wanted to say that I'm happy to see someone is using the money from college as the best way to invest in something instead of spending whole money buying unable stuff which is what people mostly do during this time in college life period, also I wish you good luck holding these bitcoins for the long term because if you do that you will definitely get the benefits from it and this 163 dollar can get you more if you believe in bitcoin. But As I can see you are holding the bitcoins in Binance which is an exchange, don't forget that exchanges are not made for you to hold the assets there, so I suggest you withdraw the bitcoins and hold them in a private wallet where you can have your private key.  

That is also my concern as OP is clearly trusting an exchange that will never be reliable at all times. So as early as now OP, move it to your own non-custodial wallet so that your privacy and security will be more possible. However, I am happy that you are now starting to live your dream. I just hope that you are doing DYOR first and gain sufficient knowledge in bitcoin investment before your start taking the risk of investing in bitcoin.

For amateurs like OP, it’s understandable that they would likely to trust centralized exchanges than their own wallet but until they start losing, that’s when they realized that exchanges are not safe at all. So hopefully, you should create your own wallet OP so you can have the full control of your own money. That way, when that exchange will be hack or whatever in the future who knows, your funds will never get lost from you. You should have thought that before trusting an exchange.

This is his first purchase and it takes little time for him to understand and move funds to the non custodial wallets. Centralized exchanges provide the ease of buying bitcoin, maybe that's the reason why new entries into crypto space prefer centralized exchanges. Small purchase and this needs to continue to experience big things out of bitcoin growth.

Congrat, you have really done well, but I think you shouldn’t disclose your wealth on public, you can remove the screenshot which you just posted or you can blur some part of your screenshot so that the amount you are holding won't really be showing.

I noticed you purchased your bitcoin from binance exchange, and you didn't talk about transferring your coin to a Non-Custodial Wallet, don't leave your coin on exchange, Binance is a reliable exchange but don't leave your bitcoin their, no exchange can be trusted, anything can happen to the exchange at any moment, make sure you withdraw your coin from the exchange.

Better keep it some place safe. While I never had any problems with Binance for years, you'll never really know when shit hits the fan. Anyway, congrats on your first purchase! Sometimes all we need is a leap of faith in order to get things where it should be. Right now, the only things you need to do is take the money out of that exchange and kinda forget about it. Focus on what you need to do and come back to it after a year or two. That's what most of us here usually do and it never failed me just yet.

If you are going for long term then better not to mind off about year or two when pulling your profits and it would be depending according into someones preference on when they would be taking up such decision.,
Exchangers cant really be trusted or whatsoever custodial wallets which you could make use.Nothing beats out those non-custodial ones which means you do possess its keys and there's no way that it could be
taken from you forcefully.Unless if you do expose those keys or you've been hacked which had been always the risk.It is really good that theres someone who do see the potential and despite on being a student
he do able to save up and buy at least in small portions.

So happy to see that you have invested your savings into bitcoin but always focus on what others above are saying to you about keeping your funds on these exchanges which will help you a lot in security of your amount invested.But still it's a good move and wise step towards financial revolution with btc.

Yes at this time the prices are low but if you are planning to hold it for long term then only you can have sufficient returns because as a student if we invest and see our savings going down we feel panic to sell it.

Congrats @OP. After your first bitcoin purchase, I hope you can start buying bitcoins regularly again and save them for your future. But remember not to exceed or only use the money you can afford and always put your personal needs first before you buy any more bitcoins. Make bitcoin your investment tool and keep your bitcoins in a wallet that only you know. You also don't need to tell the people around you about how many bitcoins you have because that is your personal secret.

Right. I have seen a couple of such kinds of posts about new investors into Bitcoin lately and most of them never mention how they have secured their Bitcoin investment by moving it from exchange wallets to any none custodian wallets which is also the first thing you should consider while investing in Bitcoin.
Anyways, I believe OP has made a significant step by being able to make this first investment, and hope you will be able to hodl on considering what can happen with the market price which is also very important with investment.

congratulations on buying your first btc coin, tips never leave your assets on the exchange because as we know there have been many unpleasant and detrimental incidents of storing assets on the exchange

That is a worst thing if you trust exchanges that will never guarantee full security over your coins. Once they are hacked, your coins will be gone forever. However, banks are still good these days but if you aim for bigger returns that will never happen. So it’s still best to have your own non-custodial wallet, at least you take the full management of your own coins and they will never be a target of stealing as long as the owner is responsible to protect his own coins.

It is a nice move @OP, I applaud you for thinking more advance than any student of your age.  I know you won't regret this decision and might be a turning point in your life when Bitcoin becomes bullish and increase in price more than 10 folds in the future.

I hope you have the patience and self-control to see through and hodl until the price of Bitcoin is enough to make it a life changer for you.  Just keep on accumulating and make sure that you don't leave your coins in exchanges.  Better to keep them in your own wallet and make sure you also know how to secure your wallet.

That said, congratulation on making your dream come true and buying your 1st Bitcoin.

Well, anyone is free to invest on this industry as long as that individual is aware of the risks present from doing so. The market prices or this industry in general is volatile. If you are investing money which is somehow your emergency fund ,then expect it won't work 'coz it is more likely to result into huge loss. Imagine that you need to pull out some of your investment because you need to use the money into something important and it happened that the market is down, what would you do? Selling would men cut loss in this kind of situation. Since OP is a student, same thing is applicable. But still, you made such great decision.

as long as he knows the risks and possible repercussion, he can take care of himself on this market. just don't use money for your emergency funds or basic needs as you may find it difficult to convert it to your fiat if you badly need it.
as a student, his responsibilities is different as compared to a family man, so he should take advantage of this situation.

Investing with Bitcoin should not be an issue, but my concern here is that, you are holding it on a exchange wallet where you don't have fully control and if you will play long better to have a hard wallet. Second, just make sure you don't spend all your savings with Bitcoin, I know the hype of bull market is already here but its not advisable to go all in. If you are already finish with your college, then I believe you'll start to find a job that can give you a more competitive benefits which can allow you to buy more Bitcoin at your own capacity. This is as big step forward for you, and I'm happy for you.

0.006BTC is a nice amount to start investing. If you have long term goals regards bitcoin and want to invest through DCA method, it's highly suggested you acquire a Ledger or Trezor physical wallet. You can order it online and receive at home. That is a simple wallet to setup, as there is a step by step tutorial, and very safe at same time. And next time, maybe you can acquire bitcoins from a direct trusted seller on this forum (P2P), so you save on transaction's fees which are pretty high for my taste in Binance (50,000 satoshis).

Thanks for your advice

Thank you very much for encouraging me to invest

Thanks You!


I will definitely follow your advice.

Thanks You!

Thanks You


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Thanks for You!

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Thanks for You buddy!

Thanks You!

Thanks for You!

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May your investment be successful. Your dreams have come true only because of your efforts. For that I extend my sincere greetings and thanks to you. Such thinking about your bitcoin investment will encourage every person. But you have come to invest at the right time. You will definitely see more success if you hold your investment for long term. Another advice I want to give you is to put your invested money in a safe wallet. A secure wallet is essential for you.

I applaud your small effort. You have tried hard to invest in Bitcoin and today you are successful. And I think the time you invest is the best time to invest. I would suggest you to keep your investment for long term. And if you don't have full understanding about investment then you get better understanding about investment and invest more in bitcoin hope you will become a successful investor in it.

@Bitcoin_people, it was great effort and I will definitely support this one.
You may need to be grateful that not everyone who wants to own an investment will be able to own one because they don't have the money. You saved money and you did it on the right assets ^{[while many others don't have it].} Keep it up, and it will be better if you are able to maintain DCA in the long term.

In the meantime, you need to know that exchanges are not safe to store your bitcoin in the long term. Some people may have warned you, and the best safe way to store your bitcoin is to have custody of them. That is, you must have secure wallet and only you have the private key.

Perhaps a lot of money is needed for successful investments, but a start has been made and this is the main thing. Who knows if this is the best time, because bitcoin made a very good upward movement at the beginning of this year, probably the best time was last year, although now you can still buy.

Keeping bitcoin, of course, is worth it on a cold wallet, this will ensure the safety of your investments. There are those who keep their coins on exchanges for a long time and they are lucky for a very long time, but besides this, there are a lot of cases when funds are blocked and people cannot return them for a very long time, they may never be able to return, so conclusions must be drawn from this.

Congratulations you have fulfilled your dream by investing in the first bitcoin of life. You have worked hard to earn money and then fulfilled your dream. If you hold Bitcoin for a long period of time, you will see a good profit coming from it.  And you have more plans to buy and hold bitcoins in the future, I think you will be a successful investor in the future. and you must use a hard wallet to keep your bitcoins in complete security.

Good job OP, congrats on your first Bitcoin accumulation. I just hope that you are now aware of the risks involved when buying and hodling btc for long, because if you are not, you might face some troubles when the market is moving in the opposite way. But as long as you keep on making DYOR, and you never put all your hard earned bitcoins in a single exchange, they will always be safe. Have your own non-custodial wallet, that way your coins will be more secured from hackers as long as you are also aware on how to secure them and make them safe at all times.

Congratulations, has enabled you to fulfill your dream. and you are really enjoying investing in Bitcoin because it is your first investment. but I would say you hold Bitcoin. long term then your life will change in future. and you invest more bitcoins. and it will be good for you to use a hardware wallet to keep your money safe.

Thanks you.

Thanks you.

Thank you.

Thanks for your advice.

Thanks you.

Thanks you.

Thanks for you!

Thanks you.

Thanks for you dear.

Thanks you.

Thanks you.

Thanks you.

Thanks you.

It's really a very joyful moment when you buy Bitcoin and be a part of Digital Currency. I want to wish you all the best for your future investments in Bitcoin. You can choose other Cryptocurrencies like Litecoin, Dogecoin to invest in as they are now in a very cheap price.