Hello guys, I have read about bitcoin recently and decided to make my research on it. I am residing in Singapore and it seems that Coinbase is a pretty good place for me to do my trading( kindly give me your opinion about this website).
As for wallet, I have downloaded Bitcoin Core and is intending to use it as my wallet( or should I use coinbase wallet instead?).
Definetly don't use Coinbase as your wallet. You certainly want to retain in control of your private keys; essentially in control of your money. Keeping it in coinbase is basically same as giving your cash to a friend; every time you want to spend it you have to tell them. Bitcoin core is a much better option for a wallet, good choice.
-As of now, what I would like to ask is that, when investing in Bitcoin, is it a good time to buy in now or should I wait for the price to drop?
-Is there any other reliable website for me to buy Bitcoin( Singapore) or should I just stick with Coinbase? Because I saw some issues with Coinbase claiming that its a fraud.
is a solid option, you can find a seller there and buy bitcoin with a payment method of your choosing. However, seller fees are on the higher side.
-When selling, how much higher should I sell to cover up the transaction/processing fee?
Transaction fee is nowadays 0,00025-0,0005 , so that is the minimum profit you should get. You should consider your price by the hours you put in, your capital and payment methods. You can sell for a pretty high margin with Paypal, because there is a risk of chargeback, where as PerfectMoney is much more safer.
-Is it a must to have at least 1 BTC for trading/investing, or I could have like 0.015BTC and hold them till the price rise?
There is really no low or upper limit to trading/investing, but you should consider how much profit you want to make. If you for example start trading with 0.015, you won't have much success, as you have to keep high margins because of transaction fees. Generally if you are going to be buying/selling bitcoin, anything below 0,2
BTC is just wasting your time.
Hope this helped, good luck in your journey!
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Sorry that my quoting sucks, so I have to type point by point.
-If I buy/sell with coinbase, upon receiving the coin, I will have to transfer them to Bitcoin Core if I intend to use it as my wallet right?
-When purchasing from localbitcoin, is it possible to transfer it to Bitcoin Core, and sell them off using other website eg. Coinbase?
-For wallets, when using electrum wallet, is the transaction fee worth it if I only intend to buy 1/2 bitcoin?
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