Barikui1
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July 12, 2024, 07:10:59 AM |
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Sure. I agree that there are risks with exchanges, yet I still was making the point that it is probably better for a newbie investor to get started investing in bitcoin rather than worrying about self-custody, even if there we all know that there are benefits (and advantages) to self-custody, I doubt it is helpful to not invest into bitcoin merely for some prerequisite that self-custody needs to be learned prior to investing into bitcoin. In other words, I am suggesting to get started and figure out self-custody later. I hope newbie investors read this post as a reference in increasing knowledge in investing in Crypto assets and also how to store assets that are truly safe. Storing assets on the Exchange is certainly very risky, but if you store assets on the Exchange in small amounts to avoid the large fee burden that must be borne and make it easier to disburse funds when needed, this can be done especially for investors who use the DCA strategy. Newbie investors need to increase security to protect the assets they own and need to avoid storing long-term assets on exchanges, because this action is not recommended. They must always be consistent in developing their knowledge and love every process they go through, this method will take them further and last longer by enjoying maximum results than investors who only focus on the results. I totally agree with your sentiment bro, in as much as we as Bitcoin investors are looking to accumulate more Bitcoin unit as much as possible, we shouldn't play with our security, am saying so because it would be very sad if after accumulating Bitcoin over the years, and we lose it in a day, just like the senerio of ftx, so on my own opinion, as a Bitcoin investor, we should not fade the idea self custodian wallet of a thing, the security of our asset is more important than risking all our holding, by leaving it in an exchange due to the fear of high fees, what I think is best is the exact thing @reagansimms has already said, which is leaving a very small fraction of Bitcoin in an exchange, so as to be able to utilize it if the needs arise, but keeping your entire holding in an exchange is a dangerous risk which we all should avoid by all means. And lastly, as a Bitcoin investor that really want to be successful, the best thing to do at this accumulating stage is to stop paying attention to the negativity most people are putting out there about Bitcoin and just be looking at the bigger picture in the longer term, and if you can hold on strong for a long time interval like 5 to 10 years time, you will be very much successful in your holdings, because the longer you hold the more potential of milk something nice out of your Bitcoin holdings.
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Promocodeudo
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 12, 2024, 07:48:56 AM |
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~~~
Sure. I agree that there are risks with exchanges, yet I still was making the point that it is probably better for a newbie investor to get started investing in bitcoin rather than worrying about self-custody, even if there we all know that there are benefits (and advantages) to self-custody, I doubt it is helpful to not invest into bitcoin merely for some prerequisite that self-custody needs to be learned prior to investing into bitcoin. In other words, I am suggesting to get started and figure out self-custody later. I hope newbie investors read this post as a reference in increasing knowledge in investing in Crypto assets and also how to store assets that are truly safe. Storing assets on the Exchange is certainly very risky, but if you store assets on the Exchange in small amounts to avoid the large fee burden that must be borne and make it easier to disburse funds when needed, this can be done especially for investors who use the DCA strategy. Newbie investors need to increase security to protect the assets they own and need to avoid storing long-term assets on exchanges, because this action is not recommended. They must always be consistent in developing their knowledge and love every process they go through, this method will take them further and last longer by enjoying maximum results than investors who only focus on the results. You just mentioned the fundamentals of this journey, this reminds me of what happened to me when I used exchange to receive a BTC worth of $11.68 and I lost it because it wasn't up to the minimum deposit of that exchange, then I was just a novice and I belived that it is only exchange that can do such, exchange has different excuses at all time, as for me, be it short or long-term investment, i dont have anything to do with exchange unless in terms selling a little of my profit from my Bitcoin holding and It can never be the exchange I lost my funds in, that fund i lost is still affecting me till this moment, my sincere advise for every newbie is that even though you want to do any form of transaction in any exchange, you should be security conscious at all time and always know their minimum deposit to avoid being a victim of regret. There are numerous excuses in exchanges and a newbie do not need those stress during Bitcoin accumulation process, to avoid any form of distraction in the journey, every newbie should concentrate on making use of non-custodial wallet for accumulation of Bitcoin to maintain high level of security that allows personal control of your holdings and continue doing the needful for the long-term expected outcome.
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Wind_FURY (OP)
Legendary
Offline
Activity: 3010
Merit: 1878
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July 12, 2024, 09:11:54 AM |
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~~~ Sure. I agree that there are risks with exchanges, yet I still was making the point that it is probably better for a newbie investor to get started investing in bitcoin rather than worrying about self-custody, even if there we all know that there are benefits (and advantages) to self-custody, I doubt it is helpful to not invest into bitcoin merely for some prerequisite that self-custody needs to be learned prior to investing into bitcoin. In other words, I am suggesting to get started and figure out self-custody later. I hope newbie investors read this post as a reference in increasing knowledge in investing in Crypto assets and also how to store assets that are truly safe. Storing assets on the Exchange is certainly very risky, but if you store assets on the Exchange in small amounts to avoid the large fee burden that must be borne and make it easier to disburse funds when needed, this can be done especially for investors who use the DCA strategy. Newbie investors need to increase security to protect the assets they own and need to avoid storing long-term assets on exchanges, because this action is not recommended. They must always be consistent in developing their knowledge and love every process they go through, this method will take them further and last longer by enjoying maximum results than investors who only focus on the results. I hate the idea of a large number of coins being held on exchanges and through third parties, yet we need to attempt to be practical when it comes to newbie investors, and some of them are ONLY buying $10-$100 at a time and maybe that could be weekly or monthly, and so surely in the last year and a half, I have been a pretty BIG advocate for trying to lessen the likelihood that newbies are going to end up with a whole bunch of unspendable transactions during periods of time merely because they end up having a bunch of small UTXOs, which ended up defeating part of the reason to get into bitcoin in terms of being able to store assets that go up in value, but if later down the road your asset becomes uneconomical or fees greatly dig into any transaction that you might send at any given time, then you may well have had not gotten some of the value out of your having had gotten into bitcoin..... so there is another reason not to rush into sending a bunch of small UTXOs to yourself, and maybe learning enough about bitcoin, even while getting started investing into it right away, to manage your UTXOs, and sure maybe you might have some UTXOs that are relatively small and under $100, but maybe you will come to a reasonable conclusion that you ONLY purposefully send transactions to yourself when the reach a certain value, such as greater than $500. Or maybe if you are transacting with others, you might have some transactions on lighting network, especially if under $100.. and yeah fees have come back down to reasonable rates in recent times, but we still should try to know about UTXO management, even though that might not be very much a beginner topic, yet a beginner should still try to get involved in bitcoin sooner rather than later, even though UTXO management could well end up affecting the value of his investment, especially if he is frequently buying small amounts of BTC and he ends up transferring those small amounts to private wallets and then ending up with a bunch of small UTXOs later down the road when transaction fees might end up being higher than they are now. and maybe even certain size UTXOs become unspendable or uneconomical to spend on the main chain (absent some tools that might help to fix these matters in the future, perhaps? perhaps? or maybe poor people continue to get screwed? what else is new?). 👍 Good, practical advice. But newbies should immediately start "practicing" self-custody with a small amount, and actually get themselves used to sending/using their Bitcoin with small transactions. - Get them to know with what's being shilled to them. Hahaha. ![Cool](https://bitcointalk.org/Smileys/default/cool.gif) Although, users could also continuously buy the DIP/DCA, then send their coins immediately to their wallets, and consolidate those outputs regularly especially if fees are low. The fees paid will absolutely be less than losing all of your coins stored in a centralized exchange. ¯\_(ツ)_/¯
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Tmoonz
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 12, 2024, 10:25:02 AM |
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~~~
Sure. I agree that there are risks with exchanges, yet I still was making the point that it is probably better for a newbie investor to get started investing in bitcoin rather than worrying about self-custody, even if there we all know that there are benefits (and advantages) to self-custody, I doubt it is helpful to not invest into bitcoin merely for some prerequisite that self-custody needs to be learned prior to investing into bitcoin. In other words, I am suggesting to get started and figure out self-custody later. I completely agree with @sir jayjuanGee, a popular adage goes by saying that, a journey of a thousands miles begins with a step, another also says that rome was not built in a day. However, getting started and figure out other things along the line has been said severally and it worth reminding since newbies are increasing on basis, I will always say that anyone ever considering venturing in to Bitcoin space must be opened minded to always learn new things by not limiting one self from learning as learning continues, perhaps Bitcoin is still a growing asset where one needs to be getting or increasing knowledge as regards to having or building a good foundation that will secure and add value to your investment.
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Odohu
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 12, 2024, 10:35:04 AM Merited by JayJuanGee (1) |
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Good, practical advice. But newbies should immediately start "practicing" self-custody with a small amount, and actually get themselves used to sending/using their Bitcoin with small transactions. - Get them to know with what's being shilled to them. Hahaha. ![Cool](https://bitcointalk.org/Smileys/default/cool.gif) Although, users could also continuously buy the DIP/DCA, then send their coins immediately to their wallets, and consolidate those outputs regularly especially if fees are low. The fees paid will absolutely be less than losing all of your coins stored in a centralized exchange. Thanks for this advice that sounds so practical and easy to comprehend. This does not only apply to newbies but also experienced guys too because some still store their funds in centralized exchanges even till this moment. I have had a discussion with an old investor in Bitcoin and I was surprised to know that he still stores a large chunk of his Bitcoin in CEX rather than his private wallets even though he has one. The transaction fees is usually the first excuse they use especially those using weekly DCA. What I have implemented is is monthly withdrawal from CEX to my private wallet even though I'm using weekly DCA combined with buying the dip... all my purchases are withdrawn to my private wallet monthly. I know this is still risky but the risk is highly minimised as not all my Bitcoin will be exposed to such risk.
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Sim_card
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 12, 2024, 10:47:14 AM Merited by JayJuanGee (1) |
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~~~ Sure. I agree that there are risks with exchanges, yet I still was making the point that it is probably better for a newbie investor to get started investing in bitcoin rather than worrying about self-custody, even if there we all know that there are benefits (and advantages) to self-custody, I doubt it is helpful to not invest into bitcoin merely for some prerequisite that self-custody needs to be learned prior to investing into bitcoin. In other words, I am suggesting to get started and figure out self-custody later. I hope newbie investors read this post as a reference in increasing knowledge in investing in Crypto assets and also how to store assets that are truly safe. Storing assets on the Exchange is certainly very risky, but if you store assets on the Exchange in small amounts to avoid the large fee burden that must be borne and make it easier to disburse funds when needed, this can be done especially for investors who use the DCA strategy. Newbie investors need to increase security to protect the assets they own and need to avoid storing long-term assets on exchanges, because this action is not recommended. They must always be consistent in developing their knowledge and love every process they go through, this method will take them further and last longer by enjoying maximum results than investors who only focus on the results. I hate the idea of a large number of coins being held on exchanges and through third parties, yet we need to attempt to be practical when it comes to newbie investors, and some of them are ONLY buying $10-$100 at a time and maybe that could be weekly or monthly, and so surely in the last year and a half, I have been a pretty BIG advocate for trying to lessen the likelihood that newbies are going to end up with a whole bunch of unspendable transactions during periods of time merely because they end up having a bunch of small UTXOs, which ended up defeating part of the reason to get into bitcoin in terms of being able to store assets that go up in value, but if later down the road your asset becomes uneconomical or fees greatly dig into any transaction that you might send at any given time, then you may well have had not gotten some of the value out of your having had gotten into bitcoin..... so there is another reason not to rush into sending a bunch of small UTXOs to yourself, and maybe learning enough about bitcoin, even while getting started investing into it right away, to manage your UTXOs, and sure maybe you might have some UTXOs that are relatively small and under $100, but maybe you will come to a reasonable conclusion that you ONLY purposefully send transactions to yourself when the reach a certain value, such as greater than $500. Or maybe if you are transacting with others, you might have some transactions on lighting network, especially if under $100.. and yeah fees have come back down to reasonable rates in recent times, but we still should try to know about UTXO management, even though that might not be very much a beginner topic, yet a beginner should still try to get involved in bitcoin sooner rather than later, even though UTXO management could well end up affecting the value of his investment, especially if he is frequently buying small amounts of BTC and he ends up transferring those small amounts to private wallets and then ending up with a bunch of small UTXOs later down the road when transaction fees might end up being higher than they are now. and maybe even certain size UTXOs become unspendable or uneconomical to spend on the main chain (absent some tools that might help to fix these matters in the future, perhaps? perhaps? or maybe poor people continue to get screwed? what else is new?). 👍 Good, practical advice. But newbies should immediately start "practicing" self-custody with a small amount, and actually get themselves used to sending/using their Bitcoin with small transactions. - Get them to know with what's being shilled to them. Hahaha. ![Cool](https://bitcointalk.org/Smileys/default/cool.gif) Although, users could also continuously buy the DIP/DCA, then send their coins immediately to their wallets, and consolidate those outputs regularly especially if fees are low. The fees paid will absolutely be less than losing all of your coins stored in a centralized exchange. ¯\_(ツ)_/¯ I think using a noncustodial wallet in the beginning to keep your small UTXO depends on the amount that you are buying always. The reason why I said this is because for someone that is buying $50 bitcoin and above every week or month can transfer after buying to his noncustodial wallet regularly because the transaction fee will not be affect what he will have as his balance that much and when fee are cheap he can consolidate all his transactions to one output. However, I just thought of it that it will not be the best practice and will not be important because when transaction fees are extremely high exchange will charge high for the transaction fee of $50 and above which will be very discouraging and will kill purpose of trying to always keep your funds in a self custody wallet. It means that such person will have no option than to still leave his bitcoin in an exchange for it to accumulate up to $500 and above before sending it to his self custody wallet. Since I am buying regular with DCA that is what I do especially when transaction fees are high. It is only if the investor is being paid in bitcoin and he gave his employer his self custody bitcoin wallet address that when the transaction that he will always think of consolidating his transactions with small UTXO when the fee is low. So I agree with everything that JJG said about newbies leaving their coins in exchange when buying with DCA regularly to accumulate it to a bigger amount before sending to self custody wallet to avoid damaging the value of their bitcoin investment profit in future when fees are damn high. Most newbies don't even know the difference with a self custody wallet and an exchange, in the beginning they do feel that exchanges are wallets and they are cool keeping their coins there but as time goes on when they have begin to increase their bitcoin with regular DCA weekly, they will want to learn on how to keep their coins more safer which will make them know about self custody wallet. When I was a noob, I didn't know this too.
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Solodoski
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July 12, 2024, 11:14:22 AM |
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"Buy the DIP and HODL, Buy low sell high"... Okay what's the high and the low, when do they ever happen, please somebody should tell me now
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Zackz5000
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July 12, 2024, 11:36:32 AM Last edit: July 12, 2024, 11:55:41 AM by Zackz5000 Merited by Kelward (3), JayJuanGee (1) |
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"Buy the DIP and HODL, Buy low sell high"... Okay what's the high and the low, when do they ever happen, please somebody should tell me now
Smile actually this thread is not talking about selling but it's talking about how an investor can be able to accumulate more Bitcoin and HODL for a longer period of time precisely from 4-10 years and above. Also there are different method which you can use to accumulate Bitcoin, we have the buy the dip method which helps you accumulate Bitcoin when the Bitcoin price is low we also have the lump sum strategy when required enough cash flow to accumulate we also have the DCA strategy which helps you accumulate Bitcoin in different price level be it low or high either weekly or monthly. Investors mostly adopt the DCA strategy because it helps them accumulate more and more Bitcoin in different price level so in order not to sell out your Bitcoin holding you need to set aside a discretionary income incase any unforeseen circumstances may occur it won't affect Bitcoin hodling. The high and the low is the nature of Bitcoin for it price is unpredictable for it goes up and down.
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Justbillywitt
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July 12, 2024, 12:36:58 PM |
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~~~
Sure. I agree that there are risks with exchanges, yet I still was making the point that it is probably better for a newbie investor to get started investing in bitcoin rather than worrying about self-custody, even if there we all know that there are benefits (and advantages) to self-custody, I doubt it is helpful to not invest into bitcoin merely for some prerequisite that self-custody needs to be learned prior to investing into bitcoin. In other words, I am suggesting to get started and figure out self-custody later. I hope newbie investors read this post as a reference in increasing knowledge in investing in Crypto assets and also how to store assets that are truly safe. Storing assets on the Exchange is certainly very risky, but if you store assets on the Exchange in small amounts to avoid the large fee burden that must be borne and make it easier to disburse funds when needed, this can be done especially for investors who use the DCA strategy. Newbie investors need to increase security to protect the assets they own and need to avoid storing long-term assets on exchanges, because this action is not recommended. They must always be consistent in developing their knowledge and love every process they go through, this method will take them further and last longer by enjoying maximum results than investors who only focus on the results. You just mentioned the fundamentals of this journey, this reminds me of what happened to me when I used exchange to receive a BTC worth of $11.68 and I lost it because it wasn't up to the minimum deposit of that exchange, then I was just a novice and I belived that it is only exchange that can do such, exchange has different excuses at all time, as for me, be it short or long-term investment, i dont have anything to do with exchange unless in terms selling a little of my profit from my Bitcoin holding and It can never be the exchange I lost my funds in, that fund i lost is still affecting me till this moment, my sincere advise for every newbie is that even though you want to do any form of transaction in any exchange, you should be security conscious at all time and always know their minimum deposit to avoid being a victim of regret. There are numerous excuses in exchanges and a newbie do not need those stress during Bitcoin accumulation process, to avoid any form of distraction in the journey, every newbie should concentrate on making use of non-custodial wallet for accumulation of Bitcoin to maintain high level of security that allows personal control of your holdings and continue doing the needful for the long-term expected outcome. In as much as I agree with you that every newbie should choose non custodian wallets when it comes to storing their assets. But on the issue of you losing your asset on exchange because the asset was below the minimum deposit was completely your fault. Every exchanges has terms and conditions of use and before you signed up with them you agreed with those terms and conditions of which the minimum deposit was part of those terms and conditions, so if you failed to confirm each minimum deposit before making your transaction, I think it's a total neglegence from your side and the exchange shouldn't be held responsible for that. But it's a good thing that you shared your experience with others so that through your experience both newbies and old investors won't make such mistakes in the in the future.
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▀▀▀▀▀▀▀██████▄▄ ████████████████ ▀▀▀▀█████▀▀▀█████ ████████▌███▐████ ▄▄▄▄█████▄▄▄█████ ████████████████ ▄▄▄▄▄▄▄██████▀▀ | LLBIT | | | 4,000+ GAMES███████████████████ ██████████▀▄▀▀▀████ ████████▀▄▀██░░░███ ██████▀▄███▄▀█▄▄▄██ ███▀▀▀▀▀▀█▀▀▀▀▀▀███ ██░░░░░░░░█░░░░░░██ ██▄░░░░░░░█░░░░░▄██ ███▄░░░░▄█▄▄▄▄▄████ ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ | █████████ ▀████████ ░░▀██████ ░░░░▀████ ░░░░░░███ ▄░░░░░███ ▀█▄▄▄████ ░░▀▀█████ ▀▀▀▀▀▀▀▀▀ | █████████ ░░░▀▀████ ██▄▄▀░███ █░░█▄░░██ ░████▀▀██ █░░█▀░░██ ██▀▀▄░███ ░░░▄▄████ ▀▀▀▀▀▀▀▀▀ |
| | | | | | | | | ▄▄████▄▄ ▀█▀▄▀▀▄▀█▀ ▄▄░░▄█░██░█▄░░▄▄ ▄▄█░▄▀█░▀█▄▄█▀░█▀▄░█▄▄ ▀▄█░███▄█▄▄█▄███░█▄▀ ▀▀█░░░▄▄▄▄░░░█▀▀ █░░██████░░█ █░░░░▀▀░░░░█ █▀▄▀▄▀▄▀▄▀▄█ ▄░█████▀▀█████░▄ ▄███████░██░███████▄ ▀▀██████▄▄██████▀▀ ▀▀████████▀▀ | . ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ ░▀▄░▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄░▄▀ ███▀▄▀█████████████████▀▄▀ █████▀▄░▄▄▄▄▄███░▄▄▄▄▄▄▀ ███████▀▄▀██████░█▄▄▄▄▄▄▄▄ █████████▀▄▄░███▄▄▄▄▄▄░▄▀ ████████████░███████▀▄▀ ████████████░██▀▄▄▄▄▀ ████████████░▀▄▀ ████████████▄▀ ███████████▀ | ▄▄███████▄▄ ▄████▀▀▀▀▀▀▀████▄ ▄███▀▄▄███████▄▄▀███▄ ▄██▀▄█▀▀▀█████▀▀▀█▄▀██▄ ▄██▀▄███░░░▀████░███▄▀██▄ ███░████░░░░░▀██░████░███ ███░████░█▄░░░░▀░████░███ ███░████░███▄░░░░████░███ ▀██▄▀███░█████▄░░███▀▄██▀ ▀██▄▀█▄▄▄██████▄██▀▄██▀ ▀███▄▀▀███████▀▀▄███▀ ▀████▄▄▄▄▄▄▄████▀ ▀▀███████▀▀ | | OFFICIAL PARTNERSHIP SOUTHAMPTON FC FAZE CLAN SSC NAPOLI |
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avp2306
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July 12, 2024, 01:00:31 PM |
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I hope newbie investors read this post as a reference in increasing knowledge in investing in Crypto assets and also how to store assets that are truly safe. Storing assets on the Exchange is certainly very risky, but if you store assets on the Exchange in small amounts to avoid the large fee burden that must be borne and make it easier to disburse funds when needed, this can be done especially for investors who use the DCA strategy. Newbie investors need to increase security to protect the assets they own and need to avoid storing long-term assets on exchanges, because this action is not recommended. They must always be consistent in developing their knowledge and love every process they go through, this method will take them further and last longer by enjoying maximum results than investors who only focus on the results.
You just mentioned the fundamentals of this journey, this reminds me of what happened to me when I used exchange to receive a BTC worth of $11.68 and I lost it because it wasn't up to the minimum deposit of that exchange, then I was just a novice and I belived that it is only exchange that can do such, exchange has different excuses at all time, as for me, be it short or long-term investment, i dont have anything to do with exchange unless in terms selling a little of my profit from my Bitcoin holding and It can never be the exchange I lost my funds in, that fund i lost is still affecting me till this moment, my sincere advise for every newbie is that even though you want to do any form of transaction in any exchange, you should be security conscious at all time and always know their minimum deposit to avoid being a victim of regret. There are numerous excuses in exchanges and a newbie do not need those stress during Bitcoin accumulation process, to avoid any form of distraction in the journey, every newbie should concentrate on making use of non-custodial wallet for accumulation of Bitcoin to maintain high level of security that allows personal control of your holdings and continue doing the needful for the long-term expected outcome. In as much as I agree with you that every newbie should choose non custodian wallets when it comes to storing their assets. But on the issue of you losing your asset on exchange because the asset was below the minimum deposit was completely your fault. Every exchanges has terms and conditions of use and before you signed up with them you agreed with those terms and conditions of which the minimum deposit was part of those terms and conditions, so if you failed to confirm each minimum deposit before making your transaction, I think it's a total neglegence from your side and the exchange shouldn't be held responsible for that. But it's a good thing that you shared your experience with others so that through your experience both newbies and old investors won't make such mistakes in the in the future. If people got confused about what are the best non custodian wallet to choose then they should see this site https://www.techopedia.com/cryptocurrency/best-non-custodial-walletsThey should never think about that exchange are best for them to store their bitcoin since there's lot of risk involve for doing that. Also we don't know if the exchange would ever last for more 4-10 years cycle that's why we should seek for better wallets to make sure that our funds accumulated will be safe for scamming and hacking incidents. I didn't encounter any issue regarding on minimum deposit errors since I always make sure that I follow the minimum requirement of exchange. Also people should follow that and do research on possible consequences of their action done so they could avoid any potential losses due to bad decisions they take. Majority wants to be safe from anything and want to succeed on their investment, that's why they should do more research to verify every information since this could help them a lot especially taking critical decisions.
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Furious 7
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July 12, 2024, 02:29:00 PM |
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I believe by now a lot of Bitcoin investor should know the risks associated with exchanges. We have witnessed a lot of exchanges that collapse, and investors don't have access to their funds again. And one thing again is that when someone leaves their Bitcoin in an exchange, it means that is not only person has access to the Bitcoin, and once someone is not the only one having access to it Bitcoin, it Bitcoin it already at risks. meaning any issue can come up later with your Bitcoin investment. The best way our Bitcoin can be properly secured is by using our personal wallet, which is called non-custodial wallets.so it is good advise to always store our Bitcoin in non-custodial wallets that will have full control to especially hold term Bitcoin holders.
Sure. I agree that there are risks with exchanges, yet I still was making the point that it is probably better for a newbie investor to get started investing in bitcoin rather than worrying about self-custody, even if there we all know that there are benefits (and advantages) to self-custody, I doubt it is helpful to not invest into bitcoin merely for some prerequisite that self-custody needs to be learned prior to investing into bitcoin. In other words, I am suggesting to get started and figure out self-custody later. When we are in bitcoin, apart from this can be used as an investment, we also do not want anyone else's interference in controlling our investment because the concept of bitcoin is clear that there are no third parties who can intervene or take any action on the assets we have. So by looking at this we should realize that when we store our assets on the exchange, indirectly actually in this case even though we also have full control but there are still third parties who limit the movements we have which will be very dangerous if we try to store in the long term in the exchange. Many exchanges eventually experienced problems and collapsed, for example, as happened to FTX some time ago which should be used as a lesson that storing on the exchange is not a safe action to make our assets comfortable so it is important from this that we must really be able to choose which one is the best so that in the end we do not have many problems and risks from outside the investment we do.
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| . .Duelbits. | │ | | │ | ▄▄█▄▄░░▄▄█▄▄░░▄▄█▄▄ ███░░░░███░░░░███ ▀░░░▀░░▀░░░▀░░▀░░░▀ ▄░░░░░░░░░░░░ ▀██████████ ░░░░░███░░░░▀ ░░█░░░███▄█░░░█ ░░██▌░░███░▀░░██▌ ░█░██░░███░░░█░██ ░█▀▀▀█▌░███░░█▀▀▀█▌ ▄█▄░░░██▄███▄█▄░░▄██▄ ▄███▄ ░░░░▀██▄▀ | . REGIONAL SPONSOR | | ███▀██▀███▀█▀▀▀▀██▀▀▀██ ██░▀░██░█░███░▀██░███▄█ █▄███▄██▄████▄████▄▄▄██ ██▀ ▀███▀▀░▀██▀▀▀██████ ███▄███░▄▀██████▀█▀█▀▀█ ████▀▀██▄▀█████▄█▀███▄█ ███▄▄▄████████▄█▄▀█████ ███▀▀▀████████████▄▀███ ███▄░▄█▀▀▀██████▀▀▀▄███ ███████▄██▄▌████▀▀█████ ▀██▄███▀██▄█▄▄▄██▄████▀ ▀▀██████████▄▄███▀▀ ▀▀▀▀█▀▀▀▀ | . EUROPEAN BETTING PARTNER | |
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Samlucky O
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July 12, 2024, 03:02:13 PM Merited by JayJuanGee (1) |
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"Buy the DIP and HODL, Buy low sell high"... Okay what's the high and the low, when do they ever happen, please somebody should tell me now
I think you are misunderstanding this thread. I think you should be more observant to understand the porpos of this thread. It's not actually a place to lean how to trade but where to buy bitcoin and hodl and there are certainly method involved to guide every step of your journey. I may not explain everything to you today, but you should have learnt what you ought to if you have checked the conversation of the first page like 2 to 3 pages of the thread also study the middle page and some few of the last page then you can communicate vividly without being confuse. Rome was not built a day. With time you will learn what you need to know. You haven't miss anything yet though, surely there where many newbies that flood This thread every week or month and they where confuse but as time goes on they whe able to pay much attention and learn alot. And became the best part of themselves. And you are not different from them.
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Ruttoshi
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Baba God Noni
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July 12, 2024, 03:12:21 PM Last edit: July 12, 2024, 03:49:46 PM by Ruttoshi Merited by JayJuanGee (1) |
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"Buy the DIP and HODL, Buy low sell high"... Okay what's the high and the low, when do they ever happen, please somebody should tell me now
I think you are misunderstanding this thread. I think you should be more observant to understand the porpos of this thread. It's not actually a place to lean how to trade but where to buy the dip and hodl. I may not explain everything to you today, but you should have learnt what you ought to if you have checked the conversation of the first page like 2 to 3 pages of the thread also study the middle page and some few of the last page then you can communicate vividly without being confuse. Rome was not built a day. With time you will learn what you need to know. You haven't miss anything yet though, surely there where many newbies that flood This thread every week or month and they where confuse but as time goes on they whe able to pay much attention and learn alot. And became the best part of themselves. And you are not different from them. The thread title does not mean that this thread is talking about buying bitcoin at the dip and hodli because that is not the right way to go about investing as a newbie but the thread is about using the three buying strategies to buy and invest in bitcoin for a very long period of time. Solodoski is a newbie and is confused that is why he is asking to know more about bitcoin. For a new beginner Solodoski he needs to invest using only the DCA method to buy and accumulate bitcoin for Avery long time. What he needs is to figure out how much from his disposable income he can put into bitcoin that can enable him buy bitcoin regularly without stopping every week or month so that he will be able to build his bitcoin up to a decent amount faster than when using buying at the dip. "Buy the DIP and HODL, Buy low sell high"... Okay what's the high and the low, when do they ever happen, please somebody should tell me now
The best time to buy bitcoin is now and the best time to sell your bitcoin investment is when the price is high which is in the future maybe after 10 years and above when you have reached your bitcoin target or when you feel that you have over accumulated enough Bitcoin in your portfolio. You don't need to think that buying now and selling tomorrow is the best because it means that you are a short term investor. The reason why I said that buying now is the best because it is better that you start buying bitcoin immediately you have the money to buy irrespective of the price of bitcoin. Like I said above if you have used part of your discretionary income to buy bitcoin and continue buying regular weekly or monthly that will give you the chance of growing your bitcoin stash overtime as long as you are consistent and persistent with your bitcoin accumulation with DCA approach. Lastly, for you to be able to hodli for long because that is when you will limit the risk investing in bitcoin, you needs to set up an emergency funds that will enable hodli for long based on how long you want to hodli and your bitcoin target so that you don't end up selling your bitcoin when an emergency arises. For this reason, it is better that you build your emergency funds simultaneously with your bitcoin investment with the other part of your discretionary income so that when your emergency funds have reached 3-6 months, you can start channeling your emergency funds to build a reserve funds to back up your emergency funds since your emergency funds is to back up your bitcoin investment and not to be touched only when a real life emergency happens.
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Samlucky O
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July 12, 2024, 03:45:09 PM |
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"Buy the DIP and HODL, Buy low sell high"... Okay what's the high and the low, when do they ever happen, please somebody should tell me now
I think you are misunderstanding this thread. I think you should be more observant to understand the porpos of this thread. It's not actually a place to lean how to trade but where to buy the dip and hodl. I may not explain everything to you today, but you should have learnt what you ought to if you have checked the conversation of the first page like 2 to 3 pages of the thread also study the middle page and some few of the last page then you can communicate vividly without being confuse. Rome was not built a day. With time you will learn what you need to know. You haven't miss anything yet though, surely there where many newbies that flood This thread every week or month and they where confuse but as time goes on they whe able to pay much attention and learn alot. And became the best part of themselves. And you are not different from them. The thread title does not mean that this thread is talking about buying bitcoin at the dip and hodli because that is not the right way to go about investing as a newbie but the thread is about using the three buying strategies to buy and invest in bitcoin for a very long period of time. If you check the part I bolded you will see that we are saying almost thesame thing just that I didn't put it the way you expect. That is why I said he can't learn everything a day because the way he sounded looks like he was in a hurry to know about what the thread is talking about. That's why I said what I said. It is ideal for a newbie to check the beginning of a thread to understand how the conversation has been going or what it's talking about. Not just jumping in the middle of discussion and ask such question. Though my reply may look somehow to you but that is actually the truth. What you have said concerning the 3 strategy of investment buy the dip and HODl, DCA and lump sum may not only be what the thread is all about. Because there are many things to learn from this thread apart' from that. Each reply has an answer to give, and the answer determines what the person will learn. So the learning process have already started.
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Moreno233
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July 12, 2024, 03:58:32 PM |
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"Buy the DIP and HODL, Buy low sell high"... Okay what's the high and the low, when do they ever happen, please somebody should tell me now
This is not a pump and dump thread so you are obviously misunderstanding the caption. Just so you know, buy the low is fine and a good way to get in but we have gone ahead to encourage people to hold for longer period and not sell at the sight of profit (high). As a guide, it was suggested that anyone coming into Bitcoin should have a 4-10years target of holding, this way you would have seen a complete market cycle to be able to maximize the opportunities that there is in the market. Buying low to sell high mindset will make you become a trader which is not what we are discussing here. Using that approach also have the tendency of making you miss the bigger profits when you sell so quickly upon seeing some pumps in the market. Instead of this approach, newbies like you and me are encouraged to use the DCA method to be fully committed to investing in Bitcoin while looking at long term. Another danger of the buy low to sell high mindset is that it will make you put much money into Bitcoin than you are supposed to and this wil put you in panic mode when the profit is not forthcoming. Instead of this, and like I said before, it is better to adopt the DCA method and build your Bitcoin portfolio gradually and peacefully.
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JayJuanGee
Legendary
Online
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Self-Custody is a right. Say no to"Non-custodial"
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July 12, 2024, 04:00:31 PM |
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Good, practical advice. But newbies should immediately start "practicing" self-custody with a small amount, and actually get themselves used to sending/using their Bitcoin with small transactions. - Get them to know with what's being shilled to them. Hahaha. ![Cool](https://bitcointalk.org/Smileys/default/cool.gif) Although, users could also continuously buy the DIP/DCA, then send their coins immediately to their wallets, and consolidate those outputs regularly especially if fees are low. The fees paid will absolutely be less than losing all of your coins stored in a centralized exchange. Thanks for this advice that sounds so practical and easy to comprehend. This does not only apply to newbies but also experienced guys too because some still store their funds in centralized exchanges even till this moment. I have had a discussion with an old investor in Bitcoin and I was surprised to know that he still stores a large chunk of his Bitcoin in CEX rather than his private wallets even though he has one. The transaction fees is usually the first excuse they use especially those using weekly DCA. What I have implemented is is monthly withdrawal from CEX to my private wallet even though I'm using weekly DCA combined with buying the dip... all my purchases are withdrawn to my private wallet monthly. I know this is still risky but the risk is highly minimised as not all my Bitcoin will be exposed to such risk. Let's say that you have a practice of withdrawing from exchanges about once per month, yet your situation is going to be different if you buy $10 per week versus if you buy $100 per week, and personally I believe that even creating a bunch of $40-$50 transactions would be too small, and of course guys can consider their various threshold issues. I do agree that guys should not wait more than 6-12 months to start learning about self-custody, which also involves practicing self-custody, so ultimately if someone gets to a point that they have been in bitcoin for a while, they should already be aiming to figure out ways to hold most of their value in self-custody rather than on exchanges, while at the same time, I am going to continue to assert that learning about self-custody should not be a prerequisite for getting started buying bitcoin, and I frequently emphasize the importance of getting started with bitcoin as soon as possible, which truly ONLY requires figuring out if the newbie has a disposable income and so figuring out how much to start with while he figures out other aspects of his cash flow issues (and/or solidifying his cashflow management skills).. which I believe to be the most important in getting started, even though even the cashflow management can be worked on while building an initial bitcoin position.. even if the starting point might only be buying $10 to $100 per week while figuring out other matters related to finances and psychology (perhaps assessing the 9 individual factors, which could take several months to get in some kind of order). [edited out]
I think using a noncustodial wallet in the beginning to keep your small UTXO depends on the amount that you are buying always. The reason why I said this is because for someone that is buying $50 bitcoin and above every week or month can transfer after buying to his noncustodial wallet regularly because the transaction fee will not be affect what he will have as his balance that much and when fee are cheap he can consolidate all his transactions to one output. However, I just thought of it that it will not be the best practice and will not be important because when transaction fees are extremely high exchange will charge high for the transaction fee of $50 and above which will be very discouraging and will kill purpose of trying to always keep your funds in a self custody wallet. It means that such person will have no option than to still leave his bitcoin in an exchange for it to accumulate up to $500 and above before sending it to his self custody wallet. Since I am buying regular with DCA that is what I do especially when transaction fees are high. It is only if the investor is being paid in bitcoin and he gave his employer his self custody bitcoin wallet address that when the transaction that he will always think of consolidating his transactions with small UTXO when the fee is low. So I agree with everything that JJG said about newbies leaving their coins in exchange when buying with DCA regularly to accumulate it to a bigger amount before sending to self custody wallet to avoid damaging the value of their bitcoin investment profit in future when fees are damn high. Most newbies don't even know the difference with a self custody wallet and an exchange, in the beginning they do feel that exchanges are wallets and they are cool keeping their coins there but as time goes on when they have begin to increase their bitcoin with regular DCA weekly, they will want to learn on how to keep their coins more safer which will make them know about self custody wallet. When I was a noob, I didn't know this too. As you mentioned, we should be thinking about current exchange fees / and also future exchange fees which are somewhat unpredictable. I have nothing against the idea of a newbie withdrawing early and/or practicing in order to learn about transacting in bitcoin and learning how to get his private wallet(s) set up.. My main objection remains guys seeming to insist (or to imply) that there is a need to learn about self-custody and to get started with self-custody right away, as if that were required to learn about prior to even getting started with accumulating bitcoin price exposure.. so in that regard, maybe I am a bit of a broken record about continuing to emphasize that newbies get started in bitcoin right away, even if the early times may end up keeping the value on exchanges... and yeah every person is going t have his own particulars in terms of both what he needs to learn and various aspects of his particulars that he might need to sort out, so in no way am I advocating a lack of learning, since there are people who spend many months, even getting into years of having bitcoin price exposure (and hold their value on exchanges), but still have little to no clue about what bitcoin is beyond considering it as a kind of number go up (NGU) technology.. which sure bitcoin may well be considered as a NGU technology, but there should be some effort to get beyond that to the extent that any of the newbies are capable of learning more about what bitcoin is so that they can learn how it is more than just NGU technology (and why it is more than just NGU).. some people may well not be capable of learning more, and so we have to be careful about demanding too much upon normies, including any kind of suggestion that we might start to make that dumb people cannot buy bitcoin.. which I would think bitcoin is for anyone and everyone, whether they are smart or dumb and whether they are willing to learn beyond NGU or not. Yes, it is likely that smart people and those willing to learn are going to have advantages, but not everyone is at the same level, so there are always going to be gradients in terms of what newbie bitcoiners are ready, willing and/or able to do in regards to bitcoin or in regards to anything related to bitcoin that we might be discussing in a thread like this. "Buy the DIP and HODL, Buy low sell high"... Okay what's the high and the low, when do they ever happen, please somebody should tell me now
As others have suggested, your post shows that you appear to be lost, and trying to change the topic of this thread. The reason that there is nothing in the thread title about "selling high" is because we are not talking about trading in this thread.. sure trading is a thing, and people do it. They also gamble, and there are other threads that go in that trading direction, which may or may not end up working out for you if you are wanting to trade bitcoin rather than figuring out a long term investment plan.. and you are free to do what you like, even though trading is not the topic of this particular thread.. so you are off-topic if you are wanting to discuss trading and/or gambling of bitcoin in this thread.
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1) Self-Custody is a right. There is no such thing as "non-custodial" or "un-hosted." 2) ESG, KYC & AML are attack-vectors on Bitcoin to be avoided or minimized. 3) How much alt (shit)coin diversification is necessary? if you are into Bitcoin, then 0%......if you cannot control your gambling, then perhaps limit your alt(shit)coin exposure to less than 10% of your bitcoin size...Put BTC here: bc1q49wt0ddnj07wzzp6z7affw9ven7fztyhevqu9k
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Marvelockg
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July 12, 2024, 04:15:28 PM Merited by JayJuanGee (1) |
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"Buy the DIP and HODL, Buy low sell high"... Okay what's the high and the low, when do they ever happen, please somebody should tell me now
this is another instance where a newbie bumps on a topic and reads a wrong meaning to the context of the title of the topic because it somehow appears to send a different message from the context it's actually serving. Although we've talk about the fact that when an average newbie visits this thread, the first impression they get is that the thread is about buying Bitcoin only when it's at the DIP and then holding it till it's high and then sell it out. It's the same thing @solodoski might have misunderstood from having a glance at the topic without going through it content. Because we've already talked about the need to leave it this way and that from the context of the discussion we arent talking about selling but rather about buying, I would also add that by buying Bitcoin now, you're actually buying low and by continuous buying and holding Bitcoin for a sustainable number of years, you're placed at position where if you ever want to sell, you're certain that you're selling high. So that's basically the essence of the thread which is to follow up on best strategy that will help you to continue buying Bitcoin for the long term and enjoy it benefit in the future.
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GigaBit
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July 12, 2024, 04:21:15 PM |
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~~~
Sure. I agree that there are risks with exchanges, yet I still was making the point that it is probably better for a newbie investor to get started investing in bitcoin rather than worrying about self-custody, even if there we all know that there are benefits (and advantages) to self-custody, I doubt it is helpful to not invest into bitcoin merely for some prerequisite that self-custody needs to be learned prior to investing into bitcoin. In other words, I am suggesting to get started and figure out self-custody later. I hope newbie investors read this post as a reference in increasing knowledge in investing in Crypto assets and also how to store assets that are truly safe. Storing assets on the Exchange is certainly very risky, but if you store assets on the Exchange in small amounts to avoid the large fee burden that must be borne and make it easier to disburse funds when needed, this can be done especially for investors who use the DCA strategy. Newbie investors need to increase security to protect the assets they own and need to avoid storing long-term assets on exchanges, because this action is not recommended. They must always be consistent in developing their knowledge and love every process they go through, this method will take them further and last longer by enjoying maximum results than investors who only focus on the results. Agree with you, It is definitely a good decision for a newbie if he can continue his regular buying using an exchange platform from the beginning. When bitcoin transaction fees increase, exchange platforms become more convenient for those who deposit small amounts of bitcoins especially who follow DCA method. If a normal DCA holder transfers Bitcoins to a secure wallet after a few months of depositing Bitcoins, his Bitcoins will be safe and the amount of additional costs will be reduced. Because transaction fees are not always high. Investor can keep his assets in safe place anytime as per convenience. And this is most effective only for those who wish to do DCA.
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JayJuanGee
Legendary
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Self-Custody is a right. Say no to"Non-custodial"
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July 12, 2024, 07:32:09 PM |
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"Buy the DIP and HODL, Buy low sell high"... Okay what's the high and the low, when do they ever happen, please somebody should tell me now
this is another instance where a newbie bumps on a topic and reads a wrong meaning to the context of the title of the topic because it somehow appears to send a different message from the context it's actually serving. Although we've talk about the fact that when an average newbie visits this thread, the first impression they get is that the thread is about buying Bitcoin only when it's at the DIP and then holding it till it's high and then sell it out. It's the same thing @solodoski might have misunderstood from having a glance at the topic without going through it content. The thread title is provocative in that regard, so surely there is some need to go beyond the superficial - and some forum members do not even try.. they don't even read the OP or alternatively some of the recent discussion. We cannot really expect any member to read 483 pages of this thread, but at least read a few of the posts might help to post something that is in the ballpark of on topic and relevant to the actual thread topic.... or at least relevant to some other post that might have brought up some other topic... but yeah, whatever, Solodoski seemed to have been shooting in the dark with his nonsense post. Because we've already talked about the need to leave it this way and that from the context of the discussion we arent talking about selling but rather about buying, I would also add that by buying Bitcoin now, you're actually buying low and by continuous buying and holding Bitcoin for a sustainable number of years, you're placed at position where if you ever want to sell, you're certain that you're selling high. So that's basically the essence of the thread which is to follow up on best strategy that will help you to continue buying Bitcoin for the long term and enjoy it benefit in the future.
It does seem pretty likely that the longer that any of us are in bitcoin, we have pretty good chances of having options and having our bitcoin holdings in profits.. or at least that is part of the expectation and the reason why any of us might be considering both buying bitcoin and maintaining some kind of a longer term plan in regards to our bitcoin approach.
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1) Self-Custody is a right. There is no such thing as "non-custodial" or "un-hosted." 2) ESG, KYC & AML are attack-vectors on Bitcoin to be avoided or minimized. 3) How much alt (shit)coin diversification is necessary? if you are into Bitcoin, then 0%......if you cannot control your gambling, then perhaps limit your alt(shit)coin exposure to less than 10% of your bitcoin size...Put BTC here: bc1q49wt0ddnj07wzzp6z7affw9ven7fztyhevqu9k
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letteredhub
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stead.builders
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July 12, 2024, 07:32:24 PM |
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I believe by now a lot of Bitcoin investor should know the risks associated with exchanges. We have witnessed a lot of exchanges that collapse, and investors don't have access to their funds again. And one thing again is that when someone leaves their Bitcoin in an exchange, it means that is not only person has access to the Bitcoin, and once someone is not the only one having access to it Bitcoin, it Bitcoin it already at risks. meaning any issue can come up later with your Bitcoin investment. The best way our Bitcoin can be properly secured is by using our personal wallet, which is called non-custodial wallets.so it is good advise to always store our Bitcoin in non-custodial wallets that will have full control to especially hold term Bitcoin holders.
Sure. I agree that there are risks with exchanges, yet I still was making the point that it is probably better for a newbie investor to get started investing in bitcoin rather than worrying about self-custody, even if there we all know that there are benefits (and advantages) to self-custody, I doubt it is helpful to not invest into bitcoin merely for some prerequisite that self-custody needs to be learned prior to investing into bitcoin. In other words, I am suggesting to get started and figure out self-custody later. The exchange as a third party is certainly a risk for those who know not to store there. But for beginners it is different they will definitely start storing on the exchange to buy bitcoin, but I suggest they learn how about storage in a non-custody wallet by buying hardware it is much more, but they will not think there early the most important thing is that their goal of investing in bitcoin is much better even though storing on the exchange is only temporary. Have a friend... where he is a beginner who started investing in bitcoin, the first thing he did was register on the exchange and buy it there, even though I explained the risks. I told him to learn about non-custodial wallets and once he understands it, he should buy it immediately, because there are so many hardware wallets that he has to choose according to his wishes. This is the process of a beginner's independence on how to store assets properly and safely, at least the beginner will know after a lot of time he learns. Self custody should never be replaced with exchange wallet storage, it is not equally an option anytime for a hodler because it's tantamount to gambling with your Hodling, I do conclude that an individual is not at the moment ready towards secured financial freedom if they still have their funds stored on exchange. If you can't afford a hardware wallet in the start there are software wallets a newbie can start with like Electrum and Trezor wallets which are simple to learn-how-to-use for a novice after downloading. After you are able to afford a hardware you can then do a transfer from the software to hardware wallet for maximum safety.
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