Am I doing anything wrong by holding bitcoin?⁰

[CaCO3]

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

[jackg]

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

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

[CaCO3]

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

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

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

[jackg]

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

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

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

[Mpamaegbu]

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

[CaCO3]

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

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

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

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

[CaCO3]

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

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

[Welsh]

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

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

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

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

[JeotQ]

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

[The Cryptovator]

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

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

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

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

[Little Mouse]

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

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

[BITCOIN4X]

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

I believe that in 2021 these held bitcoins of mine will make me much happier. Certainly I'm not doing anything wrong by holding bitcoin.

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

[Asuspawer09]

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

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

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

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

[Welsh]

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

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

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

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

[joniboini]

I believe that in 2021 these held bitcoins of mine will make me much happier.

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

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

[Pokapoka124]

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

[Coyster]

I made a thread few weeks ago about Bitcoin and FOMO. This isn’t the best time to buy, I’d advise you should wait till massive dip. That's my rule always buy the dip and sell the pump. Take for example the massive pump in 2017, those who bought bitcoin at that time had to wait for a year before they could sell and make profits.

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

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

[hatshepsut93]

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

[janggernaut]

I believe that in 2021 these held bitcoins of mine will make me much happier.

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

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

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

Wish you goodluck, @CaC03

[FaucetKING]

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