My First Purchases of Bitcoin

[South Park]

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

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

[The Cryptovator]

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

[BitDane]

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

[Rengga Jati]

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

It is not easy for someone  to buy bitcoin  because  of the  bear  market at this time but I picked  courage  and bought it.

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

[famososMuertos]

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

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

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

 Congratulations.

[DoublerHunter]

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

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

[Welsh]

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

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

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

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

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

[nurilham]

I was very happy to buy Bitcoin today . Since I am new in the crypto ecosystem I used $5.41 to purchase Bitcoin which  is equivalent to 0.00032258 BTC and I am planning  to buy more.

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

It is not easy for someone  to buy bitcoin  because  of the  bear  market at this time but I picked  courage  and bought it.

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

[Issa56]

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

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

[ChiNgadOr]

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

[bhooscream]

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

[coinerer]

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

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

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

[Maidak]

You should not be scared of the bear market because it is just for a little while and if you keep investing and buying more holdings then I'm due time you will be a millionaire when Bitcoin commence the bull run.

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

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

[Ahli38]

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

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

[Davidvictorson]

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

[traderethereum]

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

[Frankolala]

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

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

Congrats DaNNy

[Lucius]

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

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

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

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

[Antonas1]

You should not be scared of the bear market because it is just for a little while and if you keep investing and buying more holdings then I'm due time you will be a millionaire when Bitcoin commence the bull run. ~snip~

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

[Renampun]

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

...

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