Investing in Bitcoin with Tiffin money of my college life.

[Bitcoin_people]

 

I am very happy to buy Bitcoin for the first time in my life. My dream from my school life was that I would invest in Bitcoin in the future and started saving money from my school life. I saved some money from the many tiffins and various tuitions I earned during my college life and finally invested in Bitcoin. And I have fulfilled my past dream today by investing in Bitcoin.
Right now I Buy BTC0.00688 BTC which is some amount of $163 when converted to USDT.
I have invested as much as I can in this current market in Bitcoin. and I hope to save more money and invest in Bitcoin in the future.

[1714611700]

1714611700

[Charles-Tim]

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

[Zanab247]

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

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

[headingnorth]

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

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

[Aanuoluwatofunmi]

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

Addition advise why you should avoid centralized exchanges.

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

[goldkingcoiner]

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

Exactly what I wanted to say.

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

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

[Charles-Tim]

5. You're no difference from someone using a bank because everything you do under a centralized exchange is from a central authority like the banks and other centralized institutionizations did.

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

[blockman]

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

[OcTradism]

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

Reminder: do not keep your money in online accounts

Some topics about security, passwords to protect your devices, files, wallets and your coins better.
Security checklist
Good topics on security and privacy
How to Create a Strong/Secure Password]
Are your passwords in the green?

[Bananington]

Right now I Buy BTC0.00688 BTC which is some amount of $163 when converted to USDT.
I have invested as much as I can in this current market in Bitcoin. and I hope to save more money and invest in Bitcoin in the future.

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

[LDL]

~

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

[drwhobox]

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

[NotATether]

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

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


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

[bmwister]

 

I am very happy to buy Bitcoin for the first time in my life. My dream from my school life was that I would invest in Bitcoin in the future and started saving money from my school life. I saved some money from the many tiffins and various tuitions I earned during my college life and finally invested in Bitcoin. And I have fulfilled my past dream today by investing in Bitcoin.
Right now I Buy BTC0.00688 BTC which is some amount of $163 when converted to USDT.
I have invested as much as I can in this current market in Bitcoin. and I hope to save more money and invest in Bitcoin in the future.

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

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

[Z-tight]

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

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

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

[inthelongrun]

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

[pawanjain]

snip

I am very happy to buy Bitcoin for the first time in my life. My dream from my school life was that I would invest in Bitcoin in the future and started saving money from my school life. I saved some money from the many tiffins and various tuitions I earned during my college life and finally invested in Bitcoin. And I have fulfilled my past dream today by investing in Bitcoin.
Right now I Buy BTC0.00688 BTC which is some amount of $163 when converted to USDT.
I have invested as much as I can in this current market in Bitcoin. and I hope to save more money and invest in Bitcoin in the future.[/size]

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

[Pandu Geddon]

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

[leonair]

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

I am not ready to invest for a long time right now.  Currently I have some money with which I trade to make some more money and then prepare to buy and hold bitcoins for the long term. I think buying bitcoins at present is definitely profitable but I need to be patient enough.  But I don't have that much patience right now so I want to invest in Altcoin with a small amount first. And later invest some profit from here in Bitcoin for long time.

on the other hand you create this account and participate on quiz with your first post for getting merit and you successfully got 1 merit there.

I am very happy to participate in this quiz. I first learned something new from this quiz.
My Bitcoin history quiz answers..

So it's not suspicious that you have another alt account. and this is too is a neat story to get merit

[Popkon6]

 

I am very happy to buy Bitcoin for the first time in my life. My dream from my school life was that I would invest in Bitcoin in the future and started saving money from my school life. I saved some money from the many tiffins and various tuitions I earned during my college life and finally invested in Bitcoin. And I have fulfilled my past dream today by investing in Bitcoin.

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

Right now I Buy BTC0.00688 BTC which is some amount of $163 when converted to USDT.
I have invested as much as I can in this current market in Bitcoin. and I hope to save more money and invest in Bitcoin in the future.

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