How I decided to buy some fractions of BTC after discussion with members here

[so98nn]

Agreed that most of them are from Nigeria and those 5-6 figures means a lot to them. This could be start of something big for them since bitcoins volatility and up rising has surprised the world many times. These fellas should keep working on their balances and keep adding such value over the time to their wallets. I am wondering if they work on paid to Click sites or Satoshi based faucets then they could end up having millions of Naira, is it or is not? Since the conversion is lot more higher for them against the dollar it could be something big for them. Practice those methods as well. Good luck dude.

[Yatsan]

Well, good for you that you actually engaged and invested on this industry. Have seen many topics wherein users are just planning to do so and are looking for advices but only a few have actually bought an amount. But since you've done so, please be mindful of how profit will be earned and how this industry really works. Do not be one of the investors who are assuming that profit will be earned easily from this industry. Right now, we are currently seeing additional increase with market peices of huge tokens in this industry which is a good thing but expect for declines 'coz there are no supporting reason for a continuous market price increase at this moment. Be patient.

[Dr.Bitcoin_Strange]

@OP, Frank A. Clark said, "If you find a path with no obstacles, it probably doesn't lead anywhere." As you have succeeded in buying some fraction of Bitcoin, that is also how some hackers and scammers are looking forward to successfully hacking people's wallets, stealing their private keys and security phrases, and messing with their funds. That's to say, Bitcoin is really a valuable asset, and a lot of people are accumulating it every day, either by buying it just the way you did or by stealing it through some scamming means. @Maus0728 has talked about your security, but you can also read these and these if you have time.

[AmoreJaz]

Well, good for you that you actually engaged and invested on this industry. Have seen many topics wherein users are just planning to do so and are looking for advices but only a few have actually bought an amount. But since you've done so, please be mindful of how profit will be earned and how this industry really works. Do not be one of the investors who are assuming that profit will be earned easily from this industry. Right now, we are currently seeing additional increase with market peices of huge tokens in this industry which is a good thing but expect for declines 'coz there are no supporting reason for a continuous market price increase at this moment. Be patient.

with his actual investment on this market, he will be more attentive on what's happening with this market. you won't know the feeling if you are just planning as compared to holding your own satoshis.
as he is already into this market, he will soon discover other investment opportunities with other alts. staking, flexible savings and many others. but should choose a reputable platform to avoid being screwed by scammers.

[Sayeds56]

Congratulations on your first Bitcoin acquisition! You actually reminded me of my first one too, somewhere between 2013 and 2014. Bitcoin was worth approximately $300-$400 back then, and I had acquired a decent sum of BTC for the money I had paid—it was actually more than I've ever acquired. I'd advise you to create an affordable monthly budget and purchase as much as possible since it's likely to be worth a lot more after the halving, approximately a little more than a year from now. Bitcoin has been an incredible journey so far, and I'm delighted to have been a part of it for the last few years. Don't make the same mistake I did; be persistent and don't give up if you see things going the wrong way.

I agree with your overall point Ultegra134; however, I would clarify that you can be persistent and even assertive with your ongoing investment into bitcoin, but there is no imperative to have to be overly aggressive or to have to try to compete with anyone else in terms of trying to make up for lost time.. in regards to NOT investing earlier.

In other words, I think that it is better to consider the whole ONGOING BTC accumulation matter as a kind of way to be as sufficiently aggressive as reasonable, and to make sure that we do not overdo it within our budgets.. so if we can reasonably accommodate $100 per week, then great, but if our budget does not really allow that much, then we have to figure out what is allowable without overly stressing our own budget in terms of cashflow coming in, expenses and our psychology in regards to NOT having too many extra pressures.

If we keep buying on a regular basis, it is likely that we are going to see progress with the passage of time, but how much progress will likely vary depending on how aggressive that we are able to be without overdoing it..... We should not end up overdoing it, and then find ourselves with few or no coins because we failed/refused to adequately have our budget (and psychology) in a good place to be able to weather the likely inevitable good times and the bad times.. that can sometimes happen in extreme ways both in terms of time and intensities.

Most of the people who posted about this here are Nigerian, and I am not shocked that they are one of the countries using bitcoin. You bought roughly $50 worth of bitcoin, and that's huge. It is really memorable to you, and also what most people suggest is that if you accumulate more bitcoin over time, you should transfer it to a cold wallet to make it safe because, in exchange, you don't own it as you don't have the private key on it. But congratulations on your first purchase, and this is your first step toward owning bitcoin.

I am NOT against the idea of starting out by holding BTC on exchanges or with third parties; however, as we likely own more and more bitcoin with the passage of time, it is likely that we are also going to need to learn more with the passage of time too.

So we should realize that we don't own shit if our bitcoins are on exchanges, but we do own some kind of voucher or a claim to bitcoin and even exposure to BTC price changes, so sometimes it can take a bit of time for the reality of the difference to sink in, and the more we own, the more likely we have to attempt to protect ourselves by investing into studying free or low cost solutions, versus perhaps graduating up to more expensive solutions (such as a hardware wallet), and no matter how are BTC are held, there are going to be tradeoffs in terms of what the risks might be in terms of managing our passwords to accounts or making sure that we have back ups if we start to graduate to self-custody solutions.. that might even be free... but there is no complete freedom in terms of making sure that we spend some time to learn, and the whole matter of holding our coins ourselves becomes easier once we practice more options.. but we also don't want to overdo the complexity of our back-ups or our passwords in such a way that we end up losing access to our coins because we overly complicated our set up or our security.

Well said. There is no problem in holding Bitcoin on any reputable exchange, as it gives you exposure to day-to-day price changes, but you don't fully own the Bitcoin. As you accumulate more Bitcoin it becomes increasingly important to consider self-custody options for greater control and protection of your precious asset. This may require investing in hardware wallet, but it is the most secure method to store Bitcoin.

[Cryptomiles1]

Congratulations on your first purchase of bitcoin. Well, alot have been said here although I m attracted by the NGN and it gives me the feeling I should also say something to you as well.
First I have to understand that Binance is a very common exchange for our country users and, as an experience individual who have been here I will advise you to take some time move out your fund stored on that exchange to any better wallet or a safe and secured wallet you think is friendly for you to use. Know from today, your phone, your laptop and PC should not be exposed to anyone related or not related to you because you don't expect anyone going close to your device to be a saint, attack can be launched through them by stealing your personal details such as, private key, key phrase or even your forum password.
So please avoid this closeness from anyone to your gadgets if you must hold for long term and also Remember that, the bitcoin market is not stable so don't panic when you see your asset below what you bought earlier.

Goodluck.

[Ultegra134]

I agree with your overall point Ultegra134; however, I would clarify that you can be persistent and even assertive with your ongoing investment into bitcoin, but there is no imperative to have to be overly aggressive or to have to try to compete with anyone else in terms of trying to make up for lost time.. in regards to NOT investing earlier.

In other words, I think that it is better to consider the whole ONGOING BTC accumulation matter as a kind of way to be as sufficiently aggressive as reasonable, and to make sure that we do not overdo it within our budgets.. so if we can reasonably accommodate $100 per week, then great, but if our budget does not really allow that much, then we have to figure out what is allowable without overly stressing our own budget in terms of cashflow coming in, expenses and our psychology in regards to NOT having too many extra pressures.

If we keep buying on a regular basis, it is likely that we are going to see progress with the passage of time, but how much progress will likely vary depending on how aggressive that we are able to be without overdoing it..... We should not end up overdoing it, and then find ourselves with few or no coins because we failed/refused to adequately have our budget (and psychology) in a good place to be able to weather the likely inevitable good times and the bad times.. that can sometimes happen in extreme ways both in terms of time and intensities.

That's true; people are afraid of missing out and are panicking and buying Bitcoin in an attempt to make up for lost time. As someone who entered the Bitcoin scene early but has only had a tiny amount since then, I can relate. However, you need to be cautious and set limits on how much you can afford to invest every week, month, etc. There's absolutely no reason to rush and attempt to compete with others; whether we like it or not, some users had a head start.

Exchanges, such as Binance or Bitstamp, are generally safe, and chances are that you'll have no issues with their services; they are also newbie friendly.

[Sayeds56]

I agree with your overall point Ultegra134; however, I would clarify that you can be persistent and even assertive with your ongoing investment into bitcoin, but there is no imperative to have to be overly aggressive or to have to try to compete with anyone else in terms of trying to make up for lost time.. in regards to NOT investing earlier.

In other words, I think that it is better to consider the whole ONGOING BTC accumulation matter as a kind of way to be as sufficiently aggressive as reasonable, and to make sure that we do not overdo it within our budgets.. so if we can reasonably accommodate $100 per week, then great, but if our budget does not really allow that much, then we have to figure out what is allowable without overly stressing our own budget in terms of cashflow coming in, expenses and our psychology in regards to NOT having too many extra pressures.

If we keep buying on a regular basis, it is likely that we are going to see progress with the passage of time, but how much progress will likely vary depending on how aggressive that we are able to be without overdoing it..... We should not end up overdoing it, and then find ourselves with few or no coins because we failed/refused to adequately have our budget (and psychology) in a good place to be able to weather the likely inevitable good times and the bad times.. that can sometimes happen in extreme ways both in terms of time and intensities.

That's true; people are afraid of missing out and are panicking and buying Bitcoin in an attempt to make up for lost time. As someone who entered the Bitcoin scene early but has only had a tiny amount since then, I can relate. However, you need to be cautious and set limits on how much you can afford to invest every week, month, etc. There's absolutely no reason to rush and attempt to compete with others; whether we like it or not, some users had a head start.

Exchanges, such as Binance or Bitstamp, are generally safe, and chances are that you'll have no issues with their services; they are also newbie friendly.

I think crypto exchanges play very crucial role in promoting growth and adoption of Bitcoin by providing a platform for buying selling and trading Bitcoin and other crypto currencies. They constantly upgrade their trading platforms to make transactions easier. They also play important role by attracting new user though educational  material and technical analysis which leads to increased liquidity as more people join the crypto echo system. Hence, buying Bitcoin in fractions on dips from any reputable exchange, and accumulating it, is not a bad idea, but once you have significant holding , it is better to transfer Bitcoin to your personnel wallet.

[Ryu_Ar1]

That's true; people are afraid of missing out and are panicking and buying Bitcoin in an attempt to make up for lost time. As someone who entered the Bitcoin scene early but has only had a tiny amount since then, I can relate. However, you need to be cautious and set limits on how much you can afford to invest every week, month, etc. There's absolutely no reason to rush and attempt to compete with others; whether we like it or not, some users had a head start.

This is not a competition about who can bring as many bitcoins as possible so why rush and think of this as competition because indeed in this condition rush is also something that will indeed impact you later.
Thinking that is mature and doesn't need to be forced into something that is good enough to do in my opinion. DCA every week is very good but if we really can't do that then it's better to rearrange another strategy and maybe be able to do it in some good conditions or maybe once every month with the money you actually set aside.
Often times we see tons of people even creating threads about going into debt to buy bitcoins. I think even though it is their right, this can be categorized as one thing that hasty and actually gets them into trouble in the end.

This is an investment for the long term and currently there is still time to continue to add to the portfolio but this must also be adjusted to our conditions so we don't push ourselves too much.

[_BlackStar]

I think crypto exchanges play very crucial role in promoting growth and adoption of Bitcoin by providing a platform for buying selling and trading Bitcoin and other crypto currencies. They constantly upgrade their trading platforms to make transactions easier. They also play important role by attracting new user though educational  material and technical analysis which leads to increased liquidity as more people join the crypto echo system.

Certainly, exchanges have made it easy for people interested in buying bitcoin either for trading or investment purposes so far. That is one of the good sides of the trade as well as the downside when it comes to privacy. The fact is true that exchanges have played significant role when it comes to attracting large number of users to this industry.

Hence, buying Bitcoin in fractions on dips from any reputable exchange, and accumulating it, is not a bad idea, but once you have significant holding , it is better to transfer Bitcoin to your personnel wallet.

The idea is good and I tend to call it one of the strategies that most traders and investors take advantage of. Yes, it is DCA - and it is true that investors holding significant amounts of assets should withdraw them from those centralized exchanges.

[Bobrox]

Looks you are coming from Nigerian as your local currency used for investing in Bitcoin trough your deposit first by P2P, I am glad with your first time investing or purchasing Bitcoin and I think bigger fund based on my experienced. You were lucky from Nigerian because you have active local board in Bitcointalk forum and easy asking about anything when investing or step by step how to start deposit until withdrawing fund in cryptocurrency. First time I purchased or invested in Bitcoin under $5 with my local currency exchange still support trade under $5, but right now minimum trade or invested on Bitcoin and another altcoin have been $10.

You have been here in Bitcointalk forum more than one year and not bad with your first time investing in Bitcoin this year, I hope you will get profit and understand well with Bitcoin investment, many potential earn later become investor in Bitcoin or cryptocurrency.

[uneng]

Exchanges, such as Binance or Bitstamp, are generally safe, and chances are that you'll have no issues with their services; they are also newbie friendly.

For small amounts of money invested I think it's not a big issue to use exchanges, since the investor is confortable following KYC procedure, but once the investment gets more serious and larger sums are invested, I think a physical wallet comes in handy, as it's also newbie friendly, but much safer, having as only cons the costs of acquisition. That is part of the investment anyway, and on long run it's cheaper than paying 50,000 satoshis on every withdrawal from Binance.

[JayJuanGee]

That's true; people are afraid of missing out and are panicking and buying Bitcoin in an attempt to make up for lost time. As someone who entered the Bitcoin scene early but has only had a tiny amount since then, I can relate. However, you need to be cautious and set limits on how much you can afford to invest every week, month, etc. There's absolutely no reason to rush and attempt to compete with others; whether we like it or not, some users had a head start.

This is not a competition about who can bring as many bitcoins as possible so why rush and think of this as competition because indeed in this condition rush is also something that will indeed impact you later.
Thinking that is mature and doesn't need to be forced into something that is good enough to do in my opinion. DCA every week is very good but if we really can't do that then it's better to rearrange another strategy and maybe be able to do it in some good conditions or maybe once every month with the money you actually set aside.
Often times we see tons of people even creating threads about going into debt to buy bitcoins. I think even though it is their right, this can be categorized as one thing that hasty and actually gets could get them into trouble in the end.

This is an investment for the long term and currently there is still time to continue to add to the portfolio but this must also be adjusted to our conditions so we don't push ourselves too much.

I agree with everything you said Ryu_Ar1 - except that I felt that I needed to chime into your presumption that the employment of debt is going to lead to negative results.

I would agree with you that debt is likely an extra level of risk and brings complications towards a BTC investment that might not be needed; however, the employment of debt can also amplify returns if the debt is employed strategically and even with some luck.. so in some sense, you are correct that debt is not necessary, yet there are ways that debt can be employed in smart ways too.. and to bring greater riches to someone, even sometimes without necessarily devolving into gambling..

One of the problems that people have is to employ so much debt that they are not able to service the debt, and then they end up in a worse position because they employed the debt and something like BTC's price performance did not go as they expected.  On the other hand, if they have a multitude of ways to service their debt, and they are not relying on the BTC price to go up, sideways or to NOT go down (or to zero), they still could end up profiting way more from the employment of debt rather than if they had not employed such debt... so let's say that a person is constantly employing debt in order to make a variety of investments, and such person is investing into assets that s/he knows have very high odds of profiting within the timeline of the loan.. something like 80% of the time the loans return well above their expectations, and perhaps even within that 80% of positive performance, 10% of those are going to perform in 3x to 5x (or even more) of the performance of the other successful ones, so in that sense, the 80% positive performance (and perhaps 8% or so stellar performers) will more than make up for the 20% losers, and maybe even the losers are structured in such a way that they are NOT losing even 100% of what had been invested.. or they have various ways to structure limitations on their losses. 

So part of my point is that the employment of debt can add more complications, but the mere fact that there are more complications does not necessarily mean that they should not be done if someone knows how to structure such arrangements in a way that they are not gambling.. and they are quite likely to amplify profits.  So I would agree that amateurs and/or novice investors into bitcoin likely do not need to use these kinds of tactics, and they might not even have enough skills in order to be able to calculate both sides of the price performance possibilities, but it does not necessarily mean that they should not employ those kinds of strategies once they learn them and maybe even become competent with them, and it could take quite a bit of practice to build competence. .and even losing a few before such competence is built....

.... and actually I will agree with you on a side point that in recent times, we have seen a lot of very rich people and even seemingly very smart people get reckt as fuck because they were employing debt and leveraging processes in ways that went beyond their own competence or even that they had been failing/refusing to adequately/sufficiently account for various risks... and so very smart (and even experienced) people might get into products and debt arrangements in which they failed/refused to sufficiently/adequately account for the downside possibilities and repercussions.

[Ryu_Ar1]

I agree with everything you said Ryu_Ar1 - except that I felt that I needed to chime into your presumption that the employment of debt is going to lead to negative results.

I would agree with you that debt is likely an extra level of risk and brings complications towards a BTC investment that might not be needed; however, the employment of debt can also amplify returns if the debt is employed strategically and even with some luck.. so in some sense, you are correct that debt is not necessary, yet there are ways that debt can be employed in smart ways too.. and to bring greater riches to someone, even sometimes without necessarily devolving into gambling..

One of the problems that people have is to employ so much debt that they are not able to service the debt, and then they end up in a worse position because they employed the debt and something like BTC's price performance did not go as they expected.  On the other hand, if they have a multitude of ways to service their debt, and they are not relying on the BTC price to go up, sideways or to NOT go down (or to zero), they still could end up profiting way more from the employment of debt rather than if they had not employed such debt... so let's say that a person is constantly employing debt in order to make a variety of investments, and such person is investing into assets that s/he knows have very high odds of profiting within the timeline of the loan.. something like 80% of the time the loans return well above their expectations, and perhaps even within that 80% of positive performance, 10% of those are going to perform in 3x to 5x (or even more) of the performance of the other successful ones, so in that sense, the 80% positive performance (and perhaps 8% or so stellar performers) will more than make up for the 20% losers, and maybe even the losers are structured in such a way that they are NOT losing even 100% of what had been invested.. or they have various ways to structure limitations on their losses. 

So part of my point is that the employment of debt can add more complications, but the mere fact that there are more complications does not necessarily mean that they should not be done if someone knows how to structure such arrangements in a way that they are not gambling.. and they are quite likely to amplify profits.  So I would agree that amateurs and/or novice investors into bitcoin likely do not need to use these kinds of tactics, and they might not even have enough skills in order to be able to calculate both sides of the price performance possibilities, but it does not necessarily mean that they should not employ those kinds of strategies once they learn them and maybe even become competent with them, and it could take quite a bit of practice to build competence. .and even losing a few before such competence is built....

Thank you for correcting my words in the previous post.
What you say is true because debt also has a positive side and a negative side. but in this case it's back to ourselves whether we are really able to coordinate properly about this because this clearly really requires management which is actually very big in terms of risk.
When we have debt from a loan and do good things and are optimistic that we will definitely be able to return it by the specified deadline, it is very good, but sometimes most of what I encounter is the opposite because when they are in debt, it makes them even more troubled in the end. Especially by making a loan only to expect bitcoin to recover quickly so that you can pay monthly from the profits you get is one of the things that is reckless in my opinion.
We are not Michael Saylor who, with all the power that he has, with a lot of assets and high courage to borrow and invest in bitcoin because he has the grace to be able to repay the debt when something is not wanted, like currently bitcoin is still in a crash condition happen. because indeed we also have limitations so when indeed we cannot manage properly in terms of finances especially with debt conditions then I think not being there is still needed rather than having to make yourself dizzy in the end.

.... and actually I will agree with you on a side point that in recent times, we have seen a lot of very rich people and even seemingly very smart people get reckt as fuck because they were employing debt and leveraging processes in ways that went beyond their own competence or even that they had been failing/refusing to adequately/sufficiently account for various risks... and so very smart (and even experienced) people might get into products and debt arrangements in which they failed/refused to sufficiently/adequately account for the downside possibilities and repercussions.

This happened because indeed they only thought about conditions where they only saw benefits, not with the worst conditions which made this like a boomerang for them for the inappropriate decisions they made.

[molsewid]

Exchanges, such as Binance or Bitstamp, are generally safe, and chances are that you'll have no issues with their services; they are also newbie friendly.

For small amounts of money invested I think it's not a big issue to use exchanges, since the investor is confortable following KYC procedure, but once the investment gets more serious and larger sums are invested, I think a physical wallet comes in handy, as it's also newbie friendly, but much safer, having as only cons the costs of acquisition. That is part of the investment anyway, and on long run it's cheaper than paying 50,000 satoshis on every withdrawal from Binance.

Yes it is not a bad thing using exchanges as your wallet and it is more convenient to use, but then we should be careful and turn on all the authentication settings of that wallet. Maybe he should learn not to put too much money in an exchange for safety purposes only. Many people get hack because they failed to secure their money in an exchange or wallet. Hardware wallet can be useful too.

[Odusko]

I agree with everything you said Ryu_Ar1 - except that I felt that I needed to chime into your presumption that the employment of debt is going to lead to negative results.

I would agree with you that debt is likely an extra level of risk and brings complications towards a BTC investment that might not be needed; however, the employment of debt can also amplify returns if the debt is employed strategically and even with some luck.. so in some sense, you are correct that debt is not necessary, yet there are ways that debt can be employed in smart ways too.. and to bring greater riches to someone, even sometimes without necessarily devolving into gambling.

A well-strategically calculated debt that is aimed at a sustainable business with great future potential, is a quick way to wealth, most especially when the when the investor already has a working business that just needed more funding for expansion to bring in a higher volume of production or services that will increase the business liquidity and enhances growth.
Btw debt risk is more higher when you take it to invest in unstable commodity or sectors such as real estate or Bitcoin since one can not predict what the future demands will be, unless the loan duration is long to cover years with low interest.

[uneng]

Exchanges, such as Binance or Bitstamp, are generally safe, and chances are that you'll have no issues with their services; they are also newbie friendly.

For small amounts of money invested I think it's not a big issue to use exchanges, since the investor is confortable following KYC procedure, but once the investment gets more serious and larger sums are invested, I think a physical wallet comes in handy, as it's also newbie friendly, but much safer, having as only cons the costs of acquisition. That is part of the investment anyway, and on long run it's cheaper than paying 50,000 satoshis on every withdrawal from Binance.

Yes it is not a bad thing using exchanges as your wallet and it is more convenient to use, but then we should be careful and turn on all the authentication settings of that wallet. Maybe he should learn not to put too much money in an exchange for safety purposes only. Many people get hack because they failed to secure their money in an exchange or wallet. Hardware wallet can be useful too.

To setup a 2FA as soon as possible is also a must, it's true. However, in case the exchange itself scams their users, it won't make difference anyway, so it's really advisable he/she cashout the coins to a safe offline wallet before accumulating a considerable sum of money idle on the platform. This way he/she will be safe from potential third party hacking attempts and also from the potential event of being scammed by the exchange.

[Viscore]

Welcome to the dollar cost averaging club! It might hurt at first, might even be underwhelming for a couple of years but update this thread every now and then and you might find a nice surprise as early as 2025

I'd agree with others to not trust any kind of exchange, including Binance, but since that's likely the easiest way for you to buy, go for it. Meanwhile, familiarise yourself with a Bitcoin wallet (I'd start with Electrum) so you understand a bit more about how to use and keep it safely. When you're comfortable, start taking out your BTC from Binance on a wallet where only you control your private keys.

For beginners, it’s understandable to trust the top exchange first and when you think you have enough bitcoins accumulated, better transfer it to your own non-custodial wallet for more security. Btw, I would like to welcome you to the bitcoin community, and of course to the DCA club. Just keep doing DCA as long as bitcoin price is still a good buy, years from now we will reach a new ATH and start to sell our bitcoin for profits. But always know that before your start to invest in bitcoin, make sure that you know your investment well and you know exactly the risks involved in it.

[serjent05]

Congratulations on getting your first fraction of Bitcoin.  I hope the passion in you on accumulating Bitcoin won't die down.  I also hope you can withstand lots of selling temptations and holding frustrations. I also hope that you will not leave your Bitcoin in exchanges but rather keep it in your own wallet.  Remember, not your keys, not your coins.  And finally, I hope that this small steps will become huge enough to change your life for eternity.

[Cryptomultiplier]

More than just acquiring some Bitcoin is also the challenge of being patient to foresee the purpose for which it was bought. Do you intend to keep buying or you intend to trade? Do you just want to hold and study the market?
I also hope your do not forget to adhere to security tips on how to keep them safe from scammers and hackers, because a slip might be costly.
Congrats on your acquisition though, we can do what we set our hearts on to do.