Looking for advice from a very newbie

[Y3shot]

I’ve heard a lot about Bitcoin, but I’m a bit confused about how to get started. What’s the safest way to purchase Bitcoin?

Before trying to purchase Bitcoin, it is advisable to understand Bitcoin better, as this is the first step in the process. Purchasing Bitcoin without understanding it will surely lead to no positive outcome. Understand the security aspects of Bitcoin, how to handle your Bitcoin in a non-custodial wallet, and how to manage Bitcoin in a custodial wallet such as an exchange, both when you want to buy Bitcoin and when you want to sell it.

The worst mistake for beginners is to rush into the market without understanding what Bitcoin is. I see no reason why one should be in haste to purchase Bitcoin without a clear understanding of what it is all about, as this will lead to nothing.

[GeorgeJohn]

If you wants to buy bitcoin and keep you have to looks for nearby bitcoin ATM machine where you can purchase bitcoin through your credit card or a debit card, but a process whereby you don't know any nearby bitcoin ATM machine, I will advice you to use an exchange were you can get your bitcoin through exchange platform,

But for the aspects of Storing your bitcoin to the safest place, please never intend to use any exchange wallet address to store your bitcoin, if you do, you may end up losing your bitcoin in future, a hardware is recommended to store your bitcoin and it will be served, but the most important thing you have to know about hardware wallet is that, once you misplaced your private keys you have lost your coins, so the safety of your coin or bitcoin in a hardware wallet is determined by how safe your private key is.

[sunsilk]

The worst mistake for beginners is to rush into the market without understanding what Bitcoin is. I see no reason why one should be in haste to purchase Bitcoin without a clear understanding of what it is all about, as this will lead to nothing.

This is the same with overall investing, they've heard other people made money investing onto this 'xx' investment. And so, they hurry before they miss the opportunity that might also come to them.

But that's a huge mistake that they need to make, if they want to invest to bitcoin or any other assets. What they need to do is to make sure they have understood it beforehand.

Rushing to the waters without preparation and any other contingencies are likely to drown them. That's the same in investing if they're not going to know what they're up to before putting their money in it even it is with Bitcoin.

[Negotiation]

This is a mistake that many new investors make so it is important to store your funds in good wallets when buying and selling bitcoin there is a big risk in exchange wallets. If the exchange is hacked or shut down for some reason then there is a possibility of losing your bitcoin this is because the private key of this wallet is with the exchange and not with you that is why you can use hardware wallets where your bitcoin private key is stored safely offline. If you want to hold large amounts of Bitcoin for a long time then you should definitely use a hardware wallet this will give your bitcoin maximum protection.

[albon]

This is a mistake that many new investors make so it is important to store your funds in good wallets when buying and selling bitcoin there is a big risk in exchange wallets. If the exchange is hacked or shut down for some reason then there is a possibility of losing your bitcoin this is because the private key of this wallet is with the exchange and not with you that is why you can use hardware wallets where your bitcoin private key is stored safely offline. If you want to hold large amounts of Bitcoin for a long time then you should definitely use a hardware wallet this will give your bitcoin maximum protection.

This advice is always repeated and I hope beginners take it seriously because it is priceless.  Anyone who witnessed FTX and other exchanges that went bankrupt or got hacked will clearly understand the dangers of centralized exchanges and that they are not a safe place to store your funds.

Buying a hardware wallet will only cost you a little, but it will protect you from all potential risks since it provides advanced security features. I personally use Trezor,, and it works well for me.

Another piece of advice is to avoid clicking on links and downloading email attachments.. Many have fallen victim to these phishing emails that appear to be legitimate. You must double-check everything, because even if you have a hardware wallet, being careless or failing to follow essential security measures can still lead to losing your assets.

[CryptopreneurBrainboss]

When investing, we should just take exchange as a market, where you will be able to buy your bitcoin, but never store your bitcoin on exchange, make sure you get a non custodial wallet, and store your bitcoin there, make sure you are in full control of your money, make sure your funds is not controlled by anyone. Also make sure you properly secure your seed phrase, anyone that has access to your seed phrase can send out all the coin in your wallet without informing you.

Alot of newbies make this mistake of considering exchanges to be their wallet that they trust them to store their crypto coins for them but that's a big mistake that alot of them end up making. Exchanges aren't wallet but a place to only buy and sell and that's what we should be using it for. Anyone using it as a wallet or for any other purposes that they weren't created for are taking a big risk. The exchanging on the platform alone is a risk because if your money is their and the exchange goes down, your money vanishes with it. This should also alert you not to put money that can't be forgotten if lost on the exchange. If you want to exchange a large sum of money, you do the transaction in batches as a precaution.

[Hatchy]

Alot of newbies make this mistake of considering exchanges to be their wallet that they trust them to store their crypto coins for them but that's a big mistake that alot of them end up making. 

It's lack of knowledge that makes many newbie investors mistake an exchange account for a wallet. Many of them were introduced by others who as well lacked the right knowledge on how to store their coins. So it becomes a problem once there's a root. Most times trying to teach such person would become difficult because they believe that the person they had learnt from, would know more about storing their coins. 

Exchange offers it's user an account and a means for them to request for their funds anytime they so wish, but they literally are in charge of your coins and if things goes south, they may decide not to hand them over to you. So it's better to get a wallet and store the keys your self...

[SilverCryptoBullet]

Alot of newbies make this mistake of considering exchanges to be their wallet that they trust them to store their crypto coins for them but that's a big mistake that alot of them end up making. Exchanges aren't wallet but a place to only buy and sell and that's what we should be using it for. Anyone using it as a wallet or for any other purposes that they weren't created for are taking a big risk.

They do neither know about fundamentals and importance of wallet mnemonic seed and private key nor risk of losing all their funds by relying on other parties in owning their wallet private keys. The third parties can be scammers, or can be hacked so private keys of customers' wallets can be compromised and used to steal customer fund on exchanges.

Many hacks happened in history of Bitcoin and cryptocurrency market.
Many exchanges died after hacks or used hacks as a reason for their scam exits.

Not your keys, not your coins.
Cryptocurrency exchange graveyard.
List of Major Bitcoin Heists, Thefts, Hacks, Scams, and Losses

[SOKO-DEKE]

Hi everyone, I'm pretty new to cryptocurrency in general, and I'm trying to figure out the best way to buy and store it.

I’ve heard a lot about Bitcoin, but I’m a bit confused about how to get started. What’s the safest way to purchase Bitcoin?
Are there specific wallets I should be using? Should I keep my Bitcoin in an exchange wallet, or is it better to use something like a hardware wallet?

You are welcome, OP. It is really normal to feel confused at first, but I will say you're on the right track to get your answers.the safest way that many people get their Bitcoin is through reputable exchanges like Coinbase, Binance, and a few others, depending on which exchange your country supports. So, it is not really hard to get Bitcoin from a reputable exchange because there are different methods of purchasing Bitcoin.

After buying, you can move it to your own personal wallet but that should depend on the amount of Bitcoin you are holding. If it is just a small amount of Bitcoin, I would say it’s okay to leave it in a reputable exchange until you're able to accumulate a reasonable amount before move it to a non-custodial wallet where you are the only one who has full control of it. The type of personal wallet that is good for long-term storage is a hardware wallet, e.g,Ledger or Trezor. But it’s better to accumulate a reasonable amount of Bitcoin before moving it there.

[HajiBagi]

Hi everyone, I'm pretty new to cryptocurrency in general, and I'm trying to figure out the best way to buy and store it.

I’ve heard a lot about Bitcoin, but I’m a bit confused about how to get started. What’s the safest way to purchase Bitcoin?
Are there specific wallets I should be using? Should I keep my Bitcoin in an exchange wallet, or is it better to use something like a hardware wallet?

Do you have any knowledge about Bitcoin? Since you show to be new, you must understand the basics of Bitcoin before considering a wallet and how to store it. The reason for this is that some new people simply want to have Bitcoin in their wallet right away because they have the funds to do so without knowing how it operates; they will invest in it and then become anxious about the price when it doesn't increase because their goal is to hold it for a year or two years and sell it when it does. Selling when the price is high is not a bad thing, but some interested people lose interest in buying Bitcoin as a result of the panic.

You can buy bitcoin in an exchange little by little. When buying bitcoin ,it doesn't to be 1 bitcoin and whatever amount of money you have is that you can use it to buy bitcoin and store it in a wallet.

One of the best things I've ever heard is encouraging beginners to buy Bitcoin by showing them how to do so with any amount of money they have rather than waiting to have the full amount to buy one Bitcoin directly. This makes them feel at ease and helps them avoid thinking negatively about Bitcoin, as many people want to buy it but don't understand it; they can buy it with any amount they have or don't, Bitcoin is for everyone, not just those with money.

[Aanuoluwatofunmi]

What’s the safest way to purchase Bitcoin?

through a decentralized exchange, which is the most recommended, you can also use a centralized exchange and later send to a non custodial wallet from any of the list below.

Are there specific wallets I should be using?

Choose from here and you will always be grateful for makinig the right decision here.
Bitcoin Core
Passport
Electrum
Sparrow
Bluewallet

Should I keep my Bitcoin in an exchange wallet, or is it better to use something like a hardware wallet?

Non custodial wallet from some mentioned above

[Y3shot]

When investing, we should just take exchange as a market, where you will be able to buy your bitcoin, but never store your bitcoin on exchange, make sure you get a non custodial wallet, and store your bitcoin there, make sure you are in full control of your money, make sure your funds is not controlled by anyone. Also make sure you properly secure your seed phrase, anyone that has access to your seed phrase can send out all the coin in your wallet without informing you.

Alot of newbies make this mistake of considering exchanges to be their wallet that they trust them to store their crypto coins for them but that's a big mistake that alot of them end up making. Exchanges aren't wallet but a place to only buy and sell and that's what we should be using it for. Anyone using it as a wallet or for any other purposes that they weren't created for are taking a big risk. The exchanging on the platform alone is a risk because if your money is their and the exchange goes down, your money vanishes with it. This should also alert you not to put money that can't be forgotten if lost on the exchange. If you want to exchange a large sum of money, you do the transaction in batches as a precaution.

In fact, so many newbies and others who have been involved in bitcoin investment don't even know the risks of using an exchange as a wallet; they feel it is just a normal wallet that every investor can use. They don't even have an understanding of non-custodial and custodial wallets, and they can't tell the difference between these types of wallets.

What I observed is that the average investor doesn't have the time to research the best wallet to store bitcoin. Their main concern is to buy bitcoin from an exchange and leave it there as their wallet. This is the benefit of a bitcoin forum because, as a member, one will surely learn about wallets. I have seen many average investors who think the exchange is a comfortable place to hold their bitcoin.

[Hyphen(-)]

Before you invest in bitcoin, you are suppose to have some basic knowledge about bitcoin, you should know what bitcoin is all about, and how you going to protect your bitcoin, know the appropriate place to purchase your bitcoin, and appropriate place where you going to store your bitcoin, and how you going to secure your seed phrase.

If you are planning to invest in bitcoin, then you should have the mindset to hold for long period of them, so you should make sure your investment is properly secured. Just imagine that after holding bitcoin for years, and you end up being scammed, or you end up losing access to your bitcoin, it’s really going to be painful.

Newbies are rushing to just start investing in Bitcoin; they don’t actually care to learn first before starting to invest in Bitcoin, mostly because they have the same mentality that Bitcoin is safe. They don’t care to have some basic knowledge about Bitcoin itself, keys, and addresses, and also blockchain technology, and they are very important knowledge to have before you start your Bitcoin investment so that they can’t make mistakes in either sending or receiving Bitcoin.

When investing, we should just take exchange as a market, where you will be able to buy your bitcoin, but never store your bitcoin on exchange, make sure you get a non custodial wallet, and store your bitcoin there, make sure you are in full control of your money, make sure your funds is not controlled by anyone. Also make sure you properly secure your seed phrase, anyone that has access to your seed phrase can send out all the coin in your wallet without informing you.

Exactly, exchanges should be used as marketplacesto buy and sell coins. Some newbies are very lazy; they don’t want to move their Bitcoin out of their exchange wallets because they normally think that it is safe for them there, not knowing that the exchange can be hacked and your coin will not be fine forever. However, they should understand that personal wallets that they will have the control of their Bitcoin are very important so that they will understand the concept of Bitcoin and its purpose. Privacy is very important.

[Iamgoat]

This is a mistake that many new investors make so it is important to store your funds in good wallets when buying and selling bitcoin there is a big risk in exchange wallets. If the exchange is hacked or shut down for some reason then there is a possibility of losing your bitcoin this is because the private key of this wallet is with the exchange and not with you that is why you can use hardware wallets where your bitcoin private key is stored safely offline. If you want to hold large amounts of Bitcoin for a long time then you should definitely use a hardware wallet this will give your bitcoin maximum protection.

I think what these exchanges are good for is trading and other quick transactions but not for storage of funds especially if these funds are not what you intend to use for your daily needs. Mostly what I think many people leave in their exchanges are little funds for expending but anything outside such funds should be kept in the cold wallet which serves as your storage and do not allow carelessness or laziness to go and store all your assets on  yur exchange to avoid stories which breaks the heart.

[Scarlett_23]

Hi everyone, I'm pretty new to cryptocurrency in general, and I'm trying to figure out the best way to buy and store it.

I’ve heard a lot about Bitcoin, but I’m a bit confused about how to get started. What’s the safest way to purchase Bitcoin?
Are there specific wallets I should be using? Should I keep my Bitcoin in an exchange wallet, or is it better to use something like a hardware wallet?

To buy Bitcoin safely, it is necessary to use a well-known and trusted exchange. In that case, Coinbase and Binance exchanges can be used. First, you can buy a little and keep it on the exchange, then when the investment is large, it is better to store it in hardware.

And crypt storage can be done in two ways. One is a soft wallet and the other is a hardware wallet. The first is convenient to use but there is a fear of being connected to the internet.

However, the latter can be used without fear.

[Hridyansh Labs]

Why do you rush to invest? For quick profits?

Bro, investing in a hurry to make a profit can be compared to gambling. In fact, those who do not know anything about the market properly are the ones who rush more. The market does not forgive anyone, if you are not patient, let alone make a profit, you do not even have real money in hand. Even after taking great care, many people may lose and if you invest in a hurry here, it does not enter your mind how to make a profit.

[TokenTikas]

This is a mistake that many new investors make so it is important to store your funds in good wallets when buying and selling bitcoin there is a big risk in exchange wallets. If the exchange is hacked or shut down for some reason then there is a possibility of losing your bitcoin this is because the private key of this wallet is with the exchange and not with you that is why you can use hardware wallets where your bitcoin private key is stored safely offline. If you want to hold large amounts of Bitcoin for a long time then you should definitely use a hardware wallet this will give your bitcoin maximum protection.

Nowadays, it is seen that many people are rushing to invest just because of the 'hype' without knowing or understanding it. However, whether it is Bitcoin or any other investment, if you enter it without understanding the philosophy, technology, and risks behind it, you are far from making a profit. On the contrary, there is a high risk of losing your hard-earned money. Many people only see that 'such and such is making so much profit' and then jump into investing without understanding. Later, it is seen that they suffer losses and say various things. They are unaware of this beforehand, so they end up in such situations. On the other hand, many people start from here, understand it well, and slowly move towards profit.

[Su-asa]

Why do you rush to invest? For quick profits?

Bro, investing in a hurry to make a profit can be compared to gambling. In fact, those who do not know anything about the market properly are the ones who rush more. The market does not forgive anyone, if you are not patient, let alone make a profit, you do not even have real money in hand. Even after taking great care, many people may lose and if you invest in a hurry here, it does not enter your mind how to make a profit.

First of all Bitcoin investment is not a get rich quick scheme or e ponzi scheme. So if you are looking forward to making profits quickly through Bitcoin investment you are actually making a very big mistake because you might not get that chances easily. However making profits from Bitcoin investment requires you to invest into Bitcoin for a long time and with a proper strategy.
If you are looking forward to make quick profit I think you should try trading different crypto currencies but just know that profits is not guaranteed.

[Mitchell]

Since the OP hasn't responded in a while, I'll assume that enough advice was given (and there are many helpful topics out there) and locking the topic. If you have another specific question, feel free to create a new topic.