Investment Become Gambling

[PremiumcryptoHub]

[edited out]

Holding in an exchange is not a good idea at all, I never agree with it. Last year in 2025, the Bybit exchange was hacked and many of its holdings were stolen. Holding in an exchange is not a good idea at all. There are many decentralized wallets that everyone can use. The safest is the hardware wallet.

Whenever we keep our holdings in an exchange, if a hacker hacks that exchange company, he can easily steal everyone's holdings. But if we use a decentralized wallet such as Trust Wallet, if we don't make any mistakes ourselves, we may not be a victim of hacking. If we don't make mistakes like the Seed phrase is stolen or if we enter a phishing link, etc., we may not be a victim of hacking.

Trust Wallet is not decentralized, and it is not open source.

Trust Wallet is owned by Binance and it is closed source.

As far as I know, everyone has control over the private key and recovery face of the trust wallet, so many people consider this trust wallet as decentralized, but the main goal of decentralized wallets is to give users sole ownership and full control over their Bitcoin or other crypto assets, but we do not see that in the case of this wallet because it was acquired by Binance in 2018, so I advise many people I know in nigeria to refrain from using them, actually a third party is also involved here.

I would not recommend Trust Wallet in terms of anything more than you might keep in a hot wallet..  so Trust Wallet would not be good for securing large amounts of funds to have confidence in privacy, security and/or getting rug pulled or funds frozen.

As evidenced by the fact that a few months ago, we noticed that users of this wallet had their crypto assets worth about $6 million stolen, so it is best for everyone to refrain from using it.

https://bitcointalk.org/index.php?topic=5569549.msg66217973#msg66217973

[ruykeri]

I see your point about just jump in, but honestly telling a complete beginner they don't need basic knowledge feels a bit risky. Cryptohas a brutal learning process, and without understanding the absolute basics, a newbie is basically just flipping a coin. Taking a week or two to learn the fundamentals isn't procrastinating, it’s just protecting your hard earned money.
Experience is a great teacher, but it doesn't have to hurt that much.

What knowledge do they need again apart from being able to figure out the discretionary income which I believe they can do with their common sense?. The basic things a newbie investor should be worried about is knowing how to hold their bitcoin securely and also where/how to buy bitcoin and they need to understand that bitcoin is a volatile asset. After that, they can start their accumulation process without needing to first go and acquire any special knowledge before investing. And please be specific about the asset you’re talking about instead of using this vague term “crypto”.

If someone buys Bitcoin without discretionary income in the hope of short-term profit without a long-term mindset, it will be like gambling. Bitcoin is basically a way of long-term investment. Whereas those who do short-term trading cannot succeed in most cases. You see, the price of Bitcoin was very high a few months ago, and now the price has decreased. If someone bought Bitcoin with their essential money in for thinking of  short-term profit, and at this time if they needed money for some urgent work, they would be forced to sell Bitcoin now at the price is right now low. Because there would be no other way to raise money to meet their urgent needs. Therefore, one should be very careful when investing in Bitcoin and should hold and continue investing with a long-term mindset. And you are right, investing in any crypto other than Bitcoin is relatively more risky. Because many of them eventually turn into scam projects and many people lose their money.

[Proty]

I see your point about just jump in, but honestly telling a complete beginner they don't need basic knowledge feels a bit risky. Cryptohas a brutal learning process, and without understanding the absolute basics, a newbie is basically just flipping a coin. Taking a week or two to learn the fundamentals isn't procrastinating, it’s just protecting your hard earned money.
Experience is a great teacher, but it doesn't have to hurt that much.

What knowledge do they need again apart from being able to figure out the discretionary income which I believe they can do with their common sense?. The basic things a newbie investor should be worried about is knowing how to hold their bitcoin securely and also where/how to buy bitcoin and they need to understand that bitcoin is a volatile asset. After that, they can start their accumulation process without needing to first go and acquire any special knowledge before investing. And please be specific about the asset you’re talking about instead of using this vague term “crypto”.

If someone buys Bitcoin without discretionary income in the hope of short-term profit without a long-term mindset, it will be like gambling. Bitcoin is basically a way of long-term investment. Whereas those who do short-term trading cannot succeed in most cases. You see, the price of Bitcoin was very high a few months ago, and now the price has decreased. If someone bought Bitcoin with their essential money in for thinking of  short-term profit, and at this time if they needed money for some urgent work, they would be forced to sell Bitcoin now at the price is right now low. Because there would be no other way to raise money to meet their urgent needs. Therefore, one should be very careful when investing in Bitcoin and should hold and continue investing with a long-term mindset. And you are right, investing in any crypto other than Bitcoin is relatively more risky. Because many of them eventually turn into scam projects and many people lose their money.

Buying bitcoin using money that is not your discretionary income is gambling because the pressure of selling before you even planned to do so . Buying bitcoin whether you are using discretionary income or not with the hope of making quick profit is still considered as gambling with bitcoin. There is great risk involved in trading bitcoin and anyone that is involved in trading is risking there income.

[Cgrexp]

Buying bitcoin using money that is not your discretionary income is gambling because the pressure of selling before you even planned to do so . Buying bitcoin whether you are using discretionary income or not with the hope of making quick profit is still considered as gambling with bitcoin. There is great risk involved in trading bitcoin and anyone that is involved in trading is risking there income.

 Investing beyond the immediate need is basically taking a big financial risk. In this case, the possibility of panic selling increases when there is a financial crisis or a price drop in an emergency situation. Such behavior is basically trying to make a quick profit with high risk, which is almost like gambling. Gambling-like strategies should never be applied to investing. A planned investment will be considered only when someone is aware of their own risks. If decisions are made according to a long-term plan within their financial capacity, then there is no gambling mentality in investing.

[BluebloodCXVI]

I do not necessarily agree that a new investor should know how to store their bitcoin before starting. It takes a long time to understand self custody, most of us got into bitcoin buying on an exchange and leaving it there until after a while before we knew it was the wrong way to store our coins. Besides, sending your coins regularly to the wallet can be expensive if the fees are high and the new investor would loose a lot on fees, so it is better they consolidate on an exchange for a while before sending to the wallet. They can use the exchange for a while as they're still new and along the line learn better non-custodial wallets to use in storing their coins properly and the right time to send those coins across which is when the fees are low or when they've consolidated for a while, maybe $500 worth of sats so they don't leave much coins on an exchange.

This your idea doesn’t fully sit well with me. Perhaps it is better to start knowing about self custody as soon as you start buying bitcoin (i can’t emphasize on this enough). You can keep small amounts on an exchange while you are still learning, but your goal should always be to understand how to take control of your coins instead of figuring it out later after you have already built a sizable position.
The fact that many of us left our bitcoin on exchanges when we just started newly does not make it the best approach, it’s just how we learned our own and it was kind of the easiest entry point at that time but plenty of  people still also learned the hard way when exchanges froze their withdrawals, got hacked, or even collapsed.
The bottom line is that i think a new investor should at least understand the basics of storing their Bitcoin before they start accumulating a meaningful amount. They should know the difference between owning Bitcoin and trusting a third party to hold it for them.