Post
Topic
Board Bitcoin Discussion
Merits 1 from 1 user
Re: My bitcoin journey has started again
by
legendbtc
on 09/10/2023, 08:22:51 UTC
⭐ Merited by JayJuanGee (1)
I mean if it’s a lot of money to you, be careful of how much you’re “investing” in to Bitcoin.
Also be careful with how he stores his bitcoin.

He bought it through Binance P2P trading and I hope he did not and won't store his bitcoin on Binance.

Reminder: do not keep your money in online accounts

Choose wallets
Chose your wallet.
[LIST] Open source hardware wallets.
Recommended wallets.

As a newbie, I advise OP to use Electrum wallet.
[GUIDE] How to Safely Download and Verify Electrum.
The paranoid user's security guide for using Electrum safely.

With Electrum wallet, multisig and cold storage wallets are available.
Creating a multisig wallet.
Creating a cold storage wallet.

Looking at the amount of bitcoin he bought from Binance, do you think that would be enough for him as a transaction fee if he withdrew it to his non-custodial wallet? I think his participation in this forum means he already knows about the risks of storing bitcoins on centralized exchanges but sometimes because there are so few bitcoins, withdrawals to non-custodial wallets not wise. Maybe he's waiting until he has accumulated a decent amount of btc and withdrawing them in 1 go to save on transaction fees.