Ninjastic
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Board Speculation
Re: Buy the DIP, and HODL!
by
Popkon6
on 04/04/2024, 04:09:18 UTC
Quote from: Mayor of ogba on Today at 02:13:49 AM
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Quote from: Salahmu on April 03, 2024, 07:27:52 PM
In as much as I like your consistent on Bitcoin investment but one thing you should also consider is the possible fees you could incurred while making a withdrawal on every buy to your wallet, although as investors whose plan is to hold for a very long time it will not be advisable holding your investment on a decentralized exchanges because anything is possible so buying from an exchange and withdrawing to your wallet is actually the best but to be on a safer side in terms the fees of withdrawal you could strategize your withdrawal in such a way that if your accumulation is on a weekly basis you could accumulate for two or three months and withdraw all at once instead withdrawing at every buy which will cost you more.
Keeping Bitcoin on any type of exchange, decentralized or centralized is a big no. We should be wise about where we're keeping our bitcoins. If you have no hardware wallet yet, you should keep it on wallets like Electrum, Bitcoin core, Blue wallet or any of likes that provides your key.
But, wait a minute. Who does keeps his bitcoins on decentralized exchanges? I know that there could be some but really, people still keeping bitcoins there? Because if it's on a DEX, I am sure that it's not a Bitcoin that's on its own network but probably on different chains like wrapped BTC.
Hardly for a beginner to go around using these hardware wallet if they are not much familiar with it talk more of using a decentralized wallet or exchange.
Mate, I think you are wrong here; all bitcoin wallets are decentralized because only you have ownership of your private key, which you use to control your bitcoin. If you advise a newbie not to use a decentralized wallet to hold his bitcoin, that means you are indirectly telling that newbie to make use of a centralized wallet to hold his bitcoin.

Wallets Basically who uses which wallet depends on the person who has the power and money to use the powerful hardware wallet. And the money and low income person can usually use software wallets no doubt if stored properly. But I think it is best to invest in DCA method regularly. Here we will look at how to save and accumulate bitcoins in the long term and aggressively enough to collect bitcoins. But here we have to keep in mind that Cex or Dex you give more importance to.