Re: Buy the DIP, and HODL!

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.

Your argument here is pointless. Didn't you see the part where i mentioned that it is a first step for beginners to buy from a centralized exchange and after learning about security measure for a wallet then they can transfer their investment over there. Let me ask you a question. Where do you buy your bitcoin? Do you buy from a CEX or DEX? If you tell me you buy from a CEX then you are nothing but a hypocrite, because you made it sound like a Centralized exchange is a bad area for bitcoin to pass through.

Oh perhaps i have been too aggressive here Cheesy

Let me make my point more clear and address this concern. For a beginner its more important to understand between security and ease of use. So my suggestions was;

A beginner should consider a trusted centralized exchange (at least some level of trust generally) with strong security to get started and learn how to buy deposit and then buy bitcoin. Gradually as they become more comfortable they can learn security measure and how they can secure their holding s in decentralized wallet for total control over their bitcoin.

Al last its all about finding the right balance between security and easy to use exchanges or wallet regardless of our level of experiences as an investor.

It is just funny for you to say that my view is pointless. There is no way I said that buying bitcoin on a centralized exchange is bad for newbies or those who have been in bitcoin for years. You said in your comment that it will be hard for a newbie to make use of a decentralized wallet. I want to ask you a question: What do you understand by a decentralized wallet?

Well without stressing this particular conversation too much I think what @Dailyscript is trying to state is that for those beginners who are just starting there investment it will be wise for them to maintain there investment on the centralized exchange in other to have a good understanding about the platform and how to secure there wallet before moving it to there private wallet. I think there is sense in what he is saying and I never realized it before posting about it earlier, so actually in as much as holding our Bitcoin is not advisable on Centralized exchanges but for the safety of the beginners we shouldn't expect them to buy and move there Bitcoin to there personal wallet immediately when they have no idea about what it takes to secure there personal wallet, so like @Dailyscript observed, at first they should hold it in the CEX till they are more knowledgeable on how to secure there private wallet.

Not just beginners alone, going on to get a private wallet without proper knowledge is what should be considered risky. Centralized wallets are not considered an appropriate option to hold and store Bitcoin due to hacks and impromptu shutdown of these exchanges. Beginners who DCA are also expected to hold in their centralized wallets as their portfolio is yet too small to transfer into their private wallet in order to lessen the fees.

Quote from: Tmoonz on Today at 06:29:31 PM

Quote from: teamsherry on Today at 03:29:35 PM

Thanks for the clarification, emergency funds are far much better to have in cash than I assets, you know I was only thinking that it was smart to save our emergency funds in asset but considering the potential risk that it could bring to our investment.

An emergency funds also known as a contingency fund is meant to be a financial safety net or cushion and not as an asset which should be readily available to be accessed when there is need for unforseen circumstances, it should be kept readily available to be use for it's true emergency and should be replenish as soon as possible.

Since emergencies are unexpected, their should be funds strictly set aside for these unforseen circumstances. Like you said readily available not in any currency other than the country's fiat for easy access to funds.