Post
Topic
Board Speculation
Merits 1 from 1 user
Re: Buy the DIP, and HODL!
by
Odohu
on 06/04/2024, 07:07:08 UTC
⭐ Merited by JayJuanGee (1)
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.
Going straight to the point, it's better for newbies or beginners to start with centralized exchanges cause its more friendly for beginners than decentralized exchanges, it also has lesser to no gas fees attached to buying bitcoin off the exchange and this is good cause most beginners Don have huge capital and can be starting with as little as 10$, so imagine how discouraging it would be for them to be paying for gas everything they have to move their asset to their decentralized wallets, so yeah it's better they state with centralized exchange then when they have accumulated much bitcoin they can now move to a self custodian wallet to store their bitcoin.
If you look for easy way in Bitcoin, you will most likely become lazy and complacent. I'm not against centralized exchanges but the truth is that if newbies become too comfortable with them, they might resort to using them for all their needs including storing their coins there which is risky. Knowing where to buy Bitcoin and how to keep them safely is part of the basic knowledge required to begin the process of building a Bitcoin portfolio and both knowing how to buy from CEX and DEX should be part of the process of getting the basic knowledge. Like I said before, it is dangerous for newbies to get too comfortable with CEX so they don't use them for all their needs, this is the only thing I have to add to this discussion.