Post
Topic
Board Speculation
Re: Buy the DIP, and HODL!
by
Barikui1
on 12/07/2024, 07:10:59 UTC
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Sure.  I agree that there are risks with exchanges, yet I still was making the point that it is probably better for a newbie investor to get started investing in bitcoin rather than worrying about self-custody, even if there we all know that there are benefits (and advantages) to self-custody, I doubt it is helpful to not invest into bitcoin merely for some prerequisite that self-custody needs to be learned prior to investing into bitcoin.  In other words,  I am suggesting to get started and figure out self-custody later.
I hope newbie investors read this post as a reference in increasing knowledge in investing in Crypto assets and also how to store assets that are truly safe. Storing assets on the Exchange is certainly very risky, but if you store assets on the Exchange in small amounts to avoid the large fee burden that must be borne and make it easier to disburse funds when needed, this can be done especially for investors who use the DCA strategy.
Newbie investors need to increase security to protect the assets they own and need to avoid storing long-term assets on exchanges, because this action is not recommended. They must always be consistent in developing their knowledge and love every process they go through, this method will take them further and last longer by enjoying maximum results than investors who only focus on the results.
I totally agree with your sentiment bro, in as much as we as Bitcoin investors are looking to  accumulate more Bitcoin unit as much as possible, we shouldn't play with our security, am saying so because it would be very sad if after accumulating Bitcoin over the years, and we lose it in a day, just like the senerio of ftx, so on my own opinion, as a Bitcoin investor, we should not fade the idea self custodian wallet of a thing, the security of our asset is more important than risking all our holding, by leaving it in an exchange due to the fear of high fees, what I think is best is the exact thing @reagansimms has already said, which is leaving a very small fraction of Bitcoin in an exchange, so as to be able to utilize it if the needs arise, but keeping your entire holding in an exchange is a dangerous risk which we all should avoid by all means.

And lastly, as a Bitcoin investor that really want to be successful, the best thing to do at this accumulating stage is to stop paying attention to the negativity most people are putting out there about Bitcoin and just be looking at the bigger picture in the longer term, and if you can hold on strong for a long time interval like 5 to 10 years time, you will be very much successful in your holdings, because the longer you hold the more potential of milk something nice out of your Bitcoin holdings.