Quote from: Odohu on Today at 10:35:04 AM

Quote from: Wind_FURY on Today at 09:11:54 AM

Good, practical advice. But newbies should immediately start "practicing" self-custody with a small amount, and actually get themselves used to sending/using their Bitcoin with small transactions. - Get them to know with what's being shilled to them. Hahaha. Cool

Although, users could also continuously buy the DIP/DCA, then send their coins immediately to their wallets, and consolidate those outputs regularly especially if fees are low. The fees paid will absolutely be less than losing all of your coins stored in a centralized exchange.

Thanks for this advice that sounds so practical and easy to comprehend. This does not only apply to newbies but also experienced guys too because some still store their funds in centralized exchanges even till this moment.

I have had a discussion with an old investor in Bitcoin and I was surprised to know that he still stores a large chunk of his Bitcoin in CEX rather than his private wallets even though he has one. The transaction fees is usually the first excuse they use especially those using weekly DCA.

What I have implemented is is monthly withdrawal from CEX to my private wallet even though I'm using weekly DCA combined with buying the dip... all my purchases are withdrawn to my private wallet monthly. I know this is still risky but the risk is highly minimised as not all my Bitcoin will be exposed to such risk.

Let's say that you have a practice of withdrawing from exchanges about once per month, yet your situation is going to be different if you buy $10 per week versus if you buy $100 per week, and personally I believe that even creating a bunch of $40-$50 transactions would be too small, and of course guys can consider their various threshold issues.

I do agree that guys should not wait more than 6-12 months to start learning about self-custody, which also involves practicing self-custody, so ultimately if someone gets to a point that they have been in bitcoin for a while, they should already be aiming to figure out ways to hold most of their value in self-custody rather than on exchanges, while at the same time, I am going to continue to assert that learning about self-custody should not be a prerequisite for getting started buying bitcoin, and I frequently emphasize the importance of getting started with bitcoin as soon as possible, which truly ONLY requires figuring out if the newbie has a disposable income and so figuring out how much to start with while he figures out other aspects of his cash flow issues (and/or solidifying his cashflow management skills).. which I believe to be the most important in getting started, even though even the cashflow management can be worked on while building an initial bitcoin position.. even if the starting point might only be buying $10 to $100 per week while figuring out other matters related to finances and psychology (perhaps assessing the 9 individual factors, which could take several months to get in some kind of order).

Quote from: Sim_card on Today at 10:47:14 AM

Quote from: Wind_FURY on Today at 09:11:54 AM

[edited out]

I think using a noncustodial wallet in the beginning to keep your small UTXO depends on the amount that you are buying always. The reason why I said this is because for someone that is buying $50 bitcoin and above every week or month can transfer after buying to his noncustodial wallet regularly because the transaction fee will not be affect what he will have as his balance that much and when fee are cheap he can consolidate all his transactions to one output.

However, I just thought of it that it will not be the best practice and will not be important because when transaction fees are extremely high exchange will charge high for the transaction fee of $50 and above which will be very discouraging and will kill purpose of trying to always keep your funds in a self custody wallet. It means that such person will have no option than to still leave his bitcoin in an exchange for it to accumulate up to $500 and above before sending it to his self custody wallet. Since I am buying regular with DCA that is what I do especially when transaction fees are high.

It is only if the investor is being paid in bitcoin and he gave his employer his self custody bitcoin wallet address that when the transaction that he will always think of consolidating his transactions with small UTXO when the fee is low. So I agree with everything that JJG said about newbies leaving their coins in exchange when buying with DCA regularly to accumulate it to a bigger amount before sending to self custody wallet to avoid damaging the value of their bitcoin investment profit in future when fees are damn high.

Most newbies don't even know the difference with a self custody wallet and an exchange, in the beginning they do feel that exchanges are wallets and they are cool keeping their coins there but as time goes on when they have begin to increase their bitcoin with regular DCA weekly, they will want to learn on how to keep their coins more safer which will make them know about self custody wallet. When I was a noob, I didn't know this too.

As you mentioned, we should be thinking about current exchange fees / and also future exchange fees which are somewhat unpredictable. I have nothing against the idea of a newbie withdrawing early and/or practicing in order to learn about transacting in bitcoin and learning how to get his private wallet(s) set up.. My main objection remains guys seeming to insist (or to imply) that there is a need to learn about self-custody and to get started with self-custody right away, as if that were required to learn about prior to even getting started with accumulating bitcoin price exposure.. so in that regard, maybe I am a bit of a broken record about continuing to emphasize that newbies get started in bitcoin right away, even if the early times may end up keeping the value on exchanges... and yeah every person is going t have his own particulars in terms of both what he needs to learn and various aspects of his particulars that he might need to sort out, so in no way am I advocating a lack of learning, since there are people who spend many months, even getting into years of having bitcoin price exposure (and hold their value on exchanges), but still have little to no clue about what bitcoin is beyond considering it as a kind of number go up (NGU) technology.. which sure bitcoin may well be considered as a NGU technology, but there should be some effort to get beyond that to the extent that any of the newbies are capable of learning more about what bitcoin is so that they can learn how it is more than just NGU technology (and why it is more than just NGU)..

some people may well not be capable of learning more, and so we have to be careful about demanding too much upon normies, including any kind of suggestion that we might start to make that dumb people cannot buy bitcoin.. which I would think bitcoin is for anyone and everyone, whether they are smart or dumb and whether they are willing to learn beyond NGU or not. Yes, it is likely that smart people and those willing to learn are going to have advantages, but not everyone is at the same level, so there are always going to be gradients in terms of what newbie bitcoiners are ready, willing and/or able to do in regards to bitcoin or in regards to anything related to bitcoin that we might be discussing in a thread like this.

Quote from: Solodoski on Today at 11:14:22 AM

"Buy the DIP and HODL, Buy low sell high"... Okay what's the high and the low, when do they ever happen, please somebody should tell me now

You appear to be lost, and trying to change the topic of this thread.

The reason that there is nothing in the thread title about selling high is because we are not talking about trading in this thread.