Post
Topic
Board Speculation
Re: Buy the DIP, and HODL!
by
Justbillywitt
on 12/07/2024, 12:36:58 UTC
~~~
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.

You just mentioned the fundamentals of this journey, this reminds me of what happened to me when I used exchange to receive a BTC worth of  $11.68 and I lost it because it wasn't up to the minimum deposit of that exchange, then I was just a novice and I belived that it is only exchange that can do such,  exchange has different excuses at all time, as for me, be it short or long-term investment, i dont have anything to do with exchange unless in terms selling a little of my profit from my Bitcoin holding and It can never be the exchange I lost my funds in, that fund i lost is still affecting me till this moment,  my sincere advise for every newbie is that even though you want to do any form of transaction in any exchange, you should be security conscious at all time and always know their minimum deposit to avoid being a victim of regret. There are numerous excuses in exchanges and a newbie do not need those stress during Bitcoin accumulation process, to avoid any form of distraction in the journey, every newbie should concentrate on making use of non-custodial wallet for accumulation of Bitcoin to maintain high level of security that allows personal control of your holdings and continue doing the needful for the long-term expected outcome.
In as much as I agree with you that every newbie should choose non custodian wallets when it comes to storing their assets. But on the issue of you losing your asset on exchange because the asset was below the minimum deposit was completely your fault. Every exchanges has terms and conditions of use and before you signed up with them you agreed with those terms and conditions of which the minimum deposit was part of those terms and conditions, so if you failed to confirm each minimum deposit before making your transaction, I think it's a total neglegence from your side and the exchange shouldn't be held responsible for that. But it's a good thing that you shared your experience with others so that through your experience both newbies and old investors won't make such mistakes in the in the future.