Post
Topic
Board Speculation
Re: Buy the DIP, and HODL!
by
GigaBit
on 12/07/2024, 16:21:15 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.
Agree with you, It is definitely a good decision for a newbie if he can continue his regular buying using an exchange platform from the beginning. When bitcoin transaction fees increase, exchange platforms become more convenient for those who deposit small amounts of bitcoins especially who follow DCA method. If a normal DCA holder transfers Bitcoins to a secure wallet after a few months of depositing Bitcoins, his Bitcoins will be safe and the amount of additional costs will be reduced. Because transaction fees are not always high. Investor can keep his assets in safe place anytime as per convenience. And this is most effective only for those who wish to do DCA.