~~~
There is likely a difference between what a newbie needs to know to get started and what would be to his advantage to learn after he has already started, so if the person is starting out investing into bitcoin and using an exchange or some place like that to hold his initial BTC purchases, then sure it is likely good to realize that those are not actual bitcoin but instead vouchers for bitcoin rather than bitcoin, but even vouchers for bitcoin provide BTC price exposure, and some people may or may not graduate into holding their BTC, even though they would be more empowered by owning their own BTC and also it is better for BTC if more people hold their own BTC, yet at the same time, new investors do not need to custody their own BTC in order to get started... and they might choose to never custody their BTC, and that is to their disadvantage, but it is also their choice.
Yes, before Newbies make any decisions including choosing where to store bitcoins, they must start based on the belief whether they are truly competent to take on such responsibilities. Some Newbies who are just starting to invest in Bitcoin choose to store assets on the Exchange because they do not fully understand how to transfer and store bitcoins in a personal wallet, but this should not be left for too long because if the exchange is hacked, they will not only lose personal data, but also lose all the Bitcoins stored there.
They should know that Bitcoin transactions are irreversible, so they need to learn each process step by step to avoid the risk of accidental errors. Keeping assets secure is very necessary, such as not trusting anyone, storing Bitcoin in a private wallet, using a strong password and storing most of your Bitcoin in a wallet that can control the private key. These steps need to be learned properly so that they can become a bank for themselves.
Where to safely store purchased Bitcoin is part of the basic knowledge newbies need to start investing in Bitcoin. They are called basic knowledge because the form the foundation of healthy investing and indispensable if the investment is to be safe and sustainable. Anyone who do not know that storing Bitcoin in centralized exchanges is risky still have a lot to know about sustainable investment in Bitcoin because what will be the achievement of the investor if after buying Bitcoin for months, all are lost to one hack of the exchange where the coins are stored. So, the basic knowledge of how to buy, send and receive and where to store the Bitcoin safely constitute the key knowledge the newbie investor must have even from the commencement of the investment.
$1 million could happen this cycle.. perhaps around 3% odds.. or maybe it is next cycle.. perhaps approaching 20% odds.. or it could be after that.. I have not though too much about assigning exact odds, but there are good chances for $1 million in the coming years. Many of us don't need $1 million to already start executing decently good bitcoin management practices..and of course, many folks are still in their earliest of stages of accumulating bitcoin so they may well be wanting to accumulate more BTC so they might be in a better position to take advantage of $1 million and higher prices.
$1 million! I mean, as oddly as it may seem, that’s just how $50 would have looked back then in 2010 when Bitcoin was still breaking out from being just an idea to gain mainstream. I mean, up till now it’s still an idea to some and haven’t gotten that wide acceptance yet in a highly and densely populated world.
Make no mistake, it is coming to be what might be of use for everyone and by that, there would be much pressure on the demand which can push price to even the unimagined extent in the millions and investors to have hold would be proud of the years they’ve had to maintain calm and did hold, despite the many criticism/FUD that went around.
At the moment, price is pushing upwards and we are surely smiling, which makes me wonder why we don’t seem to accept these rise and falls to be the way things are in Bitcoin and not entertain fear when it dumps.
DCA method is the best strategy among these strategies how to hold bitcoins for long term. Because if you invest in regular bitcoin it will be the DCA method, and those who bought bitcoin in the past and held until now basically believed in bitcoin and today it is full of success. You can still reach success only need to take initiative, only by following right concept and holding strategy according to DCA strategy you will surely be able to hold investment for long time and in future you will get expected return in Bitcoin.
Here an ordinary investor can participate and a big investor can participate, just be careful from the last side of the strategy. Because every time you invest in Bitcoin, it will save the purchase price and you will be successful in investing.
I don't think there is any point arguing which method is the best and which method isn't because what matter most is how well you are able to HODL and not yield to the pressures to sell at the sight of profits or panic to sell when price is dropping. There is no doubt that the DCA method is a great way of buying Bitcoin given the ease and comfort it gives the investor but there are also other methods that can be used to achieve the same results and everything boils down to how well the investor can managed the purchased Bitcoin to meet his objectives. I therefore think that any method of buying is good provided the investor have figured out how to hold the investment for reasonable period of time that will enable the investment yield the result the investor would have set from the beginning.