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In our previous discussion I talked about how I have other investment that I make profit from, I would have like to describe in detail but since you said that I do not need to give my specifics, I think there would be no need to describe it any more for safety purpose since everything remain private here, I wouldn't want to describe any of my circumstances.
It is up to you regarding the amount of details that you might want to give, and sometimes it can be helpful to figure out what you might be weighing in terms of what you believe to be relevant factors - especially in regards to
any of your personal factors, and it can take some time to flesh out your various personal factors and even to adjust them to circumstances as they change and also how your assessment of various circumstances might change..
At first I was finding it difficult to invest into Bitcoin since I don't have a good knowledge about Bitcoin, but Last week I invested $10 with the help of my brother, I plan to increase my investment to $20 and above as time goes on, but for now since I am new to Bitcoin and don't know much on how to buy bitcoin myself I will be learning on how to buy Bitcoin from exchange and send to private wallet, to get started with to avoid revealing my safety to a third party, I am just being careful to avoid mistakes.
As long as you have at least $10 per week of extra discretionary income that you don't necessarily need for other things (including expenses that might come up in the current month or into the future), then you can start out with $10 per week, and to potentially increase the amounts as you become more comfortable. Depending on the exchange that you are using, you might be comfortable allowing your bitcoin holdings build up to $500 or more before you transfer to your own private wallet, and so surely you may have to consider which wallet that you are going to want to use .. while you are continuing to buy on a weekly basis.
It is hard to understand you correctly but If I get you right, you are advising me to keep accumulating Bitcoin in exchange UpTo $500 before I can send to my private wallet? If that is what you mean, then it will be good. It will save me the cost of transaction fee because I learnt that if I continue buying and sending to my private wallet it will cost me a huge transaction fee. But accumulating $500 in my exchange wallet before sending to my private wallet will be a nice idea. But to achieve that, it will take a little time maybe 12 months. And the private wallet I used the last time was electrum wallet. Maybe I will stick to it.
Ultimately, you have to figure out your risk tolerance, since whenever you have your bitcoin with someone else, then there can be potential issues with your access to the coins, yet I do think that it is a good idea to NOT have a bunch of small UTXOs, and you can figure out if you are willing to tolerate keeping up to $500 of value of your bitcoin held on an exchange, or if you might want to transfer it off at a lower amount.
In the beginning of my bitcoin investment (late 2013 and into 2014), I used to have more than 50% of my bitcoin on exchanges, yet as my bitcoin quantity and value grew, I became more and more uncomfortable holding that much of my value on exchanges. Little by little I decreased the quantity of BTC that I held on exchanges and through third parties.
Currently, I hold around less than 5% of the total value of my BTC on exchanges (or with 3rd party custodians). There also can be some value to have more than one exchange in case you have problems with one of your exchanges, but sure, if you are ONLY buying $10 worht of bitcoin per week, you are not dealing with high levels of value, so it might be understandable that you might not have more than one exchange until some point later down the road... so in that regard, the longer that you are in bitcoin then the more you might learn about various exchange options and to try to use other options, including just testing them out so that you know about them.