Post
Topic
Board Speculation
Merits 1 from 1 user
Re: Buy Buy Buy or Sell Sell Sell?
by
Ruttoshi
on 24/05/2025, 12:55:44 UTC
⭐ Merited by JayJuanGee (1)
[edited out]
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.
It is not wise to keep your Bitcoin in an exchange, because it involves a third party, and if we can remember Bitcoin was not created to have a third party system, therefore it is risky keeping your coins in an exchange, and even if it's necessary it's should be a very small quantity that if denied access will not affect you.
It is better to keep your Bitcoin in your private wallet than in an exchange, where you can have access and control of it whenever you want it.

Ever since Centralized exchanges have become the primary targets for hackers,it unwise to save your Bitcoin assets in an exchange. Most Centralized exchanges that have been hacked in the past has been finding it difficult and are unable to refunds Users assets lost under their watch and as such the User asset is lost.Centralize Exchanges should be used to buy Bitcoin and after the purchase,the user should immediately move his BTC to his private wallet where his asset is safe and secured from future hacked. Sometimes people choose to stored their assets in CEX because of avoiding little fees charged from moving their assets into their private wallet of which I find it too risky because that period of keeping your assets in CEX, what if the exchange was hacked.So it's better to pay for the transaction fees than putting your valuable assets at risks.
You don't get the point here mate... Nobody is saying that you should keep your bitcoin in an exchange forever or turn it into your self custody wallet. You are not keeping it in an exchange because of the transaction fee of sending it to your self custody wallet now but to prevent you from spending almost all your profits in future for bitcoin transactions only when transaction fee will be very high in future and your many small small output will be very expensive to send.