Number two isn't really important and I don't see it as part of the basic knowledge of bitcoin because getting a good wallet that is an open source and self custody can be a problem to a new investor since bitcoin wallet is technical. Since he is a new investor who wants to start his bitcoin investment with weekly DCA, he is to only open an account with a reputable exchange, buy bitcoin through p2p and leave his bitcoin in the exchange for the main time, while he continues to learn more about bitcoin and which wallet is best for him to use.
It's also important that when accumulating bitcoin, we don't buy bitcoin of $50 and send immediately to our self custody wallet in order to avoid many small small UTXO, which can suck almost all our profits in future if transact fees becomes very high. Good UTXO management is important as a bitcoin investor which is why you need to accumulate your bitcoin to a good amount up to $500 and above in your exchange account before transferring it to your hardware wallet.
I also think so. It is better to buy through P2P by creating an account on a good exchange and verifying it.
You seem to not know the meaning of P2P within the bitcoin context. Peer to peer means that there are direct transactions between individuals, so if you are using an exchange to interact directly with other individuals you are not really engaging in P2P in the bitcoin sense since you are on third-party's platform.
I don't have any problem with the ideea of buying BTC on exchanges, even though after a bit of time and as the value gets to be greater, there is iimportance to bring value off of exchanges and to personally hold the value.. maybe trying to get to a point where you are holding at least 80% or more of your value in private ways.
It is better to adopt the DCA method. You can buy weekly or monthly amounts of $20, $50, $100. It is better for traders to wait for the market to fall but not for holders. After buying $500/1000, you transfer your high security to a wallet. I created a wallet, saved the phase well,
You are referring to the seed phrase that serves as a back up, which can be 12 or 24 words and there are some wallets that allow differing numbers even though 12 and 24 words are probably the most common.
kept the wallet address, deleted the wallet and only transferred bitcoin from the exchange to that wallet address and I think this is safe and good. And I wrote the phase of that wallet in a diary and told my wife because if I die, she can find them.Because a few days ago a boy in our village died. He held Bitcoins like this but we don't know his wallet phase so they couldn't be saved anymore.
Surely passing down the wallet or the back up phrase is not necessarily easy, and there are some folks who want to limit the access of the heir(s) while they are alive, but they want the heir(s) to be able to get access the information upon their passing or incapcitation or maybe at some point that they would have had either authorized release or sufficiently lost capacity.
. It is better for traders to wait for the market to fall but not for holders.
It makes no sense waiting for the market, yes it's true that traders prefer waiting but that doesn't mean that they can outsmart the market by acting in such a manner. The best thing to do is to buy Bitcoin anytime your discretionary income is available and hold because that's the only way you can achieve something huge with Bitcoin, all other means that traders are doing thinking they can make a fortune from the market are just time consuming and less rewarding when compared with someone that accumulated a huge stash of Bitcoin and hold for a long duration like 10 years or more.
So in essence of what am trying to say is that waiting doesn't guarantee success, and it's a terrible way to accumulate Bitcoin.
I suggest you to clarify your position, do you want to be a trader or an investor?
This thread is specifically made for investors and it would be better to discuss investment here. Because discussing investment and discussing trading will not be the same and the advice is also contradictory.
Does my write up makes me looks like a trader?
I don't really think so if that's what's going on in your head, I was trying to address what cpt_reader said, and yes it's true that this thread is mainly about investment in Bitcoin, but In the cause of discussion you can't totally avoid comparing investment in Bitcoin and trading, so forgive me if you think am turning this thread into something else, because am an investor, not a trader.
There are some forum threads that are about trading and others about investing.
I think that this thread is about either topic since at the times of the creation of this thread, OP seemed to be questioning whether it was a good time to sell or to buy bitcoin, and the bitcoin price was in the $50/$60ks at that time.
Through the various posts in this thread there have been a good number of guys proclaiming that investing is better than trading, so it seems to me that trading is not off topic for any member who might be wanting to argue that trading is a better way to deal with bitcoin or to argue other various favorable points in regards to trading rather than investing.
Don't get me wrong. I think that trading is mostly dumb, especially when it comes to bitcoin and especially if a guy might be trying to accumulate more bitcoin, yet some guys have their own views, and from my opinion, talking about trading or arguing in favor of trading is not off topic in this thread.