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simply introduced Bitcoin for the primary time, is there something I ought to look out for?

i’m not gonna lie, i dont have a clue how crypto works however my boyfriend retains telling me to get bitcoin so i did. is there something im supposed to maintain an eye fixed out for and is it alright to solely purchase month-to-month? he’s refusing to clarify something to me and this subreddit is all about Bitcoin so i believed it was value a shot asking

edit: thanks all for the recommendation! i’ll take it off alternate and get a chilly pockets to switch it to. sorry for not responding to everybody, i didn’t suppose i’d get this many responses 😅

43 thoughts on “simply introduced Bitcoin for the primary time, is there something I ought to look out for?”

  1. Welcome! It’s okay to buy as often as you can. Spread out your investments, i.e. DCA (dollar cost averaging). You’re getting in at a great time.

    Reply
  2. remove any btc coins from exchanges to a hot wallet for now until you can get a cold wallet. The learn to have your own bitcoin core node on your personal computer or build a node from a third party

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  3. BF sounds like a dick. Tells you all about it and to get it but provides no help? DCA at your own time preference and get a cold/hardware wallet!

    Reply
  4. Just get a good wallet to use rather than keep on exchange. Cus download a software wallet like Muun or electrum to transfer your Bitcoin to depending on what you use. If you compile a large amount get a hardware wallet.

    Bitcoin.org has good basic resources

    Reply
  5. Buy what you can afford to lose

    If this is like previous bear markets, bitcoin will be between 7k and 40k for 2 years until it eventually breaks higher towards 100k, so patience is key.

    If this is not like previous bear markets, bitcoin could go to zero, so I repeat, buy what you can afford to lose.

    To me, this is a good oportunity because you can only lose 100% of what you put in, but you can make 400%, 500%, 1000% of what you put in. And it has happened 4/4 times (2011, 2013, 2017, 2021), it might fail now, we don’t know, but it’s good risk/reward wise

    Reply
  6. Get your coins out of the exchange you bough it. Use a software wallet or a cold storage like Ledger to keep it safe and most importantly YOUR. If this is something you don’t have a clue about educate yourself before even investing 1$ in Bitcoin.

    Reply
  7. Do your own research. Do not let your boyfriend know anything about what you’re doing. This isn’t a bonding experience between you to. What ever you do. Don’t tell him where your keywords are, get a bank safety deposit box to hide them in.
    Please watch more videos on these topics.
    Crypto Exchanges, blockchain, hot and cold storage wallet, key words.

    Your key words are as important as your social security number.
    If someone knows your keywords all your money is
    legally theirs.

    Set up a cold storage wallet, hide pin and keywords at the bank.
    Practice sending a very small amount to your cold storage, then send it back to a exchange, then back to your cold storage so you know how to send and receive btc. It can take some time for it to show up so don’t panic.

    Bitcoin can never be a group activity, especially when you’re new.
    If that boy can’t explain it to you, for the love of god don’t tell him a thing about what you’re doing.

    – from your new crypto big sister

    Reply
  8. Learn how to use it and how to keep it safe. Then when it’s safe, DO NOT TELL YOUR BOYFRIEND OR ANYONE ELSE ANYTHING ABOUT YOUR WALLET!!! Not what’s in there, and definitely none of the 24 seed phrase words. Act like you don’t have one.

    Don’t keep any seed phrases on your phone/computer/iPad. Keep them hidden. So hidden that you ALMOST forget about them.

    Research how bitcoin works and why it’s important. Only you can research this, people can tell you, but if you do the research, only then can you really understand it.

    Reply
  9. Get yourself a hardware wallet or download a wallet like Blue Wallet for a cellphone. Ideally one you don’t use all the time. Send a small bit to test first.

    Reply
  10. Learn how wallets work. Learn the risks of self custody and how to manage them. One of the best parts about being new to bitcoin is the education you get learning how the whole system works

    If you’re going to keep your coin on an exchange which everyone in here including myself will not recommend. At this point coinbase is probably your safest bet. It’s regulated. It’s a traded stock. It’s under more scrutiny than any of the others

    Reply
  11. Don’t click on any promotion or ad. Don’t answer any emails from unknowns. Any link anyone send u that u don’t know is a scam

    Reply
  12. a lot of people are offering random advice (mostly good) but to answer one of your original questions. buying monthly or on some schedule is preferable. obviously don’t ever spend more than you can afford to lose. but yes interval buying is smart. timing the market is more stress than you need, but as others have noted, do some research in that beginners subreddit first and just ensure it’s. something you believe in! If so, enjoy collecting Satoshi’s!

    Reply
  13. First learn what bitcoin is , how it’s made/ where it comes from , where it goes. Exchanges, cold wallets and scams all things to read about. Then figure out how bitcoin will work for you. Hodl it , buy it , sell it. These are all questions you should be looking at before you get in. Alot of Yolo fomo lose money because they don’t do the homework. Bitcoin can go to 100k or 1k nobody can tell you what the future is.

    Reply
  14. Don’t keep it on an exchange.

    Get it to cold storage ASAP. Ledger or trezor.
    If its a lot I’d recommend a multisig. And distribute keep your keys in different physical locations.

    Reply
  15. The only advice you need for now is to buy it whenever you can afford it without jeopardizing what you need to live on and keep it all on a hard wallet. Don’t ever share the seed phrase or password with anyone. Not even your boyfriend. Let it sit and don’t touch it for at least 10 years and you will be happy. In the meantime, learn all you can about it via reading, videos, forum discussions etc. Start with the original white paper.

    Reply
  16. Pro-tip: true bitcoiners are always happy to talk about bitcoin, no matter what. If someone doesn’t want to talk with you about Bitcoin (this includes loved ones) they are, most likely, not true bitcoiners and may get you rekt.

    Tred lightly… and do not get swayed with high returns from crypto.

    Bitcoin isn’t a “get rich quick” scheme, it’s a “stay rich for a long time” scheme.

    Welcome to freedom 👍

    Reply

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