i’m 19 and a college student, and not really into the stock market/ anything to do with finances but i thought it would be interesting to do this. i was doing my research and then opened a Coinbase account and bought $10.25 in BTC, but i figured you guys could provide more insights/ tips for me, since im not sure what i can do with it. i know there’s a holding period tho. it would be greatly appreciated!!! have a nice day!!!
bought $10.25 of bitcoin on coinbase, is there anything else i should do?
byu/sexystargirl888 inBitcoin
Posted by sexystargirl888
10 Comments
Just put money in as often as you comfortably can. Hold for as long as possible you will not regret it. Also props for choosing such a good time to buy in!! I am 16 and have 1300 in bitcoin and a lot more in other things tooo.
Biggest advice is don’t let it sit in coinbase forever, don’t treat Coinbase like a safe bank or storage. People have been locked out of their funds due to KYC issues. (Otherwise it’s fine.)
1. Repeat that weekly until you complete your degree.
2. Ignore the price of Bitcoin. Neither holding nor selling that amount is going to make you rich in the next 1 to 5 years, so don’t waste your mental effort thinking about it. Focus on increasing your marketable skills.
3. Once you’ve earned your degree and have a stable income, continue buying a regular, small amount of Bitcoin every week. Build up a three month emergency savings account, THEN consider increasing your Bitcoin purchase to $50-100 per week.
First : get a cold Wallet or at least some full custody wallet with own private keys and transact it there instantly. They will not give you problems until your stack is big enough to ask for kyc and where the funds came from etc… And even if you’re right they will Try everything to keep your funds at some. Points… Be prepared, do your taxes and be a brave boy
Simply use a dca strategy, that’s it. But don’t rush! If your goal is to buy for example 10$ per week, then do 10$ per week, not more and not less, let it be just a 5 minute routine and that’s it. Don’t open your wallet 10 times per day, don’t look at price, don’t be obsessed with news – it’s useless. Just focus on yourself and in years you will thank yourself. Good luck!
I would recommend learning as much as you can about crypto before actually investing in it to save yourself beginner mistakes but it is a good idea to start.
1. Don’t use coinbase. Support is shit and they will lock your account for any reason. Fees are a rip off.
2. Use bitcoin only exchange like Strike. Support is great and no fees if you schedule buys.
3. Get yourself a bitcoin only, open source hardware wallet to securely store your private key and have self custody over your bitcoin.
Keep that 10 and do it again as much as you can over the next 10 years.
HODL until you can retire on it.
You’ve missed the boat for riches unless you’ve got more money to put in. BTC isn’t going to go 20x from where it is, there isn’t enough money in the world to cover it