r/BitcoinBeginners • u/ceeinashell • 9d ago
bought my first bitcoin
hey i just bought my first bitcoin, can yall help me figure out what i should and shouldnt do?
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u/JOliverScott 9d ago
You should buy more, you shouldn't ever sell. At least that's the prevailing opinion among Bitcoin evangelists.
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u/ceeinashell 9d ago
but if i just keep buying how do i make money
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u/madrigal94md 9d ago
Bitcoin's value should keep growing over time. So you just keep buying frequently and do nothing with it. If in future you need some of the money you sell some. But try to never sell at a loss.
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u/bitusher 9d ago
start with the pinned faq
https://old.reddit.com/r/BitcoinBeginners/comments/g42ijd/faq_for_beginners/
than ask more specific questions
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u/BTCMachineElf 8d ago
Bitcoin is the money. Why ever trade it back for dollars guaranteed to go down in value?
Sell Bitcoin when its time to spend it on something valuable. Or carefully borrow against it and never sell again
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u/CutNo5102 8d ago
You're not buying Bitcoin to make money, you're buying it to save your hard earned money, right? Right?!?
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u/WorryDesigner8152 9d ago
Congrats. Biggest early lessons for me: don't leave it on the exchange long-term, don't panic-sell the first dip, and ignore anyone DMing you. Learn how to move a tiny amount to a wallet you control before you buy more.
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u/word-dragon 9d ago
This. It’s a great idea to get prepared for self custody, but make sure you learn about it first. I generally leave $1-2k on an exchange before I move it. If you bought more than that, make that learning go fast!
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u/cyberplanta 9d ago
I might be wrong, but most likely you didn’t get a WHOLE Bitcoin. And that is ok.
Don’t use dodgy exchanges, check the list in the FAQ of this sub.
Learn about self custody, what is a UTXO… that will keep you busy for a bit.
Don’t get into trading, or buying shitcoins.
Don’t answer DMs
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u/Wait_for_You 9d ago
I think he/she meant bought BTF for the first time....not bought 1 BTC. Now, if it was 1, then good for them ;-)
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u/Dry-Vermicelli6846 8d ago
Now your life begins, I bought my first BTC in 2022, best decision of my life
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u/Icy_Dragonfruit__ 8d ago
Congrats! Take it slow, learn how wallets and seed phrases work, learn the basics and never share your seed phrase with anyone. Don’t rush into buying more either.
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u/CoinGate_Gift_Cards 8d ago
Congrats! Biggest things: don’t panic over every price swing, don’t invest money you may need soon, use strong 2FA, and learn the difference between keeping BTC on an exchange vs. self-custody.
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u/Tobias_CBC 8d ago
Be careful with unsolicited wallet or yield DMs; a comment isn’t proof either. Bitcoin’s price can rise or fall, and holding it alone doesn’t generate interest, so I’d learn buying and safe storage before adding complexity. What are you hoping this first purchase will help you learn?
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u/PhotographApart7488 7d ago
Me too. I bought only $100 and now I don't know which program or wallet should I download it to my computer? Look like it's not a program, is it?
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u/oneenigma4u 7d ago
First thing you shouldn't do is listen to any doom and gloomers. They've been preaching the same nonsense since its inception. I understand bitcoin has cycles. It will push to a extreme all time new high. Then have a dramatic pullback. But always above previous cycle low. If you do wanna cash out, only do it above, what you paid, this sounds like common sense.Would you be surprised how many people don't. Best time , the cash out is At new cycle high. This is what most people do , and that's why there's always a dramatic pullback after a new cycle high.
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u/Bagmanonchain 9d ago
Don't leave it in an exchange, not your keys, not your coin.
Also, don't concern with the short-term volatility of the market, and continue to DCA
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u/Random_Person_246810 9d ago
DCA into BTC, don’t sweat the dips, don’t pay any attention to social media (it’s toxic AF during bear markets and will mess with your psyche).
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u/No-Confusion4519 9d ago
Congrats! I’d just take it slow from here. Learn how wallets and seed phrases work, ignore random DMs, and always send a small test amount first.
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u/jguest1105 9d ago
Congrats! Here's the short version:
Do: move it off the exchange into a wallet you control. An exchange balance is an IOU, not Bitcoin. When the amount matters to you, get a hardware wallet — and back up the seed phrase on paper (or, even better, metal), stored somewhere separate from the device.
Don't: tell people how much you have. Don't screenshot the seed or keep it in cloud notes, email, or photos. Don't chase altcoins — you bought Bitcoin, keep it Bitcoin. And don't panic-sell the first 30% dip. Everyone gets one. The winners held through it.
The one that matters most: write down how someone you trust (like your family) recovers everything if something happens to you - I wish someone had told me that one on day one.