First of all congratulations on your first bitcoin hold, i hope this is amount you can afford to lose and not your entire wages or salary. As that will help you to hold it for long. Looking at this the screen this is a binance wallet which is a centralized exchange and that’s the least of place to safe your coin because the keys doesn’t belong to you. I will advice you look for a reputable bitcoin wallet and in my opinion electrum is that wallet. Create a the new wallet yourself and don’t let your colleague do it for you and then keep the secret phrase safe in an offline place. Then move the coin from this exchange to the wallet. If you do not have basic knowledge of this then you can ask on the forum and you will be guided.

Going forward please do not post screenshots of your holdings as it dampens your privacy. You can also edit your post and remove this one. Also if you’re planning to add more bitcoin to your holdings then you might need to set up a cold storage like purchasing a hardware wallet. You can continuously keep buying bitcoin when you have the fund never wait for any price retracement as that will be a wait too risky if it doesn’t fall back

Here is the link to download an electrum wallet https://electrum.org/#home

Five figures a month you say? In what currency if I may ask?

Nope. Binance (and any other centralized exchange) is one of the worst possible places to store your bitcoin and should be moved as soon as possible,just keep in mind that withdrawal fee is not negligable.


I guess you meant to say Electrum?Anyway, Electrum is one of the best bitcoin wallets so it should be on top of your list. If (when) you can afford it, hardware wallet would be even better solution as it would give you another layer of protection and if you plan to be into bitcoin for a long run, getting one should be one of your priorities.

Congrats on your first 👏🏽
You can store on any of the decentralized wallets like Trust Wallet, it's a popular choice that i knkw a lot of people use. Good luck

Congratulations on your new job and also buying your first bitcoins. I will advise you to move your bitcoins from Binance to a non custodial wallet like Electrum or Blue wallet.

[General] Bitcoin Wallets - Which, what, why 

Naira, I think. OP has made a couple of posts in the Nigerian local board, I assume he is Nigerian.

That’s not true. Trust wallet runs on centralized servers so it's cannot be classified as decentralized, and to top it off, Trust wallet is closed source.

It's not safe to keep your coins on an exchange it's more risky if the exchange gets hacked, or collapses due to bankruptcy.
I just heard of Electron? What kind of wallet is that, do you mean Electrum?
There are software wallets that you can use to store your BTC by having full control of the seed phrase, you can also use hardware wallets by purchasing but these cold wallets are the most secure way.

I think it's in Nigerian currency, but I don't know what 5 digits is a dollar? I think it's pretty big, especially with $110 investment every payday. wow

Exactly. If $110 is already huge for OP, we must respect it or maybe OP is just trying small first and then slowly adding more, it depends but as per OP, it is already decent money.

We all know how risky cryptocurrency is and volatile it is.
For now,  let's appreciate what OP did regardless of the amount.

Firstly this statement is fallacious.

Well congratulations on your first Bitcoin purchase, although there is a thread that discusses Bitcoin achievement records etc so you could just post your first Bitcoin purchase there.[1] Also making use of search button [2] regularly is very crucial in order not to duplicate or repeat things too much.

If there is any good wallet that people will suggest you should use it's just electrum but there are other wallets that you could use e.g sparrow wallet, Blue wallet etc but not there are not as good as electrum which you already know of.

I'm also a newbie but I know of a thread that has so much insight on Bitcoin accumulations which is buy the dip and hodl[3] in that thread JayJuanGee shares alot of knowledge on healthy Bitcoin accumulation. There is another thread you might want to visit which is JJG's Outline of Bitcoin Investment Ideas[4]

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[1] https://bt.irlbtc.com/view/5433429.0
[2] https://bt.irlbtc.com/view/5276341.0
[3] https://bt.irlbtc.com/view/5132720.0
[4] https://bt.irlbtc.com/view/5376945.0

First of all, I congratulate you for taking a great step, buying Bitcoin is not a trivial matter and with the great thinking you have behind it, I can see very well how you Want to buy Bitcoin and then how did you succeed then I want to submit that your thinking about Bitcoin is very good and you have a very bright future in it.

The bright future means you will benefit a Lot because you are collecting bitcoins now, collecting bitcoins is going to take you far in the future and for that reason I would recommend you to be a follower of whatever hardware you are using is safe pal etc, you can deposit whatever amount of bitcoin or other coins you have into it.

Congratulations, this is the right step taken in the right direction. This is a decision you won't have to regret in your lifetime. Now you have to apply decipline as you have started this journey. Make sure that you have the right mechanisms set in place so you won't have to empty your bag, rather you will keep adding to your bag from time to time.