Bitcoin Beginner Series EP3: How to Safely Store and Invest in Bitcoin

Bitcoin Beginner Series EP3. How to Store and Invest in Bitcoin Safely

To store Bitcoin yourself, you will need to use a digital wallet, of which there are two main types:

Types of Bitcoin Wallets

Hot Wallet (connected to the internet) – Easy and fast to use, but more susceptible to hacking. Examples include MetaMask, Rabby wallet, and Trust Wallet.
Cold Wallet (not connected to the internet) – Typically used via a hardware wallet. The advantage is greater security, but it may involve more steps in usage. Examples include Trezor, Onekey, and Keystone.

📌 Advice for storing Bitcoin

If you are investing in Bitcoin for the long term and with a significant amount of money, you should use a Cold Wallet for security.

When choosing a hardware wallet, you should buy from a secure and reliable source, such as the manufacturer's direct website or an authorized reseller in Thailand, to avoid the risk of counterfeit devices.

In Thailand, official resellers include Bitcast, which offers after-sales service throughout the product's use. If a device is damaged or defective, a new one is sent immediately, with a full 1-year warranty. They also provide assistance if you need to contact the manufacturer directly.

After learning how to store Bitcoin, another important thing for beginners to know is investment strategies. Because Bitcoin's price is highly volatile, a good strategy will help reduce risk and increase the potential for good returns in the long term.

Bitcoin Investment Strategies for Beginners

If you are a beginner, there's no need to rush into investing a lot at once. You can use safer strategies, such as:

1. DCA (Dollar-Cost Averaging)

• Invest in Bitcoin little by little, regularly, for example, daily, weekly, or monthly.

• Reduces risk from price volatility.

It's a way to practice investment discipline and saving.
Suitable for those who are just starting and don't want to take too much risk.

For example, instead of investing 60,000 baht to buy Bitcoin all at once, you might divide it into 10,000 baht per month for 6 months, which helps spread the risk from price volatility.

2. HODL (Hold for the Long Term)

HODL is a term that originated from a misspelling of "Hold" in the Bitcoin community, meaning to hold onto Bitcoin for the long term, ignoring short-term price fluctuations.
Suitable for those who expect Bitcoin to increase in value in the future.
This strategy relies on patience and confidence in the long-term technology, without panicking during temporary price drops, which is normal in the Bitcoin market.

For those who want to save in Bitcoin automatically to increase discipline, there is a service available in Thailand called Satca (Satoshi Cost Average). This service allows you to automatically DCA Bitcoin through exchanges in Thailand, making investing easy and eliminating the need to constantly monitor prices.

Summary

Bitcoin is a decentralized digital currency that allows you to truly own your money. It has many advantages, such as not relying on banks, fast international transfers, and a limited supply, which makes it seen as digital gold.

If you are interested in Bitcoin, a good start is to:

Educate yourself thoroughly.
Start buying little by little using DCA.
Store it safely.

Remember that all investments carry risks, and you should only invest in what you understand. Do not invest money that you cannot afford to lose, because even though Bitcoin has the potential for future growth, it is still highly volatile in the short term.

Additional Learning Resources

If you are interested in further study, you can watch:

How well do you know "money"?

https://www.youtube.com/live/HER99CiPcok?si=z1q0S5kQgHx1TOFV

Essential vocabulary for beginners considering studying Bitcoin, Blockchain, Cryptocurrency: https://youtu.be/YExv3YUfLY0?si=PGfx35Ku6dti2YKc
Guide for beginners to start investing in Bitcoin easily by setting the right mindset: https://youtu.be/qifMB7BeAoc?si=R5k2XS4U0de2QjIe
How to use Satca for automatic DCA: https://youtu.be/4EfcBsAeKMg?si=DBHh8r7U6TqfCfYl

This article is for educational purposes only and is not investment advice. Please do your research and consult with experts before making investment decisions.