BTC India
Im buying btc and i want to sell when its bullish in the next couple years, i want to convert to usdt and wait until the next bear, then pass the usdt to btc again.
Is this considered a sort of exit plan? Its not totally exit but eventually i will like to cash out and perhaps use the funds to buy some land and make my own house or down payment.
Also i am currently holding my coins at binance (yeah dont need to tell me) i just need to educate myself properly before doing something, i dont wanna mess it up and lose it all, as today i feel its safer in binance because of this reason.
I want to make my own wallet from a site, save the credentials on a laptop running tails without any internet connection, perhaps keeping a metal backup (may go to 2 different blacksmiths or metal workers and make half with each)
Does this make any sense? I been fooling around with bitcoin quite a lot but i am pretty paranoid and heard many stories of people loosing their wallets
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First transfer all funds that you dont really need minimum to trustwallet.. an offline wallet like ledger woule be even safer! just send the amount back to binance that you wanna sell
I wouldn’t hold the money in stablecoins during the bearmarket. Stablecoins can collaps and it happens in the bearmarket most of the time. Better hold your dry powder in a “stable” fiat currency like Euro/Doller
>Im buying btc and i want to sell when its bullish in the next couple years, i want to convert to usdt and wait until the next bear, then pass the usdt to btc again.
Many people want to make the perfect trade, 99% of them won’t. Never sell all of your bitcoin because it might never go back down and you’ll end up buying it back at a higher price. USDT isn’t safe. Like every other “stablecoin”, it can lose its peg. When this is happening, it’s usually pretty fast. Reconsider this strategy to cash.
>Is this considered a sort of exit plan? Its not totally exit but eventually i will like to cash out and perhaps use the funds to buy some land and make my own house or down payment.
Again, your money. Once you’ll learn more, you might change your plans. One way or another, never go zero bitcoin.
>Also i am currently holding my coins at binance (yeah dont need to tell me) i just need to educate myself properly before doing something, i dont wanna mess it up and lose it all, as today i feel its safer in binance because of this reason.
These are NOT your coins. Binance is giving you a promise they will give you these coins in the future. Research MtGox, Celsius, FTX and many other exchanges. Everything’s usually fine until it isn’t. Install BlueWallet and move your coins out. If it’s a larger sum, get a hardware wallet like BitBox, ColdCard or Trezor. Don’t bother with Legder.
>I want to make my own wallet from a site, save the credentials on a laptop running tails without any internet connection,
No website, it’s called Electrum and it’s already preinstalled in the Tails OS.
>perhaps keeping a metal backup (may go to 2 different blacksmiths or metal workers and make half with each)
Paper and metal backups are necessary, don’t use blacksmith, do it yourself.
Be careful with making your own wallet from a site, some of those wallet generators are scams and they will drain the wallet later.
You should look into alphasquared and their dynamic dca approach. You scale in and out of markets based on market risk and so far their risk metric has done an amazing job at catching tops, bottoms and everything inbetween.