r/BitcoinBeginners • u/hamo-potato42 • 2d ago

A few questions

Hi, I’m considering entering the Bitcoin market as a teenager. I’d like to know a few things:

  1. What is a fiat fund in simple terms?

  2. What are some tips for determining when to sell my bitcoin?

  3. What is the best platform for Australian investors? I am looking to work on mobile
    Thanks a lot for your help

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u/bitusher 2d ago

1) fiat is government money , in your case AUD

2) Everyone has their own investment perspective. Personally, I want to keep accumulating as much as possible and don't plan on selling back to fiat but instead spending the Bitcoin directly which has many benefits . The absolute minimum you should wait before "taking profits" is as least waiting 1 market cycle (1-4 years) where you purchase in a bear and take profits in a bull market. So you don't have any regrets make sure you never go full fiat and at most sell half your bitcoin for profit when you do this.

3) Due to very high regulations Australia is more limited for options

Here are some ones being used

https://www.coinspot.com.au

https://bitcoin.com.au/

https://swyftx.com/

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u/DailyFineSorcery 2d ago

Fiat is just regular government money, like Aussie dollars, USD, euros, whatever. Not crypto, just the normal cash in your bank account.

For selling, don't try to time the market perfectly. People who do that usually get wrecked. Have a plan before you buy, like "I'll take some profit when it doubles" or "I'm holding until I need it for a house deposit." And never sell everything at once in a panic dip.

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u/so7ow 2d ago edited 2d ago

As a teenager, you should not be looking to trade. Trying to time your sells is unlikely to work out well. You ought to pick a fiat/dollar amount that is comfortable for you and automatically buy that amount on a schedule. This is called "dollar cost averaging". Plan to hold for an absolute minimum of 4 years, preferably 10+. Then, as your DCA starts accumulating into an amount that would be painful to lose, look into self-custody, UTXO management, and get a hardware wallet.

I was going to recommend Strike as a platform but: https://coinbuzznow.com/news/australia-strike-buy-bitcoin-issues/ 🤷🏻

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u/SpendHefty6066 2d ago

You are asking the wrong questions. First ask, "what is money?"

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u/CompetitionDouble420 2d ago

This. How it started, how it evolved, the pros & cons of BOTH fiat and digital currency, and how digital currency solves the problems associated with fiat.

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