Basic Bitcoin skills - page 6. | Bitcointalksearch.org

Hippocrypto

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Quote from: Sonofgeneral on August 20, 2021, 04:37:17 AM

my first post on this forum I decided to make it here since Bitcoin is what I want to concentrate on going forward, I discovered this site through a google search in my quest to get answers to some questions about Bitcoin. And am amazed at how rich in information this forum is I have found almost 50% answers within my short period on this forum all thanks to the members who have been here before me.
I have a very simple question on Bitcoin:
What are the principal technical skills a bitcoin lover needs to have if I want to buy a large amount of Bitcoin and hold it for long-term purposes?

You could learn and develop skills over holding bitcoin within a specific period of time, it can't be taken to a short timeline but we need to have patience you go through the learning process. Holding long term can be struggling specially when money is badly needed in times of emergency. Contingency plans should be a part of your long term goals so you'll able to cope up difficulties.

ultrloa

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Quote from: Sonofgeneral on August 20, 2021, 04:37:17 AM

I have a very simple question on Bitcoin:
What are the principal technical skills a bitcoin lover needs to have if I want to buy a large amount of Bitcoin and hold it for long-term purposes?

What you need to do is to learn first the risk when you buy bitcoin in certain time since there are instance that we are prone for market crash, hacking or anything danger which can cause our bitcoin lose on our hands so invest on knowledge first before buying a huge sum of bitcoins. Also I know there are few people use exchanges as their placed to hold their bitcoins and you shouldn't do this since there are instance that exchange got hack so its so risky if you decide to use this as your holding destination so better invest on hardware wallets as suggested for better security.

aoluain

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You do need some technical skills, not a lot though.

All the responses above are relevant so I'll throw a few more pointers in

When buying a hardware wallet like Trezor or Ledger make sure to buy direct, dont try and
make a saving from a reseller who could have compromised the security.

https://trezor.io

https://www.ledger.com

Make sure when sending Bitcoin from wallet to wallet that you are using Bitcoin addresses,
if you send to a non Bitcoin wallet you wont receive the amount and you wont get refunded.

Make sure to save and store you wallet keys/passphrase/password safely and securely

Kemarit

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Quote from: Sonofgeneral on August 20, 2021, 04:37:17 AM

my first post on this forum I decided to make it here since Bitcoin is what I want to concentrate on going forward, I discovered this site through a google search in my quest to get answers to some questions about Bitcoin. And am amazed at how rich in information this forum is I have found almost 50% answers within my short period on this forum all thanks to the members who have been here before me.
I have a very simple question on Bitcoin:
What are the principal technical skills a bitcoin lover needs to have if I want to buy a large amount of Bitcoin and hold it for long-term purposes?

I'm not sure what you mean by technical skills, but at least some basic knowledge of computers. Then you need to understand how to transfer bitcoin or withdraw, or what is your bitcoin address, private keys and then storage, which is usually a hardware wallet in case you want to buy large amount. Usually a hardware wallet is a good way to store your bitcoin specially if you are planning to just hold on it for a long time.

rhomelmabini

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Quote from: Sonofgeneral on August 20, 2021, 04:37:17 AM

my first post on this forum I decided to make it here since Bitcoin is what I want to concentrate on going forward, I discovered this site through a google search in my quest to get answers to some questions about Bitcoin. And am amazed at how rich in information this forum is I have found almost 50% answers within my short period on this forum all thanks to the members who have been here before me.
I have a very simple question on Bitcoin:
What are the principal technical skills a bitcoin lover needs to have if I want to buy a large amount of Bitcoin and hold it for long-term purposes?

Well, it's a good thing this was the site you've been bumped into as it was the oldest and you can get lot of information here. I don't think you need some technical skills if you want to hold some Bitcoin, at least have the fundamental knowledge on how to setup a wallet and how to improve the security out of it. If you are in it for the long term and you are planning for large amount then having a hardware wouldn't hurt your budget and it's more secured, it's just more or less a $100.

Upgrade00

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Quote from: Sonofgeneral on August 20, 2021, 04:37:17 AM

What are the principal technical skills a bitcoin lover needs to have if I want to buy a large amount of Bitcoin and hold it for long-term purposes?

Not quite technical skills, but you should;
• Be privacy conscious and learn how to use a P2P platform for purchase or buy through OTC trades,
• Understand the basics of how a wallet works, setting it up, how to send and generate an address, lock an input etc,
• How to use an airgapped device, if you do not own a hardware wallet,
• Possible how to mix inputs to blur the trail of a transaction,
• How to browse safely to avoid falling for scam attempts.
• Also, how to safely store back up seed phrases for a long period of time.

Tessnik

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Let me start by welcoming you to this forum and am glad to hear that you have gotten answers to some of your questions on this forum, back to your primary question of technicality in bitcoin, I don’t think you are going to need any technical knowledge since your focus is to buy and hold bitcoin for long-term basis. Just like others have suggested, all you need is to buy a hardware wallet where you store your bitcoin with top security and you own your private key. Because, as the saying goes, your private keys are your only security and ownership of the account.

NeuroticFish

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Quote from: Sonofgeneral on August 20, 2021, 04:37:17 AM

What are the principal technical skills a bitcoin lover needs to have if I want to buy a large amount of Bitcoin and hold it for long-term purposes?

If you have not much of computer skills and want to buy/hold bigger amount of coins, I'd suggest you start with buying a hardware wallet, which will help you generate safely (new) seed for your address(es).
The only next step is to write that seed onto one or more pieces of paper and keep them safely offline (for the case the hardware wallet malfunctions). And that's basically all imho.
The coins you bought you'll have to withdraw to one of the addresses you own (since only then they're really your), but if you have difficulties you can always ask on this forum.

Kong Hey Pakboy

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First of all welcome to the forum. If you want to trade, probably patience is thee best skill that you want to have because you're going to experience times when bitcoin isn't doing good and it might cause you to panic and sell your bitcoins when you can just wait it out. Also, I've learned that if you wait long enough, the bitcoin that you currently have will yield you profits that you didn't expect yourself and that any down in the prices in the market are just temporary.

fiulpro

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Quote from: Sonofgeneral on August 20, 2021, 04:37:17 AM

my first post on this forum I decided to make it here since Bitcoin is what I want to concentrate on going forward, I discovered this site through a google search in my quest to get answers to some questions about Bitcoin. And am amazed at how rich in information this forum is I have found almost 50% answers within my short period on this forum all thanks to the members who have been here before me.
I have a very simple question on Bitcoin:
What are the principal technical skills a bitcoin lover needs to have if I want to buy a large amount of Bitcoin and hold it for long-term purposes?

Technical skills ?
I am really not sure if that's needed for holding.
If you do know your basics you are good to go and you learn along the way, it's not a hard task to just hold but the hard task is to be *patient*. I would rather give more credit to the mental skills and the decision making.
-You have to give prime importance to *security*, cyber crimes are more pronounced in this industry for sure. Also looking for a good hardware wallet will be the first thing that you should do. Research, Invest in a good one and do not keep such huge amount of Bitcoins in any Online/offline wallet.
Best of luck with your journey.
~

Sonofgeneral

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my first post on this forum I decided to make it here since Bitcoin is what I want to concentrate on going forward, I discovered this site through a google search in my quest to get answers to some questions about Bitcoin. And am amazed at how rich in information this forum is I have found almost 50% answers within my short period on this forum all thanks to the members who have been here before me.
I have a very simple question on Bitcoin:
What are the principal technical skills a bitcoin lover needs to have if I want to buy a large amount of Bitcoin and hold it for long-term purposes?

Topic: Basic Bitcoin skills - page 6. (Read 954 times)