Topic: Bitcoin increased my mental awareness - page 2. (Read 441 times)

You love how BTC makes you think? How come when it looks like you are stressing yourself too much but this is something that I can relate. It's like the more BTC we hold the more we will overthink and get paranoid. I know this is wrong so I am just trying to be calm. You should too. If you know that you already done the right practice of storing your Bitcoins then you will be just fine. A few background on how I store/diversify my BTC, crypto, and fiat.

Basically, I only use 3 digital wallets. I don't download much because I think it will now be hard to manage my coins. 1 of these wallets is custodial and the other is non-crypto. So I only put most of my BTC in one wallet and I only have 1 private keys to keep.

That's good to see bitcoin helped people increase their knowledge even in other fields. However, for example, this one is very much general not it's not just about bitcoin or any other asset. You may already hear people saying don't put all the eggs in one basket so if you made a mistake and lose some part of your money you will still have other parts of the assets in other safe places, it's nice to see you learned that from holding bitcoin but you could even learn it before entering this market.

You must be careful here also, sometimes it's very dangerous if you have multiple backups that are stored in different places because sometimes you will forget and may be found by other people and try to open them and steal all of your funds.
It's ok as long as you are aware that you have a backup stored somewhere else and you are positive that it's safe there.

I have no social media! None at all! However, as I said before, I became obsessed with all that. I need some time off.

Bitcoin security should be a priority, but that doesn't mean you have to spend all day with it figuring out how to secure it in different ways. Sometimes there's no need to be overly suspicious or make things more serious. Storing the private key is just like we try to store other important data, not too difficult. Make time for other things instead of spinning it all day, it won't make your life any better.

Mental awareness to Financial Discipline. This time of pandemic really opened my eyes to become literate when it comes to money. I totally agree with using different wallets but I prefer using hardware wallet if you really want to be safe. Using many wallets are sometimes confusing if you don't organize it very well. Having a secured wallet is peaceful since you are confident tht no one can access your wallet and drain you money out.

Having private or lowkey life will make robbers away. Don't show anything on social media for just flexing because you're risking you wallet in that situation. Stop risking your identity for fame.

The first and most important lesson to learn is to know how to secure your wallets and conveniently exchange them without any risk of restriction or draining from either authority or scammers.
Bitcoin is all about security and privacy and while we are at that, we are absolutely responsible for the security and usage of our coins.
Learning wallet security and how to protect our digital wealth is very important if we want to have a financially stable and secure financial journey.

After all this time, I think Bitcoin has caused me more anxiety than fun and safety. I hate to say that, I start thinking oddly and insanely.

I will abstain from all that stuff. I will keep my wallets exactly as they are. I will not  change anything at all! And I will stop thinking about it! If I can't stop thinking about it, I will have to leave Bitcoin behind and change my positions... Unfortunately!

I know many people will laugh, but it does affect my mental health... I don't know what went wrong... But something did go wrong in the process!

Is someone you think going to rob you? No one is taking it unless you keep announcing you have money in BTC.
Don't stress yourself with just wallet backup and making it safe. You end up in a mental institution with that.  

I was thinking of being aware of what is happening to banks, governments, and other markets crashing while BTC remains calmer now. Not aware of just keeping private keys as private.

That's what you have to do if you want to make sure your wallet is safe and no one will ever know how many bitcoins you have. And if we have found a way to store the assets and money we have properly, we don't need to repeat those activities. You really have to make sure that everything is under your control so that no problems can occur in the future. That's the point of always learning to protect your wallet because that's where you keep all your money.

OP you are thinking too much about the safety of your investment, which is making you to repeat those processes over and over again. Get your mind off your investment and think of how to get yourself a hardware wallet,you you have up to 0.5btc and above.

This is not good for your health, free your mind and have fun,it is simple as long as you are using a noncustodial wallet and you have done these steps once,its enough to keep your investment save. Too much thinking can lead to poor health condition.

Better to ask or search to see if there are trustworthy services that can safely automate everything for you till you receive your private/secret keys... and then decide whether to write them on fire/corrosion-resistant metals and bury/store them in safe places where you can easily remember you store them, and where you alone can access them.
Good services will gurantee you control of your funds/assets/values  before, during or after using their services . That means they will allow only you access to your keys which you alone can use to access your assets from any safe wallet that operates according to the Bitcoin principles of decentralization, transparency, censorship resistant, immutablity, privacy-friendly/anonymity-friendly, good rules, Community-driven consensus, etc. Good wallets will also gurantee you access to their services to safely carry out your lawful/good transactions. And they will adhere to the good Bitcoin Principles, as violating any of the principle weakens the security of the entire network and your assets.

It's like paranoia . OP, if you're a neat person, you just need to have a hardware wallet and save your seed phrase properly. I don't understand why there is so much fuss. But this applies to neat people who know and understand what they do on the Internet, what they say, and also how they can store something.
Cultivate order in your whole life. No need to fuss and think a lot. Sometimes it's harmful. The habit of accuracy, although it has been said many times, is the most basic rule.

Perhaps, it was necessary and a must to do in order to avoid tragic losses that commonly happen to beginners. If we all have that kind of idea, I guess only a fool person can be lost their money and lose control of their wallet.

Something I missed during my early days here but good thing I have not had bad experiences with it. But even if we do all of these things, we can't still be confident nor we can assure 100% secured from any hack attacks. Might be lucky if we are not their target but we never know in the future. But the idea of not using a single wallet to store our funds really makes sense this time since hackers are also getting smarter.

One key advantage of a decentralized wallet is that it gives your total control over your coins. But this freedom comes with responsibility because the safety of your funds solely depends on you. Using bitcoin would make you mentally alert which gives you the uncommon ability to pay attention to details. Missing a single number or alphabet can cause loss of funds, therefore bitcoiners are very vigilant.

Keeping funds in different wallets is not a bad idea because of some uncertainty. Losing all your fund would be more painful than losing some. Also, just like a fiat account where you have a fixed deposit, current, and savings account, each of them serves different purposes. One might have different wallets serving different functions.

I think it is time to end the drama about the issue concerning FTX. For sure many of us are aware of the risk of putting your assets on exchangers but still, people still continue such habbit. But I won't force them not to do so 'coz they might be trusting their exchanger that much. If we would look back to past, scams were on projects and rarely with exchangers. To my awareness, it is only FTX which became careless of their funds which yield to irreponsibility and collapse but that does not conclude that every exchanger would also do so. Indeed there is the slightest tendency, but generalizing will just result to FUD and bigger problems.

Going back with the topic, indeed this technology would make you aware of things, mentally. From planning, controlling oneself with actions, to speculating. But I doubt that is only due to this technology. It is applicable to lmost everything, it is just more emphasized on this blockchain because volatility is too high.

After the FTX case and all the chaos of centralized exchanges then I think anyone should consider these tips as well:

Reminder: do not keep your money in online accounts


Unless you can choose a few recommended wallet, then you should consider not keeping your assets on the exchange for an amount you cannot afford to lose. Of course for certain amount you can keep it on the exchange, but for long term investment then you need to consider wallet that you have complete control over. Have self-custody for your assets, it's much safer for your goals in the long term.

The number 1 makes me remember the saying that goes, "Never put all your eggs in one basket." IMO, you are right about splitting your assets into different wallets. The reason I agree with you is because when you have your assets in one wallet, you always have to go online while spending your bitcoin, which can expose your wallet to threats, but when you have your bitcoin in different wallets, you only have to regularly use one each time you spend, which means less risk.

But on a second thought, I also think there is no need to split the asset into different wallets if you are sure you can safely secure your asset in a hardware wallet and keep your phrase in a safe place. If you are going to be holding your assets for a long time without having to spend them too often, then there is no need to split them into different wallets. Considering the type of wallet to use, the forum recommends an electrum or hardware  wallet as the safest.

Just like the local currency, when you have a small amount of money in a bank account, you sometimes feel less concerned about it because the money is just small, but once you have a huge amount of money in the bank, like $50,000,000, then it becomes a concern to you, often having your subconscious remind you, "Hope your money is safe in the bank," lol.. that's also how it is for Bitcoin. You become too concerned about your security when you have a huge amount of $$$ in Bitcoin but not only that, one must learn to protect their asset, either small or huge.

I don't know about others but this doesn't sound like mental awareness to me and more like self inflicted torture!
Why would you do this over and over and over again, the moment you have secured your wallets you don't need to go through the same steps of securing the keys for every coin from your add to your stash. You just send them to one of your already-created wallets and that's it.
Creating a new pack of cold wallets for every batch of coins you acquire will at some point end with a misplacement.


If I were to lose one of my wallets probably the first thing I would say is Thank You God I didn't put all my coins in this one!  
If you follow the same procedure for all of them the risks of losing one is almost the same as losing your single wallet, but I agree that if you start experimenting with 100 methods and 100 places and you try more and more weird and untested ways some will definitely fail.

The process is straight forward and simple, the security to your asset lies in your capacity to get them secured, you have the full control to how you wanted to have your bitcoin, which where and what exchange to use, how you handles it determines the results you get concerning your privacy, but you cannot know all these without undergoing a rigorous learning ground to have a good understanding of the types of wallets, exchanges, and the right coin to invest on, if you're very well aquatinted to bitcoin in general and make discovery if this platform then i will say you're lucky enough because you're already on the right path to doing it right.