Bitcoin increased my mental awareness - page 3.

xSkylarx

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Quote from: Vampobit on January 19, 2023, 04:15:10 PM

1. You must split your coins in 2-3 wallets, to avoid losing all your coins if they are all in one wallet. But then you don't know what types of wallets to use.

This method really needs effort and if you can do it then it is good as other said that don't put your eggs in one basket which is true that is why putting it to other wallet or if you can diverse this then it is good. I know that this is best method but i am not practicing it meaning i just very cautious in a very steps. Hacker can easily hack you but if you are aware you can prevent it

pooya87

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Quote from: Vampobit on January 19, 2023, 04:15:10 PM

1. You must split your coins in 2-3 wallets, to avoid losing all your coins if they are all in one wallet. But then you don't know what types of wallets to use.

The only time I see using more than one wallet beneficial is if the other wallets serve different purposes. For example you could split your funds into "long term storage", "day to day spending", "trading". Each one needs a different type of wallet, for example the long term storage needs a solid cold storage while day to day spending can be done using a mobile wallet and for trading a hot wallet and the custodial wallet exchange accounts could be used. Obviously backup of the cold storage is the most important one that needs extra care.

davis196

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Just stay poor. This way you won't be thinking 24/7 about where to store your wealth and how to protect it. Grin

I'm joking.
Bitcoin isn't as easy as storing fiat money in the bank. That's why Bitcoin is fascinating. We have to choose the hard path in life, because the easy path is the way to hell. Putting all your trust and money in a centralized entity seems like a dumb thing to do, but in reality, this is the norm.
Overthinking too much about small and insignificant details is a sign of insecurity(or maybe obsessing compulsive disorder). I kinda have OCD, when it comes to money. I'm too afraid to lose the money in my pocket, that's why I check them way too often.
If I had 10 cold wallets, I would check them every day to make sure that the BTC aren't missing. Grin

headingnorth

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NO SHITCOIN INSIDE

The learning curve is always stressful and tough at first for any activity that is worth learning.
But as time goes by and you gain more experience doing it, it becomes more easy.

Imagine how tough it is for the process of learning to be a pilot, or a doctor, a firefighter, going through boot camp and basic training in the army. Almost anything in life there is a learning curve. But after you go through the hard training, as you absorb all the knowledge of what you learned and gaining more experience it starts to become second nature and eventually you can do it like a pro almost without thinking.

8rch7

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In any investment, mentality is the most important thing, we must prepare mentally of steel so that we are not easily affected emotionally when investing or trading, considering that something that is affected emotionally will not last long, we don't even need to worry if we already have the knowledge to do so. jump into the world of cryptocurrency, continue to invest or trade bitcoin but we should never leave other investments,

mk4

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Quote from: Poker Player on January 19, 2023, 11:24:32 PM

What do you think it is worse? It's clear to me.

On the other hand, I only see sense in it if you have enough liquidity. If you have 0.05 Bitcoin I think it's bullshit, and even more if you are going to have it in HW, which is how you should, because you are going to spend 20-30% of your holdings in custody.

Then you would have to take into account other things, for example, you will have physically remote places to hide them, right? I wouldn't see the point of having your holdings distributed in 3 wallets but hidden in the same house, even in 3 different places, because you would have a high risk of being robbed with a 5 wrench attack.

I don't necessarily think it's worse, it's just not 'better'. Personally, I'd slightly advocate more towards Shamir's secret sharing scheme instead.

But yea, this is one of those things that's mostly going to be subjective.

Poker Player

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Well, we already have another thread praising bitcoin or bitcointalk, which if I were wrongheaded I would say is an attempt at merit fishing.

Quote from: mk4 on January 19, 2023, 09:59:51 PM

Quote from: Vampobit on January 19, 2023, 04:15:10 PM

1. You must split your coins in 2-3 wallets, to avoid losing all your coins if they are all in one wallet. But then you don't know what types of wallets to use.

Take note that this isn't necessarily the best strategy. While you avoid losing all your coins in one go, it increases the chances of you losing your funds partially.

What do you think it is worse? It's clear to me.

On the other hand, I only see sense in it if you have enough liquidity. If you have 0.05 Bitcoin I think it's bullshit, and even more if you are going to have it in HW, which is how you should, because you are going to spend 20-30% of your holdings in custody.

Then you would have to take into account other things, for example, you will have physically remote places to hide them, right? I wouldn't see the point of having your holdings distributed in 3 wallets but hidden in the same house, even in 3 different places, because you would have a high risk of being robbed with a 5 wrench attack.

boyptc

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★Bitvest.io★ Play Plinko or Invest!

It's good and bad to think of that you've repeating steps again and again. The good thing about it is you're always thinking of your coins safety so you always remember on what you must do.

The bad thing is that, someone may get exhausted by repetitive actions. But I get to see why your topic is like that, it raises your attention on how you must act and how to keep your bitcoins properly and safely.

Spreading your bitcoin in different wallets is good but if you're aware on how to keep your coins properly, owning a hardware wallet and it all there could be enough for you.

Plaguedeath

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Huh? If Bitcoin make you think all day long, it mean Bitcoin is destroying your life since your entire day activities wouldn't good enough.

I would sell all of my coins if I never feel safe with Bitcoin and I didn't sleep well, the most important thing you need in this world is health, not money.

As long as I hold my coins on hardware wallet and already spread my backup in many places, I feel almost 100% safe since there's no way for anyone can hack my coins.

Holding in centralized exchange doesn't safe, although it's more easier to access your coins, but when the exchange got hacked, there's no way to prevent it happen.

mk4

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📟 t3rminal.xyz

Quote from: Vampobit on January 19, 2023, 04:15:10 PM

1. You must split your coins in 2-3 wallets, to avoid losing all your coins if they are all in one wallet. But then you don't know what types of wallets to use.

Take note that this isn't necessarily the best strategy. While you avoid losing all your coins in one go, it increases the chances of you losing your funds partially.

Iranus

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Leading Crypto Sports Betting & Casino Platform

Quote from: Stella Mese on January 19, 2023, 09:03:35 PM

indeed we have to be careful in storing our assets in our wallets, but in my opinion, we shouldn't get stressed thinking about it, and also sometimes being too careful too, will cause depression so that the mind becomes stressed, in my opinion it's normal. because investing in bitcoin and crypto is definitely risky, and most importantly. don't put all of our wealth in bitcoin and crypto, because we won't know in the future.

How can we earn more bitcoins every day? That is the real problem that we should think about every day. Storing the private key is not a problem or too hard, the OP is making it hard on himself and spending too much time on it. Let's keep it like other significant assets, I'm sure everyone has secrets and important assets, and we always know how to keep them safe. Bitcoin too, it's not hard to store, and let's not stress about it.

Hispo

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I believe Bitcoin is not supposed to specifically increase our mental awareness, but rather our financial, liberty and privacy awareness.
Sincerely, OP. I get you feel enthusiasm for Bitcoin and this interesting ecosystem, but if you feel this market is making you feel too stressed or hyperactive, I would kindly recommend you to reduce your exposition to Bitcoin or get some help to deal with any negative effect this "mental awareness" is having on you.

I am not trying to be rude or anything, it is just that one cannot properly partake in this market and enjoy the ride if health is compromised somehow.

Edit: Also, please avoid gambling, just in case.

Stella Mese

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indeed we have to be careful in storing our assets in our wallets, but in my opinion, we shouldn't get stressed thinking about it, and also sometimes being too careful too, will cause depression so that the mind becomes stressed, in my opinion it's normal. because investing in bitcoin and crypto is definitely risky, and most importantly. don't put all of our wealth in bitcoin and crypto, because we won't know in the future.

AmoreJaz

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Quote from: BitcoinPanther on January 19, 2023, 05:49:58 PM

Isn't this tiring? Repeating and thinking stuff all day long? and wouldn't this be a waste of time instead of doing something beneficial you are stuck wondering if your method of securing your bitcoin is right? Why do it by yourself, you can always find instruction that can safely secure your wallet in one go. If you happen to do it correctly, it won't produce any new problem unless you have problem trusting proven instructions and has tendency to doubt everything you do, I think yo better consult a psychiatrist/psychologist.

indeed! that would be stressful. if you feel you have done it correctly already, then stop. you can only do so much to protect your wallet. just make sure you are not pressing some unknown links or installing apps over the net that will make you vulnerable to attacks. but hey, with so many things happening around us, it is understandable that some are paranoid with the possibilities of getting screwed up.

BitcoinPanther

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Quote from: Vampobit on January 19, 2023, 04:15:10 PM

...All day long!

I love how Bitcoin makes me think... all day long!

I have to admit, that after all, I think the whole point is to try to find the sweet spot. But for everything you do, you will always find yourself a new problem to cope with.

1. You must split your coins in 2-3 wallets, to avoid losing all your coins if they are all in one wallet. But then you don't know what types of wallets to use.
2. You find what wallets to use. But then you must decide which wallet will hold the keys to the address with the majority of your money.
3. Then, you realise you must have backups for all your wallets. But how many backups and what types of backups.
4. You make the backups for each wallet. But then you must find where to store the backups.
5. You find a place to store the backups. But then you are not sure if the backups are safe.

...And I keep repeating all the steps, again and again...

...All day long!

Isn't this tiring? Repeating and thinking stuff all day long? and wouldn't this be a waste of time instead of doing something beneficial you are stuck wondering if your method of securing your bitcoin is right? Why do it by yourself, you can always find instruction that can safely secure your wallet in one go. If you happen to do it correctly, it won't produce any new problem unless you have problem trusting proven instructions and has tendency to doubt everything you do, I think yo better consult a psychiatrist/psychologist.

Scripture

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Dealing with the cryptomarket can be more stressful if you can't handle your emotion that much, this is very volatile market and anything can happen so as an investors or trader, you should not fully rely on this market and better to have other source outside this market.

There's a lot of incidence already about the depression and anxiety with regards to their investments on Bitcoin, I even know someone who suffer mentally because of his losses. Being responsible can be a big help, invest only what you can afford to lose and never use your life savings for the sake of Bitcoin investment, that is not safe at all.

stomachgrowls

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Quote from: Vampobit on January 19, 2023, 04:15:10 PM

...And I keep repeating all the steps, again and again...

...All day long!

Just make it sure that it wouldnt be exposed on someones attention or simply they cant really be able to read out with those keys of yours and this what makes you confident if you do know that it is really kept on a

safe place.If you are making some active trades which you do need to pull off some of those funds or coins into your coldwallet then it would be better if you do allocate a portion or percentage on which

you would really be making up trades or wallet that is exposed online and tend to make out a wallet which is really that just cant be touched up or simply the cold ones.
You would really be that having a good sleep on that way. Cool

franky1

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yes bitcoin makes you think more about your own wealth security

the advice of bitcoin also applies to fiat. which many do not practice as they were never taught it at school

never keep all your fiat wealth on the debit/account card in your pants pocket you go out in public with(wallet with internet access).. it can be pocket pinched, cloned, skimmed easily in public(hacked).

put daily-weekly spend amounts on that pants pocket wallet, but be cautious about who or what you let into your personal space(device)

put monthly-yearly salary into a savings /store that is not accessible to random public(offline device)

and put your main savings for retirement into a more secure store

whereby. like bank card/account access. they like to see (backups) of proof of ownership. so keep your IDs safe
banks like to see photoID, a bill or two with address (so keep 2-3 copies of wallet backups) in case you cant find one proof of ownership

Vampobit

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...All day long!

I love how Bitcoin makes me think... all day long!

I have to admit, that after all, I think the whole point is to try to find the sweet spot. But for everything you do, you will always find yourself a new problem to cope with.

1. You must split your coins in 2-3 wallets, to avoid losing all your coins if they are all in one wallet. But then you don't know what types of wallets to use.
2. You find what wallets to use. But then you must decide which wallet will hold the keys to the address with the majority of your money.
3. Then, you realise you must have backups for all your wallets. But how many backups and what types of backups.
4. You make the backups for each wallet. But then you must find where to store the backups.
5. You find a place to store the backups. But then you are not sure if the backups are safe.

...And I keep repeating all the steps, again and again...

...All day long!

Topic: Bitcoin increased my mental awareness - page 3. (Read 464 times)