Topic: Bitcoin platform (Read 172 times)

Anything that connects to the internet, it's "not" safe! Other users have already explained how you can reduce the risks, but after seeing @DannyHamilton mentioned Ledger, I would like to add something in regards to them:

• Lately, anything they've touched has turned into a big mess, so I'd recommend going with Trezor or other brands ^[DYOR] instead:
  
  
  • Ledger Nano X Battery Pandemic
  • Why I wouldn't buy Ledger Nano S ever again?

It doesn't automatically give you a reward... Look for the "Crypto Earn" part on their app, then you can stake it from there.
^{- Take note of the "minimum limits for earning a reward [scroll down to the middle of the page]"!}

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Btw, I'm not one of their users, so I can't comment if they're reliable or not!

I would say you are already on the right track as you're associating your investment with your level of knowledge and not buying simply cause it's popular and has grown over the years.
There are quite a number of useful threads on the forum for getting your feet wet in Bitcoin, you can check out this one for all you need on what wallet to choose
You can also check out this external threads which I've once recommended for someone;
This covers a good amount of Bitcoin basics: https://www.coindesk.com/learn/

This discusses about wallets and security: https://cryptosec.info/wallets/

About Crypto.com, it seems to be a legitimate site; I've never used it so I cannot personally recommend it, but you should research on what wallet or exchange is best for you as it depends on your purpose of using it.;
• Exchanges generally are bad for storing cryptocurrencies, infact, any custodian platform (one that holds your private keys) is bad for storing cryptos.
• If you do not care about privacy that much you can make use of centralized exchanges, otherwise you can check out DEXes or P2P platforms which does not require KYC,
• Online wallets are not recommended,
• Closed source wallets are not recommended.

It's much safer to store your coins on a non custodian wallet, which does not accumulate from just storing it. Some platforms offer interest on staking, but it's generally not safe.

As has been said before, don't invest an unaffordable amount into bitcoin.
If you put in £15k, be prepared for the potential it could drop to £3k even as has happened before (just don't pull out at a loss from a flash crash or a bear market if there's a likelihood the price will recover).


Price deviations in the market often happen when it's volatile. Google's pricing is normally never live too so it's not a great source (I think there's a disclaimer on their info that says some data is provided at least 15 minutes out).

I think most apps should be fine for buying bitcoin. I'd advise storing your funds offline in a wallet for better security - and potentially better hodling as you'll have to wait 10 minutes for your transaction to go through whenever you'll want to sell the coins back.

Since you mention GBP, I assume you are in UK?

If so, then you may want to read through the details at these two links to decide which option would be best for your own personal knowledge and experience level:

https://quickpenguin.net/how-to-buy-bitcoin-uk/

https://www.globenewswire.com/news-release/2021/03/17/2194984/0/en/How-To-Buy-Bitcoin-in-UK.html

For very small amounts of value, you can just leave the bitcoins at the exchange while you learn more. As the value of what you own increases, you'll want to consider removing it from the exchange and holding it in your own wallet. Some of the risks you are taking if you leave your bitcoins at the exchange are:

• What if the exchange goes bankrupt?
• What if the exchange has employees that gain access to take the bitcoins?
• What if the government in the country where the exchange is located decides to ban it?
• What if your government decides that the exchange is no longer allowed to do business in your country?
• What if the exchange decides to no longer do business with residents in your country?

For very small amounts, these aren't big concerns. As the value increases, these concerns become more important.

I find Electrum to be a pretty good wallet for getting started holding your own bitcoins on your computer. If you have a computer, you can install Electrum for free. However, when you are holding bitcoins on your computer it's important that you understand some of the risks and how to manage them. For example, you'll need to understand the importance of safely and securely storing your wallet seed words so that you can recover the wallet if your computer dies. You'll also want to be very careful not to get any malware (viruses, trojan horses, spyware, etc) on that computer.

When the value that you are managing gets a bit larger, you'll decide that it's worth the cost to purchase a hardware wallet such as a Ledger or Trezor. These can cost more than £100, so it doesn't always make sense to purchase one if you're trying to protect smaller values. If you do purchase a hardware wallet, you'll want to be very careful about where you purchase it from, and make sure you understand how to validate the equipment when it arrives.  It can be quite risky to purchase it on eBay or Amazon, since the seller might send you a counterfeit device and you might not realize it. A counterfeit device might allow the seller to steal all your bitcoins.  It would be a bit safer to purchase directly from the manufacturer so that you know that you are getting the real device.

First of all most welcome to bitcoin talk from my side.

don't invest what you not afford to loose, but it doesn't mean dont invest at all as its very volatile you should always be in with certain percent which will not hurt you when bitcoin settle down.

Always keep your crypto in your hand, its not good keeping it on any app or any third party.
Have a hardware wallet keep safe your passphrase this is the best possible way to keep crypto safe till now.


 

Hello everyone i am relatively new to bitcoin over the last few days bought my first 100 pound percentage of bitcoin  when it was at 36k gbp, i have been watching bitcoin over the last couple years not doing nothing about
It as i didnt quite understand it still dont know if im honest, i want to invest in bitcoin for the long term 2030-2040 perhaps i have got quite abit of savings in the bank not doing nothing, i would like to invest in bitcoin but my knowledge doesn’t let me invest large amounts as i dont know much in the last 6 months i tryed a few sites binance they reject my bank(barclays) tried coinbase used the wire transfer to my account and money was lost until I verified to coinbase i sent my money to my own account so then i left it and now im with Crypto.com app

I want to know build up my knowledge and trust of bitcoin and these platforms

My plan is to put a 15k down on bitcoin and roughly 400 a month in recurring buys

And hodl for the long term

My questions are Crypto.com good? when the actual price of bitcoin was at 35k the weekenscrypto.com was still selling 1 bitcoin at 35.9 so it seems its always inflated by around 7-900 pound compared to real live data of bitcoin on google

Also when i buy percentages of bitcoin on this app is it safe in my wallet? Does it still accumulate profit in my wallet or have i got to do something else to store my percentages of bitcoin??

Please could somebody englighten me thanks