Don't Just HODL But HODL Wisely and Securely - page 2.

tjtonmoy

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Quote from: Timbulance on November 22, 2023, 08:12:16 AM

Electrum is great but I suggest you DYOR and try Sparrow sometime in the near future.

I would give it a try, but the thing is it is only available for PC and Mac. For daily uses, I mostly use my phone and use a software wallet in it for transactions. It is quick and accessible in any place and as I am carrying the phone I am also carrying the wallet itself. Electrum has the option for Android and iOS platform. I can use my phone's security lock, then I can use app lock and finally the wallet having its own security lock. This makes it kind of secure but not entirely.

But when you were on the go and you really need to do a transaction, then having something in the palm of your hand is better than having nothing. I can easily use a separate wallet with less amount of Bitcoin and I can freely travel with it while having it in my phone. Also, I have become familiar with electrum wallet's interface. Trying something else might hurt my brain. Maybe I will stick to electrum wallet for now. But if there's availability for other platform as well for Sparrow Bitcoin wallet, I Will give it a try.

Mate2237

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There is different between hodling and security. Security is when you protect your seed phrase and password of the wallet. And those things can be protected even though when you are not having any bitcoin in the wallet because you know that one day you will have in in the wallet so it should be secure from external used. And since bitcoin is a decentralized cryptocurrency, the security of the portfolio is for personal, one have to be conscious about the wallet and it protection.

But using third party apps to secure the funds is not really advisable because most of those apps and not trustworthy. All what one have to do for the major security of the coins to steer clear from all including house members and friends but if you decide to show a trusted person in your family then no problem. And as it is said by others in radio stations and security measures. "Security is a personal business". Everyone has to secure their assets with whatever way you can.

knowngunman

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Quote from: Miles2006 on November 05, 2023, 02:58:21 PM

I love the word hodl wisely, most newbie like me fail to hodl wisely due to some reasons or I don't know sometimes for the love of quick money forgetting that bitcoin investment does not work like that. Most people get over excited about bitcoin investment and they end up falling into the hands of scammers. I don't know if this is common in crypto like in fiat, when an individual just create a new bank account they're high chance falling a victim to the hands of scammers so I don't know if this is also in crypto(bitcoin) because the number of victims who fall into the trap of scammers are just too much. Ever since I joined this forum, this forum has enlighten me more about bitcoin investment and tips to secure bitcoin hodling. Last two weeks I read how a lady got scammed and how it happened she also said she took the investment advert about bitcoin on Facebook, that's why I don't like following people advertising crypto online they're all scammers. Secondly I personally as a newbie starting my bitcoin journey I don't give attention to Unkown contact trying to talk about bitcoin investment.
https://www.hodlatm.com/scams

This practice is mostly common with banks as to compare to crypto industry. I read the story through the link you provided and it's evident and clear that the victim fall into the hands of scammers. I would have blamed her for being too gullible by trusting a total stranger online while money is involved but, I realized that it's possible for everyone to fall victim easily to this scammers if you are not smart enough. In crypto, the only possible way that someone can steal your assets is when you misplaced your keys or connect your wallet to unsecured sources.

It's foolishness of someone to give their login details, bank pin or wallet keys to friends or total strangers either in real life or online. Even the banks have been warning their customers to never share their pin with anyone, not even the bank staffs because they can never demand for pin online or phone calls. When you share your secret pin or keys with someone, you're also sharing your asset with them. Protect your wallet as you protect your life.

Bitcoinpoly

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Quote from: Assface16678 on November 22, 2023, 02:12:37 AM

Quote from: Rabata on November 22, 2023, 01:52:25 AM

Quote from: Liliana1304 on September 19, 2023, 10:17:42 AM

Yeah. Hodling is not a new word and especially here on the forum, users are advised to hodl and it will prove rewarding ( for those who plan to sell) when the next bull run season approaches. A necessary advice given by the Op which I think is quite important because there are still those who fall victims of hodling their Bitcoin on CEX which might be cool but not until the exchange gets closed down without prior information (exit scam) or even be victim to hacker attack.

To ensure you don't fall victim of stolen coins or missing funds, it's best to store your crypto in self custodial wallets, that way you are the only one with access to your funds and while it has its perks, it can be risky if you misplace your private keys you might as well be kissing your funds buh bye!

Many of us are enthusiastic about holding Bitcoin for the long term because Bitcoin can give an investor multiple returns over the long term. But if we don't have a good idea about where to hold the bitcoins then after a long period of time we may loss our all holdings . Many of us try to hold bitcoin in various exchange platforms which must be abandoned. Because at any time an exchange platform can be hacked. I saw last few days ago that an exchange called Poloniex admitted to being hacked. They have been suspending their users' withdrawal money for quite some time now. If an investor loses his money after putting in a lot of effort then this investment platform can definitely turn out to be a curse for him. So before investing you must give utmost importance to the wallet and its security.

Truth be told, many new investors are just hyped by the thing "hodl" or hold, and there's nothing about that. You could just hold and store your assets in a secure wallet and let them grow long-term, but the thing is, you can't just buy and buy bitcoin or a fraction of bitcoin anytime you want; you need to know which time and moment it is good to buy bitcoin assets, so it still needs even basic knowledge about charting and analysis of the bitcoin market. I've known a few friends who decided to invest in bitcoin out of curiosity and immediately bought some of it, but the thing is, they don't analyse the market or the movement of bitcoin before purchasing, and in the end, they can't sell their bitcoin because the price goes down, resulting in locked assets as they will wait for the moment that their asset will turn green again.

I’m sure this is where the word DYOR comes in, you shouldn’t buy at anytime you wish or just by people telling you to buy, you should be research base and buy when it’s okay to buy. Since it’s spot, you can equally do spot copy trading on exchanges with the feature just like Bitget.

bitzizzix

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Quote from: Furious 7 on November 05, 2023, 03:20:48 PM

Quote from: ?? on ??

Yes safety first, depending on your trading activity i would recommend hardware wallets, if you are using a buy and hold strategy.

Actually in this case you should be able to change your mindset by equating trading and investment because in the end when you equate in terms of meaning then you can get a little lost in meaning so that you cannot distinguish whether it is trading or investment.
When we say hodl indirectly this will definitely refer to investment and I think it will be very naive if it is combined with the concept of trading because somehow this will be different.
Even though this is not too important for some people but I think it should be learned especially for beginners so that with that you can know what you should do and how to respond to a problem from hodl that must be done.

Actually hodl applies in trading and investment and the only difference is the mindset, if trading means expecting profits only in a short time or a maximum of one year. And this will also use hodl even though it is already making a profit, perhaps planning to do hodl longer to get bigger profits.
And the use of hodl for investment, this applies to long-term investments which may be very long and take years and the goal is only to get maximum profits or reach a new ATH.

Timbulance

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Quote from: tjtonmoy on September 19, 2023, 12:02:45 PM

Then comes software wallets. I have done some research here on this forum and also in other places. Everything suggested me towards Electrum wallet. I have used it and it's quite good as it said in every review. But still, everything depends on how you use it. So DYOR and choose the best.

Electrum is great but I suggest you DYOR and try Sparrow sometime in the near future.

kingvirtus09

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Quote from: mk4 on September 19, 2023, 10:14:24 AM

What sucks is that if most beginners just download a bitcoin wallet off Google PlayStore/Apple AppStore, chances are, they'd land upon an exchange wallet or a custodial wallet. The way bitcoin/crypto is now, you need to learn by mistake first lol before actually ending up diving deeper.

https://chainsec.io/checklist

These are correct, as you mentioned them in the link you provided. This can be considered basic information that newbies entering this bitcoin business should know. I hope newbies can read this because it's really a big help.

And the safest thing is to keep it as much as possible in a ledger, trezor, or hardware wallet so that there are no chances of hackers actually entering the assets we hold, whether it's bitcoin or cryptocurrency.

Assface16678

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Quote from: Rabata on November 22, 2023, 01:52:25 AM

Quote from: Liliana1304 on September 19, 2023, 10:17:42 AM

Yeah. Hodling is not a new word and especially here on the forum, users are advised to hodl and it will prove rewarding ( for those who plan to sell) when the next bull run season approaches. A necessary advice given by the Op which I think is quite important because there are still those who fall victims of hodling their Bitcoin on CEX which might be cool but not until the exchange gets closed down without prior information (exit scam) or even be victim to hacker attack.

To ensure you don't fall victim of stolen coins or missing funds, it's best to store your crypto in self custodial wallets, that way you are the only one with access to your funds and while it has its perks, it can be risky if you misplace your private keys you might as well be kissing your funds buh bye!

Many of us are enthusiastic about holding Bitcoin for the long term because Bitcoin can give an investor multiple returns over the long term. But if we don't have a good idea about where to hold the bitcoins then after a long period of time we may loss our all holdings . Many of us try to hold bitcoin in various exchange platforms which must be abandoned. Because at any time an exchange platform can be hacked. I saw last few days ago that an exchange called Poloniex admitted to being hacked. They have been suspending their users' withdrawal money for quite some time now. If an investor loses his money after putting in a lot of effort then this investment platform can definitely turn out to be a curse for him. So before investing you must give utmost importance to the wallet and its security.

Truth be told, many new investors are just hyped by the thing "hodl" or hold, and there's nothing about that. You could just hold and store your assets in a secure wallet and let them grow long-term, but the thing is, you can't just buy and buy bitcoin or a fraction of bitcoin anytime you want; you need to know which time and moment it is good to buy bitcoin assets, so it still needs even basic knowledge about charting and analysis of the bitcoin market. I've known a few friends who decided to invest in bitcoin out of curiosity and immediately bought some of it, but the thing is, they don't analyse the market or the movement of bitcoin before purchasing, and in the end, they can't sell their bitcoin because the price goes down, resulting in locked assets as they will wait for the moment that their asset will turn green again.

Rabata

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Quote from: Liliana1304 on September 19, 2023, 10:17:42 AM

Yeah. Hodling is not a new word and especially here on the forum, users are advised to hodl and it will prove rewarding ( for those who plan to sell) when the next bull run season approaches. A necessary advice given by the Op which I think is quite important because there are still those who fall victims of hodling their Bitcoin on CEX which might be cool but not until the exchange gets closed down without prior information (exit scam) or even be victim to hacker attack.

To ensure you don't fall victim of stolen coins or missing funds, it's best to store your crypto in self custodial wallets, that way you are the only one with access to your funds and while it has its perks, it can be risky if you misplace your private keys you might as well be kissing your funds buh bye!

Many of us are enthusiastic about holding Bitcoin for the long term because Bitcoin can give an investor multiple returns over the long term. But if we don't have a good idea about where to hold the bitcoins then after a long period of time we may loss our all holdings . Many of us try to hold bitcoin in various exchange platforms which must be abandoned. Because at any time an exchange platform can be hacked. I saw last few days ago that an exchange called Poloniex admitted to being hacked. They have been suspending their users' withdrawal money for quite some time now. If an investor loses his money after putting in a lot of effort then this investment platform can definitely turn out to be a curse for him. So before investing you must give utmost importance to the wallet and its security.

barisbilgili

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Quote from: Furious 7 on November 05, 2023, 03:20:48 PM

Quote from: ?? on ??

Yes safety first, depending on your trading activity i would recommend hardware wallets, if you are using a buy and hold strategy.

Actually in this case you should be able to change your mindset by equating trading and investment because in the end when you equate in terms of meaning then you can get a little lost in meaning so that you cannot distinguish whether it is trading or investment.
When we say hodl indirectly this will definitely refer to investment and I think it will be very naive if it is combined with the concept of trading because somehow this will be different.
Even though this is not too important for some people but I think it should be learned especially for beginners so that with that you can know what you should do and how to respond to a problem from hodl that must be done.

Before choosing to invest or trade, we must be able to distinguish between these two things so that we don't make a mistake in doing it, so it is very important for anyone who wants to start investing and also trading to understand them well so as not to make mistakes in doing so.
If they only have a little knowledge about this, it would be better for them to choose one of these two things so that they can easily do it because if they force themselves to combine trading and investing, they will certainly have difficulty doing it and there is a very high possibility of failure. in doing so, but in my opinion if we are just starting out, it would be better for us to choose to invest first and continue to seek knowledge about trading and investing.

Bitcoinpoly

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Quote from: mvdheuvel1983 on September 19, 2023, 09:40:12 AM

One of the most powerful words that resonates strongly among bitcoiners is the word "HODL". This word describes our undying faith in bitcoin's past, present and future potential. In the bitcoin community, there are those who have been holding for a long-term and also those who have just started hodling because they are moved by the fast approaching halving event in 2024. As we are holding bitcoin we should be vigilant because hackers and scammers tirelessly seek opportunities and loopholes to steal your bitcoin. Therefore, it is not enough to hold but HODL WISELY.

https://www.talkimg.com/images/2023/09/19/6rtOP.png

There are more than one thousand ways to HODL bitcoin. In fact, as of 2022 there were about 2,790 Bitcoin-related applications are available on the Google Play Store while Apple Store had about 651 such apps. To add to this there are 288 hardware wallets and 44 bearer tokens in circulation, all of there telling you that they are able to secure your bitcoin holdings

Don't just hold but hodl wisely and securely.

This topic is inspired by the responses I received in this thread - How Do I Verify the Integrity of Open-Source Code.

Image source:

Seeing this makes me happy, I’m always telling my friends that you don’t just hodl an asset and forget about it, you need to be wise with your hodling, i have most of my assets on flexible savings of which I still make interest up to 7% on them on Bitget exchange with their shark fin product, by that I’m not just hodling but I’m still using it to make more profits.

Bushdark

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We need to keep holding whatever cryptocurrency we have in our portfolio so that we can make profits from the market when the bull trend comes. The market is still ranging and we can still be making little profits from the market for those of us that know how to trade since the bull market has not finally comes. There arf different ways we can profits from the market and depending on how we tend to make profits from the market, we need to relax and keep holding no matter how small or big our Cryptocurrency assets could be.

Baki202

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Quote from: Miles2006 on November 05, 2023, 02:58:21 PM

I love the word hodl wisely, most newbie like me fail to hodl wisely due to some reasons or I don't know sometimes for the love of quick money forgetting that bitcoin investment does not work like that. Most people get over excited about bitcoin investment and they end up falling into the hands of scammers. I don't know if this is common in crypto like in fiat, when an individual just create a new bank account they're high chance falling a victim to the hands of scammers so I don't know if this is also in crypto(bitcoin) because the number of victims who fall into the trap of scammers are just too much. Ever since I joined this forum, this forum has enlighten me more about bitcoin investment and tips to secure bitcoin hodling. Last two weeks I read how a lady got scammed and how it happened she also said she took the investment advert about bitcoin on Facebook, that's why I don't like following people advertising crypto online they're all scammers. Secondly I personally as a newbie starting my bitcoin journey I don't give attention to Unkown contact trying to talk about bitcoin investment.
https://www.hodlatm.com/scams

HOLD is a term that's used a lot around here, and its meaning is fairly obvious. However, I believe that even those who don't end up holding do so for a variety of reasons, including information processing and information they heard about how others are making money. These individuals want to invest and start making money, but they are unaware that bitcoin operates differently in fact, it may take some time for a person to start making money from bitcoin, which is why it's sometimes referred to as a long-term investment. And the issue of people falling into the hands of scammers is very frequent and will continue because the only thing people are concerned about is how they will make money out of their investment. Been in this forum has a lot of privileges for everyone especially the investors.

Furious 7

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Quote from: ?? on ??

Yes safety first, depending on your trading activity i would recommend hardware wallets, if you are using a buy and hold strategy.

Actually in this case you should be able to change your mindset by equating trading and investment because in the end when you equate in terms of meaning then you can get a little lost in meaning so that you cannot distinguish whether it is trading or investment.
When we say hodl indirectly this will definitely refer to investment and I think it will be very naive if it is combined with the concept of trading because somehow this will be different.
Even though this is not too important for some people but I think it should be learned especially for beginners so that with that you can know what you should do and how to respond to a problem from hodl that must be done.

Miles2006

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I love the word hodl wisely, most newbie like me fail to hodl wisely due to some reasons or I don't know sometimes for the love of quick money forgetting that bitcoin investment does not work like that. Most people get over excited about bitcoin investment and they end up falling into the hands of scammers. I don't know if this is common in crypto like in fiat, when an individual just create a new bank account they're high chance falling a victim to the hands of scammers so I don't know if this is also in crypto(bitcoin) because the number of victims who fall into the trap of scammers are just too much. Ever since I joined this forum, this forum has enlighten me more about bitcoin investment and tips to secure bitcoin hodling. Last two weeks I read how a lady got scammed and how it happened she also said she took the investment advert about bitcoin on Facebook, that's why I don't like following people advertising crypto online they're all scammers. Secondly I personally as a newbie starting my bitcoin journey I don't give attention to Unkown contact trying to talk about bitcoin investment.
https://www.hodlatm.com/scams

terrific

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I didn't know that there have been hundreds of hardware wallets because with what I know, I thought that they're like just handful in numbers.
But yes, we've got a lot of ways to hold our Bitcoin but not all that are stored in the playstore should be downloaded because many of them are like traps.
Traps that are waiting for some negligent users that won't check the background of what they're downloading and sadly if they transfer and deposit their Bitcoin there, who knows if there's someone behind that app waiting for that prey.

Mr.suevie

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Quote from: Ricardo11 on October 13, 2023, 05:18:33 AM

We must hold carefully. We can safely hold any wallet with our own caution, skill and intelligence. All information in our own wallets must be kept secure at our own responsibility. Before placing your money in the wallet you need to be sure how secure your wallet is, it is very important. Fully secure your wallet before placing it in your bitcoin wallet. And handle it wisely.

That's the first thing every Bitcoin holder would do because holding your coins in a wallet where its safe is actually the best thing and idea that an investor could possibly fail to do because it's his asset and putting it in the wrong place will just guarantee him loss of asset so I think this part is pretty much covers by the investors need to secure his money or should I say Bitcoin. Protecting your wallet is certainly same thing as securing your bank apps but the two vaguely difference is that in one of these, you are no longer in control of your funds while latter is the case for the other.

Ever-young

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Thanks for this thread, as I have seen many people who says they are bitcoin holders many of them don’t even have real bitcoin all they have is some fake coins which can’t be withdrawn from the app which they downloaded from play store and be wasting their time that they are mining the bitcoin when all that can’t be withdrawn into their private wallet such people are off the league of holders.

I was also part of the people who hold bitcoin in some of the close source wallet in the past, but right now I have observe and learn the risk involved on the kind of wallet that I use. So I have made move of using one of the recommended wallet on the forum for safe keeping of my bitcoin.

Best-mary

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Quote from: mvdheuvel1983 on September 19, 2023, 09:40:12 AM

One of the most powerful words that resonates strongly among bitcoiners is the word "HODL". This word describes our undying faith in bitcoin's past, present and future potential. In the bitcoin community, there are those who have been holding for a long-term and also those who have just started hodling because they are moved by the fast approaching halving event in 2024. As we are holding bitcoin we should be vigilant because hackers and scammers tirelessly seek opportunities and loopholes to steal your bitcoin. Therefore, it is not enough to hold but HODL WISELY.

There are more than one thousand ways to HODL bitcoin. In fact, as of 2022 there were about 2,790 Bitcoin-related applications are available on the Google Play Store while Apple Store had about 651 such apps. To add to this there are 288 hardware wallets and 44 bearer tokens in circulation, all of there telling you that they are able to secure your bitcoin holdings

Don't just hold but hold wisely and securely.

This topic is inspired by the responses I received in this thread - How Do I Verify the Integrity of Open-Source Code.

Image source:

Guess we're thinking alike. Just made a post about security and the factors we should look Into to avoid such mistakes. Nowhere is safe but where we keep our assets is very crucial

Ricardo11

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We must hold carefully. We can safely hold any wallet with our own caution, skill and intelligence. All information in our own wallets must be kept secure at our own responsibility. Before placing your money in the wallet you need to be sure how secure your wallet is, it is very important. Fully secure your wallet before placing it in your bitcoin wallet. And handle it wisely.

Topic: Don't Just HODL But HODL Wisely and Securely - page 2. (Read 1103 times)