Topic: Don't Just HODL But HODL Wisely and Securely - page 4. (Read 1103 times)

Getting informed first is the portion that most people avoid doing in order to know the benefits and drawbacks of their investment and to avoid investing in things they don't fully understand, including security measures, which are required to be understood. yet the only activity I saw many people engaging in is the reckless leaving of Bitcoin in exchanges after purchasing it.  and even trading while following Channels to start earning money while taking the risk. Most wallets are scams and have beginners who don't even know which wallet to use most of them don't even care about wallets at all all they want to do is buy and leave their money in exchange for forgetting not your coins or keys. More than enough free information is available on the forum, and questions can even be posed for more clarification.  which is actually a pretty solid one, along with effective risk management.

For me hodling is only for those who have extra money to invest but for us who have no extra cash I don't think we can hodl. 😅 If only I had the chance to hodl a single or even a fraction of a Bitcoin, I'll leave it like 5-10 years on my wallet for future purposes. Hodling is also like staying away from stress because you do not need to do anything except to wait. And my wallet of choice would be Mycelium or Electrum as I've been using them since 2017.

Very good point noted by OP, yes just holding is not the main thing if we don't know how to secure our btc. Hackers are trying new methods to steal btc and keeping btc fully securely is now a challenging. Every wallet claimed that our btc will be secured but only few are trustable. There are Three types of people who holding btc.

1: Advance users: The users who holding vey big amount then multisig is best option for them.
2: Intermediate: Those users who are holding more than 1 btc should use hardwallet ledger or trazor and also purchase from official website.
3: Beginners: Those users who holding low amount and cannot bear hardware wallet should use Open source wallet like electrum. Recovery phrase should be written down in hardcopy and avoid public wifi.

I think All BTC should not be hold in one wallets. splitting btc into different wallet will increase our security.

You are very right bud, let's assume we are talking about altcoins, I would say that, there is no harm, actually, several altcoins have staking ability even in the decentralized form, for example, like staking Sol in the Solana blockchain, staking Renec in the Renec blockchain, that is, you stake with a validator to interest on the end of every epoch.
That is one part of altcoins that I like, but unfortunately, such staking is not available for bitcoin, every staking that involves real bitcoin(not WBTC) has to be centralized, and investors have to really decide whether its the interest they earn from centralized platform is  one that is more important to them, or the safety of their hodling, their precious bitcoin.

They commonly say a bird in hand or at hand, is worth millions of birds that flying all around in the bush - meaning the bitcoins you have in your custody is greater than any amount of interest any centralized platform would promise you.

I must admit that before wayback 5 years ago I thought when we said hodl is just hold it for a few years no matter if your bitcoin is in an exchange local online wallet or whatever it is as long as you have Bitcoin. But as the years go by and a lot of things happen that is when youll need to securely put your assets on those where you have the seed phrase. I am just glad that I haven't learned it the hard way because if I did I would have lost my assets and probably my mind too.

Holding Bitcoin should be treated like having gold bars in our home. We invest in security and if we should do it with our Bitcoin mostly if we do have tons of Bitcoin in our wallet we should invest in a hardware wallet to be safe.

Sad story,  losing a huge amount can result in so many mental crises that if care is not taken you may lose interest in living,  but then when there is life money can always be made,  I have learnt this lesson in a hard way and since then I have become very careful on the kind of things a believe and have also made up my mind to only hold my bitcoin in my own wallet and securely protected against any third party involvement,  and also I avoid anything call investment or interest payment on balance holdings.

This are all attempt to swing you off your money being in control of your wallet is what true freedom means in cryptocurrency and of what use is holding bitcoin if you held it in a third-party wallet no matter the promised interest payment is not secured.

There's just a few rules one must obey to be relatively safe with their held coins.
1. Concentrate on bitcoin. The rest is a minefield with gold coins buried between the mines. You can get a few, even a whole bag, but chances are you'll step on a mine and lose everything, so don't be greedy!
2. Download only verified, well known and reviewed software. Don't look for the next best wallet, don't move your coins from a wallet to a wallet, just deposit them on what you know is safe.
3. Learn to double check and then check again. Verify addresses, sent amounts and fees a few times before sending. You can't go back once it's done.
4. Make sure the device you use to store your coins is clean (no phishing and no malware). To make sure it stays that way, don't install pirated software from torrent sites, don't open email attachments, don't unpack files you don't have to and don't watch porn.
5. Invest 1% of your holdings into security. Get a good anti virus software, buy a hardware wallet, use a paid VPN, make sure you have backups and surge protection if you're using a computer to store your coins.

Works for me

Yeah I do agree with you on this, It's crucial to handle your crypto assets with care to prevent potential losses, especially when dealing with alternative coins.

When it comes to holding and managing your cryptocurrency assets, caution is your best friend. This is particularly important in the world of alternative coins, where the market can be quite volatile. If your a newbie ill advice you make your own research before jumping into buying any coin, some could be scam project, Always ensure you use a good wallet, stay informed on what your doing .
HOLD WISELY

Well, your concerns are accurate to some extent but how could someone's system be compromised when he/she uses Electrum wallet? I would like to know about that thing in detail because as far as I know the Electrum is open-source by nature and it can be compiled from the source code by anyone who knows software compilation. I personally have researched about Electrum and that's why I always recommend it to anyone who want to save their Bitcoin for long term in a Air-gapped system.

You may be right but there are perfect measures to power off your networks and those measures are still working without any question. If someone builds a system without a network card and store his/her wallet and private keys and pass phrases in that system then as long as that system isn't connected to internet the user won't have any security problem. I know that everything is built by someone but still there are some restrictions which even the inventor can't penetrate. That's why we trust open-source software because their code is available to public and anyone can compile it or add any changes to it.

Yeah you're very correct, that's actually one of the things I like about this forum almost everything crypto related issues could be solved here with all the experience people in here which is one of the good things about this forum were as all the information and knowledge needed about HODL are being explained by experience people here, but I wouldn't advise a beginner's to start holding when they are not really informed about the concept and risk behind HODL so instead knowledge is the most important thing to acquire before holding and hold wisely and shouldn't accumulate aggressively were as you ran out of funds on the long run so always have a plan for an emergency funds to take care or sustain your needs while holding.

Even today, the best way to hodl your btc is storing it either on cold wallets or by downloading the Bitcoin core wallet application with complete blockchain, it is a highly secured wallet IMHO. And after that, I count Electrum and Mycelium to be one of the top scoring wallets when it comes to providing security. There are some wallets which generate a new address after each transaction, I also like them but I cannot have the private key of those addresses which is why my first choice would be Bitcoin core only.

In holding bitcoin wisely, we need knowledge to hold it well.
This knowledge is about choosing a wallet, the recommended holding procedure, what must be done before sending coins to the wallet, when we have started to enter the holding phase, after the coins are in the wallet and maybe much more.
So as long as we wait for the bull run time to arrive, we can store bitcoin safely for a long time and don't need to worry about hackers because we have used all the recommended procedures.
Most importantly, we don't tell other people where our wallet is, except people we trust, to avoid things we don't want.

Even by using Electrum, there are still ways that could screw your security that up. The reality is that you cannot really just trust anything. It's what the community recommends that makes us trust it. I read what you said about not being connected in the internet at all, but you never know what you'll plug in into your device. I might sound like a real paranoid, but there's just no real 100% security.

Everything has been built by someone through code or hardware. There is no perfect security, just lessening the risk of being hacked.

I strongly warn people to not use those one thousand ways to HODL their Bitcoin and I highly warn them from using the Bitcoin related applications that are available on those Google and Apple stores. We can't really trust those ways and those applications because many of those can have malware in them and some of those may be vulnerable to attacks from the hackers and in fact any way that allows other to interact with your system remotely could be a troublesome for the holders.

The best way to hold your Bitcoin is to use a trusted open-source wallet like Electrum on a open-source Linux based distro, and then protect the private keys and pass phrases by saving them on multiple secure store media options that aren't connected to internet and are in the possession of the holder. Once the coins are deposited into the wallet the holder should disconnect that system from internet and Hodl the Bitcoin for as long as he/she wants to hold.

I mean what they need is just knowledge most of the beginners just download any Bitcoin wallet out there that is convenient to them thinking it is already the right thing to do but most of these wallets are scams and that is why a lot of the newcomers in cryptocurrency space get hack and scam because of this methods. It is certainly great if beginners are going to learn about cryptocurrency before even starting to invest because it already involves money. Then if they think that if already know what to do and they already have the money to invest in cryptocurrency then its a time that they could start investing already since they already have a initial idea and already know what to do.

Also, we have this forum, I mean pretty much anything is already here in the forum ever issue or problem that we are going to experience we could just ask here for help, a lot of members here are already veterans and have a long experience on cryptocurrency already so we could easily use this forum to gain more knowledge, ask for help and even share our experience. It's always better to be ready first than just start investing already, make sure to learn from other people's mistakes to avoid losing money and to HODL wisely.

It's a good advice honestly, remembering what happened to one of my friend in 2021(if I still remember correctly), there was a new bitcoin, and other crypto currency wallet app that came out on playstore, he had bitcoins worth over $200, 000 which he held on(I think) monarch wallet(not very popular wallet).

He saw the ad on Facebook which promised a mouth watering return on bitcoins if one hold their bitcoin in the wallet, he thought it was legit and decided to give it a trial, he downloaded the app and move $20,000 worth of bitcoin to the app, the interest started adding everyday, he later withdraw $10,000 and the transaction was processed without problems, and he thought, what is the need holding the bitcoin on monarch wallet where nothing is adding as interest, he moved all his bitcoin worth over $200,000 to the wallet, and the interest began adding and compounding, within a month, he already earned over $20,000 as interest, I decided to withdraw the interest but the transaction was not processed, for one day, two days, five days, one week, he contacted customer care but no one responded, he decided to request for withdrawal of the entire amount in his account, but it was not also processed, he contacted customer care to know what was going on, and no body responded, for more than one week, soon, one week became 2 months, before this 2 months, he already knew he's been scammed, it was a terrible experience, several times he thought of committing suicide, but I and some other friend of mine in the group kept encouraging him to hold on, but unfortunately, like 4 months after incident, we stopped hearing from him, he stopped coming online, we were like 6 in the group and from different countries, he was from Canada, till date, none of us have heard anything from him (just hope his alive and OK).

So yeah, even as we hold, we must hold wisely.

Before investing in bitcoins, we must be careful in our wallets so that our bitcoin wallets are not stolen by any hackers. There are many benefits if we can keep bitcoins for a long time. If we invest in bitcoins now for a long time,  If we can keep it for then we can make profit by investing. But before investing we have to go about the market of Bitcoin and then we have to invest. It is hoped that if we invest at this time, there is a possibility of getting good profit in the year of Sun.

During in my beginner era in the world of cryptocurrency, I searched bitcoin in Google Play and there were a lot of application shows, some of them telling that you can earn a bitcoin with the use of the different rewards, task and etc. and I earned that time I guess way back 2017 and also seek how does the investor store their bitcoin and I saw a wallet right there. This era of ignorance just a waste of time, glad I discover the bitcointalk and other forums consist of a lot of information about bitcoin and the reliable platform to use as a wallet and where to buy and sell the bitcoin I bought. But today most of the platform now are offering this service gets more convenient to people to buy, sell, invest, and store their assets.

The random investment in the bitcoin is not the recommended one.The trader should analysis the market very close,once the market is low and its enough to buy the bitcoin at the bear market.If you buy in the bear market and hold for the longer period,then the money return from your investments will be very good value.If you are newbie,some experience people will try to sell the bitcoin at the high value.You need to understand the current value of the bitcoin only by the analysis in the internet.It’s only was to get escape from the scam.

If any asset is stolen by hackers after holding it in a bitcoin wallet for a long time then I have no interest in holding. The term hold is very important for Bitcoin. A person will never be able to fulfill their demand from Bitcoin without holding. We have to hold and also take some precautions before the hold. If Bitcoin halves in 2024, every holder can profit multiple times their assets. Here hackers will also be quite active in exploiting that opportunity. Moreover, there are many good ideas for various hacking in the past. So not just holding a reliable holding is very important.