Topic: Don't Just HODL But HODL Wisely and Securely - page 6. (Read 1099 times)
Just hodling Bitcoin is not a guarantee that your bitcoin is safe but being knowledgeable will help to keep bitcoin safe. One who lacks understanding about how scammers operates can easily for into the hands of scamners, all what has been in the wallet for long time can just go in vain. Their is no need hodling when one lacks understanding how bitcoin should be invested in a secure way. Securing hodling will yield to having a positive result in every hodling.
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
But funny enough as you said but it's still actually the truth because most of these beginner actually just rush or move faster than self maybe due to how they feel owning and holding Bitcoin can be easy through different way they have come across Bitcoin itself. I am saying this because I actually had a friend who never really wanted to learn but he just thought how beneficial it can be and actually made a deposit and started with his crypto journey in an custodial limited wallet he downloaded through the internet. https://chainsec.io/checklist
Hodling is one way to make you profitable in the crypto market. But you should only hold only those coins with high potentials, and bitcoin is a perfect example. Acquire knowledge about bitcoin and understand how it can make you profitable before you decide to buy and hold. And once you have bitcoin, make sure to secure your wallet away from those hackers waiting to attack. Keep your own privacy and never let others know that you are into bitcoin investment so that they won’t be eyeing on you.
You said their is different ways of making holding your bitcoin, but from my own perspective is been done in way than holding a coin, so I believe that bitcoin have it's way, someone that don't want hold bitcoin will not hold bitcoin it doesn't have any target, while most of people who buy bitcoin purchased bitcoin is because they want appreciate or increase of bitcoin to make profit, and secondly, some of the people who invest in bitcoin for long-term have a target and some of people who quickly sell out of their bitcoin doesn't have target of investment in cryptocurrency especially bitcoin and some who use their main money to invest always been conscious of their investment, so therefore it's advisable to use your spare money for bitcoin investment.
It very essential to know how to secure our wallet especially when we are hodling. We must use wallets that are not compromised and wallet apps that is verified secured. We should not just blindly choose a wallet from any site without checking their validity.
it is always best to store your coins in your wallet, where you have your own keys. you will have total control on this regard. but if you decide to send it to any third party app, then, you can't say that's your funds. because anything can happen and the possibility of not getting a hold of your funds is always there.
That should be the case since keeping our coins in exchanges can face uncertainty since we do not have the full access or the key of the address where our coins is being held. Verifying the apps to use whether it is safe for use should be the first thing to prioritized before using them to keep our coins.
While there are those wallets/apps that people need on Google Playstore. It's also the # 1 source of those phishing apps and other hacking apps where many newbies have been misled.
But, thank you for the reminder. It's true that it's not just all about holding but also being wise. There are holders that aren't wise and they're holding their assets through an exchange which is a bad idea.
Instead of holding it through the wallet that they have full custody, they don't.
But, thank you for the reminder. It's true that it's not just all about holding but also being wise. There are holders that aren't wise and they're holding their assets through an exchange which is a bad idea.
Instead of holding it through the wallet that they have full custody, they don't.
it is always best to store your coins in your wallet, where you have your own keys. you will have total control on this regard. but if you decide to send it to any third party app, then, you can't say that's your funds. because anything can happen and the possibility of not getting a hold of your funds is always there.
That should be the case since keeping our coins in exchanges can face uncertainty since we do not have the full access or the key of the address where our coins is being held. Verifying the apps to use whether it is safe for use should be the first thing to prioritized before using them to keep our coins.
Honestly, I do not really hold securely, but do not risk it way too much neither. My money is in mostly at binance account and I do not move it from there too much. I do not have much neither, even if I get hacked, I would not become poor overnight, I am not rich enough to have a lot of money anyway. So when it becomes not a big deal to hold bitcoin like that, it becomes not an issue and should be considered as normal as it gets without any issues at all. I do understand that it may not be all that much of an issue at any given moment, but I do believe that we are going to end up with something that would not make sense at all if I buy some hardware wallet with such small amount of money.
Hold and just use the right wallet where to put our crypto. Many people have fallen into the wrong wallet due to the number of crypto wallets that can be found on the internet and it is really confusing which one is legit and can be trusted.
Yes, hold wisely and don't rush doing this instead, spend time doing research just to make sure that we are using the right wallet where to store our coins, or else, we're just throwing it away to these scammers. Avoid learning from making mistakes first...
Yes, hold wisely and don't rush doing this instead, spend time doing research just to make sure that we are using the right wallet where to store our coins, or else, we're just throwing it away to these scammers. Avoid learning from making mistakes first...
While there are those wallets/apps that people need on Google Playstore. It's also the # 1 source of those phishing apps and other hacking apps where many newbies have been misled.
But, thank you for the reminder. It's true that it's not just all about holding but also being wise. There are holders that aren't wise and they're holding their assets through an exchange which is a bad idea.
Instead of holding it through the wallet that they have full custody, they don't.
But, thank you for the reminder. It's true that it's not just all about holding but also being wise. There are holders that aren't wise and they're holding their assets through an exchange which is a bad idea.
Instead of holding it through the wallet that they have full custody, they don't.
it is always best to store your coins in your wallet, where you have your own keys. you will have total control on this regard. but if you decide to send it to any third party app, then, you can't say that's your funds. because anything can happen and the possibility of not getting a hold of your funds is always there.
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
And on the time that you had already lost your coins or had been locked up or scammed then this is the only time that you would really be making some in-depth review which they should have done it earlier or a musthttps://chainsec.io/checklist
thing that they had done initially and not on after effects.Its true that it is really that too easy to say about HODL but newbies would really be normally be leading themselves into those very known app stores and
just simply type "Bitcoin wallet" but doesnt know if its a custodial wallet or not. This is the importance of self research or study on which trying out to do on the things that must be done specially this is talking about the safety of our money or coins because you cant really just make yourself that make out that choice without having those considerations.
Always be skeptical about into those places that not been known on.In speaking about non-custodial and open source then i would just simply trust "ELECTRUM" in the end of the day
if we arent speaking about hardware wallets.Even into these kind of storages i dont really have that trust.
While there are those wallets/apps that people need on Google Playstore. It's also the # 1 source of those phishing apps and other hacking apps where many newbies have been misled.
But, thank you for the reminder. It's true that it's not just all about holding but also being wise. There are holders that aren't wise and they're holding their assets through an exchange which is a bad idea.
Instead of holding it through the wallet that they have full custody, they don't.
But, thank you for the reminder. It's true that it's not just all about holding but also being wise. There are holders that aren't wise and they're holding their assets through an exchange which is a bad idea.
Instead of holding it through the wallet that they have full custody, they don't.
Anyone who understands the phrase “ Not your keys, Not your coins” will have no trouble choosing the right wallets and method of storing their seed phrase. The phrase “ Not your keys, Not your coins” instills the philosophy to bitcoiners that custodial wallets are risky and should not be used for hodling. Even with all this information, some people still prefer to leave bitcoins in their local exchanges, they do not realize the implications of trusting a third party with their bitcoins.
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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
✂️
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
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Everyone says it will provide us with security if we use their wallet to store bitcoins. In fact, there are wallets available on Android that are willing to make the change from open source to closed source. They say open source wallets have dishonest developers and need to change to closed source to stay true to their primary goal of protecting users.
Wallet security became my main concern shortly before I became active in this world. Thousands of applications that offer a mission for user security as long as they do not meet the requirements as a wallet that is recognized by their users, I will not trust them to hold bitcoin. Includes closed source wallets.
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.
Investing in bitcoin is easy but knowing right wallet to use becomes a problem to newbies. It is good to keep your funds safe in a noncustodial wallet, this is why the knowledge is needed before investing, so that you don't end up making silly mistakes that will jeopardize with your bitcoin investment.Some newbies feels that exchange is more secured that a noncustodial wallet because they think that the exchange knows the best way to keep their coins safe than they can do. I was discussing with a friend this evening that has bitcoin but he doesn't have the deep knowledge on it, which part of what he doesn't know is the best wallet for safety. He told me that he prefers to leave his coins in Binance because, they wouldn't release his coins to anyone without his authentication on his phone. That is there is any illegal activity his account will be locked compared to when he is in self-custody of his bitcoin. I had to explain to him that Binance is also vulnerable to attack just the way if he doesn't secure his wallet and that Binance can even deprive him of his funds. Immediately i directed him how to create an electrum wallet, which he did and transferred his bitcoin into his electrum wallet.
Holding Bitcoin is really beneficial and the term 'HODL' is incredibly famous within this community. I'm pretty sure that many people have been holding their Bitcoin for a long time with some even holding it for more than 7-8 years which is truly impressive. These people undoubtedly has a lot of money in their wallets.
The most important aspect here is how wisely you manage the security of your Bitcoin holdings. I heard that this year, a lot of people who were holding Bitcoin fall victim to hacking due to their recklessness and foolish behaviors . Using an air-gapped device to store your Bitcoin is so important and If you choose not to do that you should consider using a hard wallet.
The most important aspect here is how wisely you manage the security of your Bitcoin holdings. I heard that this year, a lot of people who were holding Bitcoin fall victim to hacking due to their recklessness and foolish behaviors . Using an air-gapped device to store your Bitcoin is so important and If you choose not to do that you should consider using a hard wallet.
It doesn't matter if you are a hodler or not, but you have to secure your funds the right way. Even if we are not hodling, we must hold our wallet for a short period of time. Most people just leave on exchange, which is the most dangerous attempt in the crypto world lately. That's how a lot of people lose their funds. So we have to make sure our funds are secure. At this point, it's very important what wallet you have been using and how secure it is. We need to spend more time researching how to secure your Bitcoin so we can handle it wisely.
After acquiring the basic knowledge about Bitcoin, the next important lesson should be how to access trustworthy wallets and how to secure the wallets from attack. Lack of security knowledge is like buying a gold bar and dropping it in a market square. Most people who call Bitcoin a scam lost their money due to a lack of knowledge of how to secure their funds. Some people don't even know the difference between custodian and non-custodian wallets because they don't want to learn. It is better not to invest in anything you don't have a means or knowledge of protecting. 
This words has been so organized or romanced were people do not even know when and where or time to hold and hodl. This word has been so commonly known and used in our mouths today whereby we blindingly falls into prey and this mostly happen to the newbies who does not know their ways about here but has been so confident with those words from people over here which they thought are so easily to maintain. Security of our funds is what gives strength to our holding ( hodl) but when beginners fails to secure their wallets properly they easily got scammed or hacked so the first journey of any one holding or HODL comes from getting a better wallet, this can only assure your holdings and safety of your funds.
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.
As you are looking for ways to get more bitcoins, know that other people are looking for ways to get bitcoins too, they do not have dedication to stack up bitcoins themselves from small investments and they are not ruling out getting it by illegal means which includes stealing from those who already have. That is why it is important to HODL WISELY. It will be depressing and a story you will never forget if after gathering bitcoins to benefit from the halving next year, that you then loose it all to scammers and cybercriminals online and other people offline because of 'I don't care" behavior.
Not your key, not your coin. Yet we are here with so many options presented to us that we are still confused. But with a little bit of research, we can actually HODL wisely and securely on any platform. Our security and privacy is ours to keep safe. Our way of using anything determines its safety and security.
I recommend going with band products when purchasing a hardware wallet. Also, buy it from the official website. I am talking about hardware wallets because those are the safest ones in terms of HODLing. So if anyone has the ability to buy one, never be late.
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.
I recommend going with band products when purchasing a hardware wallet. Also, buy it from the official website. I am talking about hardware wallets because those are the safest ones in terms of HODLing. So if anyone has the ability to buy one, never be late.
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.
Very true, before you think about holding, you should think about how to protect your assets well. This is one of the most important things that everyone must learn, whether experts or beginners, as asset security is considered the most important thing.
For me, I do not use any unknown wallet applications on Android or IOS. I only use the old, famous wallets that have become absolutely reliable through their secure use for many years.
It is not enough for the wallet to be open source for it to be secure, nor are all users experts in programming and code reading to read the open source and ensure that it is free of security vulnerabilities.
For me, I do not use any unknown wallet applications on Android or IOS. I only use the old, famous wallets that have become absolutely reliable through their secure use for many years.
It is not enough for the wallet to be open source for it to be secure, nor are all users experts in programming and code reading to read the open source and ensure that it is free of security vulnerabilities.
One of the key things or elements before one starts to hold is the security of the wallets, many new investors actually do not pay much attention to this and lose their funds in that process. Both long term and short term holders need to use a reputable and widely accepted wallets. This is one of the reasons why many experienced investors are of the general opinion that wallets that are not connected to the internet are usually the best for holding.
Many newbies find it difficult to settle for a particular wallet, although they are new Wallets that with exciting features but my preferred choice is always old tested and proven wallets that many users have attested to, rather than a new wallet without proper or much review
Many newbies find it difficult to settle for a particular wallet, although they are new Wallets that with exciting features but my preferred choice is always old tested and proven wallets that many users have attested to, rather than a new wallet without proper or much review
Definitely, I agree with you. It's always advisable, to use wallets that are widely know and recognize by the general public. The idea of hodling Bitcoin isn't complete, without knowledge on how to fully secure your Bitcoin and prevent loss of funds. I usually advice people to download these apps from official store or directly from the website. Alot of hacked software are out there and if one isn't careful enough, you end up downloading a phishing app and after funding, you are left with nothing.
The way bitcoin/crypto is now, you need to learn by mistake first lol before actually ending up diving deeper.
Yes it's normal to learn from our mistake, as no one is perfect. But you can also learn from someone else's mistakes and get a correction. I will advice the newbies out there to be vigilant and avoid downloading unessesary apps or wallet to avoid being victims of hacks.
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