[HELP] I AM A NOOB WHO BELIEVES - page 2.

ABCbits

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Quote from: hypebrother on September 30, 2024, 01:05:00 AM

so I will need your suggestions for best way to store it for long term - cold storage preferred for investment

Other member already provide good link/suggestion. But what are your criteria to determine best way to store Bitcoin long term? Durability? Easy to use?

Quote from: hypebrother on September 30, 2024, 01:05:00 AM

and also some way I can spend it without using banks while I travel abroad.

The common approach is using mobile wallet. But you shouldn't store too much Bitcoin on it, since there's higher risk your mobile device could get stolen or hacked. If you want to use Bitcoin on place which doesn't accept Bitcoin, you either need to sell it as needed or use Bitcoin debit card which convert deposited Bitcoin into fiat.

LoyceV

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Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: hypebrother on September 30, 2024, 01:05:00 AM

cold storage preferred for investment

Although technically not cold storage, a Trezor hardware wallet is probably the easiest way to get started. It's a good trade-off between convenience and security.

Quote

also some way I can spend it without using banks while I travel abroad. Please help this noob.

The main "problem" will be finding merchants who accept Bitcoin. You could sell Bitcoin P2P, but there's risks involved in the physical trade, especially when you're in an unfamiliar country.
Depending on how much you plan to bring with you, a mobile wallet (for instance Electrum or Mycelium) is easy to use. But it's a hot wallet, so only add what you can afford to lose.

It's worth learning and testing a bit before going "big": learn how to store Bitcoin, think about a secure backup location for your seed words, and read up on the potential risk factors. To start: How to lose your Bitcoins with CTRL-C CTRL-V. Some healty paranoia helps: ~~assume~~ know people are out to get your Bitcoins (and don't give them the chance).

hypebrother

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thanks bro

Catenaccio

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Quote from: hypebrother on September 30, 2024, 01:05:00 AM

Hello, I have some spare cash with me which I want to invest in crypto. BTC is king anyway so I will need your suggestions for best way to store it for long term - cold storage preferred for investment and also some way I can spend it without using banks while I travel abroad. Please help this noob.

Cold storage means you don't make your wallet online and don't sign your transaction online, don't leak your private key online.

Creating a cold storage wallet with Electrum
[Guide] Verify and download Electrum wallet
The paranoid user's security guide for using Electrum safely.

If you want a hardware wallet, you need to understand about hardware wallet and buy it rightly.
[GUIDE] How to buy a Hardware Wallet the right way
Open source hardware wallets.

hypebrother

newbie

Activity: 14

Merit: 0

Hello, I have some spare cash with me which I want to invest in crypto. BTC is king anyway so I will need your suggestions for best way to store it for long term - cold storage preferred for investment and also some way I can spend it without using banks while I travel abroad. Please help this noob.

Thank you

Have a nice day Roll Eyes

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