Topic: "How best do I secure my investment on bitcoin as a newbie" (Read 644 times)

Not exactly. If someone steals your bitcoin and transfers it to an address connected to their real identity, like the wallet on an exchange, you could eventually discover who is behind the theft. You would have to file a police report and charge that anonymous person with theft. Those documents would have to be presented to the platform where the coins went to block the account and reveal who is behind the theft. This is a process that takes time and patience and it might not work if law enforcement in your country doesn't care or doesn't know how to approach the case properly.

It is great to see that you want to learn. Also secure your Bitcoin is most important. First of all unnderstand how Bitcoin and blockchain technology works. Take your time read articles or watch videos. Then use a secure wallet to store your Bitcoin. You can use Trezor and avoid keeping large amounts of Bitcoin on exchanges. But if you want to use exchange platform then must enable two factor authentications. This will add an extra layer to your security.

This is true, but there are times where someone who receives access to the other person's private key might not be a professional in hiding or sending out the holding; they most often just send it directly to an exchange wallet, which can easily be traced if they follow the right process and contact the right authority. They can just send a request to the exchange to get the identity of the person if they pass KYC in that exchange.

All what you said are right because in bitcoin investment it is only knowledge that can only keep one going, when the knowledge is not their it is as if every effort is just waste. After having good knowledge about security on how to keep wallet safe from strangers to have access to it, one also needs to have understanding about scam to avoid it. Some people have the knowledge of keeping their seedphrase and password safe from the eyes of others but they can still fall victim to scammers which can also lead them of sharing their details. One of the things that make people to fall victim is because they think any person can be of help in the Internet, and they also believe in free money, like anybody that comes up giving out money is real.

Newbies should learn to avoid making more money from platforms that they are not sure about , and newbie should kill the mindset as seeing people as expert who can give them investment advice and security help, nobody is expert. You can only be your own expert in all areas by getting the right knowledge.

Looking for every possible means to secure your investment is necessary mostly bitcoin investment. As a newbie trying to learn and at the same time secure your asset I will advice you avoid social media links related to crypto or online business, even the slightest mistake can cost your coins which I think is painful, avoid using third party wallet as it’s more common nowadays. Bitcoin investment has to do with you and your private terms alone not including any third party, you can always make use of an exchange whenever you want to buy or sell as the name implies but, don’t store your coins in an exchange lastly read more on bitcoin and investment knowledge.

The reason why everyone is taking their time to advise you is because we care about everyone on this forum and i want to also let you know that if someone else gets your private key, not even the police can help you trace who transfered and who received the money, so be careful

I guess that you've misunderstood me. I didn't say you should not state you like Bitcoin or how good Bitcoin is, no. You can even state that you have some.

My point was that if you invested into Bitcoin and your coins worth a significant amount of fiat, then you should not brag about your crypto wealth. Let people think that you got lucky at stocks or you are a very good businessman. After all, if we talk about big money, then you probably have diversified your investments anyway.
However, a problem in all this is that "significant amount of fiat" really differs from person to person and from neighborhood to neighborhood...

If you are active with the different projects in the crypto space that require connecting your wallet, I highly recommend using a burner wallet this will act as your dummy wallet that have a small number of funds needed only to receive an airdrop or use to pay for the projects requires an investment this prevents you to get drained your wallet if you have mistake committed and the attacker has the chance to stole your asset to prevent all of your money be gone. Next is highly recommended to use a cold wallet this serves as your holding wallet and will only access if you are connected in the internet the same with the hardware device. If you have a budget for investment in bitcoin make sure you have a budget too for your security of your device and of course your funds.

Well each and everyone has given you all the advise you may need on your Bitcoin investment, so I just have few things to add, we know that as a starter you will be very anxious to start investing on Bitcoin immediately and hoping to start getting or making profits without following the due process, however the process I mean is that at first trying to understand the investment you are going into is very important and other things like security of your wallet because most people just rushed into Bitcoin investment without having any ideas on how they will keep there investment safe because some many new investors believe that the best place to save there Bitcoin is on the Centralized Exchanges without knowing that is not a right decision so perhaps just like most other persons has said Electron is also preferable.

If we put it simply, it means that every person must have a safe to store something very valuable and protect the key so that it is not lost or can be found by someone else. That's a simpler parable to tell beginners who want to invest in Bitcoin that they must start with knowledge and also have a private wallet that can be managed and accessed at any time without telling anyone the key. Because when the knowledge already exists and how to use a wallet is well known and the investment choice is also quite appropriate, namely Bitcoin, it's good that this can be done immediately as long as the money to buy Bitcoin is also available.

The third suggestion creates the biggest impact. If you don't talk about bitcoin and disclose the information to others, other people won't be aware that you have bitcoin in your wallet. Just keep your coins only to yourself. That way, the risk to steal your coins from bad guys or hacking your account will be less likely to happen, knowing you don't open to others that you are into bitcoin.

Newbies really have to understand how crypto works so that they will know what they need to secure the coins they are buying.
If you just buy and then don't know how to keep it safe, it will be a risk to lose scammers able to trick them or lose in wallets that they have no complete control over.

A few years ago when I didn't understand how crypto worked, I only relied on a CEX wallet to store my Bitcoin and altcoins,
but in the end it wouldn't be safe because of a lot of hacks and cheating done by some CEXs, so the coins couldn't be withdrawn.

What is safer is to use a personal wallet that is held by Phrase himself and I have a Hardware Wallet that is safer and quite secure,
No one will be able to break it with security that continues to be improved, except for mistakes made by users.

Indeed, most newbies don't move their bitcoins or any other cryptocurrency they buy from exchanges because they don't know how to use wallets, especially non-custodial or open-source wallets because they are not as user-friendly as exchanges and some online wallets are, this is the reason why they either keep their assets in the exchange they are using or use an online wallet where they don't get their private keys but only storage for their assets.

What I usually suggest to newbies is that they shouldn't buy anything first until they learn everything about wallets and their security, how they can send and receive assets, and what kind of wallets they are supposed to use. If you don't know these things, you shouldn't be making investments because knowing the basics is very important.

I consider this as a very important thing for beginners to take note of because most of them don’t even know the difference between a custodial and non custodial wallet. Coincidentally, I just had a discussion with a friend who is not too conversant with crypto before coming across this post. To cut the long story short, he assumes exchanges are the right wallet to store his assets as he’s currently using one for his bitcoin. I asked him if he has the private keys and he said no but he has the password.

I explained things to him. The differences between these two wallets and the potential risks involved in what he’s doing with his assets. I do believe majority of his like still believe or practice that same thing as well. Knowing this difference is very paramount to avoid loss of assets.

A non custodial wallet is the best for beginners when it comes to holding bitcoins. Most of the new bitcoin users are usually interested in using exchange wallets because of the many benefits and user-friendliness of the exchanges. But keep in mind that an exchanger can be hacked at any time. And if it gets hacked, there will be loss of assets. One cannot be tension free if one's money is kept safe by others. So my advice like others is to use a non-custodial wallet on an airgapped device. The security of your wallet should be kept to yourself when it comes to holding bitcoin.

there have been many recommendations given by the users above and all of them will be very helpful for you as a newbie to be able to secure your investment, but i will only share my experience since i was once a newbie in this matter. the first thing i do to secure my bitcoin is to install a non-custodial wallet on my device, the wallet i installed is 'blue wallet' and it is the best non-custodial wallet i have ever used. and then the device i use is an iphone, since its security is better than android, and i put aside between the devices i use every day and special devices for crypto.

if you practice something like this, it should be safe enough, but if you want extra security you can spend money to buy a hardware wallet, but it is usually more expensive. the choice is yours.

There isn't just one way of doing things. Every person has their own methods they are comfortable with.

My holdings are divided across multiple hardware wallets from different manufacturers. I have both standard and airgapped hardware wallets. I am more pleased with some than others for the directions they have taken. I also use mobile wallets for crypto I need to carry on me at times or when I am meeting people to swap crypto for fiat.

I have several laptops I use for different things. The work I do on my business laptop doesn't get mixed with pleasure. My finances and crypto are compartmentalized and separate from everything else. In the unlikely scenario that something nasty happens to one machine, it's not going to spill over to the others.

Being good with security is mostly about not being nosy and going around and clicking and trusting every offer you see.

Learn basics. How Bitcoin was created. What is its total supply, supplynomics is inflationary or deflationary and how new supply will be added to circulating supply.

How is the 21 Million Bitcoin Cap Defined and Enforced?

Then learn how to purchase bitcoin.

The last step, even need to be learned before purchase, is how to store your bitcoin. What wallet to use, how to create it, how to backup and how to recover your wallet from back up.

Then you are all ready to purchase bitcoin and store it safely as your long term investment.

As a newbie in Bitcoin that need to secure your investment first of all you need a very deep knowledge about the investment the in and out of that investment before you invest because knowledge is also security.
Then as a person who is now earning from the investment make sure you have your own personal wallet where you can keep your own funds to access it at anytime runaway from keeping your money in an exchange wallet it is very risky, and also keep your keys to yourself don't expose them that's another step to secure your investment.

This question you asked is a very important and sensitive questions for newbies and beginners as it has to do with the safety and protection of their assets and funds. I believe many members here have been able to give you guidelines and some recommendations for your Bitcoin investment safety but however, I think I should just give you a little of some security measures to take while holding your Bitcoin and they are as follows;

1. Avoid clicking of random links sent to you by unknown source. If you are not expecting any mail from anybody and you received an email do not click it. Click the delete button immediately so that you do not make the mistake of clicking it in the future. Social medias also inclusive too.

2. Do not use google cloud or password manager to store your seed phrase because any compromise on your google account means an attempt on your details and information. Avoid it, store your details manually by writing your details in a sheet of paper or jotter specifically for your safety and keep it where only you have access to.

3. If you purchase Bitcoin from exchange, do well to withdraw to your personal custodial wallet for your own safety because exchange can not guarantee that they could protect their own exchange from hackers.

4. Do well to constantly update your device or gadgets version to the latest so as to remain safe because when ever there is a new update, it means that the previous version is obsolete and risky to continue with because the security features are possibly porous and they would not be held responsible because they have already upgraded to a higher version which you got notification for.

I believe these little safety tips could guide you through to secure your assets and funds properly.