Topic: "How best do I secure my investment on bitcoin as a newbie" - page 2. (Read 648 times)

Knowledge of Bitcoin is very important for any newbie, without adequate knowledge it will be difficult for any investor to know the importance of securing their private keys in secured locations offline instead of storing them online. Trying as much as possible to upgrade your knowledge as a newbie is also important, so you can understand about different types and categories of wallets and always store your coins in none custodial wallets instead of exchanges. Finally not to panic when you begin to experience price dip, it doesn't remain static, after corrections price will begin to skyrocket.

OP hasn't replied to any of these contributions atleast to affirm if anyone of this has been useful. it's slowly turning this topic into a spam fest. You see, that's the problem we keep having with newly created accounts coming up to raise a discussion; ain't nobody be against them for typically asking a question -  what's really the point of ignoring/disappearing without even getting answers already? Huh

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In whatever you do, always choose the right path; you wanna HODL? Pay for a hardware wallet and avoid unnecessary heartthrob. It's better to have access and custody over your funds than to have access alone.

Scammers are seeking for newbies like you to deceive and lure into giving out private information that will cost them their coins. Avoid friendly strangers who come to you with sweet opportunities, unsolicited offers, links and many more. Majority of them are scammers trying hard to trick you with those offers to visit their malicious sites. Do not let greed push you into falling for them. Since you cannot really tell if these strangers came with good intentions or not, it is better you avoid them totally to avoid grieving. Many have been victims to this. I hope this piece of advice helps you stay safe.

Those that jump into BTC investment without having the knowledge of BTC investment, don't use to stay long in the investment because losses will make them to give up on the investment which we have experienced many things like that from newbie here.

You want to secure your BTC investment to become a professional investor, do this 3 things as newbie and you will become a professional to secure your BTC investment:
1) Make sure you have the knowledge of BTC investment before approaching the investment because the investment require knowledge which is the major thing some newbie need to achieve before taking another step.
2) Never you be tied of continue studying anything that related to BTC, and it will make you professional to secure your BTC investment and earn your heart desire in the future.
3) Make a reliable strategy in your BTC investment and you will never lack of what you want to achieve in BTC investment and they will be secure for long period of years.

Your account has 47 activities that's to say you have spent about two months in this forum and within that time frame you haven't gone through threads here that talk about how to secure your assets? Most of these things has been talked about many times here in this forum, especially in the beginners and help section. It simply shows that you are too lazy to read articles, you just want everything to be dropped at you door step. It shows you are not ready to learn. As newbie you should dedicate time to reading, that's the only way for you to learn and grow. If you can't find threads that talk about how to secure your asset, use the search button and you will find many posts that talk about how to secure your assets. There is no room for laziness here in this forum.

With centralized exchanges, you don't have access to private keys and (centralized) exchanges own your bitcoin, not you.

With DEX, you can use non custodial wallets, connect it to DEX but be careful with what DEX you connect your wallet too. You can use P2P marketplaces and can lose your bitcoins if you fall to phishing sites or trade with scam trade partners. On DEX and P2P marketplaces, priority your trades with old and trusted users and avoid or be more careful with trade partners who are newbies.

Securing your investment in bitcoin is very important if you keep your fund on a Dex wallet. Keeping fund on a centralised exchange or online wallet may be quite risky. Alot of things has happened toost people who ignorantly keep their fund in thin air thinking it's safe only to swindled by scammers or hackers. We all know that bitcoin is a great asset that everyone is struggling to have a piece of it, yea alot of scammers will try all their possible best to make sure they penetrate to peoples fund, an this involves tracking down people who keep thee money in online wallet and people who carelessly misplaced or revealed there pass phrase. All this will make us to keep our fund in a Dex wallet and keep the pass phrase safe to avoid scammers.

Investment isn't something you would just come ask and get the best knowledge reason being that after venturing into it and you start facing some difficulties either with your wallet or price sinking.
As a beginner you must have it in your mind to always accept the risk associated with investment, people focusing on the profits aspect without being willing to accept the risk when it comes to hard time.

This forum is the best place for you to gradually study things around community to increase your knowledge and experience on how to make a successful investment which including about securing your wallet. I don't have to share any link because I believe some of them already shared here, so you have to devote your time to read them all.

I think you should let him know that holding bitcoin isn't only the issue but not chickening out and selling during the bear is actually the key to successfully holding your btc, I would have given advice on other possible altcoins that you can earn some profits from but I think as a newbie there is no need for you to involved yourself with those shitcoins as they are very bad as the same way there are profitable because you can lose your whole investment in these shitcoins if the market turns bad for you. But holding your btc for a long tern investment can actually yeild you some tangible profits with lesser risk involved in your investment.

OP already pointed that his investment is on Bitcoin and he asked about the ways how he can secure it because he is a newbie and maybe don't know about the effective ways. But you are advising to invest in other ways like altcoins investment and trading. In my opinion it's meaningless to share about what he wasn't interested at all.

It's better for op to use Hardware Wallets if he want the best security for his investment. If it's not possible or funds are not too much then using non custodial open source Wallets like Electrum can be a perfect choice. Always write down your seed phrase and keep it safe because if you have not access on it you will not be able to use your investment. Use centralized exchanges for small investments and don't store there either it's very necessary to you and better avoiding centralized exchanges fully.

Welcome to the forum. Write down your seed phrase and keep it somewhere safe. Do not use hot wallets or custodial wallets like trust wallets, atomic wallet and exchange wallets in storing your funds. I don't know how big your pocket is but the most secured wallets are hardware wallets like Trezor, Ellipal etc. and they are going to cost you a couple of bucks. But if you cannot go for a hardware wallet you can settle for an open source non custodial wallet like electrum wallet or blue wallet. It's is very important to note this, only download from the official website to avoid installing a clone app. Also avoid clicking phishing links and visiting websites you do not trust.

Both bluewallet and electrum are good. mk4 suggesting bluewallet doesn't mean you can't use electrum.
You can use electrum or bluewallet for any amount of bitcoin, but note that any online device is always prone to hacking.
If you have a significant amount of bitcoin and you want your fund to be completely secure, you should create your wallet offline on an airgapped device or go for a good hardware wallet.

Now that you are saying that if the Bitcoins are more than $200 then user should acquired hardware wallet. What of keeping it in a software wallet like Electrum? I was thinking that Electrum is capable of storing any amount of Bitcoins but this one you are recommending another wallets is giving me more confusion. Please explain more on this topic.

Welcome to this forum guys.

When talking about the security of bitcoin assets, it is certain that what will be discussed is a wallet that can be used to store bitcoins safely. You should know, if you want to store your assets safely, the answer is definitely to store them in a personal wallet. Because if for example you put it in a market, the worst possibility is that the market is cheating or going bankrupt. Automatically the assets that you have in the market will most likely be lost.

So what you have to do to be able to properly secure your bitcoin assets is, look for a crypto wallet that you can control yourself, namely a non-custodial wallet. This non-custodial wallet is the most recommended wallet, especially for bitcoin/crypto investors who want to hold onto their assets, be it for the long term or short term. But you also have to look for the best non-custodial wallets, one of which is metamask, trustwallet, or electrum.

Plunging into a field but having no insight into that field, in my opinion, is a very inappropriate decision, and that also includes the world of investment or crypto trading. That's why many beginners in bitcoin / crypto experience losses. All of that because there is no foundation or knowledge that they have mastered about crypto, but they have the courage to dive into it. So basically, first learn about this crypto field, if you feel you already have enough knowledge, then start investing in bitcoin or other crypto.

I recommend using a hardware wallet for maximum safety and protection for your BTC investments. If you are holding a relatively small amount of BTCs, then you can put them inside exchanges but make sure to send it to your hardware wallet as soon as the latter becomes available.

If you are living in a country where it supports a local wallet, then you may also put your BTCs inside such local wallet for maximum convenience and support. In my country, we have a local wallet called coins.ph where it is regulated for transparency. The reason on why I keep them inside is because I can conveniently convert my BTCs to our desired local currency and even purchase or pay bills with it.

Though this may be the case, I am slowly migrating my BTCs to a hardware wallet as soon as I purchase one.

How best your investment could be secured first of all begins with you the owner on how security conscious you are about your privacy first. Followed by not keeping your coins on any exchange as it is not secure and wise to do so except you're trading at the moment.

To have your bitcoin investment secured and save you would have to create a wallet like electrum wallet where you would store them safely there. I usually recommend electrum wallets to newbies cause it's features are flexible to use and understand in addition to it strong security.  After creating your wallet make sure to keep your private keys safe through a metal key storage technique which is durable and fire resistant in the case of any fire accident.

Safely download Electrum (by DireWolfM14) https://bitcointalksearch.org/topic/guide-how-to-safely-download-and-verify-electrum-guide-5240594

How to create a watch-only Electrum wallet (by butka) https://bitcointalksearch.org/topic/guide-how-to-create-a-watch-only-wallet-for-electrum-4573616

One thing that newbie investors of bitcoin does is to believe that exchanges are the safest place to keep their bitcoins. And that's a wrong belief because it leads you to not have your own key and it is the exchange that holds your funds and not you. Because it should be us holding our bitcoins and not them. So, that's it, don't store your bitcoin on any exchange if you're not going to trade it. Next, if you've learned to keep your bitcoins on hardware or desktop wallets that are recommended, you don't store the private keys on any cloud storage e.g email, social media account, spreadsheets, etc.

Many people have given feedback or suggestions to keep your bitcoins more secure and maybe you just need to learn how to use them properly, although the recommended wallets have a much better level of security, but if they are not used properly then the level of security is also not guaranteed because You are the one in control in the guard. The process of securing the generated seed or key is the best way to secure your bitcoins and it is the most important in my opinion.

You should study a secure wallet to store bitcoins like Electrum or Blue Wallet, both of these wallets have a much better level of security compared to some other wallets and also many people who have stored bitcoins in these two wallets are still quite safe today. But when you intend to save a slightly larger amount of bitcoin, then Electrum is an alternative that you can use.

For more security if you have your Bitcoin saved on your desktop wallet or mobile device, have an internet security apps or anti malware apps.  Avoid browsing suspicious website and avoid clicking unknown link from emails and direct messages from social media apps especially on telegram or discord. 

This article from Bitpay gives an important list on how to secure your wallet: https://bitpay.com/blog/how-to-secure-your-crypto-wallet/

To list them here:

• Use a reputable wallet provider
• Limit use of centralized exchanges and custodial services
• Be careful where and how you buy crypto
• Back up your wallet (seriously!)
• Leverage 2 Factor Authentication (2FA)
• Use biometric/facial recognition or an entry passcode to lock your wallet
• Use an encrypted password for added security
• Create a multisig wallet
• Be careful of scams and phishing attempts

Welcome to the family, am sure you are going to learn from the forum here. Their are different ways which you can lose your resources, firstly don’t trust anybody you meet on the social media, don’t trust anybody that send you private message on the forum here, which are claiming they want to help you, or they are trying to guide you on how you will protect your wallet, ask them to make their contributions on the thread which you created, they shouldn’t Dm you.

Also don’t leave your coin on exchange, that’s one of the greatest mistake newbies are always making, they believe exchange is the easiest and safest place which they are going to leave their coin but they are wrong, when you leave a coin on exchange, you are not in control of the coin because you don’t have private key to the wallet, the exchange is the one holding your coin for you which is very wrong, anything can happen to the exchange at any moment and your money is gone.

That’s really wrong, why will you jump into what you don’t know about, then you are going to lose your investment at the end, don’t think because people are making money you also want to make money, you have to understand what you are investing in before you are going to make money. One of the things you shouldn’t joke with when it comes to bitcoin investment is your wallet security, make sure your wallet is properly secured, don’t leave your coin on exchange, store your bitcoin on a non custodial wallet and also make sure you properly secure your wallet private key.

When securing your wallet private key make sure it’s not stored anywhere there is internet connection, make sure it’s completely stored offline.