"How best do I secure my investment on bitcoin as a newbie" - page 3.

BIT-BENDER

hero member

Activity: 1498

Merit: 702

Quote from: Victan22 on June 25, 2023, 01:56:37 AM

How best do I secure my investment on bitcoin as a newbie?

Mate this is the answer. It's not complicated, one thing that scares newbies in Crypto-currencies is the fact that think that it just have to be complicated.

The best way to secure your investment in crypto-currency generally is buying and hodling Bitcoin. There are other ways definitely like some people have held some altcoins and they have made good returns on investment through it so actually do trading and are profitable through it but there are risks in all this. Holding Bitcoin poses the lesser risk generally.

Dr.Bitcoin_Strange

hero member

Activity: 658

Merit: 524

Leading Crypto Sports Betting & Casino Platform

OP, always avoid any social media DMs or investment plots where you are told to send any amount of Bitcoin and receive a double of the amount you have sent in just two days or a week. Many times, there have been cases of scams where some new Bitcoiners receive emails or DMs from some social platform asking them to send their BTC to a strange wallet and receive a 100% profit within a short period of time. In fact, do not respond to emails or DMs that you are not expecting, and be careful of some links or websites you browse on your phone, as some of those sites could lead to your security being compromised.

Cheers 🥂, Dr.Bitcoin_Strange 👺👺

Beparanf

hero member

Activity: 2926

Merit: 795

Quote from: Victan22 on June 25, 2023, 01:56:37 AM

indeed so many people jump into the crypto with little or zero knowledge of bitcoin and it's security and intending risk, so pls i will really appreciate a response from professionals in the house

Protect your private key at all cost! This includes choosing a trusted wallet, avoid browsing unsecured to avoid potential malware that will still private key and lastly don’t place your private on unsecured location such as your computer storage or email

Your private key is the most important thing to protect if you really want to protect your investment because that’s hold your investment.

Coyster

legendary

Activity: 2184

Merit: 1302

Quote from: m2017 on June 25, 2023, 10:57:04 AM

Why BlueWallet? Also on a mobile phone, the security of which is similar to a leaky bucket. Why not electrum installed on PC?

BlueWallet is vital for people who use IOS devices, people who use only IOS devices cannot use electrum because it is not available, thus they have to use an alternative, and BlueWallet is a good alternative; it is a non-custodial wallet and is open source too. Having said that, i don't think security issues are peculiar to mobile phones, you can use a mobile phone securely without being hacked, it basically depends on how you pay attention to personal security.

tranthidung

legendary

Activity: 2310

Merit: 4085

Farewell o_e_l_e_o

Quote from: m2017 on June 25, 2023, 10:57:04 AM

Also on a mobile phone, the security of which is similar to a leaky bucket. Why not electrum installed on PC?

You also can get physical problems like

Quote

You can go a little more complicated, but reliable way: Tails OS on a flash drive (electrum is preinstalled), connect it to any PC and use it. The only trouble is that you will have to enter a seed phrase every time a new one (every new session).

Tails OS are very useful if you have to use public computers that not belong to you only.

[Guide] How to Install Tails OS on USB flash drive for Wallet Purpose

Quote

Buying a hardware wallet already with an investment of $200? Come on. This should be done at least at $500-1000.

Don't buy used (second-hand) hardware wallets.

Prioritize open-source hardware wallets.

[LIST] Open Source Hardware Wallets

Faisal2202

hero member

Activity: 1232

Merit: 475

Payment Gateway Allows Recurring Payments

You used the term "investment", which means you are planning to hold for some time and to hold BTC, best practise is to use Hardware Wallets, a thread is already been made by dkbit98 Open Source Hardware Wallets. You can select any hardware wallet from the list, i suggest you to not select any DIY wallet as you are newbie so it would be confusing + difficult.

Second, if you have no enough money then the probability of huge investment in BTC is low for you, so if you have less investment then you could go for Open-Source Mobile or desktop wallets such as Electrum etc. If you do not know how to setup electrum then this guide will be of great help to you.

Crypto Wallet Enquiry

And my big advice for you is:

Never store you Holding BTC on Any Exchange
Never trust any of your friend and relatives or any person you meet, with your BTC, because the worst scenario is you will lost everything.

YOSHIE

legendary

Activity: 2128

Merit: 1775

Quote from: Victan22 on June 25, 2023, 01:56:37 AM

indeed so many people jump into the crypto with little or zero knowledge of bitcoin and it's security and intending risk, so pls i will really appreciate a response from professionals in the house

In what method do you want your Bitcoin security, storage, exchange, investment or trading, what is certain is that everyone who enters the crypto world risks always exist, for that if you talk about Bitcoin storage of course you can see here: https://bitcointalksearch.org/topic/m.61293646

And if you talk about security or loss other than exchange/wallet, understand investment and trade, of course you need a lot of investment and trading knowledge and information, so that you don't run the risk of big losses, the journey of investing and trading is long it takes time to be safe and successful in that, because the risks you face are very high, miscalculations, analysis, the market will all end in regret, so learn more here about crypto, one day you will understand and understand all that, high level of security about your crypto.

Don't be shy and reluctant to ask early, if you don't understand especially about crypto, the members here will be happy to help you, without reward.

m2017

legendary

Activity: 1792

Merit: 1296

Crypto Casino and Sportsbook

Quote from: mk4 on June 25, 2023, 02:00:17 AM

If your bitcoin is worth <$200 then just install BlueWallet[1] on your mobile phone. On the other hand, if it's more than $200, grab a hardware wallet[2].

[1] https://BlueWallet.io/
[2] https://chainsec.io/wallets

Why BlueWallet? Also on a mobile phone, the security of which is similar to a leaky bucket. Why not electrum installed on PC?

You can go a little more complicated, but reliable way: Tails OS on a flash drive (electrum is preinstalled), connect it to any PC and use it. The only trouble is that you will have to enter a seed phrase every time a new one (every new session).

Buying a hardware wallet already with an investment of $200? Come on. This should be done at least at $500-1000.

hosseinimr93

legendary

Activity: 2380

Merit: 5213

Quote from: BD Crypto on June 25, 2023, 10:31:12 AM

We must use Non custodial wallets like Electrum, Trust Wallet, Exodus etc and also choose open source wallets like Electrum.

As you said, we should use open-source wallets.
Electrum is surely a good option, but both trustwallet and Exodus should be avoided. Trustwallet and Exodus are non-custodial and give you access to your private keys, but they are close-source and there is no guarantee that your keys have been generated in a secure way and you are the only one who has access to them.

BD Crypto

full member

Activity: 658

Merit: 158

BTC Rocks

Quote from: Victan22 on June 25, 2023, 01:56:37 AM

How best do I secure my investment on bitcoin as a newbie?

Have you already invested in Bitcoin? If yes then you are welcome you have done a great work.
It's not only for newbies but also for every users must have the best security for his investment in Bitcoin. To stay safe we must avoid the exchange wallets which are custodial like Binance, Kucoin, OKX or any other exchanges to keep funds in it for long term. Because there is a sentence "Not Your Keys Not Your Coins". So what should I do ? We must use Non custodial wallets like Electrum, Trust Wallet, Exodus etc and also choose open source wallets like Electrum.

And for the best security Hardware Wallets are the best to use like Trezor, Ledger Nano etc. So try to secure your funds and keep your keys safe so that no one can get it.

Quote from: Victan22 on June 25, 2023, 01:56:37 AM

indeed so many people jump into the crypto with little or zero knowledge of bitcoin and it's security and intending risk, so pls i will really appreciate a response from professionals in the house

We all start from zero knowledge then little and then much. But there is a Phrase: Little Learning is a Dangerous Thing and it's true. We should learn about Bitcoin, Funds Security, How it works and what are the benefits of it, the risks of losing and many more to be a proper investor.

mamesso

hero member

Activity: 2114

Merit: 740

Leading Crypto Sports Betting & Casino Platform

Quote from: Victan22 on June 25, 2023, 01:56:37 AM

How best do I secure my investment on bitcoin as a newbie?

I can suggest that you stop here to find a suitable wallet for you.
[1] https://bitcointalk.org/index.php?board=37.0
[2] http://bitcoin.org/en/choose-your-wallet
[3] https://en.bitcoin.it/wiki/Hardware_wallet

There are so many choices of wallets that you can use to secure your investment, above other users have also recommended wallets that can be used, you can choose one of the several suggested wallets.

Quote from: lovesmayfamilis on June 25, 2023, 07:42:07 AM

I can suggest using the Electrum wallet. Download it only from the official site. https://electrum.org/#download

It looks like the link you suggested doesn't work properly in your post, I'm trying to fix it so it can be downloaded if he's interested. https://electrum.org/#download

Coyster

legendary

Activity: 2184

Merit: 1302

Quote from: YUriy1991 on June 25, 2023, 06:16:48 AM

then use the safest wallet, the choices are various good examples, BlueWallet as presented @mk4 and the first thing you need to take care of is the e-mail (Create a special one and not one that you often share with friends or colleagues in your work profession), Copy that for passwords and private keys, save them in a special place and don't save them automatically on your desktop, for example, crome. At a minimum, the basics for completeness can be added by friends here.

Your email should not be used to save your passwords or private keys, use a Hierarchical deterministic wallet so you'll have only the seed phrase to save, write it down on paper and keep it very safe, if you use a password for your wallet file that you can't remember, also write it down, but in a different place from where you wrote your seed phrase. Don't save private keys or seed phrase online or in your email, it can be hacked easily and your funds will be stolen by scammers.

SquirrelJulietGarden

hero member

Activity: 1442

Merit: 775

Quote from: Victan22 on June 25, 2023, 01:56:37 AM

How best do I secure my investment on bitcoin as a newbie?

Make sure you actually spend your money to invest in Bitcoin, not in any Bitcoin forks, stocks, and not invest into any Ponzi.

Reminder: do not keep your money in online accounts. Be your own bank with private keys of your wallets, because "Not your private keys, not your bitcoins"

Use Non Custodial wallets and hold your bitcoins.

[General] Bitcoin Wallets - Which, what, why?
Recommended wallets
[GUIDE] How to Safely Download and Verify Electrum
[LIST] Open Source Hardware Wallets

lovesmayfamilis

legendary

Activity: 2072

Merit: 4265

✿♥‿♥✿

I can suggest using the Electrum wallet. Download it only from the official site. https://electrum.org/#download
Add the site to your favorites so you don't end up on a phishing site in the future.
https://bitcointalksearch.org/topic/--5351743

Always avoid copy-paste functions and read about the consequences of using the CTRL-C and CTRL-V keys.
https://bitcointalksearch.org/topic/how-to-lose-your-bitcoins-with-ctrl-c-ctrl-v-5190776

There can actually be a lot of advice; the best thing you can do is to gradually read the topics that interest you. Keeping the seed phrase in a safe place and using a Linux system is also a good way to start learning.

But all advice can be useless if you don't understand what you're doing. Always think about what you are doing, check several times, and only then act.
Topics on security :
https://bitcointalksearch.org/topic/m.61717956

NeuroticFish

legendary

Activity: 3668

Merit: 6382

Looking for campaign manager? Contact icopress!

Quote from: Victan22 on June 25, 2023, 01:56:37 AM

How best do I secure my investment on bitcoin as a newbie?

1. Keep your coins in your own custody. The logic / wallets presented in the first reply you've got are pretty good.
2. Store the seed words safely in places only you can access, and if it's a significant amount then there should be at least 2 geographically separate places for copies of that seed.
3. Don't brag about how much bitcoin you own.

YUriy1991

sr. member

Activity: 882

Merit: 215

#SWGT CERTIK Audited

Quote from: Victan22 on June 25, 2023, 01:56:37 AM

Hi guys,
I'm super excited to finally be a part of this family of great minds in the crypto world.
As a newbie in the crypto community I've heard people talk about how great they have lost their resources on several crypto platform, so I've resolved to ask:

How best do I secure my investment on bitcoin as a newbie?

indeed so many people jump into the crypto with little or zero knowledge of bitcoin and it's security and intending risk, so pls i will really appreciate a response from professionals in the house

If it's very technical, maybe it's a little long, the first thing I ask is, are you ready to invest here with Bitcoin? Well, if you are ready and really ready. First, prepare your funds, secondly, choose a reliable and trusted platform (you can ask your close friends or even more experts) and have legality, at least your local government, then use the safest wallet, the choices are various good examples, BlueWallet as presented @mk4 and the first thing you need to take care of is the e-mail (Create a special one and not one that you often share with friends or colleagues in your work profession), Copy that for passwords and private keys, save them in a special place and don't save them automatically on your desktop, for example, crome. At a minimum, the basics for completeness can be added by friends here.

hosseinimr93

legendary

Activity: 2380

Merit: 5213

You shouldn't keep your bitcoin on custodial services like centralized exchanges. If you keep your bitcoin on a custodial wallet, you give full control over your coins to a a third party. It's possible that they are hacked or they steal your fund. So, you should use a non-custodial wallet.

You should use a trustworthy open-source non-custodial wallet. In this way, you can be sure that there is nothing hidden from the users. If you use a close source wallet, you don't know how your keys have been generated and whether developers have access to your keys or not.

With using a trust worthy non-custodial wallet, you can be sure that no one has access to your keys, but there's still the chance that your wallet is compromised and hackers steal your fund. So, if you want to be completely secure, you should use a good non-custodial wallet on an air-gapped device.

If you can't have an airgapped device, you can go for a hardware wallet.

Hamza2424

legendary

Activity: 966

Merit: 1042

#SWGT CERTIK Audited

Quote from: Victan22 on June 25, 2023, 01:56:37 AM

Hi guys,
I'm super excited to finally be a part of this family of great minds in the crypto world.
As a newbie in the crypto community I've heard people talk about how great they have lost their resources on several crypto platform, so I've resolved to ask:
How best do I secure my investment on bitcoin as a newbie?
indeed so many people jump into the crypto with little or zero knowledge of bitcoin and it's security and intending risk, so pls i will really appreciate a response from professionals in the house

Buddy first of all welcome to the platform, your query is one of the sot important ones from the basics. To secure your funds in this market all you need is to follow the slogan of Bitcoin "Not your key, not your coins". So always hold your fund in your personal wallet, and make sure of the security of the personal wallet as (Passphrase, Password & Private key).

That is all as I always use to say safety is as simple as ABC Always Be Ccareful. That's it buddy, with good wishes that you might get success on this path.

Hyphen(-)

hero member

Activity: 994

Merit: 744

To add to all they have said, try as much as you can to avoid leaving your Bitcoin in exchanges.

As they have also recommended wallets for you, make sure you keep your private key safe in a place where no one can have access to it because if someone has access to your private key, your Bitcoin is gone.

yudi09

hero member

Activity: 1246

Merit: 768

Rollbit - The #1 Solana Casino

Quote from: Victan22 on June 25, 2023, 01:56:37 AM

How best do I secure my investment on bitcoin as a newbie?

Do not deposit funds online.
Use a trusted open source wallet like Electrum, Bitcoin Core (desktop). To add to the robustness of the security system, use a hardware wallet. Later you can connect from the software wallet that I mentioned.
Learn how to use a wallet properly and correctly.
Keep the backup in a safe place that is not connected to the internet.
When finished buying on the exchange, immediately transfer assets to the wallet.

Topic: "How best do I secure my investment on bitcoin as a newbie" - page 3. (Read 644 times)