How do I invest (safely) in Bitcoin for the long term? - page 4.

pungopete468

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Quote from: mia khalifa on September 03, 2017, 10:42:41 PM

Quote from: rollsroyce on August 23, 2017, 09:38:10 PM

Hello,

THIS IS A QUESTION FOR EXPERIENCED TRADERS IN BITCOIN

I am a novice in BTC but have been lucky so far. I bought BTC at under $2000 and have now sold it at $4100. I am sure that I have made some mistakes in the way that I have bought, stored and sold the BTC.

I now want to trade both long term and short term in BTC. I want to trade in minimum USD $10,000 blocks

Long Term What is the "best practice" processes to buy and sell BTC?

Where is the best place to buy BTC using USDs

Where is the best place to store BTC using USDs. As a result of my limited research, security seems to be a major issue. I am prepared to buy a dedicated computer solely to store the BTCs if necessary

What is the best place to Sell BTC using USDs

you can buy BTC in a market that has a high volume of exchange such as bittrex, for storage you can store in bittrex by installing 2FA security.

Saving bitcoins on trading sites is never safe as you never know what will happen to those sites in future as bitfinex scammed many people in the past and ran away with tons of bitcoins of people so its good to buy them and save in offline wallet to keep them safe.

mia khalifa

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Quote from: rollsroyce on August 23, 2017, 09:38:10 PM

Hello,

THIS IS A QUESTION FOR EXPERIENCED TRADERS IN BITCOIN

I am a novice in BTC but have been lucky so far. I bought BTC at under $2000 and have now sold it at $4100. I am sure that I have made some mistakes in the way that I have bought, stored and sold the BTC.

I now want to trade both long term and short term in BTC. I want to trade in minimum USD $10,000 blocks

Long Term What is the "best practice" processes to buy and sell BTC?

Where is the best place to buy BTC using USDs

Where is the best place to store BTC using USDs. As a result of my limited research, security seems to be a major issue. I am prepared to buy a dedicated computer solely to store the BTCs if necessary

What is the best place to Sell BTC using USDs

you can buy BTC in a market that has a high volume of exchange such as bittrex, for storage you can store in bittrex by installing 2FA security.

mast3rm1nd

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I think the november fork needs to be taken into consideration. it might effect the market significantly.

rollsroyce

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Quote from: batang_bitcoin on September 03, 2017, 07:48:42 PM

Since you are focused with BTC/USD tradind you will be solely using a web wallet. Coinbase will be the best choice for you, though this type of trading is risky and letting your coins sleep at them, put some of youe bitcoins on an electrum wallet for long term holding, it is secured.

Coinbase has major security issues. Trading is difficult enough. Hackers stealing your Bitcoins on a daily basis is too much for me.

I have just finished reading the article in Fortune.com (Hacking Coinbase: The Great Bitcoin Bank Robbery)
http://fortune.com/2017/08/22/bitcoin-coinbase-hack/
Coinbase was successfully hacked 30 times in a month. That is an average of once a day. BTC-e is even worse.
And because Bitcoin is hard to trace, it means that the lost money won't be able to be recovered.

Rahar02

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Quote from: rollsroyce on August 23, 2017, 09:38:10 PM

I am a novice in BTC but have been lucky so far. I bought BTC at under $2000 and have now sold it at $4100. I am sure that I have made some mistakes in the way that I have bought, stored and sold the BTC.

I now want to trade both long term and short term in BTC. I want to trade in minimum USD $10,000 blocks

Long Term What is the "best practice" processes to buy and sell BTC?

Where is the best place to buy BTC using USDs

Where is the best place to store BTC using USDs. As a result of my limited research, security seems to be a major issue. I am prepared to buy a dedicated computer solely to store the BTCs if necessary

What is the best place to Sell BTC using USDs

You may thought have lost the chance to trade bitcoin at the peak and buy back at the dips. If you think could make profits by trading bitcoin, go ahead. The best place to buy and sell bitcoin using USD depend on your interest, check GDAX and Bitstamp. These exchanges may have some differences regarding their deposit, fees, and withdrawal process.
To store bitcoin for long term I recommend ledger-nano or trezor wallet, I think it's better than using a dedicated computer to store bitcoin. You can read this : https://www.weusecoins.com/en/find-the-best-bitcoin-wallet/

batang_bitcoin

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Since you are focused with BTC/USD tradind you will be solely using a web wallet. Coinbase will be the best choice for you, though this type of trading is risky and letting your coins sleep at them, put some of youe bitcoins on an electrum wallet for long term holding, it is secured.

rainingbitcoins

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SmartFi - EARN, LEND & TRADE

Quote from: Zenithar on September 03, 2017, 07:27:25 PM

Quote from: CraigWrightBTC on September 01, 2017, 01:13:44 AM

Quote from: rollsroyce on September 01, 2017, 01:05:42 AM

Quote from: Sled on August 27, 2017, 10:15:13 PM

Any online wallet like coinbase is not a safe wallet for your information because it is prone for cyber attacks and it is better and safer to have a paper wallet rather than relying on that online wallet that will lead for possible regret in the future because most of the hackers targeted those online wallet which they can hack and get some money while paper wallet on the other hand is safer because it is an offline wallet and you are holding it physically.

OP here

Thanks. I will keep this in mind when I do my next buy.

One more from me, to invest in bitcoins for long term, you can make investment in bitcoins weekly, monthly from your income. This strategy will help you to increase your bitcoins, i adopt concept of saving in strategy investing in bitcoins, we can do it continuous every day, weeks or monthly although just a little amount of bitcoins, It will work if you are dicipline the bitcoins will be more rise in the future. Good luck

yes long term investment is always better as compare to short term investment, because in short term investment there are always chances of losing money.

But if you have invested in good altcoins then you can make good profits in short term as you cannot hold them too longer as it can be risk to loose money in long term so if you are dealing with altcoins and if you have sound knowledge then you can make profits even in short term.

Zenithar

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Quote from: CraigWrightBTC on September 01, 2017, 01:13:44 AM

Quote from: rollsroyce on September 01, 2017, 01:05:42 AM

Quote from: Sled on August 27, 2017, 10:15:13 PM

Any online wallet like coinbase is not a safe wallet for your information because it is prone for cyber attacks and it is better and safer to have a paper wallet rather than relying on that online wallet that will lead for possible regret in the future because most of the hackers targeted those online wallet which they can hack and get some money while paper wallet on the other hand is safer because it is an offline wallet and you are holding it physically.

OP here

Thanks. I will keep this in mind when I do my next buy.

One more from me, to invest in bitcoins for long term, you can make investment in bitcoins weekly, monthly from your income. This strategy will help you to increase your bitcoins, i adopt concept of saving in strategy investing in bitcoins, we can do it continuous every day, weeks or monthly although just a little amount of bitcoins, It will work if you are dicipline the bitcoins will be more rise in the future. Good luck

yes long term investment is always better as compare to short term investment, because in short term investment there are always chances of losing money. while in long term investment you do not have to worry about the minor increase and decrease. in long term investment we do not come in panic as we have to wait for a long time.

patrickmh

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Buy bitcoins from online site depending on your country as I prefer to buy it from localbitcoins and I prefer to save it in my electrum wallet without spending or investing it anywhere as the price of bitcoins is growing so we can make good profits in future simply by keeping them safe in our wallet.

Haladay

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1. You need to find a place to buy bitcoins. This can be exchanges such as Bittrex, Kraken and Poloniex. Or P2P transactions.
2. Then you need a safe bitcoin wallet, you will store your bitcoins there.
3. You won't share your wallet's private info to others.

pungopete468

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Activity: 1470

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Quote from: Cosbycoin on September 03, 2017, 03:32:12 PM

Quote from: rollsroyce on September 01, 2017, 09:45:07 PM

Quote from: CraigWrightBTC on September 01, 2017, 01:13:44 AM

One more from me, to invest in bitcoins for long term, you can make investment in bitcoins weekly, monthly from your income. This strategy will help you to increase your bitcoins, i adopt concept of saving in strategy investing in bitcoins, we can do it continuous every day, weeks or monthly although just a little amount of bitcoins, It will work if you are dicipline the bitcoins will be more rise in the future. Good luck

OP here.

This strategy has the flaw that in a rising market, your average buy price gets higher and higher and more susceptible to any fall in the price.

It is never suggested to invest into bitcoins on weekly or monthly basis because the price keeps changing and in the current scenario where prices are increasing day by day, quite foolish it is to invest into bitcoins on weekly basis. For long term, the best thing is to grab bitcoins when there is dumping phase.

I think it in other way as for me buying bitcoins regularly in small parts is the best thing to do as I can hold it longer so even if I buy at current price still I can make profits in future and if you buy 1 btc today and if price drops then you will regret for not waiting longer but if you have bought in small parts you still have an chance to buy at lower price.

Cosbycoin

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Quote from: rollsroyce on September 01, 2017, 09:45:07 PM

Quote from: CraigWrightBTC on September 01, 2017, 01:13:44 AM

One more from me, to invest in bitcoins for long term, you can make investment in bitcoins weekly, monthly from your income. This strategy will help you to increase your bitcoins, i adopt concept of saving in strategy investing in bitcoins, we can do it continuous every day, weeks or monthly although just a little amount of bitcoins, It will work if you are dicipline the bitcoins will be more rise in the future. Good luck

OP here.

This strategy has the flaw that in a rising market, your average buy price gets higher and higher and more susceptible to any fall in the price.

It is never suggested to invest into bitcoins on weekly or monthly basis because the price keeps changing and in the current scenario where prices are increasing day by day, quite foolish it is to invest into bitcoins on weekly basis. For long term, the best thing is to grab bitcoins when there is dumping phase.

wantjokull

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Your method of buying and selling bitcoin is actually very good but what you missed is the compounding investment. The compound amount is that one which you get from the net profits. You should always reinvest this amount into bitcoin which gives you opportunity to earn pure profits later on. Considering the long term investment you should use wallets with private keys. These keys are the one which you own yourself and not the wallet service provider. This is important because owning private keys gives you complete control of the wallet. This minimise risk of getting your wallet wrecked by the third party. So better go for that one and don't use wallets with exchanger services as they are worst in handling your private keys.

rollsroyce

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Quote from: noictib on September 03, 2017, 01:50:17 AM

Here you made bought the bitcoin and also sold at high , so probably it is a sign that you are lucky but what you will say about the people like me who lost the money suddenly in the bitcoin when get started and the price get down and due to fear i sold them .

I may have been lucky. But I would NEVER have got into the position of having to sell because of fear.

noictib

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One of the world's leading Bitcoin-powered casinos

Quote from: rollsroyce on August 23, 2017, 09:38:10 PM

Hello,

THIS IS A QUESTION FOR EXPERIENCED TRADERS IN BITCOIN

I am a novice in BTC but have been lucky so far. I bought BTC at under $2000 and have now sold it at $4100. I am sure that I have made some mistakes in the way that I have bought, stored and sold the BTC.

I now want to trade both long term and short term in BTC. I want to trade in minimum USD $10,000 blocks

Long Term What is the "best practice" processes to buy and sell BTC?

Where is the best place to buy BTC using USDs

Where is the best place to store BTC using USDs. As a result of my limited research, security seems to be a major issue. I am prepared to buy a dedicated computer solely to store the BTCs if necessary

What is the best place to Sell BTC using USDs

In any field it will be better to happen anything instead of happening nothing , Here you made bought the bitcoin and also sold at high , so probably it is a sign that you are lucky but what you will say about the people like me who lost the money suddenly in the bitcoin when get started and the price get down and due to fear i sold them .
Here it is more better option for you to do trading for long and short term . First of all you need to make small small trade with different different coins and finally when you get experienced that you made much experience that a particular coin can fluctuate at which range then surely you will be able to make trade with bulk amount of money .
But here my suggestion for you thst don't get into panic anytime because dump and pumping in the price of thr cryptocurrency is a usual thing and we should make profit with them instead to get feard .

babsjoe

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Learn how to use paper wallet and keep your paper wallet in a vault.

Marry Finch

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To invest bitcoin it can be bought on one of the famous trade exchanges, such as Coinbase or Bittrex. To do this, you need to choose the time when it will for some time fall in price. With bitcoin in the long run, you will always be the winner.

rollsroyce

newbie

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Quote from: CraigWrightBTC on September 01, 2017, 01:13:44 AM

One more from me, to invest in bitcoins for long term, you can make investment in bitcoins weekly, monthly from your income. This strategy will help you to increase your bitcoins, i adopt concept of saving in strategy investing in bitcoins, we can do it continuous every day, weeks or monthly although just a little amount of bitcoins, It will work if you are dicipline the bitcoins will be more rise in the future. Good luck

OP here.

This strategy has the flaw that in a rising market, your average buy price gets higher and higher and more susceptible to any fall in the price.

Kemarit

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Quote from: CraigWrightBTC on September 01, 2017, 01:13:44 AM

Quote from: rollsroyce on September 01, 2017, 01:05:42 AM

Quote from: Sled on August 27, 2017, 10:15:13 PM

Any online wallet like coinbase is not a safe wallet for your information because it is prone for cyber attacks and it is better and safer to have a paper wallet rather than relying on that online wallet that will lead for possible regret in the future because most of the hackers targeted those online wallet which they can hack and get some money while paper wallet on the other hand is safer because it is an offline wallet and you are holding it physically.

OP here

Thanks. I will keep this in mind when I do my next buy.

One more from me, to invest in bitcoins for long term, you can make investment in bitcoins weekly, monthly from your income. This strategy will help you to increase your bitcoins, i adopt concept of saving in strategy investing in bitcoins, we can do it continuous every day, weeks or monthly although just a little amount of bitcoins, It will work if you are dicipline the bitcoins will be more rise in the future. Good luck

This is a very effective way for us casual and ordinary investors on how to gradually put money into bitcoin. I also used this method to buy and accumulate it over the course of months or even years. Because with the current price which is too high for us, it would really make sense to just buy in dips in small portion and just save it for the long term. You would not have noticed, but it will grew overtime.

Quote from: SMSabuj on September 01, 2017, 06:27:44 AM

Trading with Bitcoin is always great. ALready you have profited on Bitcoin. If you want to long term trading so you have to hold Bitcoin and some other coins for a long time. Personally, I suggest you for Altcoin or Cryptocurrency trading. It is the platform of make a huge profit. I am also an Altcoin trader.

Altcoin as well is a good hedge against bitcoin. Just careful on what altcoins you gonna invest in the beginning. I'm not saying that all altcoins are scam, but choose wisely so the chances of you losing profit will be less. I can't recommend you what coin to invest to, but used your better judgement. IHMO.

SMSabuj

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Trading with Bitcoin is always great. ALready you have profited on Bitcoin. If you want to long term trading so you have to hold Bitcoin and some other coins for a long time. Personally, I suggest you for Altcoin or Cryptocurrency trading. It is the platform of make a huge profit. I am also an Altcoin trader.

Topic: How do I invest (safely) in Bitcoin for the long term? - page 4. (Read 4195 times)