Just got my first bitcoin, What is the next step? (noob question)

Wusolini

legendary

Activity: 1190

Merit: 1000

no need to carry heavy money bags anymore

Quote from: metokr on March 04, 2017, 03:14:30 PM

Quote from: Wusolini on March 04, 2017, 01:12:29 PM

Quote from: metokr on March 03, 2017, 06:43:14 PM

Can you please tell me briedfly what hard ware wallet is ? Is that really a hardware to keep BTCs in ?

Yes, it's hardware developed specially to keep safe your private keys. Regular wallets can be compromised if installed on device with keylogger etc. But not HW ... all the private keys are stored inside ( it never show or send them anywhere ... it only publish a signed transactions - just another level of security )

Goggle for ledger nano, keepkey or trezor for more info

Which brand of hardware wallet do you recommend ?

I'm satisfied with the ledger nano s. It's compact and works well with electrum and mycelium wallet ( I use both ). Also the price is convenient comparing to others.
So yeah, ledger is my recommendation ( but I have no experience with others)

metokr

member

Activity: 60

Merit: 10

Quote from: Wusolini on March 04, 2017, 01:12:29 PM

Quote from: metokr on March 03, 2017, 06:43:14 PM

Can you please tell me briedfly what hard ware wallet is ? Is that really a hardware to keep BTCs in ?

Yes, it's hardware developed specially to keep safe your private keys. Regular wallets can be compromised if installed on device with keylogger etc. But not HW ... all the private keys are stored inside ( it never show or send them anywhere ... it only publish a signed transactions - just another level of security )

Goggle for ledger nano, keepkey or trezor for more info

Which brand of hardware wallet do you recommend ?

Wusolini

legendary

Activity: 1190

Merit: 1000

no need to carry heavy money bags anymore

Quote from: metokr on March 03, 2017, 06:43:14 PM

Can you please tell me briedfly what hard ware wallet is ? Is that really a hardware to keep BTCs in ?

Yes, it's hardware developed specially to keep safe your private keys. Regular wallets can be compromised if installed on device with keylogger etc. But not HW ... all the private keys are stored inside ( it never show or send them anywhere ... it only publish a signed transactions - just another level of security )

Goggle for ledger nano, keepkey or trezor for more info

Velkro

legendary

Activity: 2296

Merit: 1014

Quote from: bruxa on February 24, 2017, 09:09:25 AM

So a guy gave me some bitcoin thru a website called paxful.com i have the bitcoin money on there know i have no idea what to do. i have read stuff about bitcoin wallets, should i get a wallet or is the website paxful.com a wallet?

Download software wallet (safest, coz online wallets can dissapear in any minute) and send bitcoins to your new wallet.
Try to use it, get familiar with it, best way to learn is to use it

xskl0

sr. member

Activity: 378

Merit: 260

Bitcoin SV is Bitcoin

Quote from: bohr on March 04, 2017, 02:26:00 AM

Quote from: xskl0 on February 24, 2017, 10:11:25 AM

Quote from: bruxa on February 24, 2017, 09:09:25 AM

So a guy gave me some bitcoin thru a website called paxful.com i have the bitcoin money on there know i have no idea what to do. i have read stuff about bitcoin wallets, should i get a wallet or is the website paxful.com a wallet?

A very good wallet is Blockchain.info

It is better to have exclusive control over our coins so a web wallet should not be an option especially since he is a newbie in the world of bitcoin and will probably choose a weak password to protect his coins.

With Blockchain.info you have the total control of your coins, the information is encripted in your browser and blockchain.info's owners have no access to your funds. Then they give you the mnemonic words to restore your wallet (if you want or in case that blockchain.info cease to exist not in their web). But you're right in that other wallets are more secure if he is a newbie.

bohr

sr. member

Activity: 994

Merit: 257

Quote from: xskl0 on February 24, 2017, 10:11:25 AM

Quote from: bruxa on February 24, 2017, 09:09:25 AM

So a guy gave me some bitcoin thru a website called paxful.com i have the bitcoin money on there know i have no idea what to do. i have read stuff about bitcoin wallets, should i get a wallet or is the website paxful.com a wallet?

A very good wallet is Blockchain.info

It is better to have exclusive control over our coins so a web wallet should not be an option especially since he is a newbie in the world of bitcoin and will probably choose a weak password to protect his coins.

metokr

member

Activity: 60

Merit: 10

Can you please tell me briedfly what hard ware wallet is ? Is that really a hardware to keep BTCs in ?

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

The 2 most important things you can do:

1. Move the bitcoin to a wallet under your exclusive control. Right now you really do not own any bitcoin. Wallets contain the private keys used to spend. If you use an online wallet you may be sharing those keys or not have access to them. If the website closes tomorrow "your" money is gone. You want to be the only person on earth to have those keys.

2. Make several backup copies of your wallet!! If there is only one occurrence of your wallet then there is a big risk that it will be lost, stolen, corrupted, etc. In that case there is absolutely no way to recover your coins. Keep your backup safe. Copy it to three thumb drives and put one in the bank, one buried in the back yard, one mailed to your Aunt in Vermont.

grosminer

hero member

Activity: 718

Merit: 500

Be sure your wallet is safe.. when i started using BTC a few years ago, the HD where i had the files crashed so i lost a few btc..
Learn about wallets options: Paper wallet , hardware wallet etc..

sotisoti

hero member

Activity: 762

Merit: 500

Just store it in a wallet, do what you do, and come back after 5 years...

BurstIncomeAsset

hero member

Activity: 504

Merit: 512

next step is HODL and find a way to get another bitcoin

then repeat forever

MWesterweele

hero member

Activity: 1372

Merit: 564

Quote from: bruxa on February 24, 2017, 09:09:25 AM

So a guy gave me some bitcoin thru a website called paxful.com i have the bitcoin money on there know i have no idea what to do. i have read stuff about bitcoin wallets, should i get a wallet or is the website paxful.com a wallet?

First create a wallet ,then try to invest it in legit site it can have an interest slowly buy surely, be wise enough on the site you entering, because when the site hacks your account it will cause you a problem. It can even take your whole money, even your personal info. but if you want you may deposit it in banks it is safer there

wintermeasures

sr. member

Activity: 322

Merit: 250

Quote from: bruxa on February 24, 2017, 09:09:25 AM

So a guy gave me some bitcoin thru a website called paxful.com i have the bitcoin money on there know i have no idea what to do. i have read stuff about bitcoin wallets, should i get a wallet or is the website paxful.com a wallet?

If You want to Use that Bitcoins then you need to Firstly Create a Bitcoin wallet on Blockchain.info and after that you will get a Bitcoin address which is your key for Accepting Payments and after receiving Bitcoins into your wallet then you can use them for doing anything like Investing, Trading and buying online.....

jak3

legendary

Activity: 1274

Merit: 1004

no that paxful.com is just a exchange where you got some money exchanged with other currency, after successfully having your first bitcoins i will advice you to step towards trading as because that is one of the worlds best and largest profitable place in the internet

Idrisu

sr. member

Activity: 924

Merit: 260

Quote from: bruxa on February 24, 2017, 09:09:25 AM

So a guy gave me some bitcoin thru a website called paxful.com i have the bitcoin money on there know i have no idea what to do. i have read stuff about bitcoin wallets, should i get a wallet or is the website paxful.com a wallet?

you should open a free wallet with blockchain.info and transfer you earnings there as to me is much safer. If you are interested in trading you can transfer you bitcoin to your exchanger and begin from there. You can also increase your earning by investing in could mining site or lending it at bitcointalk from service section. Goodluck.

Himanshu111

sr. member

Activity: 462

Merit: 250

Don't use or convert it into paper currency. Keep it with you and think of it as an investment. Give it time to mature so that it can produce returns.

virusasog

sr. member

Activity: 462

Merit: 250

Quote from: bruxa on February 24, 2017, 09:09:25 AM

So a guy gave me some bitcoin thru a website called paxful.com i have the bitcoin money on there know i have no idea what to do. i have read stuff about bitcoin wallets, should i get a wallet or is the website paxful.com a wallet?

Use any wallet which is preferable for you. I can suggest you to try with blockchain or coinbase wallet which is using vast by the people. Simply hold those amount for a year. It might change to double the value than double. Then try to improve your skills on bitcoin investments, technology and etc...

rytyr

sr. member

Activity: 473

Merit: 251

Congratulations, you definitely got a Bitcoin faster than I did

My goal is to get a bitcoin within one year. That is why I have already thought about how it will continue after the goal has been reached.
I would put half of the money into one account (cold wallet) and invest the other half.
I have decided to invest in promising altcoins and ICOs to try to generate a profit from it.
This is of course risky, but there is no profit without risk.
A small part of it I would also invest in betting, since I have a knowledge in an area appropriated and think that the chances are good to make a profit here as well.

Kemarit

legendary

Activity: 3080

Merit: 1353

Quote from: bruxa on February 24, 2017, 09:09:25 AM

So a guy gave me some bitcoin thru a website called paxful.com i have the bitcoin money on there know i have no idea what to do. i have read stuff about bitcoin wallets, should i get a wallet or is the website paxful.com a wallet?

You can check out this sub-board:

https://bitcointalk.org/index.php?board=37.0

those are alternative wallet aside from the Bitcoin Core. You can read about
every wallet out there and decide for yourself what wallet you are going to
used. But, I personally used electrum wallet though, I just created a standard
wallet and I'm ready to go, and because its fast and you don't have to download
the full node. Also, I think you also need how to secure your wallet by having a
password once you have installed it.

GoodLuck!!!

achow101

staff

Activity: 3458

Merit: 6793

Just writing some code

You should use any wallet that is listed here: https://bitcoin.org/en/choose-your-wallet. The website gives decent descriptions of the security and privacy of the wallet along with a brief description. The wallets listed here have to meet certain requirements in order to be listed. I highly recommend that you do not use blockchain.info (it isn't listed on that website for a reason). I highly recommend that you use Bitcoin Core if you are ok with running a full node (requires syncing the entire blockchain, which can take a while) or use Electrum if you don't want to deal with running a full node.

Topic: Just got my first bitcoin, What is the next step? (noob question) (Read 1275 times)