Topic: One Bitcoin - page 2. (Read 3979 times)

Well, given the pace merchants adding Bitcoin option for payment, soon you will be able to buy house or some nice property you like with Bitcoin. But Im afraid, 10 BTC is not enought for this, not now and most likely not in 10 years eighter.

that's a nice amount that you have collected. have you bought most of your coins or did you earn everything with doing some jobs here and there?

Great job niallo.  Think of an exchange like Tesco or Walmart depending on where you live.... you wouldn't give all your savings to either of them to mind for you would you?  you buy from them but then you secure the product yourself.  The same with bitcoin, you buy from the like of Coinbase. Localbitcoins, but you then move it to your own secure wallet which only you have control over.  And the reason only you have control over it is because you have the private keys.  

Now in my opinion the private keys are best stored offline on a USB which is never connected online and secured and then backed up on to paper wallets stored in a safe.  now this is only for long term savings.  if you are going to spend your bitcoin then yes a more fluid wallet is required.  

I promise this is not a plug but i spoke with the developer of breadwallet personally which is an IOS app and he said that the iphone and ipad is the most secure mass consumer device around and one of the reasons he released his wallet on that platform first.  if i was looking to have bitcoin easy to spend then that would be where i would have it until ready to use.  i don't mean have anymore than what you are going to spend within days.

i currently have 3 BTC which are on paper wallets and i use blockchain.info as away of watching those accounts.  even if my blockchain.info account is hacked the hackers have no way of gaining access to my private keys because blockchain dont have them, even if they hacked my computer also they have no way of getting my private keys as they are not on my computer and where never there.  i hope your getting the point and this helps

all the best for the future

if you ever cash out then you have went to early....... i'm going to wait untill everything is priced in bitcoin and spend it.......   lol

I go my first Bitcoin one year ago , I was happy. Now I have 10 BTC. Waiting for BTC to go up and cash out 

You guys not think electrum is safe enough for now. I do feel the whole safety may be the death of bitcoin. I mean I am fairly tech savvy but this is all a bit scary. How can you expect the normal Joe soap to do all this.

To many things may go wrong. You may need to buy something (very important for you) and don't have the normal money to buy it. You may decide to use your bitcoin to do such bought. If you do so you will have not more your bitcoin and in this way you would be poor (with the full meaning of this word if we accept as a true the hypothese of the being to high of the price of bitcoin in the future - lets tell 10 000 us dollar one bitcoin). But can go even worst. You may decide to invest your bitcoin in order to have more than that one you have. Normal thought. Everyone may have such kind of thoughts. But your investment may go very bad and you may lose it. In this way we are in the same situation as above but even bad. If in the first case you had something important for the moment from your bitcoin in the second one you had nothing.

But exist yet an alternative to correct both the above situations and all the other bad possibles.  Buy as soon as possible at least another one to have it as a reserve in the case of the verification of the above or other situations. In this way you will be protected from the possible bad luck or the possible bad decisions make from you. Put this coin in another wallet and forget about it. Put a reminder in your mind to remember that it exist after 20 years and all is done. You will have one big bitcoin in the needed time.

how about your 1BTC today?its still 1BTC? or you have use it for some trade or sell to local exchange?
i wondering if i get 1BTC,am i will keep it or trade it,but ussualy i sell it to local currency

Did you buy it, or earn it?

Congratz on your first bitcoin but i will like to suggest you to transfer that 1 bitcoin into paper wallet and print it and store in safe place. You don't own that bitcoin it is owned by coinbase till now.

If the price is right then there is nothing wrong by selling it
For instance, today's price is pretty good if only i had 1 btc i would sell it then spend it on something i always wanted to

I could never get to a full 1.0 BTC. I would always get around 0.8 - 0.9 then sell it lol.

Yes you do own them now.

Now make sure you have written dow. That seed and made backups of your wallet.dat

Yes, it is better to hold and keep it safe for the future, as we predict that the value of bitcoins would be much higher in coming days and yes If you are holding 1 BTC at a moment then it is good amount to have in your wallet, and should make efforts to increase your coins for the future.

Well I would expect a Sr Member to have learned yet the fact that the main point of Bitcoin is owning your own coins and if you don't own your own coins you are always at a certain risk... you know there is always a possibility of a business going wrong and you lossing your money, thats why its better to hold it yourself.

Congratulation! Well I`m going in that direction, I just can wonder how it is when have 1 BTC. Soon I will find out, Im closer and closer.

That's a whole lot better. I would save all the wallet data to a USB drive to make sure you have a backup of your Bitcoins.

Don't suggest advanced method of keeping your coins as buying hardware wallet or creating a paper wallet to a newbie bitcoin users. It is more confusing than helpful for most of them.
In addition if you own only 1 BTC there is no need for hardware wallet which alone cost 1/3 of BTC, ever. Software wallet with simplified validation will suffice.

Ok I moved it all to electrum. So now I do own my own bitcoin. I think I do anyway.

This. How many times it needs to be said that unless you control your private keys, you are not owning said BTC? You need to get that BTC out of Coinbase immediately and download Bitcoin Core, Armory, or at least Electrum, or get a trezor, or a paper wallet... any of those options are a million times better than Coinbase.