Risk only what you can afford to lose - page 2.

Vickysagar

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Quote from: Y3shot on December 12, 2023, 01:18:20 AM

Quote from: Outhue on December 10, 2023, 05:14:18 AM

The only healthy solution is to understand that there is no guarantee in crypto, risk only what you can afford to lose, even after every thing, something can still always go wrong.

Their is no guarantee that cryptocurrency can make people to be rich, and this is the mistake most beginners usually fall into. Beginners are so quick in making money, so they fail to have time to learn and have understanding about crypto. Crypto is very risky and the market is very volatile that is why when one without understanding of crypto goes into they end up losing everything they have because because their is no two ways about crypto to trade or invest In with shallow understanding.

Sadly newbies tend to listen to crypto influencers. And all they speak about is that crypto will make them rich and all that stuff. I think it's the worst thing about crypto right now. Then goes memecoins.

Y3shot

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Quote from: Outhue on December 10, 2023, 05:14:18 AM

The only healthy solution is to understand that there is no guarantee in crypto, risk only what you can afford to lose, even after every thing, something can still always go wrong.

Their is no guarantee that cryptocurrency can make people to be rich, and this is the mistake most beginners usually fall into. Beginners are so quick in making money, so they fail to have time to learn and have understanding about crypto. Crypto is very risky and the market is very volatile that is why when one without understanding of crypto goes into they end up losing everything they have because because their is no two ways about crypto to trade or invest In with shallow understanding.

barisbilgili

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Quote from: _BlackStar on December 11, 2023, 05:10:38 PM

Everyone should need to learn many things so that their investments produce returns - this is done so that their efforts to make money are not in vain. Of course - only invest an amount you can afford to lose, that is one way to be a responsible investor. It is a difficult thing to accept if an investor has to lose all his money - so learning to earn while being a responsible investor is best instead of just resigning himself to what will happen.

It is indeed very important to really understand well the investments we make so that what we invest can get satisfactory results and we can enjoy it, and also in making investments we must really use the money we have and not need it for other needs so that It doesn't interfere with the investment we make while it's underway because if we don't prepare it then we have to take it before the investment we make makes a profit.

In making an investment, we must make the right decision in investing because if we make the wrong decision, this will have a bad impact on the investment we make.

bayu7adi

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Quote from: Negotiation on December 10, 2023, 01:06:53 PM

1. download the app.
2. create the wallet.
3. save your wallet address.
4. save private key/seed. (on your dairy or print it.)
5. possible to convert QR on key/seed. (then print)
6. When you run out of needs. Then uninstall the wallet app.

*In this case, even if your device is damaged/phishing/malicious attacks, your money will remain intact.

These are my personal opinions, I have read some such blogs and watched some videos, which now I can't remember properly.

And if an unexpected disaster occurs, like a flood or a tree falling on your diary and, coincidentally, damaging the paper you used to print the private key or seed phrase... and you end up losing it all. Going back to the commonly heard phrase, "nothing is 100% secure."

It's better to prepare a backup for storing the private key... there are many ways to do it. You can store it online after encrypting it first. Or you can also write it on a disaster resistant object, so it can last even longer in your secret box that you can pass on in the future. There are still many ways to secure our seed and key.

jojoalex

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To keep your Bitcoin safe, use hardware wallets for cold storage, enable two-factor authentication on exchanges, regularly update software, and keep private keys offline. Consider using reputable wallets and staying informed about security best practices.

oktana

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Absolutely true. No matter how one tries to be perfect, there’s still always flaws. And this applies everywhere. Even the best wallet with the most expensive price can even have an error that isn’t related to hackers and you lose all your money. I generallly think that for wallet, it is based on how you manage yours. If you create a normal wallet address in trust wallet for example, you’re safe unless you do some connection to your wallet that compromises your funds or carelessly gave the private keys/ phrase away somewhere, it’s not like it is magically prone to getting hacked.

serjent05

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Quote from: Upgrade00 on December 10, 2023, 11:51:45 AM

100% security exists technically, but is difficult to attain, but we should try to get as close as possible.

There is no 100% security even in technical terms because every now and then, an exploit is created to breach such security. Aside from that personal negligence is one great factor why security degrades. We all know that a fix comes only after an exploit, and an exploit is done when there are security lapses.

Even internet security providers cannot claim 100% security because there is always a malicious file somewhere on the internet that is lurking to hack or hijack our system.

I highly agree that since there is no perfect security we should try to get close as much as possible. Like applying multiple layers of security to our pc system where we insert our hardware wallet and having the back up file encrypted with a very good password so that hackers will have difficulty in decoding them.

_BlackStar

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Quote from: carlfebz2 on December 11, 2023, 04:48:24 PM

Quote from: KiaKia on December 11, 2023, 02:48:14 PM

-snip-

Definitely agree into this point, taking up risks isnt really just only pertaining about money but also in other typical things like decision making or similar scenarios on which it is really just that involving those possibilities of those kind of outcomes basing up on the things that you had made out but since we are really talking about investment then it would really be that always a primary rule that we should really be just that investing on the money that we can afford to lose. Everything should really be in moderation and in control because we know that there would really be no guarantees when it comes to investment.
Make yourself prepared for the risks involved and if you arent that something that could be able to bare on then it would really be that your choice on what you should gonna do.
Its impossible that we cant really be able to assess things basing up on what we are really that seeing or experiencing.

Everyone should need to learn many things so that their investments produce returns - this is done so that their efforts to make money are not in vain. Of course - only invest an amount you can afford to lose, that is one way to be a responsible investor. It is a difficult thing to accept if an investor has to lose all his money - so learning to earn while being a responsible investor is best instead of just resigning himself to what will happen.

carlfebz2

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Quote from: KiaKia on December 11, 2023, 02:48:14 PM

There is no guarantee on anything in this life, not even our lives are guaranteed, we can sleep and fail to wake up the next day, but I pray it will never be our potion.

This is why sometimes going extra miles to invest your money is not worth it, life do end when we don't expect it, and anything can also happen too, take risks when you can but don't go extra miles for anything.

To invest conveniently you need to start making good amount of money, this will make investment easier for you, still there is a risk of losing everything but it's better than not taking risks at all because no risk no reward.

Definitely agree into this point, taking up risks isnt really just only pertaining about money but also in other typical things like decision making or similar scenarios on which it is really just that involving those possibilities of those kind of outcomes basing up on the things that you had made out but since we are really talking about investment then it would really be that always a primary rule that we should really be just that investing on the money that we can afford to lose. Everything should really be in moderation and in control because we know that there would really be no guarantees when it comes to investment.
Make yourself prepared for the risks involved and if you arent that something that could be able to bare on then it would really be that your choice on what you should gonna do.
Its impossible that we cant really be able to assess things basing up on what we are really that seeing or experiencing.

KiaKia

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There is no guarantee on anything in this life, not even our lives are guaranteed, we can sleep and fail to wake up the next day, but I pray it will never be our potion.

This is why sometimes going extra miles to invest your money is not worth it, life do end when we don't expect it, and anything can also happen too, take risks when you can but don't go extra miles for anything.

To invest conveniently you need to start making good amount of money, this will make investment easier for you, still there is a risk of losing everything but it's better than not taking risks at all because no risk no reward.

btc78

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Quote from: YUriy1991 on December 11, 2023, 02:25:36 AM

Quote from: Outhue on December 10, 2023, 05:14:18 AM

Do not scan QR code you find online, only scan when paying to another crypto wallet or you want to sell your BTC on an exchange, QR codes can come with malicious things too.

The advice not to scan QR codes found online is wise. I myself am also very careful in this regard because threats can come at any time from unknown QR codes. The best solution is that I only pay cash although other options are also available using the QR code payment menu.

due to the pandemic, we were all forced to sign in wherever we go as to make contact tracing easier i think this has made a lot of people more vulnerable putting out your contact information out there is a bait for scammers and hackers not only that but since then people in my country has been receiving so much spams

tabas

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Quote from: Alpha Marine on December 11, 2023, 12:42:35 AM

Quote from: tabas on December 10, 2023, 12:09:01 PM

The curious ones should just stop scanning all of the QR codes that they see. Grin

So it's not only me right? There are others that just like scanning QR codes just to see what's behind it. Grin

That has been one thing I liked doing in the past, don't know how I managed to stop doing it, but I still get attracted (maybe "fascinated" is the word) by QR codes.

Yup, I know people that have been telling that they like doing these especially those products that has them. While with such products it can be genuine and safe because they've got physical entities. But you'll never know here this curiosity or practice will bring you. Much better to just stop doing so since it's not mandatory at all.

Quote from: Alpha Marine on December 11, 2023, 12:42:35 AM

Quote from: tabas on December 10, 2023, 12:09:01 PM

I still prefer to send and receive Bitcoins through giving the address than giving and asking for an address QR code.

I was leaning towards scanning codes when I found out (thanks to this forum) that there are malicious software that can change the address you copied to send Bitcoin to and make it look very similar. Somehow I also found out about the risk of QR codes so I decided to stick to the address but take more time to verify the address.

IMO, if you're going to scan QRs and you want to send it to someone. The best thing to do this is to do it face to face, when you can actually see that the QR code generate came from the actual wallet of the receiver.

Z_MBFM

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Quote from: mk4 on December 10, 2023, 05:27:36 AM

There is no such thing as "100% safe" with hardware wallets or literally anything anyway. Everything has risk tradeoffs. All we can do is to make our coins as secure as possible, to the point that it's not 100% safe, but virtually almost impossible to break.

Can you guarantee your life? So how can you guarantee cryptocurrency? Business, job, other invest, crypto invest these are many risks nothing can be guaranteed. The safety of everything depends on how you keep them safe. So in every field where financial matters are involved, you should invest according to your ability so that you can keep yourself in control if you lose them. And later you have enough backup to invest elsewhere. And using them you can later recover your losses and manage your future with profits

Frankolala

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Quote from: YUriy1991 on December 11, 2023, 02:25:36 AM

Quote from: Outhue on December 10, 2023, 05:14:18 AM

Do not scan QR code you find online, only scan when paying to another crypto wallet or you want to sell your BTC on an exchange, QR codes can come with malicious things too.

The advice not to scan QR codes found online is wise. I myself am also very careful in this regard because threats can come at any time from unknown QR codes. The best solution is that I only pay cash although other options are also available using the QR code payment menu.

I don't think that anyone that understand security on his wallet, will use his wallet that has his bitcoin to play with by scanning any how QR code because the only time that a QR code is to be scanned is when you want to transfer your bitcoin to another wallet address, this is when you are to scan, so I don't see why someone will use his bitcoin wallet to start scanning anything online.

The hardware wallet is safe but the safety of your bitcoin lies in your hands, if you take precautions to keep your wallet safe, your hardware wallet will be safe but if you lose guard your hardware wallet, then you wallet will be compromise.

Baki202

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Quote from: yazher on December 11, 2023, 08:01:16 AM

This is actually a good tip for those who want to hold their bitcoins for the long term because you cannot afford to lose it when the price is currently rising like what we are witnessing today. Other people fail to understand the importance of these instructions and often jeopardize their chance to safely secure their bitcoins. Along with buying some bitcoins, you also need such knowledge to prevent hackers from infiltrating your crypto wallet whichever it is and also it could be the way to preserve your bitcoins until the bull runs come in the future or even next year after the bitcoin halvings.

Holders will take all reasonable guidelines to ensure the security of their wallet and their assets, and from the limited information I have seen, many people discuss how airgapped hardware wallets are not completely immune to hackers, that there will always be a connection, and that data transfers using cords or SD cards leave them vulnerable to connections. The adage "invest what you can afford" is also observed, as many people enter the cryptocurrency space without first learning how to safely store their assets or even purchase items they cannot can handle. When it comes to security.

Since the halving of Bitcoin is almost imminent, hackers and scammers will be pursuing this opportunity to steal from people. Therefore, be sure to properly save your seed phrase and secure any essential information before losing everything to the air. Some people will lose their assets as a result of their negligence.

Lorence.xD

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Quote from: Inwestour on December 11, 2023, 08:34:25 AM

Quote from: YUriy1991 on December 11, 2023, 02:25:36 AM

The advice not to scan QR codes found online is wise. I myself am also very careful in this regard because threats can come at any time from unknown QR codes. The best solution is that I only pay cash although other options are also available using the QR code payment menu.

You are on a forum about Bitcoin and you advise to pay only in cash, but what about Bitcoin?

In fact, there are a lot of tricks of scammers, that user falls for every day, so caution will definitely not be superfluous. If we decide to invest in Bitcoin, we must understand that the responsibility for its safety lies only with us, we are our own bank and if something happens to our coins, we cannot change anything, everything depends only on our knowledge and decisions.

Well, we can't blame people for having trust issues, especially in these kinds of stuff since you can even make your own QR code online, and then paste it as payment to scam people. Any kind of transactions that can be done online are most likely prone to scams and hacks as people are knowledgeable enough to code something that can access your private data as well as your funds. Sometimes your knowledge of this kind of thing is already behind to new kinds of techniques for scamming, just imagine the first person who got scammed with the use of a QR code, for sure they are not aware of that kind of modus, so from that experience he would prefer to use cash, if you let know people this story they would prefer to use cash. We would never know if one day someone could access your wallets and Bitcoin to whatever thing you have clicked online, so every action would literally need caution.

Casdinyard

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I don't get the appeal with Airgapped crypto wallets and it might just be because I don't really care for too much security and decentralization but at the same time, each and everyone of us here moves our money every once in a while, sometimes to a different network especially if a detrimental issue comes around. The problem with airgapped crypto is that, as soon as you give it a sliver of access to the internet it's already moot, and all that work you put in to secure your wallet will be put to waste.

I say secure your wallet as much as possible, and I'm not saying not to airgap your wallet, but at the same time if you are someone who moves their assets every now and again, I say you look into other options.

Inwestour

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Quote from: YUriy1991 on December 11, 2023, 02:25:36 AM

The advice not to scan QR codes found online is wise. I myself am also very careful in this regard because threats can come at any time from unknown QR codes. The best solution is that I only pay cash although other options are also available using the QR code payment menu.

You are on a forum about Bitcoin and you advise to pay only in cash, but what about Bitcoin?

In fact, there are a lot of tricks of scammers, that user falls for every day, so caution will definitely not be superfluous. If we decide to invest in Bitcoin, we must understand that the responsibility for its safety lies only with us, we are our own bank and if something happens to our coins, we cannot change anything, everything depends only on our knowledge and decisions.

Publictalk792

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There is nothing which is 100% safe. But you should add something more in you points which can make you more secure.

Quote from: Outhue on December 10, 2023, 05:14:18 AM

1. Cord connection: data can still be transmitted when connecting the hardware wallet to your PC.

When you connect the hardware wallet to your computer data can still send. That why it is important to make sure your computer is secure and doesn't have any viruses or malware.

Quote from: Outhue on December 10, 2023, 05:14:18 AM

2. SD Card: some comes with Sd card option for updating the hardware wallet, but I am not sure that using Sd card can always be safe either, I remember those days where I use to buy lots of Sd card because they have issues easily and also they get viruses easily. Old Symbian and Android users here?

Using an SD card to update your hardware wallet can be risky. It is important to be careful and only use a new SD card that you only use for updating your hardware wallet. Do not use it for anything else to reduce this will make you more secure.

Quote from: Outhue on December 10, 2023, 05:14:18 AM

3. QR Codes: honesty, QR codes are not readable by the eye, they comes with blocks like figures, there is no way to know what's written in that QR code anyway, there is no way to read it and know what kind of data is inside it.

QR codes can be hard to read and understand. It's important to aware when scanning QR codes especially one you find online. Only scan QR codes from those sources which you trust like when you are making a payment to another crypto wallet or selling your BTC on a exchange.

Quote from: Outhue on December 10, 2023, 05:14:18 AM

4. You still have to rely on the company for future safetiness of the hardware wallet in terms of software updates, if someone hackers find a way to alter the upcoming update file you know what could happen.

Depending on the company for software updates mean you are rely on them. It is important to choose a hardware wallet provider that is trusted and regularly updates their software for security.

yazher

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This is actually a good tip for those who want to hold their bitcoins for the long term because you cannot afford to lose it when the price is currently rising like what we are witnessing today. Other people fail to understand the importance of these instructions and often jeopardize their chance to safely secure their bitcoins. Along with buying some bitcoins, you also need such knowledge to prevent hackers from infiltrating your crypto wallet whichever it is and also it could be the way to preserve your bitcoins until the bull runs come in the future or even next year after the bitcoin halvings.

Topic: Risk only what you can afford to lose - page 2. (Read 571 times)