Topic: Safety measures in case of huge profit - page 2. (Read 1810 times)
It is better to have a hardware wallet mate as long as you are not yet decided to exchange it to your currency, I guess that is more secured.
Another question, as I am very very nee to this. Might be silly but here it goes. Private keys are the seeds that are given to you at the beggining when you create the wallet?
Also what are the public keys? Thanks and sorrt for the noob question.
Also what are the public keys? Thanks and sorrt for the noob question.
Some more good answers. Thanks.
In case I buy a hardware wallet, what happens if i Lose it or it gets broken?
In case I buy a hardware wallet, what happens if i Lose it or it gets broken?
You can backup the seed with 12 passwords or more, then buy another hardware wallet from the same vendor to recover you precious cryptocurrency.
The best way is to not convert it back to Euros. Why pay to do that when you can spend the money directly? There are tens of thousands of outlets that take BTC. It is the only money I use online.
This is an answer that caught my eye, since I have a similar dilemma: how to handle Bitcoin spending and tax.
If I buy something from an online store using Bitcoin, is it considered somehow tax free, is it considered some sort of exchanged between goods?
Can somebody enlighten me? Because this would be "too good to be true".
Hey guys, quite new to this cryptocurrency thing.
How should I proceed if i ever manage to have high profits in BTC, lets say 30BTC, and i want to convert it back to Euros.
What do you guys think is the best way to do it and active/passive safety measures should one take at all times.
Thanks! Sorry if kinda messy questions
I don't think it is a good idea for you to sell that large amount of Bitcoin. The price is in a good state at he moment and selling now could mean that you lose out on making a lot of money. Also, it is not very safe to sell that amount of Bitcoin. You definitely should keep the coins in multiple wallets and completely avoid using an exchange. How should I proceed if i ever manage to have high profits in BTC, lets say 30BTC, and i want to convert it back to Euros.
What do you guys think is the best way to do it and active/passive safety measures should one take at all times.
Thanks! Sorry if kinda messy questions
There are two way, one is to forget about fiat and go with bitcoin to buy what you need, you can re-invest them quite easily here
the other is to dump low amount if you really need the euro, these amount always below 1000 euro to avoid money laundering transmission from your bank
the other is to dump low amount if you really need the euro, these amount always below 1000 euro to avoid money laundering transmission from your bank
I would exchange on localbitcoins in small parts with different people
Hey guys, quite new to this cryptocurrency thing.
How should I proceed if i ever manage to have high profits in BTC, lets say 30BTC, and i want to convert it back to Euros.
What do you guys think is the best way to do it and active/passive safety measures should one take at all times.
Thanks! Sorry if kinda messy questions
How should I proceed if i ever manage to have high profits in BTC, lets say 30BTC, and i want to convert it back to Euros.
What do you guys think is the best way to do it and active/passive safety measures should one take at all times.
Thanks! Sorry if kinda messy questions
30 bitcoin is still a huge volume,you can just store it in 10 different wallets in different sites. Web wallet is okay but if I were you you should better convert 20 bitcoin to fiat currency and just hold the remaining 10 btc. Bitcoin is volatile and so its also best to keep some of your investment in fiat currency. Then you could do some trading with your 10 bitcoins to make it 30 bitcoins again. Goodluck.
First safety and security measure I can think of is to not store them in an exchange , you should withdraw them directly to a wallet where you control the private keys , for such a big amount I'd go with a Hardware wallet , until you decide to sell them for fiat. If you are from the U.S you should go with Coinbase , and If you are from Europe go with Bitstamp , they should allow you to transfer your funds to your bank account. (note that this require verifying your PERSONAL info)
Agree with this one since we should not store our bitcoin on an exchange wallet because the risk of lossing it would be there and its really better to transfer it first to a more secure wallet such as hardware wallet same as you said and after that, cash it out on your preferred site which mentioned above. 
If ever luck let me win the jackpot in gambling or earn a big profit from my investments, the first thing I will do is to withdraw it and send to my wallet. I am willing too to convert it to my fiat money and start cashing out maybe the half of it add to my savings and the rest will be left for future purposes like buying items/products in an online shopping store.
The safest way for you to do this would be to create 30 paper wallets or even more. As you profit, transfer small quantities to these paper wallets, until each of them contain 1 bitcoin. Now find some online wallet and sweep 1 paper wallet at a time into it, and then sell 1 bitcoin for fiat at an exchange until all 30 bitcoins are converted to fiat.
This will decrease the risk of losing all 30 bitcoins, if you are compromised in any way. ^smile^
This will decrease the risk of losing all 30 bitcoins, if you are compromised in any way. ^smile^
Some more good answers. Thanks.
In case I buy a hardware wallet, what happens if i Lose it or it gets broken?
You need to save your backup passphrase in safe place so that you can recover your bitcoin if you loss your hardware wallet.In case I buy a hardware wallet, what happens if i Lose it or it gets broken?
You can also use paperwallet which you can generate for free but it doesn't contain any recovery system if you loss that paper.
Don't listen to people telling you what to do, I only suggest that best thing would be downloading electrum wallet, generating 30 addresses getting their private keys printing them on a paper and saving the addresses on a text document (note pad) sending your coins to a mixer and asking them to deposit 1 bitcoin to each address you are giving them.
After doing so you could keep doing that making sure no one will ever be able to link you to those coins, also don't worry too much about the safety of your bitcoins after doing what I suggested because in case of unauthorized access to any coin stash there are much bigger fishes than you
Don't forget to uninstall electrum and every file associated in hidden appdata folder assuming you have windows.
After doing so you could keep doing that making sure no one will ever be able to link you to those coins, also don't worry too much about the safety of your bitcoins after doing what I suggested because in case of unauthorized access to any coin stash there are much bigger fishes than you
Don't forget to uninstall electrum and every file associated in hidden appdata folder assuming you have windows.
Hey guys, quite new to this cryptocurrency thing.
How should I proceed if i ever manage to have high profits in BTC, lets say 30BTC, and i want to convert it back to Euros.
What do you guys think is the best way to do it and active/passive safety measures should one take at all times.
Thanks! Sorry if kinda messy questions
How should I proceed if i ever manage to have high profits in BTC, lets say 30BTC, and i want to convert it back to Euros.
What do you guys think is the best way to do it and active/passive safety measures should one take at all times.
Thanks! Sorry if kinda messy questions
i think the best thing that you can do is to hold your bitcoin first and wait another increasing so you can sell your bitcoin and you can get the profits. if you are loss now, then you need to be patience before you decide to sell it and convert it back to euros.
I think you should not disclose the no of Bitcoin that you have first. Then I feel you should have your private keys as that will be the major step towards your security, if you do not have it then you are at a big risk. What you can do is find a person out here who exchanges. I don't trust the exchanges at all, they get hacked and then all the funds are stolen. Don't hold your fund for long on exchanges you will be at risk.
As they said. Don't let your funds stored there for a long time. Exchange can be hack and possibly can steal all your funds. When you exchange your btc to euro or vice versa. Quickly transfer your funds into your wallet or transfer it on your bank account. Hacking incidents happen often. We dont know when they will attack.
Do it like this. Choose a safe exchange, one of the bigger ones like Bitstamp. I know you're from EU (want to convert to Euro) so BTC-e is not a bad choice too.
Make sure you've set up your account properly and send a small sum to the exchange (0.1BTC). Convert it and send to your account to make sure everything goes smooth. Then send a bigger sum like 2 BTC and repeat the process. Check how much you can transfer without showing an ID, some exchanges require verification after a certain sum has been withdrawn.
Make sure you've set up your account properly and send a small sum to the exchange (0.1BTC). Convert it and send to your account to make sure everything goes smooth. Then send a bigger sum like 2 BTC and repeat the process. Check how much you can transfer without showing an ID, some exchanges require verification after a certain sum has been withdrawn.
Hey guys, quite new to this cryptocurrency thing.
How should I proceed if i ever manage to have high profits in BTC, lets say 30BTC, and i want to convert it back to Euros.
What do you guys think is the best way to do it and active/passive safety measures should one take at all times.
Thanks! Sorry if kinda messy questions
Supposing you were able to get your hands in such a big sum of money, why will you want to convert them back to fiat, you can buy almost anything you want with bitcoin.How should I proceed if i ever manage to have high profits in BTC, lets say 30BTC, and i want to convert it back to Euros.
What do you guys think is the best way to do it and active/passive safety measures should one take at all times.
Thanks! Sorry if kinda messy questions
The best recommendation for safeguarding your coins would be to buy a hardware wallet since hackers are always looking for a way to steal coins
Hey guys, quite new to this cryptocurrency thing.
How should I proceed if i ever manage to have high profits in BTC, lets say 30BTC, and i want to convert it back to Euros.
What do you guys think is the best way to do it and active/passive safety measures should one take at all times.
Thanks! Sorry if kinda messy questions
How should I proceed if i ever manage to have high profits in BTC, lets say 30BTC, and i want to convert it back to Euros.
What do you guys think is the best way to do it and active/passive safety measures should one take at all times.
Thanks! Sorry if kinda messy questions
If i was you i wouldnt be so quick to cash out, yes take some profit if you want but i would say that any profit you take now will pale in comparison to the profits you will see in the future,
Hey guys, quite new to this cryptocurrency thing.
How should I proceed if i ever manage to have high profits in BTC, lets say 30BTC, and i want to convert it back to Euros.
What do you guys think is the best way to do it and active/passive safety measures should one take at all times.
Thanks! Sorry if kinda messy questions
How should I proceed if i ever manage to have high profits in BTC, lets say 30BTC, and i want to convert it back to Euros.
What do you guys think is the best way to do it and active/passive safety measures should one take at all times.
Thanks! Sorry if kinda messy questions
30 Bitcoins is a big amount of money, you need to look about your country laws on earnings to see what you will need to pay if you convert all on an exchange to your bank account. If you don't convert all your bitcoins, take them off exchange and store them on a safe wallet (hardware wallet, paper wallet, software wallet).
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