Safety measures in case of huge profit - page 3.

maku

legendary

Activity: 1288

Merit: 1000

Quote from: cerejobastos on January 26, 2017, 03:40:42 PM

Some more good answers. Thanks.
In case I buy a hardware wallet, what happens if i Lose it or it gets broken?

If your hardware wallet is used as a cold wallet (meaning your private keys are stored offline within wallet and you deleted all the online files and copies).
Then as far as I am aware, if wallet gets destroyed or you lose it permanently, then your coins are lost with it.

chesatochi

sr. member

Activity: 812

Merit: 252

Quote from: cerejobastos on January 26, 2017, 03:40:42 PM

Some more good answers. Thanks.
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.

cerejobastos

full member

Activity: 140

Merit: 100

Some more good answers. Thanks.
In case I buy a hardware wallet, what happens if i Lose it or it gets broken?

maku

legendary

Activity: 1288

Merit: 1000

Keeping your bitcoins safe is actually not the biggest problem here. The problem might be cashing out your 30 BTC and exchange it to fiat.
It is unwise to do it in one go, as large sum of money will most likely wake up your local tax office and then you will have to visit them and explain what is going on.
So if you can divide your sell orders as much as you can.

jak3

legendary

Activity: 1274

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i guess you will already withdrawl that money from echange and thats a common thinking and the main problem is in the crypt currency to faint money convertion for that i will say find and extremly high respectful trader or the best will be you yourself can become a trader and exchange that money in little amounts at your own price ofcourse that should be related to the orignal bitcoin price too but in this case people will come to you for their btc buying and you can take their euros in exchange and also it will make a reputaion of yours in the market

lite

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Activity: 1400

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Quote from: cerejobastos on January 26, 2017, 12:21:12 PM

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 would suggest you to buy a hardware wallet(ledger hw.1 is the cheapest) first and transfer your bitcoins into it. everyone with 5+ bitcoins should have a hardware wallet.

i use bitstamp and kraken for buying and selling, you can use them too.

boybugs18

full member

Activity: 205

Merit: 100

much better to not use wallet on exchange sites online but to use cold storage so that it can't be hack because you have the private key yourself and dont save it inside your pc for strict security when the time you have malware on your pc and the hacker can access some files on your pc. As what rodeo said it is much better to use it online than to exchange it to fiat .

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

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.

BrewMaster

legendary

Activity: 2114

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There is trouble abrewing

1) learn about wallet security, cold storage and how you can store your bitcoins the safest way possible.

2) know that in the past many exchanges have been hacked and it may happen again. act accordingly.

3) very important since many forget this: find out about tax laws in your country, you may encounter serious troubles. specially if you are dealing with large amounts such as 30BTC (27K USD) every day.

4) exchanges my above comment suggested are good. also look at kraken.

OmegaStarScream

staff

Activity: 3500

Merit: 6152

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)

cerejobastos

full member

Activity: 140

Merit: 100

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

Topic: Safety measures in case of huge profit - page 3. (Read 1805 times)