Sleeping Account and how to Overcome it in Bitcoin as a Beginner

DaNNy001

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Quote from: Uhwuchukwu53 on January 15, 2024, 02:33:15 AM

It is recorded and observe that many beginners fall into sleeping account due to many errors and inability to keep proper record and their personal data.
What is sleeping account: Is any account which activity is below required standard of operations. In 2023 notable dormant sleeping Bitcoin transaction rises totaling a staggered number of 370BTC valued at 958 million based on current BTC exchange rate. It's observed that this account lack operation and some cause associated to it is not far from lack of proper documentation of personal details to the account.
The steps below can help beginners to maintain standard operation
1. Keep proper record of wallet or exchange used
2. Ensure that your email, password and private key are stored in safe place
3. Keep investing and transacting always
You can add your for proper information and reduction of sleeping account

I think you have a very wrong approach to what you are trying to portray because I know vividly that some Bitcoin owners have deliberately left their wallet which is filled with coins left like that without transacting the major thing here is to have the seed phrase and private check and well kept so you can access the wallet whenever you want.

I don't know if you have actually come across discussion here or glanced through the forum without hitting the word HODLing, I mean it's bitcoiners deliberately leaving their wallet and coin inactive avoiding anything that would make them spend or transact their coins so as to add value to the coin when the price reaches new heights. Although most cases of this kind of holders are big time Bitcoin owner that have lots of Bitcoin in their wallet.

Zanab247

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You mean how to protect privacy right, protecting your wallet from scammers is a very good thing for beginners to learn from those that have been to this forum for a long period of time before putting their money into their wallets so that it will give them more impact on how to maintain their account as many years they want the money to be there before they can sell to be satisfy.

Don't forget that once you can create a good atmosphere for your seeds phrase and, it will determine how secure your money are in your account but the day you will share your password to people about your account, they will have access to you account and it will be difficult for you to notice such people that done harm to your account.

Samlucky O

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You have done well in your contribution but I dont think there is a problem with sleeping account or morover sleeping wallet. Crypto currency wallet is not like normal bank account that stays for sometime and becomes domant and will require you to fill form for account update. In crypto space is a vise versa indecense that your bitcoin activities remain in the block chain till whenever you provide your private key, Click here. What you should be more careful with, is your seed phrase. Because if you lost it, you have lost your fund forever. But if your account is domant for 20 or 50 years, provide you can provide your key, you will still have access to your wallet. That's why cryptocurrency is more powerful and solid than Norman banking system.

Uhwuchukwu53

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It is recorded and observe that many beginners fall into sleeping account due to many errors and inability to keep proper record and their personal data.
What is sleeping account: Is any account which activity is below required standard of operations. In 2023 notable dormant sleeping Bitcoin transaction rises totaling a staggered number of 370BTC valued at 958 million based on current BTC exchange rate. It's observed that this account lack operation and some cause associated to it is not far from lack of proper documentation of personal details to the account.
The steps below can help beginners to maintain standard operation
1. Keep proper record of wallet or exchange used
2. Ensure that your email, password and private key are stored in safe place
3. Keep investing and transacting always
You can add your for proper information and reduction of sleeping account

Topic: Sleeping Account and how to Overcome it in Bitcoin as a Beginner (Read 76 times)