Topic: Some common sense things to know about Bitcoin (Read 1258 times)

guys ,few peop

Short term price volatility is also a risk. For example, if I had 6 months left to live I don't care if BTC price will go to the moon a year from now if there were a possibility of it dropping 50% next month.

Perhaps, but many folks might be investing their bitcoins in a business which is not more safe than fiat economy in a bank.

Very nice tips.
I find this most important 3. Keep your coins in cold storage. Other than coins you plan on spending that day/week/month.
Also I am against trusting any online site to hold bitcoins.

8. Always use proper protection on your PC if you keep hot wallet coins

Basic computer security seems like an obvious one

9. Don't click on suspicious links or PM's without doing a through scan first.

10. Beware of the free bitcoins thread that leads you to a site that then gives you a prize cough anyroll
https://bitcointalksearch.org/topic/m.2612378

Yeah bitcoin security leaves people confused, because they've never actually had to do security before.  Literally everything else comes with implicit reversibility or insurance.  Forgot your e-mail password?  Answer your security question and send in your ID.  Somebody steal your stuff?  Even if not insured, it was a physical theft and police can usually help, and most criminals are dumb anyway.  Somebody hack your bank account or steal your credit card info?  That's automatically insured and reversible.

Bitcoin is the first technology that they've ever used that doesn't allow for user error.  Uses have never had to actually practice competent security until Bitcoin.  Additionally, a lot of bitcoin thieves, by nature of being early bitcoin adopters, are tech savvy and smart and less likely to make a lot of the errors most criminals make.  Bitcoin is heavily prone to user error, and with many users who have no prior experience with actual good security, and with criminals who are actually smart-- well, it's a situation ripe for exploitation.  Having inter-connected multisig clients, like a desktop app that you need to hit "allow" on your phone before a send goes through, will be one of the big important steps in adoption, because as much as many would like to deny it, bitcoin is too difficult for the average user to use securely and thus adoption is stifled because new users get robbed or just lose their private keys, and that turns them off of bitcoin.

"What do you mean I can't get them back!?"

All of them are very good advice, although I don't fully support #6 because I can make money from Altcoin trading.

Basically a few of your points can be summarized as Bitcoin and the Bitcoin community is like the wild wild west right now - anything goes so you can't trust anyone.

I actually agree with you but for new people it saves us all from the sob stories when the price moves around.

10)Altcoins and IPOs are a good quick way to lose money
11)Be carefull with gambling. Its too easy to transfer money to gambling sites, it is too easy lose control
12)Always keep in mind that bitcoin transaction are irreversible. Its not like credit cards or other bank stuff, where the bank may cover your loss if things goes wrong.

Maybe include that an exchange account should not be used as an online wallet.

I guess that could fall under one of the #s already specified

TwinWinNerD's Number 8 should be written in the top left corner of the screen.
Underneath where it says "Bitcoin Forum"

8 ) Everyone on bitcointalk tries to take your coins. Everyone. Exeptions confirm this rule. Consider every project on here a scam until PROVEN other.
9) According to rule 8 ) you can' trust YOURSELF. That is a good rule, because most Bitcoin fuckups are due to yourself. Get to know Bitcoin and don't make mistakes before investing serious money!

1) wrong, bitcoin is more safe than fiat economy in a bank.
2) true
3) true + use multiples backups in many USB key with multiples folders to avoid corruption
4) true + don't use mining process when you manipulate wallet.dat (on bitcoin core)
5) not possible (scam ... is invisible per essence)
6) true
7) true (always use cold storage or buy dedicated PC -netbook- to manage wallet and backup)

If you lost BTC.
BTC is lost for ever.

That the price of the monetary liberty.
Simple.

I would modify this to: 5. Never trust a random forum member, no matter what his trust rating is.

If you want to argue check the default trust list - Karpeles one of the biggest scammers in the bitcoin world is still there.

7. Do not use online wallets/keep funds online.
8. Do not blame Bitcoin if your (online) funds get stolen. *

Nice list! This one should be added as well:
5. Always check someone's trust rating and previous posts if you buy or sell something from/to someone.
6. Always use escrow when you buy or sell something from/to someone.

It's something that people keep forgetting or just not care about.

Not sure if there are just a lot more newbies around that do not know the basics or what is going on here but I am noticing a lot of ignorant posts lately so I will post some basic common sense things that any Bitcoin user should know.

1. Do not invest more than you are willing to lose. (ok, we got that over with...no need to repeat it every thread about investing in Bitcoin)
2. Do not trust a third party website to hold your coins.
3. Keep your coins in cold storage. Other than coins you plan on spending that day/week/month.
4. Encrypt your bitcoin wallet, use 2 factor authentication for any website where you have your spending money.
5. Always use escrow when you buy or sell something from/to someone.
6. Altcoins, gambling and IPOs are a good quick way to lose money
7. Everyone you don't know personally tries to take your coins.  Consider every project a scam until PROVEN other.


Any other obvious things people should know that has been covered over and over but missed by new users?