Some Legit Tips for Newbs that will help you Win

Looper_U

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Quote from: BitcoinBarrel on January 10, 2022, 10:46:45 AM

You want to win at crypto?

1. Never leave funds on any website or exchange.

2. Withdraw immediately to a wallet where you manage the Private Keys

3. Store savings on Paper Wallets generated OFFLINE

4. Memorize a Brain wallet phrase that only you will EVER know

5. Keep 50/50 Crypto and Cash or other Liquid assets

6. Diversify your Crypto but keep mainly Bitcoin

7. Do not trust anyone

Any questions?

Diversify your crypto but keep mainly Bitcoin? I was lost for a second on this cos I thought you saying BTC is the only coin worth holding for long term and other coins for short term, sorry that's just the way it sounds, there are many coins better than BTC right now and with the way things are going you will regret not holding then in few more years like solana, polkadot, matic avalanche

suzanne5223

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Quote from: cryptoaddictchie on January 10, 2022, 10:17:54 PM

Quote from: BitcoinBarrel on January 10, 2022, 10:46:45 AM

6. Diversify your Crypto but keep mainly Bitcoin

Surely win having bitcoin as main? I don't think so. Maybe for some whale it work for them this to win. But I have mainly altcoin and Im not wrong to put that into those coins rather having btc as major coin cause computation wise, my port increase more or literally have more win than this. But thanks for the suggestion.

First, I follow the new altcoin gem but what you just said now can send some newbies to their doom because Bitcoin is always the safest crypto of all time to invest in and the last time I checked the altcoin are highly manipulated. Besides, some altcoins are still bleeding due to the recent market correction that happens.
I still support the OP advice.

BullRunBit

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Quote from: lovesmayfamilis on January 12, 2022, 09:05:24 AM

Quote from: BullRunBit on January 11, 2022, 06:56:20 AM

And of course additional steps which will lead you to "trust".

The question immediately arises: what are these steps? Scammers are very creative today. They know perfectly well which layer of investors, which advertising, needs to be influenced. An inexperienced person can easily trust a bright show from scammers with unimaginable promises of profit.
So I would rather not trust anyone. Experience comes with time, and while a person has questions and does not understand any things in checking a project that seems interesting to him, without receiving answers to them, it is not worth taking risks and believing.

Be creative too. Wink

You write example, "without receiving answers to them, it is not worth taking risks and believing.".
Point is to not be naive and to think with your head. Especially for beginners.

lovesmayfamilis

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Quote from: BullRunBit on January 11, 2022, 06:56:20 AM

And of course additional steps which will lead you to "trust".

The question immediately arises: what are these steps? Scammers are very creative today. They know perfectly well which layer of investors, which advertising, needs to be influenced. An inexperienced person can easily trust a bright show from scammers with unimaginable promises of profit.
So I would rather not trust anyone. Experience comes with time, and while a person has questions and does not understand any things in checking a project that seems interesting to him, without receiving answers to them, it is not worth taking risks and believing.

The Cryptovator

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These all are about not winning, these all are about keeping your assets. It's very important to keep our assets safe. The main key is don't trust a second or third party with cryptocurrency. Just trust yourself and decide carefully. Memories seed phrase in the brain isn't an easy task, forgetting that for any reason would lead to losing funds forever. Just writing in multiple pieces of paper and keeping them in multiple secret places is a better solution. Just don't be greedy and your funds are safe almost in your wallet.

dkbit98

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Quote from: BitcoinBarrel on January 10, 2022, 10:46:45 AM

Store savings on Paper Wallets generated OFFLINE

I think that paper wallets are outdated and obsolete, especially for general population.
It's still possible to use them if you know what you are doing, but I don't recommend them to anyone.
Generating offline seed words on airgapped computer or hardware wallet is much better and easier option.

Quote from: BitcoinBarrel on January 10, 2022, 10:46:45 AM

Memorize a Brain wallet phrase that only you will EVER know

This is generally a bad idea because your brain and memory is not as good as you may think, and there are rising number of memory diseases like alzheimer's disease.
I wouldn't be surprised if in near future it's going to be possible to hack the brain and extract seed phrase, even if it may sound like a sci-fi today.
I don't suggest anyone to create and use brain wallet or hardware wallets that use this option like Bitfi.

RapTarX

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Quote from: BullRunBit on January 11, 2022, 04:47:40 AM

3. Paper Wallets, I would prefer more hardware wallet.

Both are cold wallets. Paper wallet has almost zero cost while a hardware wallet requires approx. a hundred USD worth of investment on the wallet. If you perfectly generate a paper wallet and use it, you are safe enough. However, paper wallet is the best solution for a long time while with a hardware wallet, you can transact regularly as well. For a perfect paper wallet generate, you can follow up the discussion here- https://bitcointalksearch.org/topic/generating-a-paper-wallet-securely-5198310

Lucius

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Quote from: Coin_trader on January 11, 2022, 01:05:45 AM

Quote from: BitcoinBarrel on January 10, 2022, 10:46:45 AM

7. Do not trust anyone

If you maintain this attitude, You will end up fearing on anything and never venture out to have a good gains. You should be specific on this advice because this is too generalized. Crypto is already established compared before that has a lot of Ponzi and scam exchange compared to current condition that regulators are already watching and regulating most of the crypto projects.

I would not agree that this is how you claim, because new crypto projects are created at an incredible speed and most have no meaning or purpose - so the chances of an average user losing their money are high or very high. Most crypto projects are completely unregulated and are in a gray area, and by the time they come under the radar of the authorities, it is too late for all those who are deceived, and the owners have made a profit and are starting all over again with some new projects.

BullRunBit

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Quote from: Upgrade00 on January 11, 2022, 05:04:41 AM

Quote from: BullRunBit on January 11, 2022, 04:47:40 AM

7. Don't be naive, trust only those who deserve it. I think "anyone" is too much. Wink

Trust is not something you can afford on the internet, much less in financial situations. On this forum for example, you can trust someone based on their reputation band track record, but you can not be certain they are the person behind the keyboard if you initiate contact with them as accounts can be hacked.
Also, regardless of their reputation, you would need to verify the information they are providing.

You just explain what I already say.

Trust is big thing, you can not get it just like that especially on the internet.
But you also can not be guided by attitude "Do not trust anyone".
Point is, to not be naive and to "verify the information they are providing".
And of course additional steps which will lead you to "trust".

Jawhead999

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I think win is refer to gain or profit, not securing the funds/wallet (even if the wallet got compromised you wouldn't have access to the fund, but it's still win though belong to someone).

You'll win with Bitcoin in the long term, but you can also win with altcoins if you're lucky enough choosing a random project... it's just like you buy a ticket for lottery and you hit the jackpot, of course it's like 0,1%.

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Quote from: BullRunBit on January 11, 2022, 04:47:40 AM

7. Don't be naive, trust only those who deserve it. I think "anyone" is too much. Wink

Trust is not something you can afford on the internet, much less in financial situations. On this forum for example, you can trust someone based on their reputation band track record, but you can not be certain they are the person behind the keyboard if you initiate contact with them as accounts can be hacked.
Also, regardless of their reputation, you would need to verify the information they are providing.

BullRunBit

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Quote from: BitcoinBarrel on January 10, 2022, 10:46:45 AM

1. Never leave funds on any website or exchange.
2. Withdraw immediately to a wallet where you manage the Private Keys
3. Store savings on Paper Wallets generated OFFLINE
4. Memorize a Brain wallet phrase that only you will EVER know
5. Keep 50/50 Crypto and Cash or other Liquid assets
6. Diversify your Crypto but keep mainly Bitcoin
7. Do not trust anyone

1. I agree, I had/have really bad experience with leaving coins on exchange. I still didn't get them back after 2 years.
2. I agree too.
3. Paper Wallets, I would prefer more hardware wallet.
4. Really? You can do that? To memorize all and by order? Huh

5. I agree with this too, because you will be prepared if price go in any direction. But a smaller percentage in Cash/fiat, example 30%.
6. This depend, for example some people are in crypto because of altcoins not Bitcoin. I agree with you because for me Bitcoin is main cryptocurrency, but I dont think so that is same case with everyone.
7. Don't be naive, trust only those who deserve it. I think "anyone" is too much. Wink

witcher_sense

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Quote from: BitcoinBarrel on January 10, 2022, 10:46:45 AM

1. Never leave funds on any website or exchange.

Unless you are an active trader who has to have some portion of his holdings on an exchange in order to be ready to open or close a position at the right time.

Quote

2. Withdraw immediately to a wallet where you manage the Private Keys

It is always a good reminder for individual holders because "not your vault, not your gold," but not always suitable for businesses and companies, sometimes they are obliged to hire custodians for their coin. For example, MicroStrategy everyone is excited about has no coins in self-custody, which technically means they don't have any whatsoever.

Quote

3. Store savings on Paper Wallets generated OFFLINE

Most people, especially newcomers and newbies, have no idea how to generate paper wallets securely and properly, so I wouldn't recommend that on this board.

Quote

4. Memorize a Brain wallet phrase that only you will EVER know

The only case I can think of in which you can try to memorize your keys is when you are escaping the country hostile to cryptocurrency and human rights.

Quote

5. Keep 50/50 Crypto and Cash or other Liquid assets

6. Diversify your Crypto but keep mainly Bitcoin

By giving financial recommendations and advice, you increase the number of people who will blame you for their losses.

Quote

7. Do not trust anyone

I would put it differently, don't trust anyone blindly, instead verify and double-check everything you are told, look for answers and opinions in different sources.

crwth

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I thought that this was something about competition or something. Is it winning in life moments thing? Is that what you mean? Lol.

Anyway, I think your advice is generalized mainly because it's an outline of what you may find interesting if you are getting started. I don't think numbers #4 and #7 will be helpful for you because having to rely on your brain for a phrase would be challenging unless you are like Jim Kwik, a memory master or someone alike. Unless you can memorize and create a story/mnemonic for remembering it, it's going to be a challenge for an average person.

For #7, it's going to be a factor in which you would only do it yourself, and you will get to a time when delegating something is better than doing it all by yourself.

Coin_trader

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Quote from: BitcoinBarrel on January 10, 2022, 10:46:45 AM

7. Do not trust anyone

If you maintain this attitude, You will end up fearing on anything and never venture out to have a good gains. You should be specific on this advice because this is too generalized. Crypto is already established compared before that has a lot of Ponzi and scam exchange compared to current condition that regulators are already watching and regulating most of the crypto projects.

Upgrade00

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Quote from: BitcoinBarrel on January 10, 2022, 10:46:45 AM

4. Memorize a Brain wallet phrase that only you will EVER know

This is pretty bad advice. Seed phrase or mnemonic phrase as it is sometime poorly called was not meant to be memorized. The human brain is very unreliable for recalling exact information stored and there are so many factors that could affect it such as accidents.

If you want to backup your address, do it securely on a piece of paper or a more resistant material and have multiple backup locations, with maybe someone needing more than one to access the wallet, like a 3-of-5 multisig. So one backup exposed would not lead to loss of funds.

Quote from: BitcoinBarrel on January 10, 2022, 10:46:45 AM

6. Diversify your Crypto but keep mainly Bitcoin

Buying different assets in a correlated market is not diversification. If you want to diversify your investment, enter into real estate or someother form of investment. Any other thing is a gamble that could lead to huge losses.

cryptoaddictchie

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Quote from: BitcoinBarrel on January 10, 2022, 10:46:45 AM

6. Diversify your Crypto but keep mainly Bitcoin

Surely win having bitcoin as main? I don't think so. Maybe for some whale it work for them this to win. But I have mainly altcoin and Im not wrong to put that into those coins rather having btc as major coin cause computation wise, my port increase more or literally have more win than this. But thanks for the suggestion.

hatshepsut93

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Quote from: BitcoinBarrel on January 10, 2022, 10:46:45 AM

1. Never leave funds on any website or exchange.

It's okay to leave funds if you understand the risk and get some benefit from it. For example, in the past you could invest in bankroll of certain casinos and earn a portion of their profits.

Quote from: BitcoinBarrel on January 10, 2022, 10:46:45 AM

3. Store savings on Paper Wallets generated OFFLINE

Paper wallets that generate one address and its key are not good when compared to mnemonic seeds that allow you to use countless addresses.

Quote from: BitcoinBarrel on January 10, 2022, 10:46:45 AM

4. Memorize a Brain wallet phrase that only you will EVER know

This is a recipe for disaster, if you are creating your own secret phrase instead of using cryptographically secure RNG, you will have a high chance of getting hacked.

Quote from: BitcoinBarrel on January 10, 2022, 10:46:45 AM

5. Keep 50/50 Crypto and Cash or other Liquid assets

Why 50/50? And what about illiquid assets? Very random "advice".

Quote from: BitcoinBarrel on January 10, 2022, 10:46:45 AM

6. Diversify your Crypto but keep mainly Bitcoin

Altcoins are scams and garbage, why inevitably lose money in long term?

Quote from: BitcoinBarrel on January 10, 2022, 10:46:45 AM

7. Do not trust anyone

You can't live in society and never trust anyone.

tranthidung

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Quote from: BitcoinBarrel on January 10, 2022, 10:46:45 AM

1. Never leave funds on any website or exchange.

Hacked Exchanges since 2011. It is very risky and hack is only one of risks when you leave your fund on exchanges.

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2. Withdraw immediately to a wallet where you manage the Private Keys

Not your keys, not your coins: https://notyourkeys.org/
Recommended wallets: https://www.lopp.net/bitcoin-information/recommended-wallets.html
Verify your wallet, don't trust, must verify it!

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5. Keep 50/50 Crypto and Cash or other Liquid assets

Don't all in invest with your capital. Because you must have Plan B, in case all things on the market goes wrong with what you expect. What if in bear market, you have no cash in hands and have to sell your crypto at 1/10, 1/100 your entry price just to get a little cash to use. It's very painful.

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6. Diversify your Crypto but keep mainly Bitcoin

Altcoins are more bleedy in bear market than Bitcoin.

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7. Do not trust anyone

Sure. Especially if it is about private keys, mnemonic seeds.

mk4

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Quote from: BitcoinBarrel on January 10, 2022, 11:16:42 AM

But imo, Hardware wallets have been shown to be unsafe, hacked, privacy issues and hardware malfunctions. Can you recommend any good ones?

Unsafe/hacked: you're only likely to get problems if you get your device stolen. If not, you're pretty safe unless you get your recovery phrase leaked.
privacy issues: get the device delivered to a middleman, like a P.O. box.
hardware malfunctions: you buy another one; it's not like you permanently lose your funds if your wallet malfunctions.

As for recommendations, as per usual, Ledger and Trezor.

BitcoinBarrel

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Quote from: NeuroticFish on January 10, 2022, 11:12:41 AM

Quote from: BitcoinBarrel on January 10, 2022, 10:46:45 AM

4. Memorize a Brain wallet phrase that only you will EVER know

Brain wallets are unsafe. This is either a mistake, either a bad choice of words.

The seed for HD wallets (which some may confused with brain wallets, until they learn) is, on the other hand, secure if created with a proper good tool and in a safe environment, but should not be memorized as a backup. That's a sure way to lose the funds! The seed has to be kept safely, offline, in a written form. People forget, people suffer accidents or strokes, human mind is just not good enough.

And two more tips:

* consider buying hardware wallets for your coins if you plan to spend
* always double check the addresses you paste and the amounts you send when you do transactions.

I guess by Brain wallet, I mean the seed for the SHA250 encryption that produces the Private Key. Can be any combination of letters, numbers, words, etc.

But imo, Hardware wallets have been shown to be unsafe, hacked, privacy issues and hardware malfunctions. Can you recommend any good ones?

NeuroticFish

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Quote from: BitcoinBarrel on January 10, 2022, 10:46:45 AM

4. Memorize a Brain wallet phrase that only you will EVER know

Brain wallets are unsafe. This is either a mistake, either a bad choice of words.

The seed for HD wallets (which some may confused with brain wallets, until they learn) is, on the other hand, secure if created with a proper good tool and in a safe environment, but should not be memorized as a backup. That's a sure way to lose the funds! The seed has to be kept safely, offline, in a written form. People forget, people suffer accidents or strokes, human mind is just not good enough.

And two more tips:

* consider buying hardware wallets for your coins if you plan to spend
* always double check the addresses you paste and the amounts you send when you do transactions.

BitcoinBarrel

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Fill Your Barrel with Bitcoins!

You want to win at crypto?

1. Never leave funds on any website or exchange.

2. Withdraw immediately to a wallet where you manage the Private Keys

3. Store savings on Paper Wallets generated OFFLINE

4. Memorize a Brain wallet phrase that only you will EVER know

5. Keep 50/50 Crypto and Cash or other Liquid assets

6. Diversify your Crypto but keep mainly Bitcoin

7. Do not trust anyone

Any questions?

Topic: Some Legit Tips for Newbs that will help you Win (Read 317 times)