Topic: Things I learned through the years of Buying and Trading Bitcoin (Read 822 times)
all the points mention are valid while trading for crypto all these points are valid in trading we should keep a track on investments nt to leave our crypto in ex changers is most important thing
What I learnt that if you are patient enough then you can actually make a profit no matter what. I was not patient during 2017 and sold bunch of bitcoins during summer from 1-3 thousand dollar levels and I was quite sad when I saw the price went as much as 20k. Then when I was making money during the bear run of 2018 I did the same mistake and when I saw the price going down I was spending money because I had to and I knew that it would eventually go up and now we are at over 10k these days so I have lost a lot of money there too.
None of these was actually losses that I bought high and sold low, these were all that I profited but could have profited more. So the thing I learnt was never doubting the price of bitcoin, it could go months without going up and it would still end up x2-x3 higher after months or even years.
Impatience is really a killer of trade and if you look at what usually lead to FOMO, it is impatience, and even recently, it was still part of my impatience that made me make a trade entry at the wrong time, when bitcoin was heading towards $13,800.None of these was actually losses that I bought high and sold low, these were all that I profited but could have profited more. So the thing I learnt was never doubting the price of bitcoin, it could go months without going up and it would still end up x2-x3 higher after months or even years.
I already knew that it usually comes with a corresponding correction, but at that point, I thought it was heading for $15k already, and if I was still patient a little, I would have actually escape investing around that figure, and look at me now, my coin is still stuck in that value, because I would lose if I sell now since there is possibility of us touching the value again, but I have already missed the number of turnout I would have done between that period and now. Patience is really key to success.
just want to add little stuff for backup your seed or phrase , make a letter and put in on bank especially if they save big ammount of coin , also you
can write it on you wall at your bedroom i do it and it help me when i lost data on my pc
can write it on you wall at your bedroom i do it and it help me when i lost data on my pc
legendary
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What I learnt that if you are patient enough then you can actually make a profit no matter what.
That's quite true and that has also been my lesson so far with addition to never, try to outsmart the market especially when you're not equiped (skilled) on that aspect of speculating correctly. I tried that once (to out smart the market) without any knowledge, just predicted on mere assumptions and it did backfired which sent me into desperation for some number of weeks until I took up courage, bought back some bitcoin and just continued with the patience (Hodling) strategy and only sell some fractions when I'm in neee of cash.
This is a well detailed information on trading techniques and the prons/cons to look after before venturing into the trading part of cryptocurrency. Honestly it's not easy to maintain this guide for newbie but I believe with time, such person will get used to it. The important ones a person has to consider is number 6 and 8, these two are to be strictly adhered to.
What I learnt that if you are patient enough then you can actually make a profit no matter what. I was not patient during 2017 and sold bunch of bitcoins during summer from 1-3 thousand dollar levels and I was quite sad when I saw the price went as much as 20k. Then when I was making money during the bear run of 2018 I did the same mistake and when I saw the price going down I was spending money because I had to and I knew that it would eventually go up and now we are at over 10k these days so I have lost a lot of money there too.
None of these was actually losses that I bought high and sold low, these were all that I profited but could have profited more. So the thing I learnt was never doubting the price of bitcoin, it could go months without going up and it would still end up x2-x3 higher after months or even years.
None of these was actually losses that I bought high and sold low, these were all that I profited but could have profited more. So the thing I learnt was never doubting the price of bitcoin, it could go months without going up and it would still end up x2-x3 higher after months or even years.
One thing I have learnt over the years trading btc is that it is very difficult to call yourself a pro in the crypto space because of the volatility of the market, at a point you will begin to believe that you have mastered the market and always going to make profit from it and then the market changes its form, you now have to state revamping yourself to understand the new way of the market in order to benefit from it, though I love trading crypto than forex.
A good trader should always be aware of most everything that is going on the market. It is very difficult. You must devote all the time to learn this stuff and use it to manage to make profits.
Not all of the investors are fully into cryptocurrencies, some of them just invested and just left it for the time when it will be a good price to sell.
Also, with the fast-changing price of cryptocurrencies, sometimes, it is hard to follow and all you gotta do is do the things you can do that time. It is very difficult to adjust but if you can adjust quickly, you will be seeing those profits in just a few weeks. You don't need to devote all your time since it is not that hard to monitor one cryptocurrency.
Quote
Use a paper wallet so you don't keep your copy of the seed phrase in your PC. I still suggest using a hardware wallet as a backup in case the paper gets wet, faded or destroyed.
I just realized I did not create paper wallet either that the use of hardware wallet. After reading this thread, I will probably create one. Looks like there is still someone like me who aren't aware of anything like that and I was only using mobile phone for tradings.
After I read these tips I immediately write my seed phrase and some private keys in a paper. Good job, OP. Those you have learned from your previous trades is what we also learned and should remind us our mistakes before. Anyway, setting up goal profit is often times effective and on the other hand, stop loss every trades is also significant to save up from huge losses
April 27, 2019, 07:36:21 PM
All good advice but kinda obvious I'd say.
Hardware wallets aren't mandatory. Printed private keys are just as secure, just gotta store it right. Paper lasts 1000 years, hardware wallets don't.
I agree. Hardware wallets are secure but we also have to accept the fact that it is expensive that needs updates and upgrade that paper don't. As what others say everything is possible with cryptos and is sometimes unexpected. We sometimes lose and win with our investments but that is not how all this will end depending on our strategy, methods and techniques and of course the lesson learned from our experiences through the years. Hardware wallets aren't mandatory. Printed private keys are just as secure, just gotta store it right. Paper lasts 1000 years, hardware wallets don't.
April 27, 2019, 06:10:18 PM
for me I learned that you need lot of patience for trading bitcoin whatever the trend . and prices of bitcoin can rise again to 18000usd per btc like it can crash under 1000 usd per btc
Well it is a possibilty that it will happrn but I don't think it will sink so low at $1K. Patience is really needed as an investor, it is not a joke since we are dealing with a volatile investment. Bitcoin can go as low as $3K from the price of $8K, if that happens you don't want to sell them so quickly, you need to wait. It is a virtue and it is essential for us investors.
Anything is possible in cryptos . the price of bitcoin can go up and can go down without limit . it all depends on the mood of the whales because they are the ones that can deal huge impact on the price but like what you said , patience is the key to victory . we can combat this issues on the market if we have a patience to wait and to hodl . courage is also the forgotten trait that one must posses so that he can buy at any times without worrying to much .
April 27, 2019, 04:02:03 PM
This is a very nice piece. If all this rules are strictly followed, one would rarely meet loses. Although in trading, there are time FA and TA fails But the dynamism of the market and price action prevails. But in all, one of the powerful virtue that has been helping me is patience and not being greedy with profit.
Know when to Cash out. It helps.
Know when to Cash out. It helps.
April 27, 2019, 03:46:49 PM
One thing I have learnt over the years trading btc is that it is very difficult to call yourself a pro in the crypto space because of the volatility of the market, at a point you will begin to believe that you have mastered the market and always going to make profit from it and then the market changes its form, you now have to state revamping yourself to understand the new way of the market in order to benefit from it, though I love trading crypto than forex.
A good trader should always be aware of most everything that is going on the market. It is very difficult. You must devote all the time to learn this stuff and use it to manage to make profits.
April 26, 2019, 08:07:31 PM
- Don't put your seed phrase on online backup. I lost some funds putting a screenshot in a Dropbox account. There are bots that scan .txt for seed phrases. Use physical media there are good metallic cases to use. If you can't avoid making an online backup then use 7ZIP to encrypt a screenshot of your seed phrase(no text) and protect your file with a strong password. That would make harder for bots to discover.
I've been in crypto for a while, so I wasn't expecting to learn something from your post. But I did - the bit about bots scanning txt files. So thanks.
April 20, 2019, 08:22:54 PM
for me I learned that you need lot of patience for trading bitcoin whatever the trend . and prices of bitcoin can rise again to 18000usd per btc like it can crash under 1000 usd per btc
Well it is a possibilty that it will happrn but I don't think it will sink so low at $1K. Patience is really needed as an investor, it is not a joke since we are dealing with a volatile investment. Bitcoin can go as low as $3K from the price of $8K, if that happens you don't want to sell them so quickly, you need to wait. It is a virtue and it is essential for us investors.
April 20, 2019, 08:12:33 PM
You forgot to add another thing here which is being patient and not being greedy, most new people come to investing and trading in bitcoin and cryptocurrency and they expect to immediately get profit and they invest all of their money and at any sign of price going down they panic and bail out, they think that that all those people who were able to make profit from it was just in night and day, they have waited and supported the bitcoin since the beginning through its ups and downs and to be able to be like them you have to be patient and actually support the cause of the currency and not just invest init for the money.
April 20, 2019, 03:27:52 PM
One thing I have learnt over the years trading btc is that it is very difficult to call yourself a pro in the crypto space because of the volatility of the market, at a point you will begin to believe that you have mastered the market and always going to make profit from it and then the market changes its form, you now have to state revamping yourself to understand the new way of the market in order to benefit from it, though I love trading crypto than forex.
April 19, 2019, 09:30:59 AM
therefore I think using free money to invest is still better
Of course that's better, but people being so greedy aren't satisfied with what they already have. It's not for nothing that even when people invest/trade with money they can 'afford to lose', they still leverage their trades on platforms as Bitmex and rekt themselves in the process.
People don't find it worthwhile to scoop up profits of 0.005/0.01BTC per trade, while that's actually pretty decent money, especially if you can do that a few times per week. I usually trade with 1BTC at most, and the few % I manage to make (some times mildy leveraged, some times no leverage at all) is something I to this day am still very happy with.
Bitmex is a casino more often than not, and most people walk away with losses. Doing 100x isn't normal, neither is 50x but it has become that with how fearless and greedy people are.
April 19, 2019, 08:56:30 AM
Perhaps, I would have combined two paragraphs - not investing more than you can afford to lose and don't get in debt buying bitcoin. In my opinion, this is the same thing. Since the one who borrows money initially takes someone else's, and in case he loses this money, he will lose doubly.
it will be a burden to invest in debt first. it certainly contains double risk. and I think it can interfere psychologically, so that panic is possible. therefore I think using free money to invest is still better April 19, 2019, 08:41:04 AM
Perhaps, I would have combined two paragraphs - not investing more than you can afford to lose and don't get in debt buying bitcoin. In my opinion, this is the same thing. Since the one who borrows money initially takes someone else's, and in case he loses this money, he will lose doubly.
April 18, 2019, 04:25:30 PM
Almost all traders experience the same experience. But, maybe traders and investors disagree about the wallet used especially about the hardware wallet. whether online wallet or hard wallet is as good as security as long as we don't tell anyone the seed phrase we have to access a wallet that we have and use as an investment wallet in the form of bitcoin.
April 18, 2019, 04:22:27 PM
All good advice but kinda obvious I'd say.
True, but it was a well-written summary of some things newbies to bitcoin ought to know. I keep all my seed phrases and passwords and such in a notebook, which I keep in a safe. It's secure enough for me, and since I don't own a massive amount of crypto, if I lost everything I wouldn't be homeless.
Very good advice about not investing more than you can afford to lose. I've heard that said so many times in the gambling section, it's ridiculous--but very true. It's valuable to remember this when bitcoin starts to go crazy and FOMO kicks in. Those threads I read back in 2017 where people were selling stuff to buy bitcoin that they probably shouldn't have been made me cringe. Investing in crypto can be a wild ride, and newbies might not be prepared for it.
Good thread, OP.
Investing on the amount that you can afford to lose.- Yeah- a very very common thing that had been said for hundred of thousand times when it comes to investment and so as with gambling
yet people do still fail on considering this rule when they are being caught up in a FOMO or Hype which it would result into negative outcome which opposes into their
expectation.
April 18, 2019, 04:03:08 PM
I found the first rule very interesting. Just like Forex, I always advice people not to invest more than what they can afford to lose. This way you won't get burnt. The major challenge is most traders trade with their emotions. That's the first step to losses. The second will be don't leave crypto on the exchange. The reason some do this is because of getting free tokens from forks. Once you get the forked coin, take out your crypto asap.
April 18, 2019, 01:52:20 PM
There are still a lot to learn in cryptocurrency. Not just buying and trading Bitcoin but your ideas are also applicable to other altcoins as well. As long as you don't compromise your money for daily consumptions, then do whatever you want for your convenience.
Yes everyday learning on new methods and new development as you go further in the usage of cryptocurrency and trading process, once you got the right knowledge on how the trading market works you need to upgrade your skills and develop your self to be able to make the right choice. April 17, 2019, 10:30:37 AM
Hi, I am interested in cryptocurrencies and Bitcoin since 2014 and want to provide some advice I have gained through the years and experience.
I won't go on recommending products but you can go and do a google search comparison of hardware wallets and physical steel wallets for seed phrase.
Note that these are things I have learned by myself so you don't fall in the same pitfalls I did.
I am also a developer and love creating blockchain products, so try to have some fun doing all your crypto tradings. Thanks for reading and have a good day.
Edit: Added Paper wallets as jjjfff suggested.
- Never invest what you can't afford to lose. This includes your whole life savings, child college funds, all your rent money.
- Use a paper wallet so you don't keep your copy of the seed phrase in your PC. I still suggest using a hardware wallet as a backup in case the paper gets wet, faded or destroyed.
- Use a hardware wallet for backup.You can get one with 50USD and it's one of the best investments you can do for your funds.
- Don't get in debt buying Bitcoin. It's never a good idea to get in debt in risky investments. This includes buying Bitcoin with a credit card. I started like this and it's not a good idea because interest rates. I now buy only with cash it's a lot better!
- Don't leave crypto on exchanges. That's why you got a hardware wallet, withdraw your funds on a constant basis to your wallet. If you leave your crypto
- Don't put your seed phrase on online backup. I lost some funds putting a screenshot in a Dropbox account. There are bots that scan .txt for seed phrases. Use physical media there are good metallic cases to use. If you can't avoid making an online backup then use 7ZIP to encrypt a screenshot of your seed phrase(no text) and protect your file with a strong password. That would make harder for bots to discover.
- Don't make public your earnings. This is to prevent someone with bad intentions to steal your crypto, especially if they know where you live.
- If trading and investing in crypto is it is causing you severe anxiety/depression, please stop for a while. I had to stop for some years due to anxiety. If you are risking your physical and mental health then the money it's not good.
- Learn techniques like DCA (Dollar Cost Average). This is so you buy a constant amount in a determined day. So, for example, buy $10 USD of Bitcoin each day per 6 months. This will teach you to be discipline on investment and don't fall of FOMO (Fear of Missing Out) or use sentiment and do a panic sell.
- Set clear goals. Why are you investing? Do you believe in the technology of blockchain? Just for pure speculation? Set clear goals of prices to enter and prices to exit and what % you can afford to lose to avoid further losses.
I won't go on recommending products but you can go and do a google search comparison of hardware wallets and physical steel wallets for seed phrase.
Note that these are things I have learned by myself so you don't fall in the same pitfalls I did.
I am also a developer and love creating blockchain products, so try to have some fun doing all your crypto tradings. Thanks for reading and have a good day.
Edit: Added Paper wallets as jjjfff suggested.
April 17, 2019, 05:27:44 AM
There are still a lot to learn in cryptocurrency. Not just buying and trading Bitcoin but your ideas are also applicable to other altcoins as well. As long as you don't compromise your money for daily consumptions, then do whatever you want for your convenience.
Yes. Just invest what you can afford to lose so you will not end up being frustrated. And as much as possible learn to take risks in crypto investing or trading because you won't hit your target goal if you will not be brave enough in the first place. There are no guarantees in crypto that you will make an immediate profit because of its high volatility so learn to wait and be patient.Of course you learn all these through time and practice. The term no guarantee should already be expected by the time you put your first buy order. Everything develops over time and all these things you'll pick up in a series of gains and busts.
April 16, 2019, 01:09:44 PM
All good advice but kinda obvious I'd say.
True, but it was a well-written summary of some things newbies to bitcoin ought to know. I keep all my seed phrases and passwords and such in a notebook, which I keep in a safe. It's secure enough for me, and since I don't own a massive amount of crypto, if I lost everything I wouldn't be homeless.
Very good advice about not investing more than you can afford to lose. I've heard that said so many times in the gambling section, it's ridiculous--but very true. It's valuable to remember this when bitcoin starts to go crazy and FOMO kicks in. Those threads I read back in 2017 where people were selling stuff to buy bitcoin that they probably shouldn't have been made me cringe. Investing in crypto can be a wild ride, and newbies might not be prepared for it.
Good thread, OP.
April 16, 2019, 12:38:22 PM
There are still a lot to learn in cryptocurrency. Not just buying and trading Bitcoin but your ideas are also applicable to other altcoins as well. As long as you don't compromise your money for daily consumptions, then do whatever you want for your convenience.
Yes. Just invest what you can afford to lose so you will not end up being frustrated. And as much as possible learn to take risks in crypto investing or trading because you won't hit your target goal if you will not be brave enough in the first place. There are no guarantees in crypto that you will make an immediate profit because of its high volatility so learn to wait and be patient. April 16, 2019, 12:15:21 PM
There are still a lot to learn in cryptocurrency. Not just buying and trading Bitcoin but your ideas are also applicable to other altcoins as well. As long as you don't compromise your money for daily consumptions, then do whatever you want for your convenience.
I think you will find it difficult if you learn it all in a direct way, at least you have to be able to step up and try new trading methods and as much as possible to make a profit so that from there you can learn cryptocurrency deeper to be able to benefit. April 16, 2019, 11:39:41 AM
There are still a lot to learn in cryptocurrency. Not just buying and trading Bitcoin but your ideas are also applicable to other altcoins as well. As long as you don't compromise your money for daily consumptions, then do whatever you want for your convenience.
That is because of the newly created coins.
It is like all of them are trying to make a token that will better bitcoin or Ethereum but yet there are still holes in it.
I dont think there will be a perfect one if money is still the purpose of creating it. Unlike the bitcoin technology which is really created for change. You cannot find someone out there who will give his all for a better end.
Until all of that bitcoins of Satoshi is intact, I will give my full trust to it.
But also, he have his rights to use it or withdrew it. But I am guessing that wont happen because bitcoin is like his baby.
April 16, 2019, 09:37:33 AM
There are still a lot to learn in cryptocurrency. Not just buying and trading Bitcoin but your ideas are also applicable to other altcoins as well. As long as you don't compromise your money for daily consumptions, then do whatever you want for your convenience.
April 16, 2019, 05:33:54 AM
Well, good OP, your suggestion is combination of already a lot of times written ones but that doesn't matter much, I really appreciate when people post their honest personal experiences.
But I don't agree at some point: If you don't invest more than what you can't afford to lose, then such investment won't bring you satisfied profit. The more you risk, the higher reward you get or lose. Depends on your goals, be smart. Some people choose all or nothing, reward is huge if your action is correct but lose is more tragical, one redditor lost house because he imvested in btc when price was 20k.
Maybe I was saying another thing and continue of my proposal makes it foggy but to sum up, if you invest what you can afford to lose, then profit will be so much low, such game doesn't worth to my mind and is very boring.
But I don't agree at some point: If you don't invest more than what you can't afford to lose, then such investment won't bring you satisfied profit. The more you risk, the higher reward you get or lose. Depends on your goals, be smart. Some people choose all or nothing, reward is huge if your action is correct but lose is more tragical, one redditor lost house because he imvested in btc when price was 20k.
Maybe I was saying another thing and continue of my proposal makes it foggy but to sum up, if you invest what you can afford to lose, then profit will be so much low, such game doesn't worth to my mind and is very boring.
April 16, 2019, 04:14:53 AM
The things that i learned through the years of buying and trading bitcoin is never expect too much in the coin that you bought because the market is volatile that the price of cryptocurrencies can be sometimes have an ups and downs. I also learned that not everytime you cannot apply the technique of buy low and sell high because it is risky. For now, I am looking for a trusted trading exchange that i can easily convert my fiats and altcoins into bitcoin and vice versa, then i started to found Darb finance where it is a wallet and exchange of fiat and cryptocurrencies. Finding a trusted exchange and crypto wallet is also the thing that i learned, so i could not get steal by hackers.
April 15, 2019, 11:01:06 PM
It has been a principle in forex trading in investing what we can not afford to lose. Many people will not take this warning seriously and sometimes even invest money they got through borrowing. It most important that we should know that 75% of the traders do lose money in investments and it is very important you should know that your investment is going to turn to profits or not.
mental factors and being aware of risk are the main things that must be learned. Psychology determines the success of a trader. as good as any technique that is owned, without the existence of a solid psychology, it will be loss 
April 15, 2019, 06:48:28 PM
I remember few years ago(2017) when someone was determined that he would want to have bitcoin because of the market situation by that time. Yes, 2017's bull encouraged him and he wanted to take loan for investing to bitcoin.
And you know what came next, the market came down by 2018 and so on, and the rest is history. Never invest what you can't afford to lose and don't take loans for investing to bitcoin if you can't cater the risk.
Boasting of your crypto earnings is pride, it is okay to before to share on how much you earn but due to some situations that crypto robbery happened. It is the best idea to keep it to yourself on how much you are making with crypto's.
And you know what came next, the market came down by 2018 and so on, and the rest is history. Never invest what you can't afford to lose and don't take loans for investing to bitcoin if you can't cater the risk.
Boasting of your crypto earnings is pride, it is okay to before to share on how much you earn but due to some situations that crypto robbery happened. It is the best idea to keep it to yourself on how much you are making with crypto's.
April 15, 2019, 04:46:16 PM
All are important for basic security.
If a user follow this steps then they wont have any problem afterwards. Paper wallet or any physical thing you could do just so you will have a back up that only you could access it.
I prefer the old school using a real paper and just looking at it monthly if the alpha numeric phrase is already faded.
I did not thought of using steel and embedding it but that might work to avoid fading. It will take longer than just tint.
Thanks.
If a user follow this steps then they wont have any problem afterwards. Paper wallet or any physical thing you could do just so you will have a back up that only you could access it.
I prefer the old school using a real paper and just looking at it monthly if the alpha numeric phrase is already faded.
I did not thought of using steel and embedding it but that might work to avoid fading. It will take longer than just tint.
Thanks.
April 15, 2019, 03:35:46 PM
It has been a principle in forex trading in investing what we can not afford to lose. Many people will not take this warning seriously and sometimes even invest money they got through borrowing. It most important that we should know that 75% of the traders do lose money in investments and it is very important you should know that your investment is going to turn to profits or not.
April 15, 2019, 01:37:47 PM
Thanks man, you have really said it all, and I love that part where you said people should learn things on their own, this is one big major problem of many people that complains they fail a lot in their trades, I realize that some are quite too lazy in reading, they are lazy in making research and prefers to depend on people’s analysis than their own analysis forgetting the fact that whatever analysis that is available to the person we rely on, is the same analysis that is available to us to.
Plus, that part of never invest what you cannot afford to lose, many of them knows this, but out of greed, then invest more money because they know that the more money you put, the bigger the profit, but forgetting that reverse could be the case.
Plus, that part of never invest what you cannot afford to lose, many of them knows this, but out of greed, then invest more money because they know that the more money you put, the bigger the profit, but forgetting that reverse could be the case.
April 15, 2019, 11:39:21 AM
Hi, I am interested in cryptocurrencies and Bitcoin since 2014 and want to provide some advice I have gained through the years and experience.
I won't go on recommending products but you can go and do a google search comparison of hardware wallets and physical steel wallets for seed phrase.
Note that these are things I have learned by myself so you don't fall in the same pitfalls I did.
I am also a developer and love creating blockchain products, so try to have some fun doing all your crypto tradings. Thanks for reading and have a good day.
Edit: Added Paper wallets as jjjfff suggested.
There is wisemend in this lines. I could add don't trust in every roomer. - Never invest what you can't afford to lose. This includes your whole life savings, child college funds, all your rent money.
- Use a paper wallet so you don't keep your copy of the seed phrase in your PC. I still suggest using a hardware wallet as a backup in case the paper gets wet, faded or destroyed.
- Use a hardware wallet for backup.You can get one with 50USD and it's one of the best investments you can do for your funds.
- Don't get in debt buying Bitcoin. It's never a good idea to get in debt in risky investments. This includes buying Bitcoin with a credit card. I started like this and it's not a good idea because interest rates. I now buy only with cash it's a lot better!
- Don't leave crypto on exchanges. That's why you got a hardware wallet, withdraw your funds on a constant basis to your wallet. If you leave your crypto
- Don't put your seed phrase on online backup. I lost some funds putting a screenshot in a Dropbox account. There are bots that scan .txt for seed phrases. Use physical media there are good metallic cases to use. If you can't avoid making an online backup then use 7ZIP to encrypt a screenshot of your seed phrase(no text) and protect your file with a strong password. That would make harder for bots to discover.
- Don't make public your earnings. This is to prevent someone with bad intentions to steal your crypto, especially if they know where you live.
- If trading and investing in crypto is it is causing you severe anxiety/depression, please stop for a while. I had to stop for some years due to anxiety. If you are risking your physical and mental health then the money it's not good.
- Learn techniques like DCA (Dollar Cost Average). This is so you buy a constant amount in a determined day. So, for example, buy $10 USD of Bitcoin each day per 6 months. This will teach you to be discipline on investment and don't fall of FOMO (Fear of Missing Out) or use sentiment and do a panic sell.
- Set clear goals. Why are you investing? Do you believe in the technology of blockchain? Just for pure speculation? Set clear goals of prices to enter and prices to exit and what % you can afford to lose to avoid further losses.
I won't go on recommending products but you can go and do a google search comparison of hardware wallets and physical steel wallets for seed phrase.
Note that these are things I have learned by myself so you don't fall in the same pitfalls I did.
I am also a developer and love creating blockchain products, so try to have some fun doing all your crypto tradings. Thanks for reading and have a good day.
Edit: Added Paper wallets as jjjfff suggested.
legendary
Activity: 2380
Merit: 4265
eXch.cx - Automatic crypto Swap Exchange.
April 15, 2019, 10:49:19 AM
Quote from: itos84
- Set clear goals. Why are you investing? Do you believe in the technology of blockchain? Just for pure speculation? Set clear goals of prices to enter and prices to exit and what % you can afford to lose to avoid further losses.
I found this most interesting as many new users joining the industry terms to get influence easily I terms of investing in coin/tokens they depends on others to know when to buy or to sell also they get easily confused on decisions to make as they don't have clear goals and just want to go with the flow. The setting of clear goals helps alot. One of those goals I set for myself in 2019 was to invest only in bitcoin bought the dip and so far the result have been positive.
Some of those clear goals you can set for yourself is deciding if you'll invest in;
- Only bitcoin. [must advisable]
- Only alternative Currencys
- Only Tokens
- Alt-tokens and altcoins or all of the above
April 15, 2019, 09:55:54 AM
People just have too much gut feelings on their trades that should not be decisive on their movements. I have seen a lot of friends make sudden moves and trades that really if you looked at it reeked of wrong move and mistake.
I had a friend who bought bitcoin at 20 thousand dollars because in his mind it was still going up and something that went from 3 thousand to 20 thousand must be making everyone rich so he bought into it, he sold it later on when it was about 8 thousand dollars, he didn't even waited or I don't know buy cheaper and all that, he just accepted the loss and left the crypto world forever.
I had the same type with sys, another friend of mine bought sys while it was going up and than claimed he thought it would go even higher when it got stuck and than dropped, he lost money too. People just try to buy things that are going up waaaaayy too much, I mean you gotta buy when its low not when its going up.
I had a friend who bought bitcoin at 20 thousand dollars because in his mind it was still going up and something that went from 3 thousand to 20 thousand must be making everyone rich so he bought into it, he sold it later on when it was about 8 thousand dollars, he didn't even waited or I don't know buy cheaper and all that, he just accepted the loss and left the crypto world forever.
I had the same type with sys, another friend of mine bought sys while it was going up and than claimed he thought it would go even higher when it got stuck and than dropped, he lost money too. People just try to buy things that are going up waaaaayy too much, I mean you gotta buy when its low not when its going up.
April 15, 2019, 07:33:11 AM
Those are some of the experiences that I have also experienced. There have been too many mistakes for me and new traders should avoid basic mistakes as above.
In order to get a real experience, I advise new traders to try trading with small amounts. inexperience will be seen rather than read-only.
In order to get a real experience, I advise new traders to try trading with small amounts. inexperience will be seen rather than read-only.
April 15, 2019, 06:31:23 AM
I don't agree wit ha lot of what you said OP, we only have one life to live and if you truly believe in something than it is worth taking a risk. Why strive for an average life when you can have a spectacular one. Being scared of being public is also being overly paranoid, this is what our media has done to us.
April 15, 2019, 06:16:01 AM
- Don't get in debt buying Bitcoin. It's never a good idea to get in debt in risky investments. This includes buying Bitcoin with a credit card. I started like this and it's not a good idea because interest rates. I now buy only with cash it's a lot better!
Its not wrong make a debt just because you buy a bitcoin because its guarantee that you can make a profit on bitcoin as long as you are willing to wait and hodl . the interest that you can potentially earn on bitcoin is bigger than the interest that you can get when you make a loan or debts , so dont be afraid guys . just dont keep buying until you didnt sell your existing hodlings . sell first then repay your debts . rinse and repeat .
April 15, 2019, 05:04:28 AM
Most people tends to ignore these important options when saving bitcoin or trading bitcoin. Although for exchange part maybe some might be looking at the transactions fee of withdrawing their funds everytime, which they feel is too high but I must say exchanges has to be 70% trusted, because any kind of attack might befall on them which might leads to lost of funds. Talking about the wallet it's not easy for some newbie to purchase an offline wallet which is the reason why most of them uses an online wallet and yet they do not fully understand the procedures involved storing their private key. I do hope some of the newbies in this situation sees this thread so as to be informed about process.
For the long years I've penetrated in cryptoworld, I encountered different strategies on how to trade and buy bitcoin in profitable way. Somehow, loses and failure had came up on me and it is hard to recover while you are lack of knowledges on how to handle the consequences. But then I learned from my mistake that having wisdom is helpful for every deliberation we made from buying and trading, in order to avoid from heavy consequences, explore the thread and study harder about how it was develope and grow, as well its legality.
April 15, 2019, 03:29:55 AM
Most people tends to ignore these important options when saving bitcoin or trading bitcoin. Although for exchange part maybe some might be looking at the transactions fee of withdrawing their funds everytime, which they feel is too high but I must say exchanges has to be 70% trusted, because any kind of attack might befall on them which might leads to lost of funds. Talking about the wallet it's not easy for some newbie to purchase an offline wallet which is the reason why most of them uses an online wallet and yet they do not fully understand the procedures involved storing their private key. I do hope some of the newbies in this situation sees this thread so as to be informed about process.
April 15, 2019, 03:16:34 AM
- Don't get in debt buying Bitcoin. It's never a good idea to get in debt in risky investments. This includes buying Bitcoin with a credit card. I started like this and it's not a good idea because interest rates. I now buy only with cash it's a lot better!
Its not wrong make a debt just because you buy a bitcoin because its guarantee that you can make a profit on bitcoin as long as you are willing to wait and hodl . the interest that you can potentially earn on bitcoin is bigger than the interest that you can get when you make a loan or debts , so dont be afraid guys . just dont keep buying until you didnt sell your existing hodlings . sell first then repay your debts . rinse and repeat .
April 15, 2019, 02:50:27 AM
The other important thing to remember is that you shouldn't invest all your bitcoin in an ico that hasn't been vigorously tested. Check the whitepaper and live media presentations before any commitments
April 15, 2019, 02:16:59 AM
very interesting experience, with your experience you are now definitely a very reliable trader.
I learned a lot from what you mentioned above. with that I also want to learn to become a better trader.
experience is certainly not only good, with failure when analyzing, it certainly becomes an experience to correct, so that it doesn't happen again. over time we are accustomed to facing markets in different conditions I learned a lot from what you mentioned above. with that I also want to learn to become a better trader.
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April 15, 2019, 12:43:25 AM
very interesting experience, with your experience you are now definitely a very reliable trader.
I learned a lot from what you mentioned above. with that I also want to learn to become a better trader.
I learned a lot from what you mentioned above. with that I also want to learn to become a better trader.
Be careful if you want to learn to be a trader because it's not easy and you need to learn about the analysis that is for sure. That tips (I prefer to call it as a tip) will work well if you can control yourself in trading because we are often seeing the candle is going to go up and make us become greedy wants to get bigger profit but it's not possible for the price is always in the top price. Sometimes, after it could down at any moment and make us panic. That is always connected from getting ready on trading, seeing the price increase, become greedy, and then we have two option, sell right away before it's down or wants to make a bigger profit. That is what you should know.
April 14, 2019, 04:10:41 PM
In my experience of being an investor for over 6 years now I can tell you traders are all different people.
Some of them know what they are doing and some of them have no clue what they do but believe me when I say this even the best trader loses time to time, not all can make insane profits.
Let me give you an example of my friend, dude managed to make x10 of his investment during the BEAR run of 2018, yeah you heard it right, on 2018 when everything was going down dude managed to make x10 of his investments, do you know what happened to him later on? He lost almost half of his money on investing into some bad dropping coin on this bull run we are having.
So, dude made money while everything was dropping and lost money while everything was going up. Bitcoin and crypto is not something you can say "you learned" or "you know", we are always learning with each passing day.
Some of them know what they are doing and some of them have no clue what they do but believe me when I say this even the best trader loses time to time, not all can make insane profits.
Let me give you an example of my friend, dude managed to make x10 of his investment during the BEAR run of 2018, yeah you heard it right, on 2018 when everything was going down dude managed to make x10 of his investments, do you know what happened to him later on? He lost almost half of his money on investing into some bad dropping coin on this bull run we are having.
So, dude made money while everything was dropping and lost money while everything was going up. Bitcoin and crypto is not something you can say "you learned" or "you know", we are always learning with each passing day.
April 14, 2019, 12:51:46 AM
very interesting experience, with your experience you are now definitely a very reliable trader.
I learned a lot from what you mentioned above. with that I also want to learn to become a better trader.
I learned a lot from what you mentioned above. with that I also want to learn to become a better trader.
April 13, 2019, 11:49:23 PM
Hi, I am interested in cryptocurrencies and Bitcoin since 2014 and want to provide some advice I have gained through the years and experience.
I won't go on recommending products but you can go and do a google search comparison of hardware wallets and physical steel wallets for seed phrase.
Note that these are things I have learned by myself so you don't fall in the same pitfalls I did.
I am also a developer and love creating blockchain products, so try to have some fun doing all your crypto tradings. Thanks for reading and have a good day.
Edit: Added Paper wallets as jjjfff suggested.
Good list and all the points were absolutely helpful for a person who was just beginner or even for experienced traders who are doing crypto trading in the wrong direction,these things will not help us to make more profits but will help us to save from silly mistakes what a trader can do.For storing our recovery seeds we may use metallic boxes which is not convenient for many but what we can do is save the seed file in an offline drive and never connect that drive ito any device unless you want to recover your wallet. - Never invest what you can't afford to lose. This includes your whole life savings, child college funds, all your rent money.
- Use a paper wallet so you don't keep your copy of the seed phrase in your PC. I still suggest using a hardware wallet as a backup in case the paper gets wet, faded or destroyed.
- Use a hardware wallet for backup.You can get one with 50USD and it's one of the best investments you can do for your funds.
- Don't get in debt buying Bitcoin. It's never a good idea to get in debt in risky investments. This includes buying Bitcoin with a credit card. I started like this and it's not a good idea because interest rates. I now buy only with cash it's a lot better!
- Don't leave crypto on exchanges. That's why you got a hardware wallet, withdraw your funds on a constant basis to your wallet. If you leave your crypto
- Don't put your seed phrase on online backup. I lost some funds putting a screenshot in a Dropbox account. There are bots that scan .txt for seed phrases. Use physical media there are good metallic cases to use. If you can't avoid making an online backup then use 7ZIP to encrypt a screenshot of your seed phrase(no text) and protect your file with a strong password. That would make harder for bots to discover.
- Don't make public your earnings. This is to prevent someone with bad intentions to steal your crypto, especially if they know where you live.
- If trading and investing in crypto is it is causing you severe anxiety/depression, please stop for a while. I had to stop for some years due to anxiety. If you are risking your physical and mental health then the money it's not good.
- Learn techniques like DCA (Dollar Cost Average). This is so you buy a constant amount in a determined day. So, for example, buy $10 USD of Bitcoin each day per 6 months. This will teach you to be discipline on investment and don't fall of FOMO (Fear of Missing Out) or use sentiment and do a panic sell.
- Set clear goals. Why are you investing? Do you believe in the technology of blockchain? Just for pure speculation? Set clear goals of prices to enter and prices to exit and what % you can afford to lose to avoid further losses.
I won't go on recommending products but you can go and do a google search comparison of hardware wallets and physical steel wallets for seed phrase.
Note that these are things I have learned by myself so you don't fall in the same pitfalls I did.
I am also a developer and love creating blockchain products, so try to have some fun doing all your crypto tradings. Thanks for reading and have a good day.
Edit: Added Paper wallets as jjjfff suggested.
April 13, 2019, 10:17:02 PM
- Don't get in debt buying Bitcoin. It's never a good idea to get in debt in risky investments. This includes buying Bitcoin with a credit card. I started like this and it's not a good idea because interest rates. I now buy only with cash it's a lot better!
April 13, 2019, 08:58:49 PM
Good advice, thank OP for sharing this with all people around. I already use a hardware wallet for more then 1 year, i also put an extra passphrase on hardware wallet to have an extra security, i never lost any coins with hardware wallet.
April 13, 2019, 08:11:49 AM
All advice is good enough and covers everything crypto user needed, and I suggested that we should follow step by step all of the advice. The most important from that advice is "Never invest what you can't afford to lose" because you cannot always make a profit and sometimes you will lose the money. That is why you should listen very carefully with advice so you can understand risking your money in the cryptocurrency.
April 13, 2019, 04:55:58 AM
It's good for you to have an achievement by staying here in bitcoin talk. Honestly speaking, this forum encourages us to discover all the factors of cryptocurrency and we're learning it part by part. I'm very proud of you that a newbie tells that he/she gain pieces of knowledge that will help him/her grow and by that, it makes our community more reliable too. I hope most of the beginners should be like that and be inspired or your actions, more power to our community and the blockchain.
April 13, 2019, 04:39:54 AM
Hi, I am interested in cryptocurrencies and Bitcoin since 2014 and want to provide some advice I have gained through the years and experience.
I won't go on recommending products but you can go and do a google search comparison of hardware wallets and physical steel wallets for seed phrase.
Note that these are things I have learned by myself so you don't fall in the same pitfalls I did.
I am also a developer and love creating blockchain products, so try to have some fun doing all your crypto tradings. Thanks for reading and have a good day.
Edit: Added Paper wallets as jjjfff suggested.
- Never invest what you can't afford to lose. This includes your whole life savings, child college funds, all your rent money.
- Use a paper wallet so you don't keep your copy of the seed phrase in your PC. I still suggest using a hardware wallet as a backup in case the paper gets wet, faded or destroyed.
- Use a hardware wallet for backup.You can get one with 50USD and it's one of the best investments you can do for your funds.
- Don't get in debt buying Bitcoin. It's never a good idea to get in debt in risky investments. This includes buying Bitcoin with a credit card. I started like this and it's not a good idea because interest rates. I now buy only with cash it's a lot better!
- Don't leave crypto on exchanges. That's why you got a hardware wallet, withdraw your funds on a constant basis to your wallet. If you leave your crypto
- Don't put your seed phrase on online backup. I lost some funds putting a screenshot in a Dropbox account. There are bots that scan .txt for seed phrases. Use physical media there are good metallic cases to use. If you can't avoid making an online backup then use 7ZIP to encrypt a screenshot of your seed phrase(no text) and protect your file with a strong password. That would make harder for bots to discover.
- Don't make public your earnings. This is to prevent someone with bad intentions to steal your crypto, especially if they know where you live.
- If trading and investing in crypto is it is causing you severe anxiety/depression, please stop for a while. I had to stop for some years due to anxiety. If you are risking your physical and mental health then the money it's not good.
- Learn techniques like DCA (Dollar Cost Average). This is so you buy a constant amount in a determined day. So, for example, buy $10 USD of Bitcoin each day per 6 months. This will teach you to be discipline on investment and don't fall of FOMO (Fear of Missing Out) or use sentiment and do a panic sell.
- Set clear goals. Why are you investing? Do you believe in the technology of blockchain? Just for pure speculation? Set clear goals of prices to enter and prices to exit and what % you can afford to lose to avoid further losses.
I won't go on recommending products but you can go and do a google search comparison of hardware wallets and physical steel wallets for seed phrase.
Note that these are things I have learned by myself so you don't fall in the same pitfalls I did.
I am also a developer and love creating blockchain products, so try to have some fun doing all your crypto tradings. Thanks for reading and have a good day.
Edit: Added Paper wallets as jjjfff suggested.
Wow, thanks so much with this little but mighty piece of advert, as i grow further in this crypto trading, I will put all of this into consideration to become a better trader. I appreciate, we all should learn on or two things from here too, whether we are pro trader or newbies.
April 13, 2019, 02:41:15 AM
All good advice but kinda obvious I'd say.
Hardware wallets aren't mandatory. Printed private keys are just as secure, just gotta store it right. Paper lasts 1000 years, hardware wallets don't.
Hardware wallets aren't mandatory. Printed private keys are just as secure, just gotta store it right. Paper lasts 1000 years, hardware wallets don't.
I did this and my house got burned with it, and now I have a huge problem, all my coins from past ether wallet address is now gone. I do admit it's my fault for not keeping it safer than I am doing right now with my current ether wallet address.I recommend you to buy a hardwallet than trust on a piece of paper. In the end it's your choice.
Well it's better to have multiple copies if your security keys for emergency purposes. I keep printed ones in my wallet and safety boxes while also keeping in my email just to be sure. I just try to be careful with phishing attempts from random sites.
April 13, 2019, 12:38:17 AM
All good advice but kinda obvious I'd say.
Hardware wallets aren't mandatory. Printed private keys are just as secure, just gotta store it right. Paper lasts 1000 years, hardware wallets don't.
Hardware wallets aren't mandatory. Printed private keys are just as secure, just gotta store it right. Paper lasts 1000 years, hardware wallets don't.
I did this and my house got burned with it, and now I have a huge problem, all my coins from past ether wallet address is now gone. I do admit it's my fault for not keeping it safer than I am doing right now with my current ether wallet address.I recommend you to buy a hardwallet than trust on a piece of paper. In the end it's your choice.
April 12, 2019, 11:20:55 PM
All good advice but kinda obvious I'd say.
Hardware wallets aren't mandatory. Printed private keys are just as secure, just gotta store it right. Paper lasts 1000 years, hardware wallets don't.
Hardware wallets aren't mandatory. Printed private keys are just as secure, just gotta store it right. Paper lasts 1000 years, hardware wallets don't.
I did this and my house got burned with it, and now I have a huge problem, all my coins from past ether wallet address is now gone. I do admit it's my fault for not keeping it safer than I am doing right now with my current ether wallet address.I recommend you to buy a hardwallet than trust on a piece of paper. In the end it's your choice.
April 12, 2019, 09:32:31 PM
I just realized I did not create paper wallet either that the use of hardware wallet. After reading this thread, I will probably create one. Looks like there is still someone like me who aren't aware of anything like that and I was only using mobile phone for tradings.
You don't really have to make a paper wallet, you can also have 2 hardware wallet for example. A paper wallet is good for a long-term wallet that you don't need to use once in every month. So better prepare a list of wallet that you need before you start creating any wallet.
April 12, 2019, 09:23:45 PM
Quote
Use a paper wallet so you don't keep your copy of the seed phrase in your PC. I still suggest using a hardware wallet as a backup in case the paper gets wet, faded or destroyed.
I just realized I did not create paper wallet either that the use of hardware wallet. After reading this thread, I will probably create one. Looks like there is still someone like me who aren't aware of anything like that and I was only using mobile phone for tradings.
April 12, 2019, 07:03:34 PM
All good advice but kinda obvious I'd say.
Hardware wallets aren't mandatory. Printed private keys are just as secure, just gotta store it right. Paper lasts 1000 years, hardware wallets don't.
Those paper wallet still need to be protected because it can ruin by a natural calamity. OP has a pretty years with cryptocurrency and its good to learn more about this market. There might be some error but if you do continue to learn you will succeed. Always be secured with your coins but never be too confident, try to have more secured wallet. Hardware wallets aren't mandatory. Printed private keys are just as secure, just gotta store it right. Paper lasts 1000 years, hardware wallets don't.
April 12, 2019, 06:14:44 PM
Using a hardware wallet much be obvious for most people who are in crypto now. But a paper wallet is also great, here you can make as many wallets as you want, just laminate the seed words, and they should be able to last for a lifetime, and then make many wallet backups on different USB flash drives!
I would not be too paranoid to have a little founds on an exchange, sending them back and forward each day cost fees and can take a lot of times, when you just want to get into a good trade. So better advice would just keep what you are willing to lose on an exchange, so you can trade when you want to.
I would not be too paranoid to have a little founds on an exchange, sending them back and forward each day cost fees and can take a lot of times, when you just want to get into a good trade. So better advice would just keep what you are willing to lose on an exchange, so you can trade when you want to.
April 12, 2019, 05:53:22 PM
Setting a clear target is good but let it not be a greedy one.
Probably so because I don't see anything that is different. Although, he can't force merit on himself.
Well, it seems like OP just pasted some general and most popular things in order to get some merit.
Sorry.
Sorry.
Probably so because I don't see anything that is different. Although, he can't force merit on himself.
April 12, 2019, 05:43:06 PM
These are the primary advice for protecting digital assets, thanks for the golden idea. Hardware wallets could be expensive for many of us, in that case, I like any offline wallet like Paper (offline generated), Electrum (on a device that never connects to the internet). But I prefer memorizing a 24-word seed, that's the best way I feel safe. If anyone following my idea, make sure you never forget spelling and the order of the words.
April 12, 2019, 05:40:21 PM
These pointers that you have stated are really idealistic. When I was new in the industry, I never have seen pointers like this and that is the advantage of the newcomers today. Before, I invest what I can't afford as long as I can stop the urge to do so. There's a small level of greed you will feel in investing something. You will expect something and you won't know that you will lose your money from it.
I still remember the old days and it was really a fun ride. I hope that.
I still remember the old days and it was really a fun ride. I hope that.
April 12, 2019, 05:06:37 PM
All good advice but kinda obvious I'd say.
Hardware wallets aren't mandatory. Printed private keys are just as secure, just gotta store it right. Paper lasts 1000 years, hardware wallets don't.
Hardware wallets aren't mandatory. Printed private keys are just as secure, just gotta store it right. Paper lasts 1000 years, hardware wallets don't.
Paper wallets are more vulnerable than hardware wallets. Who told you that paper can last forever?
Both are immutable with a clear difference that it is in favor of hardware wallets. Hardware wallets give you extra security.
April 12, 2019, 05:00:20 PM
It gives different kinds of experience to different people and it will be not fast you for everyone and also it will not negative why are the investors and traders because making the same path from the beginning stage but the end will be decide about your success and defeat
I agree everything because it is the life for me incense from the past few years and I will get every time income when using trading so this will be like no one can give the opportunity like this to make money every time when you have little amount in your hand and using this opportunity for long time will be most helpful thing forever.
Good lists of lessons you have posted there. When I was a newbie, I trusted the market too much and did not expect it to drop massively, now just to add, do not believe other people's speculation and never ever indulge on hypes when investing. Have your own decision when it comes to your investment.
This happened to me. I did all the bad things like panic selling, keeping a seed phrase online, losing crypto in crappy exchanges that got hacked, putting everything in a altcoin that had no purpose, and being caught in horrible anxiety. I even ended in the hospital one day, not fun. Back then around 2014 I had another bitcointalk account "itos", sadly it got hacked and made this new account instead. Tried to talk Now I am more disciplined and have learned from mistakes. Hopefully, new people that want to have some of their portfolios in crypto can learn too.Thankfully the market and blockchain technology is more evolved now and I think at least big exchanges like Kraken and Coinbase are fairly secure. If you are a trader I suppose it makes sense to have some funds on exchanges. Make your own decisions and don't let emotions do the trading.
Good lists of lessons you have posted there. When I was a newbie, I trusted the market too much and did not expect it to drop massively, now just to add, do not believe other people's speculation and never ever indulge on hypes when investing. Have your own decision when it comes to your investment.
It is just a set of general rules. Some of them are not always valid. For example:
Frankly speaking I prefer to have some small amount of money on exchange. Sometimes you have to buy something really fast and you don't have much time to wait untill your account would be funded. You shouldn't obviously keep there any big amounts of money but your 100$ on some major exchange would be probably as safe as your 100$ on PayPal, both services face their own issues.
That's also not relevant to everyone. For example a good doctor is earning some good money and everyone knows it but for some reason wealthy people are not getting robbed every day.
Well, it seems like OP just pasted some general and most popular things in order to get some merit.
Sorry.
- Don't leave crypto on exchanges.
- Don't make public your earnings.
Well, it seems like OP just pasted some general and most popular things in order to get some merit.
Sorry.
All good advice but kinda obvious I'd say.
Hardware wallets aren't mandatory. Printed private keys are just as secure, just gotta store it right. Paper lasts 1000 years, hardware wallets don't.
For some newbies, this isn't obvious for them since they don't know what to do after they get in into the world of cryptocurrency. Where there is a lot of different things that is not the same when dealing with money online. That's why it's still better for them to read this so that they have more information to know better in the future. Hardware wallets aren't mandatory. Printed private keys are just as secure, just gotta store it right. Paper lasts 1000 years, hardware wallets don't.
All good advice but kinda obvious I'd say.
Hardware wallets aren't mandatory. Printed private keys are just as secure, just gotta store it right. Paper lasts 1000 years, hardware wallets don't.
Yeah you are right one don't necessarily need a hardware wallet all you needed to do is to secure your wallet keys properly, we all have learn loads of lesson since our involvement in bitcoin and we are still learning but you have mention the fundamental things that is needed to survive in this volatile industry. Hardware wallets aren't mandatory. Printed private keys are just as secure, just gotta store it right. Paper lasts 1000 years, hardware wallets don't.
All good advice but kinda obvious I'd say.
Hardware wallets aren't mandatory. Printed private keys are just as secure, just gotta store it right. Paper lasts 1000 years, hardware wallets don't.
Hardware wallets aren't mandatory. Printed private keys are just as secure, just gotta store it right. Paper lasts 1000 years, hardware wallets don't.
This is true, but an advantage to using a hardware wallet is perhaps that it can store the private keys to multiple wallets, so you don't have a cluster of paperwork with all kinds of private keys requiring multitudinous software. It's just good for organization.
All good advice but kinda obvious I'd say.
Hardware wallets aren't mandatory. Printed private keys are just as secure, just gotta store it right. Paper lasts 1000 years, hardware wallets don't.
Hardware wallets aren't mandatory. Printed private keys are just as secure, just gotta store it right. Paper lasts 1000 years, hardware wallets don't.
Hi, I am interested in cryptocurrencies and Bitcoin since 2014 and want to provide some advice I have gained through the years and experience.
I won't go on recommending products but you can go and do a google search comparison of hardware wallets and physical steel wallets for seed phrase.
Note that these are things I have learned by myself so you don't fall in the same pitfalls I did.
I am also a developer and love creating blockchain products, so try to have some fun doing all your crypto tradings. Thanks for reading and have a good day.
Edit: Added Paper wallets as jjjfff suggested.
- Never invest what you can't afford to lose. This includes your whole life savings, child college funds, all your rent money.
- Use a paper wallet so you don't keep your copy of the seed phrase in your PC. I still suggest using a hardware wallet as a backup in case the paper gets wet, faded or destroyed.
- Use a hardware wallet for backup.You can get one with 50USD and it's one of the best investments you can do for your funds.
- Don't get in debt buying Bitcoin. It's never a good idea to get in debt in risky investments. This includes buying Bitcoin with a credit card. I started like this and it's not a good idea because interest rates. I now buy only with cash it's a lot better!
- Don't leave crypto on exchanges. That's why you got a hardware wallet, withdraw your funds on a constant basis to your wallet. If you leave your crypto
- Don't put your seed phrase on online backup. I lost some funds putting a screenshot in a Dropbox account. There are bots that scan .txt for seed phrases. Use physical media there are good metallic cases to use. If you can't avoid making an online backup then use 7ZIP to encrypt a screenshot of your seed phrase(no text) and protect your file with a strong password. That would make harder for bots to discover.
- Don't make public your earnings. This is to prevent someone with bad intentions to steal your crypto, especially if they know where you live.
- If trading and investing in crypto is it is causing you severe anxiety/depression, please stop for a while. I had to stop for some years due to anxiety. If you are risking your physical and mental health then the money it's not good.
- Learn techniques like DCA (Dollar Cost Average). This is so you buy a constant amount in a determined day. So, for example, buy $10 USD of Bitcoin each day per 6 months. This will teach you to be discipline on investment and don't fall of FOMO (Fear of Missing Out) or use sentiment and do a panic sell.
- Set clear goals. Why are you investing? Do you believe in the technology of blockchain? Just for pure speculation? Set clear goals of prices to enter and prices to exit and what % you can afford to lose to avoid further losses.
I won't go on recommending products but you can go and do a google search comparison of hardware wallets and physical steel wallets for seed phrase.
Note that these are things I have learned by myself so you don't fall in the same pitfalls I did.
I am also a developer and love creating blockchain products, so try to have some fun doing all your crypto tradings. Thanks for reading and have a good day.
Edit: Added Paper wallets as jjjfff suggested.
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