What can I do to safely use bitcoin | Bitcointalksearch.org

batang_bitcoin

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Quote from: Twinkledoe on March 27, 2021, 07:44:03 PM

Quote from: batang_bitcoin on March 27, 2021, 04:35:07 PM

Welcome to the forum. Electrum is one of the best desktop wallets that a newbie should use even people that are already long time in bitcoin, still uses this wallet.
In which country you live? You have to use an exchange for you to avail that $50 worth of bitcoin and have it transferred to your wallet. Exchange like Binance.

As he is a beginner, electrum is really a good one to use. You don't need big storage for it to install. And when it comes to exchange, yes, I will recommend also Binance. As it is pretty safe and secure dealing with this exchange especially for beginners.

And it's also being used by some with an unused laptop as your actual offline wallet. You don't connect it to the internet and you're just using it upon checking and usually connect to the web if you're going to send or generate a new wallet address.
That's your actual big hardware wallet but it's only for those that still can't avail the actual hardware wallet (ledger/trezor) as an alternative because you have it as a spare.

Pokapoka124

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Welcome to the forum. I hope you have learned something new that has been helpful to you since you joined the forum. Unlike other groups and social media there are strict rules and measures to combat scammers. The trust system is very helpful in this regard.
Plus the experience shared on the platform is very enlightening and a eye opener. I'm sure you'd be well equipped for any scam that attempts to come your way

UserU

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There's no best wallet out there, but so far Electrum is a safe and decent choice. Comes with Lightning Network too which allows you to send and receive Sats pretty quickly.

But beware of fake ones from the Play Store. Exercise extreme caution.

Peanutswar

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It depends on you those are good wallets but for sure most people here recommend the use of the electrum this is the best-known wallet today also if you want and to afford to try the ledger wallets. We need to protect our wallet and funds with the use of the seed phrase this serves as a code so you can access your funds. If you lost it this becomes big trouble all of your funds cannot be easily recoverable instead recommend into different walkers too to always store your seed phrase and make a double copy into a piece of paper. Good if not digital or online.

crwth

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Don't be afraid of buying or investing in something that you believe will help you invest in the long run. It's better that you make sure that you continuously accumulate instead of just a one-time thing. This would depend on the amount as well but the idea is still to invest. In the terms of using Bitcoin, it's best to use it on your computer that is not infected and downloading software on the correct site. There are a lot of threads here that could help you with that.

In terms of wallet guides, this is the best thread.

https://bitcointalksearch.org/topic/general-bitcoin-wallets-which-what-why-1631151

mk4

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Quote from: decodx on March 28, 2021, 05:46:49 AM

Wow! Buying $10 of Bitcoin every week for 1 year starting 1 year ago would have turned $530 into $2,127 (+301%)

I agree. This strategy is low-cost and low-risk, as you invest a fixed dollar amount in the market on a regular schedule.

Scale it back further to something like 3 to 5 years, and you'd get a lot more than 301%. Remember: Bitcoin is a long-term asset. It's something you'd continue to accumulate for years and years and years to come.

vintages

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Before you make your first purchase of Bitcoin, I advise you to read up about Bitcoin to know what it's about instead of just regarding it as 'Internet money'. There are several links online to help you start with.

There are several exchanges to buy from, Binance being one of the good once out there. However, whichever one you choose, store your bitcoin offline (cold storage) and never leave it in an exchange. Read up this article for more info : https://www.bitcoin.com/get-started/setting-up-your-own-cold-storage-bitcoin-wallet/

amimarah5

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Welcome to the forum, it will be depend on your location, and on your purposes. But so far i can recommend Binance.

decodx

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Quote from: mk4 on March 27, 2021, 11:44:32 PM

1. Stop trying to time the markets. Do dollar-cost averaging instead: https://dcabtc.com/
-cut-

Wow! Buying $10 of Bitcoin every week for 1 year starting 1 year ago would have turned $530 into $2,127 (+301%)

I agree. This strategy is low-cost and low-risk, as you invest a fixed dollar amount in the market on a regular schedule.

Eureka_07

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Quote from: _act_ on March 27, 2021, 03:33:21 PM

I now want to buy $50 bitcoin and transfer it to my wallet, one of my friends siad I should use coinomi, the other says electrum, I do not know which one is the best, which one can store my bitcoin in a way I will not lose it.

If you are looking for wallet to store your bitcoins, electrum is one of the best wallets out there. I'm also using Mycelium wallet to store some of my bitcoins, so far my experiencce is good as I can also freely choose how much fee per byte as I like for every transaction. Be careful of scammers, and avoid any platforms which asks any of your keys such as password, or phrases.

_act_

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Quote from: cryptoperkele on March 27, 2021, 06:27:10 PM

If he really wants to store it in a personal wallet. With only $50 budget i would recommend oCinbase for the exchange because of cheap fees. In binance a huge amount of it goes to withdraw fees.

It will be from a friend directly. $50 bitcoin, $2 fee, $52 in total.

pakhitheboss

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Hi!
Welcome to the forum.

The best wallet for long term hold are those that are not connected to internet 24/7. That is why most of us here recommend hardware wallet.

Since you are starting with a small amount and you might gradually increase it in the future. Therefore I would recommend you Samourai wallet for android if you are more focused on privacy.

Samourai wallet - https://samouraiwallet.com/

The other wallet that I would recommend you is wasabi wallet. It is the best wallet for desktop devices. In future if your holding increases then shift your Bitcoin from Samourai wallet to wasabi wallet. Wasabi wallet is another wallet which foucuses a lot on privacy.

Wasabi wallet - https://wasabiwallet.io/

mk4

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1. Stop trying to time the markets. Do dollar-cost averaging instead: https://dcabtc.com/
2. Take your time into learning about wallets first, before buying your first bitcoin: https://cryptosec.info/wallets
3. While hardware wallets are heavily recommended, if you're starting with $50, a reputable mobile wallet like BlueWallet will do: https://bluewallet.io/

SquirrelJulietGarden

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Quote from: _act_ on March 27, 2021, 03:33:21 PM

I have seen the price of bitcoin increasing when I thought bitcoin will not increase so much, I am thinking now it will be better to invest now before it will be too late.

Never be too late to join as bitcoin block rewards are halved after every four years. Each 4 years, bitcoin has one cycle to the Moon.

Quote

A friend of my told be about this forum, that it can be a way to help in a way I can avoid online scammers. What makes me not to invest before is because I am afraid of the internet, I was thinking money that goes into internet may be trapped there forever

You are afraid of online attacks perhaps. Do you know that with bank transfers, you can do it online and have you ever been afraid of online bank transfer?

Bitcoin transaction is irreversible so if you click send your bitcoin or click "Release bitcoin" for your trade, your bitcoin will be move and you will never be able to reverse it. Check address, amount carefully before you click Send or Release.

If the platform you use has an security option "2FA code when Release my bitcoin", please choose it. It is a prevention for your mistaken "Release bitcoin" Click

Quote

coinomi, the other says electrum, I do not know which one is the best, which one can store my bitcoin in a way I will not lose it.

Electrum is best as it is a SPV wallet. It is light and you don't need to have 500 GB in your disk to download and store all blockchain data.

It is a non custodial wallet and you can customize your transaction fee (sat / vbyte)

Download it: https://electrum.org/#download
Verify your download: How to Safely Download and Verify Electrum

Twinkledoe

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Quote from: _act_ on March 27, 2021, 06:17:41 PM

Thank you all for your advice, bitcoin has been a good currency since, having believe in it will help, that is why I have to join people that will think positive about it. I thank you all reply this thread, I see this forum very useful, I have gone through some posts that are very informative and educative. I think you will see me around very often to gain more from what people are posting.

Your journey in crypto already started. Congratulations! In this forum, you can gain a lot of info, insights, opinion, and many others. Just lurk around and you will find out why. This section alone will help you find your way when it comes to dealing with crypto. A lot of people will help you faster than what you thought of.

Quote from: batang_bitcoin on March 27, 2021, 04:35:07 PM

Welcome to the forum. Electrum is one of the best desktop wallets that a newbie should use even people that are already long time in bitcoin, still uses this wallet.
In which country you live? You have to use an exchange for you to avail that $50 worth of bitcoin and have it transferred to your wallet. Exchange like Binance.

As he is a beginner, electrum is really a good one to use. You don't need big storage for it to install. And when it comes to exchange, yes, I will recommend also Binance. As it is pretty safe and secure dealing with this exchange especially for beginners.

sheenshane

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Quote from: NeuroticFish on March 27, 2021, 05:40:54 PM

If you buy 50$ worth of Bitcoin, then you should know that bitcoin transfers cost money (pretty much lately) and also the exchanges ask pretty big withdrawal fees. So if you buy from an exchange and not your friend, you may want to check the fees and consider keeping the money there until you have more and it worth withdrawing. Also keep in mind that you will need KYC/documents on most exchanges.

All are being well said in this post above but in addition to this, that I quoted, here is my opinion.

For now, as a small investor, it's being wise if we consider that transaction fee first. In that way, we can save fees at least even $2 in one transaction because that amount in my place still valuable. You can monitor and check the mempool network for the fees, there are 3 choices there that depend on the transaction speed you need. But if you're not in hurry, even you will pay 10 sats/vB that's fine using the Electrum wallet that given the official download link above. Nonetheless, don't forget to save and keep safe the recovery seeds in a safe place, that's very important in Bitcoin wallet recovery.

The next thing is an exchange platform that has a low fee, this time I want you to have your own research.

batang_bitcoin

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Quote from: cryptoperkele on March 27, 2021, 06:27:10 PM

Quote from: batang_bitcoin on March 27, 2021, 04:35:07 PM

Welcome to the forum. Electrum is one of the best desktop wallets that a newbie should use even people that are already long time in bitcoin, still uses this wallet.
In which country you live? You have to use an exchange for you to avail that $50 worth of bitcoin and have it transferred to your wallet. Exchange like Binance.

If he really wants to store it in a personal wallet. With only $50 budget i would recommend oCinbase for the exchange because of cheap fees. In binance a huge amount of it goes to withdraw fees.

Storing and exchanging it are two different things. Even if the amount is $50 but if your goal is to store it for a long time, exchanges as a personal storing wallet isn't a good idea, he's better with Electrum.

Quote from: _act_ on March 27, 2021, 06:17:41 PM

Thank you all for your advice, bitcoin has been a good currency since, having believe in it will help, that is why I have to join people that will think positive about it. I thank you all reply this thread, I see this forum very useful, I have gone through some posts that are very informative and educative. I think you will see me around very often to gain more from what people are posting.

You're welcome, if there are other things that you want to ask, just post again your question or look if there are already specific topics that has been made for your question.

cryptoperkele

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Quote from: batang_bitcoin on March 27, 2021, 04:35:07 PM

Welcome to the forum. Electrum is one of the best desktop wallets that a newbie should use even people that are already long time in bitcoin, still uses this wallet.
In which country you live? You have to use an exchange for you to avail that $50 worth of bitcoin and have it transferred to your wallet. Exchange like Binance.

If he really wants to store it in a personal wallet. With only $50 budget i would recommend oCinbase for the exchange because of cheap fees. In binance a huge amount of it goes to withdraw fees.

_act_

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Thank you all for your advice, bitcoin has been a good currency since, having believe in it will help, that is why I have to join people that will think positive about it. I thank you all reply this thread, I see this forum very useful, I have gone through some posts that are very informative and educative. I think you will see me around very often to gain more from what people are posting.

Coyster

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It's great to say the least that you recognize the risk concerns inherent in the Bitcoin network and also looking for ways to circumvent it, which unlike most people think, is pretty easy, always use a non-custodial wallet cause, "not your keys, not your coins"; what this expression means is that if your funds is stored in a wallet you do not own the seed phrase, then it's quite easy for you to lose your funds, mostly through the carelessness of the third party in charge, or due to hacks or data breaches.

Having said that, you're starting of with a pretty low amount ($50), which leads me to ask if you're already acquainted with the very important axiom of "invest only what you can afford to lose", if that amount is what you can afford to lose, then you're good to go, and you can always accumulate more as time goes on, finally you should know it's not advisable to tell people too much about you crypto funds.

Topic: What can I do to safely use bitcoin (Read 194 times)