Which is safest wallet for bitcoin long term holding? - page 2.

DVlog

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Quote from: Makus on September 06, 2023, 03:00:50 AM

Hello guys with several wallets out there, I want to be sure make the right choice, because I have seen posts were members of this forum are complaining about some wallets and exchanges because of their unprofessional behavior.
So my question is, apart from electrum wallet which other wallet is the safest for long term holding of bitcoin?.

A hardware wallet is the safest one.

Quote from: Makus on September 06, 2023, 03:00:50 AM

With the current reduction of price in Bitcoin, is it the best time to buy bitcoin or should I still wait for the dip?.
Though I have seen some post talking about "buy now or wait for the dip" but the debating answers got me confused, so I need the final clarity from you guys.

If you want to wait for the dip then you will never buy Bitcoin. There is no bottom so no matter how dip the price of bitcoin goes some people will never be satisfied and will tell you the price will drop more. If you think the price will go down then buy in parts. If the price further crashes you will DCA to lower your average. This is the safest and most proven method I know of investing in Bitcoin.

tech30338

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Quote from: Makus on September 06, 2023, 03:00:50 AM

Hello guys with several wallets out there, I want to be sure make the right choice, because I have seen posts were members of this forum are complaining about some wallets and exchanges because of their unprofessional behavior.
So my question is, apart from electrum wallet which other wallet is the safest for long term holding of bitcoin?.

With the current reduction of price in Bitcoin, is it the best time to buy bitcoin or should I still wait for the dip?.
Though I have seen some post talking about "buy now or wait for the dip" but the debating answers got me confused, so I need the final clarity from you guys.

The best one is the hardware wallet Trezor wallet. although there are lots of wallet that can be use, like electrum, but to be safe you have to remember to keep the seed phrase, keep it safe, from natural disasters and thief, since if it got to the wrong hands for sure, the money inside will be gone, also securing your computer of course from hackers.

Bitcoin price from high above 60 Thousand dollars, i thinks its okay to buy now, if you have funds, its up to you if you have prepare for this dip, and have lots of room to accommodate and bag some bitcoin, since we are not sure when will it rally, if two people are debating and you don't know what to do, do some research, since your source at the moment have different ideas, so that your research will be the tie-breaker, but we are not really sure so better be prepare for the result good luck hope this helps you.

Charles-Tim

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Quote from: Coyster on September 06, 2023, 03:14:03 AM

I think we are already in the dip and Bitcoin might not fall much lower than it is right now before the next bull run begins, so now seems a good time to buy Bitcoin for a cheaper price.

Nobody knows if bitcoin price will still dip further, it might. But the reason to buy now is because any further downtrend would only be an unrealized loss if the buyer do not sell, and the price will later increase and reach all-time-high. That is the reason it is wise to buy bitcoin now. Some people can even go for the DCA option.

So if anyone buys bitcoin now and the price started to fall, the person should not panic but wait and the price will increase back and later all-time-high will become a reality again.

Rikafip

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Quote from: Makus on September 06, 2023, 03:00:50 AM

Hello guys with several wallets out there, I want to be sure make the right choice, because I have seen posts were members of this forum are complaining about some wallets and exchanges because of their unprofessional behavior.

You are probably referring to Ledger and they are right, that hardware wallet should be avoided.

Quote from: Makus on September 06, 2023, 03:00:50 AM

With the current reduction of price in Bitcoin, is it the best time to buy bitcoin or should I still wait for the dip?.
Though I have seen some post talking about "buy now or wait for the dip" but the debating answers got me confused, so I need the final clarity from you guys.

No one can tell when its the right time to buy bitcoin, but for me personally best time is always now. If you are usnure or think that bitcoin price might go down, you should consider dollar cost average (DCA) investment method where you don't spend all your money on bitcoin at once and instead you are buying at regular intervals no matter the price.

BlackBoss_

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Quote from: Makus on September 06, 2023, 03:00:50 AM

So my question is, apart from electrum wallet which other wallet is the safest for long term holding of bitcoin?.

Beside Electrum wallet, you can use Bitcoin Core, full node if you want best privacy with Tor connection, or prune node if you are not serious about privacy.

Hardware wallets if you can buy them.
[LIST] Open Source Hardware Wallets

Quote

With the current reduction of price in Bitcoin, is it the best time to buy bitcoin or should I still wait for the dip?.

Best time to buy Bitcoin is when you stop thinking, hesitation and start to buy it with your spare money without pressure to borrow money for investment.

Because you can not timing the market, can not find bottom, stop worrying about best time.

Kodec5

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Quote from: Makus on September 06, 2023, 03:00:50 AM

With the current reduction of price in Bitcoin, is it the best time to buy bitcoin or should I still wait for the dip?.
Though I have seen some post talking about "buy now or wait for the dip" but the debating answers got me confused, so I need the final clarity from you guys.

At this particular point In Bitcoin , I believe we are currently in the dip and this should be one of the perfect time to accumulate Bitcoin.
And I am sure you don't want to miss such an opportunity before it reaches ATH

Coyster

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Quote from: Makus on September 06, 2023, 03:00:50 AM

So my question is, apart from electrum wallet which other wallet is the safest for long term holding of bitcoin?.

Electrum is a hot wallet, so if you are using electrum default hot wallet, then it isn't safe for long term holding. The safest wallet for hodling Bitcoin for the long term is wallets that are offline, wallets like hardware wallets or air-gapped wallets (of which you can create with electrum).

Quote from: Makus on September 06, 2023, 03:00:50 AM

With the current reduction of price in Bitcoin, is it the best time to buy bitcoin or should I still wait for the dip?.

DYOR. I think we are already in the dip and Bitcoin might not fall much lower than it is right now before the next bull run begins, so now seems a good time to buy Bitcoin for a cheaper price.

Charles-Tim

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You may also consider going for a cold storage option on an airgapped device, like Electrum cold storage: https://electrum.readthedocs.io/en/latest/coldstorage.html

Or just buy a hardware wallet like Passport (bitcoin-only) or Trezor (multicoins)

If you want to buy bitcoin and hold in long term, it is good to buy now.

EL MOHA

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Quote from: Makus on September 06, 2023, 03:00:50 AM

Hello guys with several wallets out there, I want to be sure make the right choice, because I have seen posts were members of this forum are complaining about some wallets and exchanges because of their unprofessional behavior.
So my question is, apart from electrum wallet which other wallet is the safest for long term holding of bitcoin?.

Definitely a hardware wallet is the best option for a long time hold. Read about other bitcoin wallets -which, what and why

Quote from: Makus on September 06, 2023, 03:00:50 AM

With the current reduction of price in Bitcoin, is it the best time to buy bitcoin or should I still wait for the dip?.
Though I have seen some post talking about "buy now or wait for the dip" but the debating answers got me confused, so I need the final clarity from you guys.

I would say you should go ahead to buy right now if you have the funds at hand. The best strategy will be to do DCA with the way the price is going up and down. Waiting for the right time to buy is something I wouldn’t advice because we never might know maybe this is the lowest we will see bitcoin or it will go down again. But to cast doubts out it is better to invest when you have the money

OmegaStarScream

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Quote from: Makus on September 06, 2023, 03:00:50 AM

Hello guys with several wallets out there, I want to be sure make the right choice, because I have seen posts were members of this forum are complaining about some wallets and exchanges because of their unprofessional behavior.
So my question is, apart from electrum wallet which other wallet is the safest for long term holding of bitcoin?.

With the current reduction of price in Bitcoin, is it the best time to buy bitcoin or should I still wait for the dip?.
Though I have seen some post talking about "buy now or wait for the dip" but the debating answers got me confused, so I need the final clarity from you guys.

Open-source hardware wallets are what you should consider using (Passport, Trezor).

As for your question about buying the dip, no one can really help you make that decision. It's completely up to you. You should understand the price is very volatile, and any news (for example ETFs being rejected/approved) could trigger a big move in price.

Makus

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Hello guys with several wallets out there, I want to be sure make the right choice, because I have seen posts were members of this forum are complaining about some wallets and exchanges because of their unprofessional behavior.
So my question is, apart from electrum wallet which other wallet is the safest for long term holding of bitcoin?.

With the current reduction of price in Bitcoin, is it the best time to buy bitcoin or should I still wait for the dip?.
Though I have seen some post talking about "buy now or wait for the dip" but the debating answers got me confused, so I need the final clarity from you guys.

Topic: Which is safest wallet for bitcoin long term holding? - page 2. (Read 294 times)