It's really the best advice to keep that we have to secure our funds or crypto assets through keeping it with a hardware wallet. The security of it is way better than those wallets that we've been introduced like the web wallets which is common for beginners.
I've got a couple of friends that have been into bitcoin investing and all of them started to expand their investments and portfolio through buying different altcoins. I've already told them my thoughts about it and there's nothing wrong with it as long as they will not forget that they all started out with bitcoin and all the crypto in the market are moving because of it, so, they shouldn't just leave it. And as they invest, they have to make sure that it won't be painful to them with the money they allocate into their altcoin investment expansions.
Topic: Which of your friends and relatives deals with bitcoin? - page 5. (Read 739 times)
If you are young and passionate about Bitcoin and making money. Do not trade because it is not as simple as it seems. You can be a good trader if you know what you are doing. But if you are not. Then you will probably fail and you do not want to go broke out of silliness. It is very easy to be tempted and all.
Before trading, I advise you at least research as much as you can about it. Take some courses. Try with some demo accounts. See if you choose to act and move funds at the right time. Unless you are convinced you can do this, do not trade.
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PrivacyG
Before trading, I advise you at least research as much as you can about it. Take some courses. Try with some demo accounts. See if you choose to act and move funds at the right time. Unless you are convinced you can do this, do not trade.
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Regards
PrivacyG
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He explained to me how to register on the exchange, how to buy and sell, everything was clear and I started trading a little, at first my friend helped me, then I started doing it myself. I always kept all my coins on the exchange.
Do you stop trading after knowing it's not good to leave your funds in exchange and then you moved your to ledger wallet. How do you go with the trading you learned from your friend and uncle you stopped everything after you noticed isn't pretty cool leaving your funds in an exchange or were you also moving your funds between like whenever you want to trade you send back to exchange and after you finished trading you take out from the exchange to your wallet. How do you manage to figure it out or after discovering this forum you quit trading entirely?
He meant that he ain't holding any money on exchanges like we used to, where if he earns a decent profit from trading on an exchange, he usually sends it directly to his ledger, but still he needs to leave some funds to continue trading. He didn't say that he quit; he is just safeguarding his bitcoin as part of his security. It doesn't mean that every time he wins a trade, he then transfers it; it just means that if he accumulates profit by the end of the day, he will then transfer it.
Okay.. this is very cleared to me now, you know most at times people don't always make their statement understandable to their reader. I am happy for him joining this forum being it lessen stress and make newbie or beginners understand things more better than the way we could explained to them.
I recently read a thread where investing in bitcoin is compared to a young tree that takes a few years to start fruiting, this is a very good comparison, I will project it on my investments and hope that everything works out
The Thread you found about bitcoin is right. The fact is everything about bitcoin works out. Its just like a magic. Although, there are always different kinds on obstacles on the way. But it will later work out.
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He explained to me how to register on the exchange, how to buy and sell, everything was clear and I started trading a little, at first my friend helped me, then I started doing it myself. I always kept all my coins on the exchange.
Do you stop trading after knowing it's not good to leave your funds in exchange and then you moved your to ledger wallet. How do you go with the trading you learned from your friend and uncle you stopped everything after you noticed isn't pretty cool leaving your funds in an exchange or were you also moving your funds between like whenever you want to trade you send back to exchange and after you finished trading you take out from the exchange to your wallet. How do you manage to figure it out or after discovering this forum you quit trading entirely?
He meant that he ain't holding any money on exchanges like we used to, where if he earns a decent profit from trading on an exchange, he usually sends it directly to his ledger, but still he needs to leave some funds to continue trading. He didn't say that he quit; he is just safeguarding his bitcoin as part of his security. It doesn't mean that every time he wins a trade, he then transfers it; it just means that if he accumulates profit by the end of the day, he will then transfer it.
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Almost all my friends are into crypto now, and I am the one teaching most of them. I did learn everything by myself, the only thing I can say is that I became more exposed to cryptocurrency after attending a seminar in school. I learned how to trade on YouTube and my first registered exchange was Binance, also, my first bought token was on a DEX. Security is very important in crypto investment; otherwise, you will be investing just what some random scammers will steal and all your efforts will turn a wast.
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He explained to me how to register on the exchange, how to buy and sell, everything was clear and I started trading a little, at first my friend helped me, then I started doing it myself. I always kept all my coins on the exchange.
Do you stop trading after knowing it's not good to leave your funds in exchange and then you moved your to ledger wallet. How do you go with the trading you learned from your friend and uncle you stopped everything after you noticed isn't pretty cool leaving your funds in an exchange or were you also moving your funds between like whenever you want to trade you send back to exchange and after you finished trading you take out from the exchange to your wallet. How do you manage to figure it out or after discovering this forum you quit trading entirely?
Interesting story but my story is the opposite of your story, I got acquainted with Bitcoin on my own by chance and learned everything about it while none of my friends or family knew anything about Bitcoin.
I learned everything on my own and later I brought the knowledge to my friends and family, at first they did not understand anything about Bitcoin and many of them did not believe that money can be made through this unknown thing.
Now the knowledge about Bitcoin has started to increase around the world and everyone is interested in knowing everything about Bitcoin. I think we may reach adoption in a few years.
I learned everything on my own and later I brought the knowledge to my friends and family, at first they did not understand anything about Bitcoin and many of them did not believe that money can be made through this unknown thing.
Now the knowledge about Bitcoin has started to increase around the world and everyone is interested in knowing everything about Bitcoin. I think we may reach adoption in a few years.
I Have One Best Friends He Looks Likes My Big Brothers Also And He Working With Bitcoin And Crypto Currency Sectors From 2014 I Seen More & More Time My Friends Is Very Expart Now In Crypto He Know More Information Better Than Me.Like Crypto Currency Trading, Earning,Mining And Many More Etc.
I completely agree with you and your uncle that safety is of utmost importance when it comes to investing in cryptocurrencies. Personally, it's great that you have moved your coins to a hardware wallet for added security.
And I think it's also important to spread the word about the importance of keeping your coins safe.
If your investment in Bitcoin, it's great that you are starting small and building your way up. Like you said, it's like a young tree that takes a few years to start fruiting.
I mean, Bitcoin is still a relatively new technology and we are still figuring out how it will be used in the future.
But, I think it's important to keep an open mind and keep learning about Bitcoin and cryptocurrency. It's a constantly evolving space and there are always new developments and opportunities to explore.
And I think it's also important to spread the word about the importance of keeping your coins safe.
If your investment in Bitcoin, it's great that you are starting small and building your way up. Like you said, it's like a young tree that takes a few years to start fruiting.
I mean, Bitcoin is still a relatively new technology and we are still figuring out how it will be used in the future.
But, I think it's important to keep an open mind and keep learning about Bitcoin and cryptocurrency. It's a constantly evolving space and there are always new developments and opportunities to explore.
It feels good and calming to see a newbie talking about not leaving their assets on crypto exchanges, it shows you are different and always learning, do not put a stop to this, because this is the most perfect way to know more about crypto and how to always keep your assets safe from scammers and hackers.
The only person that I had was my father, he is no more, he believes in Bitcoin and he strengthen my belief as well, it got to a point where I started losing patience, when I talk to him about how impatience I am becoming he would say that good things takes time, that there is no need for a rush.
I still have a mother, till this day she still can't figure out if Bitcoin is a good technology or a bubble that might burst somewhere in the future, she is 71years old this February 2023, she is old and I can't blame her for not understanding.
The only person that I had was my father, he is no more, he believes in Bitcoin and he strengthen my belief as well, it got to a point where I started losing patience, when I talk to him about how impatience I am becoming he would say that good things takes time, that there is no need for a rush.
I still have a mother, till this day she still can't figure out if Bitcoin is a good technology or a bubble that might burst somewhere in the future, she is 71years old this February 2023, she is old and I can't blame her for not understanding.
Nice story Op, but for me, only my older siblings know that I'm into Bitcoin and they also deal with bitcoin but none of them are into trading. They just buy and hold till the price is right for them to trade.
But as for my other relatives like my uncles, aunts etcetera, none of them know about my dealing with Bitcoin and I'm not sure if I'm ever going to tell them because I believe that they don't have anything to offer rather than criticize me wrong for dealing with a scam.
True, a hardware wallet is the best but you can still use an open-source cold wallet and get the same security that a hardware wallet provides, it all depends on how you handle your wallet. If you're still careless with your hardware wallet it can still get compromised so the security of a wallet depends largely on the user.
But as for my other relatives like my uncles, aunts etcetera, none of them know about my dealing with Bitcoin and I'm not sure if I'm ever going to tell them because I believe that they don't have anything to offer rather than criticize me wrong for dealing with a scam.
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I hope this will be useful for those who still store bitcoins on the exchange, you should think about security and hold your coins on hardware wallets.
I hope this will be useful for those who still store bitcoins on the exchange, you should think about security and hold your coins on hardware wallets.
True, a hardware wallet is the best but you can still use an open-source cold wallet and get the same security that a hardware wallet provides, it all depends on how you handle your wallet. If you're still careless with your hardware wallet it can still get compromised so the security of a wallet depends largely on the user.
Not everyone is as lucky with uncles as you are, OP. Many of us make our way through trial and error. In my environment, people know that there is Bitcoin, but no one is passionate about it. Even talking about the forum, you can get a lot of information here very well; my friends are not tempted to check it out. Maybe it's laziness or other employment. I do not want to impose anything on anyone, and I understand that everyone's interests may be different. Therefore, in my own way, I am alone in the circle of my friends if we talk about communication, but I think that soon many people will be interested in bitcoin; it’s just that each person has his own time and his own way to it.
Yea, I think I am like your uncle....
I am giving "Bitcoin" presents to my friends and relatives that are interested in Bitcoin.... and I am the crazy Bitcoin uncle that only wants to talk about Crypt currencies.
My obsession in the early days.. brought a lot of friends and family into Crypto currencies and some of them are even doing much better than I am at the moment. Some of them lost money, because they sold too early or they needed the money.
I am giving "Bitcoin" presents to my friends and relatives that are interested in Bitcoin.... and I am the crazy Bitcoin uncle that only wants to talk about Crypt currencies.
My obsession in the early days.. brought a lot of friends and family into Crypto currencies and some of them are even doing much better than I am at the moment. Some of them lost money, because they sold too early or they needed the money.
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It will always be a bad habit to keep assets in an exchange even though it may seem practical to be able to do whatever you want immediately.Choosing to store Bitcoin on hardware is definitely the right choice because hardware wallets are specialized for storing Bitcoin assets.
Your uncle is aware and understands how to secure Bitcoin assets.
Secure the seed phrase and private key and the asset will be safe. Another sentence is not your key not your coin.
I learned everything myself because there was no one in the environment who could tell me something.But then I became the one who helped my friends and relatives sort out some issues related to crypto,and I’m even glad when they turn to me for help,because I remember how difficult it was for me.So if someone asks you for help or advice,always help and maybe the person who received the knowledge will pass it on.
I am just like you, I had to learn everything on my own as there was no one close to me that was interested on bitcoin at the time and I had to make a lot of mistakes to learn everything that I know now.The difference is that I then tried to help others to adopt bitcoin and no one was interested, so I gave up long time ago, sometimes I get a question about bitcoin, but as you may guess they are only interested in the price and not on what makes bitcoin great, so I prefer to not reveal too much as I have the feeling that if they invest in bitcoin and they lose their money they will blame for their loss.
Securing your money first before planning to invest more That is really the best way to start having a bitcoin because, as you know, there are a lot of issues right now with getting hacked, so best way to store it safely. When talking about physical friends, I'm not really into bitcoin, but for online friends, I have a lot of them who deal in bitcoin, and the truth is that they are the ones who taught me this. We live in a province, so I am not shocked that people are not into crypto.
Yes, use the exchange to only exchange the coins. Exchanges aren’t meant to hold your coins; they aren't wallets. So if you store your coins there, then definitely you are inviting lots of trouble to yourselves. The exchanges don’t give complete access to your coins. Whenever they want, they can block your coins without any prior information. So yes, only use the exchanges when you are making an instant trade or withdrawal. Moreover, now a days it doesn’t care how reputable an exchange is; I hope you guys didn’t forget about the FTX incident. Instead, hold your coins in cold storage or an offline wallet.
I learned Bitcoin from my elder brother some years ago, and he thought me so many things about Bitcoin investment and what it takes to remain successful in profits making which is keeping me till today in the community. I also learned how to be patience to buy coins in the right time and hold for a better future to come which am enjoying today and I will definitely impact it to my siblings so that they will not see Bitcoin as a scam currency in the future. I believe, the number of bitcoiners will increase higher soon because our government will soon adopt Bitcoin to help the youths to grow well in the area of wealth in the country.
I know some of my friends are deals with Bitcoin since few times they're talking about Bitcoin price, but I choose to shut my mouth and act like I was never know about Bitcoin or doesn't interested anything with Bitcoin.
Don't forget when you want to access your hardware wallet, if you use unsecured device your coins have a chance to be compromised.
It was from my uncle that I learned not to store coins on the exchange, and later my uncle gave me a ledger, it was the coolest present for my birthday. It was thanks to him that I learned that you need hold coins correctly, safety is above all, and that Bitcoin should be the main investment.
I understand holding a coin in centralized exchange is bad and you need to use hardware wallet for better security. But according to your story there's no mentioned or explanation why hardware wallet is better than a centralized exchange.Don't forget when you want to access your hardware wallet, if you use unsecured device your coins have a chance to be compromised.
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