Topic: Worries: can anyone advise? - page 3. (Read 2309 times)
I'd suggest that you buy $20 or $100 or whatever you are comfortable losing and start to play around with it and learn how it works. Try out some different wallets, try making transactions, creating new keys, etc. Once you understand everything better and you have a solid grasp on proper key management then you can go big and keep all the coins yourself so you won't have to worry about any exchange failing.
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I worry that if I manage to get money into Bitcoin, I may have trouble getting it back due to financial regulations.
Future Bitcoin regulations are always a problem. But I don't think that government would go as far as to block bitcoin of ensue some regulations so severe that you lost access to your coins.
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I worry that I will lose my Bitcoin wallet due to an Internet problem.
Imagine this - if internet fails - I mean, totally fail - whole internet will die. Then yes, you probably lose your coins. But I doubt that will happen, unless there will be some crisis like nuclear war or something.
But again I don't think you would care about your coins anymore if that happen. So don't worry, it is not possible for internet to fail.
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I worry that my Bitcoin will be lost if I die.
And you are perfectly fine with money you lose after you die? It is the same thing. Just give access to your private key/wallet to someone you trust. Thats it.
Don't invest 100k all at once. It's best to spend a portion of your investment funds once a week, and with that large of an amount, you will have trouble investing all at once anyways. Instead, purchase 10k worth of BTC once a week for the next 10 weeks, or 1-2k worth of BTC daily. It will be cheaper and safer this way.
This is a good strategy for you! If you go to exchange, you buying pressure will push up the price a lot. You buy a bit from time to time when the price is staying at the lower range. Check this one as well. http://www.reddit.com/r/Bitcoin/comments/2q6hm0/where_to_buy_bitcoin_in_large_amounts/
With that amount of cash im sure you could get a bitcoin broker to setup a private deal for you, have a look at this http://www.coindesk.com/bitcoin-brokers-trade-millions-without-exchange/, you will pay a % of course base on the buy is how they make their money.
well if u dont trust banks then go for local traders..ofcourse one trader will not pay u btc for 100k so u have to exchange it part by part and store it in a paper wallet..and whenever u want to earn just take ur coin from the paper wallet and after some profit send them back to ur paper wallet
You can use localbitcoins, make sure to chose a reputable trader. Also i 'd advise not buying $100k in one shot, you can buy $10k - wait for bitcoin to be released, then $10k again and repeat the same process until you reach $100k. On localbitcoins if you stay in escrow and make sure that you have proof of payment then you can't get scammed.
Then send your bitcoin from localbitcoins to paper wallets ( bitaddress.org), i would recommand creating at least 10 wallets and send 10k on each wallet, keep multiple copy of private keys in a safe place, you can give copy to someone you trust in case you die.
You will not have trouble getting your bitcoin back if you hold the private keys regardless of regulation.
Then send your bitcoin from localbitcoins to paper wallets ( bitaddress.org), i would recommand creating at least 10 wallets and send 10k on each wallet, keep multiple copy of private keys in a safe place, you can give copy to someone you trust in case you die.
You will not have trouble getting your bitcoin back if you hold the private keys regardless of regulation.
If you want to worry about something, worry about the fact that bitcoin core can't send an alert without the consent of a third party.
Your remaining worries are tiny in comparison.
Your remaining worries are tiny in comparison.
I am interested in buying around $100k of Bitcoin.
Is the best way to buy in small quantities on an exchange?
I read that some banks won't let you transfer money to a BTC exchange, and worse, may close your account.
I worry that the exchange may fail and I would lose all my Bitcoin
I worry that Bitcoins anonymity is not going to work, after all, my bank will know that I transferred funds to a particular BTC exchange, or to a block chain account.
I worry that if I manage to get money into Bitcoin, I may have trouble getting it back due to financial regulations.
I worry that I will lose my Bitcoin wallet due to an Internet problem.
I worry that my Bitcoin will be lost if I die.
By the way I have no worries about price changes. I can take the financial loss if there is one.
Please tell me if there are solutions to these problems.
Is the best way to buy in small quantities on an exchange?
I read that some banks won't let you transfer money to a BTC exchange, and worse, may close your account.
I worry that the exchange may fail and I would lose all my Bitcoin
I worry that Bitcoins anonymity is not going to work, after all, my bank will know that I transferred funds to a particular BTC exchange, or to a block chain account.
I worry that if I manage to get money into Bitcoin, I may have trouble getting it back due to financial regulations.
I worry that I will lose my Bitcoin wallet due to an Internet problem.
I worry that my Bitcoin will be lost if I die.
By the way I have no worries about price changes. I can take the financial loss if there is one.
Please tell me if there are solutions to these problems.
You are just building a new account which will be sold at Digital Goods section @ $1-$2.
Please keep your $100k stories elsewhere. We have enough of this.
If you make one more post like this, I'll report you to BadBear.
Don't invest 100k all at once. It's best to spend a portion of your investment funds once a week, and with that large of an amount, you will have trouble investing all at once anyways. Instead, purchase 10k worth of BTC once a week for the next 10 weeks, or 1-2k worth of BTC daily. It will be cheaper and safer this way.
Many of those are valid concerns.
Which is why blockchain technology still has quite a long way to go before ordinary people can just move money into bitcoin worryfree.
For example, some people argue that btc can help the unbanked in the third world. The ones at the bottom of the pyramid. The ones with 10 people living in a hut made from coca cola cans. So how will they keep their paper wallets safe? Frankly btc is pretty far from having reasonable security measures in place - but once that gets solves... yes, then it will be a great leap in terms of the history of money. But we are far from there yet and security issues is currently the main issue.
However, some of your concerns however are unlikely to happen or can be remedied if you are careful. But - it is not like putting money in a Citibank account in terms of security. Yet.
Which is why blockchain technology still has quite a long way to go before ordinary people can just move money into bitcoin worryfree.
For example, some people argue that btc can help the unbanked in the third world. The ones at the bottom of the pyramid. The ones with 10 people living in a hut made from coca cola cans. So how will they keep their paper wallets safe? Frankly btc is pretty far from having reasonable security measures in place - but once that gets solves... yes, then it will be a great leap in terms of the history of money. But we are far from there yet and security issues is currently the main issue.
However, some of your concerns however are unlikely to happen or can be remedied if you are careful. But - it is not like putting money in a Citibank account in terms of security. Yet.
I am interested in buying around $100k of Bitcoin.
Is the best way to buy in small quantities on an exchange?
I read that some banks won't let you transfer money to a BTC exchange, and worse, may close your account.
I worry that the exchange may fail and I would lose all my Bitcoin
I worry that Bitcoins anonymity is not going to work, after all, my bank will know that I transferred funds to a particular BTC exchange, or to a block chain account.
I worry that if I manage to get money into Bitcoin, I may have trouble getting it back due to financial regulations.
I worry that I will lose my Bitcoin wallet due to an Internet problem.
I worry that my Bitcoin will be lost if I die.
By the way I have no worries about price changes. I can take the financial loss if there is one.
Please tell me if there are solutions to these problems.
Is the best way to buy in small quantities on an exchange?
I read that some banks won't let you transfer money to a BTC exchange, and worse, may close your account.
I worry that the exchange may fail and I would lose all my Bitcoin
I worry that Bitcoins anonymity is not going to work, after all, my bank will know that I transferred funds to a particular BTC exchange, or to a block chain account.
I worry that if I manage to get money into Bitcoin, I may have trouble getting it back due to financial regulations.
I worry that I will lose my Bitcoin wallet due to an Internet problem.
I worry that my Bitcoin will be lost if I die.
By the way I have no worries about price changes. I can take the financial loss if there is one.
Please tell me if there are solutions to these problems.
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