Bitcoin Forum

Hi all,

I am a newbie so I need an advice on what u people do with your money. I usual take short time trades and have all my money in euros and in one exchange, however this does make me feel uncomfortable, suggestions are most welcome.

Storing Bitcoin in an exchange isn't the best solution , you know . I'm not sure how much do you have but you should consider trying the following : Desktop wallets , Hardware wallets , Paper wallets (depends on how much you have and what they are for) .
I personally feel more comfortable with btc so I store everything I have in BTC , It's probably hard to believe but it's real . I'm just a teenager after all ,I don't have bills to pay or anything to worry about so it all depends on on how much you need to spend/bills/food etc ..

Maybe You heard about Cryptsy, exchange that went bust with all their users money.
You should consider moving your funds ouf of exchange for safety reasons,
just like #OmegaStarScream said.
Why storing funds in fiat? Use BTC and some offline wallet on your hdd. Dont forget to back the wallet up.

why you not trying to buy some hardware miner :)
it's good for people have more money, you can growing your money also you can feel "the true sense of mining bitcoin"

I suppose you mean investing in hardware.
OP should be ready to take the risk of losing using this strategy (although less risky than storing his coins somewhere he doesn't control his funds).
Reaching ROI by mining is really hard right now and it's not getting easier.

I don't recommend leaving much money on an exchange. Just enough to make your trades.  I lost some this way.  You could leave a little with coinbase but still maybe most of it on an offline wallet.

Trading is not always stable, sometimes up and sometimes down, mostly you need to hold to save your funds.

Invest in a hardware wallet like Trezor and store most of your coins in there, until you are ready to trade. Do not send all your coins to any of the exchanges at once. Send some small amounts and trade them and rinse and repeat until you have accomplished your goals.

We first saw Mt Gox and now Cryptsy, so it seems these exchanges just cannot get their act together even though strict regulations are enforced since the Mt Gox situation.

There are no strict regulations enforced on these exchanges. That is the problem. If there were, they would've reported the thefts a long time ago before even trying to fix the situation. Several other exchanges did exactly that. Disclose that hey were hacked, and present a plan on how to recover the losses and reimburse everybody.

Biggest problem with the exchanges still seems to be social engineering and bugs in the engines. Even controlled banks lose millions each year due to human error, which shows that it is impossible to make a perfect system and stuff like this can always happen. The challenge for the exchanges is to minimize their losses in case this happens, e.g. by having low value hot wallets.

That said, try to store as little on exchanges as possible. Especially the smaller ones that have not been around very long. The bigger ones are now much more strictly regulated and have learned to take security more serious.

I think you should store your money or bitcoin on offline wallet and just left the spendable amount on exchanger I think it's less risky than stored all of your bitcoin on exchanger, you don't have ultimate controll over your bitcoin or private key

yes you are right mate

We're the government require them to pay tax? then there should have regulation about these and that if they don't report such events like being hacked, they are liable to the extent that they pay every penny of client's lost coins.

You must study carefully storing money or investing it might be profitable if you know what specific currency to buy and sell afterwards, for me if you can deal with it any strategy will works if you know what to do.

Everything is a make or break with your investments. That's why you really need to be careful what investments are you going to take.

you can buy gold with a part of your savings if you don't plan on using them anytime soon

Most of the money earned will be used for the day to day living. 
Only a mere part of regular earning can be used in some business.
Now short term investments can be made through bitcoin so to
get a saving for the future.

 :) you trust only usable bitcoin members and you achieve only achievement not for money earning.

use the minimum for trading, you don't need much money on the exchange because there is leverage, big leverage help to have low amount and play with that

every profit you make from it send it to the cold storage

do not ever save all your money in exchange for long term because this is not a good option and as you know that some exchange become scam and got hacked and my advice is you should be have your personal wallet to save all your money i think it more secure than save money at exchange

what is do is that i deposit any amount that i want to invest in trading and do my trades and after that i try to withdraw as soon as i am done with the trades that i wanted to make, this can be one day or a couple of days but i do my best not to leave any money on exchangers anymore.

i'm also newbie on money storing strategy,even i have long time ago know about bitcoin,but never have good strategy to control my money. so i just suggest you what currently i doing for strategy storing money,i just try to safe every funds that i get from bitcoins and other income,and i promise to my self to more patient if have money,so my strategy is just patient if have some money.

Yes I also think we should keep our hard earned bitcoins in Wallets rather then in exchange. How did you manage to lose your bitcoins in exchange, by trading or hacked ? 

I used to trade bitcoins for US dollars and euros on Cryptsy and I thought I was doing well with it.  Then the site shut down.  Be careful with exchanges and don't put a lot of money in them.  I would like to find another exchange, but I don't know of many right now that I would trust.  Any ideas?

keeping any money at exchangers are not a safe idea anymore. there has been enough exchangers that were hacked or ran away with the money that it is not safe to trust them anymore.

what i do is that i always withdraw any funds i have on the exchanger after i am done with the trades or i don't want to take any position in the orderbooks.

I feel sorry about that mate, why not try yobit.net? look at my signature campaign, it is legitimate and many users are using it. I recommend it to you, I hope you'll try it.

Poloniex seems the best right now.

never save all your money in exchange because isn't good how if that exchanger collapsed, you will lose all your money. i suggest  only save your money on exchanger for trade.

It depends how much money you're talking about and how much you are adding to it each month. You might want to try investing in physical gold, silver, platinum, coins - the possibilities are endless. There is always the option of investing in domains or websites that can bring in a reoccurring income with some maintenance.

You are asking what we do with our money, i am in to bitcoin and alt coin trading, so i invest in bitcoin and some in alt coin exchange and do daily trading, and keeping the balance bitcoins in different exchanges according to my requirement. some i keep in online web exchange for doing daily trading, balance i keep in desktop wallet for future expenses.

in bitcoin also you can make a short time trade. but I would suggest trading altcoins, due to better profits.

Best way to store your BTC is in a hardware wallet (Malware free so far) Trezor a expensive one and Ledger Nano a cheap one. They are both good for this.

If you don't want to spend money, try desktop wallets then, I suggest a safe OS like Linux you can install it in an old PC and keep it only for BTC, use a lightweight wallet like Electrum, store its seed securely.

Never trust an online exchange no matter how good they appear to be, there is always the chance they shut down and you lose your BTC there, if you cannot stay away and wants to trade, leave just a small amount there for your everyday trading.