Bitcoin Forum

Hello boys, I received a big amount of money in BTC & decided to keep it instead of putting it into my bank directly.

I'm really stressed about BTC, I don't wanna lose all this money because it's a big amount for me.

I don't know what to do anymore, wether holding or getting it into tether. Help

Keep your private keys safe and do nothing else.

Sell all btc  now  add keep  usd  . Then  after months  ( when  btc  becomes  more sheeper) buy  more  btc  again by the same  usd . 

Get a hardware wallet if you haven't bought one yet (Trezor (https://shop.trezor.io/)), and stay away from Tether unless you trust the guys behind it.

As others says get a hardware wallet first.about btc, dont sell it.it may fall but dont panic.halving is coimng so if it falls buy more.after 1 year you will make good profit.last choice is yours ofcourse.

I think this good decision. If you could hold it for little bit longer then you might get good profit from it. Put your money into bank will not make much benefits in my opinion. I will not encourage to convert it tehter. Since you are new on crypto-currency that's why I think hold is better for you. If you could learn trading it will bring extra benefits for you. So just hold and research more what you should do in future.

You have to decide when you don't want to risk it or not, if not, you should sell it for fiat and save the proceeds to your bank account, that is safer.
There is no reason to convert it into tether if you are not investment on BTC, but if you are willing to take the risk and decide to hold it long term, I suggest you buy a hardware wallet and keep it in a safe place, it's safer than way.

if you are worried about bitcoin then you must be 100 times more worried about altcoins specially centralized ones that are shady like Tether.

then sell a certain amount of the bitcoin you have received so that you end up with a smaller amount that you could "afford to lose". that way you are reducing the risk and your stress while still having some amount of bitcoin.
how much, depends on your personal preference.

This is always the problem of new people getting into the Bitcoin, that's why it is much better than if you are using Bitcoin as investing, then pooya87 is right, invest what you afford to lose.
Bitcoin for will never go away, much better if you are planning to hold it for the long term, no matter how it will dump hard or pump hard then it's much better to keep your bitcoin out on an exchange, get your personal bitcoin wallets for much safer.
Don't always look at the price of Bitcoin for not worrying too much because I also experienced that before  ;D

Ok, when you say big, is that between $1 and $100 000 or more than that. <Do not be specific, just a ball park figure> The reason why I am asking, is that some people think $500 worth of Bitcoin is a lot and when we advice them to buy a hardware wallet to store those bitcoins, then they would think it is too expensive to buy a hardware wallet that might be between $100 to $200.  ::)

The cheapest option is to create your own Paper wallets and to transfer the coins to those wallets. <If this is a long-term plan> but for the short-term and if you use these coins more frequently, I would suggest buying a Trezor or a Ledger hardware wallet. <coins are more accessible>  ;)

# Make sure you know how to create a secure Paper wallet, before you go that route.  ;)

Since you are telling us that it is a big amount of money then you have to secure it and like most of the previous answer hardware wallet would be the best for you .
And since your new in crypto I think it would be best to just stick up in BTC right now .

I have some questions:

- Do you sell bitcoin related stuff?

- You did service for someone and that person paid you in bitcoin?


you should explain better about it ... your story has some gaps


 ???

you said this:


So keep one part and sell another part for you to use in the real world.

Save your BTC assets in hardware for the long term, it's better than storing them on the exchange because there will be pressure to sell them when prices go down, remembering one true story when someone kept gold for decades and even the almost forgot it, when he sold it when it already has a 1,000-fold profit.

Smart. That's why Bitcoin was created - you don't need banks to store your money anymore.

set the password for the wallet, store the password in several secure places. Or even parts of password.
Store the private key somewhere in several secure places.
Be happy.
Don't forget to explain your children or your mom where to get it in case your death. I'm not kidding. We all can die suddenly in a car crash or so.
Cheers.

How come tether become an option?

And currently, where are your funds now? On what wallet you received it?

If you want to overreact about "security", a hardware wallet is your best choice. However, you need to spend money on it. You may also consider desktop wallet such as Electrum although you need to keep yourself always updated on what's going on this wallet.

Only you know how much money is a lot for you.

I'm with some of the other guys here. Exchange some to FIAT until you are comfortable with leaving the rest. Then forget about it for awhile!

I have two (2) suggestions:

First, keep your bitcoins by securing/getting a hardware wallet and store any amount of bitcoins depending on your discretion; and
Second, invest your bitcoins either by HODL or by diversifying your portfolio in considering the conventional methods of investment in the market.

If I were in your situation, I would keep like 51% of my total bitcoins to a hardware wallet and invest the remaining 49% into different market porftolios (i.e. stocks, bank notes, or by HODL). In this way, I have the security in ROIs in stocks (depending on the company where I acquire my stocks) and risk the remaining by short-term income.

You have a large amount of money but I see in your situation that you are afraid meaning you are still a newbie in crypto currency. If you don't know what you are going to do then it's better that you just cash it out rather than holding it in btc or converting it to tether.

But if you will just study crypto currency deeper especially the bitcoin then you will surely love to hold it for a while until the price will increase before cashing it out.

Since you are new, maybe you are not aware of the price volatility of BTC, and you might loss if you failed to make a timely decision.
Holding BTC in your wallet is investing, and therefore there is a risk that the monetary value of your BTC will drop significantly.

If you don't want to take the risk, you can convert that into stable coin, then withdraw if you want to leave.
However, if you want to learn, you can touch a small percentage from your total BTC and start trading, and just continue learning so eventually you will know how to manage your funds.

The risk for someone who has bitcoin is not about hacker only, to save your bitcoin on the hardware wallet only have a function to make your bitcoin safe. But there is something who make your bitcoin meet a decreasing price. It means your money will lose also, because the price of bitcoin is so volatile. And now its price has been decreasing for almost $2000 in a few days.

So, I only give a suggestion to you to choose the strategy that you want. If you have bitcoin to store your money I mean you using it as investment place then you have to have a patience. But when you use bitcoin only for to store your money I think it is not a safest way, you can move into USDT/Teather to store your money because the price of it doesn have a volatile price.

if you are very afraid you better exchange it and deposit it in the bank directly, because if you save in btc is very big risk. We no one knows in the future whether the price of BTC will return high or the price will go down.
but I suggest you get rid of that fear and start saving btc for the long term. I am sure you will reap many profit.

Keep your self anonymous and don't brag about how much Bitcoin you've got there, if I were you, if you can dtill manage to live on by the day and the next coming days or even a year or more, I would just sit tight and watch movies. Wait for it as we are all waiting for some big moments to come, I mean big news and good news about Bitcoin, a sky rocket of price maybe an that is the right moment to convert it into cash.

This depends on your confidence and assertiveness. There are too many answers when you ask a question.
Really in my opinion, if you want to be safe, sell it now for 10k dollar s. 10k dollars is a good price recently, after bitcoin's no-braking time.
If you like adventure, then you can keep it. Bitcoin can rise beyond $ 20k, I guess, but I'm not sure when. Or maybe it will drop?
In a nutshell, this post of mine is to express my objective opinion for your reference. Your ability to get rich depends on you, I am not sure about my ability, so I only contribute opinions, not instructions.

Tether is crashing, so as your money will eventually crash along with it, there are other stable coins that is still quite reliable like USDC, You can make use of that I would really had advised you to go for holding, but because of the volatility of bitcoin which could be in 2 ways, you know that the more you have in holding, the chances you have of getting more when the rice of bitcoin is increasing and vice versa.

I don’t know what you are scared of putting the money in bank, if I was to advised you, I would ask you to out half of it in your traditional bank and use it for more investment that are not digital assets, you could use it to buy gold and hold your funds in it in case you done want to have it where you can easily spend, crypto is full of risk, better you don’t just rely on one source to save your money.

No time is too late to say welcome and to that I say welcome to the crypto world. However, besides all that you're going to read here as suggestions, remember that none should serve as financial advice. In furtherance, I think it would've helped more if you told us how much this money you received is so that the traders here can suggest to you areas of investment you can go into to increase your holding and whether it is worth selling off and rebuying at a later time.

Where is your fears coming from? Is the fear of loosing your Bitcoin to hackers or the fear of the price falling sharply?

If you are afraid of loosing your Bitcoin to hackers as you are not ready to exchange now. If that is your problem, the best way to store your Bitcoin to avoid hackers is on a cold wallet. Believing you already know what cold wallet is, I will recommend you get Trezor because that is what almost everybody is using. It's easy to use and 100% secure.

If your fear is about the Bitcoin volatility, all you need to do is to keep your eyes open to the market trends. Follow the daily price indicators. As soon as you begin to notice any sign of sharp falls, that may be the time to make your decisions as to whether to keep or sell off.

If you're worried about the biggest cryptocurrency that's been around for numerous years, seen numerous public mentions and good publicity, as well as been seen as a great investment by numerous insitutions, I'd recommend you to say from altcoins.

There are a large variety of dodgy altcoins, that have a multitude of issues but still have cult-like followings.

If you are stressed about bitcoin and losing value, there are 2 options from what I see.

1. Sell half of it so you have piece of mind.
2. Set a sell order that automatically sells all your bitcoin when it hits a certain low price and you don't want to lose more money.

Good luck mate, I hope you like BTC and hold it with all of us!

Same with me, if you have a huge amount of crypto and you are unsure if what to do with it better to split it up and make a use of it in other forms of investment, you need to be practical being afraid means that you are not ready to see the value of your assets being dumped chances that you'll going to panic once you see massive dump is ongoing.

You have options to consider, learn more around crypto market while holding your coins or split it up and cash the half into your fiat while still in the learning stage then try growing your remaining assets when you already have good understanding about this market.

Don't do anything in hurry, you will most likely take a wrong decision if you do so.

Get a hardware wallet like Ledger nano/Trezor and keep your BTC there. If you are not sure how to setup, check video guides, you will find 'em on YouTube.

Good luck, may BTC give you massive profits!

Never ever sell everything in a bull market! My advice is to hold majority of your bitcoins. If you want you can trade some between important lines. To sell a small amount of holdings at the important resistances and buy at the important support levels. If you sell everything you risk to be shaken out like many traders were shaken at 4k, 6k. They are now angry no-coiners and they are  still hopping for bitcoin to drop. Don't be one of them.

@stupidbtcayy you have made a wise decision of investing in bitcoins, but it seems to me that you have not done your research regarding bitcoins volatility. I would advise you to read more about Bitcoins and how volatile they’re, and follow the golden rule i.e. learn to ignore all short term fluctuations, and keep holding bitcoins for the long term. Also I can understand everytime prices dips you feel you have made a loss but unless you sell your coins there’s no loss, hence just hodl them and sell them when they’re at it’s peak.

At least don't sell into tether. If you want to sell - USD is better than tether. There are exchanges that you can sell in usd. Bitstamp for example. But it's not the only one.

If you have another money, then you can save the bitcoin in your wallet until the bitcoin price increase so high then you can keep the bitcoin. You don't have to feel stressed about bitcoin because nothing to be worried. You can also learn about trading so you can try to increase the bitcoin amount you have by buying and selling bitcoin in the market. But that will not be easy as you need to know how to analyze the price so you can make a profit.

The op said that he is afraid that his money will decrease so he is asking if tether is a good option to secure the value of his btc  but he can also exchange it for usd right away   . 

For you yes but for the op  , you can see that he is nervous based on his statements so i think saving on btc is not really suitable for him  .

Yes  but the gains can rarely come than the losses because btc isnt performing good these days  .

Why on all of the cryptocurrency you have mentioned tether?you are upset for not putting into your bank but you are considering shitcoin?

And besides you didn’t clarify here what’s the point that you’re stressed in BTC ,what did bitcoin did do you that you felt something like this?mind if you tell us short story for this sentiment?

---

That’s what I’m am saying ,there are so many good coins in market but he had idea about putting into tether.hope Op will come back to this thread and read all our concern regarding he’s problem

Private key is not even the main issue to me here from everything he said, the part I held on to most is the fact that he got a huge amount of money through btc and that might be his first time,  I don’t know how long he intends keeping the money into cryptocurrency, but for now, we all still understand that cryptocurrency has a volatile market, and his coin could fall drastically in value at any point in time.

It is very risky to even have everything in cryptocurrency which makes it unsafe for him financially and even health wise because of B.p, so if I was the one, I would only sell some certain percentage of it and still risk it in bank because bank is not going to crash anytime soon I tell you, so it is still safe to keep it in our traditional bank and leave the rest in crypto.

Or gain a lot. Out of the two the second option is more likely to happen.
The chance is there but how big? We are in a bull market. 
No. Never convert into shit stablecoins like USDT and don't convert into shitcoins like bitcoin SV. If you want to sell sell but turn it into something you can spend. Buy a house or land or an apartment or maybe gold or silver. Don't sell for fiat if you don't know what to do with it.

Yes.I suggest to take time studying about crypto so you will know the advantage of holding and seeing your profits in the future.For now,you can put half of your money into a trusted bank then the other half may be good for holding.Buy a hardware wallet so that your btc will be safely stored there.

for me you can hold it in the next few months with stable bitcoin price changes, so I believe you will also get a lot of benefits with stable bitcoin prices, or you can make your personal dompt while waiting for the bitcoin market price to rise, so I think your bitcoin will also remain safe

Relax, you don't have to be paranoid. You can keep your bitcoins into hardwallets. Download one in playstore if you are using an Android phone. Trezor is a good one. There are a lot of video tutorials in youtube for you to learn the step by step guide how to transfer your bitcoins into it. Paper wallets for private keys, passwords, phrase etc. That's also an important thing. Hold bitcoin until you decided to sell them at your target high price. Goodluck, buddy.

How much Bitcoin did you receive and from where ? Also in which wallet are you holding the bitcoins ? Do you have the private key of that wallet or password of coinbase etc ?
You need to answer all these questions and if you have full control over your bitcoin, you can keep them for long term.

Perhaps, you don't have to stress about that because you can try to trade some of bitcoin so you can get another bitcoin in profit. If bitcoin price can increase higher, then you can sell some bitcoin into tether, and you can buy it again if the price is down. That will help you to make a profit in bitcoin and tether, and you can increase the amount of bitcoin and tether directly. But to do trading, you need to have skills so you can know when to buy and sell bitcoin.

I think you should buy a hardware wallet to keep your bitcoin in a safe place and don't think or take a look at the market, and you can do your work as usual. Then you can set the alarm when the price can increase so high, so you can prepare to send the bitcoin into the exchange, and you can sell it to make a profit.

I don't think OP would tell the exact amount, because if he wants, he would have include that in his post.
That's a big amount for him and therefore it should be taken cared of and he need our advise.

For me, since it seems OP is not well verse with BTC yet, does not want to loss that big amount, I suggest him to stay safe, covert it, and put it in the bank as that's the only way it will be safe.

He might be holding for example 1 whole BTC, of course if he holds it will still be the same 1 BTC in the future but it's value, that's uncertain.

Where did you received that bitcoin? if you are not familiar about bitcoin then why did you accept that in the first place or if its a free money then you should start learning about bitcoin. Don't be stressed about the price of bitcoin, it always move like that all you need to do is to practice how to hold bitcoin.

I believe the aspect of not losing that he is talking about is actually not only the aspect of security if I may get him right, but losing the value of what he presently has is another thing that is needed to be out into consideration also, yes we could use all these wonderful wallets to protect the coin because they are still the most reliable means for really keeping your coin safe.

What happens to the huge amount of money he already has now at this current bitcoin price, nobody knows the movement of bitcoin yet if we will have more decrease or more increase, so he will definitely loose the value if the market makes a dipper correction, but he might also be lucky that the market will go full blown bull, but I would have preferred that he keeps only certain percentage of it in the wallet you suggested.

Why would anyone assume he meant the security of those assts when it was obvious he was more oncerned about the price? Well if you're its always advisable to store your crypto in your personal wallet not on an exchange. Once thst is done keep a close eye on price and learn some technical analysis so at least you have some sort of understanding of price  movement.

why you can really stressed about BTC? as long as you still to keep a secret key or still safe in your wallet, everyone certainly does not want to lose large amounts of money. if you want to make a big profit then it's better not to hold it for too long and don't keep it in the bank, you can exchange your BTC for USD or other coins on the market that have good potential in the future. all decisions are in your hands.

The best thing you can do right now is to hold them, but do it by the safe way, for this, you must understand how a bitcoin address work. Each bitcoin address have a private key, and that key can be imported to any wallet, so, the way to keep safe your coins is to have the private key on a safe place. For this, you can print the key or print the QR code and put that paper on a safe box. Another option is to put the private key on a text file and the text file inside a zip with a password.

How fortunate you are :o! I wish there is someone who also send me a big amount of btc ;D. Anyway, on the side of not placing even some of your coins to a bank (converting it first of course) hmm I don't say that it was a bad idea and I'm not saying it is a very good one. For me it was on neutral because what you did may lead you to earn profit faster but all of your money remain at risky situation. Just be wise on money management.
Don't yet invest to altcoin because it's a little bit more complicated than btc. You'r new in here so much better if you play safe at least for now. Continue holding while learning more about crypto :). Good luck.

I think he do know what is bitcoin and he is not a newbie. He receive bitcoin on his address meaning he knows what is a btc wallet and how a btc transaction take place. If he do not need money urgently, op should not convert it to local currency. He could keep them as it is and cash them after two years when bitcoin price will be above 50K and even more.

If you already have BTC, better hold it. The newbie in a crypto world, however, must not invest all money in Bitcoin. He must allocate funds between at least a dozen cryptocurrencies, which number is more than 2000. Focus on tokens from the top 50. Do not keep cryptocurrency on the exchange.
Once you have bought it, transfer money from the exchange to a wallet that only you control.