Bitcoin Forum

I am a new member of bitcoin forum. Investing in Bitcoin can either be profitable or a loss. I will invest in Bitcoin. I don't know where to invest. Should I put it in Trust Wallet or Binance? Hoping for advice from everyone on where it should be placed? There will be no possibility of hacking. please help and advice?

Those two are some of the last places where you should keep your bitcoin because former is a closed source wallet under Binance control, while latter is exchange where you don't even have control over your own bitcoin. Not your keys, not your coins.

By far the best place to store your bitcoin is your own non-custodial wallet, preferably hardware wallet (Ledger, Trezor) if you can afford it. If not, software wallets  like Electrum will be fine, just make sure to store your seed at a safe place.

Your caption is somewhat misleading. No one gives investment advice in this forum. Even when such advice and/or information is given you free, you would still be asked to do your own research. That particular phrase with the acronym DYOR is a disclaimer by the advisor and/or informant stating that they are not responsible for any losses you may encounter as a result of their advice and/or information.

About your question. It all depends how much bitcoin you want to buy and how long you will allow your bitcoin before withdrawal.
If you are buying anything less than $50, there is no need  spending more than $30 to get a hardware wallet.
Then if you are buying bitcoin to withdraw when their is a 2 to 5% increase in the price you bought, you may also consider to use exchange for easy monitoring.
Otherwise follow what Rikafip advised above.

Wait, What did you mean by Invest? Is it something like staking? Or Just buying some bitcoin and hold till profit? I am still in confusion.

Btw what is previously said that always a hardware wallet is better to store your crypto. If you use any software wallet you must keep the secret key securely in offline. Never store it in online to keep yourself secure.

And about investment, if people in the world thing about investing in crypto they first think about  Bitcoin.  If you give me a list where BTC is involved and ask me to.choose a crypto for investment, I will say it’s Bitcoin.

But if you don't have any knowledge of investment, you must gather some knowledge first before depositing in crypto either it’s Bitcoin or other crypto.

You are looking for a hardware wallet , as Rikafip suggested.

Your binance account can be hacked, binance itself can be hacked , and they also may decide to frozen your funds and request more documents to prove you  really own them.

Don't use trust wallet, not a good choice.

the best hardware wallets for newbies are trezor and ledger.

Irrespective of where you keep your Bitcoin, there's a possibility of it been hacked and stolen from you immediately you become careless with your private keys. It doesn't matter if you're using a paper wallet, Electrum or any of the hardware wallets, provided you have exposed your private keys by storing them online, your wallet is as good as been hacked. Both Trust wallet and Binance are central service providers and not the best place to store your Bitcoin especially as you'll be investing for long term.

I make use of electrum, you can download the mobile version (for everyday transactions) or that of the PC and make use of it for storing your coins for longer term without any complications. You just have to update the wallet to the latest version whenever you see the notification and make sure the devices you're using to access your wallet isn't been used for other online activities as malware could infect your PC from so doing..

Honestly, do your own reading and decide for yourself.

Also, do research before asking. There's literally a pinned thread on this section about this topic.

https://cryptosec.info/wallets
https://bitcointalk.org/index.php?topic=1631151.0

Take a break from investing for now because it’s most likely you would make the wrong choice, I don’t know how you learnt about Binance or trust wallet, I would guess because they are popular and you probably think it’s your best option.

I won’t be saving my bitcoin on Binance exchange nor any other exchanges because you won’t be in total control of your Bitcoin, what’s the essence of being in cryptocurrency when you don’t have total control.

There is no difference between them, and on the contrary, you put it in a place where it can be hacked.
Any open source wallet is a good option, in the forums electrum is often recommended for your desktop and Samurai Wallet for your Android phone.
Then, make sure that the operating system is clean and does not contain viruses, do not randomly click on links or randomly download files, especially from torrents (paid applications for free or cracked.)

As for investment, do not invest in something you do not understand, learn about bitcoin and invest in the long term.
The best investment strategy is to buy fixed amounts of bitcoin every period, for example, a week, and keep it for several years.

Get some idea of where you should keep it through this stickied thread about wallets: [General] Bitcoin Wallets - Which, what, why? (https://bitcointalk.org/index.php?topic=1631151.0)
It's never an advisable thing to keep your bitcoins in the exchange if the sole purpose is just to save them there. Because you don't hold the keys so you don't anything yet there if it's in there. Once you place your order from the exchange and your bitcoin is already there, you have to withdraw it and move it to your chosen wallet of yours like Electrum.

Investing means "put (money) into financial schemes, shares, property, or a commercial venture with the expectation of achieving a profit." Investing in anything at all is like a gamble and can result in a profit or loss.

Neither, keep your bitcoins in a non custodian wallet that is open source.
As suggested by mk4, do your reading and learn how it works, then you decide how to hold it.

- Jay -

Obviously, you do not know the difference between a custodial and noncustodial wallet and what is the safest between the two, I don't recommend you put or hold your Bitcoin in Binance or any exchange, the risk is just too high, go to a wallet where you control the key, and about the possibility of hacking it depends on how well you know about computer security, I always say that once you invest in Bitcoin or Cryptocurrency you are your own bank and so much depends on your knowledge of security.

It is not a question. Invest in Bitcoin. No where to invest. If you ask what coin to invest in, it is Bitcoin, you wrote it.

Your question is where to store your bitcoins, not where to invest.

As they mantra in Bitcoin, it is not your keys, it is not your coins.

Binance is a centralized exchange and they did not give customers including you, keys of your bitcoin.

Trust wallet is self custody, you have keys but fhe wallet is close source, not open source.

What wallets are better?
Four main criteria: open source, self custody, support Tor, support Segwit and Lightning Network

Electrum, Bitcoin Core, Sparrow and hardware wallet like Trezor, Ledger.

might be better if you don't invest at the moment, it seems like you need to do more research on what you are trying to invest in. for example, as other members have mentioned, Trust Wallet or Binance? should be the last place where you keep your BTC, especially if you are going to hold.

If you are a new person in this forum and are also just trying to invest in Bitcoin with the expectation of profit and security in putting Bitcoin in the wallet. You can use a hardware wallet if you have the extra money to buy it, but if you prefer a free wallet that is secure and doesn't have to spend extra money to create one.

You can use an Electrum, Bluewallet, or trustwallet wallet if you are familiar with these wallets. Because all those wallets are much better as an option for you to use than you put them on the exchange even though the exchange is Binance. Here's a little advice from me to you, I hope you get enlightened on this and have fun investing in Bitcoin.

It depends on time period you decide to invest and prices at that time which will actually tell whether you are in profit or in loss but if you have long term holding in mind without even thought of selling or getting panicked with normal dumps you are mostly in profitable boat.But you should be prepared for that time period which can be more then 4+ years.

As already pointed out these two options must be avoided at any cost if you are looking for safety of your funds as Binance is a CEX which will have the control over your funds with your keys so what safety do you expect when giving third party acess to your funds who can spend it or even restrict you from withdrawing your funds?

The good option is non custodial wallet like Electrum if you are not interested in buying hardware wallets which are more safe options as your keys remain safe with you without leaving your device.

Then you could have your funds stored in airgapped devices which is not connected to any internet connectivity but most times newbies find it difficult to maintain them but when you don't have any active internet connection the hacking chances are zero.

You are correct, mate. It would be wise for him to learn more about bitcoin before making an investment. Avoid acting too cleverly by asking questions you don't understand. Instead, try to research and understand the type of wallet you intend to use and which can be very secure for a long time. Although all wallets aren't perfect, it all comes down to how you keep your secret keys and don't divulge them to anyone.

Both of you have to understand that investing in bitcoin is a high risk because prices fluctuate, it is very possible that you can lose if you sell quickly and panic when the price drops, but if you have pretty good fundamentals then it's right to choose bitcoin as an investment.

I see your post on the Bitcoin Discussion board (https://bitcointalk.org/index.php?topic=5441943.0) for the first time you buy bitcoin on the Binance exchange, it's a good step because you have dared to do it with a good step I support how you have invested even though it's a small value.

About storing assets for bitcoins it is better you have a private key in the sense of using a Trustwallet wallet which is called non-custodial so have your own control over your own assets and do not recommend storing on any exchange because it is a third party just like a bank.

Please you shouldn't be in a haste to investing suddenly in Bitcoin please but you should rather take your time to read and study about Bitcoin and also do well to read the white paper and it is always advised that you store your coins in a decentralized exchange and trust wallet is one of them.
You should also understand that Bitcoin is decentralized digital currency and at such, it is very volatile and nothing is assured and just as there are possibilities of making profits (huge ones) so there are also possibilities of making losses( huge ones as well) and you should always be very careful and handle every penny as very important.
Always do your own research please as wrong advises can also be gotten here.

I don't agree. Every time is good to get some bitcoin, you just have to be smart about it.

Let's say that you have 10k USD lying around, waiting to be spent and you have a steady income that allows you to cover your basic needs. Divide that 10k into a number of parts, like 10 times 1k each and dollar cost average by spending 1k every week, or every month if buying each week is too much for you.

Put the coins on a desktop wallet immediately, if you don't have, or don't want to buy a hardware wallet. Don't keep it on exchanges and don't use web wallets. I'm not recommending a paper wallet because it may be annoying to use for a beginner.

While buying, project a profit within 24 months. Don't check your balance every day, or even every week, it will only make you nervous. Forget about the investment, at least for a month or two, it will teach you patience.

Although the top exchange, but we do not recommend that someone holds it in any exchange because our assets can be taken over at any time for any reason, we are frustrated from the FTX case because I also lose funds because of the exchange scam, so we have to put assets on non-custodial wallet to be able to control the crypto assets that we have, you must also be able to protect the safety of non-custodial wallets so that no one knows, because anyone who has access to the personal key is the owner of the wallet so be careful when storing the file and is highly recommended to storing assets in the hardware wallet.

I believe there are lot of resourceful material that will definitely leads you on how to start with your bitcoin journey. All you need to is seat and read gradually around the forum this question made me flashed back a says that always said "for one to hide something from those that don't like reading him or she should put it in a written form" at this point you've hide something valuable from them. That's why those who truly reads ask less questions from the forum.

If you are investing in cryptocurrency, make sure you don’t leave your coin on exchange, make sure you transfer any coin you buy from your exchange wallet to your non custodial wallet, that’s the proper way to store your coin. If you leave your coin on a exchange, any day that anything happens to the exchange then you don’t have money again Also and anything can happen to the exchange at any time, the exchange can also decide to freeze your account incase if you slightly go against there rules. To have full access to your coin then store your coin on a non custodial wallet address.

How is it a wrong choice when you're investing in Bitcoin and not all the other shit coins that are been hyped by paid influencers floating all around social media especially twitter with their click bait of the next 10x to invest in. Binance is one of the most popular word and platform in cryptocurrency after Bitcoin. CZ has made it that the whole world is talking about their exchange and they're trying to buy the whole industry thereby attacking any other exchange that posses a threat to them even though they're all engage in the same shitty business.

Trust wallet was acquired by Binance so they're also benefiting from Binance dominance of the space. The OP shoudn't take a break from investing in Bitcoin but he should definitely research more and read about the currency so he doesn't fall victim to FUD when it starts spreading around. Bitcoin is at one of its lowest price that even though it was to dump further, it shouldn't bother you as the chances of you profiting more when the price reaches and surpassed it's previous all time high is huge and worth investing today.

Whatever coins we have must be stored in a non-custodial wallet to avoid losing assets if stored in an exchange, there is a high risk of storing assets on an exchange because exchanges do not have the potential to operate for the long term and regulations can change whenever they wish, immediately transfer your coins have a non-custodial wallet address to keep your assets safe at any time. Your assets must be managed by your own hands.

Before preparing yourself to invest I think the most important thing is to have a secure wallet. If you can't create a safe space then your investment will be at risk. The two wallets you mentioned here are the two wallets I think are risky. The safest would be if you could buy a hardware wallet. If it becomes too difficult for you to buy then you can use software wallets like: Electrum Wallet, Non Custodial Wallet, etc. But the seed phrase must be kept safe so that no one can hack it.

If you keep your wallet on a centralized exchange there is a possible account got hacked or a centralized exchange default/bankruptcy like what happened recently in FTX case. If you want to HODL for a long period of time use Bitcoin Wallet like Bitcoin Core or Electrum. Or you can buy a cold wallet its way more secure and its like Token Key Internet Banking.

Most people here don't recommend Trust Wallet since is a closed source and maybe backed by Binance too. But I personally use TrustWallet as my Hot Wallet right now. But like always Do Your Own Research first.

welcome, an enjoy the crypto world.  ;D

if you want to invest in the long term, for example once every 4 years you sell.
I suggest you keep it in a trust wallet if you don't have a hardware wallet yet.
but if you want to invest in the short term, for example every day or every week, saving on binance is also not a problem, because so far binance is very safe.
it all depends on your interests, want long term or short term.
adjust seja according to your ability and comfort.

For starters you could use something like Electrum to store your bitcoin, You could start by buying bitcoin in Binance or you could somehow trade on that platform which is I think the best platform compared to other exchanges. Most people do not recommend exchanges because there is a significant risk when you hold your funds on exchanges so make sure always to put it on your Electrum after you buy your bitcoin, Binance is already a big/number 1 exchange in cryptocurrency so you can say that it will not end up like FTX that easily you could probably store your funds there in a few weeks.

Also, you could just buy a small chunk of bitcoin every week since the market price is so volatile it is a great strategy that most investors do so that when the bull run comes, it always ends up as a profit.

I think what people are saying is... don't put anything on Binance you are not willing to lose.
Not just because Binance can get hacked , or pull a Mt.Gox / FTX...
but ( in regards to using leverage ) using any leverage over 5x can quickly get you liquidated.

Getting a hardware wallet, buying some Bitcoin, and leaving it on that wallet is a good idea ( hodl )
also, engrave your seed word on a piece of steel and hide it

Personally, I love the idea of a passphrase, but it seems like others are leary of it because if you forget it, your Bitcoin is irretrievable.

When it comes to choosing a platform, there are a few factors to consider, including security, fees, ease of use, and reputation.

Both Trust Wallet and Binance are reputable platforms for investing in Bitcoin, and each has its own advantages and disadvantages, but none of them should be used to keep your assets for the long term.

Trust Wallet is a mobile wallet that allows you to store, send, and receive Bitcoin and other cryptocurrencies on your smartphone. It's known for its user-friendly interface and strong security features, including two-factor authentication and support for biometric authentication. However, you should know that as a mobile wallet, Trust Wallet is more vulnerable to hacking than a hardware wallet.

Binance, on the other hand, is a cryptocurrency exchange that allows you to buy, sell, and trade Bitcoin and other cryptocurrencies. It offers a wider range of features than Trust Wallet, including margin trading, staking, and lending. But, as an exchange, Binance charges fees for transactions, and there is always a risk of hacking or security breaches.

So, what I would suggest you is to use Binance to purchase Bitcoin, and then use a wallet to store them. If you can afford a hardware wallet, that's much better, but if you can't, Electrum should do. Electrum is also available on mobile.

Investing in bitcoin is a solid alternatives in the space with probably profitable returns when it's been triggered bull in the market. Doing complex research on the entries spot usually take time but when targeted, there's absolutely hope for a better gains. I've encountered most traders in the past that uses both trust wallets and binance exchange to store their crypto assets with full confidence that's absolutely safe and secured. Moreover their firewall is not easy to get cracked by scammers, we should be able to sketch our what we need instead of following or imitating any one's ideas of choice.

Since you are new in the investment line and you decide to invest, I suggest you to invest in Bitcoin. Because one of the most reliable coins in crypto currency is Bitcoin. While investing in other coins carries a higher risk, investing in Bitcoin is relatively less risky. And before investing, you must have a good idea about investment and then invest, so your chances of getting profit will increase a lot.

No exchange wallet is safe to keep your funds safe. The only secure wallet is a hardware wallet. Many trusted exchanges have seen exchanges become scams in no time. Ftx was a very popular exchange where people deposited large amounts of money with trust but we have seen that Ftx exchange is a scam. So hardware wallet is definitely better to keep your assets safe.

There are a lot choice of good wallets, so there's no need to use Trust wallet as your hot wallet. Electrum, Blue wallet, Samourai are the best option because they're non custodial, open source and easy for beginners to use it.

Invest in the short term for every day or every week? you should move your coins after a month to your non custodial wallet because Binance is only used to buy and sell your coin, not hold for long term.

It's great to know you are passionate about bitcoin and want to invest in it. But even between a non-custodial wallet and a custodial wallet for storing bitcoin, you can't tell the difference, it seems you were too hasty to invest without any knowledge. I recommend that you have basic knowledge before investing, I find this basic knowledge a lot on the internet, you can find it on forums or youtube. Knowledge is what you need, not investing in bitcoin because if you don't have the knowledge, owning bitcoin can't guarantee you can hold it for long.

Honestly, if someone wants to invest serious money in bitcoin and wait for the increase in value to sell at a profit, then, in my opinion, it is best to keep those bitcoins in a ledger, an external device that is not connected to the Internet.
If you are investing on the principle that you will invest money and after that you will not do anything with that bitcoin but just wait until the bitcoin reaches the desired price, then ledger is a much better choice in terms of online security than any online wallet.
If you will be buying or selling your cryptocurrencies frequently then I suggest Electrum as an online wallet.
Just as you study online wallets, you should also study cryptocurrencies themselves, and make investment decisions based on concrete facts and analysis, not based on what you hear in the media or read on the Internet.
It's important to have a concrete investment plan and a clear exit strategy.

You already got the idea what to invest. You are right, investing might be a loss or a profit but that’s why we should be ready with the risk that will happen. Investing in Bitcoin is the best idea for me as a long time crypto user. Bitcoin has the highest potential above all coins.
Long term is a good plan.
Do your own research if you already picked where to store your bitcoins for the safety of your funds. Wishing you luck on your journey!!

If Op does not have enough funds to purchase a hardware wallet then he should go for a reputable open source wallet and we have Electrum as an example.
Not only is the wallet open sourced and secure but it also offers some functionality that you won't get from trust wallet for example with Electrum you can sign and verifying messages and you can even increase the security by opening a multisig wallet.

While for Binance, I won't even consider putting my coins there when I know I'm not using it for trading, no matter how small the coin may be once I'm done trading I withdraw all of them front the exchange ^{If it's up to the minimum withdrawal though} so keeping your coin there is out of the question. Or have you forgotten? Not Your Key Not Your Coin.

In investment you should more control over the infested funds.
Difficult to achieve in Central Exchanges, Banks, Stock exchanges.

Investment in products has more value.

You need to elaborate a plan of action and make sure your funds are well invested.

It's the right decision when you don't leave your coins on Binance or any other centralized Exchange. It would be very risky if we leave our coins in a third party Wallet that we have no control over. Learn from the FTX incident that cost everyone big money or some other Exchange hacking incident. As you do, I only deposit coins to Binance or other exchanges just to trade, when the trade is over from a certain time frame I will withdraw the coins back to my personal wallet which is safer and more controlled.

You can secure your Bitcoin by using Trust Wallet and I won't recommend to use Binance Exchange wallet. I think it's the right time to invest in. Because now every coins are very cheap to buy. So it's a great opportunity to invest.

Don't invest when you don't understand bitcoin well, because it will be quite risky and you should study it first before making a decision to start, the volatile nature of bitcoin can put you in a state of panic at times and that's why you need to learn about it.
 
Read the post made by theymos HERE (https://bitcointalk.org/index.php?topic=5421039.0), he has explained in great detail the decision to keep your bitcoins. While Trust Wallet and Binance are not so safe for you to store bitcoin.

I usually use Trust Wallet and Binance for short term trading, while Bluewallet dan Electrum are better suited for holding bitcoins long term.

First of all, I will advise you to do your own research before placing any investment in Bitcoin.
Try as much as you can to learn about those places you mentioned because the two of them are two different things; Furthermore, I will advise you to learn about the key and address Here (http://learnmeabitcoin.com) to know the exact meaning of public keys and private keys, and you will also gain more guidance on how to keep your Bitcoin safe.

I totally agree with your opinion. I would always suggest to DYOR. You can go through this forum to search for investment knowledge. But I also suggest you search on Google, or if you are new to investing, read some related books to the topic. 
Another good thing is the diversification of your money - don't forget about it. 

If you are completely new to investing then I would suggest you to first understand the market. and learn about trending well-resourced. And then you start investing your little money. Keep increasing your money little by little. And you must invest in bitcoins and not waste your profits by investing in unnecessary coins. Or if you invest in unnecessary coins, there is a possibility of losing your money. But if you invest in Bitcoin you will be risk free and you won't have to fear losing money but you can make a profit by investing.

You can buy Bitcoin on Binance or if you have USDT you can buy Bitcoin anonymously on Crypton Exchange which is a no-KYC cryptocurrency trading with no daily limit or restriction worldwide.
Having said that, it's not advisable to keep your Bitcoin on Trust Wallet or Binance exchange no matter if the exchange is reputable. I will advise you to get a hardware wallet and try to improve yourself on how to use a crypto wallet securely.

Since you are a newbie I can't recommend you to store cryptocurrency in Binance Exchange wallet, if you know or heard about the bankruptcy of Centralized Exchange FTX like Binance then you never want to store your Cryptocurrency in Binance Exchange. The correct advice for you is that if you live in a country where Bitcoin is legal, it makes more sense for you to use a hardware wallet.  Moreover, if you want, you can bring the hardware wallet from other countries by commercial shipment. You can use trust wallet to temporarily hold cryptocurrency but be careful to store 12 phase worlds very carefully. If these security systems are lost, your Trust wallet will be lost forever.

Just buy Bitcoin and don't lose your Bitcoins to any ponzi scams! Just buying and keeping it in the wallet is enough.

Binance isn't really a wallet, it's an exchange so it's never advisable to keep your assets there for holding purpose, trust wallet can be useful to store shitcoins but if you're looking for a wallet only for Bitcoin then use Electrum.

Which is light weight, open sourced, non custodial so you are holding your own coins but make sure you download the wallet from official website and don't forget to verify their signature before depositing your Bitcoin.

I believe that you should conduct research before making any investment, whether in Bitcoin or another cryptocurrency, to avoid losing your coins.

in relation to trust wallet and Binance There is no distinction between them; once you have done your research, you will know where to invest your Bitcoin.

Sorry to say, but there is a distinction between Trust wallet and Binance. The former is a non-custodial wallet meaning you have control over the private key and if you should ever loss it or forget then that will be the end of that wallet, they have no support team that can help you recover your secret phrases because according secret phrases are not stored in the servers, Although Trust Wallet is a closed sourced wallet. While for the latter, it's an exchange not a wallet, and in addition you have no control over your coin in an exchange, the team could decide to lock your account and kick you out of their system and also just as in the case of FTX they could be an unexpected event that could lead to you losing all your investment.

If you have been treating Binance and the other exchanges as a wallet, it's high time you stopped and look for a reputable open source wallet and move your coins into your wallet. Btw remember; Not Your Key Not Your Coin.

It's true that you don't need to invest right away because it appears that you lack sufficient understanding about where to put your funds, and the worst thing you would want to happen is to lose your wealth or run the danger of being scammed. Go ahead and conduct extra research, some members have provided links to make it easier for you. All we can do is suggest which option is ideal for you, but ultimately, only you will know which is best.


Regarding trust wallet, it is not ideal to store your bitcoin there, its not secure and is easily a target for scammers. I would not advice you keep your asset there because my friend was once a victim of trust wallet scam.
Binance is an exchange where you can purchase your bitcoin just like every other exchange and should not dare store your bitcoin there because you don't have full control over your keys. Once you purchase your bitcoin don't waste any time to move your funds to a secure wallet. We have seen some exchange scam their customers and some are targeted by scammers.

Research more and make sure you have proper understanding before investing in Bitcoin.
You can check:
 github.com/bitcoinbook (https://github.com/bitcoinbook/bitcoinbook)
learnmeabitcoin (https://learnmeabitcoin.com/)

Avoiding losing coins is the same as avoiding losing money and that really needs to be examined before placing your coins or money somewhere and until now I am still more confident about placing coins or money in my personal wallet which I can fully manage without third parties such as exchanges.

Trust wallet and Binance are two very different places mate, because Binance is an exchange, whereas trust wallet is a software wallet with some support inside. So don't equate the two in this regard because both are very different, both in terms of usage and fundamentally in the crypto space.

So far I understand that hard wallets are the most secure devices. Although I admit that all wallets actually have their own weaknesses. But saving in exchange does not become a recommendation. Indeed I keep some in exchange, it is only for trading activities.
The good thing is that if you finish trading store the asset in your personal wallet. Granted it will take time, but at least it will reduce the risk of assets being lost in the exchange.

OP has made the right choice by investing in Bitcoin. Trust wallets are widely used by people, but they are not safe from hacking. likewise, to put it on Binance, it's not a good solution for long term investment. when you put your Bitcoin on Binance, it's like you don't own Bitcoin. it becomes the ownership of Binance which is indeed your Bitcoin.

the best solution is to use a hardware wallet. I think there have been a lot of suggestions in this thread regarding hardware wallets. you can also read it.

Yeah. You have a point. I often ask myself why I feel like I'm a late bloomer when it comes to cryptocurrencies and I just realized it now that years ago, I didn't have enough knowledge where I can have full control over my assets. I think taking your time to learn and to invest to yourself is what's more important.

This is the first thing to think about before you start buying bitcoin, because safe storage is what will protect your investment. I read a lot about the fact that you can’t store coins on the exchange, but I did this for a long time, my coins were stored on binance and I was lucky that nothing happened to them. Now I have a ledger and I feel calmer.

Binance is an exchange like any other. You need to deposit some money into your Binance account then you can buy bitcoins. After you can have bitcoins from purchases on the market, you can send them to a Trust wallet because you can control your bitcoins and don't have to worry if something happens to Binance.

There are many other exchanges but people know Binance as a big centralized exchange and a place for insiders to trade. I suggest you read up on investing in bitcoins, wallets you can use to store bitcoins, what to do before and after storing bitcoins in your personal wallet, and more. Thus, you will know what to do in investing in bitcoin.

It seems to me that after the hype around crypto-exchanges, about all sorts of offshore companies, you should never keep your savings on exchanges, it is better to use cold wallets. Only the balance that you trade should be deposited on the exchange; in the long term, it is not worth depositing funds there at all.

They will only be profitable if you assess the risks correctly and are willing to hold your coins long enough for the investment to make sense. Investing in bitcoin will only be unprofitable if you are subject to general hysteria, are willing to sell during a panic, and do not have a clear understanding of what you are buying bitcoin for and for how long. Do you want to invest in bitcoin? Buy yourself a hardware wallet, and don't store your bitcoins on exchanges because they are unreliable.

As a beginner, all you need is knowledge, and once you have enough knowledge of the cryptocurrency industry, it will always be a source of guidance for you as you make decisions about your investments in cryptocurrencies, especially Bitcoin. So the best advice I can give you is to educate yourself because I think that will enable you to make your own decisions based on sufficient evidence.so it will be too dangerous to invest in crypto industry with only people advise.

Your intent of investing in bitcoin is a good one to start with. As you already know, bitcoin can be a profitable asset or a loss asset in the future depending on the crypto market and when you choose to sell. It's up to you to decide which one you want(profits or losses). Don't invest in bitcoin because you are told to, invest because you see a future in it and you want to safeguard your assets with it.

You shouldn't feel calmer now either and you should only feel calmer every single time you use the hardware wallet and you successfully avoid human error because prying eyes and online theft are developing new strategy everyday which is the reason why we are hearing a lot of cyber attacks this day.
Having said that, it's good that you learn early about the purpose of not having your investment safe on exchange.

I guess I was lucky, because I was given a ledger, who knows how it would have been if not for this gift. But I understand that the ledger is by far one of the safest ways to store cryptocurrency, am I right? Can coins be stolen from the ledger if the scammers do not have access to the seed phrase?

Wait. You're giving the ledger wallet through someone you trust or the wallet's official reseller? Is everything sealed when you have the wallet?
Nothing is safe forever my friend despite the secure level of the hardware wallet, the safety of the wallet is determined by you and yes coin be stolen from the ledger wallet through a physical attack.

The increase in Bitcoin price since the last two days is incredible.If you had bought bitcoins a week ago then surely you would have succeeded in these few days.You have to be careful which wallet you buy bitcoins in because you have to keep the private key of your wallet safe then your bitcoins and other coins will be safe.

Use a hardware wallet if you can't afford better to use a hot wallets most of them are with the use of the electrum also in trust wallet if you could do.

Better to make sure that you secure your wallet if you can buy a Bitcoin why not make your self secure first. Attacks can do anywhere.

Another thing you don't need to buy a whole bitcoin having a good ride with the market could bring you a profit.

@Op The safest way to invest Bitcoin is to store it in a hardware wallet. If you have the money then you should definitely collect the hardware wallet.
And if you can't afford a hardware wallet then you have a trust wallet which is much more secure but more prone to hacking. You can use Electrum Wallet it is a free wallet with lots of security.

As you are a new member of bitcoin forum, first learn about bitcoin and investing. But if you intend to invest then you must set up a good wallet. A safe wallet is the most important for storing investments. But you mentioned Binance and Trust Wallet, I will support Trust Wallet between the two. You can open trust wallet and keep your investment there. Although there are risks, it is much safer than Binance. Binance is an exchange wallet so I think it is very risky to keep your investment here. When your money amount is more you can buy a hardware wallet and keep the investment there it will be more secure.

My sincere love and thanks to everyone. You have given me good advice. I chose electrum wallet especially on your advice.

Your Bitcoin is safe using trust wallet and it's not safe storing Bitcoin on a centralized exchange, Binance is centralized they hold the wallet keys for you so you have no control over your Bitcoin, if your Bitcoin is over 1000$ in value I suggest you buy a hardware wallet as they are even more stronger when it comes to security.

Even though bitcoin is a speculative asset whose price cannot be accurately predicted for the future, judging by the fundamentals and the popularity that bitcoin has gained so far, I don't think there is any need to doubt the future of bitcoin because it is very likely that it will gain a higher value, especially since we know the supply of bitcoin it is very limited with a total of 21 million units, so its rarity is certainly one factor that could make its value even higher as bitcoin adoption increases and if demand for bitcoins in the market increases while supply is low then we will see significant price increases occur.

You do not just need knowledge on where to keep your investment safe, but also how to ensure that it is safe.

Using an electrum wallet or even a Hardware wallet will increase the safety of your coins, but to guarantee safety, you need to also understand and know how to keep your bitcoins safe.

Some few tips are;
- Any device that has your Electrum wallet which you have chosen should be kept and used privately, that is avoid trusting people with it.
- Be careful of links that you click while connected to the internet on the device that has your Electrum wallet.
- Trust no one with your seed phrase.

Welcome
This is the basic thing to have and understand before investing in Bitcoin, this understanding of profit and loss probability. So, even if sometimes your assets are decreased, you are no longer surprised or frustrated because of having understood the risk.

Both Binance and Trust Wallet are quite similar, online wallets. and will be probably hacked. There are always hack possibilities if we are still using online wallets, although we are saving it in exchanges or personal online wallets. If you have many Bitcoin and want to invest a longer time, it is much better to use a hardware wallet to save your Bitcoin. Never forget about saving all secret data from other people and don't forget about it. This is pricy but this is safer.

In my opinion, i think the best thing to do is not to seek advice here but to embark on a self or personal research to decide on the wallet suitable for you. Diffetent people with different opinion, what will work for you might not work for someone else. People will advice you based on their love about a particuler wallet and if care is not taken you might end up regretting it.

If you must use any of those two, i suggest you safeguard the key offline. If not, then hardware wallet will be better

I will tell you that if you are new then you can get experience by investing in Bitcoin first. If you have more money then you can use electrium wallet.  And if you want to learn investment with little money then you can definitely invest and learn trading here using Binance wallet. I think if you want to trade for a short time then Binance wallet is better to use.

Generally, you should not put any BTCs inside an exchange due to the natural risks involved. Remember that even with the latest security in Binance, it had been hacked several times by scammers in the past. That is why, majority of the people here would recommend investing in a hardware wallet in order for you to store your BTCs inside it.

If you are planning on investing long-term, then a hardware wallet would be the best and safest choice. But I would still recommend putting some of your BTCs in Binance if you plan on circulating and purchasing different cryptocurrencies in the process. With its convenience, you can easily migrate one cryptocurrency to another with their interface.

Advise needed from Forum members can be given but the question is, can you keep those advise working? Like can you put it to good use? Well is up to you, good thing you know that while investing on Bitcoin it's either you gain or you lose. You just have to be careful and having a plan while investing.


Hackers are like flies, they don't rest at a place. Where you place your Bitcoin doesn't matter to me, but what matters is how careful you are, if you feel you safe in keeping it on Trust wallet or Binance then your good to go as long as your pass code ain't exposed.
Happy investing...

If you get the Profit of Bitcoin .you buy Bitcoin at a lower price and it value increase over time then you fouce on price when its price increase beyond your purchase price then you can sell it .you have been  good profit for Bitcoin, and u buy high price and sell lower price then u have loss .If you accept my advice ,never trade call and tips because it has a lot of risk and never short-term invest in Bitcoin because Bitcoin is for long term investment.If you invest short term you have exposed a lot of risk.

Trust wallet will never be safe wallet for your money and also you mentioned binance exchange wallet. Binance is a very popular crypto but recently due to major exchange scams it is not safe to keep money in exchange wallets so I would not choose any of the two wallets you mentioned to keep my money. The most secure wallet for you will be a hardware wallet. Because there is no chance of your crypto currency being scammed in a hardware wallet, this wallet is very secure. If using hardware wallet is not possible for you then you can use some crypto wallet with more security like Mycelium wallet Electrum wallet, Metamask wallet etc. These wallets will be safe for you and your money.

Investing in Bitcoin can indeed be a bit of a rollercoaster ride. As for where to invest, both Trust Wallet and Binance are popular choices. Ultimately, it depends on your personal preferences and needs. Just keep in mind that while platforms take precautions, there's no guarantee against hacking. Do some research, consider security features, and make an informed decision. Good luck with your investment! 🚀

I think,Investment can be a complex process, but with knowledge and understanding, it can also be rewarding. It is important to do your research on different investments. Diversifying your portfolio is key to managing the risks involved. Evaluating potential returns and assessing risk tolerance are essential factors to consider. Regularly reviewing your investments and staying updated on market trends can help you make adjustments as needed. Additionally, seeking advice from experts or attending investment seminars & community forums like this, can provide valuable insights. You can join different forums to gather information and keep yourself updated about trading tactics. Keep in mind that investing requires patience, discipline, and a long-term perspective. At first, define your target and the goals you might achieve.

if you explain how complicated crypto investing is to beginners. I'm sure beginners won't end up investing if everything is always complicated.
newbies see Bitcoin as the right asset for investment as OP thinks. and we're just going to justify it. Instead of choosing an altcoin for his first investment, Bitcoin will be better than all the aspects you mentioned.
OP's consideration is where to store it, maybe he already has a Trust wallet and also an account on the Binance exchange. but no one will trust these two to store assets in the long term.

For beginners, altcoins look more tempting, as they feel that they have more prospects to earn more, since altcoins are more volatile. In addition, beginners do not invest a lot of money at first, because they are not sure how risky it is and this will also push them to buy more volatile assets with the hope of increasing their capital faster.

I see from my own experience that bitcoin is the best option for investing, because firstly, I already have a negative experience of investing in altcoins, and secondly, now I have invested in bitcoin and already at this stage my investments are in profit, although I know that we still have a bull market ahead and my investment will at least increase several times, which is very encouraging for me.

If a beginner is just starting out as an investor, then I believe that it is better to buy a reliable asset like Bitcoin and be sure that you will make a profit. The method of storage, of course, must be as reliable as possible.

I might advice you a bit different from others, If you are literally new, just buy those coins and keep it an highly reputable exchange like Kraken. Your money will be much safer there as compared to wallet apps like Trust Wallet or Metamask. The chances you get your passphrase shared or hacked is more than you getting your account bypassed from 2FA Security.

Once you understand how it works, go with a custodian wallet or buy a Ledger or Trezor, these are hardware wallets and they are the safest options available in the market as of today.
Move your coins to these hardware wallets and enjoy your HODL.

Using a good strategy also plays a role in seeing the potential for profit when investing in crypto, especially in the Bitcoin section, and knowledge is always needed when thinking about a good strategy to start investing, with this they will know the risk calculations that will incur when they fail in Investment. and this arrangement affects their profits later.

Well actually this depends on the type of investment you want anyway. If you are going to buy Bitcoin to be used as a long term investment. Then you need a hardware Wallet to be able to store it securely. because in a hardware wallet all the control is in your hands. Avoid storing on a centralized Exchange if it is for a long period of time. at least that's the advice I also received when I first started my investment in bitcoin. and i did. And my assets are safe till now.

Unlike the case with your intention to buy bitcoin is for the short term or if you want to engage in trading. Then you can trade on centralized exchanges which are much cheaper in trading fees. But when you have finished trading then you should withdraw your assets from the centralized exchange to your personal wallet. At least this is what has become my habit. Because I did this too after reading someone's suggestion on the internet.

Investing in cryptocurrency is a risky business and we need to know about it not just entering the market for the sake of making more money for ourselves. It is good for us to take some time and learn some of the precautions we need to take to be a safe and profitable investors. The market is down now and its a good time for us to buy now and stake some of our holdings if we have a very good sites we can do that without telling do much risk that will make our lost our funds. Whether we are traders or investors, it is good we should look for the fundamentals of the market so that it will help us to be able to know when we need to buy or sell.

If OP needs advice, then this is a red flag to me because one should never invest in something he doesn't understand. This threat is a good start so he can begin his education and his crypto-journey, but one should never follow other's advice when investing (I even deny the classic advisors of WS who sell their services to people who is already rich: look at Madoff!).

You received good answers to your question about where to store your coins, but on the rest you should do your own research, and learning a bit of psychology applied to markets wouldn't harm either.

even though Bitcoin is indeed a potential investment, what you say is absolutely true that investing without understanding and having knowledge about what is being invested is not good.
It's okay to accept advice from other people because apart from adding to our knowledge it is also one of our references in learning how to invest as long as we don't swallow the information and advice given. instead we have to be selective and filter out which information and suggestions are good for us to do.

If you want to invest in bitcoins you need to know, When to invest will be profitable and when to invest is likely to face losses. Having full knowledge of this subject will help you succeed in your investment. If you invest and keep your money in an exchange then it is not safe for you at all. Instead you can use a software wallet that will be secured for you before you invest Bitcoin. And you buy bitcoins from Binance and transfer them back to your software wallet and hold.

There is no doubt that any crypto currency should be thoroughly analyzed before investing. A good and well timed entry can give you a good profit. Bitcoin is the top crypto currency in the crypto currency market, but you need to be careful while taking entry in this too. There are also people who entered at $60k and after that the price of Bitcoin dropped down to $16k.So all these things should be taken care of in the crypt currency market so that the timing of your entry is right.

You should always keep your coins in your personal wallet as your capital is not considered safe on the exchange, and in my opinion if you have capital then hard wallet is the best option where your capital will be most safe.

Interesting from your discussion above, I previously also did the exact same thing as you said. if it's just theory and just asking I think it's still lacking. If you have entered the market and have had ups and downs in running a new trade, more or less we know where the market is going along with potential issues related to the coin/token we are investing. Yes. Mr. corol (OP) this is great and relevant advice from @Porfirii if you've never done it before.
     

We should have to consider teaching them the easiest way and understandable to their side. But we should also have to tell what is this really all about and must know the consequences. It was very important for them to have a clear understanding of this kind of investment so there is no reason they could blame us back from suffering losses as it was their decision as well, not ours.

 It should be discussed so well from;
 - buying, storing, and selling
 - wallet to be used and its security
 - the DO's and DON'Ts
 - the function of exchanges

Welcome here! It's absolutely true that investment in Bitcoin most of the time will provide you a huge profit, as because most of the time Bitcoin continues his cycle through which Bitcoin broke his previous ATH and make the new one, so at any price when you bought it, it will return significant amount but the important term is that you should hold it with patience for long time.
I think firstly you should differentiate between exchange and wallet, most of people use exchange for buying and selling and just hold such amount in here through which he can trade, while wallet is mostly for holding coins for long term,

Now there is two type of wallet which are best according to thier security level, like in hardware wallet you should use tezos and ledger while in digital wallet you should use a non-custodial wallet name Electrum..

Reminder: do not keep your money in online accounts (https://bitcointalk.org/index.php?topic=5421039.0)

[LIST] Open Source Hardware Wallets (https://bitcointalk.org/index.php?topic=5288971.0)

Wallets should be open source as if they are close source, you can not verify their codes and they can set back doors in their wallets.

Electrum wallet is free but you have to download it at Electrum official website and it's safer if you verify it before using the wallet software file for installation.
[GUIDE] How to Safely Download and Verify Electrum (https://bitcointalk.org/index.php?topic=5240594.0)