i am studying in college, i was really excited to get my first credit card  . i thought it will give me a sense of independence and allow me to buy things i could not afford with cash. though, i quickly learned that credit cards can be a double edged sword. while they can be helpful in building credit, they can also lead to debt and financial trouble if not used responsibly. at first, i used my credit card reasonably, only for like emergencies or small purchases that i knew i could pay off in full each month. but as time went on, i began using it more and more for larger purchases and impulse buys, without really thinking about how i would pay the balance off. before i knew it, my credit card balance had blown up to several thousand dollars, and i was struggling to make the minimum payments each month. the interest charges alone were eating up a significant portion of my income, and i felt like i was going under debt. OP, NEVER USE YOUR CREDIT CARD FOR "SMALL PURCHASES", ESPECIALLY FOR UNIMPORTANT PURCHASES. For emergencies yes, and for IMPORTANT large purchases for items/things that you truly need, like a laptop to use to be more productive and earn money, or an item that you can use to start a small business = definitely yes. Not necessarily. I've been using a credit card since I was 20, in university, with a small credit limit though. I always paid the monthly bill on time and frequently used it for petrol, groceries, or even other purchases because I was receiving a small cashback each time. Now I have a proper credit card with a large limit that I used to buy my motorcycle in interest-free installments, on which I also received cashback. I'm using it almost everywhere to take advantage of it; it's not too much, but it's still better than nothing. The trick with credit cards is to pay them always on time and to not fall into the trap of installment payments, buying things you don't need or can't afford and going into debt for several years in order to repay them. |
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While I understand your point, inflation causes our daily expenses to skyrocket, so even if we suppose that Bitcoin's value rises due to the increasing inflation, it's actually quite pointless because the fiat money that you'd be exchanging your Bitcoin with has actually a smaller purchasing power. In the end, at some point, the majority of us will exchange our crypto for fiat, so it's not like we won't be affected at all.
I'd also find it immoral to praise an increase in inflation just to gain profit from cryptocurrencies when the average household is struggling to make ends meet, but that's a story for another day. It wouldn't be us to blame, but I bet you understand where I'm coming from.
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I'm sorry for your loss. Unfortunately, there are plenty of fake or Ponzi-style so-called investment platforms offering great results in a short time period. Shit happens, but you learned your lesson and you'll be more cautious next time. More or less, it has happened to all of us. It's completely understandable to blame yourself, but try not to stress about it too much; it'll drain you. I've also lost money on Luna, UST to be exact, through stablecoin staking, and I've also messed up multiple times when trading or selling Bitcoin too early. If I sum up all the mistakes and money that I could have made now, I'll go insane.
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There isn't a right or wrong move when it comes to investments. Long-term holding isn't for everyone; not everyone can rely on waiting long periods of time to generate profit. Some prefer to take action and actively trade despite the market situation. A few posts above, another user mentioned that he had bought at $18,000 and considered selling at $30,000, which was reached in the last few days. Honestly, that'd be a great profit in a quite short time period; thus, depending on the occasion, I wouldn't mind selling.
I'm all in for holding bitcoin; it provides me with peace of mind that trading cannot, but sometimes I'm getting tired and bored of waiting, to be honest.
If the uses the $18,000 to make the purchase then he's also making a profit for now. But the problem is whether he buys in large or small quantities because if he tries to make small purchases, the profit he gets is still low and in accordance with the capital spent. Deciding to actively trade is also great, as long as you are able to analyze the market carefully, but it can be quite risky for someone who doesn't understand the market and the easiest way is the long term. That's why I prefer to make purchases using the DCA pattern and hold bitcoins in the long term, because different people have different opportunities and capital also affects the course of investment. Basically it's not a problem to sell bitcoins in the current conditions, but it must be carefully considered so that you can profit with the capital calculation. It certainly depends on the amount he or she spent. Supposing that the said user bought a whole Bitcoin, that's $12,000 in profit that can be used as revenue or reinvested at a later date, when prices may be lower than today's. If it's a smaller amount, such as $500, then yes, I agree with you that selling wouldn't account for much profit; thus, it'd be best to use DCA to acquire a larger amount as an investment for the distant future. Bitcoin investments is long-term investment, If you want to enjoy bitcoin, you have to endure and hold it for a long period of time and not for a short-term. If you are a bitcoin investor and you not holding the bitcoins for long term and you are holding it just for short period then you are not yet fully ready for the investment. And the best time
of buying bitcoin is the time when the bear is still down so that when the price rises up to your satisfaction then you market it out and make your profit from it. If to you want to invest now is still good to invest, Bitcoin will still rise more than$31k-$35, if you bought bitcoin at $20k wow if you want to sell now you will make a huge profit.You can buy and hold, buy in lesser and hold it for long-term, it is better to hold until bull runs season.
Uh, not necessarily. I used to make 6%–10% on average trading Bitcoin on a weekly basis a few years ago. I didn't use a large amount of Bitcoin; thus, my earnings weren't of huge importance, but most of the time, I had earned a decent side income by the end of the month. |
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Binance is not even comparable to Mt. Gox when the latter collapsed. When Mt. Gox collapsed, it was the epitome of a too-big-to-fail crypto institution. That's exactly how an average person percieves Binance, being too big to fail and I even heard that from some people that lost money on both Celsius and FTX and are still holding significant amount of money on Binance. Of course Bitcoin would survive and of course crypto market would recover, but Binance going down would affect market greatly, at least in the short-medium term because they are that big. Worst of all, even if Binance goes down I don't think that people would change the way they use centralized exchanges, like they didn't after Mt Gox. For that reason I woulnd't like to see Binance going down the same way FTX did because I don't think that anyone would learn any lesson from it and in a few years everything would be forgotten. As much as I'd like to disagree, Celcius was founded the same year as Binance but only became popular in the last few years. I personally hadn't heard it until it was close to crashing. I understand your point, but I believe that Binance's case is different; it's accountable for the majority of the cryptocurrency trading volume. It sounds completely unlikely to ever happen, but not impossible nonetheless. I was also considering stopping using them but haven't bothered yet, and the fact that I find their service and mobile application convenient isn't helping. Although if somehow Binance crashed, then other exchanges would also start a chain reaction of unwanted events that would alter cryptocurrencies as we currently know them. |
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Don't you have a Ledger or a Trezor?
It would be way safer if you staked using an address generated from either of those and I have found documentation from Ledger confirming that you can indeed use your HW together with that app. I mean decentralized apps for that purpose, of course.
If you do not have a HW, it would be advisable if you moved your funds to your safest wallet (cold one), either if it is paper or a airgapped computer you use for that purpose, because in my opinion some yield is not worth risking the bulk of your holdings if you are going to be away. In the worst case scenario, you could lose all of it to some malware while you are distracted.
I don't have one yet. I was planning to buy one but never actually proceeded with the purchase. Some of my funds are stored on Binance (Stablecoins and BNB) while the majority is stored in my computer's Electrum wallet (Bitcoin). I do not want you to make you feel anxious or scared, but if the computer you have installed Electrum on has access to internet, it can be quite dangerous to your funds. For obvious reasons, if the computer is air-gaped then it is relatively safe for you to store your coins there. Please get a hardware wallet as soon as you can from the official store, I would hate if your money ended up being stolen by some lowlife hacker.  If you cannot buy it, you can also try to create your own cold wallet, when you have time. Good luck, and please be careful. Don't worry, you're not. Basically, you're right: funds are never 100% safe, but hardware wallets are actually one of the safest options out there, starting at less than a hundred bucks. It's not a costly accessory to secure your money. Currently, my laptop doesn't have access to the internet because it's not being used since I'm away, so I guess that for now I'm generally safe. However, purchasing a hardware wallet is one of my top priorities in the near future, unless I buy a new laptop and use the older one to isolate my wallet from the internet. |
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Well the price of bitcoin is like a waving sea that is going up and down. And that make it unpredictable. At the time when bitcoin was going up people were happy and when it comes down people begin to be afraid so with that fear they sold off their coins. And anyone that is ready to invest for a long time should not be afraid of the small hike of price. But have more confident on the hike to buy more and hodle.
Long term is always a much more correct move for ditcoin investment and although in short term one can also take advantage of opportunities to make small profits. The long term is too little risk for us to think about because there is an upside rate we can wait for the recovery process. Basically both investment patterns can be utilized in different conditions and panic need not be thought further when one understands the concept of investing in bitcoin. The short term requires the right strategy and accumulation to make predictions, so that accumulation can be done carefully when making purchases, so that panic will not lead someone to try to decide losses in the wrong period. There isn't a right or wrong move when it comes to investments. Long-term holding isn't for everyone; not everyone can rely on waiting long periods of time to generate profit. Some prefer to take action and actively trade despite the market situation. A few posts above, another user mentioned that he had bought at $18,000 and considered selling at $30,000, which was reached in the last few days. Honestly, that'd be a great profit in a quite short time period; thus, depending on the occasion, I wouldn't mind selling. I'm all in for holding bitcoin; it provides me with peace of mind that trading cannot, but sometimes I'm getting tired and bored of waiting, to be honest. |
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Don't you have a Ledger or a Trezor?
It would be way safer if you staked using an address generated from either of those and I have found documentation from Ledger confirming that you can indeed use your HW together with that app. I mean decentralized apps for that purpose, of course.
If you do not have a HW, it would be advisable if you moved your funds to your safest wallet (cold one), either if it is paper or a airgapped computer you use for that purpose, because in my opinion some yield is not worth risking the bulk of your holdings if you are going to be away. In the worst case scenario, you could lose all of it to some malware while you are distracted.
I don't have one yet. I was planning to buy one but never actually proceeded with the purchase. Some of my funds are stored on Binance (Stablecoins and BNB) while the majority is stored in my computer's Electrum wallet (Bitcoin). I honestly don't trust centralized platforms in any service, especially staking when you need to lock your coins/tokens for a certain period before you are able to withdraw, so if some bad thing happens to the exchange, you won't have the ability to withdraw your assets immediately. Instead, you can use the main wallet for the coins you stake.
I'm not a fan of centralised platforms either, however, they are convenient and in general, safe. I can't speak for other exhanges but at least in Binance you can choose flexible options with no lock-in period. I haven't thought of wallet integrated staking feature, I might as well check it out. (....)
I used to use the Metamask extension and had no issues; however, how safe and reliable is it to use through my phone?
Metamask is already good for me. Just make sure your phone is not infected with some malware because even with any application you will use, once your device is infected with some malware, it will be always in danger. Once you use Metamask, you just need to be careful on the websites of platforms you are using because some could be phishing, always double-check. I've only used the Chrome extension without any issues. I've just installed it on my phone and connected on Beefy through Wallet Connect. Theoretically, I'm more worried about my phone's security rather than Metamask itself. |
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How long are you gonna be away from home? I have been hearing a lot with both actually but more with decentralized platforms and I don't want to trust neither of them.
Binance staking keeps on decreasing its percentage because of many users that do trust them. However, just as the decentralized platforms , they are not safe too because you do not hold the keys while decentralized platforms they are targets by most hackers.
I'll choose to keep it to a wallet first where I have full control if I go somewhere else. I wouldn't even trust my mobile on keeping in either.
For at least four months. I used to use Binance savings for stablecoins; it started at 10% for up to $2,000, and now it has decreased to 3-4% at best. I don't trust either type of platform; both have their benefits and drawbacks, but Binance is at least quite convenient to use. Yeah, I have seen that percentage before because it was considered high and very enticing. I understand why it is being liked by many and even it is a centralized platform and have been decreasing the APY for it on interest accounts like USDT staking because as you have said, it is convenient. Did you checked Abra? That is the another platform where I am interested in putting my USDT because it offers compound interest and 10% for USDT and for other stable coins, 7%. Yeah, it was great, but it didn't last long; it was short lived. It has constantly been decreasing; even when a new option comes up, the APY crashes in the following days. I added liquidity to USDC/USDT a few days ago, with an APY of 9%; two days later, it's down to 4%. I haven't heard of Abra but will definitely check it out, thanks! They only got 2.37% from the binance saving app. Actually thats a little bit lower no matter what you see it. For sure there are better rates on staking or joining farm on pancakeswap than this. But the only thing you need to worry is the safety of your asset on dex too. Plus the inflation or the impermanent loss youll experience on farming. Im not sure though if there is a single stakingfor bifi but maybe the rate wouldnt be that far from Binance maybe.
Binance's options are pretty poor and out of competition if you ask me. DEX offers some pretty decent returns, but I'm worried about the safety of my funds with me being away. |
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I hadn't realized that we were only a year away from halving. It's quite possible to start noticing a minor recovery until then, and hopefully, a new ATH within the next 1.5 to 2 years from now. Although I've gone through one more halving, I never actually grasped that we're still so early in the process of reducing the block reward that there are so many halvings in the distant future. I've got no clue if the previous increasing pattern continues in this halving or the upcoming ones, but I'm positive that the next few years will be interesting.
My question now is the following, will mining still be profitable in 10 or 20 years from now?
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First of all, congratulations not only for accepting Bitcoin and USDT but for maintaining a successful business of your own. Your sales sound pretty decent to me, at least from where I'm standing, and you seem to be booming. I'm pleasantly surprised that 54 transactions were made with Bitcoin and USDT, which account for a significant percentage of your total sales. 10% to 20% isn't bad at all; I'm dumbfounded. Personally, I wouldn't use Bitcoin for purchases for investment reasons, but I'd use a stablecoin such as USDT.
Keep up the good work, and congratulations once again!
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Why should we bother convincing people about their misconceptions? I'm sorry, but this approach looks too desperate. New innovations take time, and despite having been launched for over a decade now, Bitcoin has received tremendous attention from the public the last few years after Covid, due to its great performance. More and more people will eventually understand its technicalities and why these common misconceptions are basically myths to a large degree and not something worth noting.
It's very easy to debunk each one of those points you mentioned, especially the last one regarding gambling. Physical and online casinos have been a thing long before Bitcoin became popular, so I don't get why there are still people claiming that cryptocurrencies are gambling-oriented.
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Binance is the leader in cryptocurrency exchange; it's doubtful that it'll have the same fate as Mt. Gox or FTX. Moreover, it's responsible for over $8–10 trillion in exchange volume. Thus, it's pretty easy to say that even if we suppose that Binance somehow collapses, the cryptocurrency market would be severely impacted. Even FTX, which is incomparable with Binance, managed to dent the market for a decent amount of time; just imagine what would happen with Binance.
Personally, I believe that cryptocurrencies would suffer tremendously, and trust would be lost forever. We won't be discussing a new ATH, but how low Bitcoin can go from there.
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I was quite young when I was first introduced to Bitcoin, and I had neither the means nor the money to do so. Thus, I resorted to scouting the forum and trying to learn as much as possible. Learning is a never-ending process. I've made plenty of mistakes throughout the years that have cost me a great sum of money.
However, the amount of money out of my own pocket that has gone towards purchasing crypto is minimal compared to the amount of money that I currently hold in Bitcoin. This forum is a great source of information, and if you take advantage of the opportunities it offers, you'll start generating income from scratch. Keep up the good work, and eventually it'll pay off.
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I'm away from home and will be for the next few months, and I won't have access to my computer, but I want to continue staking and investing during this period. So far, I've been using Binance savings and staking because their mobile application is convenient, easy, and relatively safe. However, the yield has tremendously decreased while it's centralised, so it would be best to move to a decentralized platform, such as Beefy. I used to use the Metamask extension and had no issues; however, how safe and reliable is it to use through my phone?
I tried to see what wallet is compatible with Beefy through my phone, and it only features WalletConnect, Coinbase wallet, and CDC Connect, with none of which I have any experience. I could possibly start staking from my computer now that I'm back home, but leaving coins staked on a decentralized platform without any monitoring isn't the safest option.
Staking thru your computer is always the safest option. If you can't use your computer because you're away from months, I guess staking thru your phone isn't a good choice. On the other hand, why choosing to stake thru your mobile phone if you can do it in your computer, and even though you will not have an access to your computer, you can just stake your coins into the platform that's supported by that coin, and let it grow. I mean you don't need to see it very often. Just put your coins there, and let it sit. I don't know if I will agree with you in the part where not monitoring isn't the safest option. I'm currently staking ADA coins, and there was a time where I can't visit their decentralized platform where I put my coins for I think 6 months because of lack of space in my computer (Daedalus is eating lots of space in my disk drive), and because of that, I saved some money to upgrade, and bought a SSD with more space. I opened it after 6 months, and nothing changed aside from the fact that I got more ADA now because I staked it there. Not having an access to your computer isn't mean you need to convert, and use your mobile phone and stake. Safety is the primary option still, and you don't need to constantly visit your computer if you are staking. I rarely open my Daedalus software (where I stake my ADA). I think once every 2-3 months just to visit whether my coins are still there, and earning or not anymore.  It's not necessarily a safety issue, but a combination of several matters that concern me about leaving my coins unmonitored. The first and least important, since safety of funds is always the number one priority, is that the vault I choose may no longer be profitable after a few weeks. Another issue I had faced in the past was that one of the vaults I was using to stake was discontinued, while others had suffered exploits, such as Iron.Finance. How long are you gonna be away from home? I have been hearing a lot with both actually but more with decentralized platforms and I don't want to trust neither of them.
Binance staking keeps on decreasing its percentage because of many users that do trust them. However, just as the decentralized platforms , they are not safe too because you do not hold the keys while decentralized platforms they are targets by most hackers.
I'll choose to keep it to a wallet first where I have full control if I go somewhere else. I wouldn't even trust my mobile on keeping in either.
For at least four months. I used to use Binance savings for stablecoins; it started at 10% for up to $2,000, and now it has decreased to 3-4% at best. I don't trust either type of platform; both have their benefits and drawbacks, but Binance is at least quite convenient to use. |
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I also received a similar email a few months ago, but it was in Russian instead of English and suggested using Google translate. However, it wasn't containing any of my passwords; it was a simple threat demanding $1000 in Bitcoin. Ignore it and move on; change your passwords and secure your Bitcointalk account, which is vital. I've also used the website haveibeenpwned.com and have suffered plenty of leaks. I've changed my password multiple times, but my email is still being targeted. Is there a way to save it, or should I just dump it?
if you change the password then you are safe from the threat, so it's better to block that user's email so you won't receive that message again, but if you feel worried about the threat then it's better to replace the new email and ignore the old email if There is no important account associated with that email, I don't care about any threatening messages in the email because if he managed to hack my account then why didn't he just steal my balance without begging to send $900 to his address. Of course and I've changed the password, however, it's practically impossible to change all passwords that are associated with that email. I've stopped using it but it's still associated with a few important websites, such as Bitcointalk, Steam and a few others. If your email address got into these spam databases, there is no way to prevent getting such kind of messages. If you really don't want to get it, only option is to dump that address.
That's probably the wisest option; however, it's almost inevitable to prevent your email address from being found in such databases; even my newest one is in a few leaks, and trust me, I'm being quite careful with it and not using it on random websites. It's not convenient to change email address all the time. It's concerning to say the least that our personal details are hanging on a thin tread. |
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The most important thing is to protect your fund, a bird at hand is better than thousands of birds in the forest. The protection and security level of mobile phones is still weak as compared to the PC. I will advise you to stake on centralized staking service than Decentralised during this period because in a place like Binance you know for sure that your funds are SAFU the way CZ used to put it but on DEX you are on your own. Just weigh the risk and the reward before taking any decision, you can't lose many rewards from 2 weeks' absence from your PC
This is the main reason I'm still using Binance, I probably wouldn't if I had access to a computer, but that's a different story. I won't have access to my computer for more than 4 months, I wouldn't bother if it was for such a short time period, I mentioned for a couple of months in my starting post, I wish it was for just a few weeks. <...>
I tried to see what wallet is compatible with Beefy through my phone, and it only features WalletConnect, Coinbase wallet, and CDC Connect, with none of which I have any experience.
WalletConnect is not a wallet, but an open source protocol for connecting decentralized applications to mobile wallets with QR code scanning or deep linking. source: https://walletconnect.com/You can find a list of supported wallets here: https://explorer.walletconnect.com/?type=walletThanks, I literally have no idea, I've only used the Metamask extension and never bothered with anything else in the past. It's a complete different occasion this time and I'm clueless. Would you advise against staking through an Android phone? |
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I'm away from home and will be for the next few months, and I won't have access to my computer, but I want to continue staking and investing during this period. So far, I've been using Binance savings and staking because their mobile application is convenient, easy, and relatively safe. However, the yield has tremendously decreased while it's centralised, so it would be best to move to a decentralized platform, such as Beefy. I used to use the Metamask extension and had no issues; however, how safe and reliable is it to use through my phone?
I tried to see what wallet is compatible with Beefy through my phone, and it only features WalletConnect, Coinbase wallet, and CDC Connect, with none of which I have any experience. I could possibly start staking from my computer now that I'm back home, but leaving coins staked on a decentralized platform without any monitoring isn't the safest option.
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I also received a similar email a few months ago, but it was in Russian instead of English and suggested using Google translate. However, it wasn't containing any of my passwords; it was a simple threat demanding $1000 in Bitcoin. Ignore it and move on; change your passwords and secure your Bitcointalk account, which is vital. I've also used the website haveibeenpwned.com and have suffered plenty of leaks. I've changed my password multiple times, but my email is still being targeted. Is there a way to save it, or should I just dump it?
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Which browser are you using? Does this also apply if you're trying a different one? I'm certainly not the most qualified to provide you with a correct answer, but if I suffered something similar a few months ago, it might be completely different, but it wouldn't hurt checking yourself. I had a fake Google Sheets extension installed without my permission that was switching coin addresses on exchanges, etc. with a different one, leading to a scammer's wallet. Unfortunately, I didn't notice it in time; thankfully, it was a petty amount and didn't bother me.
On top of that, I couldn't even find a single mention on Google results. You can find my thread through my profile history if you're interested.
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