1. Custodial vs Non-Custodial 2. Open source vs Closed source
These two points of mine are very important for everyone to understand before choosing a crypto wallet for storing their digital assets.
Custodial Wallets
are wallets that takes control from users and decide to be their users private keys keeper, meaning they function just like the banks, they keep your assets for you, with this, many things can go wrong, they can decide to close down the business, and they will leave with your money, they have the keys in the first place.
Non-Custodial wallets
These wallets are better than custodial wallets because they give users access to their private keys or recovery seed, even if they go down some day you can easily import your recovery seed into another available wallet, everyone prefers using Non-custodial wallets because they are safer compared to Custodial wallets.
Open Source vs Closed Source
Open source wallets are more transparent, they leave every codes opened to the public, so when choosing a wallet, make sure they are open source, closed source wallets are secretive, they decide not to share their coding and stuff with the public experts and developers for full transparency, some said they are trying to avoid copycats and stuff, but users still prefer open source wallets and it's the best decision ever.
It does have a lot of complicated things but as a beginner, all you need to consider is it's a Non-custodial/decentralized and open source. Most of the users are concerned about centralized exchange because you don't have control over your money and at any moment the wallet or exchange could easily lock your account if they wanted and you can't do anything about it, unlike if you own your private key your the only one who has access to your wallet. But if you have the budget you could just buy a hardware wallet which is the best when it comes to security overall. But I would still suggest Electrum as well. [GUIDE] How to Safely Download and Verify Electrum [Guide]Mind you not all available Hardware wallets are open-source, I haven't heard about an open-source wallet that's custodial before, because most open-source wallets I know are non-custodial wallets, anyway. If all users are only concerned about centralized exchanges then they are still lacking a lot about crypto wallets, the problem of custodial wallets doesn't end with centralized exchnages, there are some crypto wallet companies that are not operating any exchnages and still they don't give users their private keys, such wallets will ask users for email and password, as if you are signing up for a Facebook account, in the end they will disappoint.. A good example of such wallet is FreeWallet, a complete custodial wallet that ends up scamming many users. So centralized exchanges are not the only thing to watch out for, there are dangerous custodial wallets out there as well. I mean yes open source hardware wallet was not really a lot in the market but because of the trend, a lot of developers started releasing open-source software, and already increased through the years. I also say you don't have control over your money "wallet or exchange" which is already centralized and custodial. You have your point but it's not like we don't use centralized exchange at all, it's still one of the easiest ways to trade, buy, and exchange cryptocurrency and helps a lot when it comes to the adaptation of cryptocurrency. But I would agree that when it comes to choosing a wallet, custodial wallets are a big No. |
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1. Custodial vs Non-Custodial 2. Open source vs Closed source
These two points of mine are very important for everyone to understand before choosing a crypto wallet for storing their digital assets.
Custodial Wallets
are wallets that takes control from users and decide to be their users private keys keeper, meaning they function just like the banks, they keep your assets for you, with this, many things can go wrong, they can decide to close down the business, and they will leave with your money, they have the keys in the first place.
Non-Custodial wallets
These wallets are better than custodial wallets because they give users access to their private keys or recovery seed, even if they go down some day you can easily import your recovery seed into another available wallet, everyone prefers using Non-custodial wallets because they are safer compared to Custodial wallets.
Open Source vs Closed Source
Open source wallets are more transparent, they leave every codes opened to the public, so when choosing a wallet, make sure they are open source, closed source wallets are secretive, they decide not to share their coding and stuff to the public experts and developers for full transparency, some said they are trying to avoid copycats and stuff, but users still prefer open source wallets and it's the best decision ever.
It does have a lot of complicated things but as a beginner, all you need to consider is it's a Non-custodial/decentralized and open source. Most of the users are concerned about centralized exchange because you don't have control over your money and at any moment the wallet or exchange could easily lock your account if they wanted and you can't do anything about it, unlike if you own your private key your the only one who has access to your wallet. But if you have the budget you could just buy a hardware wallet which is the best when it comes to security overall. But I would still suggest Electrum as well. [GUIDE] How to Safely Download and Verify Electrum [Guide] |
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If I'm not mistaken I heard some Electrum users get issues/hacks when they didn't update their Electrum wallet for a long time. It might be better to update most of the time right?
Exploitable vulnerabilities in Electrum has not been that common so the statement is not very accurate. But yes, it is best that you update to the latest version as often as you can because developers put a lot of effort into improving the wallet. Completely agree with that, I guess it's always better to update for the most part as the Wallet is improving even though there are potential bugs that might occur. I'm just a bit concerned about the update but thanks. |
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I was reading an article sometime ago when I bump into a sentence, an I qoute, '' will you sit by an allow this opportunity to pass by again? Yesterday you said you will do it tomorrow" this got me thinking all day like why have I not been able to buy bitcoin, I miss the opportunity in 2014 because I feel it was a scam, am I missed the opportunity, look at me today, investing in some alt that wanted to give me high b.p
I must buy bitcoin today, I really don't know if someone else is experiencing the same thing out there?
You have a point but doesnt really apply to everybody, it also involves luck, timing, etc. You don't really want to be desperate and just grab all of the opportunities because that might just lead to making wrong decisions. It might lead you to get scammed in the first place if you invested in something that you didn't really know, Most of the early investors on Bitcoin that are already millionaires or billionaires these days were just lucky, I mean yes they invested money but Bitcoin is obviously a big gamble since they don't know that Bitcoin will reach these far. But still yes buying bitcoin today is the best thing that you could do because the market is still in the process of recovering, there is still a lot of room for profit if you waiting for the All-time high and bull run. If you procrastinate a lot, do not let that character affect your decision to invest in bitcoins because you will certainly regret it. To buy bitcoin is a good idea. If you can not buy at once, you can DCA.
You will be surprised how many people have procrastinated buying bitcoins because of the idea that they need to buy a huge amount at once so they keep procrastinating and waiting for the day they will have enough money to invest a huge amount at a go. If you talk to someone about bitcoins and they are interested, always add the extra information of a way for them to gather bitcoins slowly but consistently in a manner that will not affect their income. Tell them about Dollar Cost Averaging. Yes, I agree with that, it's not just really about just buying Bitcoin, there must be an investment strategy. Some are just saving and waiting for a drop to invest it all at once for potential profit, and there are also some that's is dollar cost averaging to accumulate bitcoin. |
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Do we actually need to download the application on the website every time there was an update?
It depends but most of the times the answer is no, you don't need to upgrade to each release. Generally speaking if the new release contains new features, some improvements and bug fixes that don't affect you (like fixing a bug related to hardware wallets and you don't own a hardware wallet) you don't need to upgrade. But if the new release contains bug fixes that may affect you (like the fix in the communication protocol where the malicious server could show you a malicious HTML formatted message) then it is best to upgrade. You can always check out the release notes here to see what was changed: https://github.com/spesmilo/electrum/blob/master/RELEASE-NOTESThanks for answering my question. If I'm not mistaken I heard some Electrum users get issues/hacks when they didn't update their Electrum wallet for a long time. It might be better to update most of the time right? Not that I think about it, I don't really have problems or bugs with my Electrum wallet I'll probably update only if encounter some issues. Thank you. |
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Do we actually need to download the application on the website every time there was an update? Is it safe to reinstall the application every time?
My Electrum wallet was active again for a long time so I just want to make sure that I wouldn't make a mistake thanks.
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What are your thoughts?
Might depend on the real estate there are some that might not be worth it to buy, In my country real estate is a great investment, it's probably the best asset that you could own here. So make research if you think that the real estate of your country is increasing its value and if it's a good investment if you have a great real state target, I would easily pick the real state if I have the funds to do so. So if you have the money to buy real estate invest your money on it instead of Bitcoin, the real estate could generate passive income so it's the first thing that you should buy, Bitcoin, on the other hand, should just be a small percentage of your money. Bitcoin is a risky investment even though we all believed in Bitcoin it's still not guaranteed and you could also lose money if you doesnt plan to hold it for the long term. Basically, you could invest in both at the same time, the dollar cost average on bitcoin, and save money for a real estate investment. Just my opinion I would sell my Bitcoin if it's a fair profit just to buy real estate. |
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Medjo napagiwanan na ako pagdating sa ranking dahil huminto akong maging active noong nagkaroon ako ng work  pero ngayon ay active na ulet sana ay mapansin itong mga translation ko. Salamat mga kabayan! Honest mistake kabayan medjo nalito siguro ako dahil akala ko ay up to 10 post ang allowed at hindi minimum pasensiya na, pero siguro okey na din nahindi 10 ang minimum post dahil walang masyadong nagpopost sa thread siguro medjo madami ang 10 post siguro nagiipon ng magandang post ang ibang member. No comment sa translation thread. Ipagpatuloy mo pa para dumami ang mga quality topics dito sa local board at suggestion ko dn na gawin mo yung mga thread ni @Fillippone dahil sobrang informative din nun kagaya ng kay Gazeta. Mahaba pero worth it naman. Check mo ang thread na ito https://bitcointalk.org/index.php?topic=5230761.0Balak ko din magtranslate sa thread nila siguro soon, papaganda muna ako ng Translation portfolio dahil kakaunti pa lang naman ang mga topics na, natranslate ko. |
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Generally everybody have of opinion of bitcoin or cryptocurrency, I guess that's why some people do not care to invest or trade, most people also had once invest and failed probably loss their money. All this makes different opinion of bitcoin to them why it should not stay.
Countries also have view it in different direction of affecting economy and capitalism system, some sees it in a positive direction while others sees it as negative threats to the country's economy.
But most believe the bitcoin to be best when considering many other offers. We see what other can't see in bitcoin, we trust bitcoin to improve standard of living, we keep buying for the project to survive threats. But we never ask what if the whole stuff varnish overnight?
What is your reason why bitcoin should stay in the next 100 years! when the government are worried about it?
Maybe our opinions about bitcoin can give hedge to the government.
Even though a lot of us believed in Bitcoin it's still a risky kind of investment to everyone, I mean no one actually knows if the Bitcoin market price will actually reach an all-time high in the coming years, At some point there is always something that could come up and drop the price of Bitcoin, we see last time when the war almost exploded we see a huge market movement. If world war 3 exploded are we going to see Bitcoin still at a higher price? I mean I doubt that. But still, we believed in Bitcoin, Bitcoin could still be for the next 100 years for sure if there were no issues or exploit. I mean it could easily crash if there are exploits. I mean its Bitcoin would still buy and accumulate Bitcoin if I think its a good investment. |
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Let's be honest, market do not follow any rules. There is no rule or law that says BTC should reach another ATH next cycle and next after. What if 69K was the maximum it could reach, and for the next years or decades it will be mostly fluctuating between 15k and let's say 40k.
So, let's collect here the reasons why there will be ATH for BTC.
Name one (at least) reason, please.
Some reasons collected so far:
1. "More than 90% of the people in this world has not yet bought bitcoin, do not worry, the adoption is still continuing. You will still see bitcoin at $100000 ane more."
2. "... as long as fiat inflation is still happening (which means a decrease in purchasing power), you can rest assured that assets like Bitcoin will keep going strong."
3. "We might see multiple ATH in the future once fiat explode. Bitcoin is the alternative and safe haven for people to escape inflation."
I mean, yes Bitcoin might not reach All time high we can easily argue about that, even though a lot of investors, traders, etc. are saying that it will reach All time high or even surpass it. That might not happen for sure because we can't really predict what is going to happen in the market in the future. As far as history we have a lot of signals or green flags that it is going to happen, some might not believe it but it's still enough basis for us to buy and invest in Bitcoin. The increasing adaptation of Bitcoin is for sure going to skyrocket the Bitcoin market price, A lot of countries are starting to adopt Bitcoin, and a lot of platforms adopt crypto and it's already a lot easier to buy this time compared to the past years. You can also add the Bitcoin halving. |
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Isang malaking factor kung bakit naging popular ang crypto sa bansa natin dahil sa NFT at para mas maging specific ay nang dahil sa Axie Infinity.
Sa totoo lang ang daming baguhan sa crypto na yun ang naging paraan nila para mas ma absorb nila ang volatility ng crypto investments lalong lalo na sa mga altcoins.
At mula doon, tama si OP tungkol sa crypto jobs na madami akong nakitang mga na introduce sa crypto dahil sa NFT tapos naisip nila na madami palang opportunity na nakalaan para sa sinomang gusto mag focus dito.
Malaki laki rin ang pumasok at lumabas na pera sa Pilipinas dahil marami ang naginvest sa axie nood era pa neto, malaking kawalan din un sa economiya milyon milyon din ang mga nawalan sa axie. Hindi lang talaga maganda ang structure ng play to earn dahil lumalabas na parang pyramid scheme lang lang din, hindi sustainable ang economy kaya maraming mga naginvest sa axie ang hindi na nabawi ang ininvest nila dito. At the same time marami din namang mga Filipino ang naging active sa cryptocurrency dahil dito marahil ay madami din sa kanila ang natoto ng magtrade dahil sa axie infinity. Dahil ikaw mismo ang may hawak ng wallet mo at ikaw din mismo ang pagcoconvert ng SLP mo, madami ang naging familiar sa Binance kaya dumami ang nagtatrade. Nakakalungkot lang dahil marami ang naluge sa axie investment. |
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I did some research on Bitcoin because I was interested in it, and I discovered that the key principles of Bitcoin are peer-to-peer, anonymity, pseudonymity, decentralization, and operating without a middleman to ensure that Bitcoiners can have financial freedom. However, despite knowing that Bitcoiners adhere to these tenets, why do some Bitcoiners act contrary to them? Why do they continue to support centralized exchanges, use them, and retain their Bitcoin there?
A centralized exchange is a platform where you can easily buy Bitcoin using your Fiat money, you could easily use something like your Debit or credit card to buy on the platform, and an easy way to trade your cryptocurrency to the different blockchain networks. Yes, most of us hate centralized exchange but it just has advantages and disadvantages, one of the disadvantages of it is it is centralized and we don't have complete control of our own funds. But it's still a legitimate exchange platform, it's easy, and convenient to use the platform, and most of the traders use the platform even though they hated centralized exchange because it's convenient, just don't put funds or invest in the long term on this platform. You could just buy on it, or exchange your crypto on an exchange then take the funds out to a more secure wallet. |
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There were a lot of these cases on the TRON network, sending a small amount of Tron to wallets, scammers creating a similar address copying some of the first or last characters of the address hoping that the user will get lazy since we sometimes use to just checking the first few or last characters on our address.
I'm just curious on this one. Is it possible on the tron network that they can generate these type of wallet addresses so, this is like vanity addresses? where the first and last addresses can be modified depending on what are the characters they want to generate? Honestly, I'm guilty on this one that I just look at the first and last characters of my addresses but this is for bitcoin and not with tron or any other altcoin. They could easily generate addresses on an open source using the profanity address generator, but there are I think vanity address generators, I think they could generate a custom prefix and suffix. They can generate a lot of addresses when I take a lot on how profanity works. There are issues I think on profanity where it could generate an address that is already owned by other users, but it was already abandoned by the creator because of the exploits. We are all guilty of just looking at the first four or last character, I guess it is also possible on the Bitcoin network since you could just send micro-transactions as well. |
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Ilang years din ang nakaraan mula nagka idea ako about bitcoin. Nagsimula ako 2015 mag trade sa mga ibat ibang trading platform at nag simula ako sa maliit na puhunan. Nung una medyo mahirap kasi nga nag aaral palang ako paano mag trade yong puhunan ko imbes lumaki nababawasan siya at wala na dadagdag dahil sa maling pag trade. Pero hindi nagtagal natuto ako dahil may mga kasama ako na nagturo saakin kung paano bumili at mabenta ng mga coins.
Then for story short 2016 to 2017 na bago ang buhay ko dahil sa sipag at tyaga narin kaya nag karoon ako ng motivation na sa bitcoin magbabago ang buhay ko. At yon na nga yong maliit na puhunan lumago sya natuto ang mag short trade at long trade.
Hindi ko na papahabain pa dahil kay bitcoin nag karoon ako ng sariling lupa at nakapagpatayo ako ng bahay naka bili ng pampasaherong jeep at kung dati napakahirap ng buhay namin ngayon maski papano hindi na ako yong utang doo utang dito. Salamat sa mga nakilala ko na tumulong at nag turo saakin about bitcoin dahil sa inyo nabago ang buhay ako.
Congratulation kabayan mukang malaki na ang naearn mo sa Bitcoin at pati na rin sa pagtatrade, tuloy mo lang ang ginagawa mo, dami mo ng napundar at malaki ang natulong mo sa pamilya mo sa pagbili ng mga assets. Kahit ako ay huminto rin muna sa pagiging active sa din sa pagtatrade at paginvestment lalo noong nagkabear market, nagkaroon din ako ng full time job nung time na yun kaya wala na rin akong time at dahil bear market medjo kinalimutan ko muna ang Bitcoin ko at trading. Pero ngayon balik active na ulet dahil maganda ang timing sa market, that time din naman malaki ang napundar ko at kinita sa pagtatrade pati rin sa nga NFTs. Marami pang opportunity ang dadating sa atin at masmalaki pang profit ang kikitain naten. Welcome back! |
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There were a lot of these cases on the TRON network, sending a small amount of Tron to wallets The scammers didn't send anything at all. The transactions were empty, they only paid the network fees. Isn't it micro transactions? like, for example, sending 0.000001 TRX is it possible to receive nothing in a wallet by just paying fees? I think it wouldn't register on your transaction history if it doesnt have value. I have a general practice to copy the address from wallet and reverify every alphabet of the address after pasting.
It hardly takes a minute but saves us our precious coins.
How do you do that, man? I have never been that patient to check all the alphabet from an address to make sure I'm not going to be scammed. Well, I usually check a few first and last characters, and most of the time, if the address is a used one, I check with the blockchain explorer to identify the address from the transaction history lol. That's far easy I think than checking every character manually. What's the chance that a scammer can generate almost the same address through a vanity search? Maybe it's possible to have the same address for a few characters but is it possible to have a similar address of mine with a similarity of more than 20 characters for example? No it's definitely very hard to get more than 20 similar characters but there are two things to consider 1. May be the scammer can get 8 characters same i.e. the first 4 and last 4 characters. Many people just check the first few and last few characters but tend to avoid the middle ones. 2. Just one different character is enough to send the amount to a different address. May be we made a mistake in copy pasting or something but even if one character is wrongly entered then there are possibilities that the amount will be lost. As for checking every character manually part it's quite easy. I have a strong short term memory and can remember 5-6 characters at once immediately. So I verify the address 5 characters at a time and the whole address is verified by every character in not more than 30 seconds. Would you risk your BTC for 30 seconds or lets say 1 minute ? I think they are using tools like a profanity address generator, which could generate a custom prefix and suffix. |
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I guess that many of you have already tried to orange pill family or friends. Personally, I've totally given up on the idea.
Some people have asked me to invest a few hundred euros for them, in which case I would have to be their banker... They don't even want to know how to install a wallet or even buy a hardware wallet. In short, I refuse to be a banker.
And you, have you also given up? Or are you persevering with unstoppable tricks?
That wouldn't really work, I've tried it on my family, and taking investment from them wouldn't really make a profit because they don't really understand how the market works or even how Bitcoin works. Without understanding how the market works they easily think that the money was lost or taken by me but I just invested it in Bitcoin and other top cryptocurrencies in the market. They are not patient enough to make the hold thinking that after just a few months they already have a certain percentage of profit even though I already explain to them that they might lose all of their investment if the market was down, and they need to hold for a long time at that point. They just don't want to invest on their own maybe because they just doesnt have time for it, And that's the point you don't really need to encourage them to invest we just need to explain what and how to invest on it and then let them decide if they really wanted to invest on their own, because if he's not the one that is going to invest on her own it just doesn't work. So in my situation, it is just better to give up since I already did my part I'll just let them decide. |
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Medjo napagiwanan na ako pagdating sa ranking dahil huminto akong maging active noong nagkaroon ako ng work pero ngayon ay active na ulet sana ay mapansin itong mga translation ko. Salamat mga kabayan! |
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Managing finances properly is key to our financial life, which is well known to each of us, I guess. I feel like this is in my bones so sometimes I make some decisions subconsciously. I recently ran into a situation where I found myself really awkward. Last July or August(I can't remember that clearly), one of my extended family cousin asked me for three thousand dollars as he lost his job and could not pay off his loans. I refuse to lend him the money cause I knew him well that he was not a solid trustworthy guy. A few days ago we met on a family reunion occasion and he did not really talk to me and I suddenly realized that it was because I didn't lend him money last year. I think about it twice and if he had not been that untrustworthy, I would have definitely lent him the money. Anyway, I hope he is doing fine now and best wishes to him.
When talking about financial it's not always the best thing just to lend or give money to your family or relative, And the fact that he had a grudge only just because you didn't lend him money was already a red flag in my opinion. It's actually great to lend money to your family and relatives but there should always be limitations on it, and you should also assess if that money would actually help him or if you're just spoiling him teaching him to be lazy and not actually standing on his own. I guess it would be better so that they would not be dependent on you when it comes to money, it might just teach them how to stand on their own, he did make a loan so it's his responsibility to pay for it. Maybe what you can do his hire him to do something with that you are making use of your money and at the same time, you're teaching him that money is not easily earned. |
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Well, you did a very great job on your Bitcoin journey, I sold most of my Bitcoin last bull run and I actually get a good profit from it, I started accumulating Bitcoin again last year when the Bear market started to hit, And I also don't have time to spend on the forum that time because I got a full-time job, its difficult to be active here and on trading and investing if you already have a full-time job.
I'm confident with my experience in Bitcoin investing, I would do and earn a lot this time, I'm curious how far my Bitcoin will reach, well of course we are all planning to hold it. I'm still building my mindset to actually hold for the long term because I'm always thinking of selling at a profit which is not bad actually, it's always difficult to hold if you doesnt really have other passive incomes. Planning to invest in a passive income first.
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There were a lot of these cases on the TRON network, sending a small amount of Tron to wallets, scammers creating a similar address copying some of the first or last characters of the address hoping that the user will get lazy since we sometimes use to just checking the first few or last characters on our address.
The best thing to do is to follow best practices when sending our coin or when receiving tokens. Copying addresses without even checking them is one of the worst things that we can do.
I have seen some people get scammed up to 25k$ and it's actually very cheap to make this transaction by sending multi transactions to multiple users, But as long as we are aware of these scams the chances As long as we are aware of this scams the probability of getting scam plummets to a lower percentage.
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