Investing in Bitcoin / Storage

[Bitcoinn_Kingg]

New member here, but i have a question that i need some help with. Im looking to get into bitcoin on the enxt pullback around when the RSI gets to about 25-30 which should put the price around 1900-2000 and plan on using bitstamp. My question is this : Im aware that buying bitcoin on an exchange is risky due to hacks and although bitstamp keeps 98% of the funds offline, i still want to put in my own cold storage wallet. Any suggestions which wallets? Also how would i then send it back to the exchange? Im guessing through the bitcoin physical address given to you?

Basically what is the best way to go about this? I want to do it mainly as a 2-3 month short term investment and and sell it around 3k hopefully for a 50% gain and am looking to put in about 40,000 in it.

[Anegg]

New member here, but i have a question that i need some help with. Im looking to get into bitcoin on the enxt pullback around when the RSI gets to about 25-30 which should put the price around 1900-2000 and plan on using bitstamp. My question is this : Im aware that buying bitcoin on an exchange is risky due to hacks and although bitstamp keeps 98% of the funds offline, i still want to put in my own cold storage wallet. Any suggestions which wallets? Also how would i then send it back to the exchange? Im guessing through the bitcoin physical address given to you?

Basically what is the best way to go about this? I want to do it mainly as a 2-3 month short term investment and and sell it around 3k hopefully for a 50% gain and am looking to put in about 40,000 in it.

Hey so, since your buying it off an exchange and only keeping it for short term use, it's a bit of a pickle there. Since your only doing this for the short term, it would be illogical to invest a couple of grand on cold storage, and since your not even doing to use it I would just recommend using different hardware wallets. I would recommend trezor or ledger wallet and buying 5 or six of them and spilting the Bitcoin up between them. Maybe you should consider holding 2 or 3 coins for the long term, but that's up to you.

Good luck in your investment!

[ranih]

New member here, but i have a question that i need some help with. Im looking to get into bitcoin on the enxt pullback around when the RSI gets to about 25-30 which should put the price around 1900-2000 and plan on using bitstamp. My question is this : Im aware that buying bitcoin on an exchange is risky due to hacks and although bitstamp keeps 98% of the funds offline, i still want to put in my own cold storage wallet. Any suggestions which wallets? Also how would i then send it back to the exchange? Im guessing through the bitcoin physical address given to you?

Basically what is the best way to go about this? I want to do it mainly as a 2-3 month short term investment and and sell it around 3k hopefully for a 50% gain and am looking to put in about 40,000 in it.

Hey so, since your buying it off an exchange and only keeping it for short term use, it's a bit of a pickle there. Since your only doing this for the short term, it would be illogical to invest a couple of grand on cold storage, and since your not even doing to use it I would just recommend using different hardware wallets. I would recommend trezor or ledger wallet and buying 5 or six of them and spilting the Bitcoin up between them. Maybe you should consider holding 2 or 3 coins for the long term, but that's up to you.

Good luck in your investment!

Completely agree, but there is another cheaper way (without buying hardware wallet):
You can create few paper wallets on an offline computer, and even better on a clean VM.
If you're not planning to do many transaction, it is quite safe IMO.
Just don't lose the private keys...

[ranreichman]

I think for that sum it's not really necessary to buy several hardware wallets or even one, probably best just to create a single paper wallet and make sure you did it right by transferring funds. I do recommend that you invest longer term than 2-3 months, don't buy crypto with money you can't afford to lose.

[investinator]

Cold storage is meant for long term storage like years. I understand you don't want to take a risk on an exchange but I would suggest you just use a clean pc for it (something you are sure is secure) and the choice of wallet doesn't matter just put a strong password on it and back it up on a usb drive.

[HabBear]

I agree with several of the comments here, I just want to add one element that you may not have yet considered or be aware of.

Many bitcoin exchanges have limits on how much bitcoin you can sell for fiat currency in any given day or week. Since you want to buy 40,000 and sell it at 3,000 (ideally), you should find out how much you can actually sell each day or week with whatever exchange you'll be using. I believe you mentioned Bitstamp...would they let you sell all 40,000 on the same transaction or would they require you space it out.

Good luck to you.

[NorrisK]

I agree with several of the comments here, I just want to add one element that you may not have yet considered or be aware of.

Many bitcoin exchanges have limits on how much bitcoin you can sell for fiat currency in any given day or week. Since you want to buy 40,000 and sell it at 3,000 (ideally), you should find out how much you can actually sell each day or week with whatever exchange you'll be using. I believe you mentioned Bitstamp...would they let you sell all 40,000 on the same transaction or would they require you space it out.

Good luck to you.

You can sell to usd perfectly fine, you may just not be able to withdraw all in one go without proper verification.

If you want to trade with big numbers it is always best to get atleast a medium tier verification so you have decent withdrawel limits.

[BitcoinNewsMagazine]

New member here, but i have a question that i need some help with. Im looking to get into bitcoin on the enxt pullback around when the RSI gets to about 25-30 which should put the price around 1900-2000 and plan on using bitstamp. My question is this : Im aware that buying bitcoin on an exchange is risky due to hacks and although bitstamp keeps 98% of the funds offline, i still want to put in my own cold storage wallet. Any suggestions which wallets? Also how would i then send it back to the exchange? Im guessing through the bitcoin physical address given to you?

Basically what is the best way to go about this? I want to do it mainly as a 2-3 month short term investment and and sell it around 3k hopefully for a 50% gain and am looking to put in about 40,000 in it.

Coindesk has a series of articles under Bitcoin 101 that can get you up to speed in an evening. There may be a network fork in the weeks after August 1, may not. You probably want to own your bitcoin before August 1 and move them to a hardware wallet for safe keeping. I think every manufacturer except Trezor is out of stock, consider buying one, read the user manual. Between the articles and Trezor manual you should get a jump start.

[AGD]

https://en.bitcoin.it/wiki/How_to_set_up_a_secure_offline_savings_wallet

[Herbert2020]

New member here, but i have a question that i need some help with. Im looking to get into bitcoin on the enxt pullback around when the RSI gets to about 25-30 which should put the price around 1900-2000 and plan on using bitstamp.

there is not should and absolutely no guarantee. waiting around can mean missing out on the rise and buying can mean missing out on the possible dip. you should do something in the middle.
no amount of analysis can predict any future price and when it comes to bitcoin they are even more useless.
it is good that you are using it but you should never rely on them. also i believe your RSI may be a bit low by a couple of $100

My question is this : Im aware that buying bitcoin on an exchange is risky due to hacks and although bitstamp keeps 98% of the funds offline, i still want to put in my own cold storage wallet. Any suggestions which wallets? Also how would i then send it back to the exchange? Im guessing through the bitcoin physical address given to you?

Basically what is the best way to go about this? I want to do it mainly as a 2-3 month short term investment and and sell it around 3k hopefully for a 50% gain and am looking to put in about 40,000 in it.

if you are lazy and want a good and fast way of doing things then buy a hardware wallet. and since you are planning to invest a large amount of money then i guess you wouldn't mind paying the price for a hardware wallet.
they are safe and makes things easier for you.

but if you don't want to spend anything then you can always go to bitaddress.org and make a paper wallet or you can go to electrum.org and download electrum wallet and install that as your desktop or offline storage.

[kAlmEn22]

Regarding storage, You can use a wide variety of options for such a big sum, Considering you want to re-send and receive regularly a hardware wallet like Trezor might be the best option.
There are good online wallets like Blockchain.info but to keep a large sum, a paper offline wallet or a hardware wallet are the best choices IMO.

[ASHLIUSZ]

That's a good plan to make a better profiting in a very short time period of around 2-3 months. I could suggest to hold the funds in the online blockchain wallet itself ensuring high security features. If you find this to be a risky one electrum is better as a desktop wallet. But in reality how the price drop is gonna happen I don't think such a drop happens.

[squatz1]

Well here's the thing bud, if you're going to want to do a short term thing you're best bet is probably going to be to just stick with the exchange and hope that the people on their aren't going to fuck you, which should most likely work in most scenarios. If you want to go the route of using a cold storage HW or Paper Wallet that could work as well, though my only personal issue with something like this is that you can't easily react to the market if you want to buy in and out when you have your coins in a cold storage environment.

If you're going to be investing and trying to do something semi long term, use cold storage. If going for day trading with this sort of thing, just go ahead and use the exchange or an off the exchange wallet like BitGo, Blockchain.info, etc.

[Bitcoinn_Kingg]

Well here's the thing bud, if you're going to want to do a short term thing you're best bet is probably going to be to just stick with the exchange and hope that the people on their aren't going to fuck you, which should most likely work in most scenarios. If you want to go the route of using a cold storage HW or Paper Wallet that could work as well, though my only personal issue with something like this is that you can't easily react to the market if you want to buy in and out when you have your coins in a cold storage environment.

If you're going to be investing and trying to do something semi long term, use cold storage. If going for day trading with this sort of thing, just go ahead and use the exchange or an off the exchange wallet like BitGo, Blockchain.info, etc.

The thing is i dont want to day trade, but i also dont want to invest long term. Im looking to do a swing trade 2-3 months whenever the RSI hits about 75-80. Im trying to get in at an RSI of about 25-30. Im using the 4 year chart, and it's been so predictable for the past 5 years. That's my plan. I really dont want to go back and forth between wallets and exchanges, that seems more work than it needs to be.

[Bitcoinn_Kingg]

Well, it looks like im gonna go with the Trezor route, especially since they have partnered with bitstamp, so it's the perfect route for me. You can easily withdraw to trezor as well as deposit from trezor to bitstamp. That was actually my next question as well, how would i deposit to a hardware wallet such as trezor and vice versa, but it seems it's done easy with bitstamp to trezor.

[RudyCenJia]

I think it's better to choose a bitcoin that is obviously developmental than banking or storage.

Because not necessarily can guarantee security gained.

[Drassler]

I agree with several of the comments here, I just want to add one element that you may not have yet considered or be aware of.

Many bitcoin exchanges have limits on how much bitcoin you can sell for fiat currency in any given day or week. Since you want to buy 40,000 and sell it at 3,000 (ideally), you should find out how much you can actually sell each day or week with whatever exchange you'll be using. I believe you mentioned Bitstamp...would they let you sell all 40,000 on the same transaction or would they require you space it out.

Good luck to you.

Just out of curiosity , let's say someone has 10 mil $ worth of some crypto and they want to cash it out . How do they do that ?

[HabBear]

I agree with several of the comments here, I just want to add one element that you may not have yet considered or be aware of.

Many bitcoin exchanges have limits on how much bitcoin you can sell for fiat currency in any given day or week. Since you want to buy 40,000 and sell it at 3,000 (ideally), you should find out how much you can actually sell each day or week with whatever exchange you'll be using. I believe you mentioned Bitstamp...would they let you sell all 40,000 on the same transaction or would they require you space it out.

Good luck to you.

You can sell to usd perfectly fine, you may just not be able to withdraw all in one go without proper verification.

If you want to trade with big numbers it is always best to get atleast a medium tier verification so you have decent withdrawel limits.

Not true for all exchanges, on Coinbase there are weekly sell limits. And this limit applies to whether the Bitcoin is sold to the USD wallet on Coinbase or to the bank account linked to the Coinbase wallets.

Further proof from Coinbase: https://support.coinbase.com/customer/en/portal/articles/2108820-coinbase-account-limits?b_id=13521. The first sentence says "You can buy and sell with your Coinbase account up to your weekly buy and sell limits."

[Stripple]

I agree with several of the comments here, I just want to add one element that you may not have yet considered or be aware of.

Many bitcoin exchanges have limits on how much bitcoin you can sell for fiat currency in any given day or week. Since you want to buy 40,000 and sell it at 3,000 (ideally), you should find out how much you can actually sell each day or week with whatever exchange you'll be using. I believe you mentioned Bitstamp...would they let you sell all 40,000 on the same transaction or would they require you space it out.

Good luck to you.

Just out of curiosity , let's say someone has 10 mil $ worth of some crypto and they want to cash it out . How do they do that ?

Probably depending on the exchange and your verification tier, but likely with thenmax amount per week and then slowly move it out over time.

[Bitcoinn_Kingg]

So as bitcoin is approaching my buy in point, im starting to question whether or not putting in 40k will be safe. It just feels a bit weird throwing 40k into some site created in slovenia. Also it looks like bitstamp would be charging me international fees of 0.05% to deposit and 0.09% to withdraw? Can anyone confirm that? Do they even allow you to link a US bank to their website? At least the trading fees are amongst the lowest at 0.25%. Hopefully someone can clear this all up. It looks like ill be right with my bitcoin prediction that it will pull back to around 1900-2000