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Neal Pnsserl
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January 28, 2017, 10:28:13 AM
 #1

Hi everyone, as you can see I am new here and even though I've read some 'guides' on BTC there is still a lot I don't quite understand so I'd be thankful if you could help me out:

If the purpose is only to store money and there is no need for withdrawal why would you use anything but BTC? For example if you have unverified PayPal or verified with CC or in some cases a real account it might get limited or even suspended for some stupid reasons so why risk it when stuff like that can't happen with BTC?

What is the best wallet for keeping BTC secure and how to do that?
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January 28, 2017, 10:34:30 AM
 #2

Hi everyone, as you can see I am new here and even though I've read some 'guides' on BTC there is still a lot I don't quite understand so I'd be thankful if you could help me out:

If the purpose is only to store money and there is no need for withdrawal why would you use anything but BTC? For example if you have unverified PayPal or verified with CC or in some cases a real account it might get limited or even suspended for some stupid reasons so why risk it when stuff like that can't happen with BTC?

What is the best wallet for keeping BTC secure and how to do that?

Many people use bitcoin rather than Paypal or verified CC because the increase in its value is higher than the rest of them. Also, there lots of investment sites preferres especially for bitcoin. And lastly, they preferred bitcoin because you can use it without too much verification.

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January 28, 2017, 10:46:55 AM
 #3

The best wallet to keep your bitcoins is Electrum for me. Its a great compromise of security, flexibility and a nice design. Your questions are already pro-Bitcoin, so I can not answer anything else that use nothing but Bitcoin in those cases !

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January 28, 2017, 10:49:13 AM
 #4

Hi everyone, as you can see I am new here and even though I've read some 'guides' on BTC there is still a lot I don't quite understand so I'd be thankful if you could help me out:

If the purpose is only to store money and there is no need for withdrawal why would you use anything but BTC? For example if you have unverified PayPal or verified with CC or in some cases a real account it might get limited or even suspended for some stupid reasons so why risk it when stuff like that can't happen with BTC?

What is the best wallet for keeping BTC secure and how to do that?
Bitcoin is not only invented just to store money since bitcoin is being created for direct peer 2 peer transfers without any 3rd party involve which is really great and paypal and any cc wont really match up the services or things that is being offered by bitcoin.If you do have only small amounts of bitcoin then its still okay to use online web wallet but if you do have lots of it then you should hardware wallet at all.

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January 28, 2017, 10:52:01 AM
 #5

Hi everyone, as you can see I am new here and even though I've read some 'guides' on BTC there is still a lot I don't quite understand so I'd be thankful if you could help me out:

Welcome to the bitcoin world.

If the purpose is only to store money and there is no need for withdrawal why would you use anything but BTC?

Because you can have a chance of getting profit as the price of bitcoin is fluctuating, so when the price increases, you get profit and vice versa.

For example if you have unverified PayPal or verified with CC or in some cases a real account it might get limited or even suspended for some stupid reasons so why risk it when stuff like that can't happen with BTC?

Don't worry about this, just always read the terms and condition of the online wallet that you are going to use. So if you are worrying about this, just use blockchain.info

What is the best wallet for keeping BTC secure and how to do that?

Blockchain.info for me. Just visit the site.

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January 28, 2017, 11:04:45 AM
 #6

Welcome here op, I think you haven't read much relevant things about Bitcoins, you are at the right place though, you can also do some search here and get your answers. Look Bitcoin is not paypal and no one telling you to hold it. You earn or buy Bitcoin you see the price are up you can then choose to sell it or keep it. Bitcoin is way far secure and most importantly it is decentralised. It's prices can rise up and last rise took a high of 1000+. Will paypal give you such a rise? The wallets like my signature, blockchain, xapo, coinbase. In case you have big amounts then holding your private keys are recommended.

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January 28, 2017, 11:09:14 AM
 #7

To be safe and secure, you create addresses for the machines not connected to the Internet, keeping careful priv key. But the big change values should BTC main problem is the value

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January 28, 2017, 11:15:47 AM
 #8


If the purpose is only to store money and there is no need for withdrawal why would you use anything but BTC?
For example if you have unverified PayPal or verified with CC or in some cases a real account it might get limited or even suspended for some stupid reasons so why risk it when stuff like that can't happen with BTC?

You can also use gold as storage of value. Gold appreciates over time and a good investment. It is pretty much like bitcoin in this aspect. Obviously you cannot use paypal like this. Paypal is a payment processor not a storage or bank. And even as a payment processor, bitcoin is far more superior than paypal is right now.


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dihari
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January 28, 2017, 11:21:07 AM
 #9

1. Bitcoin is no need too much verification, that's why peoples call it an instant payment.
2. Store your money on bitcoin can give you profit more than bank will give you. It caused by the bitcoin prices that are fluctuating. So when you buy bitcoin at low price and withdraw it when the price is up, you get profit on that. Exactly like forex trading, but the bitcoin fluctuations is more extreme.
3. To assess a wallet is better than another wallet is just try it one by one as your choice. Or you can google it. Or maybe you can explore this forum to see the review of some wallets by the users here.

Keep reading, keep learning. Good luck

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January 28, 2017, 11:23:58 AM
 #10

Bitcoin is a decentralized digital currency.It is mainly bought as an investment which could give huge returns.Its price was $750 in december and now its price is around $915.Not even gold can yield you such profits.Transaction fees for bitcoin is also low when compared to other payments.Transaction time is also low.You can also trade by buying altcoins with bitcoin.



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January 28, 2017, 11:39:08 AM
 #11

Hi everyone, as you can see I am new here and even though I've read some 'guides' on BTC there is still a lot I don't quite understand so I'd be thankful if you could help me out:

If the purpose is only to store money and there is no need for withdrawal why would you use anything but BTC? For example if you have unverified PayPal or verified with CC or in some cases a real account it might get limited or even suspended for some stupid reasons so why risk it when stuff like that can't happen with BTC?

What is the best wallet for keeping BTC secure and how to do that?

You are right about Paypal,but eBay and thousands of online stores accept Paypal and only a few websites accept bitcoin for purchasing goods and services..Unfortunately Paypal is still more buyer-friendly  than btc.



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January 28, 2017, 12:19:32 PM
 #12

There are a lot of bitcoin wallet,you just need to learn how to keep your seed and your password safe,do  not use or store all your bitcoin on one wallet only,spread it out,the best wallets are electrum,blockchain and the one I just discovered with good anonymity torwallet.



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January 28, 2017, 12:33:39 PM
 #13

Bitcoin is a digital currency.Its price varies with the increase and decrease in demand.So it is volatile and hence investors buy it to gain profits.The best wallet is electrum.It gives you a seed when you create an account and in case if you forget your password or your system gets repaired, you can recover your wallet with that seed.Just note that seed which is a 13 word password in a paper and keep it safely.
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January 28, 2017, 01:11:18 PM
 #14

What is the best wallet for keeping BTC secure and how to do that?
- Don't use web wallets to store bitcoin for long term.
- You can download bitcoin core wallet so that you don't have to depend on other services to use bitcoin.
- If you can't download full blockchain/wallet there are few light weight wallets like Electrum you can try them.
- Paper wallet and hardware wallet are the safest way to secure your bitcoin for long term offline.

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January 28, 2017, 01:30:25 PM
 #15

Hi everyone, as you can see I am new here and even though I've read some 'guides' on BTC there is still a lot I don't quite understand so I'd be thankful if you could help me out:

If the purpose is only to store money and there is no need for withdrawal why would you use anything but BTC? For example if you have unverified PayPal or verified with CC or in some cases a real account it might get limited or even suspended for some stupid reasons so why risk it when stuff like that can't happen with BTC?

What is the best wallet for keeping BTC secure and how to do that?

Many people use bitcoin rather than Paypal or verified CC because the increase in its value is higher than the rest of them. Also, there lots of investment sites preferres especially for bitcoin. And lastly, they preferred bitcoin because you can use it without too much verification.
You right, the bitcoin value is increasing quickly unlike the other currency they are not increasing. And the reason why they choose bitcoin than the PayPal because just like what I said already and it is most popular than that. Here in bitcoin you can invest your money or trade it then earn, no much work just need a time. And there are also have many wallets, online and cold wallets and I'm using cold for the safety of my money and fully secured.

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January 28, 2017, 02:10:27 PM
 #16


Which are the first, Since Paypal already there from a long time? I don't have the other option. but different in this time.

SPV wallet or the hardware wallet. Just never try to try to visit the suspicious site. to prevent the malware infection



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January 28, 2017, 02:21:07 PM
 #17

One day I was also newbie for bitcoin and was not having any knowledge about bitcoin and I continued to study every thread on this forum and whenever I found any thing about which I was not cleared I searched that on internet. So spend some times in searching on this forum it will take some times for you to understand about bitcoin.

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January 28, 2017, 02:44:15 PM
 #18

If you have unverified PayPal or verified with CC or in some cases a real account it might get limited or even suspended for some stupid reasons so why risk it when stuff like that can't happen with BTC?

No, not really. Theres some wallets which suspends account and even lock it for inactivity. Those are online wallets. Your account might locked if you violate their rules like receiving funds on gambling sites and other shady business.
 You better use hardware wallet. Its more secure than storing it on online wallets.


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January 28, 2017, 03:38:54 PM
 #19

If you have unverified PayPal or verified with CC or in some cases a real account it might get limited or even suspended for some stupid reasons so why risk it when stuff like that can't happen with BTC?

No, not really. Theres some wallets which suspends account and even lock it for inactivity. Those are online wallets. Your account might locked if you violate their rules like receiving funds on gambling sites and other shady business.
 You better use hardware wallet. Its more secure than storing it on online wallets.

Yeah if you use online wallet, but why would you want to use online wallets if you can use hardware wallets or other wallets that you can control by yourself. That way nobody else has a say over your bitcoins but yourself. But I would say that bitcoins cannot yet solve all the problems of the financial world as it has not reached the level of adoption that would eradicate the need for paypal or other payment methods.

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January 28, 2017, 03:42:16 PM
 #20

If you have unverified PayPal or verified with CC or in some cases a real account it might get limited or even suspended for some stupid reasons so why risk it when stuff like that can't happen with BTC?

No, not really. Theres some wallets which suspends account and even lock it for inactivity. Those are online wallets. Your account might locked if you violate their rules like receiving funds on gambling sites and other shady business.
 You better use hardware wallet. Its more secure than storing it on online wallets.

Yeah if you use online wallet, but why would you want to use online wallets if you can use hardware wallets or other wallets that you can control by yourself. That way nobody else has a say over your bitcoins but yourself. But I would say that bitcoins cannot yet solve all the problems of the financial world as it has not reached the level of adoption that would eradicate the need for paypal or other payment methods.
For a newbie it is hard to get into desktop wallet because they from years are working with online payment processors so if we redirect them to any best online wallet then they will feel it convenient to adopt bitcoin and to keep them after that when they will learn more about bitcoin then they will learn about desktop wallet and will start keeping their bitcoins in desktop wallet.

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