How do I invest (safely) in Bitcoin for the long term?

[rollsroyce]

Hello,

THIS IS A QUESTION FOR EXPERIENCED TRADERS IN BITCOIN

I am a novice in BTC but have been lucky so far. I bought BTC at under $2000 and have now sold it at $4100. I am sure that I have made some mistakes in the way that I have bought, stored and sold the BTC.

I now want to trade both long term and short term in BTC. I want to trade in minimum USD $10,000 blocks

Long Term What is the "best practice" processes to buy and sell BTC?

Where is the best place to buy BTC using USDs

Where is  the best place to store BTC using USDs. As a result of my limited research, security seems to be a major issue. I am prepared to buy a dedicated computer solely to store the BTCs if necessary

What is the best place to Sell BTC using USDs

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[dealung]

You can try coinbase, I think coinbase is your answer.
There you can store bitcoin and usd, i also used to save bitcoin and usd and coinbase quite easy to understand.

[13abyknight]

Hello,

THIS IS A QUESTION FOR EXPERIENCED TRADERS IN BITCOIN

I am a novice in BTC but have been lucky so far. I bought BTC at under $2000 and have now sold it at $4100. I am sure that I have made some mistakes in the way that I have bought, stored and sold the BTC.

I now want to trade both long term and short term in BTC. I want to trade in minimum USD $10,000 blocks

Long Term What is the "best practice" processes to buy and sell BTC?

Where is the best place to buy BTC using USDs

Where is  the best place to store BTC using USDs. As a result of my limited research, security seems to be a major issue. I am prepared to buy a dedicated computer solely to store the BTCs if necessary

What is the best place to Sell BTC using USDs

It's pretty simple when you're buying BTC, just look for the least price in and around that time. Also, look for an exchange where the price is least, make sure the site is reputed with high volume trades.

About storage, just use a stable hardware wallet such as Trezor or Electrum and make sure you use a strong password and other security measures like 2FA.

[Svelto]

You can buy or sell BTC against USD at Coinbase and Local bitcoin. For storing BTC long term, you can buy hardware wallets such as Trezor, Ledger, Keepkey. IMO there is no need for a computer solely to store BTC. The hardware wallets are easy to use and convenient.  It is not recommended to store your BTC in exchanges because you do not have controls over your BTC.

[pikebu]

Hello,

THIS IS A QUESTION FOR EXPERIENCED TRADERS IN BITCOIN

I am a novice in BTC but have been lucky so far. I bought BTC at under $2000 and have now sold it at $4100. I am sure that I have made some mistakes in the way that I have bought, stored and sold the BTC.

I now want to trade both long term and short term in BTC. I want to trade in minimum USD $10,000 blocks

Long Term What is the "best practice" processes to buy and sell BTC?

Where is the best place to buy BTC using USDs

Where is  the best place to store BTC using USDs. As a result of my limited research, security seems to be a major issue. I am prepared to buy a dedicated computer solely to store the BTCs if necessary

What is the best place to Sell BTC using USDs

If you want do practice trading you must use demo account on bitfinex, it is good practice to testing your skill on trading
the bitfinex's market is good to buy using USDs due to you can trade altcoins too,
The best wallet to stores bitcoins is never put the funds on one kinds of wallets, you can use online and offline wallet bitcoins
Bitfinex is the best place to sell bitcoins using USDs.

[virasog]

As long as you have confidence that you have a computer that's not going to become irreparable or damaged, and you have no intention of moving around anytime soon then obviously the best choice is a nice lightweight software wallet, make sure the coins are in there and thoroughly confirmed, shut it down and leave it alone except for possibly making a backup of the wallet data in a different location.

[n4poleon]

Any devise that it is online are never safe. I suggest that it is better to have one of these hardware wallets to store your bitcoins long term. Or better yet, use paper wallet. As for the exchanges, when you want security you may want to use decentralise exchange (bitsquare). If you're okay with custodial exchanges then go ahead and use it, when trading you may want to consider volume as a factor. Go for the exchanges that has the highest volume.

[Superzpay]

Hello,

THIS IS A QUESTION FOR EXPERIENCED TRADERS IN BITCOIN

I am a novice in BTC but have been lucky so far. I bought BTC at under $2000 and have now sold it at $4100. I am sure that I have made some mistakes in the way that I have bought, stored and sold the BTC.

I now want to trade both long term and short term in BTC. I want to trade in minimum USD $10,000 blocks

Long Term What is the "best practice" processes to buy and sell BTC?

Where is the best place to buy BTC using USDs

Where is  the best place to store BTC using USDs. As a result of my limited research, security seems to be a major issue. I am prepared to buy a dedicated computer solely to store the BTCs if necessary

What is the best place to Sell BTC using USDs

It's pretty simple when you're buying BTC, just look for the least price in and around that time. Also, look for an exchange where the price is least, make sure the site is reputed with high volume trades.

About storage, just use a stable hardware wallet such as Trezor or Electrum and make sure you use a strong password and other security measures like 2FA.

Pretty simple it is exactly. You have to make an eye on the marketplace where you will be just seeing the price charts. Price is low, just grab a bitcoin and wait for time when price gets high sell it. Have profit. You investment can give you better results if you choose a better exchange that cuts least from your amount to convert BTC in required currency. Plus Electrum is really amazing as far as storing coins are concerned.

[KizaruOG]

You need to store your BTC on your own cold storage, the best solution to be safe. If you don't do short-term trading with btc off course.

[pungopete468]

You need to have a close watch on the price movements and as soon as you feel that this is the good and low price then buy it on the spot and keep them safe in your wallet and I would recommend you to store your coins in electrum wallet as its very safe and secure and your coins will always be safe in it and no one would be in position to hack your wallet and steal your coins.

[Sled]

To invest safely in bitcoin for long term, you need to invest in bitcoin regularly because it will help you to get the possible average price of bitcoin which is what you need so you can balance the high price and also the low price but if you want to buy at once then just stick to your plan for long term because you will still earn money by doing it.

[rollsroyce]

It's pretty simple when you're buying BTC, just look for the least price in and around that time. Also, look for an exchange where the price is least, make sure the site is reputed with high volume trades.

About storage, just use a stable hardware wallet such as Trezor or Electrum and make sure you use a strong password and other security measures like 2FA.

Can you advise me as to the the three biggest (best reputation) exchanges?

Also, how can I be sure that Trezor or Electrum won't "do a MtGox" and have my Bitcoins disappear?

[rollsroyce]

Any devise that it is online are never safe. I suggest that it is better to have one of these hardware wallets to store your bitcoins long term. Or better yet, use paper wallet. As for the exchanges, when you want security you may want to use decentralise exchange (bitsquare). If you're okay with custodial exchanges then go ahead and use it, when trading you may want to consider volume as a factor. Go for the exchanges that has the highest volume.

Can you please explain some of the terms you have used.
What is a hardware wallet?
What is a paper wallet?
What is a decentralised exchange vs a custodial exchange? What are the names of the  bigger decentralised exchanges.
What are the names of the exchanges with the highest volumes?
 

[ss890]

You can try coinbase, I think coinbase is your answer.

There you can store bitcoin and usd, i also used to save bitcoin and usd and coinbase quite easy to understand.

That's the first suggestion I would give you as well, the coinbase. It is very good site to work with, deposits and withdrawals are very easy. Your bitcoin order is processed immediately and also the price machine is very good in buy and sell.


Speaking about your special computer solely for bitcoin, I wouldn't recommend it as there is no reason for that. To be honest you are storing your bitcoin on a wallet which operates online and the servers are dedicated for it. You just need to keep safe your private keys, keystone file, or UTC file so that you can access your wallets easily. For this you can have small flash drive just in case.


For private key based wallet I will suggest you electrum wallet. Simple and secure.

[avatar_kiyoshi]

For a long term, you can buy on the exchange that have low price, store into safe wallet and sell on the exchange that have high price (in this case you use 2 exchange to do a trade, but long term), you can use this site: https://bitcoinaverage.com/en/currency-markets/btc-to-usd to do a comparison.

For a short term, you should consider the volume too and keep in touch with the news, if you can read the chart it's better.

About storage, just use a stable hardware wallet such as Trezor or Electrum and make sure you use a strong password and other security measures like 2FA.

Also, how can I be sure that Trezor or Electrum won't "do a MtGox" and have my Bitcoins disappear?

Trezor is hardware wallet, electrum is lightweight wallet and mt.gox is the exchange. Those all is different thing, with trezor and electrum you hold private key of your wallet, so nobody can steal your btc, unless your device/PC infected by the virus/malware/malicious thing which can hack/steal your coin, so you need to careful while browsing/do internet activity.

[Mpamaegbu]

Can you please explain some of the terms you have used.
What is a hardware wallet?
What is a paper wallet?
What is a decentralised exchange vs a custodial exchange? What are the names of the  bigger decentralised exchanges.
What are the names of the exchanges with the highest volumes?
 

Your questions are expected and also valid. I guess every member here once had issues bothering on the areas you just asked your questions. But dude you have to take out time to read the thread on The Beginners section. Most of these questions are tackled there. That was what I did in my confusion.

[ubercool]

I would suggest you to use any android device which you dont use regularly. I dont see any difference between that and a Trezor wallet. Send all your Bitcoins in an android wallet in that device like mycelium and take a backup of everything, seeds and private keys. Dont connect it to Internet and keep the device safe.

[@prashant]

I would suggest you to use any android device which you dont use regularly. I dont see any difference between that and a Trezor wallet. Send all your Bitcoins in an android wallet in that device like mycelium and take a backup of everything, seeds and private keys. Dont connect it to Internet and keep the device safe.

instead of it you can simply export your private key in in pendrive rather than having an android device.but still there is difference while you use hardware wallet like trezor or ledger or simple hardware component of computer or device.if your hardware component is stolen then  in case of pendrive there is no internal security or in case of phone ,rooting is a option but while these hardware wallet ,internal security is there which give extra security to your keys.

[iram1011]

Hello,

THIS IS A QUESTION FOR EXPERIENCED TRADERS IN BITCOIN

I am a novice in BTC but have been lucky so far. I bought BTC at under $2000 and have now sold it at $4100. I am sure that I have made some mistakes in the way that I have bought, stored and sold the BTC.

I now want to trade both long term and short term in BTC. I want to trade in minimum USD $10,000 blocks

Long Term What is the "best practice" processes to buy and sell BTC?

Where is the best place to buy BTC using USDs

Where is  the best place to store BTC using USDs. As a result of my limited research, security seems to be a major issue. I am prepared to buy a dedicated computer solely to store the BTCs if necessary

What is the best place to Sell BTC using USDs

One of the best practice can be buying through Coinbase or other exchanges allowing USD purchase and then sending bitcoins to paper wallet. Easiest way to make paper wallet is - bitaddress.org
Once you create paper wallet, simply send bitcoins from Coinbase to wallet address. Make hard copy of that paper wallet and your bitcoins are safer than ever. Now whenever you wish to sell, simply import private keys to wallets such as Electrum and send to exchange.
This process is economical too as it only take 2 blockchain fees as expense.

[TitanGEL]

Hello,

THIS IS A QUESTION FOR EXPERIENCED TRADERS IN BITCOIN

I am a novice in BTC but have been lucky so far. I bought BTC at under $2000 and have now sold it at $4100. I am sure that I have made some mistakes in the way that I have bought, stored and sold the BTC.

I now want to trade both long term and short term in BTC. I want to trade in minimum USD $10,000 blocks

Long Term What is the "best practice" processes to buy and sell BTC?

Where is the best place to buy BTC using USDs

Where is  the best place to store BTC using USDs. As a result of my limited research, security seems to be a major issue. I am prepared to buy a dedicated computer solely to store the BTCs if necessary

What is the best place to Sell BTC using USDs

If you really want to invest your money to the bitcoin make sure first that you have a knowledge to the bitcoin. I can say long term investment is really important to make more profit and knowledge is the key to become successful.