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Author Topic: Newbies, be careful! Recommendations  (Read 122 times)
bedford1972
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February 21, 2018, 11:20:11 PM
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 #1

Recommendations:

1. Don't store digital money on unsecured systems. (Windows, partially OS X)
2. Store digital money only on an open source wallet and without centralized control of funds
3. Make a backup copy.
4. Backups if you store on cloud storage, encrypt.
5. Don't store digital money on online purses. Your money can be frozen and never returned. (especially do not recommend the purse XAPO)
6. Do not store digital money on illegal exchanges (btc-e, bter, etc.) (your money can be irretrievably lost)
7. It is not recommended to trade on illegal stock exchanges (see item 6) (your money can be irretrievably lost)
8. Try to trade only on decentralized exchanges. for example https://bitshares.org or http://mercuryex.com (beta) If you want on regular, then only on legal exchanges (example coinbase.com). (but remember, your money can be frozen and never returned. See paragraph 5)
9. Download software only from. sources. (ideally from repositories)
10. Use the on-screen keyboard to enter the password.

More detailed.

1. For working with crypto-currencies, it's best to start a separate computer with Linux OS. If there is no such possibility. Then put yourself on the computer second Linux system (when you turn on you can choose which OS to run). And hold storage, trade, transactions, etc. in it. (I recommend using Linux mint www.linuxmint.com or Ubuntu www.ubuntu.com).
Note: This is the best step to safety, following this point you increase your security by 90%.
2. Keep your digital money on wallets, the source code of which is open. And on purses that do not store your passwords on remote servers and do not have access to your funds. How to determine? Go to https://bitcoin.org/ru/choose-your-wallet and click on the wallet you like. A window pops up in front of the icon with the key. If it's written in green "Controlling your money", then third parties do not have access to your funds - it's safe. If it says "Money under the control of a third party" in yellow, it means that the creators of your wallet have access to your money - it's not safe.
3. Make backup copies of wallet.dat purse, and also recommend printing your private keys on paper. Get a special flash drive for backups and encrypt.
4.Clear important information, wallets, passwords using encryption software. Encrypt the program for open source
5. Do not store your money on online purses. Especially those who have access to your tools and your passwords.
6 and 7. By trading or keeping money on illegal exchanges, no one gives you guarantees. If the creator of the exchange wants to take your money, you can never return it. In ordinary words, you simply give money to a stranger without any guarantees, documents, etc. in the hope that he will return them to you.
8. If you trade in crypto currency, then try to trade on decentralized exchanges (for example, on the embedded exchange in Nxt and other cryptographic platforms). If there are not those pairs on the decentralized exchanges for which you wanted to trade, then trade on legal exchanges, but there is another danger: your funds can be blocked by the exchange administration or the state.

Good luck in earnings and take care of your savings!  Wink

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February 22, 2018, 03:05:22 AM
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this is actually really helpful, sometimes i really don't know what am i doing,
 this is really going to help me
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February 22, 2018, 06:46:11 AM
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so u suggest that coinbase is not a good place to keep ur btc?

Nope. If you are not in controll of the private key, then it is not safe.
If coinbase closes, your money is gone and there is nothing you can do about it.
Keep what you need there, but have the rest in a wallet you have controll over.
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February 22, 2018, 11:56:00 AM
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Recommendations:

1. Don't store digital money on unsecured systems. (Windows, partially OS X)
2. Store digital money only on an open source wallet and without centralized control of funds
3. Make a backup copy.
4. Backups if you store on cloud storage, encrypt.
5. Don't store digital money on online purses. Your money can be frozen and never returned. (especially do not recommend the purse XAPO)
6. Do not store digital money on illegal exchanges (btc-e, bter, etc.) (your money can be irretrievably lost)
7. It is not recommended to trade on illegal stock exchanges (see item 6) (your money can be irretrievably lost)
8. Try to trade only on decentralized exchanges. for example https://bitshares.org or http://mercuryex.com (beta) If you want on regular, then only on legal exchanges (example coinbase.com). (but remember, your money can be frozen and never returned. See paragraph 5)
9. Download software only from. sources. (ideally from repositories)
10. Use the on-screen keyboard to enter the password.

More detailed.

1. For working with crypto-currencies, it's best to start a separate computer with Linux OS. If there is no such possibility. Then put yourself on the computer second Linux system (when you turn on you can choose which OS to run). And hold storage, trade, transactions, etc. in it. (I recommend using Linux mint www.linuxmint.com or Ubuntu www.ubuntu.com).
Note: This is the best step to safety, following this point you increase your security by 90%.
2. Keep your digital money on wallets, the source code of which is open. And on purses that do not store your passwords on remote servers and do not have access to your funds. How to determine? Go to https://bitcoin.org/ru/choose-your-wallet and click on the wallet you like. A window pops up in front of the icon with the key. If it's written in green "Controlling your money", then third parties do not have access to your funds - it's safe. If it says "Money under the control of a third party" in yellow, it means that the creators of your wallet have access to your money - it's not safe.
3. Make backup copies of wallet.dat purse, and also recommend printing your private keys on paper. Get a special flash drive for backups and encrypt.
4.Clear important information, wallets, passwords using encryption software. Encrypt the program for open source
5. Do not store your money on online purses. Especially those who have access to your tools and your passwords.
6 and 7. By trading or keeping money on illegal exchanges, no one gives you guarantees. If the creator of the exchange wants to take your money, you can never return it. In ordinary words, you simply give money to a stranger without any guarantees, documents, etc. in the hope that he will return them to you.
8. If you trade in crypto currency, then try to trade on decentralized exchanges (for example, on the embedded exchange in Nxt and other cryptographic platforms). If there are not those pairs on the decentralized exchanges for which you wanted to trade, then trade on legal exchanges, but there is another danger: your funds can be blocked by the exchange administration or the state.

Good luck in earnings and take care of your savings!  Wink


hi bedford1972,

thanks for your recommendations. In addition to that I want to say something else.
As a newbie it's important to understand which exchange to use. First, it should be reliable. Second, it should be easy to understand (I mean interface). I read a lot of reviews  before and made my choice. I use cex.io - simple, user-friendly, perfect for beginners. If you're looking for your exchange, here I found a short review of it - https://cryptohoo.com/cex-io-review/. It'll take 1 minute to read. At the time I don't have problems on cex. Recommend.
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February 22, 2018, 12:23:24 PM
 #5

this is very helpful 10 tip for the not only newbie for all member, thanks a lot for share your experiance Recommendations:

Quote
1. Don't store digital money on unsecured systems. (Windows, partially OS X)
2. Store digital money only on an open source wallet and without centralized control of funds
3. Make a backup copy.
4. Backups if you store on cloud storage, encrypt.
5. Don't store digital money on online purses. Your money can be frozen and never returned. (especially do not recommend the purse XAPO)
6. Do not store digital money on illegal exchanges (btc-e, bter, etc.) (your money can be irretrievably lost)
7. It is not recommended to trade on illegal stock exchanges (see item 6) (your money can be irretrievably lost)
8. Try to trade only on decentralized exchanges. for example https://bitshares.org or http://mercuryex.com (beta) If you want on regular, then only on legal exchanges (example coinbase.com). (but remember, your money can be frozen and never returned. See paragraph 5)
9. Download software only from. sources. (ideally from repositories)
10. Use the on-screen keyboard to enter the password.
HeRetiK
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February 22, 2018, 02:36:35 PM
 #6

Not bad, but also not stringent enough.


1. Don't store digital money on unsecured systems. (Windows, partially OS X)

If you handle larger amounts of coins or tokens, don't store them on any system that is connected to the internet, period. Look into hardware wallets, paper wallets or other forms of cold storage instead.

If the amount of coins or tokens don't warrant any of the above measures, still try to avoid holding them on any system that is both connected to the internet and used for anything else other than sending transactions.


4. Backups if you store on cloud storage, encrypt.

Do not store backups or private keys on cloud storage or any sort of online service, period.


6. Do not store digital money on illegal exchanges (btc-e, bter, etc.) (your money can be irretrievably lost)

Do not store cryptocurrencies and tokens on any exchange, period.

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February 22, 2018, 02:41:57 PM
 #7

I would add...
Never trade alts until you can explain the nounce. Don't know what that is? Exactly.

Never use an exchange without a business license.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf
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February 22, 2018, 02:56:05 PM
 #8

I would add...
Never trade alts until you can explain the nounce. Don't know what that is? Exactly.

Never use an exchange without a business license.


I assume with nounce you actually mean the mining definition of a "nonce"?

Or what are you actually referring to? I'm quite curious.



so u suggest that coinbase is not a good place to keep ur btc?

Nope. If you are not in controll of the private key, then it is not safe.
If coinbase closes, your money is gone and there is nothing you can do about it.
Keep what you need there, but have the rest in a wallet you have controll over.

+ The fact that you will need to pay hefty amounts of network fees, much higher then the standard ( they determine your broadcasting fees, not you..)

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February 22, 2018, 03:53:47 PM
 #9

Perfect Advice and Guideline ever
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