Own only a small amount of bitcoin? Regardless, DON'T LOSE THEM.

[arbiter5]

Here's 2 of the Bitcoin related news I've seen yesterday:



What do both have in common?

A safe assumption would be that both people had their bitcoin for a good number of years already, and they totally underestimated the price rise bitcoin would have. Hence why they got immensely careless about the security of their funds, probably because back then "it's just worth a few hundred dollars anyway".

So what's the lesson here?

Regardless how much your bitcoin is worth today, make sure you don't lose them because we don't know how high bitcoin can go in the future. Your 0.01 BTC holdings might just be worth like $350 today, but who knows, while there are definitely no guarantees, it could buy you your future house sooner or later.

I've been through a good number of bull markets already, and every single time I've absolutely underestimated how high bitcoin could go. Just a quick reminder to those who are totally underestimating the small amount of BTC they hold.

[Vaskiy]

It is a learning each and every Bitcoiner should know about. The market is subject to correction and followed will be the growth. Whatever you've made is a big thing of tomorrow. There is a saying "Small bruises can help with tooth decay" and the same can be connected with bitcoin. Even a small part will have a big value. Maybe now it looks nothing, but for tomorrow it pays us big. So, never lose anything, make use of the possible ways to increase the holdings.

[Mpamaegbu]

You're right about the underestimating part of what one's Bitcoin may be worth in the future. It isn't just with Bitcoin alone. I believe the warning should cut across the altcoins too. I once left a fraction of Litecoin (around 0.01) in a paper wallet which I discarded completely in my early days in 2017. That was when 1 LTC was worth less than $10 or so. It was nothing then but today that same fraction is worth something and we never can tell what that will be worth 10 years from now.

[EddyRobins]

Bitcoin first cam to my attention around 2013-2014 through an SEO forum I belonged to.
There were posts on there offering people 1BTC for writing articles for their website. Looking back that seems cazy. People so underestiated what would happen to the price of bitcoin. I have no doubt their are millions of coins that have been lost over the years.

[Becky666]

Absolutely correct, there were times some campaigns paid $6 to $10 in bitcoin back in those days, comparing that to this present bitcoin price. There is nothing absolutely small when talk about bitcoin accumulation on a long term basis becasue i was a result of that. The programmer thought the price of Bitcoin won't appreciate from what he used to see it, but unfortunately to him; 2021 has been the best for the said bitcoin that was once be rejected by so called experts in the past.

[BrewMaster]

the best way is not to buy a very small amount and then wish for bitcoin to go so high that the tiny amount makes you rich.
the best way is to buy small amounts every now and then with money that you don't need. for example a good source of fiat is to abandon a bad habbit like smoking and use that money you used to waste for buying bitcoin.
after some time you realize that you have actually accumulated a lot of bitcoin while only buying small amounts.

[irixo10]

In my own opinion, I think what they both had in common is lack of believe in Bitcoin which of course made them think those number of Bitcoin they had was not worth it, but they failed to understand that, many technologies today didn't grow overnight, it took time for it to attain the growth worthy of it. Therefore, although it is a painful experience, but I think they should continue using every forms or steps at their disposal to regain their Bitcoin, at least that will encourage others to dig up theirs and at the long run, bringing more people into the crypto space. Also, I agree with you totally, that irrespective of the amount of Bitcoin we have today, just keep on holding them because Bitcoin is already valuable and the future is already filled with good tidings which means more price increase will be realised moreover more institutional investors are already paying more attention; however, if you are opportune to get more, then do so accordingly and as required.

[Fesatmas]

The lesson is, every carelessness will lead to regret at a later date. and those of us as bitcoin users or planning to start owning bitcoin are always doing everything that will be important in the future. always keep your passwords and data as safe as possible.

[aoluain]

Here's 2 of the Bitcoin related news I've seen yesterday:



What do both have in common?

A safe assumption would be that both people had their bitcoin for a good number of years already, and they totally underestimated the price rise bitcoin would have. Hence why they got immensely careless about the security of their funds, probably because back then "it's just worth a few hundred dollars anyway".

snip

You are right, back in the "pioneer" days, 2010, 2011, 2012 & 2013 a bitcoin
was only worth cents to $120. Security wasnt as much of a concern as it is now
so keys were most likely stored on HD's as well as wallets.

Obviously if the keys were/are stored securely seperately to the wallets, the
destruction of a HD is not a major issue.

.....
the best way is to buy small amounts every now and then with money that you don't need. .....

after some time you realize that you have actually accumulated a lot of bitcoin while only buying small amounts.

Sound advice from BrewMaster, something I have been practicing for a few years.
Many many small transactions can add up to something substantial even if it isnt
as much as you like its better than not acting at all.

[AakZaki]

in 2013 Bitcoin was still not as popular as it is today and of course those who have a lot of bitcoins and can get it easily, are not careful to keep their private key wallets, even seeming they don't care. However, after Bitcoin continued to reach new ATHs, those who owned a lot of bitcoins forgot their private keys and did not have a backup private key anywhere else.

Therefore, it is important to maintain the private key that you have that will help you in the future when the price of your coins has increased tremendously. Setting up backups elsewhere will also help.

[hatshepsut93]

Probably the best way to store a small amount of coins for long time is by making many unencrypted backups that are stored offline. You can put your wallet on an old USB stick that you no longer use, an SD card, a Blu-ray disk, write down a seed on a piece of paper. Put them somewhere where no one would accidentally throw it away, like next to your personal documents or your cash savings.

[Smartprofit]

I am measuring bitcoin in satoshi.  

1,000,000 satoshi is a very large amount of money.  Earning this amount is a great result!  100,000 satoshi is also an impressive amount.  And even 1000 satoshi is a sum that cannot be neglected.  

Now for me the unit of account is 1,000,000 satoshi.  In Russia and Ukraine, 1,000,000 currency units are called lemon.  Hence, 100 lemons is 1 BTC.  

This allows me to understand the value of each fractional part of bitcoin.

[Obi theo]

 People tend to forget that investing is believing no matter the circumstances, those people lost their bitcoin because they stopped believing and that's normal for us humans, but when it comes to crypto investing we all should know that in just a second the chart could turn for or against the holder or the buyer, that should be on every crypto investors mind.
 

[Asuspawer09]

Here's 2 of the Bitcoin related news I've seen yesterday:



What do both have in common?

A safe assumption would be that both people had their bitcoin for a good number of years already, and they totally underestimated the price rise bitcoin would have. Hence why they got immensely careless about the security of their funds, probably because back then "it's just worth a few hundred dollars anyway".

So what's the lesson here?

Regardless how much your bitcoin is worth today, make sure you don't lose them because we don't know how high bitcoin can go in the future. Your 0.01 BTC holdings might just be worth like $350 today, but who knows, while there are definitely no guarantees, it could buy you your future house sooner or later.

I've been through a good number of bull markets already, and every single time I've absolutely underestimated how high bitcoin could go. Just a quick reminder to those who are totally underestimating the small amount of BTC they hold.

Like other members here in the forum says bitcoin was not really a big deal probably when they buy bitcoin and not knowing its real value in the forum so they probably buy bitcoin put it in a wallet and then forget about it.

They probably make a backup of that password but just lost because of a long time wait, only when the market price has a high value in the market most of the people know that they should put great security into their wallets.

We can't really blame them but it's their loss, it's their fault because they neglect it, and now that it has value they just lost a big amount of money I guess it's just different in the past years.

[Twentyonepaylots]

the best way is not to buy a very small amount and then wish for bitcoin to go so high that the tiny amount makes you rich.
the best way is to buy small amounts every now and then with money that you don't need. for example a good source of fiat is to abandon a bad habbit like smoking and use that money you used to waste for buying bitcoin.

The "best way" you're talking about sounds pretty much like dollar cost averaging which is indeed a great tactic in buying pretty much any type of asset. Not only does it minimize your losses while keeping your winnings in check, it also inadvertently allows you to diversify on your buys which then gives you further security in case one of your buys drop in value.

after some time you realize that you have actually accumulated a lot of bitcoin while only buying small amounts.

Now it's more than just saying that you'll buy a little bit of let's say bitcoin everyday since you still have to consider multiple factors such as timing and projected price.

[OgNasty]

While the days of getting rich easily in crypto are in the past, it is always good advice not to lose your money. However, when it comes to Bitcoin, one man losing coins makes all the rest of ours more valuable, so it’s tough to shed too many tears about lost BTC.

[finn.cole]

Here's 2 of the Bitcoin related news I've seen yesterday:

https://i.imgur.com/WXGGLz6.pnghttps://i.imgur.com/lLuMoC7.png

What do both have in common?

A safe assumption would be that both people had their bitcoin for a good number of years already, and they totally underestimated the price rise bitcoin would have. Hence why they got immensely careless about the security of their funds, probably because back then "it's just worth a few hundred dollars anyway".

So what's the lesson here?

Regardless how much your bitcoin is worth today, make sure you don't lose them because we don't know how high bitcoin can go in the future. Your 0.01 BTC holdings might just be worth like $350 today, but who knows, while there are definitely no guarantees, it could buy you your future house sooner or later.

I've been through a good number of bull markets already, and every single time I've absolutely underestimated how high bitcoin could go. Just a quick reminder to those who are totally underestimating the small amount of BTC they hold.

I think the same way. If you invest in bitcoin now, then in a few years you'll understand why it was the best decision in your life. So many people write on the forums about their regrets not buying bitcoin a few years ago because now they could be swimming in money.

[Olivia Wolff]

2021 is gonna be the year of cryptocurrencies, especially Bitcoin. Only at the beginning of January, we could see how its price reached a record figure. I'm so excited about 2021 and have big plans for this year 

[zanezane]

While the days of getting rich easily in crypto are in the past, it is always good advice not to lose your money. However, when it comes to Bitcoin, one man losing coins makes all the rest of ours more valuable, so it’s tough to shed too many tears about lost BTC.

That's really dirty but I do have to agree with you, satoshi even said that. The articles though, they are more of an hindsight for many of us because we never knew that it will reach this height in the first place, our best predicted peak was 20k but we have reached a double number. The only way I know that works for safekeeping my coins is to have a cold wallet that is inside a case together with a paper with the passwords written on it.

[Wexnident]

It doesn't take a genius tbh to realize that, especially with the current price of Bitcoin. But honestly, can you blame them? They had those coins way back in the years where crypto wasn't a thing, it wasn't even becoming one. It only rose up to attention after a few more years. It became prominent, yes, but it didn't have that assuredness that it would be one way back then. When I heard Bitcoin I just thought of it like "what's that?", and that was with my friend being all gung ho about it back then.