Bitcoin for HODL

[Poker Player]

I join the welcome given to you by other colleagues. Regarding what you comment, if you say you start with little capital and you are going to try to buy more Bitcoin I suggest you read about the DCA strategy and about personal finance in general.

Then, apart from what has been said about DCA, in the future when you have accumulated enough capital, within one or two cycles you can consider whether to make partial sales at market peaks while HOLDing the rest, but you will learn this as you go along.

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[Plaguedeath]

If you're trying to use Bitcoin for long term holding, you need to buy a trusted hardware wallet or use a secure device as a cold storage. Despite electrum is trusted and open source, but you're use it as a hot wallet e.g. a daily driver device, your coins aren't safe.

Bitcoin is actually used as a currency based on the whitepaper, although it can be used to store a value too.

[Ojima-ojo]

If you're trying to use Bitcoin for long term holding, you need to buy a trusted hardware wallet or use a secure device as a cold storage. Despite electrum is trusted and open source, but you're use it as a hot wallet e.g. a daily driver device, your coins aren't safe.

Bitcoin is actually used as a currency based on the whitepaper, although it can be used to store value too.

Sometimes I can't but wonder if there is any open source online wallet that can be trusted for long-term Bitcoin storage as against the widely spoken risk of losing the funds since the backend developer may have access to the source code unlike a hot wallet device but in all there all comes with their peculiar risks.


But we must also have some level of trust for some of the widely tested and trusted wallet sources as the Electron wallet which has highly proven security.

[Natalim]

If you're trying to use Bitcoin for long term holding, you need to buy a trusted hardware wallet or use a secure device as a cold storage. Despite electrum is trusted and open source, but you're use it as a hot wallet e.g. a daily driver device, your coins aren't safe.

Bitcoin is actually used as a currency based on the whitepaper, although it can be used to store a value too.

But as a starter, I don't recommend using an expensive wallet. In fact, thousands of people are using Electrum Wallet and have no problems with it. Because even using a hardware wallet can't assure 100% as it all depends on how they manage to access their wallet/funds. The best thing that OP must do is to keep everything in secret and never expose his wallet address to any platform as it gives interest to the hackers. Spreading it to another wallet address is one option as well.

[Dzwaafu11]

Hello everyone!
I'm new here and I'm happy to write here finally.
Bitcoin has always been an interesting topic, when I first heard about it because I'm a friend of savings and store as value.
I don’t have much Bitcoin but as we know: not much Bitcoin can have much value in a few years. It is all about HODL.

You're welcome; here, you can find out everything there is to know about bitcoin and other cryptocurrencies in a secure environment. All you have to do is follow the community's rules and regulations, and don't be afraid to ask questions about anything you don't understand about bitcoin. Members of the forum are always willing to assist you.

I have read a lot of topics what's important to save my Bitcoin from hacks and after storing it on Blockchain.com wallet, I have decided to send it to my own wallet.
Not my keys, not my coins is an important advice. We need to be very safe to avoid getting hacked because coins stored on a centralized exchange are keys held by operators, not customers.

I have decided to select Electrum wallet because Electrum wallet is Open Source and is developed by a very experienced coder team for a long time now.
In my opinion, we need to reward such coders by deciding for Electrum, like I've decided for Firefox instead of Google Chrome because we need to support unique coder teams, like behind Electrum and Firefox.

You already possess the greatest information on how to use them and keep your coins secure; all you need to do is maintain your private key constantly locked. I too use why since I've never heard of anyone complaining about them, but electrum is really good for storing bitcoin. I believe you made the right choice by selecting electrum wallet to hold your bitcoin.

I will try to collect more Bitcoin, save it carefully and HODL it, because in my opinion, Bitcoin is a very promising investment.

It will be very good if you do, but I also want you to know that you shouldn't just say you always save bitcoins with all of your money; instead, try saving with the amount you know even if you lose you will not have financial problems. This is because I've observed some people storing bitcoin daily whenever they have a small amount of money; I can't risk that my money will be at risk in such a way, so in my opinion you should only buy bitcoin with money you can afford to lose.

[Mr.right85]

Hello everyone!

I'm new here and I'm happy to write here finally.
Bitcoin has always been an interesting topic, when I first heard about it because I'm a friend of savings and store as value.
I don’t have much Bitcoin but as we know: not much Bitcoin can have much value in a few years. It is all about HODL.

I have read a lot of topics what's important to save my Bitcoin from hacks and after storing it on Blockchain.com wallet, I have decided to send it to my own wallet.

Your username though. It presents you like a pro in this field. Although, the blockchain technology is all about bitcoin or cryptocurrencies. Anyway, that's aside of the point.

I don't subscribe to the idea that bitcoin is all about holding, nope. It's much ore than that although, that's the most any beginner could do and have a sense of security, be safe about holding there coin while, topping there portfolio from time to time.

Few users have been known and still spend there coins when opportuned. A few others resolve to trading as some means to get consistent profit of it but, loses are very much possible too.
Then we have the holders that profit from the time spent holding and the prevailing trend.

It really isn't all about holding.

[Peanutswar]

Welcome to the community!

Hope you learn a lot things here many members contributes a lot of knowledge and experience to other member that could serve a lesson for each everyone.

Electrum is a good choice of hot wallet better make sure you have the backup of your seed not only 1 but 3 or more as possible no one wants to lose their assets,  we also recommend having a hardware wallet for your more secured storing of funds.

Good luck on the ride of the market currently we are close in halving. 

[SOKO-DEKE]

I don’t have much Bitcoin but as we know: not much Bitcoin can have much value in a few years. It is all about HODL.

When someone needs to make a significant return on their investment in bitcoin, they must put a lot of money at risk and be prepared to hang onto it for a long time. Only the money they can afford to lose should be used because there is no assurance with bitcoin investments. However, if you don't have a sizable capital to invest and you still want to make a good profit from your Bitcoin investment, you should hold it for a very long time. This is because, in the opinion of some seasoned Bitcoin investors, capital and holding time are the two main factors that determine a good profit.

Not my keys, not my coins is an important advice. We need to be very safe to avoid getting hacked because coins stored on a centralized exchange are keys held by operators, not customers.

For proper security of your Bitcoin or other coins, you need to be the only one to have access to your wallet, and that is the reason why someone needs their own personalwallet and not to allow anybody or any company to take care of their coins. To avoid some stupid stories, someone doesn't need to leave it coins under any centralized exchanges because it is not a new thing that many hackers eyes are mainly on exchanges, and these are reason why exchanges are easily hacked.
 

[aysg76]

You have made right choice about bitcoin investment even the amounts are small because many investors think they can't afford considerable amount of bitcoins in one go because the prices are low but ignore that it's possible to accumulate sats also.In few years you will have good amount through DCA investment if you know about it like invest small amount over fixed intervals and keep holding for few years.

The Electrum is best option for bitcoin holding as your keys are safe with you but also keep your seed phrase safely in offline storage and you can also add passphrase to add extra layer of security to it.Speaking of firefox then it's far better then chrome because they always track you with each activity but Firefox with configuration is best to use and for more secure options you can have TOR as many of us use it.

[Rengga Jati]

I will try to collect more Bitcoin, save it carefully and HODL it, because in my opinion, Bitcoin is a very promising investment.

Yeah, Bitcoin is a very promising investment. But, note also that Bitcoin is also a risky investment, so you will get balanced information and consideration about Bitcoin investment. And you can learn more to avoid or minimize the risks,especially to know what will commonly happen to Bitcoin suddenly, so you are not being panic everytime whatever bad happening.

Related to wallet, indeed, if we are expecting for long term holding, actually this is very important to decide which wallet to use. Tje best is hardware wallet, so we can really have our own phrase and keys.

[Shamm]

I will try to collect more Bitcoin, save it carefully and HODL it, because in my opinion, Bitcoin is a very promising investment.

Yeah, Bitcoin is a very promising investment. But, note also that Bitcoin is also a risky investment, so you will get balanced information and consideration about Bitcoin investment. And you can learn more to avoid or minimize the risks,especially to know what will commonly happen to Bitcoin suddenly, so you are not being panic everytime whatever bad happening.

Related to wallet, indeed, if we are expecting for long term holding, actually this is very important to decide which wallet to use. Tje best is hardware wallet, so we can really have our own phrase and keys.

Bitcoin is good for long-term investment, and it will never disappoint us cause we are all known that how big bitcoin industry is. And yes all agree with you mate, investing bitcoin is too risky because the prove is volatile we can not predict when it ups or when it's down but we must remember self-control is a must in the world of investing, don't be greedy in order to protect from losses.

[Stable090]

Hello everyone!

I'm new here and I'm happy to write here finally.
Bitcoin has always been an interesting topic, when I first heard about it because I'm a friend of savings and store as value.
I don’t have much Bitcoin but as we know: not much Bitcoin can have much value in a few years. It is all about HODL.

I am confident that if you have the patience and the ability to hold your bitcoin for a long time, you won't regret making the investment. However, most people find it difficult to hold. I have been trying to accumulate and hold more bitcoin, but I haven't been satisfied with the amount am currently holding. However, whenever I have extra money that I know I won't be using right away, I will use it to accumulate more bitcoin, as I know everyone holding bitcoin will smile later in the future.

Not my keys, not my coins is an important advice. We need to be very safe to avoid getting hacked because coins stored on a centralized exchange are keys held by operators, not customers.

Many people make the very incorrect decision to leave their bitcoin on any exchange. If we look at the cryptocurrency exchanges that have been compromised since the creation of bitcoin, we will all be aware of this mistake. We should do all in our power to withdraw our bitcoin to a non-custodial wallet after purchasing it on an exchange.

[RockBell]

Hello everyone!

I'm new here and I'm happy to write here finally.
Bitcoin has always been an interesting topic, when I first heard about it because I'm a friend of savings and store as value.
I don’t have much Bitcoin but as we know: not much Bitcoin can have much value in a few years. It is all about HODL.

WELCOME on board I actually know you while you're here and there's enough information here. That's one of the most fascinating things about Bitcoin being a store of value because when the market goes up, your value will go up as well. On the other hand, it has its drawbacks because once the market goes down, your money will start dropping. If you have any extra cash lying around, you can use it to invest in Bitcoin because the more you buy, the bigger the profit and the most important thing is to HODL no matter what the circumstance may be.

I have read a lot of topics what's important to save my Bitcoin from hacks and after storing it on Blockchain.com wallet, I have decided to send it to my own wallet.
Not my keys, not my coins is an important advice. We need to be very safe to avoid getting hacked because coins stored on a centralized exchange are keys held by operators, not customers.

I have decided to select Electrum wallet because Electrum wallet is Open Source and is developed by a very experienced coder team for a long time now.
In my opinion, we need to reward such coders by deciding for Electrum, like I've decided for Firefox instead of Google Chrome because we need to support unique coder teams, like behind Electrum and Firefox.

I will try to collect more Bitcoin, save it carefully and HODL it, because in my opinion, Bitcoin is a very promising investment.

That is one of the best decisions you can make about Saving your Bitcoin on the wallet and you made the best decision in selecting a very fine wallet, the popular saying on the forum not your keys, not your coin, what happened with FTX should be a lesson to many and the annoying aspect of it all is that people don't learn a lot of people still keep their money comfortably with exchanges but sometimes people will learn the hard way

[qwertyup23]

I join the welcome given to you by other colleagues. Regarding what you comment, if you say you start with little capital and you are going to try to buy more Bitcoin I suggest you read about the DCA strategy and about personal finance in general.

Then, apart from what has been said about DCA, in the future when you have accumulated enough capital, within one or two cycles you can consider whether to make partial sales at market peaks while HOLDing the rest, but you will learn this as you go along.

This is very informative- I actually just started investing again in BTC due to the potential fork that will happen this 2024. I read about the DCA strategy where a person would invest a small amount of money but it should be in a consistent basis. This is very informative as this will actually reward people who will invest the returns that they may potentially earn in cryptocurrencies.

OP, you should definitely check out this strategy. Even if you have a relatively small capital, that should not hinder you from investing more in the process. As long as you remain consistent in depositing/investing, you will definitely reap your rewards in the near future.

[Obari]

I really don't know if you're campaigning  for Firefox or ethereum or you're for bitcoin,  uncle please have a stand and don't get yourself or even the public confused.
Hodling is a matter of choice and there are other greater opportunities  in bitcoin  outside just hodling and there are as well people who live their dream live off day trading because what truly matters is that at the end of the day, we're all making profits.

You truly understand the fact that  not your keys not your coin which simply means that you should safeguard  your keyphrase judiciously and never share it with people you don't trust.