We need to understand bitcoin and wallets before investing

[Riginac111]

Point 1
When I think of bitcoin I see Bitcoin like treasure and their is desperation in me that bitcoin can not disappoint people who embrace bitcoin, but I'm not having the instinct that bitcoin will make us rich or bitcoin will make us poor because of the information I obtain from people investing in bitcoin. But I want to ask people who do emphasise on teaching their grandparents bitcoin what are their instinct of teaching their grandparents and their parents bitcoin, is it necessary to teach people that is above 70 years bitcoin and if they invest in bitcoin how long will they benefit in bitcoin before they die. I do see bitcoin investment like an asset and investments plans that is meant for young youths until they get to old age and its not something that is not something thats meant for old people that is above 70 years to 80 years.

Point 2
It's good to give a proper information to whom you want to introduce to bitcoin investment because I use myself as case studies because I was not properly informed of bitcoin investment because someone who introduce me in bitcoin did not give me the proper ethics of bitcoin marketcap scenario, when bringing people to bitcoin investment some people doesn't not teach the negative part of investing in bitcoin they only concentrate on the positive side and that is one of the things that discouraged some people not to invest  in bitcoin.

Point 3
What bitcoin investors needs is a proper research by the person concerned so that the person will get the full gist of bitcoin before investing its funds, I know what's bitcoin since 2014 and I knew that during creation of what I have to write down my seed phrase and document it, so after opening a trust wallet and I purchased bitcoin through luno platform with the directions of the person that introduce me to bitcoin and everything concerning the wallet was written by him and after two months I misplaced my mobile phone and that is how misplaced my bitcoin, when I asked my instructor of way forwards of retrieving my bitcoin he said since I have lost my phone its the end of my bitcoin

[_act_]

I do see bitcoin investment like an asset and investments plans that is meant for young youths until they get to old age and its not something that is not something thats meant for old people that is above 70 years to 80 years.

Anytime that you buy bitcoin, it is never too late for anyone that does have children and wife. If your children inherit your bitcoin, it is better than fiat.

I saw this on Twitter:



Most old people will prefer to have their money in saving fiat but which are devaluing assets. If an old person understand about bitcoin, he can have some of his savings in bitcoin which is possible that his children will benefit from it than fiat.

[hosseinimr93]

.........so after opening a trust wallet.............

You said that people should do proper research before investing in bitcoin. I doubt you have done so yourself. Otherwise, you would know that trustwallet is not a good choice.
Take note that trustwallet is close source and there is no way to know how the keys are generated.

everything concerning the wallet was written by him and after two months I misplaced my mobile phone and that is how misplaced my bitcoin, when I asked my instructor of way forwards of retrieving my bitcoin he said since I have lost my phone its the end of my bitcoin

What?
Someone wrote down the  seed phrase for you and after two months you lost your phone. Am I getting you correctly?
If you have access to your seed phrase (assuming that person hasn't stolen your bitcoin), you should be able to recover your wallet.

[EarnOnVictor]

The wrongest decision one could make is to dabble into something they do not know, this is why many would call Bitcoin names while they are actually the guilty ones here.

Many things are expected to be learned about it but four aspects of Bitcoin have to be learned majorly, the rest are left to the person. The aspects are;

1. How Bitcoin come into play and Why.
2. How to buy and sell Bitcoin.
3. Best wallets for Bitcoin
4. How to earn through Bitcoin.

[EL MOHA]

Point 1 is it necessary to teach people that is above 70 years bitcoin and if they invest in bitcoin how long will they benefit in bitcoin before they die. I do see bitcoin investment like an asset and investments plans that is meant for young youths until they get to old age and its not something that is not something thats meant for old people that is above 70 years to 80 years.

I don’t agree with you that bitcoin is meant for only the younger. Yes it is a technical thing that requires knowledge. But bitcoin is first of all a payment gateway and everyone certainly needs to buy things not just the young ones. Also bitcoin has been used by many has an investment asset, and we all know that it is the older generations that are looking for investment asset just to leave off some funds for their children and grandchildren and with bitcoin they have the perfect asset to last for a long time with ROI advantages and also without the fear of devaluations that comes with fiat currency.

[Riginac111]

Point 1 is it necessary to teach people that is above 70 years bitcoin and if they invest in bitcoin how long will they benefit in bitcoin before they die. I do see bitcoin investment like an asset and investments plans that is meant for young youths until they get to old age and its not something that is not something thats meant for old people that is above 70 years to 80 years.

I don’t agree with you that bitcoin is meant for only the younger. Yes it is a technical thing that requires knowledge. But bitcoin is first of all a payment gateway and everyone certainly needs to buy things not just the young ones. Also bitcoin has been used by many has an investment asset, and we all know that it is the older generations that are looking for investment asset just to leave off some funds for their children and grandchildren and with bitcoin they have the perfect asset to last for a long time with ROI advantages and also without the fear of devaluations that comes with fiat currency.

You did not read carefully, because if you do you would have understand what I said. This is one of the challenges we have in reading articles, at least we are supposed to read twice to understand before responding to some questions. What I asked is that " is it necessary to teach someone that's above 70 years bitcoin, that questions does not have to do agree or disagree, its a question that you will make your own suggestion, because I did not say its good to teach 70 years old person bitcoin

[Charles-Tim]

3. Best wallets for Bitcoin

On my mobile device, I have just searched for it. This is is what I saw while using Google search:



Coinbase is a custodial wallet ❌
Blockchain.com is a web wallet and close source ❌
Ledger Nano secure element is close source and also having ways your seed phrase would be given to third parties and also careless about customers data and privacy ❌
Exodus is a close source wallet ❌
Electrum ✅ Excellent.
Trezor Model T. With Wasabi coinjoin ❌. A good wallet but without Wasabi coinjoin ✅
Ledger, the same company that manufactured Ledger Nano S ❌
Trustwallet is a close source wallet and not a good bitcoin wallet ❌
Metamask is not a bitcoin wallet

I was unable to see Passport, one of the recommended bitcoin hardware wallet.

Other recommended bitcoin wallets:

• Sparrow
• Bluewallet
• Specter
• Samourai for coinjoin

What I am trying to imply is that it is good to research for good bitcoin wallet from the right source, like asking on a forum like this forum because search engines are full of misleading information.

4. How to earn through Bitcoin.

Some people can be lucky, but there are some misleading ways like pay-to-click, solving captcha, faucets and some other ways that are only waste of time. Airdrops and pay-to-click can lead to phishing, wallet hack and scam.[/list][/list]

[Who is John Galt?]

You did not read carefully, because if you do you would have understand what I said. This is one of the challenges we have in reading articles, at least we are supposed to read twice to understand before responding to some questions. What I asked is that " is it necessary to teach someone that's above 70 years bitcoin, that questions does not have to do agree or disagree, its a question that you will make your own suggestion, because I did not say its good to teach 70 years old person bitcoin

In your example, you have shown that you have gaps in your understanding of how bitcoin works, but you suggest that the older generation may have some problems with this. It's funny. If you spend more time on this forum, you will be surprised to learn that your grandparents' peers are some of the most active and understanding of things.

The problems that may arise are more related not to age, but to the level of preparation for studying the topic. If a person has a sufficiently rich life experience and technical savvy, he will be able to understand on his own whether he should be actively involved in bitcoin at 70, and at 80, and at 90, and over 100, and older.

[coinerer]

We should know about bitcoin wallet because after buying bitcoins we need to store those bitcoins in a safe place. Before you know about bitcoin wallets we need to know some more things before investing in bitcoins like.

1 What is Custodial & Non Custodial
2 From where we should buy bitcoin? and how.
3 When we should buy bitcoin
4 How long we should Hold Bitcoin
Etc.....

[elevates]

Most old people will prefer to have their money in saving fiat but which are devaluing assets. If an old person understand about bitcoin, he can have some of his savings in bitcoin which is possible that his children will benefit from it than fiat.

I fully understand what you have written here. My question to you is, how would you convince a generation that practically lived on cash & plastic card in their entire lifetime. They are in living on the verge of death & life now. They all have retired from their work and want to live their life in peace with thier medical issues. You cannot ask them to go ahead and invest in a new technology, which by the way is just a decade old. In my country old people don't think about investing in anything new, they do encourage in investing the old ways like gold and property. In suc a scenario it is hard for the young generation to invest in Bitcoin.

[Hatchy]

Point 1~

They don't have be the only ones profiting from their investment directly. Instead, they can pass it on to their children after they die. Let take it from another perspective Why can't people over 70 invest in Bitcoin? It's likely less stressful than someone of the same age running for the Post of a president. My point is, as long as these older people can still read or are physically capable and are willing to understand the technology and risks involved, they can take part in the cryptocurrency market. There's no age limit for using Bitcoin.

Point 2~

before investing in anything it is always adviced to DYOR (do your own research). carrying out research helps you understand further in details about
1. what you are putting your funds into.
2. how long such investment has existed.
3. what you will benefit from such investment.
4.precautions to take before and after investing.

Point 3/b]

At this point, I'm having trouble understanding what you're saying. I thought since you know about Bitcoin since 2014, you'd know that if you lose your phone, your Bitcoin isn't gone
As long as your seed phrase were written down and kept just as you said, you can always recover or have access to your funds.
 Bitcoin or cryptocurrency are not stored in your wallet, but are recorded on the block chain. the wallet serves as device which connect you to the Blockchain and displays the total amount of funds related to your wallet address.  I think you and your instructor still needs to learn a lot about Bitcoin because from what you said

when I asked my instructor of way forwards of retrieving my bitcoin he said since I have lost my phone its the end of my bitcoin

it shows clearly that he is still a newbie into the crypto space and he is misleading you mate.

[Rockstarguy]

You did not read carefully, because if you do you would have understand what I said. This is one of the challenges we have in reading articles, at least we are supposed to read twice to understand before responding to some questions. What I asked is that " is it necessary to teach someone that's above 70 years bitcoin, that questions does not have to do agree or disagree, its a question that you will make your own suggestion, because I did not say its good to teach 70 years old person bitcoin

In your example, you have shown that you have gaps in your understanding of how bitcoin works, but you suggest that the older generation may have some problems with this. It's funny. If you spend more time on this forum, you will be surprised to learn that your grandparents' peers are some of the most active and understanding of things.

The problems that may arise are more related not to age, but to the level of preparation for studying the topic. If a person has a sufficiently rich life experience and technical savvy, he will be able to understand on his own whether he should be actively involved in bitcoin at 70, and at 80, and at 90, and over 100, and older.

I would like to ask Riginac is the difference between a young person and an old person who does not understand bitcoin? It is just age of course because the both persons are ignorance in bitcoin. What I'm trying to say here is that age does not really matter or limit one from knowing bitcoin or accepting bitcoin.

Bitcoin can be useful to anybody irrespective of the age, what should be concerned when using bitcoin no matter the age you fall into is, why do you need bitcoin and what do you need bitcoin to do fall you( understanding the main purpose of bitcoin ).

 If one can answer this questions about the reason for Bitcoin then the person is free to use Bitcoin no matter the age the person falls into. I don't think Bitcoin is only for young people,  I can agree with the rate at which young people are into Bitcoin is high and the rate of old people is low, but having a conclusion bitcoin is not for the old people is wrong.

[Helena Yu]

Actually when you want to start to invest in Bitcoin, you must understand about exchange because it's a way to buy or sell Bitcoin, wallet is used as a place after you bought your coins. If you want to use hardware wallet you can use Trezor or Bitbox, if you want to use non custodial wallet you can use Electrum or Bluewallet.

You can use centralized exchange to buy Bitcoin, but it's not advisable since there's no privacy, you can use No KYC P2P e.g. Agoradesk or DEX e.g. Bisq.

[Furious 7]

Isn't that a basic step and actually not only bitcoin but almost in all investment instruments we have to know what to do about what we do before actually investing.
Bitcoin is one of the objects that can be used as an investment but that does not mean we are directly in bitcoin without knowing more about what bitcoin is because we have to know the ins and outs that exist in bitcoin itself so that we can be absolutely sure about what we are doing that it is right.

On the other hand in this case point 3 is actually quite disturbing to me, even though trust wallets can be used as one of the wallets for storing bitcoin but that does not mean they are a safe place and I don't think you have implemented what you described in your title because we all know that trust wallets are not one of the wallets that are comfortable for long-term storage even though it can be done.
Just because the name "trust" is there doesn't mean you should be completely confident in that wallet because there are many wallets that are much better than trust wallets.

[AHOYBRAUSE]

People in general need to educate themselfes better before doing with anything related to bitcoin or crypto. All the time I see questions of new users that at supposed to receive 1000s of $ in crypto and they have no clue how to use a wallet or even check a transaction.

Even google would help them with the slightest effort of checking but they find this forum to ask.

It is very risky to handle so much money without having any clue, this opens the door for a lot of scam attempts on these people, which is very concerning.
You don't play poker for real money if you don't know the rules of the game, so why "gamble" your money in crypto if you have 0 clue what you are doing. 

[buwaytress]

More like, you need to use it, and then understand if it really suits your needs and expectations. I do believe people need to understand wallets and self custody but it might not necessarily be a requirement for them to use Bitcoin.

In fact, as a pre speculator, one might argue one doesn't even need to be in contact with Bitcoin wallets

[livingfree]

Point 2
It's good to give a proper information to whom you want to introduce to bitcoin investment because I use myself as case studies because I was not properly informed of bitcoin investment because someone who introduce me in bitcoin did not give me the proper ethics of bitcoin marketcap scenario, when bringing people to bitcoin investment some people doesn't not teach the negative part of investing in bitcoin they only concentrate on the positive side and that is one of the things that discouraged some people not to invest  in bitcoin.

IMO, you got it wrong on that part. Many of the people here have just heard Bitcoin and wasn't introduced by anybody at least for that person whom they've heard bitcoin from.

But I do understand the part that these people who have told Bitcoin to the others and don't tell them the negative side of it. Actually, the negative side of it is that it is highly volatile. But with that, you can think of it as an opportunity if you're able to understand what Bitcoin really is.

The price fall has always been the discouragement of many newbies and that's not a problem on them. Because whoever sees the price falling has always negative thoughts of it and that's pretty normal.

[tranthidung]

Before my discussion with you, firstly your English is broken and you must improve it as well as organize your idea and sentence structure better.
Point 1. Just say, invest what you can afford to lose it. Young or old, it is a must prerequisite before investing. If you are old, you can still invest in bitcoin and you can get profit or someone inherits bitcoin from you will get profit.

Point 2. You don't have to be a role model or a case study. You should not tell anyone that you got rich, became a millionaire by bitcoin. It's risky for your privacy and safety, don't do this. If you need some case studies, show them cases of serious loss by exchange scam, hacks, data breaches or wallet hacks by using a weak password. ^[1]

Point 3. Not your keys, not your bitcoins. Don't use close source wallets as they can have your private keys. Don't ask any person to create a wallet for you as he will have your private key. Don't use exchange account/ wallet as they have your private key.

Generally, when you use a Bitcoin wallet, back up its mnemonic seed or private key.

^[1] [GUIDE] How to Create a Strong/Secure Password.

[CryptSafe]

It is most safe and secured to properly have knowledge on what you are having thoughts of investing your funds into. I have come to notice that most of the complaints about bitcoin scams and possible hacks are from newbies and as a result of their I don't care to know approach. You do not just wake up one morning and start investing your funds in what you do not have knowledge about irrespective of the fact that a family member or friend did tell you about it. It is good you are told about the bitcoin and the investment aspect of it but it is better you gain more knowledge on it by doing your own research so as to be well equipped with knowledge before investing your funds.

When you are too hasty to invest without acquiring the right information, you definitely will hit a brick wall in the cause of your sojourn into what you have no idea about and that would be very  disastrous.That is how people get scammed and they cry foul and call bitcoin a scam because they fail to do the right thing.

Looking at the other way round with respect to getting knowledge about credible and reliable wallets, one can do a search via google to see for themselves as there is nothing hidden online. There are lots of wallets which one would need to make choice from on which to adopt. Most of the wallets have been mentioned here by members for which anyone who cares  to see for themselves should do.

Lastly, it is not advisable to hold your assets or keep your assets under the watch of a third party such exchanges as it invariably means that you are not the owner of that assets as you have no keys to the wallet holding that assets.

Remember "not your keys, not your assets"

[jcojci]

Point 1.
Old people over 70 years are rarely willing to learn about investing. They would prefer to listen to old songs while opening photo albums of their memories when they were young. They will visit relatives or friends who are still alive while telling stories about the past. They don't want to get involved with investment issues, profit, blah blah blah.

They just want to live quietly in their old age while enjoying it because they didn't have time to enjoy it before.

Point 2.
Wait a moment. What did that person tell you that kept you from getting the right information about bitcoin? Haven't you searched for more information about bitcoin and just followed what was suggested to you? If so, that is the biggest mistake. But I admit many people still do things like that, just follow what other people suggest without looking for more detailed information. That's what makes them feel they don't get the right information about bitcoin, which is a reality that happens to people. And that's also what makes people finally feel cheated to invest in bitcoin.

Point 3.
From your story, it seems it was your fault that you misplaced your phone. Wait a minute, what do you mean by misplacing your phone? Did you leave your phone in the open public area and you lost your phone? How could that be?