Don't Just HODL But HODL Wisely and Securely

[GreatArkansas]

fortunately now government of my country also supervise some of cryptocurrency related app so I feel more secure. but I will not only hold it, when there is bullish market trend happen I will sell it so I can get profit and then buy it again when bearish trend come.

That taking profits is already given, it's normal for me, especially that is your purpose of investing in Bitcoin.
But the topic is about HODLING wisely and securely, where we must hodl our Bitcoin in a safe place or use safe software like wallets.

[Smartvirus]

What sucks is that if most beginners just download a bitcoin wallet off Google PlayStore/Apple AppStore, chances are, they'd land upon an exchange wallet or a custodial wallet. The way bitcoin/crypto is now, you need to learn by mistake first lol before actually ending up diving deeper.

Experience is truly the best teacher but learning by mistakes has been some means to scare many people away from taking cryptocurrency or bitcoin investments. This is where the idea of bitcoin being some Ponzi schemes comes from in the minds of those failed investors.

I think this has made people more curious these days to ask questions but, with the trendy of Binance, I can agree with you that the ideal place for beginners and those that don’t know any better is custodial exchanges. Most see it for a wallet or some safe place to store there precious coins and it remains so because, they don’t know any better.

The few that are this enlightened are those that belongs to a forum and keeps being tutored on what is or obtainable within the cryptocurrency space. It’s often the case when you choose to invest before learning about what your investing in.
We can only hope they don’t get scammed in the process.

[Best-mary]

One of the most powerful words that resonates strongly among bitcoiners is the word "HODL". This word describes our undying faith in bitcoin's past, present and future potential. In the bitcoin community, there are those who have been holding for a long-term and also those who have just started hodling because they are moved by the fast approaching halving event in 2024. As we are holding bitcoin we should be vigilant because hackers and scammers tirelessly seek opportunities and loopholes to steal your bitcoin. Therefore, it is not enough to hold but HODL WISELY.

There are more than one thousand ways to HODL bitcoin. In fact, as of 2022 there were about 2,790 Bitcoin-related applications are available on the Google Play Store while Apple Store had about 651 such apps. To add to this there are 288 hardware wallets and 44 bearer tokens in circulation, all of there telling you that they are able to secure your bitcoin holdings

Don't just hold but hodl wisely and securely.

This topic is inspired by the responses I received in this thread - How Do I Verify the Integrity of Open-Source Code.

Image source:

No one is careful enough to avoid getting scammed but we all gonna be extra be careful regardless. Now how can we save ourselves from shitty things that want to happen

- use of a cold wallet

- Those using exchanges can testify that most if not all exchanges are going Kyc, this will enable one to be safe at some point

- Is it just the KYC? No! You must confirm if the exchange also has a hot and cold wallet installed. You know for an extra level of protection

- Not just that. Also, check if there's a protection fund ready for their users in case of anything.

All these we need to start keeping in our mind

[mvdheuvel1983]

It doesn't matter if you are a hodler or not, but you have to secure your funds the right way. Even if we are not hodling, we must hold our wallet for a short period of time. Most people just leave on exchange, which is the most dangerous attempt in the crypto world lately. That's how a lot of people lose their funds. So we have to make sure our funds are secure. At this point, it's very important what wallet you have been using and how secure it is. We need to spend more time researching how to secure your bitcoin so we can handle it wisely.

Yes, correct. No matter what investment strategy an individual has chosen, the security of his crypto asset should be equally important as the person who chooses to hold.

There would always be those people who the instruction or appeal to not leave their funds in exchanges because of the inherent dangers would fall on deaf ears but there is nothing we can do than to allow them learn from personal experience which they say is the best teach.

I think that there are two ways people learn about how to secure their bitcoins; they either learn it by choice or by force. By Choice I mean they dedicate time to learning about bitcoin best security practices before any security incidence. By force, I mean they learn about how to secure their bitcoin after their wallet is hacked. So they quickly learn about it to prevent future hacks.

[yazher]

That's why before all of these things you are recommended to read and not rush your investment in bitcoins if you are a newbie because time passes by, there are lots of options offered to you on how to keep your bitcoins which we all know that not all of them are reliable and some of them are not really recommended to use especially when you are a newbie. The best thing to do is learn from reading all of these basic stuff and continue to update your knowledge regarding securing your bitcoins and how to protect yourself against the new techniques of scammers and hackers to steal your bitcoins from you while you are Hodling it.

[isaac_clarke22]

What sucks is that if most beginners just download a bitcoin wallet off Google PlayStore/Apple AppStore, chances are, they'd land upon an exchange wallet or a custodial wallet. The way bitcoin/crypto is now, you need to learn by mistake first lol before actually ending up diving deeper.

https://chainsec.io/checklist

Or just end up, buying shitcoin in a spiral due to them being referred by their friend. This happened a lot when NFT games were still like a hot topic here in the Philippines. Now that hacks happened, people were like lost now on what should be next regarding their lost coins.

Desktop wallets are okay, but connecting it to the internet is kinda a bit..... no-no

[kryptqnick]

Op points out important and often overlooked information. As a newbie, a person can really struggle to understand how to hodl Bitcoin. One might go looking for the most reputable exchanges, for example, and that's not the right thing to do. I can see that a few top google results mention Coinbase Wallet as the best, but I don't know, even though they say it's a non-custodial wallet, but it wouldn't be my choice. It's important to take the matter of where to hold Bitcoin seriously, and it shouldn't be considered obvious how it should be done.

[sunsilk]

While there are those wallets/apps that people need on Google Playstore. It's also the # 1 source of those phishing apps and other hacking apps where many newbies have been misled.

But, thank you for the reminder. It's true that it's not just all about holding but also being wise. There are holders that aren't wise and they're holding their assets through an exchange which is a bad idea.

Instead of holding it through the wallet that they have full custody, they don't.

it is always best to store your coins in your wallet, where you have your own keys. you will have total control on this regard. but if you decide to send it to any third party app, then, you can't say that's your funds.

Yes, when you send it to the exchange wallet, you don't own them anymore. You own the account that has that wallet but in terms of technicalities, you don't really own your funds there.

because anything can happen and the possibility of not getting a hold of your funds is always there.

Usually when they're hacked. That's the problem that a user might not be able to withdraw your own fund there because you don't own it anymore and if the exchange reasons out that all funds were gone, there is nothing you can do.

[Litzki1990]

Of course, we need to see how secure our wallets can be before making long-term Bitcoin holds. No matter how much money we put in the bag, if there is a hole in the bag, we can never fill the bag with money. Same thing with Bitcoin, no matter how much we invest and how long we hold the investment if our wallet is not secure then such investment is worthless. Even with a small amount of investment, we first need to ensure the security of the wallet. When we can ensure the maximum security of our wallet, no matter how much money we keep in the wallet, our investment in that wallet will be safe.

[Altryist]

Of course, we need to see how secure our wallets can be before making long-term Bitcoin holds. No matter how much money we put in the bag, if there is a hole in the bag, we can never fill the bag with money. Same thing with Bitcoin, no matter how much we invest and how long we hold the investment if our wallet is not secure then such investment is worthless. Even with a small amount of investment, we first need to ensure the security of the wallet. When we can ensure the maximum security of our wallet, no matter how much money we keep in the wallet, our investment in that wallet will be safe.

I agree that we need to take care of how we store our coins, I always thought it was very important, but I know a person who has been storing all his coins on different exchanges for over 5 years, he has not had a single blocking, and he hasn’t lost a single cent on the stock exchange becouse of it, so he is convinced that this is the same safe way of storage. He also withdrew large amounts and everything was without problems, it will be difficult for such people to explain the importance of storing coins in a cold wallet, because although he knows about it, he does not see the need for it.

[salad daging]

Of course, we need to see how secure our wallets can be before making long-term Bitcoin holds. No matter how much money we put in the bag, if there is a hole in the bag, we can never fill the bag with money. Same thing with Bitcoin, no matter how much we invest and how long we hold the investment if our wallet is not secure then such investment is worthless. Even with a small amount of investment, we first need to ensure the security of the wallet. When we can ensure the maximum security of our wallet, no matter how much money we keep in the wallet, our investment in that wallet will be safe.

I agree that we need to take care of how we store our coins, I always thought it was very important, but I know a person who has been storing all his coins on different exchanges for over 5 years, he has not had a single blocking, and he hasn’t lost a single cent on the stock exchange becouse of it, so he is convinced that this is the same safe way of storage. He also withdrew large amounts and everything was without problems, it will be difficult for such people to explain the importance of storing coins in a cold wallet, because although he knows about it, he does not see the need for it.

It's most important to keep Bitcoin in a secure wallet and for me that's a hardware wallet, and it's most important that private keys are kept as secure as possible.
No wonder so many people still believe in keeping assets on exchanges in a few years they will probably say it's very effective and easy to use everything including trading and the features that are there, again they don't think about the risks, I never give advice anymore to such people basically they will be stubborn if they are told about this.

Leave it! He himself will feel the consequences of how to store assets on the exchange when the exchange falls he will regret it.

[bayu7adi]

Op points out important and often overlooked information. As a newbie, a person can really struggle to understand how to hodl Bitcoin. One might go looking for the most reputable exchanges, for example, and that's not the right thing to do. I can see that a few top google results mention Coinbase Wallet as the best, but I don't know, even though they say it's a non-custodial wallet, but it wouldn't be my choice. It's important to take the matter of where to hold Bitcoin seriously, and it shouldn't be considered obvious how it should be done.

Many individuals have already been using Electrum (Desktop version) and MyCelium (Mobile version). I believe these wallets come highly recommended within this forum community. Consequently, there exists a dedicated subforum aimed at discussing these two wallets.

Bitcoin Forum > Bitcoin > Development & Technical Discussion > Wallet software > Electrum
Bitcoin Forum > Bitcoin > Development & Technical Discussion > Wallet software > Mycelium

Rather than pondering over other wallets that may still be speculative in terms of their security, it is wiser to opt for one that is tried and tested, and focus on more significant aspects of your HODL strategy moving forward. Engaging in the evaluation of 288 different wallets is a time-consuming endeavor.

In addition to being wise in securing our funds, we must also exercise wisdom in devising a strategy to embrace the halving event.

[sokani]

it's not the amount of Bitcoin you HODL that really matters, but how secure is your bitcoin. You can have a large amount of Bitcoin and lose everything it due to negligence, poor wallet storage or hack. While it's been reiterated every now and then to buy and hodl Bitcoin, we should also take it upon ourselves to look for good wallets to keep our most priced asset safe.

The bull season will soon kickoff, there are many newcomers coming into the space and there are many fake wallets flying around on the internet, Playstore and Appstore. Getting a good wallet should be a top priority.

[fuguebtc]

it's not the amount of Bitcoin you HODL that really matters, but how secure is your bitcoin. You can have a large amount of Bitcoin and lose everything it due to negligence, poor wallet storage or hack. While it's been reiterated every now and then to buy and hodl Bitcoin, we should also take it upon ourselves to look for good wallets to keep our most priced asset safe.

The bull season will soon kickoff, there are many newcomers coming into the space and there are many fake wallets flying around on the internet, Playstore and Appstore. Getting a good wallet should be a top priority.

I think if we really consider bitcoin a valuable asset and seriously invest in bitcoin, we should not hesitate to own a hardware wallet. Although the level of safety will largely depend on us, hardware wallets are considered a superior and safer solution than software wallets. So let's not regret a little money without owning it. Furthermore, hardware wallets are not too expensive for us, I believe that anyone who can invest in bitcoin has the financial ability to own a hardware wallet.

[Ojima-ojo]

What sucks is that if most beginners just download a bitcoin wallet off Google PlayStore/Apple AppStore, chances are, they'd land upon an exchange wallet or a custodial wallet. The way bitcoin/crypto is now, you need to learn by mistake first lol before actually ending up diving deeper.

https://chainsec.io/checklist

Learning the hard way seems to be the most experience of many Bitcoin adopters because quite a good number of this community have hard one urgly experience or the other all ranging from risk of getting scammed, hacked or sold out at the wrong time, this all has been the experience of all of us here and over the years, we have learnt from that experience and at this point, it becomes clearer that indeed mistakes is the best teacher.


But the worst feeling is that, in all of this, you are learning the hard ways but with it experiences, you will develop a thick skin to be able to survive future possible attacks, and this is what makes us experts in the long run.

[Agbe]

In the investment of cryptocurrency Ecosystem Hodling is the key word or concept and any other words are just like to assist it. Everyone that is involved in bitcoin investment must hodle some unit of bitcoin from the bear market to the bullish market. And anyone that has not gotten Bitcoin and hodle as not started the journery. So everyone is expected to at least own small unit of bitcoin and hodle. Though I have not used the hardware wallet and according to the experts in bitcoin, hardware wallet is the most important way to hodle and secure bitcoin. In my locality those things are not sold and to import them is cost. There was a time I was making a move to import one but the cost made me to leave it. So I am using the cold wallet to hodle bitcoin for now.

[Dimitri94]

One of the most powerful words that resonates strongly among bitcoiners is the word "HODL". This word describes our undying faith in bitcoin's past, present and future potential. In the bitcoin community, there are those who have been holding for a long-term and also those who have just started hodling because they are moved by the fast approaching halving event in 2024. As we are holding bitcoin we should be vigilant because hackers and scammers tirelessly seek opportunities and loopholes to steal your bitcoin. Therefore, it is not enough to hold but HODL WISELY.

If any asset is stolen by hackers after holding it in a bitcoin wallet for a long time then I have no interest in holding. The term hold is very important for Bitcoin. A person will never be able to fulfill their demand from Bitcoin without holding. We have to hold and also take some precautions before the hold. If Bitcoin halves in 2024, every holder can profit multiple times their assets. Here hackers will also be quite active in exploiting that opportunity. Moreover, there are many good ideas for various hacking in the past. So not just holding a reliable holding is very important.

[usekevin]

That's why before all of these things you are recommended to read and not rush your investment in bitcoins if you are a newbie because time passes by, there are lots of options offered to you on how to keep your bitcoins which we all know that not all of them are reliable and some of them are not really recommended to use especially when you are a newbie. The best thing to do is learn from reading all of these basic stuff and continue to update your knowledge regarding securing your bitcoins and how to protect yourself against the new techniques of scammers and hackers to steal your bitcoins from you while you are Hodling it.

The random investment in the bitcoin is not the recommended one.The trader should analysis the market very close,once the market is low and its enough to buy the bitcoin at the bear market.If you buy in the bear market and hold for the longer period,then the money return from your investments will be very good value.If you are newbie,some experience people will try to sell the bitcoin at the high value.You need to understand the current value of the bitcoin only by the analysis in the internet.It’s only was to get escape from the scam.

[Peanutswar]

There are many unknown Bitcoin wallets that have no name on Google Playstore, some are simply titled "Bitcoin Wallet." One of the worst bits of advice people can give is to download a Bitcoin wallet from the Google Playstore. Some of these wallets might have a vulnerability, and I believe they cannot be non-custodial.

My hope is that many beginners will be smart enough to do their own research before downloading any wallet to store their Bitcoins. People these days think that everything that has an app is open to everyone, so they just open Playstore and search for crypto wallets, but not all of them are safe.

It's inevitable that some people will fall victim to scammers' traps when they get involved in crypto and not all of them will be able to find their way to Bitcointalk forums.

During in my beginner era in the world of cryptocurrency, I searched bitcoin in Google Play and there were a lot of application shows, some of them telling that you can earn a bitcoin with the use of the different rewards, task and etc. and I earned that time I guess way back 2017 and also seek how does the investor store their bitcoin and I saw a wallet right there. This era of ignorance just a waste of time, glad I discover the bitcointalk and other forums consist of a lot of information about bitcoin and the reliable platform to use as a wallet and where to buy and sell the bitcoin I bought. But today most of the platform now are offering this service gets more convenient to people to buy, sell, invest, and store their assets.

[rojan]

If any asset is stolen by hackers after holding it in a bitcoin wallet for a long time then I have no interest in holding. The term hold is very important for Bitcoin. A person will never be able to fulfill their demand from Bitcoin without holding. We have to hold and also take some precautions before the hold. If Bitcoin halves in 2024, every holder can profit multiple times their assets. Here hackers will also be quite active in exploiting that opportunity. Moreover, there are many good ideas for various hacking in the past. So not just holding a reliable holding is very important.

Before investing in bitcoins, we must be careful in our wallets so that our bitcoin wallets are not stolen by any hackers. There are many benefits if we can keep bitcoins for a long time. If we invest in bitcoins now for a long time,  If we can keep it for then we can make profit by investing. But before investing we have to go about the market of Bitcoin and then we have to invest. It is hoped that if we invest at this time, there is a possibility of getting good profit in the year of Sun.