Risk only what you can afford to lose

[carlfebz2]

There is no guarantee on anything in this life, not even our lives are guaranteed, we can sleep and fail to wake up the next day, but I pray it will never be our potion.

This is why sometimes going extra miles to invest your money is not worth it, life do end when we don't expect it, and anything can also happen too, take risks when you can but don't go extra miles for anything.

To invest conveniently you need to start making good amount of money, this will make investment easier for you, still there is a risk of losing everything but it's better than not taking risks at all because no risk no reward.

Definitely agree into this point, taking up risks isnt really just only pertaining about money but also in other typical things like decision making or similar scenarios on which it is really just that involving those possibilities of those kind of outcomes basing up on the things that you had made out but since we are really talking about investment then it would really be that always a primary rule that we should really be just that investing on the money that we can afford to lose. Everything should really be in moderation and in control because we know that there would really be no guarantees when it comes to investment.
Make yourself prepared for the risks involved and if you arent that something that could be able to bare on then it would really be that your choice on what you should gonna do.
Its impossible that we cant really be able to assess things basing up on what we are really that seeing or experiencing.

[_BlackStar]

-snip-

Definitely agree into this point, taking up risks isnt really just only pertaining about money but also in other typical things like decision making or similar scenarios on which it is really just that involving those possibilities of those kind of outcomes basing up on the things that you had made out but since we are really talking about investment then it would really be that always a primary rule that we should really be just that investing on the money that we can afford to lose. Everything should really be in moderation and in control because we know that there would really be no guarantees when it comes to investment.
Make yourself prepared for the risks involved and if you arent that something that could be able to bare on then it would really be that your choice on what you should gonna do.
Its impossible that we cant really be able to assess things basing up on what we are really that seeing or experiencing.

Everyone should need to learn many things so that their investments produce returns - this is done so that their efforts to make money are not in vain. Of course - only invest an amount you can afford to lose, that is one way to be a responsible investor. It is a difficult thing to accept if an investor has to lose all his money - so learning to earn while being a responsible investor is best instead of just resigning himself to what will happen.

[serjent05]

100% security exists technically, but is difficult to attain, but we should try to get as close as possible.

There is no 100% security even in technical terms because every now and then, an exploit is created to breach such security.  Aside from that personal negligence is one great factor why security degrades.  We all know that a fix comes only after an exploit, and an exploit is done when there are security lapses.

Even internet security providers cannot claim 100% security because there is always a malicious file somewhere on the internet that is lurking to hack or hijack our system.

I highly agree that since there is no perfect security we should try to get close as much as possible.  Like applying multiple layers of security to our pc system where we insert our hardware wallet and having the back up file encrypted with a very good password so that hackers will have difficulty in decoding them.

[oktana]

Absolutely true. No matter how one tries to be perfect, there’s still always flaws. And this applies everywhere. Even the best wallet with the most expensive price can even have an error that isn’t related to hackers and you lose all your money. I generallly think that for wallet, it is based on how you manage yours. If you create a normal wallet address in trust wallet for example, you’re safe unless you do some connection to your wallet that compromises your funds or carelessly gave the private keys/ phrase away somewhere, it’s not like it is magically prone to getting hacked.

[jojoalex]

To keep your Bitcoin safe, use hardware wallets for cold storage, enable two-factor authentication on exchanges, regularly update software, and keep private keys offline. Consider using reputable wallets and staying informed about security best practices.

[bayu7adi]

1. download the app.
2. create the wallet.
3. save your wallet address.
4. save private key/seed. (on your dairy or print it.)
5. possible to convert QR on key/seed. (then print)
6. When you run out of needs. Then uninstall the wallet app.

*In this case, even if your device is damaged/phishing/malicious attacks, your money will remain intact.

These are my personal opinions, I have read some such blogs and watched some videos, which now I can't remember properly.

And if an unexpected disaster occurs, like a flood or a tree falling on your diary and, coincidentally, damaging the paper you used to print the private key or seed phrase... and you end up losing it all. Going back to the commonly heard phrase, "nothing is 100% secure."

It's better to prepare a backup for storing the private key... there are many ways to do it. You can store it online after encrypting it first. Or you can also write it on a disaster resistant object, so it can last even longer in your secret box that you can pass on in the future. There are still many ways to secure our seed and key.

[barisbilgili]

Everyone should need to learn many things so that their investments produce returns - this is done so that their efforts to make money are not in vain. Of course - only invest an amount you can afford to lose, that is one way to be a responsible investor. It is a difficult thing to accept if an investor has to lose all his money - so learning to earn while being a responsible investor is best instead of just resigning himself to what will happen.

It is indeed very important to really understand well the investments we make so that what we invest can get satisfactory results and we can enjoy it, and also in making investments we must really use the money we have and not need it for other needs so that It doesn't interfere with the investment we make while it's underway because if we don't prepare it then we have to take it before the investment we make makes a profit.

In making an investment, we must make the right decision in investing because if we make the wrong decision, this will have a bad impact on the investment we make.

[Y3shot]

The only healthy solution is to understand that there is no guarantee in crypto, risk only what you can afford to lose, even after every thing, something can still always go wrong.

Their is no guarantee that cryptocurrency can make people to be rich, and this is the mistake most beginners usually fall into. Beginners are so quick in making money, so they fail to have time to learn and have understanding about crypto. Crypto is very risky and the market is very volatile that is why when one without understanding of crypto goes into they end up losing everything they have because because their is no two ways about crypto to trade or invest In with shallow understanding.

[Vickysagar]

The only healthy solution is to understand that there is no guarantee in crypto, risk only what you can afford to lose, even after every thing, something can still always go wrong.

Their is no guarantee that cryptocurrency can make people to be rich, and this is the mistake most beginners usually fall into. Beginners are so quick in making money, so they fail to have time to learn and have understanding about crypto. Crypto is very risky and the market is very volatile that is why when one without understanding of crypto goes into they end up losing everything they have because because their is no two ways about crypto to trade or invest In with shallow understanding.

Sadly newbies tend to listen to crypto influencers. And all they speak about is that crypto will make them rich and all that stuff. I think it's the worst thing about crypto right now. Then goes memecoins.

[Gormicsta]

First of all, your thread subject doesn't quite introduce your message, I was expecting to see something else that related to the subject.

But then again, choosing the safest way to store your Bitcoin is a personal decision, depends on different people's preferences and of course certain factors may also contribute. For you the safest way to store your Bitcoin is via a Hardware wallet, but there are also people out there who believe using a highly secured software wallet is the best and they have their reasons why they think so. Does it mean that they're wrong? Or does it mean they're outdated? No. Everyone sticks to what they believe is best for them and works more effective for them.

But whatever storage method you ever decide to choose, we should have in mind that it's not 100% safe and anything can go wrong at anytime if you're not careful enough.

[_BlackStar]

-snip-

It is indeed very important to really understand well the investments we make so that what we invest can get satisfactory results and we can enjoy it, and also in making investments we must really use the money we have and not need it for other needs so that It doesn't interfere with the investment we make while it's underway because if we don't prepare it then we have to take it before the investment we make makes a profit.

Of course it must be correct and must also be understood well. A reserve budget must be prepared regardless of how much you have invested - and of course the reserve budget is intended so that you do not damage your ongoing investment plans.

Sometimes some investors forget that they have to set aside a few percent of their budget for a reserve budget - some may not know what the purpose is, but the best investors are very wise to set aside a few percent for a reserve budget.

In making an investment, we must make the right decision in investing because if we make the wrong decision, this will have a bad impact on the investment we make.

The stages for making an investment should be studied – it includes planning, investment objectives and management. So it's true - investing without basic knowledge is a waste of time and money.

[MFahad]

First of all, your thread subject doesn't quite introduce your message, I was expecting to see something else that related to the subject.

But then again, choosing the safest way to store your Bitcoin is a personal decision, depends on different people's preferences and of course certain factors may also contribute. For you the safest way to store your Bitcoin is via a Hardware wallet, but there are also people out there who believe using a highly secured software wallet is the best and they have their reasons why they think so. Does it mean that they're wrong? Or does it mean they're outdated? No. Everyone sticks to what they believe is best for them and works more effective for them.

But whatever storage method you ever decide to choose, we should have in mind that it's not 100% safe and anything can go wrong at anytime if you're not careful enough.

How to protect any coin is a personal opinion and thought, but the safe method should be communicated to others as well as yourself. You keep it on an exchange or in a personal wallet. It is up to you whether you store your bitcoins in a hard wallet or keep them in a soft wallet. People who prefer soft wallets instead of hard wallets are definitely taking more risk.

Cryptocurrencies have risks, but in softwallets.We we always have more risks and often hackers easily target softwallets.We cannot say that only hard wallet is not 100 % safe, but any business or investment, even a bank, is not 100 % safe,but still we should use all our efforts to protect our bitcoins or assets. Therefore, if people do not know, it is important to inform them about good security systems and their usage.

[AnonBitCoiner]

Their is no guarantee that cryptocurrency can make people to be rich, and this is the mistake most beginners usually fall into. Beginners are so quick in making money, so they fail to have time to learn and have understanding about crypto. Crypto is very risky and the market is very volatile that is why when one without understanding of crypto goes into they end up losing everything they have because because their is no two ways about crypto to trade or invest In with shallow understanding.

People are considering trading as just enhancing mechanism but they forget about its risk therefore if use their knowledge and know which type of strategy to be use according to situations then may be they find trading as quick rich mechanism but if their concept is only sticked to earning without knowing anything then it will be a worse decision for them to participate in trading with little or no experience.

Individuals are not wealthy so if they trade according to strategies then they can win large sum to make their situation better but if they fails then it is their financial weakness towards trading. Trading requires knowledge but without money you cannot use your precious learning for trading. Those who are rich people find more chances to earn but middle class families will either stop trading if they loss once so they will be very conscious about their money.

[Charmekkd]

I agree with you, about nothing that can be guaranteed to be 100% safe when storing bitcoins. Because basically all methods have loopholes or weaknesses. So there is no absolute perfection. However, all of this is just minimizing it, and this must be done. So at least we must have the desire or effort to be able to secure the bitcoin assets we have as well as possible. If we have tried our best, at least we will feel calmer.

[adzino]

Let's talk about the king solution of keeping your Bitcoin safe, which to me is the airgapped hardware wallets but is it safe to say that they are 100% safe? I think the answer is no..

What and what is likely to go wrong with airgapped hardware wallets?

1. Cord connection: data can still be transmitted when connecting the hardware wallet to your PC.

2. SD Card: some comes with Sd card option for updating the hardware wallet, but I am not sure that using Sd card can always be safe either, I remember those days where I use to buy lots of Sd card because they have issues easily and also they get viruses easily. Old Symbian and Android users here?

3. QR Codes: honesty, QR codes are not readable by the eye, they comes with blocks like figures, there is no way to know what's written in that QR code anyway, there is no way to read it and know what kind of data is inside it.

4. You still have to rely on the company for future safetiness of the hardware wallet in terms of software updates, if someone hackers find a way to alter the upcoming update file you know what could happen.

The only healthy solution is to understand that there is no guarantee in crypto, risk only what you can afford to lose, even after every thing, something can still always go wrong.

You can limit the risk by choosing to not connect your hardware wallet to your PC or any PC for updates, use sdcards instead, but make sure you use a brand new Sdcard for your updates, once you use one for update today, store in a safe place simply for your hardware wallet updates only, do not use for saving files or downloading.

Do not scan QR code you find online, only scan when paying to another crypto wallet or you want to sell your BTC on an exchange, QR codes can come with malicious things too.

As for the software update from the companies, pray that nothing bad comes up from their side, I still strongly believe that they are the only thing that can easily messed up hardware wallet security.

Stay safe out there kings and happy holiday 🎅

Not sure what your title has to do with the actual post. Was expecting you to talk about risking money that you won't need in the future. But it looks more like you are talking about how hardware wallets can be risky in different way. Fixing the title would be better. As for the risk associated with the hardware ware wallets, we can't deny any of those, but it is still better than using any software wallets. True, all hardwares might eventually fail, but modern technologies have extended the hardware lifecycles and we can use it for decades without any issue. Just make sure to make multiple backed after few years to be on the safer side. And you also seem to be worried about some "malicious" software update that might compromise your wallet. As far as I know most of the hardware wallets uses open source software and firmwares. So if something fishy is going on, people will know.

[Blitzboy]

Their is no guarantee that cryptocurrency can make people to be rich, and this is the mistake most beginners usually fall into. Beginners are so quick in making money, so they fail to have time to learn and have understanding about crypto. Crypto is very risky and the market is very volatile that is why when one without understanding of crypto goes into they end up losing everything they have because because their is no two ways about crypto to trade or invest In with shallow understanding.

People are considering trading as just enhancing mechanism but they forget about its risk therefore if use their knowledge and know which type of strategy to be use according to situations then may be they find trading as quick rich mechanism but if their concept is only sticked to earning without knowing anything then it will be a worse decision for them to participate in trading with little or no experience.

Individuals are not wealthy so if they trade according to strategies then they can win large sum to make their situation better but if they fails then it is their financial weakness towards trading. Trading requires knowledge but without money you cannot use your precious learning for trading. Those who are rich people find more chances to earn but middle class families will either stop trading if they loss once so they will be very conscious about their money.

You'll probably get lost if you dont have a map (a plan) and a flashlight (knowledge). Truth be told, buying isnt just a way to get rich quick; its a test of your strategy, patience, and knowledge. For those who arent rich, every deal is a big choice. Rich people may have more freedom to try new things and get back on their feet after loses, but for middle-class families, the stakes are very high. Losses can make them not want to trade again, which makes them too careful.

This isnt a sad story, though. A level playing field can be reached through education and careful planning. Strategies based on facts can work even if you dont have a lot of money. Remember this important fact: investing can be profitable, but its not a surefire way to get rich. It takes understanding, strategy, and smart money management, especially for people who dont have a lot of money. Its important to be careful, keep learning, and not depend on trading alone for your financial protection.

[Fivestar4everMVP]

Well, a happy holiday everyone, and on this note, I still will like to let us all know that, we are still our own security, which ever way we try to look at it, we are still our own security.

So, if you are using a hardware wallet, the company does have the responsibility of making sure that all security features and updates are made available to their users, and we the users also have to responsibility of applying those security features, and at the same time, scanning every security or software updates coming from the company to make sure they are free from error codes, malicious codes and so on, this is a knowledge we owe ourselves for our own security.

In the end though, I will say that, the best strategy still is to not depend on just one hardware wallet for all your crypto transactions and so one, have multiple of it, and set one or two aside as the wallet that hold your long term crypto investments, and this one(s) should only connect to the internet not more than once or twice in a year if need be, else, just keep it off the internet and only connect when you are ready to move the coins and sell it.

[Hypnosis00]

Absolutely true. No matter how one tries to be perfect, there’s still always flaws. And this applies everywhere. Even the best wallet with the most expensive price can even have an error that isn’t related to hackers and you lose all your money. I generallly think that for wallet, it is based on how you manage yours. If you create a normal wallet address in trust wallet for example, you’re safe unless you do some connection to your wallet that compromises your funds or carelessly gave the private keys/ phrase away somewhere, it’s not like it is magically prone to getting hacked.

Perhaps, we're just human and often commit mistakes even if we are too careful. There is no need to be perfect here but what is the most important is that we did the right thing.

Crypto investment is quite risky and we know that already which is why we don't need to rush but rather think twice before investing because there is no turning back. That is why we have to assess ourselves if we can take the risk as well and of course, the willingness we have in this way, we can't blame anyone and never feel regrets when we lose our money.

[AmoreJaz]

Absolutely true. No matter how one tries to be perfect, there’s still always flaws. And this applies everywhere. Even the best wallet with the most expensive price can even have an error that isn’t related to hackers and you lose all your money. I generallly think that for wallet, it is based on how you manage yours. If you create a normal wallet address in trust wallet for example, you’re safe unless you do some connection to your wallet that compromises your funds or carelessly gave the private keys/ phrase away somewhere, it’s not like it is magically prone to getting hacked.

Perhaps, we're just human and often commit mistakes even if we are too careful. There is no need to be perfect here but what is the most important is that we did the right thing.

Crypto investment is quite risky and we know that already which is why we don't need to rush but rather think twice before investing because there is no turning back. That is why we have to assess ourselves if we can take the risk as well and of course, the willingness we have in this way, we can't blame anyone and never feel regrets when we lose our money.

that is true, even if we say we are already being meticulous with our things, we can't guarantee that we won't encounter any hiccup along the way. but to avoid potential risks, we should always check our wallet and other things surrounding it.

we can avoid simple mistakes or troubles by observing the following practices :
- checking if the hardware wallet is free from any fracture and other damages
- keep up to date with the softwares you are using, and how they are being updated
- avoid phishing links and other malware sources
- don't disclose your activity to the public by not posting to your any social media channels (as much as possible being discreet with your crypto dealings so you won't be the target of these scammers)
- read news and other happenings surrounding this market, so you can easily discard coins that you think is in danger of exiting the market

[darkangel11]

Do not scan QR code you find online, only scan when paying to another crypto wallet or you want to sell your BTC on an exchange, QR codes can come with malicious things too.

Let's not be too paranoid. You can set up devices in such way that they read a qr code and display what was read without taking any action. This means that you can get malicious code, but will have to confirm it on the device for that code to execute. If you decide to scan a code with an address and get a bunch of strange code instead, just do nothing, cancel the whole process and flag this QR as scam attempt.
I use an offline wallet that isn't truly airgapped because it goes online from time to time when I transact, but for an attacker to be able to target me they'd have to know the IP of that machine and be there waiting when it comes online, which is literally impossible since last time I used it was months ago.