Help with bitcoin storage

[VeilVortex]

Good guys!
I'm new here on the forum and in the world of crypto...I have some doubts...I want to invest in bitcoin for the long term...maybe put in 100/200 euros every month and wait over the years for it to rise a little...but I don't know which wallet to use. I was going to use okx or binance but they told me in the bitcoin thread not to go to brokers because of hacks...so I don't really know. I have metamask but I already know it can't be used for bitcoin. I read about Electrum and installed it, but I don't really understand how I can put the money there... because you can't buy directly with euros/dollars. Can anyone give me some insight?
Thank you for your help!

In general, I would like someone to tell me a wallet to use that is safe and easy to use so I don't get so lost with so many that exist.


ps: By the way, in the case of using metamask or similar , can someone explain to me better how networks work? I've been trying to understand but I don't think it's quite what I think.

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[hosseinimr93]

I read about Electrum and installed it, but I don't really understand how I can put the money there... because you can't buy directly with euros/dollars. Can anyone give me some insight?

You should buy bitcoin in exchanges and the withdraw the fund to one of addresses generated by electrum. your seed phrase generate your addresses and you can use any of them to receive bitcoin.
You can also buy bitcoin from someone peer to peer and ask them to send the fund to your address.

ps: By the way, in the case of using metamask or similar , can someone explain to me better how networks work? I've been trying to understand but I don't think it's quite what I think.

Those networks are for altcoins and are not related to bitcoin.

[Orpichukwu]

I was going to use okx or binance but they told me in the bitcoin thread not to go to brokers because of hacks.

Okx and Binance are centralized crypto exchange they are not Bitcoin wallet they are platform where you send or buy bitcoin and it’s access it’s not entirely your own, you can be seeing audio and automated amount.

You can't buy bitcoin directly from Electrum; they don't have that option, but Electrum is a good wallet to use and store bitcoin for a very long time, provided that you can safely guide your private key.
 
All you need to do is go to any exchange, either a DEX crypto exchange or a centralised exchange. Buy Bitcoin and go back to your Electrum.

Generate your wallet, make sure you back up the phrase to the wallet and be sure it's correct, and then you can withdraw directly from the exchange to the electrum wallet, where you can be sure it's safe and you have full access to the self-custodial wallet.

[Zaguru12]

First I will start that your choice for electrum wallet is a very good decision but I will say you should go for cold storage because it is the better than hot storage. You can use an hardware wallet or set up an airgapped wallet with electrum wallet.
 
If you wish to buy more bitcoin you can use https://www.bestchange.com/ to check for the type of exchange to use that has the best rate. Once you buy from this exchanges you can simply withdraw it to your wallet you already created.

[NeuroticFish]

1. Make an account at a *very* reputable exchange, maybe even in your country. Do a bit of research on which are reputable, what are the fiat transfer fees to exchange, what are the withdrawal fees from the exchange. Keep in mind that you may have to give your ID.

2. Start buying Bitcoin, but keep for now the coins at the exchange.

3. Do some research and buy a hardware wallet (HW). There are plenty to choose from, but you have to research and/or ask around to find out which on you'd prefer. After you receive it learn to use it (you can probably use with Electrum or maybe with its own software; it depends on your preference too), reset it a couple of times, then at some point write down (pen and paper, nothing online) a seed, copy/paste the first address, reset the HW again and this time restore from seed and check if the address is the same. Now you're good. That seed you'll keep very safe and offline. Safer than even your hardware wallet. An advice I've read is to keep it in multiple geographically separated locations.

4. From now on you can withdraw the coins from exchange to address(es) generated by your HW.

Keep in mind that withdrawal fees from exchanges are big and you may want to not withdraw too often.
Of course, if you do care a lot of your privacy, then you'll buy your HW first and learn to use DEX instead of the exchanges that ask for ID. But that may be a different learning curve.

PS. Afaik Metamask is about altcoins. If you only want Bitcoin I think that you can safely ignore it.

[VeilVortex]

Ok, and then how do you get the money out of your wallet? Just click on the "send" option and enter my exchange address and then withdraw?

[NeuroticFish]

Ok, and then how do you get the money out of your wallet? Just click on the "send" option and enter my exchange address and then withdraw?

Yes, one option is to send some coins to exchange, exchange there back to fiat and withdraw you your bank.
Or you can get a Bitcoin card - a VISA or Mastercard debit-like card that you can top up with bitcoin and spend in shops like any other card (of course, it's recommended to not keep that much bitcoin on such cards, the hardware wallet is much safer)

[Stalker22]

Ok, and then how do you get the money out of your wallet? Just click on the "send" option and enter my exchange address and then withdraw?

You asked how to buy and store Bitcoin, so I assume that you want to receive coins to your wallet, and not send them out of your wallet, right?

If you bought bitcoins in a centralized exchange (Coinbase, Binance, OKX,...) then you should have the option to withdraw coins from the exchange to your personal wallet. However, the withdrawal process may vary slightly depending on the specific exchange. I recommend checking the instructions directly on your chosen exchange's website for detailed guidance.

[VeilVortex]

Ok, and then how do you get the money out of your wallet? Just click on the "send" option and enter my exchange address and then withdraw?

You asked how to buy and store Bitcoin, so I assume that you want to receive coins to your wallet, and not send them out of your wallet, right?

If you bought bitcoins in a centralized exchange (Coinbase, Binance, OKX,...) then you should have the option to withdraw coins from the exchange to your personal wallet. However, the withdrawal process may vary slightly depending on the specific exchange. I recommend checking the instructions directly on your chosen exchange's website for detailed guidance.

Yes, exactly, but in this case I was actually asking how in the future I could withdraw Bitcoins from Electrum

[BitMaxz]

Yes, exactly, but in this case I was actually asking how in the future I could withdraw Bitcoins from Electrum

Withdraw from Electrum?
No there is no option to withdraw Bitcoin on Electrum what you can only do with Electrum is to send and receive BTC.

If you want to send your BTC from your Electrum wallet please read this link below.

- https://bitcoinelectrum.com/how-to-send-bitcoins-using-electrum/

[Dr.Bitcoin_Strange]

For long-term holdings, you're better off using a hardware wallet.

Take the advice of mk4 and get a hardware wallet that is the best for storing your crypto asset for a long holding period. If you cannot afford a hardware wallet, then you can use the best software wallets, which are the Electrum or Exodus wallets. If you are using a software wallet, make sure to generate your address on an air gap device, then extract your private keys.

I feel you already got the advice you were seeking on the other thread you created earlier, or you didn't read the comments that were left for you on that thread. 

[sheenshane]

Ok, and then how do you get the money out of your wallet? Just click on the "send" option and enter my exchange address and then withdraw?

Use a trusted exchange if you want to withdraw your money.
If you've stored Bitcoin on Electrum, transfer it into the exchange and trade into the fiat that you use in your local.

For storing Bitcoin, use a trusted exchange and buy Bitcoin, withdraw it from the exchange wallet, and transfer it to the Electrum wallet address.

Yes, exactly, but in this case I was actually asking how in the future I could withdraw Bitcoins from Electrum

Just follow what I said above.  For further knowledge about it, just research YouTube for the actual tutorial on how to trade your Bitcoin on exchange.

[LoyceV]

I'm new here ~ I want to invest in bitcoin for the long term
~
tell me a wallet to use that is safe and easy to use

This is a risky combination. I've seen people make all kinds of unnecessary mistakes, like entering their seed phrases on website and lose their money. I've seen people send Bitcoin to the wrong address because of malware. No wallet is safe if you make mistakes.

I suggest you to go with Electrum, it's one of the best wallets for storing your Bitcoin.

Electrum is a good wallet. But a hot wallet is never a good solution for long-term storage.

If you really want to have 100% security then I suggest you to buy a separate laptop and install an operating system in it and after installing a fresh copy of the operating system, then you should install electrum wallet.

That's not "100% secure". It's insecure. Any new Windows laptop should be considered insecure the moment you connect it to the internet. If you want 100% security, you'll need a cold storage setup on an air-gapped system. None of that is recommended for novice Bitcoin users.

Create your wallet on Electrum and save your seed phrase on a safe location. I suggest you to save one copy of your seed phrase on your device's hard drive or ssd
~
After that disconnect that laptop from internet. That way you have an air-gapped system and your Bitcoin are 100% safe.

This is the dumbest thing I've read today. Do not store your seed phrase in clear text on your device!
An air-gapped system is a system that has never touched the internet. Once it's been online, it should be considered compromised. That's the only way to be absolutely certain it's secure.

Keep in mind that withdrawal fees from exchanges are big and you may want to not withdraw too often.

There's a huge difference between exchanges. OP should check Bitcoin withdrawal fees before using the exchange. And for long term, read how to consolidate your inputs to avoid high transaction fees in the future.

TL;DR: get a hardware wallet. It's the best compromise between security and convenience.

[Marvelman]

I'm new here ~ I want to invest in bitcoin for the long term
~
tell me a wallet to use that is safe and easy to use

This is a risky combination. I've seen people make all kinds of unnecessary mistakes, like entering their seed phrases on website and lose their money. I've seen people send Bitcoin to the wrong address because of malware. No wallet is safe if you make mistakes.

This is actually a great suggestion! Many of us have made some stupid mistakes or witnessed some stupid mistakes that newbies make and lose their money. OP, if you are not sure about what you are doing, it is better to refrain from investing big money in bitcoin. Start small.

[SamReomo]

Electrum is a good wallet. But a hot wallet is never a good solution for long-term storage.

I agree with you, that's why I suggest him to go for an air-gapped system. A cold wallet on air-gapped system is much safer than hot wallet, and if the OP follow my suggestion then surely he'll be safe from hackers and scammers.

[LoyceV]

I suggest him to go for an air-gapped system. A cold wallet on air-gapped system is much safer than hot wallet, and if the OP follow my suggestion then surely he'll be safe from hackers and scammers.

Stop spreading incorrect information on the tech boards. Apart from being too complicated to recommend to a novice Bitcoin user, your "explanation" of a cold wallet is fundamentally wrong. At best, it will give a false sense of security, and at worse, OP will lose all his funds.