Few tips and Tricks for new bitcoin users ( Bitcoiner)

[Coyster]

# Never put all bitcoin in one wallet

This is only true if all the wallets you intend using are open source and are in a safe device, otherwise you would only be giving yourself a false sense of security. One cold wallet that is properly backed up is much better than so many closed source wallets in different online devices that are used to access anything over the internet.

If you also struggle to find a safe location to keep your backups, you should consider reducing the number of wallets you have, so that you have less seed phrases to back up securely.

[lizarder]

Safety tips for new Satoshi BTC

I am ( myself) new to this topic, so I posted what I know for the newbies.
So, with apologies, experts and seniors, please reply to me and add something new.

That's some good points as a step for the security of the assets that we hold and we should think the totality to protect the assets we have. I quote one part of the points you convey and maybe about the use of the Exchange even though I use several exchanges at this time but there is one exchange that I tends to often use compared to other exchanges. The concept of the use of exchanges is only for the transaction process both trading in short and long term.

But for the storage of assets I myself have never used the exchange as an alternative because not it is not safe at all. Bitcoin is the best asset ever and may need anticipatory steps to protect the assets we have. The last thing we need to do is be consistent to buy so that the assets we have can slowly continue to grow because what makes it difficult for some people who do not have enough capital application of consistency.

[I_Anime]

We should know that the uses of exchange is for purchasing tokens not for holding them , you hold with your noncustodial wallet .

And concerning the airdrop part there’s nothing wrong with joining airdrop via social media, beside that’s where most folks usually see the project they are farming , the only thing is that you just have to do your own research carefully, before going into Or starting any project.


Let me add some few things :

• Always focus more on gaining more knowledge concerning this space it will help you in a long run .

• always focus on long term rather as a trader or investor, if you have such mindset you won’t be in a rush to start making big profits from it , because if you do you will always end up wasting resources.

• And always keep your seed phrase and private key save , a lot of newbies don’t know the value but it has cause a lot of losses , because when you lose it you are not getting it back unless you where able to find it .

[Patikno]

# If you trader never trade with one exchange use 3 to 4 exchange and divide btc with 3 or 4 parts

I would like to add to this, namely to advise traders, especially newbies, to never trade using leverage, because we know that it is prone to potential market manipulation (fraud), and we know that it can be monitored at any time, so it will be dangerous and risky to be liquidated, therefore I suggest to remain an investor rather than a trader. Other than that, if you mean a trader who only does spot trades, then the best thing to do after that is to save it in a personal wallet rather than in an exchange wallet, and this is much safer, and we also know that there is a term "Not Your Keys Not Your Crypto" and especially for Bitcoin, as long as it is not in your personal wallet then it is not your Bitcoin.

[justinlamode]

When the rules become too long, there is usually a problem with keeping them. Simplicity is important in some of these things because the newbies are already inundated with information when they come to Bitcoin which is an entirely new concept to them. To make things easier for them, they should just consider using hardware wallets or wallet with open source and self custody, this will solve the problem of storage. Furthermore, they should not approach Bitcoin with the mindset of becoming rich the next day because Bitcoin is long term deal so they must invest with only money they can afford to keep in Bitcoin for ten years and above. These two rules summarizes most of the other rules.

[Finestream]

To add to these rules: never send your seed phrase to anyone for any reason. Your seed phrase is your private property that holds the key to unlock your investment. You will be crying profusely if you get too excited or too anxious and disclose this information. For now, see yourself as a target for scammers (because scammers mostly target newbies), and guard your investment like your life depends on it.

Anyone who send his seed phrase for whatsoever reason is not actually a good and responsible investor. He is indeed putting his own account on a high risk of danger, so one should not do that at all cost. Investing in private will give you peace of mind and security, so why still think of sharing your seed phrase to other people?

Scammers are everywhere, and they target everyone that seems uneasy on their investment. Not just newbies, but certainly all types of investors that are still making their investments unsafe.

[SuperBitMan]

# Never put all bitcoin in one wallet

# If you trader never trade with one exchange use 3 to 4 exchange and divide btc with 3 or 4 parts

You made other good point that I really like and I want to commend you for your effort however I want to ask what is the reason for this two advice, if you have your Bitcoin in a good and safe wallet exchange why then do you need to divide it to different wallet, this can even lead to you being confused and then losing your Bitcoin but if your Bitcoin is in one place you won't be confused when accumulating more and more Bitcoin, I don't support an investor who is accumulating Bitcoin to divide his Bitcoin in different wallet.

I still don't understand the reason for the second advise, if I'm trading with just one exchange and is not giving me issues and I'm very comfortable with it why will I now be trading with 3 to 4 exchange for what reason exactly, I think this will confuse you if you are using different exchange and it may make you forget your password, I have a friend that forgot the password of one of his exchange because he had like 4 exchange he trade his crypto coin with.

[KiaKia]

# Never put all bitcoin in one wallet

This is only true if all the wallets you intend using are open source and are in a safe device, otherwise you would only be giving yourself a false sense of security. One cold wallet that is properly backed up is much better than so many closed source wallets in different online devices that are used to access anything over the internet.

If you also struggle to find a safe location to keep your backups, you should consider reducing the number of wallets you have, so that you have less seed phrases to back up securely.

You are right, even if he use many different open source wallets it still makes no sense because having more than one private key or recovery seed to keep can be too much to handle or even cause confusion later.

Many whales wallets holding hundreds of Bitcoin have just one wallet, it's enough to hold their Bitcoin for years and here we are today, these whales still have their Bitcoin intact, having more many Bitcoin wallet either it's open source or not makes no sense.

The only thing worth watching out for is the company that made the hardware wallet and make sure it's open source, I prefer the air gapped wallets because internet connection is the real problem with any crypto wallets today, hacks and attacks are carried out with the Internet access.

[ruykeri]

Your topic was really nice I liked it a lot. You shared some things that I didnt know before.
Also many people here are sharing their own thoughts and experiences. Some shared important tips about how to keep  privacy strong  this is really helpful for me.
I am now learning about how Bitcoin started, how it works, and what will happen in the future. I also try to share what I learn. But honestly, I didnt think much about privacy before.
After reading all the useful information from you all, I learned a lot.

Thank you everyone. I hope we as new people will keep learning from this forum.

[arzuo]

# If you trader never trade with one exchange use 3 to 4 exchange and divide btc with 3 or 4 parts

What's the reason behind this advice, personally I have used multiple exchange for trading but there's just one that I enjoyed more and assuming I decided to chase a career in trading I don't mind using only one exchange for that if I'm getting exactly what I want. Some exchanges might favour you why other don't. Truth be told, not all exchanges are being honest, there are definitely some unfair activities going on that involves the manipulation of the market. Staying with one exchange has its benefits and the cons mightn't be that bad, probably like the exchange having down times when you want to trade.

In fact, using an exchange is very risky, because

If the exchange has problems due to any restrictions and policies or a group of big hackers targets the exchange by stealing the exchange's information, or at any time any employee, owner or worker of any exchange can resort to dishonest means.

(So just as putting all your eggs in many baskets is less risky, we can also view the exchange as basket, where there is less chance of all the baskets having problems at the same time and there is less chance of problems happening together)

[Mpamaegbu]

# Never use others computer or Public Wi-Fi to access your wallet or exchange always use secure connection

That's even a given, not just for one's wallet safety but for the general safety of other personal info on one's device. I remember using a hotel wifi on my PC several years ago while starting off my trading journey so as to save up on data. On that PC was just my FX trading app, nothing more. Cryptos weren't even a thing then. I was lucky nothing happened. I won't try such now, knowing what I know about the internet space.

# Never join any team views or others to learn any trading or use purpose for buy/ sell community

I don't agree to that, especially the first part of it. No man is an island. You've to belong to groups with same interest as you've. It helps one get relevant information concerning one's industry to ascertain where the trend is.

# Never join any airdrop from telegram group or social media

Airdrop hunters will have to decide that. Though that decision may be easy to make now due to how messed up airdrops have become. But of course, there's no project that doesn't utilize social media.

# Never buy sell btc BTC from any social media ( You can Use reputable/Verified platforms to buy/sell)

I don't know about others but the first time I sold BTC was on social media. In fact, it was on a WhatsApp group before the creator moved it to telegram. That was in 2017 and it was a seamless transaction. I'm still in that group till date and it has now grown bigger and better on Telegram.

#Never accept any SMS Based 2FA it will be swap your sim ( SIM SWAP ATTACK) so avoid any 2FA code by sms

Yes, never accept an OTP when you weren't the one who triggered it. Anytime you get an OTP you never requested, just know someone somewhere is trying to hack your account.

My addition – Never respond to any unsolicited DM seeking to assist you resolve financial transactions or issues. They're scam.

[katanic97]

To add to these rules: never send your seed phrase to anyone for any reason. Your seed phrase is your private property that holds the key to unlock your investment. You will be crying profusely if you get too excited or too anxious and disclose this information. For now, see yourself as a target for scammers (because scammers mostly target newbies), and guard your investment like your life depends on it.

I agree, i have a friend who, due to his lack of knowledge, shared his seed phrase, hoping that his assets would double. Unfortunately, he ended up with nothing. The good thing is that he didn’t have a lot of money invested, but everything he earned came from hard work and time well spent. So, he learned a lesson unfortunately the hard way but ever since then, he’s known never to share that kind of information with anyone.

[DubemIfedigbo001]

# Never use others computer or Public Wi-Fi to access your wallet or exchange always use secure connection  

Correct, since all data sent over such network can be hijacked by bad actors and sensitive information compromised, private keys and seed phrases sent over such a network could be hijacked and that means terrible loss to the investor
 

# Never put all bitcoin in one wallet  

This is essential for security and enhanced privacy

# Always use OTP ( On time passwords) for exchange login 

More like enable 2FA on your exchange accounts, Binance issues Anti phishing setups for increased security. 

#User hard copy or personal Dairy to save any passwords or logic access Never save it on you PC drive or Folder 

Using a metal encryption is the best choice to improve durability against natural occurrences like fire and flood which can destroy your personal diary storage

[Zigabel]

Every point outlined by OP are very vitality and important for newbies and even some experienced traders and investors who may have forgotten this for some reasons,  this is the basic core for protecting your Crypto assets,  I even mentioned one time that if possible,  make sure you get a separate device for the purpose of storage your crypto assets except  they are not worth a good sum then you can be carefree about it, but if they do, as much as possible to avoid mistakes get another device for that purpose so the chances of mistakes will be reduced to its minimum.

Another key point that is very important yr skipped by newbies is Understanding Bitcoin in its entirety,  the dynamics,  the concept and the applicables around it, most newbies skip to the part where they will start making money so quick and forget that they need the knowledge because even their profitability is dependent on how much they know about Bitcoin in the long run. Know what you are doing and understand it so you don't have reason to suffer unnecessary loses.

[Patikno]

Another key point that is very important yr skipped by newbies is Understanding Bitcoin in its entirety,  the dynamics,  the concept and the applicables around it, most newbies skip to the part where they will start making money so quick and forget that they need the knowledge because even their profitability is dependent on how much they know about Bitcoin in the long run. Know what you are doing and understand it so you don't have reason to suffer unnecessary loses.

Yes, I completely agree that beginners should understand Bitcoin as a whole. As a learning point, I think newbies need to learn Bitcoin fundamentally, technically, and even its history to broaden their horizons. This is often overlooked by beginners, but it actually provides additional encouragement and makes them feel more confident in the future, optimistic about Bitcoin, and indeed other cryptocurrencies. Additionally, newbies also need practical experience, not just theory. This is at least for the basics, and newbies can even find this in several threads encouraging newbies to practice.

[Trêvoid]

 It’s not just about making money fast it’s about knowing what you’re doing.

Take the time to learn and understand Bitcoin fully before diving in. Protect your keys, practice safely, and avoid rushing into trades or investments without knowledge.

[Hazink]

It’s not just about making money fast it’s about knowing what you’re doing.

Take the time to learn and understand Bitcoin fully before diving in. Protect your keys, practice safely, and avoid rushing into trades or investments without knowledge.

Some people want to skip the learning part and jump into the earning part I don’t know if I will say the kind of mentality that some people come into the crypto community with is a result of the information they got or they just naturally choose to put making money first in front and ignore the security part, which should be one of the primary tasks for them to learn.

[Rustam Meraj]

You given good list of safety tips for new Bitcoin users and to add to that strong foundation it is important to understand different wallet types like hot and cold. I like the most not your keys not your crypto meaning control your private keys we can easily lose our crypto if we will lose phrases. Always be wary of offers that look too good like guaranteed high returns or free Bitcoin as these are almost always scams and for true beginners start by investing only very small amount to learn how it all works before putting in more money.

[Coyster]

Many whales wallets holding hundreds of Bitcoin have just one wallet, it's enough to hold their Bitcoin for years and here we are today, these whales still have their Bitcoin intact, having more many Bitcoin wallet either it's open source or not makes no sense.

People need other wallets because they want to spend bitcoin and for privacy reasons it is better to do that from a wallet that hodls a small amount of your total balance. For this purpose it makes sense to have a few hot wallets with only a small amount of bitcoins in them, whilst the main stash sits in your hardware wallet, safely backed up.

[satscraper]

# Never put all bitcoin in one wallet

What do you mean by this?

Do you recommend

1) to distribute  Bitcoin across wallets from different developers or manufacturers?

2) to use wallets from the same developer/manufacturer but separating them by different SEEDs, passphrases, or derivation paths?

3) to split funds between single-signature and multi-signature wallets?

4) what else?

Please elaborate on your statement.