How can manage my Bitcoin?

[Nicho-brown]

Making money is one thing, and managing it is another thing.

The name Bitcoin is too large and heavy. So as a beginner, how can one properly manage his or her Bitcoin without being intoxicated in this modern and challenging era where things are happening per minute per second?

Many have made money during their startup or early days, but in a case of stupendous mismanagement or youthfulness  waxcality, the money is no longer there and nothing to write home about today.

So i really need to be guided about this Bitcoin of a thing, and how one can properly manage it without being managed or controlled by the Bitcoin.

[BitMaxz]

If you want to avoid someone controlling your Bitcoin, then choose non-custodial wallets like Electrum.

Ways to protect it:

- Only use traditional or old known wallets like Electrum.
- Make a cold storage wallet to store your  Bitcoin. A PC or a device that you decided to never connect it to the internet.
- Wallet generation: make sure it's totally offline; don't use 3rd party or online wallet generation
- Add a passphrase as an extra layer of protection
- Multisig wallet: another extra layer of protection, but the downside is the transaction fee is higher than the standard wallet.
- Learn how to make an unsigned and signed transaction to keep your cold storage wallet safe from online attacks.
- Make sure no other person has access to this device, even your family, to protect your wallet from physical attack unless you trust them


Heres a few ways how to make a cold storage: [Tutorial] How to make a cold storage Bitcoin wallet with TailsOS and USB Flash

Other sources that beginners should read, under sticky threads: Beginners & Help

For now, don't use hardware wallets, or if you know how to disassemble a unit, you can use a hardware wallet to avoid having a tampered or implanted wallet.

Do you want to learn more? Then check this: [Mega resources for newbies] Check here, find most of your need, before asking.

[hd49728]

Heres a few ways how to make a cold storage: [Tutorial] How to make a cold storage Bitcoin wallet with TailsOS and USB Flash

There is another guide for installation of a Tail OS.
How to Install Tails OS on USB flash drive for Wallet Purpose.

For now, don't use hardware wallets, or if you know how to disassemble a unit, you can use a hardware wallet to avoid having a tampered or implanted wallet.

With powerful support and work from AIs, it has become very scary with more potential security holes to be detected and exploited but there are important principles for checking hardware wallet scrutiny, integrity and how to buy them.

[LIST] Open Source Hardware Wallets.
[GUIDE] How to buy a Hardware Wallet the right way.
https://walletscrutiny.com/

[Odohu]

Ways to protect it:

- Only use traditional or old known wallets like Electrum.
- Make a cold storage wallet to store your  Bitcoin. A PC or a device that you decided to never connect it to the internet.
- Wallet generation: make sure it's totally offline; don't use 3rd party or online wallet generation
- Add a passphrase as an extra layer of protection
- Multisig wallet: another extra layer of protection, but the downside is the transaction fee is higher than the standard wallet.
- Learn how to make an unsigned and signed transaction to keep your cold storage wallet safe from online attacks.
- Make sure no other person has access to this device, even your family, to protect your wallet from physical attack unless you trust them

These recommendations are excellent and the best security tips based on the present realities. Although, theese steps may be complex for a beginner but for the sake of safety, efforts should be made at mastering and using them.

For now, don't use hardware wallets, or if you know how to disassemble a unit, you can use a hardware wallet to avoid having a tampered or implanted wallet.

How fast things changes... how we moved from thinking that hardware wallets are the safest to how to avoid them. Imagine someone who has all his life savings in a hardware wallet but is not actively following the news on Bitcoin, well its better not to imagine that.

[Charles-Tim]

Heres a few ways how to make a cold storage: [Tutorial] How to make a cold storage Bitcoin wallet with TailsOS and USB Flash

There is another guide for installation of a Tail OS.
How to Install Tails OS on USB flash drive for Wallet Purpose.

Good guides. But it is worth knowing that as long as the wallet is legit and not having weak entropy, any OS can be good for wallet on airgapped device as long as it remain airfapped. No information is living the device because the device Bluetooth and WiFi modules have been removed and transaction signing is completely offline. But Tails OS can be preferred by some people because Electrum is installed by default which comes with the OS.

[SamReomo]

So i really need to be guided about this Bitcoin of a thing, and how one can properly manage it without being managed or controlled by the Bitcoin.

Learn about cold wallets and air gapped systems first and then you should install Electrum on your computer and learn how it works. Learn about cold wallet with Electrum and then create a cold wallet on that air gapped system and send your Bitcoin to that cold wallet. When you create that cold wallet make sure to write your seed phrase on a paper and multiple times and save that paper to safe place.

Now, you will be able to manage your Bitcoin without any issues and no one will be able to access your Bitcoin other than you. Remember to keep your seed phrase safe and no one else than you should know about it because if someone finds it then they can move your Bitcoin without your permission.

[joniboini]

How fast things changes... how we moved from thinking that hardware wallets are the safest to how to avoid them.

I feel like we always know the risk of buying modified stuffs exist, hence why there're official resellers and why some people discourage newbie from buying ones through unofficial store on marketplace like Amazon. If someone decides to do so they should accept that risk. IIRC we also know some modified hardware exist since last year (the Ledger one), but a massive implant operation was just discovered recently. Even Electrum got a recent critical update that prevent malicious server from hijacking your RBF tx iirc, so we always have to be careful regardless of which device you choose. CMIIW.

[liasbaa]

Making money is one thing, and managing it is another thing.

The name Bitcoin is too large and heavy. So as a beginner, how can one properly manage his or her Bitcoin without being intoxicated in this modern and challenging era where things are happening per minute per second?

Many have made money during their startup or early days, but in a case of stupendous mismanagement or youthfulness  waxcality, the money is no longer there and nothing to write home about today.

So i really need to be guided about this Bitcoin of a thing, and how one can properly manage it without being managed or controlled by the Bitcoin.

Of course before making any decision about Bitcoin, at least learn about its basics. No technical knowledge is required, just know what Bitcoin is and how it works. Start by knowing these two things: Bitcoin is a digital asset and its price volatility.

These two guidelines are necessary to start Bitcoin and use your own analysis in fund management. Develop fund management in line with your income. Don't think Bitcoin is difficult and be regular in accumulating.

Consider Bitcoin as a part of your financial management and develop the habit of accumulation. Don't put too much pressure on yourself in Bitcoin investment. At the beginning of investment, divide your discretionary income into 3 equal parts: one part will be used to purchase Bitcoin, another part will be used to create an emergency fund, and another part will be kept in cash as an additional reserve.

[Bigjoe33]

Talking about protecting your Bitcoin, there have been some advise on how to go about your wallet and seeds, and to store them safe because without them, you may not get access to your accumulated coins. There are also links that could help you gather some more knowledge. Just ensure to read..

On the other hand, when all these seeds are done perfectly and you are storing carefully, you need to also work on yourself, because you are another thing you need to watch out for. Your investment character, behavior and how you take investment generally.
You must know that Bitcoin investment is better done for a long term. So, while you begin your investment, make sure you sort out your basic needs first. So that you can now buy Bitcoin with the money left, which is called the discretionary income. Having a back up funds is very important because this is what really helps you protect your investment so that you will reduce it because you want to sold emergency

[Comeacross]

The name Bitcoin is too large and heavy. So as a beginner, how can one properly manage his or her Bitcoin without being intoxicated in this modern and challenging era where things are happening per minute per second?

This part is not really clear to me. What did you mean by intoxication in the first place? Is it in time of spending? As in when you make profit from bitcoin, you start spending anyhow and live extravagant lifestyle until everything finishes? Or you're talking about storing the Bitcoin itself?

The former is easy to manage. The only thing you need to do is working on your self control and if possible you can get financial advicer to guide you through but the latter is becoming more difficult day by day with incidents happening now. Hardware wallets are being targeted and centralized exchanges are not even an option. Bitcoin generally deal with emotions, if you can control it, managing it becomes easier for you.

[HajiBagi]

Making money is one thing, and managing it is another thing.

The name Bitcoin is too large and heavy. So as a beginner, how can one properly manage his or her Bitcoin without being intoxicated in this modern and challenging era where things are happening per minute per second?

Many have made money during their startup or early days, but in a case of stupendous mismanagement or youthfulness  waxcality, the money is no longer there and nothing to write home about today.

So i really need to be guided about this Bitcoin of a thing, and how one can properly manage it without being managed or controlled by the Bitcoin.

I don't have much to say because you have been giving many things about how to manage your bitcoin and how to protect them, one thing that I will advice you is to not see Bitcoin as a money making machine or way, seeing bitcoin as that is going to make you feel somehow with the way Bitcoin work, bitcoin can not be seeing as a money making because you will always expect profit from it, when the price is not going well it will cause a panic that will lead to selling your bitcoin.

Many people you see that they did not succeed are after quick profit and Bitcoin is not like tgay, bitcoin is a long time investment, seeing another person become a successful person through bitcoin does not mean that you can make a quick profit, many newbie fail to understand that bitcoin is not a place where you make money and that is why they feel discourage in the end.

[Odohu]

How fast things changes... how we moved from thinking that hardware wallets are the safest to how to avoid them.

I feel like we always know the risk of buying modified stuffs exist, hence why there're official resellers and why some people discourage newbie from buying ones through unofficial store on marketplace like Amazon. If someone decides to do so they should accept that risk. IIRC we also know some modified hardware exist since last year (the Ledger one), but a massive implant operation was just discovered recently. Even Electrum got a recent critical update that prevent malicious server from hijacking your RBF tx iirc, so we always have to be careful regardless of which device you choose. CMIIW.

Considering the trend we are seeing, even hardware wallets from.the official stores are not to be trusted. I'm not speaking for everyone but for myself, the level of compromise now warrants that one should doubt everything except there is a reliable way of checking if the wallet has been compromised or not.

Like I said before, it is extremely worrisome to know that what used to be the safest way if storing Bitcoin has become the risky option to chose.

[Olamidetechie]

Something worth learning early is how to manage gains, not just how to buy Bitcoin. Decide in advance what conditions would make you take some profit, and consider moving money you've already made into savings or other assets rather than putting everything back into another trade

[Frankolala]

Considering the trend we are seeing, even hardware wallets from.the official stores are not to be trusted. I'm not speaking for everyone but for myself, the level of compromise now warrants that one should doubt everything except there is a reliable way of checking if the wallet has been compromised or not.

Like I said before, it is extremely worrisome to know that what used to be the safest way if storing Bitcoin has become the risky option to chose.

I doubt that hard wallets from the official company that's not a reseller are not to be trusted because the recent hacks on hardware wallet was from a third party official reseller CryptoBilis. This is why Trezor has decided to reduce the number of resellers that they have. Data breach was also from a third party.

The official company producing these hardware wallets wouldn't compromise their own product because it will give a bad name to the brand. However, if you're not comfortable with a hardware wallet because of the risk attached to it during the shipping period, you can set up Electrum cold storage wallet as suggested by the posters above and never connect your wallet to the internet since, it's airgapped. Add a strong passphrase to your seed phrase.

[Marvelockg]

So i really need to be guided about this Bitcoin of a thing, and how one can properly manage it without being managed or controlled by the Bitcoin.

I guess the angle you are coming in from is that you are not sure your financial management skill is okay and you are afraid that you might end up spending your bitcoin for the wrong reason. if that is the case then i will advice that starting from your early days of your bitcoin investment, that you define what you are doing as an investor.

If you are building your bitcoin stack for eight years for instance, then it is better you keep building it till that time without touching it regardless the urge to doing so. while holding it, you ought to also ensure that the safety of your asset is well sorted out by being in control of your keys and not letting an exchange take control of your asset. the saying that not your key, not your coin is not a joking statement and with the recent hacks that is on the increase, you cant afford to be careless with your investment decision.

[KawasakiNinja1_]

Making money is one thing, and managing it is another thing.

The name Bitcoin is too large and heavy. So as a beginner, how can one properly manage his or her Bitcoin without being intoxicated in this modern and challenging era where things are happening per minute per second?

Many have made money during their startup or early days, but in a case of stupendous mismanagement or youthfulness  waxcality, the money is no longer there and nothing to write home about today.

So i really need to be guided about this Bitcoin of a thing, and how one can properly manage it without being managed or controlled by the Bitcoin.

I don't have much to say because you have been giving many things about how to manage your bitcoin and how to protect them, one thing that I will advice you is to not see Bitcoin as a money making machine or way, seeing bitcoin as that is going to make you feel somehow with the way Bitcoin work, bitcoin can not be seeing as a money making because you will always expect profit from it, when the price is not going well it will cause a panic that will lead to selling your bitcoin.

Many people you see that they did not succeed are after quick profit and Bitcoin is not like tgay, bitcoin is a long time investment, seeing another person become a successful person through bitcoin does not mean that you can make a quick profit, many newbie fail to understand that bitcoin is not a place where you make money and that is why they feel discourage in the end.

Yes you are right everyone should invest in Bitcoin disciplinedly with a long-term mindset rather than looking at Bitcoin as a tool or a way to make money, but the most important thing nowadays is for every investor to have basic knowledge from the beginning as well as consider which wallets are the safest for holding Bitcoins. In fact at present we can see that the wallets are gradually getting hacked as proof that Coldcard, Ledger hardware wallet got hacked then Bitget exchange and the biggest exchange Binance got hacked and the largest amount of money got hacked from this CEX. So it can be said that just as basic knowledge is important to start Bitcoin investing, so is choosing the best wallet.

One should even invest based on their own research rather than relying on advice from others and seeing an investor succeed from Bitcoin investment doesn't mean that everyone can succeed  but I want to say if someone wants to create the potential for investment profits, they should hold Bitcoin for multiple cycles, this should be understood.

[Spaceman1000$]

Making money is one thing, and managing it is another thing.

The name Bitcoin is too large and heavy. So as a beginner, how can one properly manage his or her Bitcoin without being intoxicated in this modern and challenging era where things are happening per minute per second?

Many have made money during their startup or early days, but in a case of stupendous mismanagement or youthfulness  waxcality, the money is no longer there and nothing to write home about today.

So i really need to be guided about this Bitcoin of a thing, and how one can properly manage it without being managed or controlled by the Bitcoin.

At least you've come to realize that some people have wasted money in waxcality and youthful exuberance, you can use other peoples experience to learn. If you understand that Bitcoin is an asset that you have, just like your landed property or some other valuable assets you have in your possession, so what should always guide you is the fact that, if you misuse your asset you might likely lose it forever, so your resolve should be that, you will always guide your asset at all cost, don't give in to pressure in spending it.

In controlling your asset always make sure you learn how to use decentralized wallet, they allow you to be fully in charge of your assets without any interference or third party, learn to build your portfolio on a gradual process, start small and remain consistent in your start.

[New Judgement]

So i really need to be guided about this Bitcoin of a thing, and how one can properly manage it without being managed or controlled by the Bitcoin.

Bitcoin is digital money, so bitcoin can’t control you, if you can control yourself when you have money in fiat, you can equally control your self when you have bitcoin investment. All you need do is buy your bitcoin from exchange, withdraw it to your wallet. Make sure it is a noncustodial wallet. Hold it for as long as you want.

But the minimum that is advisable for investors to hold their bitcoin is one full circle of bitcoin. A full circle of bitcoin is 4 years. One thing that can make you be at the top of your investment, is investing money you don’t have need for, till the period you intend holding is over. Make sure you have a good stable source of income while you are investing in bitcoin, it will help you to successfully hold your bitcoin for as long as you want.

[Patrol69]

If I answer you in terms of investment, I would say that before you start investing, first select a reliable and secure wallet. If your investment plan is long-term, then ignore the exchange wallet. Then, for investment, first consider your income as well as calculate your total expenses, after calculating these, note how much money you have left. Divide the remaining amount of money into three parts and start investing with one part, keep one part as cash with you and use the other part to form an emergency fund. The part of the three parts of discretionary income that you keep as cash will be used to meet some general needs and the part with which you form an emergency fund will ensure the safety of your investment. If you know any other investment-related issues, you can ask us and we will try to discuss.

[Leon Zimmer]

When you create that cold wallet make sure to write your seed phrase on a paper and multiple times and save that paper to safe place.

Also. Before moving your real money put some into your new wallet. Check that when you seed restore on another device that the address and balance is the same. Many people lose their coins not because of hackers but because they made typing errors in their seed or forgot their pass phrase. So it’s best to back up somewhere else. Paper can burn or get water damage. If anything happens to you then your family won’t know where to look for any unknown coins. Just write a note to someone you trust and tell them what to do. Do NOT include your seed. These two tips are much more important for a beginner than having a perfect air gap setup.