How can manage my Bitcoin?

[Nothingtodo]

Just like in those chaotic days of youth, we have come to realize in the present time how wrong our previous chaotic life was. Once upon a time, the price of Bitcoin was very low and our digit was very high. If we had managed it without spending it chaotically, then in the present time we could have owned many dollars. But unfortunately, youth does not allow us to do that correct calculation and never allows us to live a controlled life from our chaotic life. If we observe the price of Bitcoin ten years ago and compare it with the present time, then we will clearly understand why we regret living a chaotic life in the past.

[UpTober]

I think you need to plan properly first. Let's say you want to buy Bitcoin, what is your intention behind this purchase, do you want to sell it again within a few days after the purchase or do you want to hold this Bitcoin for a long time. If your intention is that you will buy now and sell it according to the market situation, then the advice for you will be the same, but when you say that you will make a long-term plan with Bitcoin or buy in stages and sell it later, then the advice for you is different. If you want to buy a little and sell it according to the market changes, then it will be considered trading, but if you are more focused on buying only in the initial stage, then it will be considered as investment. Basically, investment and trading should be taken forward through separate plans.

[sopiandi]

Honestly, the most important thing is not to let the price dictate your day. I run a small shop, so I treat my BTC like business capital. I keep one wallet for daily use and testing, and another for savings that I almost never touch. That way, when the price turns red, you don’t panic-sell, because you don’t even see the savings wallet.
Also, always send a small test transaction before moving a large amount, and keep a record of where your backups are. It’s rushing—not the market itself—that causes most people to lose their coins.

[Kuti4life]

I have been learning about bitcoin for some years and I am beginning to understand what it represents to different people with different needs for bitcoin....
Before buying bitcoin for the first time, you should ask yourself what is the purpose for buying it.
You can buy bitcoin for investment purpose. If investment is your purpose for buying bitcoin, it's important that you must have gotten some knowledge prior to you buying your bitcoin.
If you just want to use it as a means of sending money... then you don't really need much experience but knowing won't hurt you.

[Fabri-Cate]

I have been learning about bitcoin for some years and I am beginning to understand what it represents to different people with different needs for bitcoin....
Before buying bitcoin for the first time, you should ask yourself what is the purpose for buying it.
You can buy bitcoin for investment purpose. If investment is your purpose for buying bitcoin, it's important that you must have gotten some knowledge prior to you buying your bitcoin.
If you just want to use it as a means of sending money... then you don't really need much experience but knowing won't hurt you.

Yes, it is important to clarify your purpose before buying Bitcoin. But from my own opinion, not only in terms of investment but also when using Bitcoin as a means of transaction, there are some things that you need to know. How to manage your wallet, how to keep your wallet safe from others, how transaction fees work and how to keep your private key in a safe place.
Because although Bitcoin is very easy to use, the responsibility for the security of your assets lies with you, no one else will take it on your shoulders. And as a newbie, there is no opportunity to neglect the issue of security, as I am learning about Bitcoin as much as I am learning.

[cxtreenal]

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?

It is very easy if you think so but very difficult for some. How Bitcoin will work for them depends on the individual. How you use Bitcoin depends on what kind of results you will get. For a new investor Bitcoin is a tool to get rich in a short time. But this is not true. They need more time to understand this because if you ask that new investor to learn about Bitcoin they will make mistakes in the beginning. Of course it is possible that soon those investors will realize their mistakes and accumulate Bitcoin for the long term. To manage Bitcoin properly, you need to accumulate Bitcoin regularly for 4-10 years. I will give you this advice. If you want to stay in Bitcoin for this long, you need to plan and determine the fund management issues and it's your own strategy.

[Sulegzy39]

Actually appears to be very simple, but it is extremely difficult for some people. It is up to each individual to determine how Bitcoin will benefit them. How you use Bitcoin determines the type of results you will obtain. For a new investor, Bitcoin is a way to get rich quickly. However, this is not true. They need more time to understand this because if you ask a new investor to learn about Bitcoin, they will make mistakes at first. Of course, those investors may soon realize their mistakes and begin to accumulate Bitcoin for the long term. To properly manage Bitcoin, you must accumulate it on a regular basis over the course of 4-10 years. I'll give you this advice.

You must consistently accumulate Bitcoin for four to ten years in order to manage it properly. I'll offer you this guidance. You must plan and decide on the fund management issues if you want to stick with Bitcoin for this long. This is your own strategy.

[tabas]

I have been learning about bitcoin for some years and I am beginning to understand what it represents to different people with different needs for bitcoin....
Before buying bitcoin for the first time, you should ask yourself what is the purpose for buying it.
You can buy bitcoin for investment purpose. If investment is your purpose for buying bitcoin, it's important that you must have gotten some knowledge prior to you buying your bitcoin.
If you just want to use it as a means of sending money... then you don't really need much experience but knowing won't hurt you.

While it's not that rare to see people buy bitcoin just for the transferring or payment purposes. Although that purpose has never been gone to bitcoin. Anyone who's buying bitcoin right now are most likely in it as an asset, and that's the purpose of the majority if not all why we're buying bitcoin. If it's for the transfers or sending purposes, they can opt to bitcoin lightning network because that's intended more for that usage.

[xenomorfo]

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.

well said and I'll add something that almost no one does, in my opinion it's very important and it saved me when i did it!
when you have created a seed, make a small transaction, throw everything away and recreate the seed so if you see very little money inside, you are sure that you have done everything right.

[Yandakava]

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.

When you talk about a challenging era where things happen every minute and every second, I guess you are talking about how dangerous the internet has become today and how difficult it is to know whom to trust with your Bitcoin.

You don’t have to trust to anyone with your Bitcoin or personal information. People around you can become dangerous when money is involved. Learn how to invest without emotions, and don’t compare yourself with others.

[Ojima-ojo]

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

It is not all about the profit. As long as it is Bitcoin, it worth learning about, and if the you can understand Bitcoin clearly, its purpose of creation and how it has saved so many of us from inflation and will keep saving us if we keep investing in Bitcoin. Therefore, the OP should be thinking of how to be using the DCA method to accumulate more Bitcoin instead of taking profit and be putting the money into another investment.

And mind you, Bitcoin is not a get rich quick scheme that the OP will expect quick profit from, the OP should rather learn about Bitcoin well before making his/her decision because it requires patience and understanding to be able to be successful on their Bitcoin journey.

Managing your gains is very important for an investor, this is so because at that instance you are making decisions based on your unplanned interests or income, such stage can be hard to control most especially if you are someone that have not handled such gains before.


What I know about investments, finance's and volitility is that, anyone can be lucky to Make huge profits, and get so much money, but the ability to control such unexpected income becomes the major challenges at that point.

[Popkon6]

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.

You must have a plan, according to the plan you can invest in Bitcoin. The Bitcoin you invest in should be held at a long-term rate, if you fail to hold it for a long time then you may face losses. Therefore, to hold Bitcoin for a long time, you have to read Bitcoin with prudent income, because the better your source of income is,
the more Bitcoin you can hold and along with Bitcoin investment you should use the DCA method. In this way you can hold Bitcoin for a long time and earn good profits.

[Awaklara]

You must have a plan, according to the plan you can invest in Bitcoin. The Bitcoin you invest in should be held at a long-term rate, if you fail to hold it for a long time then you may face losses. Therefore, to hold Bitcoin for a long time, you have to read Bitcoin with prudent income, because the better your source of income is,
the more Bitcoin you can hold and along with Bitcoin investment you should use the DCA method. In this way you can hold Bitcoin for a long time and earn good profits.

Before managing Bitcoin, you must be able to manage your finances first. That way, you will know the amount of money you can allocate for Bitcoin investment. DCA is indeed suitable for those who have a regular budget. The system is almost the same as someone regularly saving in a bank. But this time, it’s for purchasing. 
Plans can be made well, but what is also more important is calm thinking. Because young people are sometimes still emotionally unstable, it is necessary to increase knowledge to make emotions better controlled.

[Jostern]

First of all before you get into investing in bitcoin you’ve to learn how to manage your bitcoin, so you can have a successful Bitcoin investment, and also having a good portfolio and stacking bitcoin, you have to invest with your discretionary money, which means money that you can afford to loose, and again you’ve to keep and store your bitcoin in a safe place, you don’t keep your Bitcoin in any exchange to avoid stories that hurt, cold hardware wallet, which is self custody, and also you have to try and keep your seed phrase for future purposes should you have issues with logins and recovery, you have to write it down somewhere for easy access and recovery.

Don’t forget to only invest money that you can afford to loose.

[Akaenyi]

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.

You must have a plan, according to the plan you can invest in Bitcoin. The Bitcoin you invest in should be held at a long-term rate, if you fail to hold it for a long time then you may face losses. Therefore, to hold Bitcoin for a long time, you have to read Bitcoin with prudent income, because the better your source of income is,
the more Bitcoin you can hold and along with Bitcoin investment you should use the DCA method. In this way you can hold Bitcoin for a long time and earn good profits.

What I can add as a Bitcoin holder or investor is you should have discretionary funds to accumulate Bitcoin with, if you're not using money that you require for your basic expenses to survive for accumulating Bitcoin you won't be under pressure to sell prematurely meaning that you won't be controlled by the market. Have a long term plan to buy and hold, you can choose DCA strategy to keep you focused on your goal of not selling for many years. As long as you have discretionary funds to accumulate Bitcoin I don't think that you have anything to worry about, Bitcoin is volatile but with DCA strategy you don't have to monitor the market before buying. Your Bitcoin doesn't control you, it is your personal property and if you understand financial management you will know when you are capable to buy more.

[lovesmayfamilis]

Just like in those chaotic days of youth, we have come to realize in the present time how wrong our previous chaotic life was. Once upon a time, the price of Bitcoin was very low and our digit was very high. If we had managed it without spending it chaotically, then in the present time we could have owned many dollars. But unfortunately, youth does not allow us to do that correct calculation and never allows us to live a controlled life from our chaotic life. If we observe the price of Bitcoin ten years ago and compare it with the present time, then we will clearly understand why we regret living a chaotic life in the past.

The irony is that every year, as you grow up, you will look back with regrets about unfinished business, investments, and the like. Every time. People don't know how to know everything in advance. Only a few people believed in Bitcoin at the very beginning of its emergence. Otherwise, we heard, we knew, but we didn't use it because we didn't understand him. And this judgment can be applied not only to bitcoin. The good news is that many people learn about bitcoin and stay with it, realizing its value. Regrets with thoughts of what could have been and did not happen give only depression, and strong people do not allow themselves such weaknesses😉.

[9ja Amaka]

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?

In simplest form, Bitcoin is digital money that is decentralized.
The name Bitcoin is easy to understand with simple research on the internet.

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.

Other newbies will think Bitcoin can cause addiction.
Bitcoin does not control how we spend money. That part lies in our financial discipline.
Bad spending with fiat, equals to bad spending with Bitcoin. Its a characteristics problem.

[EarnOnVictor]

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 not controlling you, but its monetary value does. By this, you need to conquer money and the zeal/temptation for frivolous spending. I would advice you to start prioritising long-term Bitcoin investment plan, and every Bitcoin you spend should be well-accounted for.

For example, if you spend a certain amount of Bitcoin, let it be mostly for business, purchase of house and other valuables that can yield over time, like gold, etc. Resist the temptation to trade, luxury lifestyle. Drink less, avoid too much women, but always think that your Bitcoin is a seed that must generate more money instead of spending it on valueless things.

[knowngunman]

Just choose a self-custody wallet. Exchanges may offer convenience, but a self-custody wallet is the best way to secure your assets. Electrum or BlueWallet are two self-custody wallet options you can choose.

Self custody is the safest way to secure your Bitcoin because it gives you full control but let always remind newbies of it's consequences as well. It's safer but it comes with lots of responsibilities. The safety of your seed phrase rely on you absolutely, if you temper with it and expose it, you'll be screwed for good. And mind you, I'm not recommending them to use centralized exchanges but it's important they're aware of this and must be ready to take full responsibility if they choose self custody.

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.

This is not a problem as far as they did not lose their coins to scammers. It's their money and how they choose to spend it is solely their choice. Not only bitcoin, whatever you have, if you use them carelessly without calculation, you'll lose them in a bad way. You need discipline when it comes to spending to avoid unnecessary spending.

[AprilioMP]

I appreciate being young, but already considering what a mature person should think about as they age. Managing Bitcoin isn't difficult, but the temptations are great and challenging. The challenges include price fluctuations. In such situations, goals often shift from long-term goals to actions aimed at small profits.

From my perspective, set long-term goals and stick to them.
Learn how to store Bitcoin, including wallet basics like backing up seed phrases and using strong passwords. Basic wallet knowledge can help you save your money.