How can manage my Bitcoin?

[SilverCryptoBullet]

If you want to keep your Bitcoin properly protected and not let it fall into the hands of someone else, then you must provide proper security. To provide proper security, you can use your own wallet

The first thing to do for security is your devices, keep them clean and it's a first security protection against threats that can compromise your devices, including Bitcoin wallets.

such as Electrum Wallet, SafePal Wallet, Trust Wallet

I disagree with your advice about Trust wallet because it's close source. Trust wallet and Safepal wallet are multicoin wallets and I don't use such wallets for storage of my bitcoins. Bitcoin and altcoins must be stored in different wallets, Bitcoin wallets to store bitcoin only.

Electrum wallet is good, it's a SPV and open source wallet but there are guides to use it properly.
[GUIDE] How to Safely Download and Verify Electrum [Guide].
The paranoid user's security guide for using Electrum safely.

and keep its seed phrase in a very safe place where no one can enter or exit. If you can ensure that it is properly secure from your side, then you will be able to manage your Bitcoin properly. Moreover, in this era of AI, proper management will become very difficult.

Guide about wallet backups.
How to Back Up a Seed Phrase.

[bhadz]

That is extreme if you think that Bitcoin's going to control you. But I know that it happens when an investor becomes so invested in what they have through their emotions. Train your mind that you will never be controlled by your asset, but it should be you who must control it. I hope that you won't get to the point where it is the one that controls you. It's good you ask questions on how to manage it properly but, even with so many good suggestions to you, in the end it's still your own battle to fight. Set your boundaries, invest not heavily, including your emotions, but with risk calculation and management.

Some people could be controlled by money or assets. They could be too desperate to invest in an asset that they dont give attention to other parts of their lives. When someone can deprive himself of food or other essentials because he wants to save and invest, that's going to the extreme.

Yeah, it happens in real life that people are being controlled by their possessions and investments. They're intelligent for investing but when it comes to emotions, they're losing it. It becomes too much when they start to sacrifice important matters like not eating just for them to invest. I know that it's also part of the desire to have bitcoin but, don't be too hard on yourselves if ever someone does that.

Your advice is correct. Having an investment plan based on your income is a means of controlling yourself. Money that is needed for basic needs and other emergencies shouldn't be used to buy Bitcoin. 

Although with that reminder, some investors still do that. Just like gamblers who are using the money for important bills, they're putting it at risk because they know that it will be profitable but that's a wrong way of investing. Investing shouldn't be too heavy like that and must make someone flexible without forcing themselves because they like to.

[Olatundespo]

You don't need to be very technically understanding to manage Bitcoin properly. Bitcoin is an important component of long term investment. Bitcoin has a lot of depth but the investment strategy is very simple. Use discretionary income to manage Bitcoin properly and for yourself. Being too emotional in investing can lead to confusion because the Bitcoin market is very volatile and full of fear.

You will be in charge of managing your Bitcoin holdings yourself, so you will have to make intelligent decisions and become an investor. The more prudent you are in this area of ​​fund management, the more profitable you will be. Don't waste opportunities in the hope of small profits in the startup stage, accumulate Bitcoin regularly for as long as you have discretionary income. When you reach the over accumulation stage, withdraw part of the profit after the cycle is completed because the purpose of investment is to make a profit.

[fredericktaylor]

I agree but at the same time I must say that writing your seed phrase on paper is best for privacy concern. One can then seal that paper in a  secure type of box to save it from burns or any other type of damages. Also, one can memorize the seed phrase as well if it's only 12 words long, and I know a few people who have memorized their seed phrases and they keep repeating it everyday so they won't forget it over time.

For someone like me, memorizing my seed phrase is what I don't think is possible, it will only last in my memory for the shortest of time, what happens in three to five years after memorizing my seed phrase? Memorizing my seed phrase for three or five years, that's hard work for me, i rather focus on storing my seed phrase in a secure location where it doesn't get tampered with.

Bitcoin is not just for storing, it must be stored safely. There is a common saying that if you do not have the wallet seed phrase, then that Bitcoin is not yours because you do not have real control over the Bitcoin, at the end of the day your hands are empty. To keep Bitcoin safe you must store the wallet seed phrase and private key very well, it should never be shared with anyone else, it must be kept very carefully so that it does not fall into the hands of others and it must be kept in mind that it can be protected from fire or water damage. To protect the seed phrase from fire and water damage, it is safer to use a Metal seed phrase backup and keep it in a box made of Metal, which will protect it from water or fire damage.

[Primark]

Don't waste opportunities in the hope of small profits in the startup stage, accumulate Bitcoin regularly for as long as you have discretionary income. When you reach the over accumulation stage, withdraw part of the profit after the cycle is completed because the purpose of investment is to make a profit.

Not everyone invests for profit. However, the potential for profit in Bitcoin has attracted many to Bitcoin. Many investors may also want to save their assets to keep them safe and protected from inflation. Again, there are some problems with the advice to take profits when the market cycle ends. Because how can we be sure that the cycle has really ended?

We do not know in advance when the market will reach its highest or lowest point. Therefore, an investor may miss out on a good opportunity if he just waits for the cycle to end. On the other hand, if he sells too early, he may miss out on future price increases.

[GbitG]

Hmmm, that's very good question......!!!!

Literally I just love to see when someone asking for privacy before jumping for investment. Just like you said that how can we manage our Bitcoin like to keep it safe from other.... So simply always keep your funds in cold wallet like CEX is a bullshit and anytime the can steal your fund even recently one of the biggest Exchange Binance got compromised.

I hope after this you you will be able to understand that how we can keep your funds safe I mean many members including me give you the same suggestion that never go for CEX like to store his fund.

Besides that if form "Managing" you mean that how we can manage your risk then probably I will suggest you always put those money which you can afford to lose because Bitcoin is a volital assets and blind risk management will distracte you.

[Chinesebaby]

Don't waste opportunities in the hope of small profits in the startup stage, accumulate Bitcoin regularly for as long as you have discretionary income. When you reach the over accumulation stage, withdraw part of the profit after the cycle is completed because the purpose of investment is to make a profit.

There is something we call "Compound Interest", and it is indeed an interest rate that accumulate over time of investing on a particular asset. And for any newbie who is wishing having a long term Bitcoin investment plan, constant withdrawal of profits is one thing I will solely discourage as a beginner. Because imagine investing 0.001 BTC today worth roughly $100, and after a year, that same 0.001 have increased by 20%, which means that the same 0.001 BTC is now worth $120. And assuming you went and withdraw the $20 extra profits from your Bitcoin investment, which is roughly 0.0002 BTC and then you are left with just only 0.0008 BTC. If you keep repeating the same process, that's how you will be losing your quantity of Bitcoin as the value increases in price. Whereas if you had left the 0.001 BTC and held it for 10years, then you probably would have made huge profits than selling each time the valve increases small.

[Mrbluntzy]

To provide proper security, you can use your own wallet such as Electrum Wallet, SafePal Wallet, Trust Wallet,

In my opinion, Trust Wallet is not a good enough for long term hold, I can not use it as my primary long term Bitcoin storage option but I use it only for regular day to day transaction but for long term storage I choose Electrum and Blue wallet as they are not single seed wallet like Trust wallet, not just about the single seed but Trust wallet is not fully open source wallet. In this era of every day hack, Bitcoiners needs to use more secure wallets and apply other extra security set ups.

[The Cryptovator]

To be honest, everyone wants to protect their Bitcoin; no one wants to lose their hard-earned money. But due to a lack of the proper knowledge about Bitcoin and the wallet system, a few people are losing their funds. Mistakes happen in our lives, but we have to take lessons from these mistakes as well.

However, the first step of securing your Bitcoin is choosing the right wallet; it’s always strongly preferred to choose a non-custodial wallet. Either the software wallet or the hardware wallet needs to be open source and secure. If you purchase a hardware wallet, then you have to purchase from the official website only and open sources as well. Multisin would be extra layer security, but remember, secure your seed phrase safely.

So you need to learn as much as possible about the Bitcoin and wallet system as well.

[JunaidAzizi]

Without acquiring knowledge, a person will never be able to hold Bitcoin for a long time or profit from Bitcoin. Because knowledge is the only resource that helps us to take the right decision, if there is no knowledge, then a person will definitely not be able to take the right decision and may face losses. Taking the right decision is the most important thing in Bitcoin investment. From the beginning of the investment, a person has to continue to gain knowledge and as long as he holds the investment, a person has to continue to gain knowledge, knowledge never ends.

If a person has knowledge, then he will definitely be able to take the right decision and be able to deal with the market decline. The only way to deal with the market decline is knowledge

Well said, mate, Knowledge can lead a person to the right spot where he can make the best decisions, but this is only the case when his knowledge is complete and accurate. Some users get so excited and start learning, but later, after some time, they may believe they have enough knowledge to invest. However, they forget that investing with only a little knowledge can lead to a 90% loss, and that 10% success may just be luck. If you can acquire the knowledge, then you don't need anybody's help to manage your Bitcoins..

[Cookdata]

If you want to keep your Bitcoin properly protected and not let it fall into the hands of someone else, then you must provide proper security. To provide proper security, you can use your own wallet such as Electrum Wallet, SafePal Wallet, Trust Wallet, and keep its seed phrase in a very safe place where no one can enter or exit. If you can ensure that it is properly secure from your side, then you will be able to manage your Bitcoin properly. Moreover, in this era of AI, proper management will become very difficult.

Your choice of wallets is poor, I will only go with Electrum from that option. I'm not sure whether there is an organised campaign against Trust Wallet or whether the X posts I have seen in the last 4 days are true or if they are for engagement. I don't know, but people seem to be complaining about losing their funds. It might be related to Binance recent hack, and perhaps some people are trying to famz it. For your own good, please avoid it for now. There are Cake Wallet and Unstoppable, these two are good replacements for altcoins.

SafePal had a data breach this year from their hardware wallet sales. They lost their customers data to hackers, yet they claimed they don't keep customers data, seems to be false. I can tell you that they are liars, they may say they are not taking your data from their software wallet, but I don't trust them at all. Avoid these companies, they are not good people.

[hmbdofficial]

To provide proper security, you can use your own wallet such as Electrum Wallet, SafePal Wallet, Trust Wallet,

In my opinion, Trust Wallet is not a good enough for long term hold, I can not use it as my primary long term Bitcoin storage option but I use it only for regular day to day transaction but for long term storage I choose Electrum and Blue wallet as they are not single seed wallet like Trust wallet, not just about the single seed but Trust wallet is not fully open source wallet. In this era of every day hack, Bitcoiners needs to use more secure wallets and apply other extra security set ups.

I think I can agree with your opinion on not considering trust wallet good enough even though it’s custodial wallet. The source code are not open for community to checkout and I’ve personally had a bad experience with the trust wallet. since then, I’ve never regarded it to be any reputable wallet. I’ll prefer to recommend the use blue wallet because it’s source code are open and it could generate multiple addresses from just one seed phrase.

[Adiljutt156]

To be honest, everyone wants to protect their Bitcoin; no one wants to lose their hard-earned money. But due to a lack of the proper knowledge about Bitcoin and the wallet system, a few people are losing their funds. Mistakes happen in our lives, but we have to take lessons from these mistakes as well.

However, the first step of securing your Bitcoin is choosing the right wallet; it’s always strongly preferred to choose a non-custodial wallet. Either the software wallet or the hardware wallet needs to be open source and secure. If you purchase a hardware wallet, then you have to purchase from the official website only and open sources as well. Multisin would be extra layer security, but remember, secure your seed phrase safely.

So you need to learn as much as possible about the Bitcoin and wallet system as well.

In the last few months things are going to the worst level due to enough scams and hacks. People are not comfortable because scammers are having enough development in their tactics for doing things that are increasing security threats. Just because of this, now having enough understanding of the wallet and its safety is at the top for bitcoin accumulators.
Careless people have more chances to lose their hard-earned money because now leaking of data and engagement in social media accounts are giving enough space for choosing wallets, which is currently the biggest problem with suddenly hardware wallets under fire.
Before having anything, everyone needs to have enough knowledge and user updates because any point or mistake can bring serious losses, which have never been recoverable for anyone.

[Abuobyda218]

Earning Bitcoin is easy but how to manage and hold that Bitcoin safely is quite difficult. The constant occurrence of new hacking incidents and hacking of exchange wallets and various popular hardware wallets makes us constantly think. So in this situation, do something so that your Bitcoin is safe. Never keep Bitcoin in any exchange wallet. By selecting a hardware wallet or some popular software wallet, its security phase must be carefully preserved. And nothing can be done where there is a possibility of the exchange or wallet being hacked. We must learn from the constant hacking incidents so that we do not make the same mistake again. In the world of digital currency, it must be remembered that a small mistake can cause you permanent damage.

[Bitcoin Maxi]

Earning Bitcoin is easy but how to manage and hold that Bitcoin safely is quite difficult. The constant occurrence of new hacking incidents and hacking of exchange wallets and various popular hardware wallets makes us constantly think. So in this situation, do something so that your Bitcoin is safe. Never keep Bitcoin in any exchange wallet. By selecting a hardware wallet or some popular software wallet, its security phase must be carefully preserved. And nothing can be done where there is a possibility of the exchange or wallet being hacked. We must learn from the constant hacking incidents so that we do not make the same mistake again. In the world of digital currency, it must be remembered that a small mistake can cause you permanent damage.

Hack has become very frequent this year and it is unbelievable the way many companies are losing billions to dollars to hackers.
Managing your Bitcoin require you to have understanding about you can protect your Bitcoin from losing it to either scammers or hackers. Extra security measures need to be observed for someone that have high number of Bitcoin in their wallet to limit the accessibility of hackers from getting very close to stealing information and documents.

[Patikno]

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.

Managing Bitcoin is your most important task, and you must do it safely, properly, and with extreme caution. You should prioritize offline storage, avoiding online storage, including storing it on centralized exchanges that could be compromised.

Personally, I recommend storing it on storage devices that you won't use for daily purposes, especially for any online activities that actively utilize your wallet (which is very dangerous). It is should be better to separate the wallets you use for storage, and for daily use. For long-term storage, ensure proper backups, and avoid storing it on a single storage device, as this can be risky if you lose access to it (usually due to device damage, or errors).

In essence, you must understand that the online world is highly vulnerable to theft and hacking, due to internet connections that can become vulnerable at any time. You never know when bad luck will strike, whether due to your negligence, or ignorance. The personal computers, that we frequently use aren't necessarily completely secure from prying eyes; we could be being monitored for hacking.

It is a real bummer, if you have gone to the trouble of saving a lot of Bitcoin, only to lose the fruits of your labor. Therefore, consider the best advice wisely, and also read suggestions from experienced friends who share them here.

[notocactus]

Managing Bitcoin is your most important task, and you must do it safely, properly, and with extreme caution. You should prioritize offline storage, avoiding online storage, including storing it on centralized exchanges that could be compromised.

Between hot wallets and cold wallets, cold wallets are better and safer for bitcoin storage especially with big fund and long term storage.
Hot wallets are connected to the Internet, and have more potential risks so they're more vulnerable wallets and with "safety first" principle, hot wallets are recommended to store small funds only.

Personally, I recommend storing it on storage devices that you won't use for daily purposes, especially for any online activities that actively utilize your wallet (which is very dangerous).

It's good but if your devices are still connected to the Internet, wallets stored on that devices are hot wallets.

It is should be better to separate the wallets you use for storage, and for daily use.

True. For daily use or regularly use, you store a fund for this purpose in a hot wallet.

For long-term storage, ensure proper backups, and avoid storing it on a single storage device, as this can be risky if you lose access to it (usually due to device damage, or errors).

Big funds or small funds, hot wallets or cold wallets, you all must do necessary proper steps in creating wallets, backing up wallets, testing backups for recovery, and store all things safely.

• How to back up a seed phrase.

[Loyang]

Earning Bitcoin is easy but how to manage and hold that Bitcoin safely is quite difficult. The constant occurrence of new hacking incidents and hacking of exchange wallets and various popular hardware wallets makes us constantly think. So in this situation, do something so that your Bitcoin is safe. Never keep Bitcoin in any exchange wallet. By selecting a hardware wallet or some popular software wallet, its security phase must be carefully preserved. And nothing can be done where there is a possibility of the exchange or wallet being hacked. We must learn from the constant hacking incidents so that we do not make the same mistake again. In the world of digital currency, it must be remembered that a small mistake can cause you permanent damage.

Hack has become very frequent this year and it is unbelievable the way many companies are losing billions to dollars to hackers.
Managing your Bitcoin require you to have understanding about you can protect your Bitcoin from losing it to either scammers or hackers. Extra security measures need to be observed for someone that have high number of Bitcoin in their wallet to limit the accessibility of hackers from getting very close to stealing information and documents.

We are victims of hacking and fraud due to our own mistakes. For example, if we look at the recent big hacking incident, the Binance hacking incident. As far as I have learned from the media, the hacker first hacked the laptop of a Binance official and from that place the hacker did all the work and stole so many dollars. The Binance official had some mistakes, so his laptop was hacked, if he had not taken any wrong decision, then the hack would never have been possible.

In the same way, if we do not make any stupid decisions between our wallet or exchange and other places, then we will not be victims of such a situation. The best decision is to use a hardware wallet, or if you use a mobile wallet, never connect that wallet to the internet.

[Taskford]

Managing Bitcoin is your most important task, and you must do it safely, properly, and with extreme caution. You should prioritize offline storage, avoiding online storage, including storing it on centralized exchanges that could be compromised.

Between hot wallets and cold wallets, cold wallets are better and safer for bitcoin storage especially with big fund and long term storage.
Hot wallets are connected to the Internet, and have more potential risks so they're more vulnerable wallets and with "safety first" principle, hot wallets are recommended to store small funds only.

About the wallets, I think its good to introduce this thread you created to these people [Mega resources for newbies] Check here, find most of your need, before asking.

Since this is good guide for newbies to learn on how to set up properly their wallets, also on how they can able to manage their Bitcoins.

Also there are many things to learn from that thread. What they just need is to spend some time to read the topics posted there.

[Mrbluntzy]

I think I can agree with your opinion on not considering trust wallet good enough even though it’s custodial wallet. The source code are not open for community to checkout and I’ve personally had a bad experience with the trust wallet. since then, I’ve never regarded it to be any reputable wallet. I’ll prefer to recommend the use blue wallet because it’s source code are open and it could generate multiple addresses from just one seed phrase.

I have been using the Trust wallet for some years now, it was among the first software wallets I used when I started buying crypto and participating in crypto reward events, but I later abandoned the other ones and was so accustomed with using only Trust wallet and I can testify that I have not had any bad experience, however, it is a Hot wallet, anyone looking for cold wallet must explore the other wallet suitable for long term hold. Blue wallet does have that feature you mentioned and other feature that Trust wallet does not have.