How can manage my Bitcoin?

[Oshio-man]

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.

Those that understand the important of bitcoin they will definitely involve long term holding in their bitcoin because it will make them to see reasons to continue holding bitcoin until the price of their choice appear in the market, I know is not easy for newbies to manage themselves for the price of bitcoin to increase higher but for those that will endure in the bearish season and continue holding for the bullish season to flow it will make such group of investors to like bitcoin more than other cryptocurrencies because there is a big reward for those that will sell in the bullish market.

[AmaGold70]

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.

You have outlined some vital points here to help Bitcoin investors keep their Bitcoin asset safe. We hear of Bitcoin scam very often, but the reason why many are scammed is because they don't adhere to these safety rules. When your wallet is connected to the Internet, what else do you expect. We exclaim that we have been attacked by scammers, but the truth remains, we don't do the needful to protect our own wallet or asset. When your information is offline, there is no way your wallet an be attacked from the Internet because there is no room for that. Furthermore, if you keep your wallet information away from online, also try to be secretive offline because you can be attacked from both ends of really you cannot be conservative to your investment.

[Issa56]

Earning Bitcoin is easy but how to manage and hold that Bitcoin safely is quite difficult.

Why did you say earning bitcoin is easy? Is there any way which bitcoin can be earn? What I know is that people do make use of their money to buy bitcoin, which am not going to say it’s easy, because they are using their own money to invest, and maybe when you work for someone, then you are going to be paid. If you are investing in bitcoin, then you should make sure that you already know how to manage your bitcoin, you should know things which will be put in place to properly protect your bitcoin.

[BitMaxz]

You have outlined some vital points here to help Bitcoin investors keep their Bitcoin asset safe. We hear of Bitcoin scam very often, but the reason why many are scammed is because they don't adhere to these safety rules. When your wallet is connected to the Internet, what else do you expect. We exclaim that we have been attacked by scammers, but the truth remains, we don't do the needful to protect our own wallet or asset. When your information is offline, there is no way your wallet an be attacked from the Internet because there is no room for that. Furthermore, if you keep your wallet information away from online, also try to be secretive offline because you can be attacked from both ends of really you cannot be conservative to your investment.

Well, what I share is not different from what big players and exchanges do to protect their massive amount of assets. Doing the same thing will protect you from any attacks online.

Before, my way of protecting my BTC was to use only a traditional wallet like Electrum with AV, but nowadays it is different since hackers are also adapting and developing. That is why I also adapt to how to protect my wallet. The first one is the cold storage, which, for me, is a must because you already remove hackers to reach your wallet online but not from a physical attack. To improve your security against any physical attack, a multisig is a must; the one should always be in your hands. At least if they possess your wallet physically, they can't make any transaction without the other signature, and the passphrase also helps to protect your wallet from seed brute-force attacks, so even if they had the backup seed phrase, they can't find where your funds is.

All that I share is a huge security wall that can't be easily broken unless the whole Bitcoin system is being hacked.

[Peanutswar]

It seems you used to much elaborative words.  

Basically, if you wanted to protect your bitcoin having a bitcoin wallet is a must.. a wallet that you have your own keys which is i mean non-custodial wallets, and not those wallets in the exchange or custodial wallets you have limit access, now if you wanted to protect your funds it's a must you must need to secure your devices such as having a good AV and a license softwares add with this is common human error do not clicking random links from unknown people and resources. Also having a backup with your seed is a must.

Try to visit the links recommended by the other members just only a reminder from me.

[Baki202]

Those that understand the important of bitcoin they will definitely involve long term holding in their bitcoin because it will make them to see reasons to continue holding bitcoin until the price of their choice appear in the market, I know is not easy for newbies to manage themselves for the price of bitcoin to increase higher but for those that will endure in the bearish season and continue holding for the bullish season to flow it will make such group of investors to like bitcoin more than other cryptocurrencies because there is a big reward for those that will sell in the bullish market.

And people are still becoming more and more interested in the whole Bitcoin idea every day, and if you are holding for a very long time, it means you have the potential to want to make money in the future, and people are looking for ways to put their money into good use and for those looking for ways to beat inflation and for you to make profit, you will have to be ready to hold for a long time, and that is how it is and for you to sell, you will have to make profit.

And that is why it is always estimated for everyone to hold for at least not less than 5 years, because with does period that you holding it will definitely become bullish but most people are not even patient enough.

[uchegod-21]

Those that understand the important of bitcoin they will definitely involve long term holding in their bitcoin because it will make them to see reasons to continue holding bitcoin until the price of their choice appear in the market, I know is not easy for newbies to manage themselves for the price of bitcoin to increase higher but for those that will endure in the bearish season and continue holding for the bullish season to flow it will make such group of investors to like bitcoin more than other cryptocurrencies because there is a big reward for those that will sell in the bullish market.

And people are still becoming more and more interested in the whole Bitcoin idea every day, and if you are holding for a very long time, it means you have the potential to want to make money in the future, and people are looking for ways to put their money into good use and for those looking for ways to beat inflation and for you to make profit, you will have to be ready to hold for a long time, and that is how it is and for you to sell, you will have to make profit.

And that is why it is always estimated for everyone to hold for at least not less than 5 years, because with does period that you holding it will definitely become bullish but most people are not even patient enough.

Just hodling for long term might somehow be considered misleading for some people. I just realised that some newbie investors do not understand the idea behind hodling for long term. It is best to always add that, while they are hodling for long term, they should also have a clear exit plan. A long term exit plan will help them stay disciplined and also help them sell at the right time without missing any opportunity. Simply telling beginners to hodl for long term does not work for all beginners.

[dzungmobile]

Just hodling for long term might somehow be considered misleading for some people. I just realised that some newbie investors do not understand the idea behind hodling for long term. It is best to always add that, while they are hodling for long term, they should also have a clear exit plan. A long term exit plan will help them stay disciplined and also help them sell at the right time without missing any opportunity. Simply telling beginners to hodl for long term does not work for all beginners.

It's big wrong mindset of newbies and it's also big challenge for most of newbies because with them, investing likely sounds easy and interesting but holding is a truly huge challenge. They start with thinking like Bitcoin is a good investment asset and already helped many people becoming millionaires or billionaires, they also think that Bitcoin gives them a get rich quick opportunity.

This wrong thinking and mindset challenges them to hold their bitcoins, so they mostly change from initial investment plan to trading, and we all know that with trading, most traders lose money. Bitcoin traders mostly lose their bitcoin by trading over time, and newbies experience it, then learn hard costly lessons.

[SPIDERMAN008]

Earning Bitcoin is easy but how to manage and hold that Bitcoin safely is quite difficult.

Why did you say earning bitcoin is easy? Is there any way which bitcoin can be earn? What I know is that people do make use of their money to buy bitcoin, which am not going to say it’s easy, because they are using their own money to invest, and maybe when you work for someone, then you are going to be paid. If you are investing in bitcoin, then you should make sure that you already know how to manage your bitcoin, you should know things which will be put in place to properly protect your bitcoin.

I agree with you. Actually earning bitcoin is not that easy at the moment. Now there are two ways to earn bitcoin. One is that if you do something or exchange something the transaction will be completed directly through bitcoin. The other is to make your own income and buy bitcoin with that money. And we all know that if you hold bitcoin bitcoin does not increase. But if you hold bitcoin, then if the price of bitcoin increases, then we become profitable. And this is why you should have a proper idea about all the things to invest in bitcoin.

The things you have talked about to know are really important. In the beginning  many people do not give much importance to getting an idea about these things. But in the case of investment any small wrong decision can cause a lot of damage. Because when a person invests in bitcoin with his hard earned income thinking of profit or with the plan that it will be a big asset in the future then if he does not get profit accordingly, then it is really sad for that person.

And this is why before investing in any sector one should get a proper idea about that asset. And what kind of risks there may be these things should also be known. Because if you invest in volatile assets like bitcoin without proper risk management you may suffer losses in the future due to decisions like forced selling or panic selling. And whoever invests in bitcoin should have the intention to hold it with a long term mindset.

[Tungbulu]

Just hodling for long term might somehow be considered misleading for some people. I just realised that some newbie investors do not understand the idea behind hodling for long term. It is best to always add that, while they are hodling for long term, they should also have a clear exit plan. A long term exit plan will help them stay disciplined and also help them sell at the right time without missing any opportunity. Simply telling beginners to hodl for long term does not work for all beginners.

One thing about Investing in Bitcoin is that, you really don’t need to have everything figured out before getting started or even in the early stages of your investment. So even without necessarily having an exit plan in place, a beginner with the mindset to invest for the long term wouldn’t have any problems at all. I personally wouldn't advise beginner to think about anything other than balancing their overall finance and continuous accumulation, because that’s basically the most important things to consider especially for those in their building phase, every other thing can come later.

[Rockstarguy]

Investing in bitcoin is not always about how much you have, and it is not about how much you earn because you can still earn a lot but still find it difficult to invest in Bitcoin. The most important step to start investing in bitcoin is to first figure out how to manage your money.

By figuring out how to manage your money, you will know how much you want to invest in Bitcoin, how much will be left for expenses, and what will be set aside for savings. Bitcoin investment is all about planning, and if you don't plan well, it may be very difficult to start investing in bitcoin.

[Marvelockg]

Just hodling for long term might somehow be considered misleading for some people. I just realised that some newbie investors do not understand the idea behind hodling for long term. It is best to always add that, while they are hodling for long term, they should also have a clear exit plan. A long term exit plan will help them stay disciplined and also help them sell at the right time without missing any opportunity. Simply telling beginners to hodl for long term does not work for all beginners.

It's big wrong mindset of newbies and it's also big challenge for most of newbies because with them, investing likely sounds easy and interesting but holding is a truly huge challenge. They start with thinking like Bitcoin is a good investment asset and already helped many people becoming millionaires or billionaires, they also think that Bitcoin gives them a get rich quick opportunity.

If you took your time to buy all your bitcoin, then it would not be a major challenge managing it because you must have known the worth of your asset. management is supposed to be a big deal only when your got your bitcoin on a platter of Gold. but because building a bitcoin stack takes a lot of discipline, i can even conclude that any investor that is able to build his bitcoin stack will be able to manage it effectively.

[boyptc]

It's big wrong mindset of newbies and it's also big challenge for most of newbies because with them, investing likely sounds easy and interesting but holding is a truly huge challenge. They start with thinking like Bitcoin is a good investment asset and already helped many people becoming millionaires or billionaires, they also think that Bitcoin gives them a get rich quick opportunity.

Aside from the thoughts of having bitcoin as a get rich quick scheme, I think that many newbies are also updated with the news and current events.

And so it adds to their worry about the wallets which one they should use when hardware wallets are being exploited, tampered and data leak of its customers.

While the first thought of many of them that keeping it to a custodial wallet like the exchanges will give them more peace of mind which we know is the opposite.

It presses them that causes anxiety right now because they're only relying to these custodial services without researching first which is the better way to store their bitcoins.

[Ojima-ojo]

It's big wrong mindset of newbies and it's also big challenge for most of newbies because with them, investing likely sounds easy and interesting but holding is a truly huge challenge. They start with thinking like Bitcoin is a good investment asset and already helped many people becoming millionaires or billionaires, they also think that Bitcoin gives them a get rich quick opportunity.

Aside from the thoughts of having bitcoin as a get rich quick scheme, I think that many newbies are also updated with the news and current events.

And so it adds to their worry about the wallets which one they should use when hardware wallets are being exploited, tampered and data leak of its customers.

While the first thought of many of them that keeping it to a custodial wallet like the exchanges will give them more peace of mind which we know is the opposite.

It presses them that causes anxiety right now because they're only relying to these custodial services without researching first which is the better way to store their bitcoins.

One thing with knowledge is that, it exposes you to more vulnerability and informations that keeps you restless until you make your stand as for what you allow into your space as a person as an investor too.


The cryptocurrency market is open to alot of attacks and uncertainty of event's and sometimes a newbie could be confused as for which direction or step to take to remain as safe zone in their investment, this is the most important for any investor in other not to make the wrong choice, anxiety and pressure only build up when there is lack of adequate knowledge of the market.

[boyptc]

~snip~

One thing with knowledge is that, it exposes you to more vulnerability and informations that keeps you restless until you make your stand as for what you allow into your space as a person as an investor too.


The cryptocurrency market is open to alot of attacks and uncertainty of event's and sometimes a newbie could be confused as for which direction or step to take to remain as safe zone in their investment, this is the most important for any investor in other not to make the wrong choice, anxiety and pressure only build up when there is lack of adequate knowledge of the market.

That's also true, it makes you more aware but those information you've got will make you tireless and think more of what's the better thing to do.

But at least, you've got an idea on how you protect yourself yet that's also going to cause you to so much to stress. I do think that you can manage that after.

Because the more important part is what you'll do in order for you to avoid those threats. One who's just chill right now and no awareness is prone to these threats than someone who nonstop think of how to protect himself.

[BlackBoss_]

That's also true, it makes you more aware but those information you've got will make you tireless and think more of what's the better thing to do.

But at least, you've got an idea on how you protect yourself yet that's also going to cause you to so much to stress. I do think that you can manage that after.

Because the more important part is what you'll do in order for you to avoid those threats. One who's just chill right now and no awareness is prone to these threats than someone who nonstop think of how to protect himself.

Threats both online and offline basically don't change too much with time because scammers usually use very common scam methods and techniques. If people are careful, and well minded, they won't be scammed too easily. If they are more careful, and proactively learn about scams, they will prepare their knowledge and necessary skills for realizing scams and avoiding scams for themselves.

[General] Crypto scams, attacks and malware
Cryptocurrency scambook.

People also need to learn about security and privacy.
https://www.lopp.net/bitcoin-information/security.html
https://www.lopp.net/bitcoin-information/privacy.html

[Fuso.hp]

If you can manage your money properly, you will be able to make the right Bitcoin-related decisions. For example, if you want to be an investor, then first you need to determine from what money you will buy Bitcoin. In this case, if your plan is that you will invest with a part of your income, then you will need to plan a little differently. For example, first you need to be sure about how much money you spend every month to meet all your needs. The amount of money that is spent every month will be deducted from your total salary and the amount that remains will always be invested with that remaining amount. However, if you continue investing with a relatively small amount in the beginning and gradually increase the investment amount considering your position, then I think it will be better for you. So I would say there is nothing to be disappointed here, be patient and do your work according to the plan and you will see that your dream of investing in Bitcoin is also being fulfilled quite well.

[boyptc]

That's also true, it makes you more aware but those information you've got will make you tireless and think more of what's the better thing to do.

But at least, you've got an idea on how you protect yourself yet that's also going to cause you to so much to stress. I do think that you can manage that after.

Because the more important part is what you'll do in order for you to avoid those threats. One who's just chill right now and no awareness is prone to these threats than someone who nonstop think of how to protect himself.

Threats both online and offline basically don't change too much with time because scammers usually use very common scam methods and techniques. If people are careful, and well minded, they won't be scammed too easily. If they are more careful, and proactively learn about scams, they will prepare their knowledge and necessary skills for realizing scams and avoiding scams for themselves.

[General] Crypto scams, attacks and malware
Cryptocurrency scambook.

People also need to learn about security and privacy.
https://www.lopp.net/bitcoin-information/security.html
https://www.lopp.net/bitcoin-information/privacy.html

I agree, they don't change that much but they also reinvent and become more clever with their scamming methods.

So if someone isn't aware and updated with those new methods they do, they're likely to fall for it. And by how they're going to be more careful is by engaging to topics, articles, news and current events that are in relation to cryptocurrencies and finance.

Just as you have linked it, it's basically important to include these days about cybersecurity awareness.