Yoram
Elite Member
- Jun 2, 2021
- 1,722
- 761
So I've had a few thoughts about bitcoin that I'd like to share with you. They're possible solutions, security measurements and a thread about what I would do if I were to invest in bitcoin.
1. Secure storage of bitcoin
Do you have a lot of bitcoin and are you scared that it will get stolen? That makes sense. Nowadays there are virusses that steal wallet data, online accounts are being bruteforced and bitcoins are being hacked. But don't worry! There's a simple solution to this, this is as follows:
- Buy a smartphone you can afford
- Don't connect it to WiFi. Instead, buy 10 or 20 dollars credit and buy a 4G plan.
- Download wallet of satoshi, the most popular and safest wallet on the bitcoin lightning network.
- Store your bitcoins there. Keep your phone secured with a password and don't use fingerprints, USB cables or WiFi networks.
2. Early retirement/investments
So I've seen a lot of questions on the internet how much money you need for a retirement at young age, or people just wondering whether it's safe to invest in BTC. The answer is no, bitcoin is a very high volatility investment and you should probably only invest what you can and whether you can. Bitcoin is already at the moon, or so an old friend of mine said. Yes it has great future ROI opportunities, but it might crash, bitcoin's price is not an actual stock, it's a digital currency. You should be wary when investing, that being said you're better off investing in the top 10 or 20 cryptocurrencies listed on coinmarketcap.
However! There is something called a stablecoin. A good example of a coin that will stay at the $ mark is USD Tether. By buying this you're almost guaranteed of your money, so when you expect bitcoin is falling, or you'd like to launder money over time or something. Buy USDT. These exchanges are available at www.fixedfloat.com (not affiliated) for a percentage of 1%.
3. Mining BTC
Do it. The legal ones, of course. With current return of investments rates you can make your money back in about 200-300 days. That's a sick ROI if you think about it. I don't see why you would BTC and plan to hold it for longer than a year, while you could buy a mining rig and let it bring you the same BTC amount + even more in this timespan.
4. Don't invest in pump & dump coins
These are groups where a mass of people buys a low shitcoin, and sells it at an all time high. It is possible to profit from these but it is very difficult. The owner will always be the one profiting on these groups. If you're not closely related to, or the owner itself, you should not participate in groups where you buy a coin hoping for it to go up. These are influenced by people you may know, celebrities you may know, or even businesses/organizations that will promote this coin in a short timespan and they will be the one profiting off these, not you.
1. Secure storage of bitcoin
Do you have a lot of bitcoin and are you scared that it will get stolen? That makes sense. Nowadays there are virusses that steal wallet data, online accounts are being bruteforced and bitcoins are being hacked. But don't worry! There's a simple solution to this, this is as follows:
- Buy a smartphone you can afford
- Don't connect it to WiFi. Instead, buy 10 or 20 dollars credit and buy a 4G plan.
- Download wallet of satoshi, the most popular and safest wallet on the bitcoin lightning network.
- Store your bitcoins there. Keep your phone secured with a password and don't use fingerprints, USB cables or WiFi networks.
2. Early retirement/investments
So I've seen a lot of questions on the internet how much money you need for a retirement at young age, or people just wondering whether it's safe to invest in BTC. The answer is no, bitcoin is a very high volatility investment and you should probably only invest what you can and whether you can. Bitcoin is already at the moon, or so an old friend of mine said. Yes it has great future ROI opportunities, but it might crash, bitcoin's price is not an actual stock, it's a digital currency. You should be wary when investing, that being said you're better off investing in the top 10 or 20 cryptocurrencies listed on coinmarketcap.
However! There is something called a stablecoin. A good example of a coin that will stay at the $ mark is USD Tether. By buying this you're almost guaranteed of your money, so when you expect bitcoin is falling, or you'd like to launder money over time or something. Buy USDT. These exchanges are available at www.fixedfloat.com (not affiliated) for a percentage of 1%.
3. Mining BTC
Do it. The legal ones, of course. With current return of investments rates you can make your money back in about 200-300 days. That's a sick ROI if you think about it. I don't see why you would BTC and plan to hold it for longer than a year, while you could buy a mining rig and let it bring you the same BTC amount + even more in this timespan.
4. Don't invest in pump & dump coins
These are groups where a mass of people buys a low shitcoin, and sells it at an all time high. It is possible to profit from these but it is very difficult. The owner will always be the one profiting on these groups. If you're not closely related to, or the owner itself, you should not participate in groups where you buy a coin hoping for it to go up. These are influenced by people you may know, celebrities you may know, or even businesses/organizations that will promote this coin in a short timespan and they will be the one profiting off these, not you.
