Page 1 of 5
Posted: Fri Apr 05, 2019 11:04 pm
Can we discuss Bitcoin here? Do any of you have some?
I invested a while ago and took a shit kicking. I am HODL, but its still depressing. I was down about 2/3's of my initial investment.
I noticed this week it has bounced a bit and am doing slightly better. Fingers crossed.
Still a novice. I have not yet done anything to take it out of the exchange, and would like to secure it, but don't know anything about how to do that.
Posted: Fri Apr 05, 2019 11:34 pm
I got into it in a small way early last year and sold last Fall.
I never trusted the exchanges (Google: QuadrigaCX) so I kept mine in a digital bitcoin wallet, basically software such as Electrum which is what I used.
If you want more in depth info look at the 7 current best rated Bitcoin wallets of 2019 courtesy The Balance: https://www.thebalance.com/best-bitcoin-wallets-4160642
You can also get physical devices such as Trezor for added security and easy mobility.
There was an interview this week on CNBC where the person being interviewed claimed that the Fair Value (as measured against other new technologies) was about $14K. But who knows?
I like the idea of cutting out the banks and attendant wait times for transactions to clear, especially for international transactions and peer to peer transfers. Someone will figure out how to make this work securely but we certainly are not there yet.
At the present time bitcoin is not an investment but a gamble. I think the odds are greater than what you get at a casino but I wouldn't go whole hog back into it. I wouldn't even go half-hog at this point. Good luck. Hope this helps
Posted: Fri Apr 05, 2019 11:52 pm
I am leaning towards some kind of secure storage device. I imagine its like holding cash, in the sense that it is untraceable any other way? The problem with it, is also like cash under your pillow, it can be lost, burned, or stolen.
The wallets, can they be hacked? What happens if you lose your password?
Its slightly nerve-wracking to wrap your brain around it all.
Did you make anything before you got out? Mine was up nicely, but then I also bought more. Meh.
Posted: Sat Apr 06, 2019 12:15 am
As hardware wallets go, the Ledger Nano is highly regarded. Back up your private keys in a fire and waterproof safe for security and the chance of loss is almost non existent.
If you do want to keep it on an exchange (for easy airdrops or exchange) use Binance or Coinbase. At least you have some sort of insurance there.
If you want to use a software wallet on your computer there are many options, but they will only ever be as secure as your computer. Use a mac or Linux operating system for added security. Exodus is a recommended wallet with the option to store many different cryptos. But they don't support staking or airdrops yet.
Posted: Sat Apr 06, 2019 1:00 am
theres been millions of btc disappear into cyberspace never to be retrieved because the owners of the keys died & there wasnt a spare or duplicate key recorded anywhere
unless someone invents a way to crack the key code theyre going to remain forever trapped in someone wallet
if someone does crack a key code then they can do it to any other wallet
Posted: Sat Apr 06, 2019 1:19 am
markd wrote: ↑
Sat Apr 06, 2019 1:00 am
There's been millions of btc disappear into cyberspace never to be retrieved because the owners of the keys died & there wasn't a spare or duplicate key recorded anywhere unless someone invents a way to crack the key code they're going to remain forever trapped in someone wallet, if someone does crack a key code then they can do it to any other wallet
From what I understood, some of it was stored on old computers and lost when they crashed or were thrown away. At the time, perhaps they were not worth much, so the security was not as tight, and also perhaps people forgot or didn't even know it was there.
Posted: Sat Apr 06, 2019 6:43 am
There has also been millions stolen.
Posted: Sat Apr 06, 2019 7:18 am
Posted: Sat Apr 06, 2019 7:21 am
Posted: Sat Apr 06, 2019 9:02 am
i've still got 1/2 a coin.
purchased when it was under $300 so still OK
Should have sold when it hit $19,000 thou