New to Bitcoin…current thoughts and best practices

[Shock6050]

Hi all,

Definitely way off the general topic of bodybuilding so putting this here! I was looking for a recent discussion on this topic but didn’t really find much, so am just starting a new thread. Previously, I never got very into investing (aside from my retirement account with my work), but finally pulled the trigger on Bitcoin about 6 months ago. I’m not sure how much detail I can give about the app I used as well as the separate wallet I set up recently, but would be happy to share if this won’t be breaking rules.

My plan is for the long term so won’t be withdrawing much for quite awhile. I did a lot of research on best app sites and came across one that seems to be really good. They only will deal with Bitcoin (as they don’t put much stock and resources into other crypto). I am just moderately dipping my toes in by doing weekly automatic investments at an amount where I won’t really notice the money coming out, but enough that it will rack up fairly quickly over time. So far am up about 10% from the start. I’ve been reading that some experts expect the value to hit 100k (close to doubling current value) within a couple years which would be amazing.

Anyone else save and regularly invest in Bitcoin? Curious on everyone’s thoughts and best practices as I still consider myself very new in this game!

 

[JLee]

I mostly use Bitcoin ATM to buy. The fees vary from machine to machine so you got to be careful. I do this to maintain some privacy but am probably only fooling myself. I only invest in Bitcoin because it’s the only one that businesses accept. The main reason I mess around with crypto is because I want to be familiar with it. I do think paper currency will probably disappear in my lifetime.

 

[TG1]

Yep. Best to post what youre using cause many scams out there or exchanges and wallets that have scammed people in past but still running. They push alot of shills and fake accounts all over the web to get them going.

 

[Shock6050]

Using Swan Bitcoin. It’s backed by quite a few high profile guys. I went with a basic wallet that still has code that is to only be written down and it was also a recommendation by Swan though there were a few other options listed. This one seemed to be the best fit for me. I just added the wallet (Green) so I become familiar with how to transfer out of “cold” storage when needed. Otherwise I plan to just keep my setup as is. It makes sense to do regular recurring and fairly frequent investments to help balance out the ebbs and flows as it is certainly a gamble messing with crypto at least IMO!

Please advise if you know or have concerns with either, but particularly Swan as that’s where I plan to keep the investment more long term.

 

[TG1]

I’ve never even heard of “swan” Bitcoin and I’ve been involved in crypto since it was $90 per Bitcoin and only darknet marketplaces used them.

Don’t care about high profile people. John McAffee was a scammer who made millions knowingly pumping and dumping others and sending them to scam coins and businesses. McAffee was running out of money before that. His arrest was because of failing to report the income for taxes on what he did. They couldn’t get him for manipulation of the market because no regulations. They took him down with taxes tho.

The founder of litecoin waited till at an all time high and sold out all his litecoin right before a crash causing it all go to shit. Founder of Monero screwed his people recently too and kicked out of the project. High profile doesn’t mean shit in crypto world.

Ledger devices are crap. They have lost a lot over the years with people.

Most important with anything is it’s open source and non custodial. Write keys down and save them.

Green wallet is good, mycelium for android is good. Coinomi is good.

A wallet is only where the keys are stored for you to access it. Anyone that can access those keys gets your money. custodial wallets and exchanges can freeze your funds at any time.

The US govt secretly has a Bitcoin wallet database and keys to them if they need to freeze or steal them. This is why I’ve always said people need to move to other currency like monero that’s not traceable and they don’t focus on.

Use whatever exchange you need too so that you can purchase, move off chain and save.

 

[Shock6050]

Very good points and appreciate all the comments. I should clarify that I didn’t choose swan solely because of gurus that support it, but more importantly was that I know a few people that have been dealing with Bitcoin much longer than me that use it. Thanks again!

 

[roid1000]

I would advise to be careful because Bitcoin is very volatile. For example, in March of 2020 the price of Bitcoin went from 10k to 3k within the matter of weeks because the stock market also crashed. Just make sure you’re watching it carefully. In regards to using it as a payment method, I believe it is very useful in that sense.

 

[Shock6050]

Right, though I’m no expert, I wouldn’t recommend the short term accumulation but rather treat it as a long term investment, as over the years the value continues to rebound after a decline to higher and higher values.

The exception as you mentioned would be immediate purchase for payment (assuming price didn’t just dramatically increase).

 

[roid1000]

I think that’s a good strategy. If you want to do that. I would recommend looking into Defi dapps that allow you to get a passive yield on your crpyto assets usually between 5-10% depending on whether it’s stablecoins or Bitcoin, ethereum.

 

[Dirtnasty]

That’s alexaftly how I use it

 

[Shock6050]

Yeah and the nice thing with automatic recurring investments drops weekly, I don’t have to constantly think about it. Probably most importantly not psych myself out when prices dramatically change. Though I check it weekly I could go a few weeks and not worry about it. Like I said this is a long term investment for me (15-20 years).

Right now the bulk is in a “trust” rather than in my wallet. It’s pretty secure I think in there but definitely think in the wallet where only I can access it may be best. I’ll just need to write my keys down in a couple places and store them n a safe, as if I loose those I won’t be able to access my stash! Just added the wallet and did a test run and everything went smooth with a small transfer.