Recently moved to BTC from PayPal.

Any tips on what to do, and what not to do? Totally new to this, and I'm trying to make some money, not lose it.

05-12-2018, 12:08 PM

Corrupted Wrote: Any tips on what to do, and what not to do? Totally new to this, and I'm trying to make some money, not lose it.

Awesome!

These tips are all focused on the second part (not losing it):

• Don't give out your private key
  
• Don't lose your private key
  
• Triple-check addresses before sending any money, and use copy&paste or QR codes wherever possible rather than typing it out (doublecheck the currency too, as there's lots of similarly named coins and some share wallet address formats)
  
• Don't delete old wallets/addresses you're not using anymore in case someone you gave the address to a while back sends money unexpectedly
  
• Enable 2-factor authentication on any exchanges/etc. you use
  
• Keep any bitcoin you're not planning on using imminently in a paper wallet (don't keep it stored on exchanges as they're targets for hackers.. MtGox & Coincheck both had ~$500mil stolen)
  
• Generate your paper wallet address using a computer that isn't hooked up to the internet.. keep wallet backups in a safety deposit box or something
  
• Don't fall for any of the scams.. there's an absolute shitload of Ponzi schemes, etc. which claim to give you a large return in a short amount of time.. they're essentially all scams.
  

I'd keep PayPal as well since there's a lot of people/companies/etc. who still don't use/accept BTC.

Good luck! :money: :money: :money:

05-12-2018, 12:48 PM

Bassdrop Wrote: Awesome!

These tips are all focused on the second part (not losing it):

• Don't give out your private key
  
• Don't lose your private key
  
• Triple-check addresses before sending any money, and use copy&paste or QR codes wherever possible rather than typing it out (doublecheck the currency too, as there's lots of similarly named coins and some share wallet address formats)
  
• Don't delete old wallets/addresses you're not using anymore in case someone you gave the address to a while back sends money unexpectedly
  
• Enable 2-factor authentication on any exchanges/etc. you use
  
• Keep any bitcoin you're not planning on using imminently in a paper wallet (don't keep it stored on exchanges as they're targets for hackers.. MtGox & Coincheck both had ~$500mil stolen)
  
• Generate your paper wallet address using a computer that isn't hooked up to the internet.. keep wallet backups in a safety deposit box or something
  
• Don't fall for any of the scams.. there's an absolute shitload of Ponzi schemes, etc. which claim to give you a large return in a short amount of time.. they're essentially all scams.
  

I'd keep PayPal as well since there's a lot of people/companies/etc. who still don't use/accept BTC.

Good luck! :money: :money: :money:

Thanks for your feedback! I'll try to keep all of these in mind so I don't lose any money.

05-12-2018, 12:48 PM

Bassdrop Wrote: Awesome!

These tips are all focused on the second part (not losing it):

• Don't give out your private key
  
• Don't lose your private key
  
• Triple-check addresses before sending any money, and use copy&paste or QR codes wherever possible rather than typing it out (doublecheck the currency too, as there's lots of similarly named coins and some share wallet address formats)
  
• Don't delete old wallets/addresses you're not using anymore in case someone you gave the address to a while back sends money unexpectedly
  
• Enable 2-factor authentication on any exchanges/etc. you use
  
• Keep any bitcoin you're not planning on using imminently in a paper wallet (don't keep it stored on exchanges as they're targets for hackers.. MtGox & Coincheck both had ~$500mil stolen)
  
• Generate your paper wallet address using a computer that isn't hooked up to the internet.. keep wallet backups in a safety deposit box or something
  
• Don't fall for any of the scams.. there's an absolute shitload of Ponzi schemes, etc. which claim to give you a large return in a short amount of time.. they're essentially all scams.
  

I'd keep PayPal as well since there's a lot of people/companies/etc. who still don't use/accept BTC.

Good luck! :money: :money: :money:

Thank you for these awesome tips. I too just moved to Bitcoin recently. i hope that I am too late

05-12-2018, 12:08 PM

Corrupted Wrote: Any tips on what to do, and what not to do? Totally new to this, and I'm trying to make some money, not lose it.

Invets in btc lol

13-12-2018, 03:08 AM

bitadys Wrote: Invets in btc lol

How do you "invets"? Just kidding, but isn't the total going down or something, why would I want to do that?

13-12-2018, 04:07 PM

Corrupted Wrote: How do you "invets"? Just kidding, but isn't the total going down or something, why would I want to do that?

Yeah it recently went down, it's not very good idea to invest in it right now. It might go down to $2000

ALWAYS SAVE AND NEVER LOOSE YOUR PRIVATE KEY. Even if you loose a wallet, you can recover your bitcoins by importing the bitcoin address with your private key to a new wallet.

Also watch out for fake bitcoin mixers!

Any tips on what to do, and what not to do? Totally new to this, and I'm trying to make some money, not lose it. xD aaa