5 ms·

With so many issues, how does one invest in Bitcoin safely?

by perseusprime11 9y ago

smacktoward 9y ago
Buy stocks of GPU manufacturers.
- noitsnot 9y ago
  AMD is very cheap. Morgan Stanley recently downgraded because they believe mining crypto will fade by 50% in 2018.
  - prewett 9y ago
    Considering AMD has lost increasingly large amounts of money every year since at least 2013, I'd say AMD is pretty expensive.
    - noitsnot 9y ago
      Fair enough. They will pull into the black in the 4th quarter if they hit estimates.
- tehlike 9y ago
  or options.
- kobeya 9y ago
  Relevance? Bitcoins aren’t mined on GPUs.
keypusher 9y ago
Buy on a trusted exchange (ie coinbase), move coins to your own private wallet.
sowbug 9y ago
Buy $1,000 worth from Coinbase, assuming you have $1,000 to lose. Move it immediately to a paper wallet. Store the paper safely and forget about it for five years.
- rlanday 9y ago
  What is “safe” about storing $1000 on a piece of paper that you “forget about for five years”?
  - Tepix 9y ago
    Just imagine it is some obscure paper currency that you put into your safe.
  - royroyroys 9y ago
    Paper should last longer in a firesafe than most digital devices and is quite a trustworthy device. Paper has an autoignition temperature of 450 degrees F, so a UL class 350 rated fire safe should keep your paper documents safe, but those temperatures might ruin digital storage devices.
  - deleted 9y ago
    [deleted]
- blhack 9y ago
  I agree with everything you're saying except the paper wallet. This insanity surrounding: "store your fortune on a piece of paper under you mattress/buried in your backyard/etc" has got to stop. Pay coinbase to do that for you.
  - Grangar 9y ago
    Not controlling your private keys is inherently unsafe. I have several copies of my (encrypted) paper wallet that I distributed among friends and family. If anything that's much safer.
  - sowbug 9y ago
dharma1 9y ago
Buy on Coinbase or Kraken, buy a Ledger cold wallet and move them there instead of keeping on the exchange
- perseusprime11 9y ago
  What is a ledger cold wallet?
  - dharma1 9y ago
    https://www.ledgerwallet.com https://www.ledgerwallet.com
- k3a 9y ago
  I recommend HW wallet like https://trezor.io https://trezor.io Trezor is well thought off, very secure way of storing digital currency. I have been using SW wallet but switched to Trezor recently and finally I feel my coins are safe.. Just make sure to chose a good pin and passphrase (I recommend setting up both). Ideally somehow compute or derive this pin/passphrase so that you never forget it. I mean generating a random pin is a very bad idea as you will almost surely forget it over time and you will lose the wallet.

With so many issues, how does one invest in Bitcoin safely?

smacktoward 9y ago

Buy stocks of GPU manufacturers.

noitsnot 9y ago
AMD is very cheap. Morgan Stanley recently downgraded because they believe mining crypto will fade by 50% in 2018.
- prewett 9y ago
  Considering AMD has lost increasingly large amounts of money every year since at least 2013, I'd say AMD is pretty expensive.
  - noitsnot 9y ago
    Fair enough. They will pull into the black in the 4th quarter if they hit estimates.
tehlike 9y ago
or options.
kobeya 9y ago
Relevance? Bitcoins aren’t mined on GPUs.

keypusher 9y ago

Buy on a trusted exchange (ie coinbase), move coins to your own private wallet.

sowbug 9y ago

Buy $1,000 worth from Coinbase, assuming you have $1,000 to lose. Move it immediately to a paper wallet. Store the paper safely and forget about it for five years.

rlanday 9y ago
What is “safe” about storing $1000 on a piece of paper that you “forget about for five years”?
- Tepix 9y ago
  Just imagine it is some obscure paper currency that you put into your safe.
- royroyroys 9y ago
  Paper should last longer in a firesafe than most digital devices and is quite a trustworthy device. Paper has an autoignition temperature of 450 degrees F, so a UL class 350 rated fire safe should keep your paper documents safe, but those temperatures might ruin digital storage devices.
- deleted 9y ago
  [deleted]
blhack 9y ago
I agree with everything you're saying except the paper wallet. This insanity surrounding: "store your fortune on a piece of paper under you mattress/buried in your backyard/etc" has got to stop. Pay coinbase to do that for you.
- Grangar 9y ago
  Not controlling your private keys is inherently unsafe. I have several copies of my (encrypted) paper wallet that I distributed among friends and family. If anything that's much safer.
- sowbug 9y ago

dharma1 9y ago

Buy on Coinbase or Kraken, buy a Ledger cold wallet and move them there instead of keeping on the exchange

perseusprime11 9y ago
What is a ledger cold wallet?
- dharma1 9y ago
  https://www.ledgerwallet.com https://www.ledgerwallet.com
k3a 9y ago
I recommend HW wallet like https://trezor.io https://trezor.io Trezor is well thought off, very secure way of storing digital currency. I have been using SW wallet but switched to Trezor recently and finally I feel my coins are safe.. Just make sure to chose a good pin and passphrase (I recommend setting up both). Ideally somehow compute or derive this pin/passphrase so that you never forget it. I mean generating a random pin is a very bad idea as you will almost surely forget it over time and you will lose the wallet.