What Do I Do With My Bitcoin?

jennifergolden (25)in #newbie • 7 years ago

Newbie needs help! I just literally joined Coinbase last week and bought some BTC and now have learned about SegWit. My BTC is poised to arrive this week in my Coinbase account and I am not really sure what I am to do? Just leave it there, or transfer to Poloniex or get it onto a paper wallet...

Please advise me on how to keep my BTC safe or what I ought to do the moment I get it this week before the first.

Thanks!

#bitcoin #coinbase #cryptocurrency #segwit

7 years ago in #newbie by jennifergolden (25)

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portroyalpress (43) 7 years ago (edited)

After making some mistakes with my first seed of BTC, I'll suggest that you find a legitimate mining operation (one that produces hashes and can be seen on blockchain.info) and put your coins there.

Second option would be to lend your coins to people for a return. Some places pay out in USD, others in BTC. You want a service that will pay you in BTC. I would ask around for this one, and a good place is either here on Steemit or bitcointalk.org.

My third suggestion would be ICOs. This requires more homework, and general knowledge of blockchain technology so that you can gauge what it is people are trying to bring to the table. It also helps to try products to inform your investing; not all btc/visa/debit cards are the same, for example (this is one of those times where you actually want to read the Terms of Use/Service very carefully). Nor are all wallets. It would help to do some homework in this regard also. Do you want access from your phone? Do you want access from the web? Do you want access from your desktop only? Do you want it entirely offline? There is a wallet that will answer some or all of those with a Yes, but they all have one drawback or another.

Last would be to trade. This requires homework too, but don't think you have to know all the acronyms and charts and theories and whatever. It's a lot of intiution combined with pattern recognition and insight into news/public opinion. When you trade you're mostly reading the sentiment of the people, as that has the strongest effect on price. If you know something ahead of time (catching a blog post an hour after release, for example) you can position yourself to be selling once "the rest" know about it and demand has gone up. This isn't an easy game, however, and I would put the least amount of your coins here as it's the most volatile.

Mining is rather safe (don't get scammed, don't GPU mine either), so is lending. If you have an eye for value, so is investing in ICOs and then either holding/selling their tokens once it hits an exchange. Most people take advantage of the bonuses during an ICO, sell some/all the moment it hits the exchanges, and then buy them back when the price is low if they actually believe in the thing. If you look at the charts of coins within their first week of being on an exchange, it's the same pattern, every time.

I would strongly advise against a: letting your coins sit and do nothing, b: high yield investment programs (HYIPs - stay away), and c: worrying too much about the current price of BTC. Now that you're on the train of an appreciating asset, all that matters is acquiring more.

Don't "wait until it's low", just buy it, like a pay deduction to your actual retirement fund.

Unfortunately, with the possible forks on the horizon, I would keep your BTC offline -- just for now -- so that if forks do happen, then your coins duplicate onto those blockchains. If you have a taste for risk, put some on an exchange (I use Bittrex, personally) and try to multiply it -- then convert it back to BTC -- before those forks occur. I should note that many exchanges have disabled the deposit/withdrawal of BTC for now, but if you're buying from Coinbase, I would put it into any other non exchange wallet asap.

I'll also recommend tradingview.com, if you intend to speculate.

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