Can't argue with a single one of these, but I have a question - how do you not keep your bitcoin on an exchange? If you can direct me to where I can figure this out, I would really appreciate it.
Here's a little haiku you've inspired. @raj808 would say it's not really a haiku, but a suryu (I think).
don’t get in your way!
undo your fixation
on fixing yourself
A cold storage wallet is the answer. I really like the Nano Ledger X. If you buy one be sure to get it directly from the company and not a third party. There've been some reports of wallets from third party vendors being tampered with and compromised. Be sure to write down your recovery seed phrase if you get one and store that someplace safe.
Nice haiku and it's true! Self-improvement can become it's own addiction and can keep you from living fully in the present moment.
Thank for the advice. I've looked into Nano Ledger X (thanks to a post of yours) and it looks really interesting.
You're welcome! The Nano Ledger X is really the best out there. I have Trezors too and they work fine but the Nano is just more flexible (they hold more kinds of coins) and, I think, they're more secure. I like the fact that it works with bluetooth as well. It's nice to be able to check balances and send coins from your phone when you're away from your computer.
would you mind also telling me where to go to set up auto upvoting for my very busy weeks ahead?
I'm sorry but I've never done that. You may want to pose the question in a blog post. I'll be following too because that would be great to know how to do that.
Just found this
https://hive.vote/
Awesome, thanks!
Nano ledger X
is my hardware wallet choice -
stored in senyru 😂
Thanks for the correction! Yes I will have to look into this Nano Ledger X. It seems to be a very small device though. Perhaps a bit too easy to lose?
ha ha, yeah that is the only problem with Bitcoin/Crypto in general. Lose the key or device the key is stored on and you're screwed.
Although I think a ledger is pretty easy to secure. If you have millions $ of BTC then it can be put in a safety dpst box or safe. Other options are to buy a fire proof/water proof strong box and bury it somewhere. When you get a ledger and use it for the first time you create a seed phrase and that is actually what you need to keep safe. If someone steals the ledger, or you lose it, as long as you have the piece of paper with the seed phrase you can recover the crypto. So in truth it is important to keep that seed phrase stored on paper in a few secure locations.
Thank you rowan! So it looks like I order a device to get started. Do you recommend one? I doubt I'll be doing much trading, but ya never know.
I can only speak about the ledger nano X which I bought about a year ago. This is basically a hardware wallet that also has an app on your phone which shows how much crypto you have stored on the device.
This device has worked fine for me, and it is relatively easy to use. As I said before though, the most important thing to remember is that if you loose the seed phrase that is created when you first set up your bitcoin wallet you will loose the crypto. This is essentially what keeps the BTC (and other crypto if you store anything else on the device) safe and offline. It is basically a paper wallet connected to a device so that it's easier to transfer to and from exchanges.
See this video below which is the one I used to initially set up my BTC wallet on my ledger and transfer BTC to it. Hope all this helps 🙂
https://youtu.be/R0YWdw2AOCgTHIS IS GREAT!!!! Thanks!