- This topic has 5 replies, 2 voices, and was last updated 3 months, 1 week ago by Amber_Sam.
- Wednesday, June 22nd, 2022 at 11:01 #316233Kalan420Participant
Hello, if been browsing this and other community’s silently for years. I know I missed out muuuuch, been interested in this since 2016. But circumstances in life are not always the best, but now I think it’s the time!
What advices would you give someone who wants to start stacking with an intention to keep it all for years?
what sites do you recommend?
what are your experiences?
is a cold useful, if yes – which?
The ABCs to never forget?
And so on
Thanks in advance! 🙂Wednesday, June 22nd, 2022 at 11:05 #316236pink_raya
get an open source hardware wallet right at the beginning, let’s you skip a lot of unnecessary researchWednesday, June 22nd, 2022 at 11:28 #316237trentw24
Buy on Strike and send directly to a cold wallet.Wednesday, June 22nd, 2022 at 11:56 #316234benditbackwards
Check out the Resources section of this sub-reddit lots of helpful reading, remember most important thing when dealing with YOUR money, DO YOUR OWN RESEARCH
If you depend on the advice of others you will get scammed!
One more thing, Bitcoin is NOT a get rich quick scheme, Bitcoin is get rich SLOW
If you are looking for a quick flip try your luck at the casino or any of the other shit coins they both have equal chance of you losing your money.Wednesday, June 22nd, 2022 at 11:58 #316235castorfromtheva
Actually it’s quite simple:
– DCA into bitcoin on regular basis (e. g. $25 per week or anything you can afford, regardless of the current price).
– Don’t put in more than you can afford to lose.
– Stay far away from altcoins, you’ll lose money.
– Don’t try to time the market by trading bitcoin, you’ll lose money.
– Get familiar with using a hardware wallet like Coldcard, Trezor, Bitbox2 or Keystone.
– Never store you funds on exchanges, but move them to the said hardware wallet.
– Get familiar with the passphrase (“25th word”) feature and setup it up once you got how it works.
– Accumulate and hodl for at least 5 years, 10 years still better.
– Learn about bitcoin as much as you can, starting at [Jameson Lopp’s great website about Bitcoin](https://www.lopp.net/bitcoin-information.html).
– Don’t tell anyone about the amount you hodl.
– Always stick to the virtues that bitcoin teaches, namely modesty and patience.
– Enjoy the rollercoaster.Wednesday, June 22nd, 2022 at 12:16 #316238Amber_Sam
>The ABCs to never forget?
Don’t listen crypto influencers, please. Most of them get paid to promote shitcoins.
Invest in your knowledge, learn about Bitcoin as much as you can. The Bitcoin Standard is a must read.
Also, **don’t reply any DMs**, promising to buy Bitcoin from them or get rich quick and read this short guide, please:
Congrats on the move, it’s never too late. ONLY INVEST MONEY YOU CAN AFFORD TO LOSE.
Price wise, nobody knows what the price will be tomorrow, nor next week. Statistically, it’s less than four years from now. Anyone who bought Bitcoin at any point in the past and held it for 4+ years is in profit.
**Try “Bitcoin ONLY” strategy for at least first year**, you’ll sleep much better. Newcomers lose so much money, holding garbage tokens just because someone on YT told them to.
Going DCA is probably the best approach, IMHO.
Bitcoin to me, is a savings account. If I have some spare cash, I exchange it for SATs. Once a week works best for me, but I’m getting paid weekly. If there’s a 10% drop in the price since my last buy, I usually double my buy. This [DCA calculator](https://dcabtc.com/) might help to decide what will work best for you. In a few years, even $10 dollars a month can make a massive difference.
Now, don’t buy a fake Bitcoin at etoro or similar, get the real thing. Register at a proper exchange and buy real Bitcoin. Any of these will do [https://bitcoin-only.com/get-bitcoin](https://bitcoin-only.com/get-bitcoin)
Install (or buy – in case you’re getting Bitcoin in Thousands of $) one or more of these wallets.
A few good wallet choices:
[https://blockstream.com/green/](https://blockstream.com/green/) – Top Security Features, Open Source and Non-Custodial
[https://bluewallet.io](https://bluewallet.io/) – excellent, easy to use wallet, Open Source and Non-Custodial (although, Lightning is custodial!)
[https://www.wasabiwallet.io/](https://www.wasabiwallet.io/) – Excellent privacy, Open Source and Non-Custodial
[https://electrum.org](https://electrum.org/) – Solid choice, Open Source and Non-Custodial, one of the oldest and most trusted Bitcoin Wallets.
Lightning wallets to consider (cheaper and faster transactions, great for very small amounts):
[https://phoenix.acinq.co/](https://phoenix.acinq.co/) – Phoenix
[https://breez.technology](https://breez.technology/) – Breez – excellent POS for small business owners as well as integrated Bitrefill or LN Pizza
[https://muun.com/](https://muun.com/) – Muun, simple and elegant LN wallet
Hardware Wallets (to store larger amounts):
[https://trezor.io/](https://trezor.io/) – Easy to use, no matter how new in Bitcoin you’re.
[https://coldcardwallet.com/](https://coldcardwallet.com/) – ColdCaard is currently the safest and most recommended here.
There’s also Ledger, but I wouldn’t recommend as not fully open source, keep and already leaked customers’ details, etc. Whatever wallet you’ll decide to buy, purchase DIRECTLY from the manufacturer, no eBay, no Amazon.
Make sure the device is NOT preset, and you will generate your own seed words. Write them down on any piece of paper as well as the receiving address. Now wipe the wallet and generate a new wallet. If the seed words are different than the first set, you’re safe to use it.
Find an option to set a passphrase and use it. This will boost the security to another level. Never store the seed words and passphrase together. Use a different medium if possible. If somebody finds both, they’ll be able to steal your coin.
This little device will hold the keys to your money, that’s the reason why you have to be a bit more careful. Also, no worries, if it breaks, you can replace it – as long as you keep your seed words and passphrase(s) safe.
Welcome to the rabbit hole and don’t hesitate to ask if you have any questions anytime during your Bitcoin journey.
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