Post
Topic
Board Trading Discussion
Re: Worries: can anyone advise?
by
lovesybitz
on 16/08/2017, 06:12:27 UTC
I am interested in buying around $100k of Bitcoin.

Is the best way to buy in small quantities on an exchange?

I read that some banks won't let you transfer money to a BTC exchange, and worse, may close your account.

I worry that the exchange may fail and I would lose all my Bitcoin

I worry that Bitcoins anonymity is not going to work, after all, my bank will know that I transferred funds to a particular BTC exchange, or to a block chain account.

I worry that if I manage to get money into Bitcoin, I may have trouble getting it back due to financial regulations.

I worry that I will lose my Bitcoin wallet due to an Internet problem.

I worry that my Bitcoin will be lost if I die.

By the way I have no worries about price changes.  I can take the financial loss if there is one.

Please tell me if there are solutions to these problems.

I worry that the exchange may fail and I would lose all my Bitcoin
- You don't have to worry if you are going to use the exchange platform that are trusted and well established like Poloniex, bittrex, and bitcoinwisdom.

I worry that if I manage to get money into Bitcoin, I may have trouble getting it back due to financial regulations.
- No worries mate, like what I told you get a trusted exchange site then use it, aside from that download Electrum wallet where you can store your bitcoin, just make sure you will save the the seed word and password which you are going to create, its very safe wallet and secured.

I worry that I will lose my Bitcoin wallet due to an Internet problem.
- even your offline, your bitcoin balance in electrum if there is a balance will not be gone in that wallet. Unless, you forget your seed word and password it will be stuck there forever.

I worry that my Bitcoin will be lost if I die.
- of not, it may not be happen unless you tell someone your seed word, private key, or password. But if not, its just there storage in your wallet.