Quote from: Samlucky O on Today at 03:59:20 PM

Quote from: Ambatman on July 18, 2024, 02:10:21 PM

Quote from: rachael9385 on July 18, 2024, 12:40:27 PM

Well, your points are not actually bad but the most important knowledge that a new Bitcoin investor needs before applying security to his holdings is how to buy. If an investor knows how to buy he can also know how to secure his Bitcoin, at that moment he believes that it is his asset because he exchanged his fiat for Bitcoin through p2p, at this first point when he has purchased Bitcoin he doesn't care if he has make profits or not, the next step is for him to send the Bitcoin to the wallet he will use for holding. Which means after buying, the other important step is sending.
As a newbie to Bitcoin investment, you also need to calculate the figures of Bitcoin you have, so that while sending from the exchange you bought Bitcoin from to the wallet that you will use for holding you can be able to figure out the fees for your transactions so that you will know the figures of Bitcoin that you will receive.

Not quite
In Engineering there's a saying in my side that before learning how to switch ON a machine learn how to switch it Off first
There are people, I mean lots of people that can buy and sell Bitcoin but few of the majority can really secure their holdings
Like we normally say if it ain't your keys, it ain't your coins.
What am saying is even if you can buy and sell Bitcoin with no prior knowledge on how to secure it
Good wallets to use among other security measures
It's the same as placing your money in an empty pockets
The importance of security is quite underrated
Personally I feel a newbie should learn about a secure wallet and method to implement
Before learning how to buy or sell.

For me I would say it is important to study about security measures before investing in Bitcoin, but it doesn't mean that one should apply for online or offline course to only study much about security measures and how to buy and sell bitcoin before starting to invest.

Samlucky O, you are contradicting yourself with your statement above because you said it is important to study about security measures before investing and immediately you are saying the opposite. Learning about security measures is far too complex for a new investor and he might get scared of getting started. A new investor only need to figure out how much of his discretionary income he will use to buy bitcoin consistently and persistently without stopping for a long period of time and open an exchange account.

Quote from: Samlucky O on Today at 03:59:20 PM

self custodial wallet like metamask, electrun wallet or truswallet.

Trust wallet is not good to store your bitcoin because it is closed source which means you are entrusting your bitcoin to a third-party. Electrum cold storage wallet and hardware wallets are good ones because they are airgapped wallet and only use open source hardware wallet.

Quote from: Samlucky O on Today at 03:59:20 PM

make sure you keep your 12 or 24 key pass phrase safe from people or avoid saving it in your mobile device to avoid hack, that's just all.

It is not called passphrase, it is called seed phrase. Seed phrase is the 12 words or 24 words that is given to you when you create your wallet to show that you are the owner of the wallet, and that is why you are advised to keep your seed phrase secret from the reach of anyone. Backing it up in three different locations far from each other is also important.

Passphrase is the additional words that is being added to a seed phrase by the owner of the wallet to strengthen the security of the wallet, and you don't write down both the seed phrase and passphrase together or keep them in the same place. So that whoever sees your seed phrase will not be able to have access to your wallet until he sees your passphrase making it difficult for anyone to steal your coins.

You see very complicated for a new investor to learn be getting started. This is why they need to get started immediately with their bitcoin accumulation and learn these other things as they are investing with time.