A few questions about bitcoin

[Brunolem]

Is it possible to SAFELY manage (buy, sell, hold, use) bitcoins from a mobile phone?

 

If so, which platform would you recommend for making the transactions (I am based in Thailand, although I don't know if that matters or not).

 

Thanks for your input.

[uli65]

Why you want use your mobile?

open an account in Bitkub exchange with verification and buy bitcoin.

I use this account long time without any problems. 

[RichCor]

A cautionary tail: (or someone who didn't do any due diligence)

 

Podcast host loses 7 years of Bitcoin savings in a single mistake
Entrepreneur Eric Savics had been saving up Bitcoin for seven years. He lost his entire $113,000 stash in twenty minutes

By Tim Copeland | 2 min read | Jun 12, 2020

 

"downloaded a malicious app from the Google Chrome store, he lost all of it."

[HTC]

I buy crypto currency on Coinbase.

 

I then transfer it to a hardware wallet.

 

Trading, staking and investments done on Binance.

 

Profits, if any :-), moved back to the hardware wallet.

 

All done on a mobile device.

 

Please take the time to read and watch tutorials online to understand it all before putting any money in. Especially the aspect of keeping your currency secure and away from hackers and phishing.

[fdsa]

you can not do anything SAFELY using a smart phone, as it sends all the information it can gather to:

- google,

- chinese communist party,

- KGB (if you use Telegram or Viber),

- ukrainian and indian outsource developers of all those dozens of apps you've installed

 

if you want to do something SOMEWHAT SAFELY with a smart phone you'll have to tweak it heavily.

first of all - buy a separate phone, choose from this list: https://wiki.lineageos.org/devices/

then install the Lineageos without installing google apps, or any other apps at all.

then install whatever wallet application you like, and this must be the only app residing on this phone.

 

as for the second question - I don't know any trusted Thai exchange, always been using localbitcoins.com here.

for holding and using coins - try electrum https://electrum.org/#download

[whitewolfchefny]

First Let Me Say, The Poster Who States That Nothing Can Be Done Via Your Smartphone Is 100% Wrong. 
Agreeing With The Poster Who AdVised Doing Your Due Diligence Before Making Any Investment In Cryptocurrency. When You Do Find An Investment Vehicle Only Invest What You Can Afford To Possibly 100% Lose. 
I Have Been Involved With BTC Since 2010. I Do Not Use Any Hardware Wallets. These Are Easily Compromised Anytime You Connect To Buy Or Sell Your Holdings. I Find It Much Easier To Invest Through A Bonafide Insured Custodian. Even Though Any Crypto (Hard Asset) Not Options Or Futures Contracts Are Not FDIC Insured You Will Still Be Covered Through The Firms Separate Insurance. Anyway Bottom Line I Use Robinhood (Zero Tx Fees) Both On My PC & Smartphone. Not Sure If You Can Enroll While Here In Asia Or Not. 
also FYI Coinbase Has Had What Would Be Called Numerous Outages During Heavy Volume. Exactly When You Don’t Want Them. 
 

Good Luck. 
Feel Free To Reach Out Anytime. 
G. 

[matador007]

Backup your seed, and in the event your phone ends up in a Klong, you can recover your Bitcoin or any other coin you choose.

One seed/backup phrase per each "Coin".

I like Edge & Coinomi Wallets for mobile.

[Antiparovian]

Invest in a Bitcoin tracker fund. Simple.

 

[tpkhk]

1) Reddit has good info - the Bitcoin Sub and r/bitcoinbeginners sub.  Some of the discussions on wallets, seed security etc are universal.  I'd recommend a hardware wallet (Ledger or Trezor), but if you dont want to spend the money, a mobile wallet is good too.  Pick one that is non-custodial (the developer/central entity doesnt have custody of your coins).  If iOS, Blockstream Green maybe worth considering.  Others reviewed at walletscrutiny.com

 

2) Thailand has a couple of good exchanges - if buying/selling in THB is important.  If you are from a country where there are good exchanges/regulatory environment  - consider that too.  Kraken is a good exchange that serves a number of countries... and ranks high on volume / liquidity and security.

 

3) Whichever exchange you buy from, follow a practice of withdrawing regularly.

 

All the best,

[Peterphuket]

To be honestly, I like it so too, to buy crypto currency, once I was in HK I bought a small amount Ethereum through an ATM overthere.

Back in Thailand I bought an Ledger Nano S to put the currency on that device, maybe I'm to old but until today it is not possible to transfer this to the hard wallet.

[phycokiller]

I would always store offline because why not?

[Jack Hna]

Read about a lot of dev with snark which will change crypto forever. Seems like this is going to be extremely mobile friendly in the near future but who will get there first out of the old and new players is the only question we need to figure out right now

[1FinickyOne]

On 6/16/2020 at 11:43 AM, Antiparovian said:

Invest in a Bitcoin tracker fund. Simple.

 

Simple, sure.. but then he can't use his bitcoin to buy his morning coffee at 7/11

[Dazinoz]

I use and Australian exchange as that is where my money is so makes it easier to transfer. I store my greatest value BTC on a Ledger Nano hardware wallet and a few much less valued alt coins on my Australian exchange.

 

Here is an article from Weiss Crypto Ratings which might be helpful.

 

https://weisscrypto.com/en/article/the-3-easiest-ways-to-buy-bitcoin-without-a-crypto-exchange-account?v=&mkt_tok=eyJpIjoiTlRJMU9UUTFaRGd6T1RneiIsInQiOiJHR081aGtWR3docmlOWTNVVnE0NnVERHRzWjMxVjRaU3RxWWxlWmhcL0V4bUNta0ZhcEtJR0VzK1V2TitGUE85dWc4TTdJUG92NWxxUGt2d21ZWitrMHNoU1l6WEhpaHZZelVWN2Y4T2Y5QityK1ZqRFFxeWhkV05MMm5EZmJsTjUifQ%3D%3D

[chicowoodduck]

On 6/15/2020 at 1:40 PM, RichCor said:

A cautionary tail: (or someone who didn't do any due diligence)

 

Podcast host loses 7 years of Bitcoin savings in a single mistake
Entrepreneur Eric Savics had been saving up Bitcoin for seven years. He lost his entire $113,000 stash in twenty minutes

By Tim Copeland | 2 min read | Jun 12, 2020

 

"downloaded a malicious app from the Google Chrome store, he lost all of it."

Oh my Buddha, still folks around who believe in the Bitcoin.......????????????

[jasonsamui55]

best option is a hardware wallet like trezor or nano.  2nd best is your own software wallet on your computer or phone.  as someone above said, backup your seed phrase. don't leave any more than you need for any longer than necessary on an exchange.  if they are hacked or go bankrupt or lose their keys or any other calamity, your money is gone.

[jasonsamui55]

On 6/28/2020 at 5:42 AM, kenk24 said:

Simple, sure.. but then he can't use his bitcoin to buy his morning coffee at 7/11

Yes, but many places do also.  I pay my employees payroll and multiple vendors in bitcoin, pay my rent in bitcoin, buy airline tickets with bitcoin, all sorts of uses.  eventually the smaller shops will catch on. And there are 3rd party places like bitcoin shopper that will make purchases for you if the vendor does not accept bitcoin, so you can then pay lawyers and doctors or just about anyone else with bitcoin even if they only accept fiat transfers or credit card.  there are actually hundreds of blogs and bloggers who make it their mission to exist 100% on bitcoin, to pay all bills with bitcoin and even travel the world (pre covid) without any fiat or credit cards.

Edited June 29, 2020 by jasonsamui55
add more

[rwill]

Overlay a bitcoin chart with a US stock market chart and you will see they are almost exactly following each other.

[innosiem]

On 6/16/2020 at 11:18 AM, matador007 said:

One seed/backup phrase per each "Coin".

This is incorrect, ignore.

 

 

On 6/28/2020 at 5:42 AM, kenk24 said:

Simple, sure.. but then he can't use his bitcoin to buy his morning coffee at 7/11

Yes and No actually
as some people can use RelayX wallet,
(which will pay via Alipay in the background ????)

[tpkhk]

On 6/16/2020 at 12:55 PM, Peterphuket said:

To be honestly, I like it so too, to buy crypto currency, once I was in HK I bought a small amount Ethereum through an ATM overthere.

Back in Thailand I bought an Ledger Nano S to put the currency on that device, maybe I'm to old but until today it is not possible to transfer this to the hard wallet.

@Peterphuket.  

 

Late reply, just saw this.

 

1) If you have used your Ledger for other coins, pls make sure you have the seed (24 words) available before doing anything.  If you have never used it before (ie. no assets deposited to addresses generated by that wallet), you can always regenerate a new 24 word.  Need to secure the 24 word seed - ie. keep it in a fire/water resistant location and away from any digital media (no printing, cloud storage, not even a digital photograph).  If at all you need to enter it someplace, it should be only on the device.  Since you are starting from scratch, you may want to consider using a passphrase too.  

 

2) If your Ledger Nano S has not been used for a while or at all, you may need to run firmware updates.  Again, If there are assets make sure you know where the seed (24 words) are, before you start.  If the existing firmware is below 1.3, it may not be updatable and you may need to get a replacement (not sure, but Ledger may exchange free).  FYI, current firmware is v1.6.  The update process can be a be a bit frustrating since it gets stuck for some people etc... but hopefully you dont have an issue. 

 

Ledger Live has replaced all browser apps with a single software called Ledger Live.  Pls ignore any Chrome/Firefox apps for Ledger - lots of malware floating around.

 

3) You should be able to transfer your ETH from whichever wallet it is in (provided you have the keys etc) to the ETH address generated by your Ledger.  Pls post back if you have any issues.  Plenty of youtube, how to videos too....  Best

[dddave]

3 hours ago, chicowoodduck said:

Oh my Buddha, still folks around who believe in the Bitcoin.......????????????

Dude:  What do you think ALL paper currency is?  You are selling something for $50.  A person who wants to buy it hands you a piece of paper that has $50 printed on it. You accept that in exchange for what you are selling based only on faith that when you try to use that piece of paper with $50 written on it, that it will be accepted with the same faith that you accepted it on.  It's just a piece of paper. What value actually exists in that piece of paper other than the trust you put in it that it's worth what it says it's worth. Nothing really exists beyond that as residents of the Weimar Republic and currently, Venezuela have found out.

[Matzzon]

On 6/16/2020 at 5:40 AM, fdsa said:

and this must be the only app residing on this phone

And what totally trustworthy country has been developing that app? ???? or the phone from the list? Who made the list? ????????

[Peterphuket]

12 minutes ago, tpkhk said:

@Peterphuket.  

 

Late reply, just saw this.

 

1) If you have used your Ledger for other coins, pls make sure you have the seed (24 words) available before doing anything.  If you have never used it before (ie. no assets deposited to addresses generated by that wallet), you can always regenerate a new 24 word.  Need to secure the 24 word seed - ie. keep it in a fire/water resistant location and away from any digital media (no printing, cloud storage, not even a digital photograph).  If at all you need to enter it someplace, it should be only on the device.  Since you are starting from scratch, you may want to consider using a passphrase too.  

 

2) If your Ledger Nano S has not been used for a while or at all, you may need to run firmware updates.  Again, If there are assets make sure you know where the seed (24 words) are, before you start.  If the existing firmware is below 1.3, it may not be updatable and you may need to get a replacement (not sure, but Ledger may exchange free).  FYI, current firmware is v1.6.  The update process can be a be a bit frustrating since it gets stuck for some people etc... but hopefully you dont have an issue. 

 

Ledger Live has replaced all browser apps with a single software called Ledger Live.  Pls ignore any Chrome/Firefox apps for Ledger - lots of malware floating around.

 

3) You should be able to transfer your ETH from whichever wallet it is in (provided you have the keys etc) to the ETH address generated by your Ledger.  Pls post back if you have any issues.  Plenty of youtube, how to videos too....  Best

Thanks for you answer, but I still have problems to transfer the Ether from Blochchain.com to my wallet. Yes I got an ETH address, generated by my Ledger, but it is impossible to fill this in at Blockchain.com, where I bought this few ETH

[Peter Denis]

47 minutes ago, dddave said:

Dude:  What do you think ALL paper currency is?  You are selling something for $50.  A person who wants to buy it hands you a piece of paper that has $50 printed on it. You accept that in exchange for what you are selling based only on faith that when you try to use that piece of paper with $50 written on it, that it will be accepted with the same faith that you accepted it on.  It's just a piece of paper. What value actually exists in that piece of paper other than the trust you put in it that it's worth what it says it's worth. Nothing really exists beyond that as residents of the Weimar Republic and currently, Venezuela have found out.

Fiat money represents an obligation to a debt, so it 's not just a piece of paper with $50 printed on it.

Bitcoin on the other hand represents the ownership of a long string of numbers/symbols that exist in cyberspace.

Note: Currencies of countries with a somewhat responsible monetary policy, cannot be compared with failed states that just 'print' paper-money without any link to the debt-obligation that it should represent.  

[dddave]

On 6/16/2020 at 12:34 PM, tpkhk said:

1) Reddit has good info - the Bitcoin Sub and r/bitcoinbeginners sub

I just went to this Reddit sub and had difficulty finding ANY credible, objective information.  It appears to be 90% trolls and opportunists trying to snag newbies.

I could not find a single basic crypto currency tutorial or faq.  They said check the sidebar but despite opening the sub several times, no sidebar listings ever appeared.

[Antiparovian]

Buy into a Bitcoin Tracker Fund. May have to pay about 0.25% commission. But saves a huge amount of hassle.

 

 

[tpkhk]

@dddave Is this what you are looking for on Bitcoin Beginners?  This is the mods pinned faq.  https://www.reddit.com/r/BitcoinBeginners/comments/g42ijd/faq_for_beginners/

 

There'll always be scammers - questions about seed words etc... you'll get a DM within seconds.  

 

If you know your way around Bitcoin, then ignore - your better off with twitter / youtube / & going direct to the source Lopp.net etc.

 

Anyway lots of sub-forums too - Ledger / Lightning has its own and so on.

 

[tpkhk]

@Peterphuket Blockchain.com - sorry I dont know much about them - beyond the the occasional user saying they have withdrawal issues.  If it is a decent amount, work on getting your ETH into your custody.

 

Mixed reviews on trustpilot, but Customer support seems to be responsive there.  https://www.trustpilot.com/review/blockchain.com

 

Another option, download Blockchain.com's own non-custodial mobile wallet (save the 24 words) & see if it can be withdrawn to that address.  If that withdrawal address is accepted, can't think of why Ledger's wont be.  Hope it works out.

[allanos]

It is interesting, well . . . boring actually . . .  that those  who know little or nothing about crypto are the first, and the loudest, to disparage it.  Especially so on this forum.

 

For thousands of years, other than barter, some kind of token has been used as a medium of exchange, be it shells, pebbles, metal coins, paper money and so on.

 

Welcome to the digital age!  Bitcoin was created in 2009, so it is only 11 years old.  The surprise is more that it took so long to create, but in a mere blink of the eye compared with the hundreds, if not thousands of years, for some kind of fiat currency to come along.

 

As a historical note, bitcoin was first used as a medium of exchange in May, 2010, when 2 pizzas were bought and paid for with 10 000 bitcoin (worth a few dollars at the time)  Those same bitcoin at today's price would equal around USD $ 90 000 000!

 

For those who do not see that, in this electronic age, digital currencies, like bitcoin and fiat ones as well, like a digital dollar, will be increasingly adopted and continue into the future, they simply lack the necessary vision.

[Peterphuket]

55 minutes ago, tpkhk said:

@Peterphuket Blockchain.com - sorry I dont know much about them - beyond the the occasional user saying they have withdrawal issues.  If it is a decent amount, work on getting your ETH into your custody.

 

Mixed reviews on trustpilot, but Customer support seems to be responsive there.  https://www.trustpilot.com/review/blockchain.com

 

Another option, download Blockchain.com's own non-custodial mobile wallet (save the 24 words) & see if it can be withdrawn to that address.  If that withdrawal address is accepted, can't think of why Ledger's wont be.  Hope it works out.

Well, today I found an message from Blockchain after searching a lot, more then one year, n.b. the message they send is recent from 20 June last.

Anyway now I understand it is not working, and also when I make an new wallet, somewhere els, I can transfer to there, and from the new wallet I can, I hope, send it to the Ledger.