use wallets like airbitz or mycelium to keep your private keys safe.

for iOS try Airbitz or Copay.

Copay is managed by BitPay.

So I have to register new account with airbitz or mycelium or just transfer from blockchain to new address only without registration?

Ok. Will check them out. Thx!

airbitz FAQ - pretty good run down.
http://cryptorials.io/how-to-use-the-airbitz-bitcoin-wallet/

Yes, Trezor comes with a PIN function.
So, even if a thief steals your Trezor and tries to send all your bitcoins to his own address, he cannot complete the transaction unless he enters the PIN.
And if I'm not mistaken, it is set up so that the reset time increases exponentially every time you key in a wrong PIN.
So, don't worry, it's pretty secure.


It's difficult to judge if any website is "secure enough" but with the 3-factor authentication that Blockchain.info uses, I would have to say it's about as safe as an online wallet can get, at the current moment.
In my opinion, it's "good enough" as a temporary holding vault, e.g. when you are doing a couple of trades within a short span of time......but anything over a few days, I'd insist to take my coins offline into cold storage.
Of course, nothing is really 100% secure, not even hardware wallets.

fees for bitcoin txs are going up, latest one was MYR 2.80 for me. I might need to use other alt-coins for small txs.

Personally, I've not tried them yet.
They seem to have very good reviews.
But then again, in my personal opinion, secure as they may be, they are more mobile wallets than cold storage vaults.
They are great to be used as a day-to-day bitcoin wallet for general usage, but I wouldn't trust my life savings there.

What alt coins do you currently have?
I've toyed with the idea of getting some ETH but have not taken any action yet.

Great to hear that!

Oh ya, need to ask one thing. If I use Airbitz or Copay mobile app, would there be any problems when changing phone? Anything that needs to be done before swapping out the sim card?

no issues if you swap SIMs as there is no correlation.

before using the Airbitz or Copay mobile app, it will prompt you to copy the secret words for backup purposes.
really easy.

see

https://news.bitcoin.com/learn-download-use...beginner-video/



This post has been edited by sirxl: Feb 19 2017, 10:34 PM

Thx for the info. Looks like I will try airbitz first.

As I understand it, airbitz will be my bitcoin wallet. So if I'm using localbitcoins and remitano, I would need to transfer the bitcoins from those exchanges to my airbitz right?

This post has been edited by kmarc: Feb 19 2017, 10:51 PM

Yes, totally right.
Never leave your bitcoins on exchanges.
That's the first place that hackers will target.

Nice, nice and nice! Everyday learning new things on bitcoins and how it works! Thx!

Anyway, the reason I'm so interested in bitcoins is basically diversification of investment i.e. put your eggs in different baskets. Yeah, bitcoin has risen so much and I'm such a late comer but there are some people out there who thinks that it may go up much much higher. Whether this is a right investment remains to be seen. I'm prepared to make a lost but really hope it will be a good investment. I guess you could call it the high-risk high-return investment as opposed to something like FD which is low-risk low-return investment.

What about you guys?

This post has been edited by kmarc: Feb 19 2017, 11:20 PM

First rule of security, be paranoid.

Second rule, assume you don't know everything.

Third rule, assume your Mac/Linux laptop is as insecure as Windows.

Bitcoin was never meant to be an investment,
it was called the peer to peer decentralised payment system by Satoshi Nakamoto.

This post has been edited by sirxl: Feb 19 2017, 11:36 PM

Thx for the advices. Will keep that in mind.

As with any investment, it could go up to USD 5k, or even USD 100k, or it could go down to zero.
History will tell whether you made the right decision or not, 5 years down the road.

Instead of just being an investment, think of bitcoins as a hedge.
In that sense, it works somewhat similar to gold, but in digital form......it's intrinsic value is purely determined by what the global population perceives its value to be, and it could be an effective hedge when global fiat currencies are too volatile, for example during an economic crisis.
This is why we see such a sudden demand for bitcoins in countries like India, Venezuela, China, etc. where their governments started enforcing currency controls.
Or in Zimbabwe, Nigeria and other African countries with high and volatile inflations.

Actually there are many cryptocurrencies from Canada, like CAD-COIN, Canada eCoin, just like the many cryptocurrencies from various countries around the world.
Personally, I've not heard of CCP.
As I understand, with the exception of the top 5 cryptocurrencies in the world, none of the others have any real meaningful market capitalisation, and are not really widely adopted.
Investing in those cryptocurrencies is inherently riskier, as nobody can really say whether they will take off.
For investing, I strongly suggest keeping to the top 3 only.

Thx for the info. For me, I have some other instruments for hedging. That is why I'm treating bitcoin as an "investment tool".

From what I can understand, bitcoin value is based on multiple factors but I just can't help wondering what happens if the USD dollar crashes (predicted by some). Will bitcoin's value go down with the dollar?

This post has been edited by kmarc: Feb 20 2017, 11:56 AM

Well, that's the beauty about cryptocurrencies......they are decentralised, and the value depends on whatever people think they are worth.
If that hypothetical situation really happens (USD crash), then my prediction is that the bitcoin value will soar exponentially.

Think about it this way.
Currently, the USD is only worth what it is worth at the moment, because all the other countries in the world use it for international trade, and everyone collectively say it is worth this much, at this time.
If the US dollar crashes, that just means that people think it is not worth this much anymore, and nobody wants to keep it anymore, meaning people are selling it off for cash in their own currency.
All those cash need to go somewhere (people don't trust banks anymore as the bank interest rates are generally barely enough to beat inflation) so they would then place them into other investment vehicles, and bitcoin is one of the fastest growing ones, gaining popularity on a global scale.
At the same time, American citizens would realise that their own savings in USD is getting devalued at a crazy pace, so in order to stop their losses, they need to convert their savings into something that is not as volatile, and again, bitcoin offers exactly that.
Traditionally, people in these situations put their money into gold, as it is seen as a safe hedge during economic turmoil, but these days, bitcoin offers the same, with more security and versatility.
The problem is, there are only limited numbers of bitcoins available, and only 21 million bitcoins will ever be available, EVER.
So, the more money pours into the bitcoin market capitalisation (i.e. the higher the demand), the higher the price will go.

Above is just an extremely simplified scenario (much more factors are involved), but I hope it sort of answers your question to some extent.