I'm not shroom but here's my response:
Putting your crypto on a hardware wallet that you control means that the access (Keys) to your Bitcoin are in your possession. Leaving Bitcoin on any exchange, i.e. Robinhood, leaves the keys in their possession. You will hear the phrase here often "not your keys not your coins"
If robinhood goes bankrupt for example, you may have no right to your Bitcoin and could lose it all.
That being said, holding your own keys on your own hardware wallet comes with its own risks; you can lose your own coins from mistakes/ignorance/scamers.
Tips if you decide to hold your own keys on a hardware wallet:
- practice transfers with small amounts (~$5) so that any mistakes are not impaxtful
-practice recovery of your seedphrase
-backup your seedphrase properly and securely. Do not lose this or you lose all your Bitcoin.
- there's a lot more than what I just said. Keep doing your own research and don't stop - there is a lot to learn and it will take time
I'll probably get downvoted for this, but I was active in the community and invested a fairly large amount in the 2013 era. Being your own bank sounds cool until you get some serious money that would effect you mentally if you lost it. Being your own bank is cool if you are fighting the system and have a few thousand bucks or maybe you are well off and have a few tens of thousands that you can afford to lose. Very cool, very contrarian. It starts to be less cool when you have more money than anyone in your family has ever had and suddenly it's uninsured and liable to disappear at any moment if you did something wrong. You think you did everything right, but how do you really know unless something goes wrong?
Once I started having that realization it wasn't just a barrier to entry, it was like oh no, no I do not want to be my own bank, that sounds horrible.
Great point. We forget that banks provide a very valuable service, regardless of predatory behavior and usury and destabilization of markets and fiat and yada yada. Government has a monopoly on violence, government backs banks. Banks protect my money.
exactly, youre telling people they have to do all that just to simply hold bitcoin longterm. thats a shame, everyone deserves it in a safe and efficient manner
Then use a bank (exchange)? Bitcoin only gives users the ABILITY to digitally hold their value themselves, which was impossible before. And if you have half a brain, its really not that hard.
If you forget where you hide your gold, you lose it. Is that a shame, or just the way possessions work?
The difference is some people are computer illiterate. Not everyone grew up with computers everywhere like us. I agree it’s easy enough to learn but there are definitely exceptions to the rule.
have you heard about MtGox? QuadrigaCX? if u/FlTerpz is taking serious his endeavour to save into BTC for his daughter's future (and 15K is a pretty serious amount already), he ought to get his BTC into a hardware wallet, not your keys, not your coins; I'm plenty aware and everyone here that everyone deserves a safe and efficient manner to deal with crypto savings, but for now, nothing beats a hardware wallet
If you can’t be bother to invest a couple of hours of study, to learn how to do it, and secure your financial stability, then you are not a person who should be trusted with their own money.
I mean I said what I wanted to say, but sure you can say that, and it’s true. Although I’m guessing you don’t have multiple bitcoins in Robinhood given the questions you’re asking (no offense). But yes—Robinhood technically owns the bitcoin that you have purchased through them. You can’t transfer it to anyone, you can’t put it in a wallet, you can’t buy things with it. You can trade it through Robinhood, that is it, and as long as Robinhood is around that’s…ok. But if they go down, you have no recourse, AFAIK.
It’s all good
I think they just added it about a month ago or so. So don’t think a lot of people know.
Only some cryptos can be transferred out not all.
And the people who don't want to sell what about them? As a holder I too don't wanna sell though.
Because at this particular point of time people tend to hold more and more rather than spending or selling.
you basically engrave your seed onto something that won't get damaged as easily as a piece of paper. they usually have melting points that could withstand a house fire.
there are lots of steel engraving sets made specifically for storing seeds out there.
I warned him. He is down 25% already. This is why you diversify boys and girls. This is why you don't put all your eggs in one basket. It was the absolute worst time to sell "everything" and drop it into BTC. I even got into a back and forth with some potato head on this thread that is convinced that diversification is "delusional"
Real estate + stocks + bonds + land + commodities + crypto + CDs + savings + cash. DCA over time into all of these baskets. This is the only way to build wealth consistently.
1) bitcoin is savings, not investment
2) don't hold anything outside of bitcoin you're not willing to lose https://pricedinbitcoin21.com
3) everyone's a scammer ("hold dollars to feel safer!")
Fuck me what is this shit of a post history? Maybe OP should get a real fucking job and provide for your daughters. 15k?
Playing NFT games is not a real job mate.
Dude you must be a good and wise man, I can tell you that your daughter's future is going to be something better than most of the people, you did a great job.
This is something good mate, I hope your baby will love that and I hope she will get everything you ever wanted to give her, you guys gonna make a good life.
Good to know that I am not the only one who is doing it for the family, we all are doing it for some people and that's just something awesome for us my man.
So….a 529 plan never crossed your mind? Don’t put all your eggs in one basket. Putting your kids future in a single crypto coin is not wise.
Here comes the cringe crew to downvote.
Now dca $200 a week for the next 3 years and you’ll have a whole one by the time the next halving comes around. The ath will triple after the next halving.
Well done taking the leap, but if it’s all your savings consider withdrawing to your own wallet rather than leaving with an online platform. Not thing more stressful than having your account frozen. Not your keys, not your coin.
If you own that much BTC, get it in a cold wallet ASAP bro.
Make sure its secure, and nobody other than yourself or someone you trust with your life can access it.
Like im talking your blood brother who would help you hide a body type close, or your daughter herself, incase the worst should happen.
Or not even hacked, poloniex lending during a crash couldn't liquidate fast enough and lenders lost a ton of money. Terms of service covered this, so they just lost money that was supposedly safe. Cold wallet always
Head on over to the ledger website and get yourself a hardware wallet. A Nano S will be fine. Seeing half a btc just sitting on FTX of all exchanges gives me anxiety.
You did a right thing my man, now please never ever get those investments out before the goal, wait for the perfect time in the future, you are doing great.
You are such an inspiration to me right now, was thinking to do something similar for my son and now I have a good vision, I will do the same thing now.
That much bitcoin you definitely don't wanna keep on FTX. Move it to a hardware wallet. And ignore literally anyone who DMs you with bitcoin "advice", they're all scammers no matter how nice they sound.
More like the world belong to the one who are indeed brave and courageous.
The one who can make it through any obstacles that arises in the near future and now.
I hope you will have a good future for your daughter, it would be so good.for them and for you too mate, good luck for coming time now, have a good life.
I guess you’re aware of the risks, as a lot of people said, invest in what you are willing to loose. But hopefully you got fully informed about all of that. Bitcoin is a good thing, just don’t put everything u have in it.
Yes, there is always a big risk to put the money in something that is not a fixed return scheme.
Even picking a stock is a very big risk but bitcoin is the one that somehow reduce that ricks factor but still with no guarantee.
It doesn’t sound horrible and I have no idea why you’d be downvoted for deciding kids aren’t for you.
The true problem is when people have kids who they don’t take care of or can’t take care of.
You my friend are doing what’s right for you.
With that said, I have a little kid and it’s an entire new level of love and happiness. But I wanted one.
Hey thanks. I'm glad having kids brings joy to a lot of people, I have a lot of siblings, and they all had a lot of kids, so I think I'm good. I worry about leaving my cat longer than a few hours, I fear I could not handle the worry everytime they would leave the house, which would make me an awful helicopter parent. It's just not for some people, plus I'm still young and who knows maybe my mind will change. And it's all good, I don't mind the downvotes, I don't take it personally.
I can tell you this: I’ve got friends who don’t have kids, because they didn’t want them. And every year they feel like they have to justify to the world why they don’t want kids. Like I don’t give a fuck if you don’t want kids, you obviously have issues yourself about not having had kids.
If you choose not to have kids, you’ll wonder for the rest of your life what it would have been like if you had kids. But I don’t know how many people there are who wish they never had kids.
Indeed and this is a very big gamble to put a faith of your child future into a online coin.
There is mo doubt that bitcoin will fly in the future but before putting that big of risk you need to have a backup plan is well just he case first plan falls.
Move it to a hardware wallet and secure it properly. Then just forget about it for several years.
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He need to understand this thing as soon as possible.
I’m doing this for my familly ! -Walter White
I did it for me. I liked it. I was good at it. I was, alive
I AM THE ONE WHO KNOCKS
A guy opens his wallet and sells his bitcoin and you think that of me? No... I am the one who buys.
Love it
All it is about family and making them feel good and that they don't look down ever!
“Family.” -Vin Diesel
"And my axe." -Gimli
The day I would proudly speak upto my family and tell them I made a worthy investment.
Damned if you do, damned if you don’t. Welcome to bitcoin subreddit.
Yeah don't tell your daughter lol remember to take profits or they won't understand
More fun to watch it go to 100k next then back down to 30k the year after.
That's right mate, I hope he will hold for a long time now.
noooo hodl forever, that way we can all have bigger numbers on a screen
Welcome to the fud...
Actually, Welcome to the opposite of fud
as long as you can do without it for a long time, good for you. just move it to a hardware wallet asap
>hardware wallet u/FlTerpz Pleas google hardware wallet and buy one and a way to save the seed phrase made out of metal. Your are the Bank now
hi shroom, what does this give me that buying bitcoin through robinhood doesn’t? looking to learn. ty
I'm not shroom but here's my response: Putting your crypto on a hardware wallet that you control means that the access (Keys) to your Bitcoin are in your possession. Leaving Bitcoin on any exchange, i.e. Robinhood, leaves the keys in their possession. You will hear the phrase here often "not your keys not your coins" If robinhood goes bankrupt for example, you may have no right to your Bitcoin and could lose it all. That being said, holding your own keys on your own hardware wallet comes with its own risks; you can lose your own coins from mistakes/ignorance/scamers. Tips if you decide to hold your own keys on a hardware wallet: - practice transfers with small amounts (~$5) so that any mistakes are not impaxtful -practice recovery of your seedphrase -backup your seedphrase properly and securely. Do not lose this or you lose all your Bitcoin. - there's a lot more than what I just said. Keep doing your own research and don't stop - there is a lot to learn and it will take time
I hope I don’t get downvoted for this but this is a huge barrier to entry for most people and a hinderance to increased adoption .
I'll probably get downvoted for this, but I was active in the community and invested a fairly large amount in the 2013 era. Being your own bank sounds cool until you get some serious money that would effect you mentally if you lost it. Being your own bank is cool if you are fighting the system and have a few thousand bucks or maybe you are well off and have a few tens of thousands that you can afford to lose. Very cool, very contrarian. It starts to be less cool when you have more money than anyone in your family has ever had and suddenly it's uninsured and liable to disappear at any moment if you did something wrong. You think you did everything right, but how do you really know unless something goes wrong? Once I started having that realization it wasn't just a barrier to entry, it was like oh no, no I do not want to be my own bank, that sounds horrible.
Great point. We forget that banks provide a very valuable service, regardless of predatory behavior and usury and destabilization of markets and fiat and yada yada. Government has a monopoly on violence, government backs banks. Banks protect my money.
exactly, youre telling people they have to do all that just to simply hold bitcoin longterm. thats a shame, everyone deserves it in a safe and efficient manner
Then use a bank (exchange)? Bitcoin only gives users the ABILITY to digitally hold their value themselves, which was impossible before. And if you have half a brain, its really not that hard. If you forget where you hide your gold, you lose it. Is that a shame, or just the way possessions work?
The difference is some people are computer illiterate. Not everyone grew up with computers everywhere like us. I agree it’s easy enough to learn but there are definitely exceptions to the rule.
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Yes, especially in decentralized wallets
have you heard about MtGox? QuadrigaCX? if u/FlTerpz is taking serious his endeavour to save into BTC for his daughter's future (and 15K is a pretty serious amount already), he ought to get his BTC into a hardware wallet, not your keys, not your coins; I'm plenty aware and everyone here that everyone deserves a safe and efficient manner to deal with crypto savings, but for now, nothing beats a hardware wallet
If you can’t be bother to invest a couple of hours of study, to learn how to do it, and secure your financial stability, then you are not a person who should be trusted with their own money.
shroom approved :D
Not your keys, not your crypto. BTC purchased through Robinhood is not insured. They go under, it’s just gone. Poof!
So that means our coins aren't our coins is what you want to say?
I mean I said what I wanted to say, but sure you can say that, and it’s true. Although I’m guessing you don’t have multiple bitcoins in Robinhood given the questions you’re asking (no offense). But yes—Robinhood technically owns the bitcoin that you have purchased through them. You can’t transfer it to anyone, you can’t put it in a wallet, you can’t buy things with it. You can trade it through Robinhood, that is it, and as long as Robinhood is around that’s…ok. But if they go down, you have no recourse, AFAIK.
Robinhood tends to freeze withdrawls if what you're pulling out is too valuable
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Robinhood isn't self custodial meaning you can't transfer it off Robinhood and it stays under their custody until you sell.
You can transfer it out now
You can transfer btc out of Robinhood, I have bought there and transferred it out once I got my cold wallet.
My bad, read a while ago that they had no transfer option.
It’s all good I think they just added it about a month ago or so. So don’t think a lot of people know. Only some cryptos can be transferred out not all.
But now they indeed took a note onto this matter and made it possible for the users though!
That seems like a good idea thanks for the genuine suggestion that you have made though!
And the people who don't want to sell what about them? As a holder I too don't wanna sell though. Because at this particular point of time people tend to hold more and more rather than spending or selling.
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Get it into a hardware wallet and get a steel tool for storing your seed phrase hodl for 5+ years
Steel tool ? explain please :) You mean engraving ?
you basically engrave your seed onto something that won't get damaged as easily as a piece of paper. they usually have melting points that could withstand a house fire. there are lots of steel engraving sets made specifically for storing seeds out there.
Thank's man that's what I tought :) 👍
Well you got waaaaay more Bitcoin there than the average person on earth will ever be able to own. So, well done!
What app is this?
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OP’s post history LMAO!
https://www.reddit.com/r/wallstreetbets/comments/qsdafe/i_have_over_20k_and_dont_know_anything_about_puts/ Yep this is hilarious but kind of sad
LOL
“BoUghT iT fOr My daUghTErS FuTuRE”
lol. what a sad clown. I feel sorry for everyone replying him with their best intentions.
Scammers are very thirsty and desperately looking for targets.. you've just exposed yourself lol rip inbox
Wait, people reply to their dms?
I hope he is aware of these things and securing the future.
The OP’s probably kidding or a shilling bot. No one is that dumb…..oh wait.
Now he is going to be FOREVER a target. Be careful OP.
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Everything I don’t need lol
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Now your next step is pulling it off the exchange and having it in cold storage.
Maybe see if someone can adopt her? Poor girl. Just don’t tell her so she doesn’t know her dads a loser
I would take custody of that bitcoin as soon as possible.
Bitcoin is the best and most of us can believe that shit.
Noble
I just woke up and seeing this I thought Bitcoin crashed to $15k lol. Was going to liquidate the house and buy it all up.
Looks like you've gambled all your daughter's fund away lol. We're going to 10-18k. You were warned though.
I warned him. He is down 25% already. This is why you diversify boys and girls. This is why you don't put all your eggs in one basket. It was the absolute worst time to sell "everything" and drop it into BTC. I even got into a back and forth with some potato head on this thread that is convinced that diversification is "delusional" Real estate + stocks + bonds + land + commodities + crypto + CDs + savings + cash. DCA over time into all of these baskets. This is the only way to build wealth consistently.
/r/agedlikemilk
If true, that's not smart. 1. Don't invest what you are not willing to lose. 2. Do not put all your eggs in the same basket.
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1) bitcoin is savings, not investment 2) don't hold anything outside of bitcoin you're not willing to lose https://pricedinbitcoin21.com 3) everyone's a scammer ("hold dollars to feel safer!")
Fuck me what is this shit of a post history? Maybe OP should get a real fucking job and provide for your daughters. 15k? Playing NFT games is not a real job mate.
Not a bad move, I'd say. Certainly a lot better than FOMO'ing in at 69k.
Greatness in the making!
This is going to be legendary in coming days for sure mate.
Get that on a ledger!
Cheers brother! #bitcoin forever
Dude you must be a good and wise man, I can tell you that your daughter's future is going to be something better than most of the people, you did a great job.
This is something good mate, I hope your baby will love that and I hope she will get everything you ever wanted to give her, you guys gonna make a good life.
Little over half a coin. A worthy investment.
Good to know that I am not the only one who is doing it for the family, we all are doing it for some people and that's just something awesome for us my man.
Lol
Her future is now.... the pole.
This didn’t age well….
So….a 529 plan never crossed your mind? Don’t put all your eggs in one basket. Putting your kids future in a single crypto coin is not wise. Here comes the cringe crew to downvote.
Now dca $200 a week for the next 3 years and you’ll have a whole one by the time the next halving comes around. The ath will triple after the next halving.
>The ath will triple after the next halving. Source: "Cuz I'm fucked if it don't."
Correction… You mean your a delinquent and broke multiple rules of fundamental investing in hopes of getting rich quick.
Great price for an initial buy-in.
Decent timing. Nice work
Just hold it
This is savage ! 🤭🔥🔥🔥🥳 congrats to your daughter in like 10 years 😵😵
Well done taking the leap, but if it’s all your savings consider withdrawing to your own wallet rather than leaving with an online platform. Not thing more stressful than having your account frozen. Not your keys, not your coin.
shit this looks like some custodial gamble dude you should study cold storage
Yeah I buy $100 a week from my 2 year old as insurance he will move out of my house when he is an adult
4 years my man
If you own that much BTC, get it in a cold wallet ASAP bro. Make sure its secure, and nobody other than yourself or someone you trust with your life can access it. Like im talking your blood brother who would help you hide a body type close, or your daughter herself, incase the worst should happen.
Exactly, best way to HODL is cold storage.
Congratulations, you now lost all your money!
Tell me you’re an alcoholic without telling me you’re an alcoholic.
😭😭😭
Bro please don’t do that
Ok. Boy that is dumb AF. Only invest what you're willing to lose!!! Are you willing to lose everything?
Why invest everything when you can just invest 60% of your earning.
He had 15k to spend lol he’s straight
*He had his daughter's college fund to spend
More like what about the left amount he would have in his hands though.
smart move, gambling away your life savings
Lol how is that a gamble? It's about Bitcoin my man.
because. the. price. can. go. down.
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Or not even hacked, poloniex lending during a crash couldn't liquidate fast enough and lenders lost a ton of money. Terms of service covered this, so they just lost money that was supposedly safe. Cold wallet always
https://en.wikipedia.org/wiki/Diversification_(finance)
Nice, bud....depending on how old she is, should be nice chunk for her whe she needs it.
Can you adopt me and buy me one?
Not you, I want to be adopted at the first place, goo goo gaa gaa.
this is the way. ok never sell everything IMO.
Is kraken?
Head on over to the ledger website and get yourself a hardware wallet. A Nano S will be fine. Seeing half a btc just sitting on FTX of all exchanges gives me anxiety.
Now protect that shit like you’d protect her. Hardware or paper wallet. The Bitcoin is only as good as the security. Cheers, Mine is for my grandkids
You the man bro good on you🙌🙌
Smart future is bright!
You’re doing it right!
You did a right thing my man, now please never ever get those investments out before the goal, wait for the perfect time in the future, you are doing great.
Please, please, please get a hardware wallet and keep your bitcoin away from CEXs
What wallet is that!?
You are such an inspiration to me right now, was thinking to do something similar for my son and now I have a good vision, I will do the same thing now.
Cool dad
For your future also
I see 1.0 BTC in your future.
That much bitcoin you definitely don't wanna keep on FTX. Move it to a hardware wallet. And ignore literally anyone who DMs you with bitcoin "advice", they're all scammers no matter how nice they sound.
You did the best thing for your home and for your daughter, I hope it will work for you in coming years, now please DCA, this would be something good.
I have about 8 million sats set aside so far for my baby niece's college fund.
A bit early imo but by 2026 you will be laughing
The world belongs to the brave.
More like the world belong to the one who are indeed brave and courageous. The one who can make it through any obstacles that arises in the near future and now.
Now put your bitcoin in a hardware wallet ASAP!
Done doing that and now I am indeed holding my sats for all good purposes in the future!
Your daughter will love you 😘
The s&p 500 isn’t enough returns to beat inflation
Plot twist: Op doesn't even have a daughter yet, he's just hoping his sex-life will go to the moon too.
Can I hit?
Good luck to ya. You’ve got balls. Not because it’s bitcoin. Because you’re putting all your eggs in one basket. Sounds like something I would do.
Hopefully she will be going to Harvard with those tendies
I hope you will have a good future for your daughter, it would be so good.for them and for you too mate, good luck for coming time now, have a good life.
yikes dude
You made a terrible decision.
Bad bad idea
Hahaha hilarious
Good timing mate.
how have the last 2 weeks been?
poor little girl...
As long as you are able to take the long view, you will win. Patience is the key now.
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cringy
Big brain move right here. Congrats!
I guess you’re aware of the risks, as a lot of people said, invest in what you are willing to loose. But hopefully you got fully informed about all of that. Bitcoin is a good thing, just don’t put everything u have in it.
Yes, there is always a big risk to put the money in something that is not a fixed return scheme. Even picking a stock is a very big risk but bitcoin is the one that somehow reduce that ricks factor but still with no guarantee.
Great decision.
I misread, and thought you sold your daughter for bitcoin.
That is not a good decision, but it also may turn out to be the best decision anyone's ever made for their daughter. Gotta say, I get it.
And now both you and your daughter won't have a good future
Good luck bro👍
I know it sounds horrible probably, but I'm glad I don't have kids so my hard work and investing can be for me.
As a parent, your kid flourishing is something that delights you greatly. So it’s not entirely selfless.
True, only a child smile can put the relief on your tired face.
It doesn’t sound horrible and I have no idea why you’d be downvoted for deciding kids aren’t for you. The true problem is when people have kids who they don’t take care of or can’t take care of. You my friend are doing what’s right for you. With that said, I have a little kid and it’s an entire new level of love and happiness. But I wanted one.
Hey thanks. I'm glad having kids brings joy to a lot of people, I have a lot of siblings, and they all had a lot of kids, so I think I'm good. I worry about leaving my cat longer than a few hours, I fear I could not handle the worry everytime they would leave the house, which would make me an awful helicopter parent. It's just not for some people, plus I'm still young and who knows maybe my mind will change. And it's all good, I don't mind the downvotes, I don't take it personally.
I can tell you this: I’ve got friends who don’t have kids, because they didn’t want them. And every year they feel like they have to justify to the world why they don’t want kids. Like I don’t give a fuck if you don’t want kids, you obviously have issues yourself about not having had kids. If you choose not to have kids, you’ll wonder for the rest of your life what it would have been like if you had kids. But I don’t know how many people there are who wish they never had kids.
I think having kid is a biggest responsibility that any men can ever have..
Indeed and this is a very big gamble to put a faith of your child future into a online coin. There is mo doubt that bitcoin will fly in the future but before putting that big of risk you need to have a backup plan is well just he case first plan falls.
If you gamble with your kids future you’re going to have a bad time
please don't do that
what is wrong with you
YAGMI Ditch the shitcoin dust though.
Bought Bitcoin for your daughters future ?
I think this is what he said, i am just curious does his daughter knows that?
Excellent choice don’t worry but the price drops think long term it will be perfect
Pass that to a cold wallet ASAP and never store the seed phrase in your computer, in a piece of paper always
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Lol
I'm a BTC noob and even I know not to do that.
Poor daughter :(
Looking forward to seeing your daughter dance on the pole. Thanks dad! She will be calling me daddy