67
What would you do with a bitcoin windfall?
(lemmy.world)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 29 Jul 2024
67 points (85.3% liked)
Asklemmy
43950 readers
1167 users here now
A loosely moderated place to ask open-ended questions
Search asklemmy ๐
If your post meets the following criteria, it's welcome here!
- Open-ended question
- Not offensive: at this point, we do not have the bandwidth to moderate overtly political discussions. Assume best intent and be excellent to each other.
- Not regarding using or support for Lemmy: context, see the list of support communities and tools for finding communities below
- Not ad nauseam inducing: please make sure it is a question that would be new to most members
- An actual topic of discussion
Looking for support?
Looking for a community?
- Lemmyverse: community search
- sub.rehab: maps old subreddits to fediverse options, marks official as such
- !lemmy411@lemmy.ca: a community for finding communities
~Icon~ ~by~ ~@Double_A@discuss.tchncs.de~
founded 5 years ago
MODERATORS
I'd buy a cold storage wallet, and put it there. (Write the password down and keep it with the drive though!!!) Bitcoin is the least scammy of the cryptocurrencies, and it's likely to keep going up for a while, since there's a limited amount. OTOH, regulatory changes--since it's so electricity intensive to mine--could means it gets banned in many places. Yes, it's a high risk "investment" (I don't think of cryptocurrency as an investment at all), but high risk can be part of an otherwise balanced portfolio. Since it was a windfall, you're not really risking anything by keeping it as bitcoin.
If you don't already have a financial advisor that has a fiduciary responsibility to you, you might want to consider getting one, and asking their advice.
I did already get burned by an exchange obviously, but I think I trust myself even less with cold storage lol.
Cold storage does neatly avoid the issue of getting burned by an exchange; your crypto is only stored locally with a cold storage wallet, so unless it's plugged in to your computer and accessible to the internet, it can't be hacked. OTOH, you can simply lose the drive (!), and forgetting your password means that the crypto is likely inaccessible forever (!!!).
I've misplaced things before, but I don't usually throw shit out unintentionally. So I've still got my old Tails drive that has somewhere around .01BTC in a wallet on it. Now if only I remembered my password for the persistent partition.
That's what I mean, that it's more likely to get lost/stolen/destroyed in my hands, if I were to bet.