Hi fellow Lions,
Today I made my first step towards removing the "not your keys, not your crypto" notion from haunting me! Shitting bricks a little bit..
No Typos Please..
Man was this a "shit my pants" moment for sure! I made my first personal step towards abiding by the mantra "not your keys, not your crypto" and took all of my Bitcoin off the exchange! I had bought my wallet a long time ago but never used it until today. Boy was this a wild night!
So I use one of the major exchanges for the most part, but going forward I am going to see what I can do to stop doing that as much as I can. I need to figure some stuff out but I really don't like the notion of them being so cozy with regulators so I put my money where my mouth was and took that shit all out!
Let me tell you though, this was definitely a SCARY TRANSACTION LOL. I am not a millionaire by any stretch but I do have a pretty decent stake in Bitcoin for what I have personally accumulated over time. It won't bring any intense scrutiny but I am proud of what I have scraped together so I felt it was prime time to get that in my hands, not the hands of the exchanges. Off to my wallet!
So let me tell you, this period was one of the most nerve wracking for sure lol that "pending" transaction was checked three times by me for spelling of the wallet, ensuring I didn't fuck it up. I always, and I mean always make test transactions now after screwing up one and losing a bit of crypto to the abyss because of something not entered correctly. It wasn't a large sum but it still sucked!
Setting up my wallet was great, I had the pin code and all that remembered from when I had it before but of course it was blank so I needed to figure out what I had to do in order to safely make this thing a home for my investments!
Once I had that part figured out, it was time to make the test transactions to ensure I wasn't going to completely screw myself by sending it all in one shot, only to the wrong address! I don't know if I would ever honestly be able to live that one down lol.
I tried two safety transactions before I made the big one. The first one was 15 dollars, well worth it in case I lost it by some strange issue. That went great, was in my hardware wallet in a few minutes.
Okay now let's try a transaction that would be annoying to lose, but wouldn't kill me just to make sure. Few minutes later, good to go, in my wallet and out of the clutches of the evil empire!
Now for the one that would really SUCK if it somehow got messed up... I honestly was sweating a bit when I was waiting for this one to go through lol I triple checked the spelling of the wallet, even though I copied and pasted it from the app into the website to send, I still did it to just make damn sure! I was thinking maybe I pay another fee and send half, make sure it goes through and send the other half..
I went through with it though, and nearly passed out when I realized that the transaction went through successfully and I had my coins finally in my own wallet where I knew exactly where they were and that it was legitimate Bitcoin, not just a few numbers on an online wallet that I had absolutely no control over. UGH that was stressful but what if Bitcoin goes 2x the price it is now? I sit a hell of a lot more comfortably knowing that it is in my hands, no one can touch it except the criminals at the government tax agency.
Are You Hard Yet?
Have you transferred your Bitcoin millions to a hardware wallet yet? I know we all say that you need to but until you do, the future for it is always questionable. We can't say that we are entirely comfortable until the funds are in our hands, safely locked in the wallet!
I am definitely going to sleep a lot more soundly tonight than I have previously, knowing my biggest crypto asset is firmly in my hands!
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Oh yeah I've had that, "Oh shit here we go again," wait period about a dozen times now. One time I sent thousands of dollars and Bitcoin didn't mine a block for over an hour... fun times.
Definitely creates high anxiety... bad for mainstream adoption for sure.
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Oh god I couldn't imagine having to wait an hour for it to mine a block, that's nuts lol! Stressful for sure.
I'm really hoping that the transactions in the future aren't as high quantity as this is, it would be cool because that would be a pretty awesome income from it, but a bit of stress involved lol.
It's definitely tough for mainstream adoption but if it's in your hands not the hands of the banks, then it's something a lot of us should get used to, for independence reasons!
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i am very much not aware about presearch, it is safe to login and i want to know how we can earn, what is withdraw limit and mini so i came to know about it one year ago but i left it , so need guide
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You should check it out! I love the site and service it’s very easy and a good way for us to do what we can to shift the money away from giants like google.
I made a post about it early this year , I think I’ll do a revision of it in the coming weeks but below is the link! It wasn’t on Leo Finance but still on hive.
https://peakd.com/stem/@cmplxty/presearch-and-keyword-staking
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Thank for this info 🤗
You’re welcome! If you have any questions let me know I’m more than happy to answer!
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I'm sorry you lost that bit of crypto. I appreciate you sharing the information, as it will be something I may have to do in the future. I will keep that information close to me.
Also, thanks for the Presearch info. I'll check it out.
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You’re welcome, if you want to learn more about how I maximize my Presearch rewards I made a post about it earlier this year!
https://peakd.com/stem/@cmplxty/presearch-and-keyword-staking
If you make small adjustments to your daily routine for things you can collect some pretty decent rewards. It just takes a bit of time but we have plenty of that with crypto!
The transaction was here on hive (Steem actually but same thing at one point lol) and I typed the name wrong and bam see ya later some tokens to someone who made an alt account just to catch people making a typo. It was annoying but those are the hard lessons we learn. It’s better to learn the lesson then never know it, I think!
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One thing your post on all the stress you went through prove is how important it is to have sort of "Usernames" for blockchains. I'm not a huge crypto investor either. Whenever I'm sending my crypto on DPoS chain I've been pretty confident because it's hard to mess up a simple name.
I've been hearing about Dash working on these "Usernames" for their blockchain. It'l really be a game changer IMHO.
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Yeah user names would be an interesting development for sure. I don’t know if I necessarily would use it for certain scenarios because it’s easier to remember and track a username than it is an address. I’m about privacy and an address can certainly be copied into a file for use but it’s unlikely someone will remember a bitcoin address versus a username. I would love it for more mainstream adoption but not as a choice I would use myself.
I have been looking up a little bit about dash that seems like a pretty great project I need to look into it further!
Appreciate you stopping by and dropping a comment!
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I don't mind having 1 username for general use. But I agree with what you say.
Dash has been super undervalued compared to fundamentals. It could be a great buy. Higher the price, higher their monthly DAO budget will be. At ATH it was $10 million/month
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OMG! I know how that feels. Hard lesson to learn for me, too. I just tell myself, 'at least I learned that lesson early on', to make me feel better.
I'm getting myself a hard wallet for Christmas this year, so it's nice to read about stories like this.
Thanks for sharing. :)
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Yeah the lesson is a tough one for sure but these types of things are the best way we can learn lol.
Some have feelings about particular wallets versus others but I am not at the point where I can really say much about mine other than the ledger nano S is nice but the device doesn’t have a lot of storage on it. I tried to load like 8 wallet addresses on it but it didn’t have enough space. Not a huge issue for me but in the future it will outgrow its usefulness and I’ll need to get another one if more coins get added. Just food for thought!
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I own a Ledger Nano S too ( since a year or three ) and it's true that there's little storage space on it. You can install more than 5 coins on it though. It's just a matter of deleting one, then installing a new one and then deleting another and re-installing one you need to transact with ( at a later time ) and so on and so forth. It's kind of a hassle but possible. I plan to get myself a Nano Ledger X soonish to not have to deal with this.
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I have also been hardware moderately on the road for quite some time and I definitely think that this is always the right way. I have been sweating a little bit, but so far no typo has made me scream :D
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Lol that’s great, I’m hoping you can keep up the typo-free streak!
I’m glad I did it now instead of later. Things in the horizon for exchanges are looking worse, they are trying to go after people that use crypto.
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Which wallet for you go for? I have a trezor and a ledger. I mostly use the trezor for BTC and the ledger for other shitcoins. I prefer the trezor interface
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This one is the ledger nano S. I bought it last summer I think so it’s been a while. I don’t love that it doesn’t have a lot of storage space on it but I don’t own many coins so it’s fine for now. I think if I buy another one in the future to expand my portfolio I’ll try a Trezor so I can experience both but I don’t mind the interface for the ledger.
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got it
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LOL I think we all go through that squeaky bum time when moving large amounts, when I did it BTC wasn't worth half as much as it is now and I still freaked out like I pissed away a few thousand bucks. Sitting there watching the block explorer, even though I did a test first of 5 bucks, which is my usual trick before moving large amounts I still have that lump in the throat until I get enough confirmations
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Yeah dude I also had a little rum in me so I was like shit maybe this wasn’t the right time to be doing transactions lmao. I honestly did it for the airdrop of the new bitcoin privacy token. I saw it here on Leo and they are airdropping people the token based on your bitcoin holdings but only actual bitcoin not exchange magical numbers. I’ll find the website if you haven’t seen it yet.
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Oh yes please tell me more, I know Hex did an airdrop for BTC holders and I claimed it but the token isn't worth shit lol
https://rhom.io/wiki/learn/blockchain/rhombus-airdrop/
Looking at it though, the website sucks and it’s completely lacking info hahaha. We shall see! I should have read it before I guess but it’s probably still the same.
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Crypto 101
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Yeah, it's sad to say that it took me so long to abide by it but once you get in that habit it's great from there.
I’m looking at getting a ledger x and s do you like them?
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Yeah my ledger is nice I love it! I have the S model and it's convenient to use and store. I want to figure out a more solid safety device to keep it secure but that's beyond what it's built for. A small safe or something that can't be moved would do the trick.
The interface is also really nice and easy which definitely helps! They have done lots of updating since I last had the thing installed so that was great.
I ha e a few safes at my house so my plan would to be to deposit a set amount each month and just accumulate on it.
Oh man what took you so long to take it off the exchanges?! Haha!
I remember my first time sending BTC and was basically quad checking EVERYTHING, character by character... then waiting for confirmations... jeez, that was painful. Must have mashed that F5 button in my ledger so much I needed a new keyboard!
Really glad you are now owning your BTC rather than leaving it on the exchanges, I'm always relieved when mine is in the ledger, can't quite beat that feeling that it's all yours!
It's definitely hard mate, hard and cold (storage) :D
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A wise decision for sure.
Aside from the very important security reasons, holding your keys / crypto on a hardware wallet makes it more difficult to make emotional decisions out of fear or greed ( extra steps ).
That's why I keep my most important holdings on there, while I'm a little more playful with whatever I've got sitting around on my Exodus desktop wallet.
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