1st time buyer rookie to the game

Bitcoin Questions and AnswersCategory: General questions1st time buyer rookie to the game

Josh o asked 5 months ago

Hi im new to the game when it comes to buying and storage of btcs, i understand the volatile market side of btcs ,but im a complete rookie when it comes to the tech side of things etc seting up the wallet ,buying and selling as im not computer savey at all and please excuse the bad grammar and spelling,

ive watched all the lastest video clips on the trezor and wallets,, just a couple of questions to help make sure i fully understand what im trying to acomplish and put my mind at ease, because it sounds so simple how well your tutorials come across

can you please tell me if this is possible and the best option,? i wish to invest 100k in bitcoins within the next month as a 2,3 yr investment, on market hype and speculation around the bitcoin price by 2020!

, my main questions are will the trezor device and platform be suitable just to invest and forget about the btcs for a 2,3 yr period? i will not make any purchases i will just store the coins and thats it, untill im rich or bitcoin goes bust,

so firstly buy bitcoins from a second party and store them on the trezor? Once my btc are in trezor can i just forget about the account for a few years?

, so basically im asking is this a wise move to safely invest using the trezor device and platform? Or is there any recommendations you could give?, so basically i just want to set and forget? Buy bitcoins store them without spending a cent untill i make a huge profit or bit coin go bust? i understand the high volatilty market place this is , fingers crossed and i hope im on the right track for my own confidence , thanks very much i hope for some words of wisdom in reply thanks very much

1 Answers
Steven Hay answered 5 months ago

Hi Josh,
 
Well, first of all, $100k is a lot to invest into something you don’t fully understand… Have you considered using the Dollar Cost Averaging system, whereby you invest a set amount each month? This will give you time to catch up on the technical side and – unless Bitcoin keeps going up in a straight line (unlikely) – might get you in at a better average price… Of course, I can’t guarantee that.
 
A Trezor or other hardware wallet is certainly a very good option if you’re going to buy a lot of Bitcoin. It will work just fine as a “set it and forget it” storage device. However, you should test your backup seed and the restoration process thoroughlybefore depositing that amount of money. Recovering using your backup on an airgapped (always offline) machine running in a live environment (operating system which leaves no traces on the system; TAILS is a good one) is a good way to test that your backups work properly. Doing so will give you peace of mind in the event that your hardware wallet fails.
 
One more thing to consider is that you should occasionally check the site / social media of your chosen hardware wallet manufacturer for any critical security warnings or updates. It’s unlikely but possible that there may be some vulnerability discovered in future. This is also true of Bitcoin itself. In other words, I suggest that you don’t just forget about your investment entirely. It’s good to stay informed in this space, as things can change really quickly… For example, many more forkcoins are coming along. Securely splitting and selling these (which is possible via hardware wallets) will allow you to earn dividends proportional to your Bitcoin investment.
 
Good luck!

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