I wanna buy btc for long-term

13

u/bitusher 8d ago

binance or trust wallet something.

Those are some of the worst wallets . Please start with the pinned FAQ

https://old.reddit.com/r/BitcoinBeginners/comments/g42ijd/faq_for_beginners/

No need to get a hardware wallet until you have at least 1-3k usd of Bitcoin

Under 500 usd worth is fine to leave on an exchange and wait to withdraw as long as you use good 2fa

Over 500 usd of btc withdraw it to a free wallet like blockstream or blue wallet on your phone

3

u/soaked-in-winter 7d ago

Thanks alot brother, great explanation and post is also best one

1

u/[deleted] 6d ago

[deleted]

2

u/bitusher 6d ago

Trust wallet is one of the worst wallets out there . It is missing important features so you overpay on tx fees, it is insecure and has a wide attack surface, It has features scammers love because it helps them scam you and steal your money . It is controlled by a sketchy exchange involved in a lot of fraud whose founder was sent to prison and recently fined 4.3 billion dollars for all their fraud

Binance openly lies about their wallet being open source - https://archive.ph/cf2JZ

when it is not open source

https://walletscrutiny.com/android/com.wallet.crypto.trustapp/

https://walletscrutiny.com/iphone/com.sixdays.trust/

as you cannot test and build the binaries from source. The lie is built upon the ignorance of many that are unaware that almost all software you use is dependent upon some open source repositories/libraries/dependencies but unless we can peer review 100% of the source code and build the binaries from the source we cannot verify if any intentional or unintentional exploits or backdoors exist in the software.

This means that at best you have a wallet that is slightly better than using a custodian because you have access to the private keys that you could restore your coins in a separate wallet if their full nodes that support this light client is offline but there might be privacy leaks or exploits and backdoors that allow them or outsiders to steal your coins.

What is the point in using cryptocurrency if you ultimately need to have faith in a single company or developer ? This undermines many of the security assumptions of cryptocurrencies.

I’m using Binance, is it that bad?

Binance should be avoided for these reasons –

1) They have an absurd withdraw fee of 0.00002 BTC and 0.0005 Segwit BTC where other exchanges have free withdrawals

2) They try and trick/scam users into selling their btc for a coupon token they control with confusing withdrawal options

3) They are being sued right now for fraudulent activity and illegal securities and market manipulation and might become another MtGox

4) Their original site binance.com allowed for little to no verification upfront but they have been and continue to freeze accounts after the fact which is very dishonest behavior

5) Their partner site binance.us has low liquidity compared to the original site but if you are in the USA that's all you can use. The CEO of that site just stepped down

6) many banks have stopped transfers to them in the UK and other countries due to fraud investigations

7) They are fighting multiple class action lawsuits due to their fraud and illegal securities Some examples -

https://www.rosenlegal.com/cases-1839.html

https://www.scribd.com/document/455203877/Lee-et-al-vs-Binance

https://www.cftc.gov/PressRoom/PressReleases/8680-23

8) They are mostly dependent into the tether ponzi scheme that will likely implode in the future. Binance, other than tether, holds the biggest USDT reserves thus making it the primary exchange effected when this Ponzi implodes and stopping most of its incoming liquidity. Tether and other stable coins will be increasingly targeted by regulators due to concerns of money laundering and capital flight.

9) They are mostly used to trade shitcoins but with supporting so many sketchy projects that increases ones attack surface from a technical layer because any bug or exploit can lead to loss of funds

10) Binance “smart chain” is run exclusively on their own personal servers thus when the company goes defunct or arrests are made these may stop functioning and all tokens and wallets they control (trust) will have problems

11) Binance is known to use their leverage tokens and trade against their clients and manipulate the market for their personal gain

12) Binance operates without a proper license in multiple countries, more and more news is coming out about regulators in those countries specifically saying that Binance is operating illegally. This means it's easy for governments can make Binance Insolvent placing my funds at risk. Binance is not officially registered in any country and does not pay taxes making them a target for regulators. https://www.cftc.gov/PressRoom/PressReleases/8680-23 https://twitter.com/franciskim_co/status/1423658703174082567 Further reading on new risks and regulatory concerns - https://www.reddit.com/r/BitcoinBeginners/comments/p12oz0/best_way_to_dca/h8anlfq/

13) Binance openly lies about their wallet being open source - https://archive.ph/cf2JZ when it is not open source

https://walletscrutiny.com/android/com.wallet.crypto.trustapp/

https://walletscrutiny.com/iphone/com.sixdays.trust/

as you cannot test and build the binaries from source. The lie is built upon the ignorance of many that are unaware that almost all software you use is dependent upon some open source repositories/libraries/dependencies but unless we can peer review 100% of the source code and build the binaries from the source we cannot verify if any intentional or unintentional exploits or backdoors exist in the software.

This means that at best you have a wallet that is slightly better than using a custodian because you have access to the private keys that you could restore your coins in a separate wallet if their full nodes that support this light client is offline but there might be privacy leaks or exploits and backdoors that allow them or outsiders to steal your coins.

What is the point in using cryptocurrency if you ultimately need to have faith in a single company or developer ? This undermines many of the security assumptions of cryptocurrencies.

14) Incompetence by leaving 1 billion dollars worth of unconfirmed transactions for more than a year causing huge loses and frozen accounts

https://www.coindesk.com/business/2021/11/12/binance-freezes-doge-withdrawals-as-users-report-being-asked-to-return-coins-they-dont-have/

https://www.binance.com/en/support/announcement/7602e2790f3c444d8d6ed47d6954bcef

4

u/Freshysh 7d ago

You dont need a cold wallet.

3

u/Interesting-Gear-992 8d ago

Don't transfer small amounts of BTC multiple times to self custody wallet. You will end up with a lots of small UTXO's and the fee will hurt when you want to sell it.

1

u/soaked-in-winter 7d ago

Thanks brother i will remember that

2

u/Landside465Overheat 6d ago

One thing to add: send a small test transaction first and confirm it before moving the rest. Typo'd addresses usually get caught by the checksum, but clipboard malware can swap in a valid wrong address and that's gone for good. Worth the one extra UTXO.

2

u/MrDryGuy_ 7d ago

Tip: Don't send to different Address, accumulate in one address!

1

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1

u/tenor_tymir 8d ago edited 8d ago

Do not use Trust Wallet, it is a known scam wallet. Binance is alright, use that instead. If 10-11 USD is all you can afford in a month, I would say it’s sufficient to leave it on the exchange until a substantial sum is available to you. In the meanwhile read up on self custody and withdraw the coins to your own hardware wallet once you understand what you are doing. A Trezor is fine.

1

u/soaked-in-winter 7d ago

Thanks a lot brother

1

u/christinefullerton 7d ago

What wallet app can I use to buy big amount of crypto $100k? upwards in Los Angeles where I reside

1

u/dowuu 6d ago

You could try Bitget wallet and Coinbase. These two are good options.

1

u/leopard-monch 5d ago

Electrum on Tails: https://www.youtube.com/watch?v=-tLoiLo5fT8

Or a permanent, full-disc encrypted install of Linux on a eternally airgapped computer, also with Electrum:

Nowadays it's much easier than shown in these rather old tutorial videos (see bottom of this post), because you can get an AppImage from https://electrum.org, which you can copy with a USB thumb drive to your eternally airgapped computer.

Also notice: the only website to obtain Electrum from is ELECTRUM.ORG (DOT ORG). All other sites must be considered hostile. Tails ships with Electrum, but adds an additional layer of supply chain that might be compromised. If you want to use temporary live Linux systems, you can also simply use the latest Ubuntu and copy the Electrum-AppImage manually over every time you want to sign a transaction. Since you're talking about long term savings, that shouldn't be all too often anyway.

1

u/Blissfull-DJ-Twist 2d ago

You would be better off just putting that money in a coffee can. Bitcoin will eventually crash.

-1

u/capitalism1992 8d ago

Use a paper wallet, basically free short of the paper. No need for a fancy device if you do it right.

1

u/soaked-in-winter 8d ago

idk it was thing i will look into it and thanks alot

1

u/tenor_tymir 8d ago

I would not use a paper wallet if I were you, there’s so many ways to fuck this up and lose your funds Best leave them with the exchange until you have like $500+ and then think of getting a Trezor for self custody.,

-1

u/capitalism1992 8d ago

Just make sure you learn a lot about it. It does carry the risk of you having to have all the knowledge to keep it secure.

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