Sent 1.55BCH Back To Bitcoin.com

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3 years ago

This article was inspired by @MoreGainStrategies's noise post last night. Thanks for your post, I learned something new last night. Most importantly, thanks coz it helped me realize to do the thing I've been wanting to do for quite some time now.

So before we tackle that nerve-wracking and heart-stopping experience, let me just share with you something about last night. Well, I was trying so hard to stay awake while working for long hours. Then I saw his post on noise, which also helped me convince me to do it as soon as possible. Here's the post:

His post has served as a sign for me. As mentioned above, there's something that I've been wanting to do for quite some time, and that's to transfer all my BCH back to Bitcoin.com wallet. I wanted to do this is to secure my Bitcoin Cash against hackers and other issues that any exchange would encounter.

Martin made a more detailed article here, so be sure to check this out: I Finally Pulled It Out! No More CEX for Me! #nofap

Thanks to Martin, I also learned about a new method to secure your HODL through a paper wallet. I didn't fully understand what a paper wallet is, though, I have a feeling that it involves writing your seed phrases on a piece of paper.

So what does a paper wallet means?

I was right but what confused me was when he said "but it's not installed on any device that I use." Luckily, Martin was up for a little tutorial and was ready to explain it a little further.

According to Martin:

You can create a new wallet in theΒ Bitcoin.comΒ app. Write the seed phrase on a piece of paper (and keep it safe). Then send your BCH to that wallet and delete the wallet from the app.

But make sure not to use the piece of paper! πŸ˜…

So basically, you create a new wallet on Bitcoin.com, copy the seed phrase on a piece of paper and keep it safe no matter what. Send your BCH to that wallet and delete the wallet and just wait until you decided that it's time to reap what you sow.

Why delete the wallet though?

Well, if you're intention is to HODL your BCH without taking profits and just wait until the price goes $5,000 - $30,000, then this strategy is ideal for you. Just be sure you have your seed phrase and keep it safe. However, if you're someone like me who likes taking profit every time the price pumps, then you can have both: a wallet intended for HODL and follow the strategy I've just mentioned and a wallet that you can use for taking profits.

Well, it all depends on you, but I think it's also a good way to secure your main HODL wallet against the possibility of losing your phone. Imagine if you own more than 10BCH, and you accidentally lose your phone. That would be a disaster! Anyone could just send those amounts to their wallets, or they could just convert them all into fiat.

Keep in mind that it only takes less than 1 minute to send everything to their wallets.

Sent my BCH back to where it belongs

You probably have heard about this already as I shared this first on my noise post.

So after chatting with him last night, I decided to send mine back to where it belongs. On Binance, I had a total of 1.60BCH, mostly profits from my other wallets. I've been wanting to do this, but I was just not ready yet as I was hoping to use them for Spot Trading.

But because of his post, I realized that it's better to secure my BCH now before something unexpected happens on that exchange. I know Binance is one of the most-used exchanges in the world of crypto and probably one of the safest to do your transactions but better be safe than sorry. As they say, invest what you can afford to lose. Well, 1.60BCH is something I can't afford to lose.

So after our conversation, I immediately renamed one of my empty wallets on Bitcoin.com, checked Binance, and sent 0.002 right away. As mentioned in my noise post, I didn't receive that amount because I used the wrong format of the BCH address. I was kind of sad even if the amount was just 0.002BCH because as I've always said, every amount matters.

After that first attempt, I decided to wait for the others to ask about the format whether to use the legacy address instead. I'm glad @Eybyoung replied and explained to me what to do. This time, I knew what to do. I then copied the legacy address for that wallet I renamed "Binance." First, I sent 0.002 as it is the minimum amount to send. In just more or less 5 minutes, I already received my BCH.

I sent another one again, but this time, it was 0.003 just to be sure that what I received was from the latest transaction. Again, it came right away, and was so ready to send everything on Bitcoin.com. Oh, wait, not everything but just 1.55BCH coz the 0.05 was left for Spot Trading. So I carefully pasted the legacy address (minus the bitcoincash: at the beginning of the said address), double, and tripled check to ensure everything was perfect.

After checking everything, I then tapped that send button. After a few minutes, there was no sign of my latest transaction, and that's when I got panic. It felt like I was about to have a heart attack. I kept checking my phone for a notification, but there was none. So I decided to leave the room where I watched a movie with the family and went straight to the bathroom.

Negative thoughts started rushing into my mind. I was like, "I wished I didn't send them all in one transaction. What if I won't receive the amount? What will I do then? That 1.55BCH was no joke!" We both know that 1.55BCH for some of us here feels like millions already. Losing that would be a downfall for me. Even if I would get to earn that amount again, I'd still remember that amount and how I lost it.

Until I heard a beep this time. When I checked, it was a confirmation that it was already in my wallet. Yay! I doubled check just to be sure and yes, there it was, sitting pretty on its new wallet. Thank God, it went home safe.

Now, what's my next move?

Since I love taking profits, I won't delete that wallet or any of my wallets yet. I will still grab this opportunity to take some gains until the bullish market is over. When it's time for the bear to dominate the market, then that's the time I would delete that wallet.

Will I still be using Binance?

Yes, I will still use Binance, but this time, I'll make sure to send everything back to Bitcoin.com every time I earned $100 from doing the Spot Trading. Right now, I've still got a few coins and a little amount of BCH on Binance.

Closing thoughts

Until now, while writing this, I'm still a little nervous. My heart is still beating so fast. I think this experience has just caused me a little trauma. Lol.

Okay, I should probably sleep after this article and just read all your comments tomorrow. I'm still exhausted after that 10-hour work last night. I finished everything before 8 this morning so I still need a lot of sleep now. Plus, with this experience, I don't think I should stay up late. My heart and brain deserve a good night's rest.

Checked using plagiarismdetector.net, and it's deemed 100% unique.


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Comments

Though deleting the wallet sounds scary, it's a good strategy I'll someday.

$ 0.00
3 years ago

So that's why my friend who invited me here always reminds me to take note of them. And I also think of exploring binance as I read this.

$ 0.02
3 years ago

Yes. Seed phrase is as important as your holdings. Not writing them down gives you 100% chance of losing your amount in a blink of an eye.

$ 0.00
3 years ago

Woaahh! So I really must be careful and write it somewhere I can remember. Thanks po!

$ 0.00
3 years ago

I'll never delete wallet coz i feel scared to loss BCH when I've seed phrase i used two factor and passcode so if i lost my mobile I'll be able to get back BCH

And it's good decision of you to save your holdings in bitcoin.com wallet I'm also holdings my BCH there and some in binance for trading purpose

$ 0.02
3 years ago

There's nothing to worry about since you have the seed phrase. And same, still got a few there for spot trading.

$ 0.00
3 years ago

Sometimes it happens especially when the amount you are sending is huge. But it takes less than 5 minutes to receive a confirmation when the amount of bch you are transacting is less. I think it takes much time for a transaction to be processed on the Bitcoin cash blockchain with huge transactions. You shouldn't have worried in the first place after having the first two transactions confirmed.

$ 0.02
3 years ago

I know. It's just that 1.55 is a huge amount, and I was worried that it won't reach my wallet. Lol

$ 0.00
3 years ago

I still have some coins on Binance and various wallets. I like the idea of being able to earn extra on my coins. I need to read some more about the risks though. Thank you for this info πŸ’™

$ 0.02
3 years ago

I'm also doing that. Hehe. Yes, feel free to read about the difference between custodial and non-custodial wallets and their risks.

$ 0.03
3 years ago

I did babe. I like that you linked other sources and articles, so I can read more. All my wallets have seed phrases, apart from exchanges like Binance and Coinbase. I’ll take your advice and keep the biggest part in a wallet that is not on any device, I think that’s a clever move. Thank you πŸ’™

$ 0.00
3 years ago

Owhhh do not be fear much mate. Better you keep your trading funds on your any exchange wallet because if you keep doing this everytime then you will face fee problem. As i know Binance bch withdraw fee maybe upto 0.002 BCH? Around 2 usd plus almost. The better would be for you if there have any DEX for BCH swap. so that you do not need to withdraw or sent bch to other place for trade or selll etc etc etc.

$ 0.02
3 years ago

Binance fee is currently 0.001 or $0.70. Still huge since we rarely pay that much for the fees.

$ 0.00
3 years ago

Yes, in case of BCH only

$ 0.00
3 years ago

That's great that you let your readers know about the dangers of using a centralized exchange. 😊

I have just realized that I had a typo in the message I sent you.

Instead of "But make sure not to use the piece of paper! πŸ˜…" I meant "But make sure not to lose the piece of paper! πŸ˜…"

$ 0.02
3 years ago

Hahahaha. I'll edit that one. Haha. Thanks for correcting that part.

$ 0.00
3 years ago

Masubukan ko nga rin yan Ma'am.. Hmm.. Matanong ko lang po, Pag ba nakabili nang bagong phone tas gusto ko ilipat yung wallet ko sa bagong phone na yun, pwede ko bang gawin yun kahit di ko na.delete yung wallet ko sa lumang phone?

$ 0.02
3 years ago

Kung ikaw lang ang gagamit, why not. Pero kung iba, delete mo na. Mahirap yan. And yes, pag me bago kang phone, jan mo maaapply yung seed phrase. Dapat per wallet me seed phrase ka lahat lahat.

$ 0.00
3 years ago

Okay po Ma'am.. Save and sulat ko lang talaga lahat lahat nang seed phrase..hihi

$ 0.00
3 years ago

And wag mag rely sa isang backup. Back up the backup.

$ 0.00
3 years ago

naka.synced pause kasi yung akin..

$ 0.00
3 years ago

i.sy.sync ba yun sa email?

$ 0.00
3 years ago

Sakin naka sync para in case lang

$ 0.00
3 years ago

Okay po..😊

$ 0.00
3 years ago

Ngayon ko lang po nalaman na pwede pala mag delete ng wallet basta may copy ka lang ng seed phrase nun tapos ma rerestore ulit. Ang awesome naman πŸ€— mya mga account na po bang nahahack sa binance?

$ 0.02
3 years ago

Actually, di ko alam pero meron na daw yung nag file ng bankruptcy tas iba, me kilala ako dati sa noise, na frozen account niya sa celsius dahil di siya ng KYC. Ayun lahat ng ipon niya on hold. No idea kung na settle na ba niya ang issue. Read mo yung kay Martin, andun lahat ng explanations niya.

At yes, pde madelete sa Bitcoin.com basta me seed phrase ka.

$ 0.00
3 years ago

Pano po yun ulit? Gagawa ako ng wallet, tapos i sa save ko yung seed phrase. Then pwede ko napo i delete yung wallet? Pero ma rerestore ko po yun ulit?

$ 0.00
3 years ago

Ganito, sample ka ha.

Kung wala kang empty wallet sa Bitcoin.com, ganito gawin mo:

β˜‘οΈ Create a wallet β˜‘οΈ Copy the seed phrase

Since this is just a test, don't add any amount or you can pero send ka lang ng $0.05.

Before you delete the wallet, double check the seed phrase. Be sure lahat tama. Triple check para sure. Then you can delete it.

How to open that wallet:

β˜‘οΈ Add a wallet but instead of new wallet, import a wallet gamitin mo β˜‘οΈ Input the seed phrase β˜‘οΈ If ever wala yung amount, click the 3 dots then sa wallet information β˜‘οΈ Click scan and wait mo lang. Tapos yun na.

$ 0.00
3 years ago

Awww amazing. Thank you pi ateeee

$ 0.00
3 years ago

You're welcome. Na try mo?

$ 0.00
3 years ago

Opo tinary ko hihihi. Gumagana sya po πŸ€—

$ 0.00
3 years ago

Laki pa naman balance ko sa Binance. Mostlt coins andun.. Yung trading fee nga nla prang tumaas na rn..laki ng 0.001 fee sa withdrawal ah.

$ 0.02
3 years ago

Oo. Tas 4 transactions ako. Laki niya talaga. Pero at least safe na BCH ko. Yung sayo jan, malamang ang laki laki balance mo dun.

$ 0.00
3 years ago

Ngayon ko lang narinig yang paper wallet at ang brilliant ng idea na yan hahaha. Hmmm may nabasa ako na basta may google authenticator yung binance nyo, mahirap naman mapasok ng hacker pero yun nga depende pa rin kung mismong system na ng Binance yung problema. Di ko mawithdraw yung bch ko kasi may fee. Medyo malaki na para sakin. Parang ganun din yung naeearn kong interest sa nexo

$ 0.02
3 years ago

Me nilagay ako sa nexo. 0.38 ata ang andun. Tapos madagdagan pa yun by the end of the month.

Yes, yung idea is maganda siya. Kasi nga kung HODL lang sayo so okay na okay yun. Ikaw lang nakakaalam na nag exist yung wallet na yun.

$ 0.00
3 years ago

Ako eh bitcoin.com.pero may 3 wallet ako for my earnings, like one wallet for my read.cash,then another one for my 1bch gola and then one for my noise.cash..heheh

$ 0.02
3 years ago

Hahaha. Yung sa Bitcoin.com, dami kong wallet jan. Me mga empty pa. More than 10 ata. Akala mo naman ang daming laman.

$ 0.00
3 years ago

Hahahahha, I'm sure mapupuno o lahat ng wallet na yun

$ 0.00
3 years ago

I can't relate that much because I haven't use Binance, but I am planning. It's just that my mind seems to won't cooperate in treading talks. Need to have a sincere talk with my mind first. Haha

$ 0.00
3 years ago

Hahaha. Don't worry, you'll get used to it. Ako din naman. Di ko rin kaya yung iba. Pero yes, you need to learn how to do spot trading. It's a lot safer than futures and only time you'll lose money is if you sell them below the amount you bought it.

See @Jane and @Eybyoung's articles about spot trading.

$ 0.00
3 years ago

Aralin ko muna nang mabuti. Buti na lang nanjan kayoooo. :)

$ 0.00
3 years ago

Well I still have 0.82BCH in Binance aside from the $300 currently running for spot trade. The BCH is my collats from my loan hahaha! So probably I still have $800+ in Binance but I'll secure it once I settle my loan.

$ 0.02
3 years ago

I only have $200 plus left there. I might also sell some of the coins I'm holding and buy more BCH for spot trading.

I'll stick more on holding them coz it's a lot safer. I may not get interest from holding them but at least, they're all safe.

$ 0.00
3 years ago

Hahaha parang anak mo lang eh noh at least they are safe. If you are holding solid different coins, don't sell them. Diversification of portfolio is good strategy, besides you can accumulate BCH here and noise.

Ako if I'll have successful trade I'll buy different coins na unless if I traded BCH then I'll buy BCH with that.

$ 0.00
3 years ago

Yung doge ko lang isesell ko. Hahaha. Pero yung iba, steady lang sila dun. And balak ko din dagdagan yung iba. Basta ang importante, hindi na masyadong malaki pera ko dun.

Hahaha. Parang anak. Hehe.

$ 0.00
3 years ago

better safe than sorry nga..i do have some amount na nastuck sa binance ng brother ko from my crypto website earnings... i will transfer them to bitcoin wallet once mabawi na namin ung capital ko.. sana sana sana

$ 0.02
3 years ago

I learned na kahit bagsak ang value mo sa USDT, yung value niya sa BCH is hindi nagbabago. Pero kung ibang coins yan, syempre wait no makabawi. Lalo na pag nasa spot trading.

$ 0.00
3 years ago

yes nag spot trading kasi sya

$ 0.00
3 years ago

That’s good for you mam. Because Bitcoin.com wallet is more secure than Binance. But make sure to save your seed phrase because if you lost your seed phrases than you will never get your money back. Btw, I have a suggestion that At-least put one BCH into Binance and with that you can start scalping and make profit every day through BCH trading.

$ 0.02
3 years ago

I have a little amount there for spot trading. It will grow eventually. And yes, seed phrase will be taken care of. Always.

$ 0.01
3 years ago

Yayy, buti success na after work many attempts aguyy. And I like Martin's strat, create wallet, then write your seed phrases and then delete. Wag lang sanang malalasing at aksidente na mabasa yang papel mo. Maganda sa secure na lugar ilalagay nakupo. Mahirap din ang ganyan pero ingatsn nalang talaga.

$ 0.02
3 years ago

Dapat hindi lang isang backup mo. Balak ko gumawa ng tatlo. One day, bibili ako ng hardware wallet. Gamit to sa atin na nag hoHODL.

And yes, buti talaga successful siya. Naku pag yun hindi, ewan ko na lang. Mas masakit sa breakup yun.

$ 0.00
3 years ago

Hala puwede pala iyon, yung dinelete mona wallet mo at puwede mopa marecover using seed phrase....ngayon kolang alamπŸ˜‚

Matry nga tohh baka mamaya may sumilip sa wallet hahaπŸ˜‚

$ 0.02
3 years ago

Pde siya. Basta copy mo muna ang seed phrase. Baka kasi di mo icopy muna. Di mo na yan makukuha. Na try ko na yan dati nung me bago akong phone.

$ 0.00
3 years ago

I am not relate since I still don't use binance pa po but this article will help me soon if I will start to trade na. ☺️

$ 0.02
3 years ago

Oo, gamit ka pa rin ng binance basta wag mo lang lakihan pundo mo. Pag lumaki man, send mo agad sa Bitcoin.com para safe.

$ 0.00
3 years ago

Thank you for this very informative post. I now understand everything!....better safe than never..

$ 0.02
3 years ago

Yes, better safe than regretting this forever. Hehe

$ 0.00
3 years ago

Thanks for sharing about paper wallet. I would love to try that one. 1.55 bch is a huge amount, If I was in your shoe that time maybe I went crying XD. But good to know it transfer safely to your bitcoin.com.

$ 0.02
3 years ago

Hindi ako umiyak pero pag di ko na receive yun, baka nag lumpasay na ako after nun. Buti na lang talaga successful siya. Di ko alam pano mag start ulit.

$ 0.00
3 years ago

I learned that earlier never ever keep any crypto on an exchange for a long time. Just the amount you want to trade with. The safest way is to hodl is under your private key. I have a hardware wallet, where I will hodl my crypto. That is a good idea to delete the wallet from the app as well. A paper wallet is a cold wallet. It is a paper with a code on it which is your address. This wallet is the last one on this list.

https://blog.blockonomics.co/top-5-bitcoin-cash-bch-wallets-2021-3f52f1027e2

$ 0.02
3 years ago

Yeah, I actually know that but didn't expect that I would gain so much profit and gave my Binance up to 1.60 for BCH alone. But I'm just so glad it was a success. Imagine if I did not receive it. OMG!

And one day, I'll have my own hardware wallet too. That's a must-have essential to us, HODLers. And thanks for the links, will definitely check that out.

$ 0.00
3 years ago

You are welcome.

$ 0.00
3 years ago

Sana all sis may ma transfer heheheh ako matagal pa 1bch sa akin sana nandito pa rin itong c readcash para maka 1bch pa ako pagdating ng panahon 😊

$ 0.02
3 years ago

Kaya yan sis. And yes, sana talaga tumagal pa si read.cash dahil ang laking bagay nito sa atin.

$ 0.00
3 years ago

Oo super laki ng tulong sa atin itong readcash

$ 0.00
3 years ago

Thanks for this lovely idea I will try it out and in case I need any more assistance I will ask my question on your comments section

$ 0.02
3 years ago

Sure thing. I'll do my best to answer your concerns to the best of my knowledge.

$ 0.00
3 years ago

You made me laugh when you went to the bathroom and started thinking πŸ˜…πŸ˜… I laughed again when you said your bch got home safely. 😁 One just have to be careful. 1.55 bch isn't small amount. Think about the stress and tough moment you passed through to get that?

You should get a good sleep now. I also love to take profit and I don't think I would delete my wallet like that. I have all my seed phrases written somewhere already.

$ 0.02
3 years ago

I did went to bed after that. Oh my. That was heart-stopping experience. I'll make sure not to HODL more than 0.50 for custodial wallets.

Now, time to update all my seed phrases and backup the backup. Hehe.

$ 0.00
3 years ago

Nice move, but its all about opinions

$ 0.02
3 years ago

True. But I'll stick to less in custodial wallets and more on non-custodial.

$ 0.00
3 years ago

Impressive, galing paikutin ang bch.. Hala kaka excite.. Naeengganyo ko lalo magpursige para soon may maitabi din para sa investment, tradings, habang inaaral at nag iipon pa.. ❀️😍

$ 0.02
3 years ago

Oo, pero wag mo lakihan sa binance. Sabi kasi nila mas safe ang coin mo pag me seed phrase.

$ 0.00
3 years ago

Tandaan ko yan.. Tnx

$ 0.00
3 years ago

Sending a lot of money in one go is still scary no matter how many times you've done it before! Thanks for the strategy to HODL without any worries though!

$ 0.02
3 years ago

Yes. And I only realized that after sending them all. Phew. And yes, perfect way to avoid seeing the wallet on red days.

$ 0.00
3 years ago

You did it right. For me, the interests you get from binance, it's kind of low. And you have risks to loss 100%. It's better to hodl at bitcoin.com or coinbase. Both are safe 😊

$ 0.02
3 years ago

True. And as I've said, 1.55BCH is something I can't afford to lose. So glad I got to read his post or else, I won't remember my plan to send them all back to Bitcoin.com.

$ 0.00
3 years ago