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Friends Don’t Let Friends … Buy Shitcoins

Why the smile?  Kevin, Paul and Winnie always feel great and sleep easy because they hold between 95-100% of their “Cryptocurrency” in Bitcoin or often displayed as (BTC). They also don’t attempt to trade their Bitcoin, they just add to their positions when the price has meaningful pull backs.  After years of seeing various “exit scams” and hacks, they have heard about every horror story you can imagine.  They even had some coins on Mt. Gox when it went down.  Now they take their Bitcoin security much more serious and have their BTC safely kept in what some people call “cold storage.” Which basically means paper wallets, offline hardware wallets, thumb drives, etc.  The best practice being a combination of them. Now they are always in control of their private keys, utilize BIP38 Encryption and never leave any substantial amount of money on exchanges or in SPV wallets unless absolutely necessary.  These are consistent practices of more experienced Bitcoin users and most HODLERS.

What about the “free shitcoins” and are they missing out on all these forks or “crypto dividends?” A true HODLER (like the ones pictured above) is careful enough to wait until the dust settles before he or she starts breaking out their respective “Private Keys” to get a nominal amount of some new alt-coin aka “free shitcoin.”  When the time is right, they will sit down and separate the forked coins, if it’s worth it to do so and probably sell it on an exchange.  Most likely since they are often referred to as “Bitcoin Maximalists” they will exchange the dividend for more “legacy chain Bitcoin” or possibly “stack” more Litecoin for “funzies.”  Why not also take these forking opportunities to combine small transactions and utilize Segwit addresses, as well as the low fees that Segwit Transactions allow users to enjoy.  Sometimes on a weekend day, you can get transactions through for 1 Satoshi per byte.

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