Bitcoin-Qt more than 8 Connections

These tips and tricks are my opinion, they are not facts, and may be controversial. They come from personal experience and/or from observing what’s happening in the bitcoin world. Enjoy!

- First Law Of Bitcoin Security: Use Bitcoin only from a secure smartphone or tablet. Never use it with a personal computer or jailbroken device. Desktop-class operating systems just aren’t safe enough to be sure you aren’t leaking your passphrases, private keys and/or wallets to hackers. When it comes to bitcoin, hackers are more determined than ever, because it is far safer and more profitable for them to steal bitcoin than anything else. If you break this law, you better know what you are doing.

- We don’t have decentralized bitcoin exchanges and decentralized online bitcoin services yet. Whenever you use an online service that requires you to trust them, any bitcoin they are holding for you is at risk. Watch this compelling talk by Chris Odom about how trusted entities will no longer be needed. That is one of the founding principles of bitcoin, after all.

- If you want to buy or sell bitcoin on one of the current exchanges, minimize your risk by keeping your bitcoins in your own wallet, and sending them to the exchange only when prices meet your desired target. You can often set up an email notification when the price reaches your target, and then it takes only about a half an hour to send bitcoins to the exchange, have them confirmed, then sell them. Leaving the bitcoins at the exchange with an open order to sell will get you a better price, but then you are greatly increasing your exposure to the risk of losing the bitcoins and getting “goxed”. Similarly, do not leave fiat currency in your exchange account either, it is also at risk, even if slightly less.

- If you use bitcoin, and prefer not to have it stolen, then you should use two-factor authentication for all your related online activities, including –and especially– for email access. If your email provider, file backup service, bitcoin exchange or other important service doesn’t support two-factor authentication, change services.

- First Rule Of Bitcoin Investing: Hold your bitcoins for the longest time. If you spend some, buy more to replace them. Listen to this catchy song on video a few times.