Just making sure I understand here... because it is all way over-confusing to start:
AltCoins - I can only store these (long-term) in their own wallets, correct?
Electrum seems to be only a bitcoin wallet, so this would be after a trade if I wanted to not trade anymore and store the BTC?
I do use Exodus, so I have some others stored there, but it's not like there are a ton of altcoin options there either.
So that leaves...
Altcoins - Longterm - Store in their own wallet, then?
Altcoins - Short Term - store in exchange with limit order?
BTC - remove the amount from the exchanges that I'm not actively trading with?
Safety - use paper wallet or Ledger/Trezor.
Trying to cover all my bases here. I think I'm understanding some of this.
Topic: Best way to hold coins? - page 3. (Read 887 times)
Ledger-Trezor is best option to hold coins.
If you don't want to buy ledger you can create a paper wallet then never store secret key on pc thats the other safe way.
If you don't want to buy ledger you can create a paper wallet then never store secret key on pc thats the other safe way.
Use Ledger Nano S. It's very simple and convenient to use and you can be sure that your money is in safe! And it looks better than trezor 
best way of holding bitcoin and a couple of other altcoins worth holding such as litecion is to use a cold storage. a paper wallet or an always offline computer or if you are willing to pay, a hardware wallet are examples.
the best way to hold other altcoins is in an exchange inside a stop loss order open and ready to be dumped before you lose money when the dark days of dumping starts unavoidably for all of the altcoins.
the best way to hold other altcoins is in an exchange inside a stop loss order open and ready to be dumped before you lose money when the dark days of dumping starts unavoidably for all of the altcoins.
First of all I have to tell you that what you're doing right now is so risky and dangerous.
You should that much amount of money exchanges ? Do you know that exchanges get hacked and funds disappear ?
Even some exchanges have shut down in the past and ran away with all the money of the users.
I guess you're not willing to lose 25 grand that easy !
If you want to hold the coins for a long amount of time then the best would be using a hardware wallet as I'd consider it the safest.
But right now you need to take action. Use multibit/electrum or any other spv wallet. , get an address and transfer your coins there.
Ofcourse don't forget to backup and print out all your private keys/passwords and backup wallet files.
Only deposit money on an exchange when you're actually gonna trade or buy some altcoins. But I'm positive you won't put that amount of money in anything other than bitcoins.
Good Luck
EDIT: What a coincidence ! A person just posted that an exchanged locked him off his account with no response.
https://bitcointalksearch.org/topic/bitstamp-blocked-my-account-300k-held-no-response-be-aware-of-this-scam-2214456
That's exactly what I'm talking about.
You should that much amount of money exchanges ? Do you know that exchanges get hacked and funds disappear ?
Even some exchanges have shut down in the past and ran away with all the money of the users.
I guess you're not willing to lose 25 grand that easy !
If you want to hold the coins for a long amount of time then the best would be using a hardware wallet as I'd consider it the safest.
But right now you need to take action. Use multibit/electrum or any other spv wallet. , get an address and transfer your coins there.
Ofcourse don't forget to backup and print out all your private keys/passwords and backup wallet files.
Only deposit money on an exchange when you're actually gonna trade or buy some altcoins. But I'm positive you won't put that amount of money in anything other than bitcoins.
Good Luck
EDIT: What a coincidence ! A person just posted that an exchanged locked him off his account with no response.
https://bitcointalksearch.org/topic/bitstamp-blocked-my-account-300k-held-no-response-be-aware-of-this-scam-2214456
That's exactly what I'm talking about.
Hey guys,
I've read around a bit, googled, but I know many are active traders - so I'll ask here:
Background: I have about 6 coins currently (not much) and 1 ICO (in it's own wallet, of course). Some of these are active trades, some for hold. Currently I have 1 in a Cryptopia Wallet (unsure if this will be hold or active yet) and 5 in Bittrex Wallets. I also have Exodus and mine ETH and DCR to those wallets.
What is the preference?
Thanks. Just trying to figure this all out
I've read around a bit, googled, but I know many are active traders - so I'll ask here:
Background: I have about 6 coins currently (not much) and 1 ICO (in it's own wallet, of course). Some of these are active trades, some for hold. Currently I have 1 in a Cryptopia Wallet (unsure if this will be hold or active yet) and 5 in Bittrex Wallets. I also have Exodus and mine ETH and DCR to those wallets.
What is the preference?
- Have my own PC-based wallet and back it up?
- Use a hard-wallet? (thinking like Trezor)
- Other?
Thanks. Just trying to figure this all out
The problem of why altcoins in general are an annoyance and why in the long term Bitcoin will keep getting bigger and bigger, is precisely because of the fact that it takes a lot of stress in order to keep local wallets for each single token. This added stress is nonsense once we have sidechains and you can hold different tokens by just holding BTC.
My advice is that if you want to keep an altcoin long term, get a local wallet, or at least an SPV wallet (so an equivalent of Electrum for your altcoin would do).
Keeping it at an exchange is always high risk, even if it's tempting if you are lazy (and I am), it's better to get the annoying things done before and then forget about it and be safe.
I own Trezor. But I'm using it only for long-term hodl. My daily needs are on local/online wallets. But only small amounts.
Never use Cryptopia or any other exchange as long-term wallet. Exchanges are... exchanges. To exchange coins and withdraw.
Never use Cryptopia or any other exchange as long-term wallet. Exchanges are... exchanges. To exchange coins and withdraw.
Trezor - ok, I will look more deeply into that although my only thought was that it is limited on what currencies it can hold, correct?
Exchange Wallets - When I transfer out of an exchange (haven't done except from Coinbase for BTC purchase to Bittrex for purchasing other currencies), wouldn't I get a fee for transfer to my wallet? If so - why not continue to keep it in the exchange with multi-factor auth enabled?
Hey guys,
I've read around a bit, googled, but I know many are active traders - so I'll ask here:
Background: I have about 6 coins currently (not much) and 1 ICO (in it's own wallet, of course). Some of these are active trades, some for hold. Currently I have 1 in a Cryptopia Wallet (unsure if this will be hold or active yet) and 5 in Bittrex Wallets. I also have Exodus and mine ETH and DCR to those wallets.
What is the preference?
Thanks. Just trying to figure this all out
I've read around a bit, googled, but I know many are active traders - so I'll ask here:
Background: I have about 6 coins currently (not much) and 1 ICO (in it's own wallet, of course). Some of these are active trades, some for hold. Currently I have 1 in a Cryptopia Wallet (unsure if this will be hold or active yet) and 5 in Bittrex Wallets. I also have Exodus and mine ETH and DCR to those wallets.
What is the preference?
- Have my own PC-based wallet and back it up?
- Use a hard-wallet? (thinking like Trezor)
- Other?
Thanks. Just trying to figure this all out
I own Trezor. But I'm using it only for long-term hodl. My daily needs are on local/online wallets. But only small amounts.
Never use Cryptopia or any other exchange as long-term wallet. Exchanges are... exchanges. To exchange coins and withdraw.
Hey guys,
I've read around a bit, googled, but I know many are active traders - so I'll ask here:
Background: I have about 6 coins currently (not much) and 1 ICO (in it's own wallet, of course). Some of these are active trades, some for hold. Currently I have 1 in a Cryptopia Wallet (unsure if this will be hold or active yet) and 5 in Bittrex Wallets. I also have Exodus and mine ETH and DCR to those wallets.
What is the preference?
Thanks. Just trying to figure this all out
I've read around a bit, googled, but I know many are active traders - so I'll ask here:
Background: I have about 6 coins currently (not much) and 1 ICO (in it's own wallet, of course). Some of these are active trades, some for hold. Currently I have 1 in a Cryptopia Wallet (unsure if this will be hold or active yet) and 5 in Bittrex Wallets. I also have Exodus and mine ETH and DCR to those wallets.
What is the preference?
- Have my own PC-based wallet and back it up?
- Use a hard-wallet? (thinking like Trezor)
- Other?
Thanks. Just trying to figure this all out
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