Cheapest way to buy altcoins | Bitcointalksearch.org

lynn_402

sr. member

Activity: 462

Merit: 253

Quote from: DolanDuck on June 02, 2014, 10:58:58 AM

For most users keeping coins on a trusted exchange is safer than storing them on a local hard disk/usb,
but if you know how to secure your savings efficently, the best option is to install the wallet.

It's not quite hard doing a back-up, really. If your computer is not secure, there is much chance that a trojan will steal your exchange coins anyways, so keeping a desktop wallet is good for everybody. Although a safe online wallet, like blockchain.info which does not keep your private keys, is a good compromise.

tokyoghetto

legendary

Activity: 1232

Merit: 1000

Quote from: High Plains Drifter on May 27, 2014, 11:07:37 AM

Gents,

I would like to buy some altcoins for investment purposes and was wondering how to do it most cost effectively. If I see an altcoin that I think has potential, but is lightly traded, would buying it through an exchange jack the price up like shares of common stock? If so would setting up a wallet be the way to go? Thanks!

Over-The-Counter trades...off-exchange. You can get big trades done, without moving the price.

Find trusted members willing to sell you coins, use escrow if possible. I have made plenty of big trades this way, in the most illiquid markets.

A week ago I was offer 10000 TEK OTC. I didn't get any buyers, but trades like that do come up from time to time.

Be careful and use your best judgement.

DolanDuck

full member

Activity: 196

Merit: 101

For most users keeping coins on a trusted exchange is safer than storing them on a local hard disk/usb,
but if you know how to secure your savings efficently, the best option is to install the wallet.

High Plains Drifter

sr. member

Activity: 289

Merit: 250

"The fish rots from the head first"

So as long as your password is solid you shouldn't have to worry about your online wallet?

sartech

full member

Activity: 209

Merit: 100

Quote from: EnterReturn on June 02, 2014, 07:24:15 AM

Why is setting up a wallet a lot safer than keeping your coins on exchanges?

try to search about MtGox and you'll find out... if you're a trader is ok but you'll take a extra-risk.

lynn_402

sr. member

Activity: 462

Merit: 253

Quote from: EnterReturn on June 02, 2014, 07:24:15 AM

Why is setting up a wallet a lot safer than keeping your coins on exchanges?

When you setup a wallet, you are the only one who controls it. If your computer is safe and you have strong encryption, your coins are definitely yours. If you leave them on an exchange, you have to trust them to take care of your coins, and many of them have been hacked in the past leaving users coinless.

EnterReturn

newbie

Activity: 41

Merit: 0

Why is setting up a wallet a lot safer than keeping your coins on exchanges?

lynn_402

sr. member

Activity: 462

Merit: 253

Quote from: Glizlack on June 01, 2014, 10:59:44 PM

If you want to buy large amounts of lightly traded altcoins you cannot help but to raise prices. One strategy to minimize increase is to buy them over span of weeks or even a month. The slower you buy the less you affect the coins.

Steve

You could also rent mining rigs, from https://leaserig.net/

Glizlack

full member

Activity: 182

Merit: 100

If you want to buy large amounts of lightly traded altcoins you cannot help but to raise prices. One strategy to minimize increase is to buy them over span of weeks or even a month. The slower you buy the less you affect the coins.

Steve

Soappa

hero member

Activity: 569

Merit: 500

Quote from: High Plains Drifter on May 27, 2014, 11:07:37 AM

If I see an altcoin that I think has potential, but is lightly traded, would buying it through an exchange jack the price up like shares of common stock?

Bitcoin or altcoin exchanges work pretty much like stock exchanges, and the "market price" is determined through order matching.
So, if you place a big buy order, the price will be affected.

Quote from: High Plains Drifter on May 27, 2014, 11:07:37 AM

If so would setting up a wallet be the way to go?

Setting up a wallet won't give you any coin. You could get coins from mining or doing p2p trades.

lynn_402

sr. member

Activity: 462

Merit: 253

Indeed setting up a wallet is a lot safer than keeping your coins on exchanges; many theft have happened in the past and will happen again.
Cryptsy has a high exchange volume, so unless you buy for tens of thousands of dollars in one-shot, you should not "jack the price up" too much. Or if you want to have a lot of a coin that has a very low trade volume, the best option might be to mine.

High Plains Drifter

sr. member

Activity: 289

Merit: 250

"The fish rots from the head first"

Gents,

I would like to buy some altcoins for investment purposes and was wondering how to do it most cost effectively. If I see an altcoin that I think has potential, but is lightly traded, would buying it through an exchange jack the price up like shares of common stock? If so would setting up a wallet be the way to go? Thanks!

Topic: Cheapest way to buy altcoins (Read 776 times)