Topic: Do we need all these wallets? Need some guidance please (Read 789 times)

Such Informational. Much word. wow

Hi Rannasha,

thank you kindly for helping me with my questions, and helping me to better understand some of these terms.

On question number (1)
What I meant is,  do I need to have an "offline wallet" for each of the  197 coins to collect them? Or does one wallet offline
keep all the alter coins in one wallet location please?


On question number (3)

So should I then stop using the online wallet coin base to put my coins into them, or just for the ones I plan on trading out with store there?

If, I understand you right, then I need to download the bitcoin wallet? I have one of the versions downloaded but see that it has been updated?

(Next question) So do I delete the version I have here, or will my version update to the one available here in the forum to download please?

thanks so much again for taking the time to help me with my learning really appreciate it.

look forward to additional help if you wouldn't mind.

Libby

You could use an online wallet (= internet website), but this is not recommended. Best practice is to download wallet software to your computer and use that to store coins.

This isn't a question.

If your coins are with Coinbase then you don't own them. You own an IOU from Coinbase where they promise to give you the coins back when you ask for them. Typically, this works out fine, but this is far from guaranteed. Best practice is to store coins in a wallet on your computer or even on a paper wallet. From there you can transfer them to exchange websites or other online services such as Coinbase, Cryptsy, etc... As soon as the coins are received by the online service, they are credited to your account on that website and at that point you can trade with them. But as long as your coins are on the website, you are trusting the website operator to keep your coins safe.

That's fine.

Yes.

Cryptsy has the largest selection of coins as far as I know and while you can use them as a wallet, their business is as an exchange, not a wallet, so their website lacks many features that would make for a useful wallet. In addition to the added risk I mentioned earlier.

'satoshis' are a sub-unit of bitcoins (like cents to dollars or euros). 1 bitcoin is equal to 100 million satoshis.

If your coins are on Coinbase you need to move them to an exchange website, such as Cryptsy. Cryptsy will provide you with a "deposit address". Go to Coinbase and input this address in the form where you can withdraw coins. Coinbase then transfers the coins to Cryptsy. As soon as the transaction is confirmed, Cryptsy will credit the coins to your account balance and you can then use them to trade.

After you're done trading, you can withdraw the coins from your Cryptsy account to a wallet on your computer.

Hi,

I am new here, and learning about the bitcoin, and the other 197 of them

My question are listed here below that I sure could use some help with:

(1) Do you need to create a wallet offline for each of these coins that you want to collect for?

(2) I created the coin base on line account, and a few of these exchanges, called cryptsy and mint pal so far.

(3) from reading here it seems to be more secure to have an off line wallet to collect the coins into, but then how do get them into say for example Coinbase to use them?

(4) Now I did encrypt the wallets that I have downloaded and installed, but I currently put them onto my extra portable hard drive here and not the main PC, is this okay, or
should they be installed onto the main hard drive of the pc? They are working alright, but again I have not tried to transfer any coins out of them back to coin base yet either.

(5) Do only certain online wallets let you get coin in certain names?

(6) Or,  is there actually only one online wallet needed that can handle all the coin collection payments for the various sites I have been visiting?

(7) Is the coin Satoshis actually the same value as the bitcoin as I can not seem to locate that particular coin on the market cap list that I have been viewing?

(   If, its not then can someone here kindly tell me what it actually is called on that market cap list?

(9) When it comes to the actual trading to others for some other alternate coins that I do not have, can someone here explain that in simple terms:

Meaning how do I use the little bit of coin I have in coin base to get say a doge coin on the trader side?

In my coin base account it shows coin in BTC, ( bitcoin) but like on the Cryptsy exchange it shows I have no funds in there to purchase alter coins with?

(10) So do I link my coin base account to my Cryptsy? If so how please in easy newbie steps please?



Now I have been researching myself, for the past few weeks and managed to have found some information on these questions, but they are really confusing to follow,
and after reading the forum posts here members tend to have a better easier way that I am able to follow along with being so new to this game, and actually getting somewhere with
all of this. So please if anyone here can help me to get these figured out I sure would appreciate all the help.

Libby