I've read its not ideal to send directly to ledger and if exodus isnt the perfect solution, what does everyone else do wallet wise and then sell wise?
Edit: i guess i could maybe setup auto deposits from exodus to coinbase then auto sell at the same time, but any amount of waiting ends up with gains tax + income i believe, or
alternatively wait till i get past Hold on whatever amount of eth and then use coinbase address to auto sell from there forward (assuming say 2 years, so maybe in 1 year change it up). Any hold eth goes to ledger over time.
Topic: Etherium mining, best method to sell, store, exchanges vs exodus vs other? (Read 145 times)
August 05, 2021, 10:56:31 PM
August 05, 2021, 01:01:55 PM
Hope you don't mind me asking, are you saying with the Exodus wallet you are able to convert crypto to fiat using the wallet or its an initiative from the bank you are using to make the conversion of crypto to fiat?
I guess i was asking in terms of how I do it now, ie: whats the easiest/cheapest / most automated way to auto sell each month?
Right now from what i understand to start doing this, i'd have to transfer so much eth from exodus to coinbase, pay the fee (or whatever service is cheapest), then send to the bank account associated. I dont think i can automate this process, or maybe i can, by setting up some sort of auto deposit from coinbase or a similar exchange that pulls from exodus.
Ledger on the other hand, i havent cold storaged anything yet, pretty sure theres no way to auto withdraw unless its connected to the pc?
August 05, 2021, 12:37:17 PM
is there any reason why you use exodus when you explicitly sated that you have an offline ledger? is it for making online transactions/small transactions?
if that's the case, i also suggest you to change your wallet. use a live os with metamask or other noncustodial wallet or buy another ledger for your hot wallet.
if that's the case, i also suggest you to change your wallet. use a live os with metamask or other noncustodial wallet or buy another ledger for your hot wallet.
Well i guess that was part of my question. If i used the offline ledger, how can i setup automatic monthly withdrawals to my bank account (havent got this far yet).
though i'd think either way there will be transfer gas/fees involved?
Yep can't move your crypto without paying those miner fees but technically there is a way to send your coins without paying mining fees but it's quite a process. But to uncomplicate the process its best to go ahead to pay the miners its not much really. August 05, 2021, 11:19:00 AM
is there any reason why you use exodus when you explicitly sated that you have an offline ledger? is it for making online transactions/small transactions?
if that's the case, i also suggest you to change your wallet. use a live os with metamask or other noncustodial wallet or buy another ledger for your hot wallet.
if that's the case, i also suggest you to change your wallet. use a live os with metamask or other noncustodial wallet or buy another ledger for your hot wallet.
Well i guess that was part of my question. If i used the offline ledger, how can i setup automatic monthly withdrawals to my bank account (havent got this far yet).
Whats the advantage of live os with metamask, curious?
In my case is the only recourse to do a wallet to wallet (manual) transfer of so many eth each month to an exchange then sell that amount and transfer to my bank (IE: coinbase)? How (usa) does this go as 1099 and not a cap gains tax though?(I thought i read 1099 income type).
If there is a way to put the coin in a ledger address and somehow automatically pull from there once a month to sell i guess i would, though i'd think either way there will be transfer gas/fees involved?
August 05, 2021, 07:34:30 AM
While Exodus is not the best of the wallets I have been using it for a couple of years without problem.It is the wallet where my mining income comes and when I receive a payout I send it to another Exodus wallet,that is because I don't have a hardware wallet but it run fine on Linux as Linux itself is a very secure OS.Just make sure to update it regularly as it gets a lot of updates this wallet and I think you will be fine,of course the best you can do is to use the hardware wallet as it is way more secure.
August 05, 2021, 05:58:36 AM
is there any reason why you use exodus when you explicitly sated that you have an offline ledger? is it for making online transactions/small transactions?
if that's the case, i also suggest you to change your wallet. use a live os with metamask or other noncustodial wallet or buy another ledger for your hot wallet.
if that's the case, i also suggest you to change your wallet. use a live os with metamask or other noncustodial wallet or buy another ledger for your hot wallet.
August 05, 2021, 04:04:16 AM
Im still a relative newbie, about two months into mining etherium.
For now i've been mining it straight to an exodus wallet.
I guess doing this is less than ideal in terms of either being able to stake or auto selling a portion each month?
I read around on staking, but its still unclear to me if the eth i put into staking now gets locked (related to eth2 eventually somehow), or if it can be freed if needed.
Of course there is the whole security of doing staking vs sending this to say a ledger, but i guess either way to sell, i have to transfer a portion monthly to an exchange to cash out some of it (?)
I also read about regulation thats in progress or has happened, i thought i read that blockfi is not regulated yet either, so ideally it goes somewhere there is regulation in the long term.
At this point i guess either way im stuck with gas fees getting things from exodus to another location (or the offline ledger).
Thanks for any suggestions
For now i've been mining it straight to an exodus wallet.
I guess doing this is less than ideal in terms of either being able to stake or auto selling a portion each month?
I read around on staking, but its still unclear to me if the eth i put into staking now gets locked (related to eth2 eventually somehow), or if it can be freed if needed.
Of course there is the whole security of doing staking vs sending this to say a ledger, but i guess either way to sell, i have to transfer a portion monthly to an exchange to cash out some of it (?)
I also read about regulation thats in progress or has happened, i thought i read that blockfi is not regulated yet either, so ideally it goes somewhere there is regulation in the long term.
At this point i guess either way im stuck with gas fees getting things from exodus to another location (or the offline ledger).
Thanks for any suggestions
If you put your eth into eth2.0 than it is locked until eth2.0 is released -> so it is locked for 2 years or more (i know some people believe eth2.0 come next year, but we all know that the eth devs are slow, veeeeeeeeeeery slow)
My suggestion to you, don´t use exodus wallet - it is a piece of shit in my opinion. Use a ledger or trezor instead.
You can read every week some news about regulations, year for year for year, but nothings happen -> how should they regulate a decentrelized currency? I think it is not possible.
August 04, 2021, 10:47:40 AM
Im still a relative newbie, about two months into mining etherium.
For now i've been mining it straight to an exodus wallet.
I guess doing this is less than ideal in terms of either being able to stake or auto selling a portion each month?
I read around on staking, but its still unclear to me if the eth i put into staking now gets locked (related to eth2 eventually somehow), or if it can be freed if needed.
Of course there is the whole security of doing staking vs sending this to say a ledger, but i guess either way to sell, i have to transfer a portion monthly to an exchange to cash out some of it (?)
I also read about regulation thats in progress or has happened, i thought i read that blockfi is not regulated yet either, so ideally it goes somewhere there is regulation in the long term.
At this point i guess either way im stuck with gas fees getting things from exodus to another location (or the offline ledger).
Thanks for any suggestions
For now i've been mining it straight to an exodus wallet.
I guess doing this is less than ideal in terms of either being able to stake or auto selling a portion each month?
I read around on staking, but its still unclear to me if the eth i put into staking now gets locked (related to eth2 eventually somehow), or if it can be freed if needed.
Of course there is the whole security of doing staking vs sending this to say a ledger, but i guess either way to sell, i have to transfer a portion monthly to an exchange to cash out some of it (?)
I also read about regulation thats in progress or has happened, i thought i read that blockfi is not regulated yet either, so ideally it goes somewhere there is regulation in the long term.
At this point i guess either way im stuck with gas fees getting things from exodus to another location (or the offline ledger).
Thanks for any suggestions
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