Hi,
I need some help on what I should do with my cryptocurrencies. I have a significant(to me at least) amount of money in my exchange with GDAX. I have all my cryptocurrencies all at a stop loss price in case these coin plummet in price I can cut my losses.
However, I have heard that it is unsafe to store all the cryptocurrencies in an exchange because of hackers/security reasons. I do have a hard wallet but the only problem is if I store everything into my hard wallet I can no longer put a stop loss on all the coins.
What do you think I should do? I do want to be secure but again I want to leave it in the exchange for the stop loss purpose. Any suggestion would help.
Thanks!
I need some help on what I should do with my cryptocurrencies. I have a significant(to me at least) amount of money in my exchange with GDAX. I have all my cryptocurrencies all at a stop loss price in case these coin plummet in price I can cut my losses.
However, I have heard that it is unsafe to store all the cryptocurrencies in an exchange because of hackers/security reasons. I do have a hard wallet but the only problem is if I store everything into my hard wallet I can no longer put a stop loss on all the coins.
What do you think I should do? I do want to be secure but again I want to leave it in the exchange for the stop loss purpose. Any suggestion would help.
Thanks!
Sorry, but stop-loss does not work with Bitcoin. The problem is that when the price suddenly drops (as recently in the fight with Bitcoin Cash), the number of transactions increase rapidly and the miners cannot (or will not) process them fast enough. This means that even though you want to get out, your transaction does not get processed.
Therefore in reality you cannot have a stop-loss on Bitcoin. In reality when the price drops you cannot get out until the price has reached the bottom.