Topic: How to safely invest and store different coins long-term? (Read 320 times)
Theres no safe trade,short trades and long term holdings are two has pros and cons safety trading will be acquire if you are using a lot of technical analysis.
You can try Iconomi, they have great set of indices in forms of tokens that combine various coins.
You may get more responses in the "Development and Technical Discussion" category but nevertheless, you pretty much nailed it on the head already.
One important thing to note is that i am not sure if all of those coins you mentioned may have downloadable offline wallets. If you want a cold storage solution that can handle that much diversification in altcoins, you really are better off going with products like the ledger nano or trezor.
Answer to Side Q 1: You can find someone who sells ethereum near you (local physical meetup) and pay in cash (similar to localbitcoins)
Answer to Side Q 2: Exchanges are a good way to buy all your altcoins fast (and with less fees)
One important thing to note is that i am not sure if all of those coins you mentioned may have downloadable offline wallets. If you want a cold storage solution that can handle that much diversification in altcoins, you really are better off going with products like the ledger nano or trezor.
Answer to Side Q 1: You can find someone who sells ethereum near you (local physical meetup) and pay in cash (similar to localbitcoins)
Answer to Side Q 2: Exchanges are a good way to buy all your altcoins fast (and with less fees)
Thanks again, makes sense. I guess I will have to try a few different options and see what works best for me.
I'm also considering Electrum + signing transactions offline.
You "offline PC setup" seems reasonable. But maybe little bit complicated.
What about HW wallet? It costs like $80 and it's more convinient.
What about HW wallet? It costs like $80 and it's more convinient.
Thanks for your reply, will look into hardware wallets as well in the near future. It seems that lots of people use those, as opposed to paper wallets.
You "offline PC setup" seems reasonable. But maybe little bit complicated.
What about HW wallet? It costs like $80 and it's more convinient.
What about HW wallet? It costs like $80 and it's more convinient.
You may get more responses in the "Development and Technical Discussion" category but nevertheless, you pretty much nailed it on the head already.
One important thing to note is that i am not sure if all of those coins you mentioned may have downloadable offline wallets. If you want a cold storage solution that can handle that much diversification in altcoins, you really are better off going with products like the ledger nano or trezor.
Answer to Side Q 1: You can find someone who sells ethereum near you (local physical meetup) and pay in cash (similar to localbitcoins)
Answer to Side Q 2: Exchanges are a good way to buy all your altcoins fast (and with less fees)
One important thing to note is that i am not sure if all of those coins you mentioned may have downloadable offline wallets. If you want a cold storage solution that can handle that much diversification in altcoins, you really are better off going with products like the ledger nano or trezor.
Answer to Side Q 1: You can find someone who sells ethereum near you (local physical meetup) and pay in cash (similar to localbitcoins)
Answer to Side Q 2: Exchanges are a good way to buy all your altcoins fast (and with less fees)
I sense there might be a better forum section to post this in?
Also, is it possible to sign offline transactions?
You'll find that some online guides will tell you to download the bitcoin core wallet or sync the entire blockchain (varies per coin), but I don't believe thats necessary. You could simply generate your wallet then write down on a piece of paper the private key, public key, address, and passphrase. After that, simply create an account on an exchange, buy your coins, then send them to your paper wallet address. Thats it. Make a copy or hide your piece of paper somewhere safe until you plan to use it. When you need to use all you need to do is import your private keys into a wallet to access your funds.
Thanks a lot for your answer!
Let me see if I can pin down a potential workflow.
Assuming that I want to invest in ETH, ETC, XMR, XLM and MIOTA.
#0 Download the ETH wallet and generate an address on an online machine (so this will be used to purchase all other coins).
Side Q: How to anonymously purchase ETH using fiat?
#1 Download the paper wallets for each of those coins from the respective websites.
#2 Put them on a USB stick.
#3 Generate addresses for each on the offline machine.
#4 Use a service like shapeshift to convert ETH to the other coins that I want to invest in.
Side Q: What are some alternatives? If shapeshifting is not an option. Exchanges?
Development: I now consider XLM no longer a viable investment and I need to move funds out of that and invest in LSK.
#5 ...?
Side Q: Is it accurate info that when you transfer money from a paper wallet you should go for the entire amount? Or is this applicable only to BTC? (https://www.reddit.com/r/Bitcoin/comments/1c9xr7/psa_using_paper_wallets_understanding_change/)
Paper wallet is a good way to store your coins long-term. However, if you have some money to spare, your life would be so much simpler if you just buy a ledger nano or a trezor. A ledger nano is cheaper but I believe both work well and the same.
If you still want to continue with the paper wallet route, the initial steps you've done are a good start.
You'll find that some online guides will tell you to download the bitcoin core wallet or sync the entire blockchain (varies per coin), but I don't believe thats necessary. You could simply generate your wallet then write down on a piece of paper the private key, public key, address, and passphrase. After that, simply create an account on an exchange, buy your coins, then send them to your paper wallet address. Thats it. Make a copy or hide your piece of paper somewhere safe until you plan to use it. When you need to use all you need to do is import your private keys into a wallet to access your funds.
If you still want to continue with the paper wallet route, the initial steps you've done are a good start.
- set up dedicated offline local machine with no hdd/sdd (essentially my secondary laptop)
- get an usb stick with a live linux distro (use that to boot the machine and generate the paper wallets for each crypto)
You'll find that some online guides will tell you to download the bitcoin core wallet or sync the entire blockchain (varies per coin), but I don't believe thats necessary. You could simply generate your wallet then write down on a piece of paper the private key, public key, address, and passphrase. After that, simply create an account on an exchange, buy your coins, then send them to your paper wallet address. Thats it. Make a copy or hide your piece of paper somewhere safe until you plan to use it. When you need to use all you need to do is import your private keys into a wallet to access your funds.
NOTE: This message was originally not posted by me, but instead by someone who compromised my account. I have deleted the content.
Any thoughts?
I'm leaning towards the paper wallet method but I'm not exactly sure of the steps I need to reiterate whenever I purchase and spend my crypto in order to remain secure all the way.
This is what I have so far:
Problems:
#1 What should the workflow look like? (most efficient and secure)
#1a How do I purchase each coin? Exchanges? Buy BTC/ETH and then shapeshift? (Can I buy anonymously?)
#1b How do I spend?
If you notice any errors in my thinking, please point them out. Thanks for reading!
This is what I have so far:
- set up dedicated offline local machine with no hdd/sdd (essentially my secondary laptop)
- get an usb stick with a live linux distro (use that to boot the machine and generate the paper wallets for each crypto)
Problems:
#1 What should the workflow look like? (most efficient and secure)
#1a How do I purchase each coin? Exchanges? Buy BTC/ETH and then shapeshift? (Can I buy anonymously?)
#1b How do I spend?
If you notice any errors in my thinking, please point them out. Thanks for reading!
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