Topic: I want to put my Bitcoin on a hardware wallet, but... (Read 606 times)
Hardware wallets are good for keeping bitcoin but it takes an extended time to transact here and therefore the fees are high. once you move from a hardware wallet to a different wallet you only need to select the wallet you would like to stay in it but there's not much time from other sites However many reliable wallets are hardware wallets there's no fear of cash being stolen.
what happens if I ever wanna buy? For example, let’s say BTC price jumps to 30k tomorrow but it only lasts for a few hours and it plummets back to 10k. Will I be able to sell it at all? How would I go about doing that? Would I have to transfer it back to some sort of exchange (like Coinbase)? How would I even do that?
Yeah, the problem with this is that you started in the wrong order.
You should really think more what you;re trying to achieve, with the steps in a different order
- Chose your place to buy bitcoin?
- Understand how transactions from and to exchange work?
- Understand bitcoin transactions take and what fees should you pay to get a fast confirmation
Once you're past that, if you want to exploit this hypothetical few hours period in which the price skyrocket you have to choose one path
- One I don't recommend at all, and you shouldn't do it in my opinion, like keeping your coins on an exchange with a sell order active, the moment the price hits 30k the order is executed.
- Keep your coins in your wallet, set an alarm on your smartphone, the moment it triggers you deposit your coins by paying a fee that guarantees you a first block confirmation, you sell and get your money back.
With the first, you can sleep tight because you don't need alarms, but there is always the possibility of losing all your money if the exchange is hacked or goes bust, with the second, you won't sleep if you think you might miss the moment, but at least nobody can touch your coins.
That would take time to transfer it from your hardware wallet to exchanges, an hour/s, or even days sometimes depending on the network traffic.
Really? If he pays a 1000sat/b fee, will it still take days?
If you're about to make 20k profit at least, would you cheap on for a 5-10$ fee?
Not a problem here at all and it depends on the coin you are sending. If it's BTC, then its could take a little bit of time, but XLM, XRP, LTC confirms a lot faster.
It doesn't matter the wallet you are sending from, as long as it's a wallet.
I see people saying hardware wallet are only for long term hold but I will disagree with them. The producers didn't state this on their website when selling. Hardware wallets only has more security and very handy anytime you're around your PC. Wallet like Mycellium also has feature to connect with hardware wallet.
It doesn't matter the wallet you are sending from, as long as it's a wallet.
I see people saying hardware wallet are only for long term hold but I will disagree with them. The producers didn't state this on their website when selling. Hardware wallets only has more security and very handy anytime you're around your PC. Wallet like Mycellium also has feature to connect with hardware wallet.
[snip]
I'm not sure there is any hardware wallets that can give you any notification if Bitcoin price increase or decrease, the only advice I can give you is to download blockfolio app an create a account on the app, this app can notify you when price increase, you have to set this in the settings yourself, I'm sure you can figure that out Transferring of bitcoin to another wallet or even on the exchange will take time if you did not pay high fees for faster transaction. But as OP said, --that is rarely happening that from $30k will drop to $20k price is just few hours.
Indeed, the coin tracker services will give you peace of mine thinking about the price of bitcoin. But for me, once I will store my bitcoin in hardware wallet it means I will save it for the long run, whatever happens, the goes is. Because I know when it will drop the price there will be the opposite reactions.
what happens if I ever wanna buy? For example, let’s say BTC price jumps to 30k tomorrow but it only lasts for a few hours and it plummets back to 10k. Will I be able to sell it at all? How would I go about doing that? Would I have to transfer it back to some sort of exchange (like Coinbase)? How would I even do that?
Seems OP thought is quite advanced. Although this is unrealistic thought but everything is possible in crypto. If incase price jump into $30K and back again into $10K within short of time then very likely you wouldn't able to sell your coins if you store your assets into hardware wallet. Because sending funds into an exchange will take time and you will not able to take advantage of it. But highly doubts that exchange will allow to make deposit on this scenarios.
But you can't take both advantage at the same time, gain instant profits from sudden volatilite and secure your fund. Storing your funds isn't safer than hardware wallet especially if you are going to holding for long time. So personally I believe better to stroe assets on hardware wallet to secure our funds if we aren't regular traders. Because we don't know if OP's thought will happen in real life, its just a unrealistic dream IMO.
But you can't take both advantage at the same time, gain instant profits from sudden volatilite and secure your fund. Storing your funds isn't safer than hardware wallet especially if you are going to holding for long time. So personally I believe better to stroe assets on hardware wallet to secure our funds if we aren't regular traders. Because we don't know if OP's thought will happen in real life, its just a unrealistic dream IMO.
I am not too familiar with the different kinds of hardware wallets, but it is still as a wallet so it is really possible to transfer your exchange money on your hardware wallet. It is a really advisable kind of wall because it is not prone to attacks compared to online wallets. As we all know when we are using online wallet we are going to connect on the internet so the possibility of attacks are big because hackers do hacking through online or internet. When you are going to use a hardware wallet, you may assure that you are keeping your bitcoin or another cryptocurrency safe.
The disadvantage of using this is when you misplaced it and you forgot where did you put it. You will get no access if that thing happens. So always put your hardware wallet in a safe place.
The disadvantage of using this is when you misplaced it and you forgot where did you put it. You will get no access if that thing happens. So always put your hardware wallet in a safe place.
what happens if I ever wanna buy? For example, let’s say BTC price jumps to 30k tomorrow but it only lasts for a few hours and it plummets back to 10k. Will I be able to sell it at all? How would I go about doing that? Would I have to transfer it back to some sort of exchange (like Coinbase)? How would I even do that?
Selling your BTC that is in your hardware wallet is still possible but the chances of selling it at your target price.. Hmmm I don't think that you can sell it.Putting your BTC in the hardware means you are holding it for mid to long term. If you want to sell some in the future then you must keep a portion of your BTC in the exchange where you want to sell it then put the BTC you are willing to hold in a hardware wallet. If you put all of your BTC in an hardware wallet, you can still sell it but not at your target price already since the speed of transaction in BTC is kinda slow compare to other coins unless you will put max tx fee on your transaction then you might sell it at your target price
. what happens if I ever wanna buy? For example, let’s say BTC price jumps to 30k tomorrow but it only lasts for a few hours and it plummets back to 10k. Will I be able to sell it at all? How would I go about doing that? Would I have to transfer it back to some sort of exchange (like Coinbase)? How would I even do that?
If you are chasing the best price you better transfer it early in preparation, not during the day you have yo sell coz you might miss it. Just like your cited scenario.
what happens if I ever wanna buy? For example, let’s say BTC price jumps to 30k tomorrow but it only lasts for a few hours and it plummets back to 10k. Will I be able to sell it at all? How would I go about doing that? Would I have to transfer it back to some sort of exchange (like Coinbase)? How would I even do that?
The only solution is to move the coins to the exchange you are trading when the price of bitcoin starts to rally, it is better to send the coins earlier because you should expect the network to get congested when the rally starts and only trade with a reputed exchange as i am also not comfortable keeping my coins in an exchange for a longer period of time. 
We know that its most likely an impossible scenario to happen where btc jump 30k tomorrow and then last only for few hours and goes back to 10k.
If you will buy bitcoin, you should know your entry point and exit point as well. If you have knowledge in technical analysis, you can tell if the market has volume or not. You will know if it continues the trend or it reverse. Though not exactly what will happen, atleast you formed a conclusion in your mind.
Now, you won't regret and send your bitcoin at that amount if you know that tomorrow, it will jump 2/3x the current price. If you are really following the price action of bitcoin. It's good to transfer your funds than it will gone in exchange.
what happens if I ever wanna buy? For example, let’s say BTC price jumps to 30k tomorrow but it only lasts for a few hours and it plummets back to 10k. Will I be able to sell it at all? How would I go about doing that? Would I have to transfer it back to some sort of exchange (like Coinbase)? How would I even do that?
It's very easy to transfer coins from your hardware wallet to an exchange or another address ( let's say you're selling coins OTC to a buddy or someone you met online, etc). A lot of people will also pair their hardware wallets with electrum for extra ease of use.
Personally I would recommend Trezor or Ledger.
what happens if I ever wanna buy? For example, let’s say BTC price jumps to 30k tomorrow but it only lasts for a few hours and it plummets back to 10k. Will I be able to sell it at all? How would I go about doing that? Would I have to transfer it back to some sort of exchange (like Coinbase)? How would I even do that?
Do not be upset, but be calm and look towards understanding the basics of bitcoin
And to achieve that, you need to find out the following.
How to trade bitcoin?
How to use a bitcoin wallet!
How to use a bitcoin hardware
How to send bitcoin from wallet to exchange and vice versa.
Understanding the basics above helps you to send or receive bitcoin easily and quickly
what happens if I ever wanna buy? For example, let’s say BTC price jumps to 30k tomorrow but it only lasts for a few hours and it plummets back to 10k. Will I be able to sell it at all? How would I go about doing that? Would I have to transfer it back to some sort of exchange (like Coinbase)? How would I even do that?
I think you are a bit confused with some basic things, because if you ask how you are going to send BTC from your hardware wallet to the exchange, then you have to learn some basic things.
However, I think you have asked one question that bothers many who are hesitant between security and the instant availability of their coins on the exchange for the purpose of selling and making a profit. There is no perfect solution, or the absolute security of non-custodial wallets or the risk of keeping coins on a crypto exchange.
After all, if there was such a sudden jump that the OP is talking about, then most large exchanges would become unavailable anyway because their servers would not be able to withstand it. We have seen this in the past, and we see it today especially in the example of Coinbase which crashes every time users start trading a little more than usual.
I do think if you thinks about this , you would have a 30 minutes time window for the transferring of coins from your hardware wallet to a normal exchange.
Plus you should always remember that it can sometimes take upto days if there is problem with the network.
Therefore if you are thinking about security options and thinking of selling when the price is high , you have to actually choose one option , either super security or either selling when the time is good .
I do suggest you should find a nice offline wallet which also works as an exchange and then store your coins there , uninstall all the fishy softwares from your mobile and be very careful VERY !
You can very easily find how you can protect your wallet from any theft , try and search about that .
Other than that if you have excess money , you can just leave your Bitcoins in a hardware wallet as inheritance , who knows how high it will go ? .
HODL!!!!
Plus you should always remember that it can sometimes take upto days if there is problem with the network.
Therefore if you are thinking about security options and thinking of selling when the price is high , you have to actually choose one option , either super security or either selling when the time is good .
I do suggest you should find a nice offline wallet which also works as an exchange and then store your coins there , uninstall all the fishy softwares from your mobile and be very careful VERY !
You can very easily find how you can protect your wallet from any theft , try and search about that .
Other than that if you have excess money , you can just leave your Bitcoins in a hardware wallet as inheritance , who knows how high it will go ? .
HODL!!!!
In that way, you can still buy low sell high just using the built in exchange in your hardware wallet.
What HW has built-in exchange function?
I think he's talking about the exchange "feature" of Trezor, that's just pretty much affiliate marketing on a better UI/UX. It's still on-chain though, so you'd still need to wait for the transaction to confirm.
Screenshot from https://trezor.io/
It's not hard to transfer your bitcoin into exchange from your hard wallet, owning a hard wallet will give you more security as you are not prone from hacking unlike when you just let your bitcoin sit an exchange. You can send from your hard wallet but just make sure you put enough mining fee so the transaction will be confirm faster, you know when there is a sudden pump, it will also result to congestion in the blockchain.
lastly, search in youtube, there are a lot of tutorials there.
lastly, search in youtube, there are a lot of tutorials there.
Bigger safety, less convenience that we might say for hard wallets. However, from my point of view safety it's the most important and many are not aware of that untill something bad happens.
No matter the hard wallet, my advice is always split the coins into multiple wallets of different types, thus is security even better. Just to avoid online wallets. You can then combine wallets according to your needs.
Just for tge record it's not likely that Bitcoin price will jump to 30000$ over night.
Not a good idea if you expect a good output in just a matter of hours. Sometimes, doing transaction in bitcoin requires more than an hour for each transaction to be fully verified. Why not transfer your funds first to an established exchange first then wait and be prepared? Though, if you will wait for a long time, I advise you to store your funds in your hardware. But one thing I noticed is the bitcoin market being so unpredictable, sometimes it just plummets too fast so maybe the best thing to consider is to put some funds in your hardware for long term investment, might as well consider putting funds in exchange in order for you to be ready for short term fluctuations.
With a hardware wallet, with the right fee (which may be a bit pricey), the coins go back to exchange in less than 20 minutes.
But I don't see in the OP the questions "what if the exchange gets hacked?" or "what if my account at the exchange gets hacked?"; the probability of these to happen is much higher than Bitcoin falling from 30k to 10k in a few hours.
But I don't see in the OP the questions "what if the exchange gets hacked?" or "what if my account at the exchange gets hacked?"; the probability of these to happen is much higher than Bitcoin falling from 30k to 10k in a few hours.
what happens if I ever wanna buy? For example, let’s say BTC price jumps to 30k tomorrow but it only lasts for a few hours and it plummets back to 10k. Will I be able to sell it at all? How would I go about doing that? Would I have to transfer it back to some sort of exchange (like Coinbase)? How would I even do that?
Jump to: