Topic: Just bought some crypto - page 5. (Read 9686 times)

Any coin that's not in your wallet, anything can happen and you loose all. It's not advisable to keep coins in exchanges except you are ready to start trading with them. So if your coin is still with the exchange, I will advise you take them out immediately and store them in Private wallet where you have your private keys

First, I'd like to give you my warm welcome and greetings here in the forum Ma'am snowie810. It's surprising that you should have been one of those crypto pioneers but moving on.

You have opened up a very interesting and intelligent question for someone who has just bought crypto.

Suggested above of getting your hardware wallet is true, it is a must for someone who's in crypto mostly if you're holding large amount of bitcoin or your total crypto asset is high.

It isn't advisable to store most of your assets on exchanges as said, you can store few if you do day trade but still please manage to secure those assets you have by having a hardware or desktop wallet.

For choices, there's various of them.
https://bitcoin.org/en/choose-your-wallet

Most of the crypto i buy these days are for trading,i buy and sell immediately there is little profit. The market is really not ripe enough for me to start buying and keeping for a long time.

actually it is very important to keep your coin on ledger or at least in your wallet. I know Binance is the most reputed exchange in the market, but in crypto anything can happen, just see the example of Mt Gox. You can keep a small amount on exchange if you want to trade frequently or just transfer coins to exchange when you want to trade, then put back to ledger. Dont forger Ledger is the safest way to store cryptocurrency.

Get the coins out as fast as you can, it are not your coins if you dont own the private key.  Maybe leave a bit for trading if that is what you want to do.

A great way to distract from the divorce and the former husband and go headlong into the studying cryptocurrency and profit from cryptocurrency. I also join the advice on a hardware wallet. Only after I bought it myself, I felt safe.

Just like what is being suggested previously by most members here, store your coins in wallet that you have a full control of your coins only. Dont forget to set up 2FA on the wallet and do some backup just in case something happen with your wallet.

We all have made mistakes, don't worry. Still not too late. Cryptocurrencies are spreading all over the world. You follow this forum and Bitcoin community. I am sure you won't miss any opportunity.

I felt saddened about your divorced though it seems that nothing last forever except Bitcoin!  

If you are putting your Bitcoin on an exchange then you must be trading or holding various kinds of cryptocurrency at once because if you plan to hold it for long I think the safest and convenient way to store your Bitcoins is to own a desktop wallet like Electrum because you've an access with the private keys of your Bitcoin wallet.

I always thought his first mention of Bitcoin was in 2013 when he outed himself as a "Bitcoin millionaire". Do you remember which episode it was in 2009?

Welcome to the Bitcoin world

You better to move your thread to Beginners & help section since I believe its the proper section, you will also get some insightful information about beginner question on the section


Storing a coin on an exchange is like putting your money on someone else wallets. You never know what will happen to your coin. Anyway, Its doesn't have to be a ledger, start securing your wallets with simple and cheaper steps. Just use a desktop wallet like Electrum for better security, and make sure you are protecting your PC from viruses.

You should always have your crypto on your own wallet.
Who knows something wrong could happen in exchange platforms so it is better to keep it on your own hardware wallet.

Do not leave your coins on an exchange. Purchase a hardware wallet like Trezor and store them and trade whenever necessary. This is easily one of the safest ways of safeguarding your assets and you can sleep easy.

Paper wallet is another great choice here. Just give access to your wallets only to people who you fully trust.

The saying is that if you don't own the private key (or seed), it's not your bitcoin.

If Binance gets bankrupt, or hacked, your coins will be lost.
If your account gets hacked (usually together with your mail address) or somebody manage to impersonate you in a way or another and get access, he may be able to withdraw your coins into his own wallet.

So the best approach is to keep your funds in your own wallet.

But it's a bit more complicated. If you have a hardware wallet (is that what you meant by ledger?) then make sure you generated yourself the wallet, make sure you have the seed written down correctly and it won't even hurt, if not a big hassle, to make sure you can recover the same wallet/addresses from the seed. Just to be extra sure.

If you don't have a hardware wallet, my advice is to keep on paper wallet the Bitcoins you don't plan to use in the next months or years. There are plenty of tutorials on how to safely generate such paper wallets. (Again, it could be good to also make sure the generated private key is for the address you expect!) And only the coins you expect to spend in the rather near future should be kept in hot wallet (wallet that's connected with the internet).

It worth mentioning that keeping safely private keys or seeds means to not keep them on the computer like "bitcoin.seed.backup.txt", clearly not in e-mail or cloud storage also. Best would be on papers, written in a way you could read it properly in 5 years too, and those papers should stay in a few different (safe) places.

VERY IMPORTANT, that's for sure. Unless you make sure they are stored in a secure wallet that ONLY you control, they will always be at some risk.

What happens if Binance gets hacked? Or runs away with everyone's coins? Or if the government shutdowns them? Answer: you lose your coins.

But that's not the only thing. You should always do your research to make sure you are doing everything fine. Which wallet to use, what measures to take to ensure that you'll be able to recover your coins regardless of what happens with your PC/device, etc... Bitcoin is still kinda hard and you need to know what you're doing.

If you are serious about Bitcoin and want to play around with some big money, I suggest you start by buying a hardware wallet. The best ones are:

1. https://www.ledger.com/
2. https://trezor.io/

Hello Everyone,
I’m a female in my 30’s and when I first heard about bitcoin from Max Keiser on RT in 2009 instead of trying to figure out how to mine the bitcoin, I listened to his advice about gold and bought some coins.
Biggest mistake ever lol!
For the next 9 years I focused on my career and got married. Now I’m divorced and started picking up interests that I had before I was with my awful ex husband. Which include bitcoin. It’s come a long way since 2009.

I feel like this community will give me something bigger to be a part of and I sure hope that cryptocurrency will be around for a long time and I can prove warren buffet wrong!

Here’s my question, my coins are currently on binance. How important is it to put them on the ledger?