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Topic: money store strategy - page 2. (Read 1449 times)

newbie
Activity: 42
Merit: 0
February 29, 2016, 03:39:09 AM
#11
I think you should store your money or bitcoin on offline wallet and just left the spendable amount on exchanger I think it's less risky than stored all of your bitcoin on exchanger, you don't have ultimate controll over your bitcoin or private key

yes you are right mate
full member
Activity: 134
Merit: 100
February 29, 2016, 03:03:21 AM
#10
I think you should store your money or bitcoin on offline wallet and just left the spendable amount on exchanger I think it's less risky than stored all of your bitcoin on exchanger, you don't have ultimate controll over your bitcoin or private key
legendary
Activity: 1946
Merit: 1007
February 29, 2016, 02:12:44 AM
#9
Invest in a hardware wallet like Trezor and store most of your coins in there, until you are ready to trade. Do not send all your coins to any of the exchanges at once. Send some small amounts and trade them and rinse and repeat until you have accomplished your goals.

We first saw Mt Gox and now Cryptsy, so it seems these exchanges just cannot get their act together even though strict regulations are enforced since the Mt Gox situation.

There are no strict regulations enforced on these exchanges. That is the problem. If there were, they would've reported the thefts a long time ago before even trying to fix the situation. Several other exchanges did exactly that. Disclose that hey were hacked, and present a plan on how to recover the losses and reimburse everybody.

Biggest problem with the exchanges still seems to be social engineering and bugs in the engines. Even controlled banks lose millions each year due to human error, which shows that it is impossible to make a perfect system and stuff like this can always happen. The challenge for the exchanges is to minimize their losses in case this happens, e.g. by having low value hot wallets.

That said, try to store as little on exchanges as possible. Especially the smaller ones that have not been around very long. The bigger ones are now much more strictly regulated and have learned to take security more serious.
legendary
Activity: 3542
Merit: 1965
Leading Crypto Sports Betting & Casino Platform
February 29, 2016, 01:50:33 AM
#8
Invest in a hardware wallet like Trezor and store most of your coins in there, until you are ready to trade. Do not send all your coins to any of the exchanges at once. Send some small amounts and trade them and rinse and repeat until you have accomplished your goals.

We first saw Mt Gox and now Cryptsy, so it seems these exchanges just cannot get their act together even though strict regulations are enforced since the Mt Gox situation.
newbie
Activity: 42
Merit: 0
February 29, 2016, 12:55:44 AM
#7
I don't recommend leaving much money on an exchange. Just enough to make your trades.  I lost some this way.  You could leave a little with coinbase but still maybe most of it on an offline wallet.
Trading is not always stable, sometimes up and sometimes down, mostly you need to hold to save your funds.
hero member
Activity: 1008
Merit: 510
February 28, 2016, 11:37:17 PM
#6
I don't recommend leaving much money on an exchange. Just enough to make your trades.  I lost some this way.  You could leave a little with coinbase but still maybe most of it on an offline wallet.
legendary
Activity: 1078
Merit: 1024
February 28, 2016, 08:35:06 PM
#5
Hi all,

I am a newbie so I need an advice on what u people do with your money. I usual take short time trades and have all my money in euros and in one exchange, however this does make me feel uncomfortable, suggestions are most welcome.

why you not trying to buy some hardware miner Smiley
it's good for people have more money, you can growing your money also you can feel "the true sense of mining bitcoin"

I suppose you mean investing in hardware.
OP should be ready to take the risk of losing using this strategy (although less risky than storing his coins somewhere he doesn't control his funds).
Reaching ROI by mining is really hard right now and it's not getting easier.
copper member
Activity: 1218
Merit: 1007
Post your ann & bounty just contact me
February 28, 2016, 08:01:07 PM
#4
Hi all,

I am a newbie so I need an advice on what u people do with your money. I usual take short time trades and have all my money in euros and in one exchange, however this does make me feel uncomfortable, suggestions are most welcome.

why you not trying to buy some hardware miner Smiley
it's good for people have more money, you can growing your money also you can feel "the true sense of mining bitcoin"
hero member
Activity: 1638
Merit: 756
Bobby Fischer was right
February 28, 2016, 03:45:47 AM
#3
Hi all,

I am a newbie so I need an advice on what u people do with your money. I usual take short time trades and have all my money in euros and in one exchange, however this does make me feel uncomfortable, suggestions are most welcome.

Maybe You heard about Cryptsy, exchange that went bust with all their users money.
You should consider moving your funds ouf of exchange for safety reasons,
just like #OmegaStarScream said.
Why storing funds in fiat? Use BTC and some offline wallet on your hdd. Dont forget to back the wallet up.
staff
Activity: 3500
Merit: 6152
February 28, 2016, 03:35:47 AM
#2
Hi all,

I am a newbie so I need an advice on what u people do with your money. I usual take short time trades and have all my money in euros and in one exchange, however this does make me feel uncomfortable, suggestions are most welcome.

Storing Bitcoin in an exchange isn't the best solution , you know . I'm not sure how much do you have but you should consider trying the following : Desktop wallets , Hardware wallets , Paper wallets (depends on how much you have and what they are for) .
I personally feel more comfortable with btc so I store everything I have in BTC , It's probably hard to believe but it's real . I'm just a teenager after all ,I don't have bills to pay or anything to worry about so it all depends on on how much you need to spend/bills/food etc ..
newbie
Activity: 4
Merit: 0
February 28, 2016, 03:28:48 AM
#1
Hi all,

I am a newbie so I need an advice on what u people do with your money. I usual take short time trades and have all my money in euros and in one exchange, however this does make me feel uncomfortable, suggestions are most welcome.
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