First things first SET 2FA on any exchange that you store coins in
2)Go to the website of each wallet and download the local wallet for each
3)Pull the coins off the exchange into your wallets
4)Back up your wallets in 3 different places (using each wallets back-up feature)
5)Encrypt any local wallets you store coins in
6)Write down seeds & passwords
7)Now your good for long term-hodl
8)Join my Community for Crypto Beginners (Optional) : CryptoSmart HUB https://discord.gg/jyTXVWz
*I'll give you more advise there just DM altGear
Topic: Need answers to basic Alt coin questions. New to crypto. (Read 155 times)
Exchanges have a long (as well as recent) history of losing or stealing customer coins, especially altcoins. It is not a good idea to store your coins on an exchange.
I’m not very familiar with altcoin wallets, but generally speaking, the downside with keeping your coins on an exchange is that you don’t have access to your private keys. This places you at the mercy of the exchange should a hardfork occur or should they decide to freeze your account or simply go out of business. On the other hand, keeping your coins in a wallet of your own means that you are solely responsible for their security. With bitcoins, there are also high transaction fees to consider, but as I understand it, altcoins usually don’t have that problem.
- should I buy personal wallet, and if so which do you recommend.
https://www.ledgerwallet.com
I am very new to all of this. I do not know anyone currently involved in the crypto currency market. What little I know, I have gotten from personal research. So I could really use some direction and help to questions that are probably basic knowledge for most.
I have aquired some different types of alt coins from various exchanges. Some of them I have transferred to individual wallets on myetherwallet, while a couple others I still have on the exchange. As a note, I don't really plan on buying new coins with my currently owned coins constantly. As of now, my plan is to hold onto these low value alt coins in anticipation that one may possibly gain a lot of value in the future. That being said, I still want the availability to offload in a decent amount of time if I would like to.
My questions are:
- do I need to remove the alt coins from the exchange.. is it not a good idea leaving them there?
-should I look to move everything off of myetherwallet as soon as possible. If so, suggestions.
- should I buy personal wallet, and if so which do you recommend. Also would you keep all of the different alt coins on the same wallet. Or do I need separate wallets for each or just some.
If it makes a difference, I'm currently holding Tron TRX, Tierion TNT, Airswap AST, Sonm SNM, District Ox DNT, DENT, Digibyte DGB, and Bytecoin BCN.
Any help is greatly appreciated.
I have aquired some different types of alt coins from various exchanges. Some of them I have transferred to individual wallets on myetherwallet, while a couple others I still have on the exchange. As a note, I don't really plan on buying new coins with my currently owned coins constantly. As of now, my plan is to hold onto these low value alt coins in anticipation that one may possibly gain a lot of value in the future. That being said, I still want the availability to offload in a decent amount of time if I would like to.
My questions are:
- do I need to remove the alt coins from the exchange.. is it not a good idea leaving them there?
-should I look to move everything off of myetherwallet as soon as possible. If so, suggestions.
- should I buy personal wallet, and if so which do you recommend. Also would you keep all of the different alt coins on the same wallet. Or do I need separate wallets for each or just some.
If it makes a difference, I'm currently holding Tron TRX, Tierion TNT, Airswap AST, Sonm SNM, District Ox DNT, DENT, Digibyte DGB, and Bytecoin BCN.
Any help is greatly appreciated.
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