Topic: Questions about buying, holding, staking altcoins (Read 377 times)

Yes, I lnow this is the best, hardware wallet, but as I know these only can store in the same time 5 crypto, so I can hold only 5 coin. Is it true or false?

Even though Binance was hacked, no user lost an asset, which means it is insured and makes it to be respectable. I think you should worry less with your coins in Binance as a newbie. The best way is to have them privately under your custody, this one translated to that each of those wallets has a private key that gives ONLY you access at any time and MUST not be shared with anybody, there is a popular saying in crypto space, not your key, not your coins. You can store those private keys offline or choose a hardware wallet which is most secure. Another alternative is to download a wallet, this time you can check the one that supports staking since that is your goal here, Atomic Wallet support staking but I cannot clarify that of Trust Wallet.

As per sending, if you are attentive, you can not send to the wrong address as all of them have some code that begins with the address. For example, BNB start with bnb..... Elrond start with erd..., during sending, you have to confirm the receiving address which gives you a second chance to verify the address and some blockchain like bnb will not allow your transaction to occur if certain requirement are not meant like sending to an address that does not begins with bnb, leaving memo empty when it is required and so on. Transaction in blockchain space is just as the same as that of the bank, if you send to wrong bank address, the transaction will occur with probability of reversal but in crypto, nothing like that, you are absolutely responsibly. That is why you must pay attention, not distracted and verify all your inputs before hitting that confirm button

Welcome to Crypto World first. If the coins you are going to buy ornhold it at one exchange then you don't have to create another account cause some coins are not listed in binance, and you'll find it in different exchanges. As for the blockhain, you can use trustwallet to store your coins, it is multi-chain wallet tat support many coins such such bitcoins..

Well, you should have your own portfolio on this, --before I had been choosing Coinomi wallet for my altcoin and bitcoin wallet. This wallet supported many altcoins that you can able to store all your assets, it is also considered an open-source wallet because you are the one who controlled your private key. But one thing that I am disappointed with most about this wallet, the huge fees upon transferring your fund. Multi-wallet is the best option, but I suggest separate your bitcoin into a wallet that only stores bitcoin.

You need to create only one account on each exchange but never deposit all your cryptocurrency under single address. There will be respective address will be available for each cryptos so make sure your are sending funds to the right address.

And the same thing with wallet as well, there are multiple cryptocurrencies support wallet available but each has different address for respective cryptocurrency.

just buy a hardware wallet such as ledger nano or trezor, if you have a plan to hold a lot of coins my friend
because you can store all your coins above in a hardware wallet and i think its safer

You don’t have to create lots of accounts, you just have to find a good wallet that you will use in storing the coins, wallet like Exodus might be a good option as it allows you to store lots of different cryptocurrencies, unless you want to make use of Binance wallet in storing the coins you’re going to buying, though I don’t recommend an exchange wallet.

Then as for staking, if you buy crypto.com coin (CRO), it would be best to stake it on their website as that will get you more return on your staking, up to 18%. Check out their website to understand better.

Actually, Trezor Model T supports 1631 different coins and tokens. https://trezor.io/coins/

And as for the Ledger wallet, this list contains 1,364 entries, which is very close to Trezor T.
https://www.ledger.com/supported-crypto-assets/

source: https://www.ledger.com/

Can I ask, for how long is preferable hold cryptos?

Hello BurningChrome,

As I know ledger wallet can store only 5 coins, which is quet low.

I assume most of us keep our coins in some hardware wallet (usually Trezor or Ledger). This is one of the safer ways. A software wallet from a good source will suffice for smaller amounts (if a hardware wallet is not currently an option). Be sure to download only from official sources and learn how to verify signatures. If you plan to trade regularly or take advantage of some of the additional benefits given by the exchange, you will need to keep your coins in their wallet.

You know, you can move your coins from one wallet to another at any time? So any choice that you take doesn't have to be final.
For example, I have some of my coins in the exchange, some in the casino where I gamble, and a larger part on a hardware wallet that is used for long-term storage.

can i ask where you store your coins?

it seems trust wallet not support cardano, so i must avoid this wallet. Any opinions abou Exodus wallet?

If you say Binance is the best place for newbie traders, I'll concur with you due to ease of trading and simple user interface. However saying there is no need to worry about hacks is baseless, there is need to be cautious about hacks when it comes to centralized exchanges. You don't just keep coins on exchanges for so long, using the exchange as personal wallet because anything can go wrong at anytime, I only send coins to exchanges when I need to trade not otherwise since all CEX can be hacked.

Before buying any coins or investing in this market i suggest you to attain some basic knowledge about how everything works here especially the wallets, blockchains and exchanges. Soon you will be able to understand each and everything and become a good player in the market.

What do you mean by backup securing? I had only 12 words, and some PIN code. What else should I use?

I also discovered in Trust Wallet exchange function. Does it mean I had not register to Binance, so I can instantly buy the cryptos in this wallet?

If you are confident with your research so go for it, It's better to buy some assets based on your own research. Your research will become your stepping stone in the future that will make you conduct easier research as your experience pile up.

I am a user of trust wallet and haven't experienced any difficulties or problems using it.

Please also secure your backups in every wallet you use. It will become very handy in some situation.

Chuky, best comment, thank you.

I had to admit, I thought about buying Zilliqua too, the project seems to be awsome, just want the best safest hot wallet in my hands. If it is Trust Wallet, then I will download this. Thanks.

I also interests in RSR, crypto.com coin, today these are the top5 altcoins with the lowest risk, and with possible high reward I think.

It is good you are asking these questions now before making mistakes. To begin with, Vechain and Cardano are good coins, as for the third I would prefer Zilliqa more. As a beginner, always focus on top 20 altcoins in coinmarketcap for now, the more you advance the more you learn about others and how to study them.
Talking about Binance; Opening an account on Binance will depend on the type of coin you want to buy, that is, a coin you might want to buy might be listed on another exchange instead of Binance, and also, you need just one Binance account to buy whatever coin you want. So, assuming you want to buy Ethereum, open account on Binance, fund it with BTC and buy or if your credit card is supported by Binance, you can use it to buy Ethereum after you are verified. Same also applies to any coin you want buy.
In the case of staking, it depends on the coin, some have staking features and others don't, so the best case is visiting the project's group and know more about staking, however, most exchanges like Binance also supports Staking and also, Trust wallet as well supports selected coin's staking.
In the case of different blockchains, it is true; Ethereum blockchain is different so is Tron blockchain and it goes on, but however nowadays we have multi-cryptocurrency wallets like Trust wallet, that is, the wallet supports Ethereum tokens, Bitcoin, etc. Therefore, to save Bitcoin for example, you get trust wallet from playstore, create a wallet and save the backup words, then open the wallet, you will see Bitcoin, click on it and get the wallet address, with it, you can send Bitcoin to it and store, same is applicable to others.

It seems to me that for a start, this friend should have tightened up basic knowledge in the field of cryptography before starting to plan to buy any kind of coin. Based on what considerations he will choose the coins to buy. You need to understand basic things, and then make purchases in order not to regret what you have done in the future.

Binance exchange is the best place for new crypto users and traders, you don't have to worry about hacks or theft because binance team are capable of handling any threat, even if hackers managed to break down the exchange firewall they won't get away easier as binance can blacklist any address nowadays, they can easily return funds to users too