Topic: Questions about buying, holding, staking altcoins (Read 385 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

I welcome you to the forum

many may have provided you with insight, and that is far more than enough if you really understand all the answers to your questions.
here I will only emphasize to you, that it is true that Binance has been hacked before, but Binance is a big platform, Binance will not stay idle if the system is threatened, they will fix every weakness from year to year. however, Binance is the platform responsible for the inconvenience of its users. You don't need to worry about trading there, the most important thing is that you always check your account regularly and keep your passwords in a safe place.

One key for all the coins and tokens you own is better than having many keys from different wallets to protect I guess that's why KaratX recommend multi wallet, I would have said you should consider a hardware wallet but not all your coins will be supported, you can stake in trust wallet and atomic wallet, I believe these wallets supports those projects you are interested in

Thank you guys for everyone, I appreciate for the helps 

KaratX, so in your opinion multi-wallet for me is the best option, instead holding crpytos in their own wallet? If someone have 10-15 cryptos say....I just wanna make the safest move here, even if I start with small amounts.

Holding each coins in their own wallets and holding in a single wallet carries the same risk, the private key or keys need to be secured with all your might just like you would keep your BVN or Bank Credit card safe, they must not be shared with anyone, if will be more convenient for you if you use a multi wallet that supports all major altcoins together like Atomic, coinomi or trust

Are you familiar with DEX very well? Be very careful with decentralized exchanges, even top altcoins can have a copied or clone versions on decentralized exchanges since anybody can list tokens and coins on DEXes, you must first try to understand what smart contract address are before jumping into DEX, this headache isn't present when buying on Centralized exchanges

You don't need to stake your coins on binance, all those coins you made mentioned are available on binance and it's the best exchange for a newbie like you, buy the coins and tokens and move them to a wallet that supports staking e.g Atomic wallet or Trust wallet

If you are so interested in decentralized exchange I can only recommend insta swap platforms like changelly and shapeshift, you can download coinomi wallet and buy all this tokens in coinomi without leaving the wallet or going to exchange, I think this is a better idea

Binance is more secured than many centralized exchanges that's why it's a top exchange but believe me it's more reliable than any other exchanges, you are right about the hack and all those affected was paid back, binance is capable to recover from any losses and there is also collateral funds for possible hacks

1. You don't need to open separate accounts to purchase these digital assets, binance for example has all these altcoins listed on its platform, you can buy all of them on binance exchange.

2. For the staking I recommend you download trust wallet, this wallet supports staking and also all those altcoins you listed in your post, you can also stake on binance exchange and receive monthly rewards

Each Cardano and VeChain have its own blockchain that is correct but for ETh tokens (ERC) they are just on ETH blockchain. You don't have to create another account to an exchange like binance just to buy each of it. You can use just one and then buy them all. Unless the token you want to buy isn't in binance you'd have to go to another exchagne where its listed and then create an account there.

Staking would be just in a wallet for Cardano and VeChain, there are ERC20 tokens that has no staking algo though so its just it, you need to learn the crypto yourself.

This is a comparison of cryptocurrencies that can help you.

It summarizes data such as (Algorithm, Mineable, Consensus, Website, Source Code, WhitePaper, etc)

I hope it helps you in your decision making.

For example:

Cardano vs VeChain: Coin Information

https://cryptorival.com/coins/cardano-vs-vechain/

Regards,

Hello and welcome to the forum!
 
 Since you are a newbie and making a steps for buying or starting to do some trading, perhaps this article and video are suited for you as your guide;
 
 - https://m.youtube.com/watch?v=sEtj34VMClU
 - Beginner's Guide
 
 Many things you should have considered while deciding to buy crypto coins. But it is significant that you choose a good and potential coin and you do not need to create many accounts just to buy many altcoins. Here's a Step by step Guide on how to buy coins in Binance.

Someone correct me if i am wrong but i don't think any user lost anything on binance hacks.


That's where you are wrong, hackers tend also to spread their nets wide to see if anything catches. They won't target you specifically if they aren't suspecting you are rich. But they can give away free software that collects data and they have exploided vulnerable wallets in the past. Just like back in time hackers were stealing credit card info, now they try to collect private keys that people are using.


Well if you trust your friend then it's the same thing because your friend owns the private key for that account.

On Binance, you don't have to go through KYC to trade and withdrawal on their exchange if your daily withdrawal does not exceed 2 Bitcoin per day.

The exchange has many types of trdaes: spot, leverage, futures and you need to prepare enough knowledge on each type trade before you go into actively trading with each of them. Leverage and future trading can have liquidation on your accounts. They are risky types and you will see warnings before you click on Open the type of trade.

Staking, Binance has their pools and you can join to stake and get rewards. There are different schemes, with different time to lock your coins in pool and get different reward rates.

Altcoins are pump and dump assets so you have to be aware of their risks, price actions and don't make loans to invest in altcoins.

Binance Academy has its instructions for Binancers: What is staking?

So again thanks for answers, advices.

Not an easy world this crypto world I must say. I watched a lot of videos on youtube about it, but English is not my first language, I speak and understand like mediocrate.

So, holding each crypto in their own wallet is safer, than hold every coin in one wallet? Secondly, can I stake these cryptos too in the wallet, or it is for another platform? Because staking, and holding is not the same, for staking I will get extra percent coins as I know.

Newbie, as I know, Binance was hacked one time before, and coinbase too.

Passwordnow, Cardano receiving adress starts with addr1. So in this case if I want to send to binance, or to another wallet, or to someone, being it bitcoin wallet or ethereum wallet, or vechain wallet, or exodus wallet, can I send it? Just the adress must copypaste to the wallet receiving adress from sending wallett adress? I complicate it maybe, sorry for my hard understanding.

Cryptoperkele, can I be robbed from coins officital wallets? Hackers attack only exchange sites as I know, official wallets, or trustworth walllets are not in safe with the 12 secret words+password than on exchanges alone ?

Why, I will have private keys for sending adress? What if I wanna send to my friends account coins?

Just a friendly advice. Jumping into buying/selling crypto without reading a lot before is just one way to loose money. Keep in mind that in it's very easy to loose the funds and there are many weak points you should be prepared for.

I'm sure there are many good threads on the forum unfortunately they are not so well arraigned to be easily accessed by the newbies but use the forum search (google) engine.  

One of the main advice you will get from everyone is : If you gonna hold your coins, secure your private keys with backups, but never online, NEVER!

Good luck

By the very fact you need to ask these question would make me assume that your cryptos will be safer in Binance's custody. You can get robbed as well you know?

But it's good that you want to learn how to store them yourself. Just remember that no-one except you are responsible for them, it doesn't help to blame anyone if you make a mistake when you store them yourself and lose them. Not even if you get lied on this thread and make a mistake because of that.

But if you still insist storing your coins yourself, practice with smallest amounts you can. And store every coin like eth, vet, and ada in their own native wallets or in the wallets that support them. And you can only send these coins between addresses that support the coin.

Just before you practise, check that you have both private keys in safe for the both addresses, the one you send from and the one you send to. In case you make a mistake and want to be able to recover your cryptos.

I can't answer you much about Cardano because I'm not an investor in it but based on its website, yes Yoroi and also Daedalus. You check the official websites of the coins you want to buy to inform yourself which are their official wallets. For Vechain, exodus is a multi-currency wallet. On official website of vechain, they have vechaintor wallet. But it's ok storing it on exodus.

There's a format for each crypto wallet. Like for bitcoin, it starts from these 'bc1', "3" or "1".
And Ethereum address starts with "0x" so you send Ethereum to an address that starts with "0x".
If you have downloaded the wallet or from Binance, click the "deposit" or "receive" you'll see the addressing format or simply google it for each coin you're interested in. In exodus, you can check it what's the addressing format of those coins you want, just click receive or deposit.

Hello Thementhor,

I am a newbie too but I think I can answer this one for you.
Every cryptocurrency that has its own blockchain also has its own 'official' wallet. You can find out on their official website. However, there are also wallets that support several different currencies. Such are, for example, hardware wallets. I think there is one topic on this forum with a good display of all the popular wallets. I can't find it right now so maybe someone else will post it.

As for the Binance exchange platform, I wouldn't say it's 'easy peasy for hackers to stole money from users'. Binance is a very respectable exchange with a long tradition.

Thank you for the answers.

Now, I know that Binance is a centralized exchange platform, and easy peasy for hackers to stole money from users. That is what I dont want, and rather open decentralized wallets. So for Cardano it is Yoroi, for VeChain is Exodus? Where can I see which crypto connect for which wallets?

What does it means for further way? What does it mean that Ethereum adress, and how will I know that I sent it to a good adress? Going further, other altcoins like I mentioned above, how will I know that I will send to a good adress, and I will not lost it? So example ADA for my wallet, or VET. Which is Ethereum adress, and which is BTC adress, and which is ADA adress....

To explain further, op you just have to bear in mind that all the cryptocurrencies you may want to buy can be stored within the exchange where you bought them but this is so risky. So the best option is to store them by yourself. Each token has its own blockchain network (expect for smart-contracts) so you have to use many app to do so. There are some good multicurrency wallets, i advice you to try TrustWallet which is a wallet lunched by Binance itself, you can trust it.

Welcome to the crypto world.

As long as all of those cryptos are supported and traded in Binance, you only need one Binance account.

If Binance has that coin supported for staking and they have it on their feature, you can stake it on them. But most of the staking coins have their own wallet and you need to download and deposit it on that wallet.

That's right. Transactions must be done for every specific coin. Bitcoin for bitcoin, Ethereum for Ethereum. Take note of that. Always check the addresses and crypto that you're sending. You send Ethereum to an Ethereum address. Litecoin to Litecoin and so on.

Hello guys.

I am newbie to the crypto world, and I read a lot of things about it, still I have unanswered questions, hope some of you can solve it for me.

Firstly, I am planning to buy two cryptos (Cardano, and VeChain), but later I plan to buy another ones, like crypto.com coin, RSR, or Zilliqua.

My questions are, that if I will buy it at Binance, should I open account for every crypto, or just one for all? And how about staking these planned cryptos, where should I stake them?

Second thing, that I read something that every crypto has different blockchains, and when I wanna send one of my cryptos to my wallet, somehow it can be loss, because Ethereum can not be send to Bitcoin wallet? In this I totally confused, where I can send, where I can not, how can I lose my coins.

Thanks, best all.