Crypto Currency Thread

[Hobo]

What do you mean you don't store them on Coinbase ? I assumed this was like any other trading platform whereby you purchased & held with them ?

[Behemoth]

Keeping your bitcoins on an exchange carries risk. Core to the very idea of cryptocurrency is that you can keep your own cash and you don't need a bank, exchange or other intermediary. If you leave your money permanently at an exchange in order to day trade then you'll have to accept the ongoing counterparty risk.

[anonymous-user]

i buy them then transfer to my wallet addresses for eth and btc. i have a bit stored on bittrex but with 2fa, the rest is in my own addresses.

[Hobo]

So where, and how, do you move then ?

[Maxf]

Kraken have been good with me - cash in generally shows up the next day (online payment to a German bank account) and I withdraw my BTC (or fractions of ) instantly with no problem. I haven't tried withdrawing cash yet.

Don't keep coins on the exchange unless you plan on day trading them. BTC is effectively massively valuable, almost untraceable currency and therefore a target of hackers. Exchanges can also go bust or lock down accounts. Be in control of your BTC!

[anonymous-user]

for a start get an btc address loads of clients out there i use a blockchain wallet and electrum pc client. for eth i have a full node wallet Mist for ethereum. i store all my coins on my pc backed up with seeds and private keys on an encryted usb stick. i only have a few k in coins though.

[Maxf]

Jaxx is pretty accessible and you can use an app and chrome extension.

I use a Trezor hardware wallet though.

Just keep your seed keys in a safe place, but not so safe that your heirs couldn't find it if you get hit by the number 37 bus.

[Henrico]

I find kraken good too.

Also, with the hardware wallet situation, you can setup a passphrase which will stop anyone who steals your 24 word seed from getting in (it acts as the 25th word). Don't write this down!

[trowelhead]

Maxf said:

Jaxx is pretty accessible and you can use an app and chrome extension.

I use a Trezor hardware wallet though.

Just keep your seed keys in a safe place, but not so safe that your heirs couldn't find it if you get hit by the number 37 bus.

Just ordered a Trezor - shall hope my Kraken account is not breached in the meantime before delivery - 2fa is turned on...

[anonymous-user]

jaxx had a hack few months ago 400k lost so always be aware there are flaws with these types of wallets.

[Behemoth]

trowelhead said:

Just ordered a Trezor - shall hope my Kraken account is not breached in the meantime before delivery - 2fa is turned on...

Why don't you tx to a simple paper wallet, meantime? Or use Electrum. Both are safer than leaving it on Kraken. Trezor is a good choice, btw.

[Maxf]

WitnessProtection said:

Please don't take this the wrong way, but might I respectfully suggest that if you're asking that sort of questions, you should probably stop thinking about trading, go and have a careful read of This as a bare minimum, then come back. That's not intended to sound arrogant in any way, but it's really worth getting familiar with the basics before you even think about putting money in, as there's just too many ways to mess things up!

Completely agree. I initially bought £50 worth of BTC for a play, moved it around wallets a bit, converted it to other coins, and back - just to get used to some of the lingo and how it all worked.

[anonymous-user]

Maxf said:

Completely agree. I initially bought £50 worth of BTC for a play, moved it around wallets a bit, converted it to other coins, and back - just to get used to some of the lingo and how it all worked.

I did similar it would be crazy to start buying k's and not understand how the basics work.

[Hobo]

Appreciated. Hence asking.

[x5x3]

trowelhead said:

Just ordered a Trezor - shall hope my Kraken account is not breached in the meantime before delivery - 2fa is turned on...

I've had loads of failed login attempts on my Kraken account (I'm sure all exchanges are the same) - 2fa is an absolute must regardless of whether you plan to leave coins there or not.

Another vote for Trezor here.

[Behemoth]

x5x3 said:

I've had loads of failed login attempts on my Kraken account (I'm sure all exchanges are the same)

All banking sites and in fact most sites involving any sort of password access are the same. You just don't get told about it.

[anonymous-user]

bitcoin cash seems to be moving up any predictions?

[Behemoth]

The Spruce goose said:

bitcoin cash seems to be moving up any predictions?

Far too many variables to predict:

It rose because miners managed to clear an 8MB block for the first time & excited a section of people who think transactions have a bright future with BCash. Mining difficulty rates change from time to time and the rally may also be because BCash difficulty is due a drop this weekend. This makes blocks easier to mine.

But SegWit & LN will do the same and more for BTC, so when this realisation sets in, the rally will peter out.

Meantime you'll see pump & dump games on news / FUD, because volumes are really quite small.

There's a good overview to it all here: https://www.coindesk.com/whats-next-bitcoin-cash-m...

[x5x3]

so, suppose you have 10 BTC bought years ago for an average of £1K each. (and that is not me unfortunately!)

at what price would you sell;

a) 50% i.e. 5 BTC

b) 100% i.e 10 BTC

for me I think I'd have to cash out 50% if the price got to £5K

and 100% if the price got to £10K, or maybe I'd keep some in case they went further....

what would others do?

[Maxf]

x5x3 said:

so, suppose you have 10 BTC bought years ago for an average of £1K each. (and that is not me unfortunately!)

at what price would you sell;

a) 50% i.e. 5 BTC

b) 100% i.e 10 BTC

for me I think I'd have to cash out 50% if the price got to £5K

and 100% if the price got to £10K, or maybe I'd keep some in case they went further....

what would others do?

I'd probably sell 2.5 now and get my money back. I'd be tempted to sell another 2.5 if they got to 5k, then hodl. You've got to keep something in, imagine the feeling if they miraculously got to 100k, or higher, and you'd sold out when you'd already had your cash out.