Own crypto’s?

[joegrizzy]

I don't get out much. But coming back from Arkansas yesterday we stopped at the Mc Donalds in Chouteu (sp)
and they had a machine selling crypto

hopefully a machine enabling one to sell crypto

it is wild; i remember the absolute junky telling me about bitcoin in like 2011 or 2012. he od'd a few years back and i'm CERTAIN the dude's spirit is a bitcoin millionaire; he was ALWAYS going on about it.

it's odd how it's *kind of* institutionalized, but not really, since the exchange is still basically measured in dollars. like even now if you could BUY a cheeseburger or whatever at mickey D's, it's still going to be measured as a dollar equivalent. and for a "decentralized" thing to me it needs to be a completely different set of finance. to me it just seems like an easier to track fiat. i know it's "not" but in execution......

like, if the dollar was completely down and said cheeseburger at the mickey d's was there for you to buy in bitcoin (assuming everything is still running/powered/people still serving cheeseburgers, cheeseburgers to serve, etc etc) i don't see a reality wherein mickey d's decides to sell that cheeseburger at a *bitcoin* price that isn't still relative to the dollar.

 

[-Pjackso]

.... If you've got your crypto in an exchange, you don't own crypto. You own what the exchange says you own, ....

Ok, so for the folks that has crypto in exchanges - can you provide some recommendations?
(Not necessarily for TinkerTanker, but anyone that's familiar...)


Regardless of which [crypto exchange] you use - I'd like to hear recommendations on how to move your crypto to an external wallet.
I.e. Moving the crypto from [the exchange] to an external personal wallet.
I know there's external software wallets, and external hardware wallets.

Pro/cons of each? How to accomplish?
What wallet did you use, what's the process, ...err, (something else I should be asking) ?
There's so many options - sometimes it causes analysis paralysis.

Thoughts?
Thanks.

 

[TinkerTanker]

Ok, so for the folks that has crypto in exchanges - can you provide some recommendations?
(Not necessarily for TinkerTanker, but anyone that's familiar...)


Regardless of which [crypto exchange] you use - I'd like to hear recommendations on how to move your crypto to an external wallet.
I.e. Moving the crypto from [the exchange] to an external personal wallet.
I know there's external software wallets, and external hardware wallets.

Pro/cons of each? How to accomplish?
What wallet did you use, what's the process, ...err, (something else I should be asking) ?
There's so many options - sometimes it causes analysis paralysis.

Thoughts?
Thanks.

It depends on your crypto. I only invest in BTC. There's a reason all other coins are called S-coins. (Crap coins).

Generally the process is this: Get the coin's software. Download the blockchain and make a "wallet" (basically a long number) in the coin's software. Send your coins on the exchanges to that address. Then be free. Back up those keys though. If you're owning your wallet, you alone are responsible for the security of your keys (think of it like your password). Store it on paper in a safe in the ground under a concrete slab so your ancestors can find it. NOT in a safe deposit box, which is anything but secure.

 

[-Pjackso]

It depends on your crypto. I only invest in BTC. There's a reason all other coins are called S-coins. (Crap coins).

For this discussion - let's focus on BTC.
Do you recommend a software wallet - or hardware?
Which wallet do you use? (software/hardware)

I understand the address key stuff, ...mostly.

Thanks.

 

[TinkerTanker]

For this discussion - let's focus on BTC.
Do you recommend a software wallet - or hardware?
Which wallet do you use? (software/hardware)

I understand the address key stuff, ...mostly.

Thanks.

I do NOT recommend hardware wallets. For software wallets, take the quiz and see what they recommend.
I like Electrum for online "lite" wallets, but for secure storage of larger amounts I prefer Bitcoin core or Armory.
If you go with Electrum it's easy and has a nice user interface, but you're still relying on their servers to process your transactions. Keep that in mind.

A person with a spare computer could set up Armory on an offline computer for cold storage (Zero internet access!), then send coin to their Electrum wallet from their Armory wallet when they wished to spend it. Then just spend from their Electrum wallet as necessary.
(Savings account = Armory, Checking account = Electrum)

 

[mr ed]

hopefully a machine enabling one to sell crypto

it is wild; i remember the absolute junky telling me about bitcoin in like 2011 or 2012. he od'd a few years back and i'm CERTAIN the dude's spirit is a bitcoin millionaire; he was ALWAYS going on about it.

it's odd how it's *kind of* institutionalized, but not really, since the exchange is still basically measured in dollars. like even now if you could BUY a cheeseburger or whatever at mickey D's, it's still going to be measured as a dollar equivalent. and for a "decentralized" thing to me it needs to be a completely different set of finance. to me it just seems like an easier to track fiat. i know it's "not" but in execution......

like, if the dollar was completely down and said cheeseburger at the mickey d's was there for you to buy in bitcoin (assuming everything is still running/powered/people still serving cheeseburgers, cheeseburgers to serve, etc etc) i don't see a reality wherein mickey d's decides to sell that cheeseburger at a *bitcoin* price that isn't still relative to the dollar.

Also the first MickeyD I've been in that they removed the soft serve ice cream machine.

 

[-Pjackso]

I do NOT recommend hardware wallets. ...

Can you discuss why you don't like hardware wallets?

Also, I know there's many software wallets. (thanks for the links and recommendation)
If I use software wallet 'X' and store some BTC, am I locked into using 'X' to access the BTC?
If in the event software PROGRAM 'X' get corrupted or compromised- then if providing I know the BTC 'address' and 'password' - could I access the BTC via wallet 'Y'?

I've heard wallets are very finicky. If you sent your BTC to a (non-BTC) wallet - poof - it's gone.
Of course this is more an issue if you trade multiple crypto's. (I'm only interested in BTC, so this theoretical).

 

[GlockPaperScissors]

Moving crypto around costs money. There are fees for everything. When you buy, sell, or move your crypto you pay a fee. Most people do not use wallets because of the learning curve and the risk of losing everything by making a simple mistake. It is a Ponzi casino that is designed to destroy people. All the money you win comes from people that lost. All markets work like this. I treat it like a casino in my home. I was telling people to get out of stable coins before this latest fiasco with Terra USTUSD and LUNAUSD. Tether has the potential to do the same thing to the market when it loses its peg to the dollar. I called the 26K target when we were at 39K. I remember buying at 13K, and I remember when it was under $100 and nobody was interested. There are no safe investments. There is always a bunch of fine print. They want you to sell at a loss. Buy a crash and sell soon after. Safest bet is not to play. The house always wins. It is just a money fight. Nobody wants the crypto. Just the profit. FTX.US now has LedgerX.com so the USA can short crypto without needing a VPN to use a foreign exchange. I always said when the USA gets exchanges that let them short, the Ponzi will get wrecked. Good luck out there.

 

[cowadle]

it is just my opinion and i don't wish to offend anyone. i believe that crypto currencies are a tool used to keep Gold in control and maybe-- maybe not the central bankers are willing to sacrifice the crypto as a lamb to the slaughter. definitely not meant as advice in any way,just the way i see it.

 

[radiorob]

Who uses Coinbase to hold crypto? Crypto is meant to be decentralized, you hold it in YOUR wallet, which you run off of the crypto's software or an easy-to-use program that runs on the blockchain. If you've got your crypto in an exchange, you don't own crypto. You own what the exchange says you own, which is defeating the entire point of blockchain.
Just my 2 cents. I've been involved in BTC since 2014 or so.

From my experience a lot of people hold their crypto there. I did a deep dive into crypto this year. I even considered accepting as payment it at my business. The main problem was the massive transaction fees. It's cheaper to take a card and cash and cheeks are free.
Everyone I talked to while considering it held their crypto at an exchange, usually coinbase, and had no idea that it was at risk there. Very few people understand "not your keys, not your crypto."