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RE: The downsides of Binance Exchange - It's not just sunshine and roses
I've bought some coins on Bittrex that I just want to hold (OMG, LSK, etc), do I need a separate wallet for each? I've yet to withdraw anything (and I know I need to) so this is new territory for me. I don't have any hardware wallet, and I'd prefer to do paper anyway.
Hi! It kind of depends what coins you have. A lot of coins like OMG are Ethereum tokens, so you can all store them on the same address as your Ethereum (if you have any - you need a little bit to pay for transaction costs so if you don't have any but do have Ethereum erc20 tokens you should get a tiny bit of ETH too so you can pay to move the coins). Lisk is it's own blockchain and will require a seperate wallet to store them on.
Usually the rule of thumb is you need a wallet for each crypto, unless they are an ERC20 token (and now there are NEP5 tokens which are the same but on the NEO blockchain).
But the good news is there are a few all-in-one wallet solutions as well. I know that the Exodus wallet is popular for pc desktop users, and I have heard that many Android users use Mycellium or Jaxx wallets. Those will probably store most, if not all of your coins.
I don't use any of them myself (tried them once) so I don't know too much about them though. I am too paranoid to store anything elsewhere than my hardware wallet! But if you take good security measures (clean pc, make sure to encrypt the passphrase and store it on an usb, etc.) you should be fairly safe. Everybody has their own pricepoint for when it becomes worth it to get a hardware wallet, but when I think about crypto I think about their prices in tenfold. If I hold $1000 I treat it as if it is $10.000, because it very well might be.
I actually ordered a second hardware wallet a few days ago, so I can split up my funds for more security. Not so much from hackers, but I am starting to worry about the $5 wrench-hack, where a hacker can simply get a $5 wrench and beat you until you give him the ledger with passphrase that will defeat even the hardware ledger's defenses.
I don't have that much yet at all... but like I said, I treat it as if it is worth tenfold! :)
Sometimes I feel like one of those doomsday preppers, with all these paranoid precautions
p.s. always get wallets from the official download site, there are a lot of fake phishing sites out there.
excellent, thanks for the info. Can I get a paper wallet for every type of crypto, or do some coins not offer a paper wallet?
If you only plan to trade those currencies and not hold them forever, then you only need an ETH wallet or a Bitcoin wallet, or maybe a few other ones, but not one for every coin you buy and sell. (that would take forever to set up because there are about 1377 cryptos out there right now) To check them out, a good place to look is here: https://coinmarketcap.com/
If there are specific ones you want to hold offline for a very long time, then look into each coin to see if they have paper wallets.
excellent, thanks!
To be honest, I never used a paper wallet! I know it's easy to set up and generate an address, but it's think it's going to be a bit of a hassle to move the funds if you ever decide to do so.
I think most crypto's offer a paper wallet option, but I'm not sure, never looked into it much honestly.
The added problem is: be sure to trust the paper wallet address generator!
The whole thing with the wallets is kind of the biggest hassle with crypto currently! Hopefully soon some new projects that are being worked on arrive soon. Some projects, you will only need 1 address which holds the whole bunch, and also lets you trade from inside the wallet. That's the one we're all waiting for!
wow, that would be amazing. Is there a coin associated with that project? If that's even a thing that makes sense lol
Ohh, there's a bunch of those projects actually!
OmiseGO is actually one of them, lol! :)
Others I can think of from the top of my head are Loopring and Ethos, but I know there's a lot of others.
I think it's even possible to just store it all on a Bitshares account too.. a BTS address can store BTC and ETH and allows for trading too.
These DEXes everybody are talking about are in most cases also 'wallets' which will let you trade, I believe. So, one passphrase.
so far my investing has been based solely on people I watch on YouTube and which coins they think have a bright future lol
edit: and i've put none of my own $ into it, it's all been from what I have generated at steemit over the past year.
Be very careful with that though, there are many people hyping coins because they have them. I really do mean it when I say you should really look at each project critically and see if it's really a great project.
I started out trading just following recommendations too, and at first it seems like it works but at some point you'll follow a terrible recommendation, and you'll hate the Youtuber for it! It is better to just, as they say, do due diligence and research to eliminate all doubt.
On the other hand.... every 'bad investment' that I did because a Youtuber told me to do it, ... if i had just held they would have been worth more in dollars than when I got rid of them! Al crypto goes up it seems.. just a matter of when and how fast
I definitely believe you. And I do plan to do my own research, but just haven't gotten around to it yet. But, most of them were coins that I saw multiple youtube people talking about and they are ridiculously cheap right now (ADA, DGB) so I see no reason not to just throw crap on the board and see what sticks after a year!
The one kind of big mistake I have made so far was the other night when the plummet was happening I decided to sell all my ETH (which is only half of one coin) at 550 because I was convinced it was going to keep plummeting, and of course it was right about then that it decides to go back up! lol So, now I'm holding onto this Tether waiting for it drop down again.
The fact that I haven't put any of my own $ into it is what is making it so fun for me, in my mind i see it all as pure profit and so I don't freak out when crap goes down or I make a bad trade. It's like I play poker, once I bought the chips I've already decided the money I spent on chips is spent and I"ll never see it again.
Get on Discord you slacker :)