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Title: Best way for old people to hold altcoins? Post by: bitcoinrocks on October 30, 2015, 02:49:08 PM I've been able to get two older couples to buy and hold BTC in their Coinbase wallet. Now I'd like to get them to trade some of that BTC for some key altcoins. Shapeshift would be ideal for acquiring the alts but then they need a way to store them. I don't trust their computer security practices so I don't think their coins should be kept in a wallet on their computer. Is Poloniex the best way to go?
Title: Re: Best way for old people to hold altcoins? Post by: AmDD on October 30, 2015, 02:50:25 PM Paper wallet?
Title: Re: Best way for old people to hold altcoins? Post by: Abiky on October 30, 2015, 03:17:56 PM I've been able to get two older couples to buy and hold BTC in their Coinbase wallet. Now I'd like to get them to trade some of that BTC for some key altcoins. Shapeshift would be ideal for acquiring the alts but then they need a way to store them. I don't trust their computer security practices so I don't think their coins should be kept in a wallet on their computer. Is Poloniex the best way to go? You could try Poloniex or Cryptsy, although I sometimes prefer Poloniex for its reliability. It would be best to store those alts on paper wallets, and just in case, make a backup of your public and private keys, then make an encrypted volume using TrueCrypt or VeraCrypt and later upload that file to the cloud like Google Drive, OneDrive or Dropbox. :) Title: Re: Best way for old people to hold altcoins? Post by: TPTB_need_war on October 30, 2015, 03:28:36 PM I think it is very unwise to get old people to hold something they don't understand and do not know how to store properly.
You've got them into Bitcoin which is enough for them at their age to ride crypto. If any altcoins mature to the point where they can obtain it with the same confidence as they seem to feel they get with Coinbase, then that will be the time they can and should do it. You holding their hand is you investing for them, but your priorities are the same as theirs (different age, no chance they can work again to regenerate losses, more conservative, etc) thus you are in effect investing their money to your priorities. Not wise to become surety for another person (Proverbs). Title: Re: Best way for old people to hold altcoins? Post by: tiggytomb on October 30, 2015, 03:30:38 PM It depends on how long you want to be holding onto these alts and if you are looking for a quick profit and then trading them back for BTC. It would be a lot of hassle to setup paper wallets if you are not going to be holding them for any length of time, the main exchange I would suggest for alts would be Bittrex although Cryptsy and Poloniex are both great I prefer Bittrex for usability.
Title: Re: Best way for old people to hold altcoins? Post by: RustyNomad on October 30, 2015, 03:42:34 PM I have to agree with TPTB above.
The fact that they are already 'invested' in bitcoin should be enough, for now. I will not introduce any alt coin to them before they are not 100% onboard with bitcoin meaning that they are comfortable holding and transacting with it and also understand everything 'holding' entails i.e. wallets, security as well as all the other risk factors. Once they reach that level one can look at alt coins. Personally will not do it though, think they should be just fine with bitcoin until such time as there is really an alt coin that is on par with bitcoin. Title: Re: Best way for old people to hold altcoins? Post by: Spoetnik on October 30, 2015, 05:48:19 PM ..get some young whipper snapper to do it for them ;)
PS: Stay off my damn lawn kidiots ! |