Bitcoin Forum

Hi,
I ve read that some e-wallets restrict your account and ask for ID docs to unblock access to your funds  (coinbase).

So, some people  say that they don't leave their btc in wallets for long time, as soon they get BTC funds they exchange for FIATS and this is more secure.
I do not know much about fiats and all.

Can you  point to a good tutorial or guide on how to do that? or share some lights to  use BTC to keep they safe or a good site to exchange them for USD , like using  Paypal as conversor?

Or any secure e-wallet  that dont's ask for ID proof?

Thank you

People normally withdraw from exchanges and not swap them for fiat in order to keep their coins safe. Maybe this is what you meant.

Keeping your coins safe involves having your coins in a private key you control. There are many ways to achieve that, from simply having your coins in a client such as Bitcoin Core or a wallet app on your phone, to having a cold storage.

Good websites for exchanging will depend on the currency you want to exchange Bitcoins to.

As for web wallets, Blockchain doesn't require your ID.

So, BTC --> USD ---> Withdraw.
But I ve read than some people use BTC to buy fiats, that way they don't  keep BTC in their wallets but still have fiats which can trade later.
Thank you for your answer.
I want to exchange BTC to USD. What website do you recommend?

There are different exchange sites. you can try poloniex, bittrex or c-cex. this are the sites where I usually do exchange because I excess bitcoin that I have, I used them to trade other altcoins and later on will sell them if their prices increases. By doing that, I gained more bitcoins.

There are a lot of wallet that do not id verification to use some of them are electrum very safe,jaxxwallet a new wallet and coin.space also a secured wallet if you need tutorials on how to do things about keeping your bitcoin safe,don't worry youtube and google has all the facts .

i believe you are mistaking bitcoin wallets with bitcoin accounts who call themselves wallets.

a bitcoin wallet is what you control, you generate they private keys and you keep them safe and you spend from it. in short everything is done by you.
these wallet examples are bitcoin-core, Armory, Electrum, Multibit,...
you can keep your bitcoin in these for as long as you want and nobody can touch it for the foreseeable future.

a bitcoin account that mistakenly called a bitcoin wallet is just an account you create with a third party like an exchange or a site. and THEY control everything including your private keys and your money.
examples are Coinbase, Xapo and all the exchanges.

when people say don't leave your money/bitcoin in the wallet they mean the later (the accounts) because they can scam you and run away or block your account because you broke their ToS for example if you gamble with bitcoin that you have in coinbase account.

don't keep bitcoin on exchange, keep it locally, if you want to keep themon exchange keep them in a exchange that can cover your ass, like xapo or coinbase, if you exchange for fiat, you are still not secure, because they can do a withdrawal request to their bank account

No, USD --> BTC --> Withdraw.

It's normally the opposite, you use fiat to buy BTC :D

You can use LocalBitcoins, Coinbase or Bitstamp, for example.

good information, do occasionally save bitcoin in exchange sites. it would be very dangerous. many newbie who felt it was normal, it may be true if the amount is small. if you have bitcoin in large quantities it should not do

better we keep our own bitcoin wallet, it's better to play it safe rather than risk losing, especially if the exchange system is in trouble, we can not directly take our bitcoin

Hey,
thank you all for your comments.

Really it's a matter to put some time on to investigate and  choice the best way to proceed.

 

To keep your bitcoins safe, all you need to have is  an offline generated private key with your funds on.

https://github.com/MichaelMure/WalletGenerator.net

You can download the offline private key generator from the link above. It generates the private key based on your mouse's random movements to make sure of that the private key is generated randomly.

Download the generator, cut your internet connection, get your private key, print it/memorize it/tattoo it/necklace it, send your funds to the public address, and then you'll be safe.

If you withdraw fiat through the exchange, they'd still be able to track your money anyway. I don't know if there are ways to cash-out btc without having to go through exchanges save for exchanging them f2f.

Personally, I have no problems with web wallets asking me information. Even if I'm earning some bitcoins regularly, it's too small to be taxable anyway. I keep my btc in web wallets rather than actual exchanges anyway. That way when I need to cash out, I can immediately do so. I also keep them in there so I can convert to fiat when exchange rates are high. Then I just store the money in the fiat wallet, ready to be used to buy btc during plunges.


I suppose this is different from software wallets? My cuz has already installed Electrum and I'm yet to follow.

Software wallets are good, as long as your computer is good and virus free. It only takes one miss click before downloading a cryptolocker virus/trojan and your bitcoins will be no more. Why take the risk? If you are going to hold your bitcoins for long term, then it is best to hold them offline.

When you need to make trades on the exchanges, you can always import your private key into electrum and send them to your favorite online exchange.

Yeah, that's my problem, I don't know how much remaining time I have left before my laptop and phone breaks. Also I only have a laptop and so don't have a dedicated PC that I will not connect to the internet..

You don't need a dedicated offline PC to succeed this stuff. It is not rocket science bro. Just turn off the wireless. If you are a paranoid dude like me, just install Virtual Machine and setup a Linux OS like ubuntu or whatever your favorite is. Windows is OK too. The point here is to have a clean system while generating the private key.

I know many people have the problem of weak computers, which doesn't allow them to download heavy wallets, also they don't want to use online wallets, as it's too risky... But you have no choice, you need to use the online services if you don't have conditions to download one.

Split your money between some wallets and if you trust exchange, let some money there too (small amount). I believe who has this issue doesn't have much money, because if they were, they would buy a new computer, stronger. So, you don't need to worry so much about the money, hacker attacks are rarely to happen and you can prevent losses as I said, splitting you money among some sites (trusted casino's balances are good too).

Never had a single issue like this with Blockchain.info. Don't know much about coinbase.


The most and secure e-wallet is blockchain.info for bitcoin. I have been using it for 2 years and had no issues at all. You should check it also with some little money.

1. To keep your BTC save you can create offline address by using BTC generator. But make sure you keep your private key save. You can get the generator here - https://github.com/pointbiz/bitaddress.org . If you want to use on blockchain.info later just import the private key.

2. FIAT is gov issue currency like USD, EUR, CAD, JPY, ext.., there are many exchanger but if to transfer direct to my local bank i do prefer localbitcoin - https://localbitcoins.com/. They also have option like paypal, skrill and many more. Always choose 100% trust seller.

3. To be save, always change your btc address or generate new one after making a transaction. If the balance just transfer to the new one.

I am also using Blockchain.info. But I have faced some issues with this wallet. Sometimes, the email confirmation never arrives on time. And there are occasions when the wallet does not accept the email code.

Noted. I'll try this next time.

Good to know.
What kind of issue you are facing you have mentioned only one issue but you said some issues what are the issues please tell us maybe we can help you out in understanding them?
Email confirmation is sometimes slow but it is not delayed more then a minute you can wait a minute or sometimes you just need to refresh your inbox and the confirmation link is there!
There is not such issues I had with blockchain.

Just to be safe, I'm avoiding saving up so much bitcoin in my wallet thus withdrawing on the threshold I set. I want to be sure that I got my earnings from hard work.

I would never start mining without any knowlage.
Even dont fall for these cloud mining scams out there.

If you want invest in mining - look up for a partner who know how to.

Coinbase isn't actually a web wallet but an exchange wallet that's why there are instances on where wallets have been blocked.You can actually use lots of different wallet its either on web wallet or hardware or pc wallets it does depends on your choice but if you are really concern about security of your bitcoin then store it on hardware wallets because it much safer as long you do keep safely its private keys and with that no one could able to take away your bitcoins from you.