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Title: Storage advice for a rookie altcoin gatherer Post by: Crowbar92 on December 23, 2017, 04:35:03 PM Hi guys, I have recently decided (after much consideration and looking on the internet) to invest in some altcoins/coins.
Nothing big, I'm a small time player, around 200 euros I invested (just shortly after bitcoin and all else took a huge fall). Nothing I can't miss if it all goes sour. Spread into a bunch which I have decided I wanted to hold on to long term. I am in it for the long haul, so to speak. About 40% in Ethereum, 20% in bitcoin -- as a general base. And the rest I spread into the other smaller altcoins I have decided to invest in (unevenly): Zcash, Waves, Verge, Stellar Lumens, Ripple, IOTA and Cardano. The thing I am currently brainstorming about, is that I don't mind it currently being on two seperate exchange wallets online. However, eventually I want to put it into a safer area - since I do not plan to daytrade regularly. I have already contemplated a desktop wallet , or a cold storage kind of way. I have seen the Ledger Nano S, and the electrum desktop wallet etc. All nice, except I have invested in so many coins, there is none that can fit into one place. What is the general advice that you folks could give me? For safe-keeping. Title: Re: Storage advice for a rookie altcoin gatherer Post by: Crowbar92 on December 23, 2017, 05:12:49 PM Hi guys, I have recently decided (after much consideration and looking on the internet) to invest in some altcoins/coins. Nothing big, I'm a small time player, around 200 euros I invested (just shortly after bitcoin and all else took a huge fall). Nothing I can't miss if it all goes sour. Spread into a bunch which I have decided I wanted to hold on to long term. I am in it for the long haul, so to speak. About 40% in Ethereum, 20% in bitcoin -- as a general base. And the rest I spread into the other smaller altcoins I have decided to invest in (unevenly): Zcash, Waves, Verge, Stellar Lumens, Ripple, IOTA and Cardano. The thing I am currently brainstorming about, is that I don't mind it currently being on two seperate exchange wallets online. However, eventually I want to put it into a safer area - since I do not plan to daytrade regularly. I have already contemplated a desktop wallet , or a cold storage kind of way. I have seen the Ledger Nano S, and the electrum desktop wallet etc. All nice, except I have invested in so many coins, there is none that can fit into one place. What is the general advice that you folks could give me? For safe-keeping. Grats on getting started! Here's a post which covers securing your crypto investments exhaustively. You might find it helpful. Link - https://steemit.com/bitcoin/@notsofast/4-ways-to-secure-your-bags-bitcoin-altcoins-cryptoasset-tokens-whatever-a-notsofast-security-primer Thanks! And thanks for the link, will be very helpful in deciding what to do next. Title: Re: Storage advice for a rookie altcoin gatherer Post by: kaysersoze on December 23, 2017, 05:15:01 PM 40% in Ethereum? Why dont you consider the idea of investing that money on other altcoins that have more potential than ethereum in a short term? It can take you months to duply that money if you invest it all on bitcoin or ethereum (if we have a bad season for both) But if you are lucky, you can easily double that money just by investing in an ico or just in some altcoins that are listed right now but are skyrocketing.
Title: Re: Storage advice for a rookie altcoin gatherer Post by: Crowbar92 on December 24, 2017, 12:56:58 PM 40% in Ethereum? Why dont you consider the idea of investing that money on other altcoins that have more potential than ethereum in a short term? It can take you months to duply that money if you invest it all on bitcoin or ethereum (if we have a bad season for both) But if you are lucky, you can easily double that money just by investing in an ico or just in some altcoins that are listed right now but are skyrocketing. I figured I needed a buffer that is relatively safe, so not to waste all of it. Since Ethereum is relatively stable, or so they say. Fair point though, will look into it a bit more. Title: Re: Storage advice for a rookie altcoin gatherer Post by: RNGfight on December 24, 2017, 01:01:39 PM Only trading on a large exchange can be done without having to master the use of a personal wallet, because as a novice, it may be easier to make mistakes with local wallets.
Title: Re: Storage advice for a rookie altcoin gatherer Post by: Youghoor on December 24, 2017, 01:04:21 PM I suggest you to buy that wallet, they allow aproximately 20 altcoins if i am not wrong.
I have seen the Ledger Nano S, and the electrum desktop wallet etc. All nice, except I have invested in so many coins, there is none that can fit into one place. You havent clarified if most of your altcoins are erc20 tokens, if they are, then let me tell you that you can have myetherwallet attached to your ledger nano. Maybe this is not the best practice, but they allow you to connect it and everytime that you want to send a transaction you need to confirm it by the button, so yes, it is safe enough. Or just buy a trezor, they have more altcoins. |