Title: Small tutorial about wallets for beginners Post by: Alluro on January 26, 2018, 12:55:39 PM With the recent boom in crypto investors, a lot of newcomers have posted threads here with questions about the safest way to store their coins. This thread is going to contain information on the multitude of ways to store your bitcoins/altcoins in order to protect your investments. Probably the most important aspect of investing is making sure that your holdings are kept secure so I hope that this can help some people out. I will continuously add more information to the thread, for now I will just include a few of the main ones.
Online Wallets Security: Low Accessibility: High First and foremost, online wallets are not the safest way to protect your coins, but they do provide easy accessibility so that is why I will include a few of them on here and the coins that they support. The thing about online wallets is that at any point, they could shut down or be hacked and your funds are gone forever. I always recommend keeping your coins on a cold storage. Blockchain (https://blockchain.info/wallet/#/)
Coinbase (https://coinbase.com/)
I'm not going to include any other online wallets as I just do not recommend using them in general so I feel that it isn't necessary. Desktop Wallets Security: Medium Accessibility: High First and foremost, online wallets are not the safest way to protect your coins, but they do provide easy accessibility so that is why I will include a few of them on here and the coins that they support. The thing about online wallets is that at any point, they could shut down or be hacked and your funds are gone forever. I always recommend keeping your coins on a cold storage. Jaxx (https://jaxx.io/)
Exodus (https://www.exodus.io/)
Electrum (https://electrum.org/)
Hardware Wallets Security: High Accessibility: Low Hardware wallets are best for people who want a very secure way to protect their investment long-term, or have zero self control and need a way to stop themselves from selling their holdings. Hardware wallets are by far the safest form of protecting your coins and I highly recommend using them if you plan on holding your coins for a while. Ledger Nano S (https://www.ledgerwallet.com/)
TREZOR (https://trezor.io/)
Paper Wallet
Should you keep your coins on an exchange? Absolutely not. At any point, these sites could turn out to be a scam or get hacked and all of your money is gone. If you plan on holding your coins for a while, then deposit onto the exchange, purchase what you need, then withdraw immediately. How do I transfer my crypto to cash when I'm done? There are several ways you can do this. First, I would check LocalBitcoins and see if there are any offers that meet your needs. They have tons of exchangers on there and you will most likely be able to find your desired payment method. Secondly, you can use services like Coinbase or Cex to deposit your BTC directly to your bank this of course will require ID verification. Title: Re: Small tutorial about wallets for beginners Post by: dany.simas on February 19, 2018, 11:27:53 AM Thanks for this tutorial!
It's really useful for me. Is it possible to say what is better:TREZOR or Ledger Nano S ?? I read lots posts about that and still don't understand..:(( Title: Re: Small tutorial about wallets for beginners Post by: Alluro on March 21, 2018, 04:06:42 AM Thanks for this tutorial! It's really useful for me. Is it possible to say what is better:TREZOR or Ledger Nano S ?? I read lots posts about that and still don't understand..:(( It's depends on what coins you are want to add. Trezor is easy set up just go their website and setting up a account. If you are willing to store main coins like BTC,ETH,LTC I would recommend Trezor. If you want to store altcoins I would prefer Nano Ledger S is better than Trezor. If you have more questions ask me. I would like to help. Title: Re: Small tutorial about wallets for beginners Post by: Alexander_Z on March 21, 2018, 07:28:48 AM Desktop Wallets Security: Low Accessibility: High First and foremost, online wallets are not the safest way to protect your coins, but they do provide easy accessibility so that is why I will include a few of them on here and the coins that they support. The thing about online wallets is that at any point, they could shut down or be hacked and your funds are gone forever. I always recommend keeping your coins on a cold storage. Looks like you have copied the paragraph describing online wallets here, without any changes. Desktop wallets are definitely not as secure as hardware wallets or cold storage, but they are much more secure than online wallets. They cannot shut down and they are much more difficult to hack than the online ones. Title: Re: Small tutorial about wallets for beginners Post by: Alluro on March 24, 2018, 01:45:38 AM Desktop Wallets Security: Low Accessibility: High First and foremost, online wallets are not the safest way to protect your coins, but they do provide easy accessibility so that is why I will include a few of them on here and the coins that they support. The thing about online wallets is that at any point, they could shut down or be hacked and your funds are gone forever. I always recommend keeping your coins on a cold storage. Looks like you have copied the paragraph describing online wallets here, without any changes. Desktop wallets are definitely not as secure as hardware wallets or cold storage, but they are much more secure than online wallets. They cannot shut down and they are much more difficult to hack than the online ones. Oh sorry, It has to be security is medium. I forgot to say that. Just fixed it. Thanks! Title: Re: Small tutorial about wallets for beginners Post by: MintDice on April 25, 2018, 10:33:05 PM Getting the fundamentals setup, like your first crypto wallet, are important steps that can’t be ignored if you want to become a successful trader and investor in the world of cryptocurrency. We touch on other points in our blog post about how to choose the right wallet for your crypto needs, so check it out :)
Bit.ly/WalletGuide Cheers! Title: Re: Small tutorial about wallets for beginners Post by: HabBear on April 26, 2018, 06:07:24 AM Wow, what a great collection of information here!
If any of you are like me, sifting through the options can be dizzying. The summary provided is great, but it also relies on the reader to still sort through the options on their own. I'd like to share another resource with each of you that will help you, guide you through the typical wallet selection decisions. https://bitcoin.org/en/choose-your-wallet (https://bitcoin.org/en/choose-your-wallet) Title: Re: Small tutorial about wallets for beginners Post by: BiliBioMalke on April 26, 2018, 07:09:50 AM Thanks, it's so useful
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