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Title: places to store btc Post by: forestx on November 23, 2020, 02:26:31 PM I have bought and stored crypto on coinbase since I started but now am thinking of leaving them and looking for alternatives
While I might try and set up my own key I am looking at other trusted places to store my BTC without the need for KYC or ID if possible. One option I am looking at is Nexo or BlockFi or similar place so I can earn interest on my BTC is there any other alternatives or what do you suggest Title: Re: places to store btc Post by: ParleFrance on November 23, 2020, 05:10:34 PM and how is your post related to the marketplace section?
are you selling or buying something ? Title: Re: places to store btc Post by: NeuroticFish on November 23, 2020, 05:34:33 PM I have bought and stored crypto on coinbase since I started but now am thinking of leaving them and looking for alternatives While I might try and set up my own key I am looking at other trusted places to store my BTC without the need for KYC or ID if possible. One option I am looking at is Nexo or BlockFi or similar place so I can earn interest on my BTC is there any other alternatives or what do you suggest You should make up your mind. Do you want to store safely your coins or you want them to earn some interest for you? I personally advise against the interest part, since the received value is too small compared to the risks. All exchanges are targeted by hackers. The correct way to "store" bitcoin for long term is to have a wallet that never again goes online. Of course, you'll have to learn your way so you can generate such a wallet safely, but then you'll be good. Or, if you are not tech savvy, get yourself a hardware wallet and put your coins onto it. Some reading can start with Please critique my paper-wallet creation steps (https://bitcointalk.org/index.php?topic=5290248) NotYourKeys.org (now with a Community Contribution campaign) (https://bitcointalk.org/index.php?topic=5287314) Title: Re: places to store btc Post by: forestx on November 23, 2020, 09:16:41 PM and how is your post related to the marketplace section? are you selling or buying something ? sorry i missunderstood the threads subject I read "exchange" like a talk out exchanges not someone exchanging crypto @NeuroticFish I am still looking at options on what to do I am thinking of a hard wallet but worried about it breaking Title: Re: places to store btc Post by: ParleFrance on November 23, 2020, 09:43:16 PM and how is your post related to the marketplace section? are you selling or buying something ? sorry i missunderstood the threads subject I read "exchange" like a talk out exchanges not someone exchanging crypto @NeuroticFish I am still looking at options on what to do I am thinking of a hard wallet but worried about it breaking Before "Exchange" there is also "Marketplace" which is hard for anyone to misunderstand the meaning... Title: Re: places to store btc Post by: NeuroticFish on November 23, 2020, 09:50:37 PM @NeuroticFish I am still looking at options on what to do I am thinking of a hard wallet but worried about it breaking When you initialise the hardware wallet, you'll create a seed made of (usually) 24 English words which you are required to write down onto paper. If the wallet breaks you'll still be able to access/spend your coins by initialising another wallet (hardware or software) with that same seed words. (Of course, a new hardware wallet is recommended) But unless you live in strangely humid environment or you are overly careless, the hardware wallet should not break. |