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Can I deposit any crypto in Coinbase wallet safely?
No, and I wouldn’t advice you too, anyway. Coinbase “wallets” are really just wallets that belong to Coinbase, and are assigned to you. Like most exchanges, notice that when you deposit crypto into these wallets, the actual addresses get emptied out (swept out)?
That means you don’t actually own any funds, except the balances credited to you in Coinbase accounts. No different from having a bank account, where withdrawals and transactions are at the mercy of the account managers.
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But what happen? Does the transaction will go faster if we choose to select those wallet who offer lower fees? Or we will just go on the normal process where it takes long time before it will land on our personal wallet? Since if that's the case we'll I think I'd rather go with fast even if it cost much higher fees.
But anyways will explore to use this option since Exodus cost me a lot of bucks for every transaction.
Not necessarily. But with your own wallet, you select your fees, and that determines how fast your transaction confirms. In fact, with an exchange like Binance, you have two things to wait for. The first, waiting for them to actually execute and broadcast your transaction. The second, waiting for it to confirm. You have no control over the fees they decide to pay to miners. In the past, exchanges have used really low fees (despite charging you high ones). Your keys, your coins, your fees. |
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How do I know if the Bitcoin wallet I use, like, for example, PointPay, is safe?
If it gives you sole control of your private key, then it should be safe. But the only way to be sure is to check its source code yourself to verify. PointPay isn’t open source, though, so you can’t;)
Use an open source wallet like Electrum or Bitamp. The only way you can self verify.
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Can't be a bad thing, I agree. It's clear there is a mainstream fascination with this digital currency. And so institutions will very quickly take advantage of its economic advantages, much as they did with the Internet. But, I think we should all be looking at how to get the Bitcoin economy to grow, without relying on financial institutions to do it for us.
And it's still just about 1% of the world that actually owns it, by the most optimistic estimates. To do so well now in early adoption, imagine how it'll be when 5% or 10% of the world starts using it! Bitcoin is here to stay, and here to grow. |
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How to avoid Binance fees? 50,000 satoshi per withdrawal!
Get your own wallet, set your own fees. Any time you use online services, you'll pay the fees they set for you. Get an Electrum or a Bitamp, and use the network when the load's not high and you'll find txs can cost as little as a few cents.
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So are institutionals and Wall Street bad for Bitcoin?
Can't be a bad thing. Bitcoin is for everyone who wants it, that's the beauty of it. We may reach a point one day when demand is consistently above supply, hence price that will just go up and up as people want this dwindling supply of store of value. Not in our lifetime? What do you think?
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Exactly. I don't know cryptocurrency that has a protocol that no transaction fee is given.
The zero fee that some people thought is from real fee in that coin or token but as a consequence of very low price of coin or token, transaction fee is very low and nearly zero in USD. Therefore people believed they have free transaction fee, that is not.
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Do you think the information for which types of BIP is supported by Bitamp wallet should be included in the FAQ page?
I believe there are some crypto with zero fees, but they don't have good utility nor proven network security (I think some of the DAG coins for example). Good idea, I'll raise to the devs. But it'll be pretty low on their priority! The BIPs supported by all those listed wallets already cover it really:) |
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Is Nexo a safe and reliable wallet to earn interest?
A lot of questions are getting asked about NExo and other interest bearing services and the answer is the same: not your keys, not your coins.
Nexo and others may have been around for years, but if they get hacked, or decide to scam or just get into bad luck, your coins will be forfeit.
Learn from Mt Gox. Use Bitamp or another non-custodial wallet.
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Are there any crypto wallets with zero fees for sending coins out?
Unless the protocol itself specifies no fees (and almost no reliable crypto network has this), then you always have to pay fees. Some online services do provide free withdrawals, but then you aren’t in control of your funds.
With Bitamp, you can set fees according to priority. If you’re not in a hurry, use the lowest setting to pay the cheapest fees.
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^ Thank you for your response and indeed, we are not a custodial wallet -- if you have lost access, there is no way we or anyone else can help you.
There shouldn't be any error on withdraw unless the fee is more than the input...
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There you go, now everyone wants you to know who you are, even when using a personal wallet that itself doesn't collect identities. Very sad news for privacy, but I suppose one must learn to abide by the laws of the countries they choose to do business with. Let's see where this goes from here.
I only have one word regarding this: DEX - Decentralized Exchange!  (Is that one word or two, though?) Agree, but we all know DEX don't have the best liquidity, and it could even potentially be more difficult for people who want to actually declare their taxes fully and crypto buying and holding (I'm thinking of the US jurisdiction especially!). Which is why P2P aren't every good options in USA atm. What with personal surveillance on your bank account;) |
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Bitcoin's price hit an all-time high above $41,500 on Friday, Jan 8th (13 days ago). As per the current price, we already have more than 20% discount. I don't know about you, but I love shopping at a discount!
If you're a holder and long term believer, this is the best thing to happen for short and medium term. But dollar cost average is always working out to the best advantage on the multi year plane. As always, not your keys not your coins, so no matter what, keep your coins on a wallet you solely control;) |
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And with Bitcoin, make sure you store it in a non-custodial wallet. Start small with Bitamp and Electrum to learn the ropes, before upgrading to a hardware wallet.
I agree. Non custodial wallets are the best for control of wallet and fund. The recent upgrades from Bitstamp makes it more sucks for users. It only reminds us that how important non-custodial wallets are in crypto. You use their service, make deposits to their companies and if you don't want to prove, disclose your withdrawal address, your fund will be stucked. No privacy, no anonymity. Bitstamp will now require Dutch users to link their identity to off-exchange withdrawal addresses.
It is one of the first major exchanges to introduce this rule.
Though the rule was introduced in response to Dutch regulations, similar regulations are under consideration in the U.S.
https://cryptobriefing.com/bitstamp-begins-track-off-exchange-addresses/There you go, now everyone wants you to know who you are, even when using a personal wallet that itself doesn't collect identities. Very sad news for privacy, but I suppose one must learn to abide by the laws of the countries they choose to do business with. Let's see where this goes from here. |
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It's never too late to get into Bitcoin! Buying now and seeing BTC go back to ATH already will make you over 30%, and that's just short term. Institutionals believe in 6-figure value long term.
But always invest what you can afford to lose, like any other investment.
And with Bitcoin, make sure you store it in a non-custodial wallet. Start small with Bitamp and Electrum to learn the ropes, before upgrading to a hardware wallet.
Agree or disagree?
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What is the safest crypto wallet for a person in an authorized country (which does not get identified based on location and thus gets frozen)?
You want an independent wallet or client then, one that isn’t centralized (that is, not owned or managed by a single entity or company or authority). Try Bitamp or Electrum. Both are open source (so you can self verify they do what they say they do), both never ever ask you for any information as to your identity, nor do either collect any information about you.
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I just got into crypto via Coinbase. How do I protect it?
First. Use a real Bitcoin wallet. I recommend Bitamp to learn the ropes, to understand what it means to be the sole controller of your private keys and seed phrase (so no one else, including Coinbase can ever seize your BTC). Then move on to something like Electrum with advanced features like coin control.
And then migrate to a hardware wallet like Ledger or Trezor.
The only way to truly protect your Bitcoin is to be the sole master of your destiny with a non-custodial wallet;)
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Just a reminder to everyone, keep your private keys and your seed phrases intact and safe. Just read about this computer programmer who somehow forgot the password to his stash of coins. This wouldn't have been a problem if he'd only had his private key;) https://www.bbc.co.uk/news/technology-55645408 |
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Did you know that Bitcoin addresses were originally adviced to be use only once?
Yes, but a growing number of owners still use the same address indefinitely. Personally, I like to use different addresses for different services. For example, I use one address for small expenses, another for gambling, and so on. I think it's too complicated to use a different address for just about every transaction. I would very quickly lose track of where I used which address. Most wallets will display all recently used addresses, including or especially those with balances. You can see all those in Bitamp wallet, for example. And then move (consolidate) all those inputs into a single address later. |
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Did you know that Bitcoin addresses were originally adviced to be use only once? And in fact, on some guidances including on the Bitcoin wiki, you're still recommended to treat addresses as single-use? What do you think?
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What's the biggest crypto downside?
I would say that biggest crypto downside are transactions fees that can go very high like we see now, and I am not sure most people even understand how crypto works. I think that holding a private keys is big advantage, but other people in the world probably don't care much about that and they are happy keeping fiat money in the bank, and they don't want to use their head and concern about private keys. That is a fair point, although in the near future we can expect a lot of Layer 2 solutions becoming user friendly. Then cost and scalability will be a thing of the past. Not quite there yet, but it's getting there. As you said, most people don't care, but they will when they've got bitten... |
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