Best way to hold coins?

[Convington]

Hey guys,

I've read around a bit, googled, but I know many are active traders - so I'll ask here:

Background:  I have about 6 coins currently (not much) and 1 ICO (in it's own wallet, of course). Some of these are active trades, some for hold.  Currently I have 1 in a Cryptopia Wallet (unsure if this will be hold or active yet) and 5 in Bittrex Wallets.  I also have Exodus and mine ETH and DCR to those wallets.

What is the preference?  

• Have my own PC-based wallet and back it up?
• Use a hard-wallet? (thinking like Trezor)
• Other?

Thanks.  Just trying to figure this all out

[kolesozw]

Hey guys,

I've read around a bit, googled, but I know many are active traders - so I'll ask here:

Background:  I have about 6 coins currently (not much) and 1 ICO (in it's own wallet, of course). Some of these are active trades, some for hold.  Currently I have 1 in a Cryptopia Wallet (unsure if this will be hold or active yet) and 5 in Bittrex Wallets.  I also have Exodus and mine ETH and DCR to those wallets.

What is the preference?  

• Have my own PC-based wallet and back it up?
• Use a hard-wallet? (thinking like Trezor)
• Other?

Thanks.  Just trying to figure this all out

I own Trezor. But I'm using it only for long-term hodl. My daily needs are on local/online wallets. But only small amounts.
Never use Cryptopia or any other exchange as long-term wallet. Exchanges are... exchanges. To exchange coins and withdraw.

[Convington]

I own Trezor. But I'm using it only for long-term hodl. My daily needs are on local/online wallets. But only small amounts.
Never use Cryptopia or any other exchange as long-term wallet. Exchanges are... exchanges. To exchange coins and withdraw.

Trezor - ok, I will look more deeply into that although my only thought was that it is limited on what currencies it can hold, correct?

Exchange Wallets - When I transfer out of an exchange (haven't done except from Coinbase for BTC purchase to Bittrex for purchasing other currencies), wouldn't I get a fee for transfer to my wallet?  If so - why not continue to keep it in the exchange with multi-factor auth enabled?

[BillyBobZorton]

Hey guys,

I've read around a bit, googled, but I know many are active traders - so I'll ask here:

Background:  I have about 6 coins currently (not much) and 1 ICO (in it's own wallet, of course). Some of these are active trades, some for hold.  Currently I have 1 in a Cryptopia Wallet (unsure if this will be hold or active yet) and 5 in Bittrex Wallets.  I also have Exodus and mine ETH and DCR to those wallets.

What is the preference?  

• Have my own PC-based wallet and back it up?
• Use a hard-wallet? (thinking like Trezor)
• Other?

Thanks.  Just trying to figure this all out

The problem of why altcoins in general are an annoyance and why in the long term Bitcoin will keep getting bigger and bigger, is precisely because of the fact that it takes a lot of stress in order to keep local wallets for each single token. This added stress is nonsense once we have sidechains and you can hold different tokens by just holding BTC.

My advice is that if you want to keep an altcoin long term, get a local wallet, or at least an SPV wallet (so an equivalent of Electrum for your altcoin would do).


Keeping it at an exchange is always high risk, even if it's tempting if you are lazy (and I am), it's better to get the annoying things done before and then forget about it and be safe.

[ahmedjamal1998]

First of all I have to tell you that what you're doing right now is so risky and dangerous.

You should that much amount of money exchanges ? Do you know that exchanges get hacked and funds disappear ?
Even some exchanges have shut down in the past and ran away with all the money of the users.

I guess you're not willing to lose 25 grand that easy !

If you want to hold the coins for a long amount of time then the best would be using a hardware wallet as I'd consider it the safest.
But right now you need to take action. Use multibit/electrum or any other spv wallet. , get an address and transfer your coins there.

Ofcourse don't forget to backup and print out all your private keys/passwords and backup wallet files.

Only deposit money on an exchange when you're actually gonna trade or buy some altcoins. But I'm positive you won't put that amount of money in anything other than bitcoins.

Good Luck

EDIT: What a coincidence ! A person just posted that an exchanged locked him off his account with no response.
https://bitcointalk.org/index.php?topic=2214456.0

That's exactly what I'm talking about.

[Red-Apple]

best way of holding bitcoin and a couple of other altcoins worth holding such as litecion is to use a cold storage. a paper wallet or an always offline computer or if you are willing to pay, a hardware wallet are examples.

the best way to hold other altcoins is in an exchange inside a stop loss order open and ready to be dumped before you lose money when the dark days of dumping starts unavoidably for all of the altcoins.

[adam1230]

Ledger-Trezor is best option to hold coins.
If you don't want to buy ledger you can create a paper wallet then never store secret key on pc thats the other safe way.

[Convington]

Just making sure I understand here... because it is all way over-confusing to start:

AltCoins - I can only store these (long-term) in their own wallets, correct?  

Electrum seems to be only a bitcoin wallet, so this would be after a trade if I wanted to not trade anymore and store the BTC?

I do use Exodus, so I have some others stored there, but it's not like there are a ton of altcoin options there either.



So that leaves...

Altcoins - Longterm - Store in their own wallet, then?
Altcoins - Short Term - store in exchange with limit order?
BTC - remove the amount from the exchanges that I'm not actively trading with?

Safety - use paper wallet or Ledger/Trezor.


Trying to cover all my bases here.  I think I'm understanding some of this.

[MV7]

Hey guys,

I've read around a bit, googled, but I know many are active traders - so I'll ask here:

Background:  I have about 6 coins currently (not much) and 1 ICO (in it's own wallet, of course). Some of these are active trades, some for hold.  Currently I have 1 in a Cryptopia Wallet (unsure if this will be hold or active yet) and 5 in Bittrex Wallets.  I also have Exodus and mine ETH and DCR to those wallets.

What is the preference?  

• Have my own PC-based wallet and back it up?
• Use a hard-wallet? (thinking like Trezor)
• Other?

Thanks.  Just trying to figure this all out

It largely depends on how much funds you have. If you have a small to medium amount, a pc-based wallet should probably be fine. If you have large amounts, definitely better to have a hard-wallet. Also, for any funds on exchanges, make sure you have 2fa enabled.

[asriloni]

Just making sure I understand here... because it is all way over-confusing to start:

AltCoins - I can only store these (long-term) in their own wallets, correct?  

Electrum seems to be only a bitcoin wallet, so this would be after a trade if I wanted to not trade anymore and store the BTC?

I do use Exodus, so I have some others stored there, but it's not like there are a ton of altcoin options there either.



So that leaves...

Altcoins - Longterm - Store in their own wallet, then?
Altcoins - Short Term - store in exchange with limit order?
BTC - remove the amount from the exchanges that I'm not actively trading with?

Safety - use paper wallet or Ledger/Trezor.


Trying to cover all my bases here.  I think I'm understanding some of this.

One more, you need to know that token which use ethereum smart contract also exist, will simply require you MyEtherWallet compatible for hardware wallet just like trezor and you can store all those token in just one wallet securely.
Frankly, these tokens are now dominating the market.
For holding a coin, it'll worth than keeping those altcoins which have their own wallet with low safety.

[Bytem3]

If your portfolio is worth more then $ is worth more then $2k then you should think about buying a hardware wallet... because if you hold only $100 then it doesn't make sense to buy a hardware wallet cos it costs ~$100. There are 6 hardware wallets out there I think atm, you can find reviews for each of them here: https://besthardwarewallets.com/. Also depends which coins you hold because these hardware wallets don't support that many, just the bigger ones.

[neinnein125]

I think it is best to use original wallets in your isolated computer. This could be clean linux distribution if they allow etc. You can only download chain and store coins in it. And no other operations, no java flash no malware bringing applications..

[Ratters]

I think that the best way to hold your free tokens on your own wallets not on the markets, because it's not safely.

[Razmirraz]

ETH is more convincing than any altcoin available. As well as in my opinion, more profitable and promising in the future. And it's worth for our investment.

[100degrees]

Find your favorite wallet, then use it as much as possible.

[AschPlatform]

I think the best way to persuade yourself to lock your coin is to forge, there are many coins supporting forge, such as XAS, Lisk, Oxy, DCT and so on. This not  only help you hold you coins, but also increase the quantity of you coin. Coins support forging are usually promising ones that will boom in the future.

[scottish_xander]

I would like to run this through you guys for some feedback

Lenovo X200 with hdd and wifi card removed

Tails with persistent volume long complex password enabled

Install all the wallets that you like and generate five to twenty addresses on each one depending upon investment size in respective coin.

Also create a file on persistent volume with all your passwords and secret keys for every trading site that you use.

Also create a set of instructions for your loved ones to use in the event that you die.

Clone the drive and send it to three different locations, one location (location 2) which is not far from home location one

Give the Tails persistent volume password to those who you trust.

Rather than sign transactions offline, just burn the many addresses for each coin, as and when you like.

Continue to alter the wallets or add new the wallets in tails location one and add additional wallets and keep back up clone in nearby location two.

Whenever the investment addresses are significantly different, then send a clone to location three and four.

[styca]

Long term holds - have your own wallet
Short term stuff - exchanges

For small amounts, I don't think it's worth the hassle to download loads and loads of wallets, so this can be kept on exchanges.

Everyone has their own preference though

[hdtqisg]

You hold your coin by only you hold Private key! Other, the same you can not hold your coin

[hodlftw]

Think you should go with hardware wallets. They are the most secure and you are in control of your private keys the whole time! Compare that to an exchange where they own your keys. This iis bad for several reasons

mainly being they own your tokens or coins. Lest we forget to mention an exchange gets hacked, also bad. Lastly if any coin or token is airdropped on those coins in an exchange you are not eligible for those neither. Too

many reasons to get hardware wallet, I suggest you get one ASAP if serious about cryptocurrencies.