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Author Topic: How to store small, unknown alt coins?  (Read 334 times)
Izzy_180
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October 30, 2017, 04:34:34 AM
 #1

Hello,

Im barely starting to get into this whole crypto community and starting to understand it. Ive recently been learning the importance of keeping the coins safe in some sort of wallet, preferably cold wallet but Im just looking for SOMETHING that works. I own some small alt coins that aren't well known and therefore not supported by any online wallets like jaxx that I have seen nor are they supported by hard wallets like ledger. So HOW do I store these coins!! is there a wallet that works for every coin out there? or am I forced to just keep it on the exchange until someone officially supports it?

Thanks!
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October 30, 2017, 05:29:13 AM
 #2

If they are ERC20 tokens, you can store them in any Ethereum wallet like MEW.
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October 30, 2017, 05:36:31 AM
 #3

I prefer to store small coins on exchanges. Because sometimes messing with wallets even does not worth the cost of these coins, also you need manually backup them (and wallets too, since lots of small coins will be abandoned within month or two). Also if they're actively developed some incompatible changes can happen that forces you at least re-download blockchain or even do manual coins swap. And, right, ERC20 tokens easily stored in ETH wallet, like other platform coins, based for example on Waves wallet.
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October 30, 2017, 05:49:24 AM
 #4

Many of them store the coins at exchanges , as thats the best way to get rid of wallets usage and sell the coins whenever required. I see many of them use myether wallet and etherdelta exchange and sell of the coins easily.Myether wallet accepts many tokens wherein u can send , receive and hold as well. Still i see many altcoins getting faded out within 1 month or 2 months if they are not having a good result at the exchanges . Its always better to sell of the altcoins at lesser profit but still that would be for me satisfaction.

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October 30, 2017, 06:00:26 AM
 #5

I prefer to store small amount of coins in Exchange and wait until it has a price value then decide if you want to sell or exchange.

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October 30, 2017, 06:16:56 AM
 #6

MEW support most greater part of ERC20 tokens. Also you can try imToken for mobile phone.

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October 30, 2017, 06:54:37 AM
 #7

MyEtherWallet is your best bet.

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October 30, 2017, 07:27:39 AM
 #8

If the coins you're talking about are "independent" altcoins (and not ERC20 tokens or other kinds of "assets" on other blockchains) then you should consider to download the official wallet - above all if you have relatively important holdings.

There are two main reasons:
- exchanges often delist small altcoins if they run into problems with their wallets or simply they aren't very actively traded, so you risk to lose them if you don't actively monitor it;
- you contribute to the security of their networks, which can be small and unstable.

Now if you're talking about - let's say - top200 coins (according to Coinmarketcap), then it's already relatively safe to store them at an exchange, but there is the risk to get "goxed" or "cryptsied" . Some coins may also provide Electrum-style SPV wallets which are a good "compromise".


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October 30, 2017, 07:33:26 AM
 #9

Most are erc20 token so don't worry about it. My ether wallet is safe and enough. All coins already have their own wallet as well.

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October 31, 2017, 09:47:07 PM
 #10

Hello,

Im barely starting to get into this whole crypto community and starting to understand it. Ive recently been learning the importance of keeping the coins safe in some sort of wallet, preferably cold wallet but Im just looking for SOMETHING that works. I own some small alt coins that aren't well known and therefore not supported by any online wallets like jaxx that I have seen nor are they supported by hard wallets like ledger. So HOW do I store these coins!! is there a wallet that works for every coin out there? or am I forced to just keep it on the exchange until someone officially supports it?

Thanks!


As for me I would' not store them, but try to exchange for more stable Altcoins that are known by almost all people, who are acquainted with cryptocurrency market. Probably in this case you have chances for getting income and profit.

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October 31, 2017, 09:59:17 PM
 #11

I prefer to store small coins on exchanges. Because sometimes messing with wallets even does not worth the cost of these coins, also you need manually backup them (and wallets too, since lots of small coins will be abandoned within month or two). Also if they're actively developed some incompatible changes can happen that forces you at least re-download blockchain or even do manual coins swap. And, right, ERC20 tokens easily stored in ETH wallet, like other platform coins, based for example on Waves wallet.

never store your coins in exchanges. if an exchange is hacked or closed by government you will have only your eyes to cry!

don't forget mt-gox and btc-e disaster!

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October 31, 2017, 10:45:19 PM
 #12

If what you're trying to store is something you can call decent cryptocurrencies, they certainly have good core developers, that have been able to developed good core wallets. That's in general the way to go when you can't find a trusted third party wallet.
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October 31, 2017, 11:31:33 PM
 #13

I remember having this problem when I first started buying cryptocurrency as I wanted to edge my bets and get a tiny amount of each one.

If its just for small periods of time I would leave it on one of the big exchanges personally.
If its for longer periods just download the official wallets. There are various wallets that cater to holding lots of different coins but they normally have hidden costs like forced gas amounts when you move your crypto out.

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October 31, 2017, 11:33:40 PM
 #14

MEW was the best wallet for ERC20 token IMO
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October 31, 2017, 11:37:15 PM
 #15

If it is an erc20 coin, then the best choice for me is myetherwallet. But if not, exhanges are nice. Because you can just wait for the price of that coun to rise and then sell or trade it when you have reached desired profit.

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October 31, 2017, 11:38:49 PM
 #16

I just hold it to my myetherwallet account and add it with another cryptos with the same network, because it is just small for now and if the price will pump and that is the time that I will convert it to ethereum coins.

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October 31, 2017, 11:42:15 PM
 #17

I just hold it to my myetherwallet account and add it with another cryptos with the same network, because it is just small for now and if the price will pump and that is the time that I will convert it to ethereum coins.
Ethereum wallet is the most use for storing an erc20 token. Yes, same I also use and saving token in myetherwallet just hold and save the private keys. All is well when you have the private keys and alert not to click any phishing sites which leads to hack your wallet.

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October 31, 2017, 11:55:12 PM
 #18

If that altcoin is an ERC20 type then you can store it in MEW wallet and imToken is a nice wallet too for mobile and for your PC you can choose between the two since I used it right now and it's really recommended wallets to store tokens. But if you want to keep it in exchange that supports that coin then that would be good too since you said it's not that much and in exchanges it has future that it will grow even if you keep it there if only the price of it increases. Ledger right now supported only minimum altcoins so better find some ways to keep it.

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November 01, 2017, 12:02:21 AM
 #19

I am using online ETH wallet with multiple security levels. Unless you do not have tiny amounts of invaluable coins, this is a way to go. Also there are some coins which needs special wallets and be aware that you need to scan your wallet if you receive unknown tokens to particular wallet in order to effectively view them.

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November 01, 2017, 02:00:05 AM
 #20

I don't think OP is trying to store tokens, as those can be universally stored in any good Ethereum wallet.

At first I thought OP is trying to avoid the complications and time consumed by downloading the wallet for each new coin. But OP did say he wanted to "store" his wallets, which assumes he's already created them.

The only truly universal way to store any cryptocurrency is to simply store your wallet backup files yourself in cloud storage. You would be responsible for security and it would be wise to keep these files always encrypted and to never decrypt in an unsafe way. This is not the "easy" way or even a "smart" way to do this, but it is universal.

You'd still have to download and run each new coin's wallet software but the OP did only ask about storing his wallet, which assumes he's already created it.

Keep in mind there is great risk in storing your wallet files on your personal computer's hard drive, especially if that is the *only* place you can store them.
It is so risky that the only "smart" way to download and run a coin's wallet software is on an isolated virtual machine that has no access to any of your personal data.

This is not ideal but there isn't really a universal online wallet you only play with top200 coins.
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