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Author Topic: Beginner Help  (Read 149 times)
oaykiran
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November 16, 2017, 01:45:09 AM
 #1

Hi all,

I live in Australia.

I am a beginner, and I need some advice please.

I have an Airbitz account with a certain amount of Australian dollars in bitcoin.

I have a Bittrex trading account which I have a certain amount in Ripple and Waves.

I just opened a Coinbase account today.

I am going to get a cold storage device either from trezor or ledger. Any recommendations?

QUESTIONS:

I want to put a certain amount from my wage into Coinbase to buy Bitcoin and Ethereum. I will keep adding to this every month from my wage. I do this already with Airbitz.

After every transaction in buying bitcoin and ethereum in coinbase do i need to back it up with my cold storage device?

Do I keep the waves and ripple on the Bittrex exchange? if not, what do I do with them?

Do I transfer the bitcoins in Airbitz and put them in Coinbase then into my cold storage device?


Thank you for answering my questions.

Regards

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HippiePyro
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November 16, 2017, 02:37:41 AM
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You need to research into wallets more. You do not want to store your coins on an exchange. If they get hacked, your coins are gone. Exchanges do not have cold storage.

What you should do is take your all coins from airbitz, bittrex, coinbase and send then to a cold storage wallet for each coin. This is the safest way to store your coins

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mirte86
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November 16, 2017, 12:30:56 PM
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I'm also a newbie , but the one thing I do know is that you don't need to keep your money on an exchange!
Keep in in a wallet. For example neo gui.

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November 16, 2017, 12:49:23 PM
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As stated above you shouldn't keep your coins on exchanges due to security risks. Leave on the exchange the coins you're gonna be trading and the rest store them on cold wallets.

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Rodrigo Santos
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November 16, 2017, 02:54:08 PM
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The best way to keep coins safe is in a cold wallet.
Put in the exchange wallet only the coins you are using to trade.
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November 16, 2017, 03:21:24 PM
 #6

You need to research into wallets more. You do not want to store your coins on an exchange. If they get hacked, your coins are gone. Exchanges do not have cold storage.

What you should do is take your all coins from airbitz, bittrex, coinbase and send then to a cold storage wallet for each coin. This is the safest way to store your coins

Today, I use MyEtherWallet as my alt coin wallet. Mu question : Did MyEtherWallet safe to store our coins?

No one who know future
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