Questions about buying, holding, staking altcoins

[Thementhor]

Hello guys.

I am newbie to the crypto world, and I read a lot of things about it, still I have unanswered questions, hope some of you can solve it for me.

Firstly, I am planning to buy two cryptos (Cardano, and VeChain), but later I plan to buy another ones, like crypto.com coin, RSR, or Zilliqua.

My questions are, that if I will buy it at Binance, should I open account for every crypto, or just one for all? And how about staking these planned cryptos, where should I stake them?

Second thing, that I read something that every crypto has different blockchains, and when I wanna send one of my cryptos to my wallet, somehow it can be loss, because Ethereum can not be send to Bitcoin wallet? In this I totally confused, where I can send, where I can not, how can I lose my coins.

Thanks, best all.

[passwordnow]

Welcome to the crypto world.

My questions are, that if I will buy it at Binance, should I open account for every crypto, or just one for all?

As long as all of those cryptos are supported and traded in Binance, you only need one Binance account.

And how about staking these planned cryptos, where should I stake them?

If Binance has that coin supported for staking and they have it on their feature, you can stake it on them. But most of the staking coins have their own wallet and you need to download and deposit it on that wallet.

Second thing, that I read something that every crypto has different blockchains, and when I wanna send one of my cryptos to my wallet, somehow it can be loss, because Ethereum can not be send to Bitcoin wallet? In this I totally confused, where I can send, where I can not, how can I lose my coins.

Thanks, best all.

That's right. Transactions must be done for every specific coin. Bitcoin for bitcoin, Ethereum for Ethereum. Take note of that. Always check the addresses and crypto that you're sending. You send Ethereum to an Ethereum address. Litecoin to Litecoin and so on.

[Kavelj22]

Second thing, that I read something that every crypto has different blockchains, and when I wanna send one of my cryptos to my wallet, somehow it can be loss, because Ethereum can not be send to Bitcoin wallet? In this I totally confused, where I can send, where I can not, how can I lose my coins.

Thanks, best all.

That's right. Transactions must be done for every specific coin. Bitcoin for bitcoin, Ethereum for Ethereum. Take note of that. Always check the addresses and crypto that you're sending. You send Ethereum to an Ethereum address. Litecoin to Litecoin and so on.

To explain further, op you just have to bear in mind that all the cryptocurrencies you may want to buy can be stored within the exchange where you bought them but this is so risky. So the best option is to store them by yourself. Each token has its own blockchain network (expect for smart-contracts) so you have to use many app to do so. There are some good multicurrency wallets, i advice you to try TrustWallet which is a wallet lunched by Binance itself, you can trust it.

[Thementhor]

Thank you for the answers.

Now, I know that Binance is a centralized exchange platform, and easy peasy for hackers to stole money from users. That is what I dont want, and rather open decentralized wallets. So for Cardano it is Yoroi, for VeChain is Exodus? Where can I see which crypto connect for which wallets?

What does it means for further way? What does it mean that Ethereum adress, and how will I know that I sent it to a good adress? Going further, other altcoins like I mentioned above, how will I know that I will send to a good adress, and I will not lost it? So example ADA for my wallet, or VET. Which is Ethereum adress, and which is BTC adress, and which is ADA adress....

[BurningChrome]

Hello Thementhor,

I am a newbie too but I think I can answer this one for you.
Every cryptocurrency that has its own blockchain also has its own 'official' wallet. You can find out on their official website. However, there are also wallets that support several different currencies. Such are, for example, hardware wallets. I think there is one topic on this forum with a good display of all the popular wallets. I can't find it right now so maybe someone else will post it.

As for the Binance exchange platform, I wouldn't say it's 'easy peasy for hackers to stole money from users'. Binance is a very respectable exchange with a long tradition.

[passwordnow]

Thank you for the answers.

Now, I know that Binance is a centralized exchange platform, and easy peasy for hackers to stole money from users. That is what I dont want, and rather open decentralized wallets. So for Cardano it is Yoroi, for VeChain is Exodus? Where can I see which crypto connect for which wallets?

I can't answer you much about Cardano because I'm not an investor in it but based on its website, yes Yoroi and also Daedalus. You check the official websites of the coins you want to buy to inform yourself which are their official wallets. For Vechain, exodus is a multi-currency wallet. On official website of vechain, they have vechaintor wallet. But it's ok storing it on exodus.

What does it means for further way? What does it mean that Ethereum adress, and how will I know that I sent it to a good adress? Going further, other altcoins like I mentioned above, how will I know that I will send to a good adress, and I will not lost it? So example ADA for my wallet, or VET. Which is Ethereum adress, and which is BTC adress, and which is ADA adress....

There's a format for each crypto wallet. Like for bitcoin, it starts from these 'bc1', "3" or "1".
And Ethereum address starts with "0x" so you send Ethereum to an address that starts with "0x".
If you have downloaded the wallet or from Binance, click the "deposit" or "receive" you'll see the addressing format or simply google it for each coin you're interested in. In exodus, you can check it what's the addressing format of those coins you want, just click receive or deposit.

[cryptoperkele]

Thank you for the answers.

Now, I know that Binance is a centralized exchange platform, and easy peasy for hackers to stole money from users. That is what I dont want, and rather open decentralized wallets. So for Cardano it is Yoroi, for VeChain is Exodus? Where can I see which crypto connect for which wallets?

What does it means for further way? What does it mean that Ethereum adress, and how will I know that I sent it to a good adress? Going further, other altcoins like I mentioned above, how will I know that I will send to a good adress, and I will not lost it? So example ADA for my wallet, or VET. Which is Ethereum adress, and which is BTC adress, and which is ADA adress....

By the very fact you need to ask these question would make me assume that your cryptos will be safer in Binance's custody. You can get robbed as well you know?

But it's good that you want to learn how to store them yourself. Just remember that no-one except you are responsible for them, it doesn't help to blame anyone if you make a mistake when you store them yourself and lose them. Not even if you get lied on this thread and make a mistake because of that.

But if you still insist storing your coins yourself, practice with smallest amounts you can. And store every coin like eth, vet, and ada in their own native wallets or in the wallets that support them. And you can only send these coins between addresses that support the coin.

Just before you practise, check that you have both private keys in safe for the both addresses, the one you send from and the one you send to. In case you make a mistake and want to be able to recover your cryptos.

[TheBeardedBaby]

Just a friendly advice. Jumping into buying/selling crypto without reading a lot before is just one way to loose money. Keep in mind that in it's very easy to loose the funds and there are many weak points you should be prepared for.

I'm sure there are many good threads on the forum unfortunately they are not so well arraigned to be easily accessed by the newbies but use the forum search (google) engine.  

One of the main advice you will get from everyone is : If you gonna hold your coins, secure your private keys with backups, but never online, NEVER!

Good luck

[Thementhor]

So again thanks for answers, advices.

Not an easy world this crypto world I must say. I watched a lot of videos on youtube about it, but English is not my first language, I speak and understand like mediocrate.

So, holding each crypto in their own wallet is safer, than hold every coin in one wallet? Secondly, can I stake these cryptos too in the wallet, or it is for another platform? Because staking, and holding is not the same, for staking I will get extra percent coins as I know.

Newbie, as I know, Binance was hacked one time before, and coinbase too.

Passwordnow, Cardano receiving adress starts with addr1. So in this case if I want to send to binance, or to another wallet, or to someone, being it bitcoin wallet or ethereum wallet, or vechain wallet, or exodus wallet, can I send it? Just the adress must copypaste to the wallet receiving adress from sending wallett adress? I complicate it maybe, sorry for my hard understanding.

Cryptoperkele, can I be robbed from coins officital wallets? Hackers attack only exchange sites as I know, official wallets, or trustworth walllets are not in safe with the 12 secret words+password than on exchanges alone ?

Why, I will have private keys for sending adress? What if I wanna send to my friends account coins?

[btcsmlcmnr]

On Binance, you don't have to go through KYC to trade and withdrawal on their exchange if your daily withdrawal does not exceed 2 Bitcoin per day.

The exchange has many types of trdaes: spot, leverage, futures and you need to prepare enough knowledge on each type trade before you go into actively trading with each of them. Leverage and future trading can have liquidation on your accounts. They are risky types and you will see warnings before you click on Open the type of trade.

Staking, Binance has their pools and you can join to stake and get rewards. There are different schemes, with different time to lock your coins in pool and get different reward rates.

Altcoins are pump and dump assets so you have to be aware of their risks, price actions and don't make loans to invest in altcoins.

Binance Academy has its instructions for Binancers: What is staking?

How to stake on Binance

In a way, you could think of holding your coins on Binance as adding them to a staking pool. However, there are no fees, and you can also enjoy all the other benefits that holding your coins on Binance brings!

The only thing you have to do is hold your PoS coins on Binance, and all the technical requirements will be taken care of for you. The staking rewards are usually distributed at the start of each month.

You can check the previously distributed rewards for a given coin under the Historical Yield tab on each project’s staking page.

[cryptoperkele]

Newbie, as I know, Binance was hacked one time before, and coinbase too.

Someone correct me if i am wrong but i don't think any user lost anything on binance hacks.

Cryptoperkele, can I be robbed from coins officital wallets? Hackers attack only exchange sites as I know, official wallets, or trustworth walllets are not in safe with the 12 secret words+password than on exchanges alone ?

That's where you are wrong, hackers tend also to spread their nets wide to see if anything catches. They won't target you specifically if they aren't suspecting you are rich. But they can give away free software that collects data and they have exploided vulnerable wallets in the past. Just like back in time hackers were stealing credit card info, now they try to collect private keys that people are using.

Why, I will have private keys for sending adress? What if I wanna send to my friends account coins?

Well if you trust your friend then it's the same thing because your friend owns the private key for that account.

[maxreish]

Hello and welcome to the forum!
 
 Since you are a newbie and making a steps for buying or starting to do some trading, perhaps this article and video are suited for you as your guide;
 
 - https://m.youtube.com/watch?v=sEtj34VMClU
 - Beginner's Guide
 
 Many things you should have considered while deciding to buy crypto coins. But it is significant that you choose a good and potential coin and you do not need to create many accounts just to buy many altcoins. Here's a Step by step Guide on how to buy coins in Binance.

[coinsolidation.org]

This is a comparison of cryptocurrencies that can help you.

It summarizes data such as (Algorithm, Mineable, Consensus, Website, Source Code, WhitePaper, etc)

I hope it helps you in your decision making.

For example:

Cardano vs VeChain: Coin Information

https://cryptorival.com/coins/cardano-vs-vechain/

Regards,

[cabron]

Each Cardano and VeChain have its own blockchain that is correct but for ETh tokens (ERC) they are just on ETH blockchain. You don't have to create another account to an exchange like binance just to buy each of it. You can use just one and then buy them all. Unless the token you want to buy isn't in binance you'd have to go to another exchagne where its listed and then create an account there.

Staking would be just in a wallet for Cardano and VeChain, there are ERC20 tokens that has no staking algo though so its just it, you need to learn the crypto yourself.

[Maxstl007]

Hello guys.

I am newbie to the crypto world, and I read a lot of things about it, still I have unanswered questions, hope some of you can solve it for me.

Firstly, I am planning to buy two cryptos (Cardano, and VeChain), but later I plan to buy another ones, like crypto.com coin, RSR, or Zilliqua.

My questions are, that if I will buy it at Binance, should I open account for every crypto, or just one for all? And how about staking these planned cryptos, where should I stake them?

Second thing, that I read something that every crypto has different blockchains, and when I wanna send one of my cryptos to my wallet, somehow it can be loss, because Ethereum can not be send to Bitcoin wallet? In this I totally confused, where I can send, where I can not, how can I lose my coins.

Thanks, best all.

1. You don't need to open separate accounts to purchase these digital assets, binance for example has all these altcoins listed on its platform, you can buy all of them on binance exchange.

2. For the staking I recommend you download trust wallet, this wallet supports staking and also all those altcoins you listed in your post, you can also stake on binance exchange and receive monthly rewards

[RabbiTANK]

Thank you for the answers.

Now, I know that Binance is a centralized exchange platform, and easy peasy for hackers to stole money from users. That is what I dont want, and rather open decentralized wallets. So for Cardano it is Yoroi, for VeChain is Exodus? Where can I see which crypto connect for which wallets?

What does it means for further way? What does it mean that Ethereum adress, and how will I know that I sent it to a good adress? Going further, other altcoins like I mentioned above, how will I know that I will send to a good adress, and I will not lost it? So example ADA for my wallet, or VET. Which is Ethereum adress, and which is BTC adress, and which is ADA adress....

Binance is more secured than many centralized exchanges that's why it's a top exchange but believe me it's more reliable than any other exchanges, you are right about the hack and all those affected was paid back, binance is capable to recover from any losses and there is also collateral funds for possible hacks

[RabbiTANK]

Thank you for the answers.

Now, I know that Binance is a centralized exchange platform, and easy peasy for hackers to stole money from users. That is what I dont want, and rather open decentralized wallets. So for Cardano it is Yoroi, for VeChain is Exodus? Where can I see which crypto connect for which wallets?

What does it means for further way? What does it mean that Ethereum adress, and how will I know that I sent it to a good adress? Going further, other altcoins like I mentioned above, how will I know that I will send to a good adress, and I will not lost it? So example ADA for my wallet, or VET. Which is Ethereum adress, and which is BTC adress, and which is ADA adress....

If you are so interested in decentralized exchange I can only recommend insta swap platforms like changelly and shapeshift, you can download coinomi wallet and buy all this tokens in coinomi without leaving the wallet or going to exchange, I think this is a better idea

[PerfectCircle]

Hello guys.

I am newbie to the crypto world, and I read a lot of things about it, still I have unanswered questions, hope some of you can solve it for me.

Firstly, I am planning to buy two cryptos (Cardano, and VeChain), but later I plan to buy another ones, like crypto.com coin, RSR, or Zilliqua.

My questions are, that if I will buy it at Binance, should I open account for every crypto, or just one for all? And how about staking these planned cryptos, where should I stake them?

Second thing, that I read something that every crypto has different blockchains, and when I wanna send one of my cryptos to my wallet, somehow it can be loss, because Ethereum can not be send to Bitcoin wallet? In this I totally confused, where I can send, where I can not, how can I lose my coins.

Thanks, best all.

You don't need to stake your coins on binance, all those coins you made mentioned are available on binance and it's the best exchange for a newbie like you, buy the coins and tokens and move them to a wallet that supports staking e.g Atomic wallet or Trust wallet

[PerfectCircle]

Thank you for the answers.

Now, I know that Binance is a centralized exchange platform, and easy peasy for hackers to stole money from users. That is what I dont want, and rather open decentralized wallets. So for Cardano it is Yoroi, for VeChain is Exodus? Where can I see which crypto connect for which wallets?

What does it means for further way? What does it mean that Ethereum adress, and how will I know that I sent it to a good adress? Going further, other altcoins like I mentioned above, how will I know that I will send to a good adress, and I will not lost it? So example ADA for my wallet, or VET. Which is Ethereum adress, and which is BTC adress, and which is ADA adress....

Are you familiar with DEX very well? Be very careful with decentralized exchanges, even top altcoins can have a copied or clone versions on decentralized exchanges since anybody can list tokens and coins on DEXes, you must first try to understand what smart contract address are before jumping into DEX, this headache isn't present when buying on Centralized exchanges

[KaratX]

So again thanks for answers, advices.

Not an easy world this crypto world I must say. I watched a lot of videos on youtube about it, but English is not my first language, I speak and understand like mediocrate.

So, holding each crypto in their own wallet is safer, than hold every coin in one wallet? Secondly, can I stake these cryptos too in the wallet, or it is for another platform? Because staking, and holding is not the same, for staking I will get extra percent coins as I know.

Newbie, as I know, Binance was hacked one time before, and coinbase too.

Passwordnow, Cardano receiving adress starts with addr1. So in this case if I want to send to binance, or to another wallet, or to someone, being it bitcoin wallet or ethereum wallet, or vechain wallet, or exodus wallet, can I send it? Just the adress must copypaste to the wallet receiving adress from sending wallett adress? I complicate it maybe, sorry for my hard understanding.

Cryptoperkele, can I be robbed from coins officital wallets? Hackers attack only exchange sites as I know, official wallets, or trustworth walllets are not in safe with the 12 secret words+password than on exchanges alone ?

Why, I will have private keys for sending adress? What if I wanna send to my friends account coins?

Holding each coins in their own wallets and holding in a single wallet carries the same risk, the private key or keys need to be secured with all your might just like you would keep your BVN or Bank Credit card safe, they must not be shared with anyone, if will be more convenient for you if you use a multi wallet that supports all major altcoins together like Atomic, coinomi or trust