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agree thanks again all, another example of the quality of this board :)
ATB
RC
@lunq
All this info within 15 minutes, thanks to all, have just copied and pasted all the replies and will read over a coffee
:)
Depends on what you intend to do with it. If looking to trade reguarly, just keep it on a reputable exchange. Bitstamp, Kraken and Coinbase are reputable and have never been hacked if memory serves correctly.
Generally there's two different types of wallets: hot and cold. Hot wallets are typically ones downloaded to your computer or phone. They are considered hot because they are on a device connected to the internet which can be a security risk. For example if you're browsing a dodgy bike porn website your device may be affected by a virus which deliberately targets crypto users. Hot wallets should be treated like your normal everyday wallet/purse - good for smaller amounts.
Then there's cold wallets which typically are not connected to the internet, therefore reducing risk of any viruses. There are hardware wallets like Trezor and Ledger which connect to your device via USB cable and are supposed to be isolated, so when you sign a transaction any viruses on your computer should (technically) not be able to interfere. Some argue these wallets are not true cold wallets since they still have to connect to a device. True cold wallets require a process known as "airgapping" and usually this involves having a second device which is never connected to the internet at all. It's a bit of a faff but should be considered if dealing with significant sums.
Like with all security, the higher the security, the less convenient the process. Personally I would suggest starting with researching the most secure way to hold your crypto. If we are going to "be our own bank" as they say, it's best to learn the most secure and correct procedures to protect our assets.
Some wallets here:
https://bitcoin.org/en/choose-your-wallet
@CC
In a nutshell, thank you, and to all posters who continue to help us, the not so experienced
Gla
@handyman;
If you've set up an account with Binance (via a PC), that in part IS a 'wallet'. Likewise if you download the app to your phone.
A wallet is basically just a digital ledger of your holdings in whatever denomination..
When you've purchased BTC or XRP there will be a 'Transfer' option in your account overview: that's where you can make peer-to-peer payments, or transfer to another wallet of your own if you want separate holdings.
CC
Best get your wallet set up first . Takes a while as you need some 24 words as part of the secure password creation. Then you buy coins on an exchange. You can leave them on an exchange if you like but I prefer for security to transfer them to my wallet within 30 mins or so.
But if you buy a Hardware Wallet eg Trezor or Ledger ALWAYS buy it from an official source. There are lots of scams out there.
Another option for small amounts you could use a web based wallet like Exodus.io - lovely interface, safer than leaving on an exchange, easier than faffing about with Ledgers hardware wallets .
Doesn't matter which way round you do it ie crypto or wallets first - you don't have to buy one before the other.
May I ask another question re the link...I have read and reread so not being lazy but just a little confused...Have registered with Binance and not sure whether I setup a wallet first for let’s say XRP, or do I buy the crypto first ?
And also, can I do both of these actions on Binance or should I use one of the apps that have been mentioned for the wallet ie BRD
Thanks in advance
excellent thanks sh20
ATB
RC
RC, I will give you a slightly controversial answer but one that us becoming more accepted recently...honestly if you are working with less than a certain amount (say 5k), I would keep it on the exchange, but ONLY if the exchange has insurance and regulated by fca.
the days of mt gox are gone for regulated exchanges, and not everyone wants to have sole custody of their crypto, keeping it on a regulated (kraken/coinbase pro etc) exchange in my opinion is perfectly fine for smaller amounts.
I keep around 5-10k on exchanges at any given time, the rest goes on my ledger
ok cool thanks c45h - will explore further
ATB
RC
If you’re looking to keep your BTC held for a while NEVER keep it on an exchange! You’ve got apps like BRD which are really good, but make sure you store the 16 word phrase is a very safe safe place. If you lose you’re never getting your BTC back. Cold storage is good but with all the issues you hear about them breaking or people losing them it is risky.
I’ve held btc, eth and a few others in BRD for many years and works fine. It also gives you live prices so you can see your investment growing.
My last point, if you’re thinking of buying something now and giving your then 21 year old a proper gift, I’d look at something like ADA or one of those coins which aren’t very expensive now but have a huge potential. 2-3k of ADA in a few years could be worth a lot fingers crossed!
Yep understood CC
Cheers
RC
....I guess the caveat to this RC is that I'm not sure anyone has tested the stability of a USB drive locked in a safe for 19 years yet.. ..and you wouldn't want the USB to turn into the minidisk..
> Backup & Maintenance should always be considered IMHO.
CC
CC thank you
That’s where i had got to - cold storage as i am not trading or spending it, just hodl until my son turn’s 21 (he is 2).
Things may change of course so doesn’t seem urgent. Getting used to Binance - as you say desktop and mob b different and i think i understand about 10% of the platform currently.
Cheers for the reply
RC
Blargh!
So [I'm not claiming to be an expert, BTW!] - this, I'm afraid is another area to look in to to make up your own mind, RC. Still another interesting diversion on the journey!
This article isn't a bad start;
https://hedgetrade.com/what-is-cryptocurrency-cold-storage/#:~:text=The%20term%20%E2%80%98cold%20storage%E2%80%99%20refers%20to%20preserving%20cryptocurrencies,one%20of%20the%20best%20tools%20for%20safeguarding%20cryptocurrencies.
An example of one type of cold storage;
https://trezor.io/
Like with all things, it'll be deciding what's best for you.
I trade on Binance and have two other online/app wallets for Hodling - split risk approach, I guess.
Eventually I might cold-store, but I haven't bothered yet; I hope at some point my Hodl will be valuable enough to bother!!
CC
Evening RC;
I have no reason to believe that Binance' online or app-based storage (wallet) is any more/less safe than any other available [are you just PC-based, or have you also installed the app on your phone - the phone app gives you all the website functions albeit in a slightly different layout, but is also a mobile wallet).
If you're nervous about it being online/app-based, I'd suggest you start looking at 'cold storage' options & transfer - IMO cold storage is good for long-term Hodling, but a pain if you're trading / paying / transferring frequently.
Regards,
CC
Evening all
I have a small amount of BTC bought via Binance and held there - as much to understand it as anything else.
1. Is this safe? Obviously there was MtGox but I read of more hacks of crypto exchanges
2. If not safe (which I assume is the case) what are the recommendations from those of you in the know?
thanks in advance
RC