Hey Everyone,
Been in the market for a few weeks now, I have learned quite a lot about Cryptocurrencies. The biggest issue that I encounter since I have started is my security issues. Are my coins safe?
When I created my accounts on Poloniex and Bittrex I was under the impression that my coins are safe. However the more I read about those two exchange platforms and all the platforms out there I realize that my coins were not safe at all.
I spent hours to find the perfect solution for my problem. I read about Trezor and Ledger Nano S, but I am clumsy and I will probably misplace them, drop them or loose them. My second thought was wallets. I start downloading wallets to my PC in order to transfer all my coins in them.
The issue that I have with the PC is that it takes about 2-3 hours for each wallet to get synchronized, and even then you have to save the backup-file after it becomes encrypted in order to be able to get in to your wallet. I am really new to this and not extremely tech savvy so it was complicated for me.
To double check that my wallet works, I had to download the wallet in to a second PC , transfer my backup-file there, synchronize it and log in, to make sure everything works fine. And it did, to my relief. Well 6 hours and my first Altcoin was safe. (I saved back up files everywhere) Now I have to download about 18 more wallets and I am good to go. By the end of Summer I will be fine.
Where do you store your coins? and how safe do you feel?
Are you planning on trading regularly or do you want to put these into storage and forget about it for a few years?
Work on getting your coins offline, out of the exchange and into your own hands. First learn how to create wallets offline, I use paper as my storage and store it in my house and my parents house. You can store your seed digitally, on paper or in your brain if you're brave.
First time sending anything to the wallet send the smallest amount possible. Do a little test. Send 0.001 coin and make sure it arrives. Always double or triple check your addresses on transactions over the threshold you're willing to use.
Great advice moomoo, I did that, I saved my backup file into my dropbox, emailed it to myself, and to my second pc. I feel safe, I hope taht I am as well.
Check out my blog on the newer Hardwallet with TRUE 2FA: https://rebrand.ly/BlogonCoolWalletTrue2FA
I buy on coinbase and transfer to blockchain wallet. I feel reasonably safe.
Are those online? do you have to download a program?
It's an iPhone app.
cool, thank you!
One of your main problems is you have Dodgybytes. That is a shit coin and you should get rid of it.
just an image from Google mate, as an example!