Great video as usual. This comment is off topic, but I'm totally new to cryptocurrency trading and I'm confused as to what type of virtual wallet I should use and how I go about converting USD into bitcoin and etherium so I can start investing and trading? Also, do I need to open a separate bank account to wire money for conversions? Thanks in advance for anyones help, and good luck to everyone tomorrow.
You are viewing a single comment's thread from:
I use Coinbase JUST to purchase bitcoin, ethereum, or litecoin. You get a $150 buy limit with debit card (buying with debit is also instant) and $2500 buy limit with bank transfer (takes me around 1-3 days to receive).
As for what kind of wallet to use, I suggest the mobile app Mycelium. There are tons of wallets to use but there are all different in forms of security. The more money you have to lose, the more I recommend the more secure. The least safe are wallets on exchanges like coinbase or bitstamp. They are great to buy crypto but these third party services control the bitcoin's private keys (very important to do a bit of research on private keys but basically the owner of the private keys has full control of the bitcoin) so I recommend using trusted exchanges and never leaving huge amounts in them.
Then there are paper wallets that can be 100% secure if you take appropriate precautions (tutorials all over youtube). These very strange but efficient wallets are generated in seconds and will give you an address that anyone can use to send this wallet bitcoin and another key which is your private key. The private key you keep PRIVATE! If no one has seen it, those bitcoins will never be touched by anyone and neither by you if you lose that key so keep it safe!
Now come wallets that specify that they do give you control of your keys. Apps like Mycelium or Copay on your phone give you full control of your keys. Usually you will know if they do if they let you create a backup and write then 12 or 24 words to again keep to yourself and safely hidden. Those words will be your private key.
Last but not least are hardware wallets. These devices can go as low as $30 or up to $200 for more features. These devices are so secure that if you tried to send bitcoin on a wallet on your pc, even if it was full of viruses and malware waiting to steal your bitcoins, your private key is in the device and the transaction occurs within the device and keeps all those digital eyes off your bitcoin. Trezor is the most popular hardware wallet and goes for 89 (100usd) euros i believe.
I hope i was of some help!
Coinbase, Kraken, QuadrigaCX are a few options to convert FIAT into cryptos...It may take a day or two to get verified. You can then wire in funds or use credit card, etc. For a cold storage (offline) wallet, I would recommend Trezor.io - Good luck!