How to store your cryptos?

[adr]

Recently I opened a coinbase account and bought some cryptos.
Now I am in doubt how to store them - in the coinbase wallet or offline in a hardware wallet?
Would like to learn how other people experienced in cryptos store them.

[AstuteShift]

Always hardware wallet

Not your keys = not your coins until you store in hardware

[caseyh1981]

Recently I opened a coinbase account and bought some cryptos.
Now I am in doubt how to store them - in the coinbase wallet or offline in a hardware wallet?
Would like to learn how other people experienced in cryptos store them.

Hardware wallet, definitely! I use Ledger.

[adr]

A private key is just a string of characters, like a password.
So, you can store it on a regular USB drive or even write on a piece of paper?
Or do these special hardware like Ledger have any other functions that you need to access your coins?

[symbios]

You are right that the private key can be written down or stored on a USB. Ledger basically offers additional protection by making sure that every transaction be authorized on the ledger device itself.

For example, I want to send some crypto to my friends, I’ll have to connect the ledger device to my computer, key in a passcode to unlock my ledger device, open the wallet, fill in the transaction details. The transaction details will appear on my device for me to verify and then I have to authorized the transaction by confirming it on the device. Even if some hacker hacked onto my machine, they can’t authorize the transaction unless they are physically holding my ledger device and know my passcode for the device. Of course, if you lose the recovery phrase of the device to the hackers, they will be able to access your wallet. So be extra careful when generating the recovery phrase and write it down somewhere and keep it in a safe.

[Yodean]

For example, I want to send some crypto to my friends, I’ll have to connect the ledger device to my computer, key in a passcode to unlock my ledger device, open the wallet, fill in the transaction details. The transaction details will appear on my device for me to verify and then I have to authorized the transaction by confirming it on the device.

@CryptoNinja: what's your top 3 - 5 favourite cryptos?

[adr]

@Yodean - what is your crypto indicator reading now?

[Yodean]

@Yodean - what is your crypto indicator reading now?

EBI: 32%buy/68%sell.

The EBI is formulated for BTC only. I suppose it could be extrapolated somewhat to other cryptos, but I haven't really tested it out for the alt. coins. It's not too shabby for Ether, as long as you account for time delay and extra volatility.

It's also meant to be used in conjunction with other analyses.

For example, currently, my base case for BTC in the near-term is that if BTC is able to hold above the 58k - 60k zone this week or so, it will likely challenge the 67k to 70k zone in short order.

If BTC falls below 58k definitively, the 50k to 54k range offers solid support and a potential accumulation zone.

[Yodean]

The regulation of cryptocurrencies varies considerably across the globe: China has cracked down on significant amounts of crypto activity in recent months, while Japan only recently allowed specialized cryptocurrency investment funds. El Salvador, on the other hand, has accepted Bitcoin (BTC) as a legal currency.

As financial centers throughout the world seek to regulate the sector, Singapore is aiming to establish itself as the globe’s capital for crypto-related enterprises. According to Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), the city-state might have been left behind had it not gotten a head start on how to deal with cryptocurrencies.

“With crypto-based activities, it is basically an investment in a prospective future, the shape of which is not clear at this point,” said Menon, who has headed the MAS for about 10 years.

The country is at the forefront of this movement thanks to its openness toward cryptocurrencies, having developed a legislative framework that favors their use. The tax regime has also been tweaked in order to encourage the industry’s growth.

Following the implementation of the Payment Services Act in January 2020, 170 firms applied for an MAS license, bringing the number of applicants to around 400.

As reported by Cointelegraph, the DBS Group, Singapore’s biggest bank and a pioneer in creating a platform for trading digital tokens and offering tokenization services, was one of the organizations that received the license. Other banks and technology companies in the city-state, such as OCBC and IBM, have also joined in.

[symbios]

@CryptoNinja: what's your top 3 - 5 favourite cryptos?

I like the mainstream cryptos like bitcoin, ethereum, polkadot and cardano. Some of the altcoins I like are Elrond, theta and helium.

On a side note, I’m mining ethereum on 3 gaming PCs that I put in my shared office where the electricity bill is included in my rental. They mine about USD$200 worth of ethereum each month. I recently bought 2 helium miners and they are making between USD$5 to USD$10 a day. With some days going as high as USD$20. They use about 5W of electricity each which is less than USD$2 a month. The cost is around USD$400 to $500 per unit.

[Yodean]

I like the mainstream cryptos like bitcoin, ethereum, polkadot and cardano. Some of the altcoins I like are Elrond, theta and helium.

On a side note, I’m mining ethereum on 3 gaming PCs that I put in my shared office where the electricity bill is included in my rental. They mine about USD$200 worth of ethereum each month. I recently bought 2 helium miners and they are making between USD$5 to USD$10 a day. With some days going as high as USD$20. They use about 5W of electricity each which is less than USD$2 a month. The cost is around USD$400 to $500 per unit.

Cool!

[adr]

Just tested my new Ledger Nano -
1. Received 1.85 LINK ($78) from Coinbase Pro account - transaction fee $15.72
2. Tried to send 0.5 LINK ($15.98) from Ledger to my Binance account - cheapest transaction fee was $37.15
Is this right? Are Ledger fees so high?

[symbios]

Just tested my new Ledger Nano -
1. Received 1.85 LINK ($78) from Coinbase Pro account - transaction fee $15.72
2. Tried to send 0.5 LINK ($15.98) from Ledger to my Binance account - cheapest transaction fee was $37.15
Is this right? Are Ledger fees so high?

Chainlink is ERC20 token which means that it is an ethereum token. Transferring ethereum tokens require gas fees. They are basically paid to the miners for doing the computational work. The fees are exorbitant because the ethereum network is congested like there is no tomorrow! Current gas cost 125gwei per unit. Depending on the complexity of your transaction, you might have to pay for more gas and if you are paying 125 Gwei per gas, it adds up to a lot of money for a single transaction. I have made a transfer about a month or 2 ago where I paid like 35gwei. That’s like the lowest for the past 2 months. You can visit sites like this to know what is the current gas price.

https://ethgas.watch/

Just in case you are wondering, there is no way to transfer ERC20 tokens cheaply with the gas fees being so high. If your transaction value is low, better wait for lower gas fees. The alternative solutions like layer 2 solutions require you to pay the gas fee to bridge your ERC20 tokens into a different blockchain and pay another gas fee to bridge them back to ethereum blockchain so it’s not so worth it as well.

[Yodean]

*****

Two of the top six ... the financial battlefield conditions are changing fast.

[SOL]

Bitcoin will be eventually killed or bought-out and become the Fed coin. This was planned long ago and like lemmings, the masses are slowly jumping in. The game plan was to get rid of cash and whatever BS name you want to give the coin, the end game is to get rid of cash or reduce its usage by 90%.