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Breaking the crypto mental block! the "wallet"
    #27273326 -

What "wallet" do you guys use?

That seems to be the first step is to just get a wallet and then put money onto it? Or how?

Can anyone break down the steps simply for us "behind the times" people?

Do you link a bank account or do wire transfers or how do you prefer to fund it?


I think that is the first step is to find a good "wallet" to use- right?




What are the pros and cons for each wallet?



- I'm just new to the whole idea of the crypto thing--- but it can't be THAT hard if there's a coin named after a doge emoji. Next we need the dog with the butter crypto.


Any leads are much appreciated.

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Re: Breaking the crypto mental block! the "wallet" [Re: Fiery]
    #27273948 -

I started an account on Binance.us, connected my bank account, and started buying crypto. You can either leave your crypto stored on "the exchange" aka binance, or you can withdraw your money into a wallet. I don't have a wallet yet, so I can't help with that but just do the first part first and worry about your wallet later.


--------------------
"Its moving of its own accord...and I like that in a shirt!" - Me, tripping.

deCypher said:
Schizophrenia beats dining alone, you know.

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Re: Breaking the crypto mental block! the "wallet" [Re: Ima Trooper]
    #27273973 -

Don't leave your crypto on an exchange. Exchanges get hacked all the time and the mantra is "not your keys, not your crypto". For sure enable 2factor identification and create a good password. Still, be careful storing on an exchange. Few years ago an exchange owner died and didn't tell anyone his password and hundred million in customers crypto was lost forever.

I have a few different wallets, few on my phone which are great because most places have a qr code you can scan and then your wallet has address and exact amount with no typing. I have an Exodus desktop wallet which has quite a few coins supported, not Ripple though. Not sure what everyone uses these days I have been using that same wallet for years.

I guess what you want it for is a question. Like i don't care but buying drugs with it or investing it are two different animals. If it is long term investing I would go with a cold storage hardware wallet like nano ledger, that shit is unhackable. If it was drugs look into wallets that make a different wallet address for each transaction. I have seen people internet begging using an address that was verified by law enforcment as being a customer on the old SR. They actual published a list of those addresses 

As for how to fill it, i use local bitcoins. You can do that or via an exchange, or a bitcoin ATM, all of which have pros and cons. Like an exchange will report to the IRS, and you should never send crypto from your exchange account to a seller of dr00gs. Even local bitcoins now reports to the man, the days of being able to meet someone in the street and buy bitcoin with cash are mostly over. That's risky anyway for getting robbed.

Be careful too don't spend what you can't afford to lose, another crash will come. Even though I know this I have sold low because of FUD (Fear Uncertainty Doubt) and bought too high because of FOMO (Fear Of Missing Out). You hear about all the people making money but the people who lose money don't say much.

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Re: Breaking the crypto mental block! the "wallet" [Re: Fiery]
    #27274319 -

Buy coin on Coinbase. You'll have to get verified, I forget how that works, but I'm sure they will want ID and a checking account.

Then download Electrum wallet and keep your coin on your computer. The easiest way to manage this is to use Coinbase app on a smart phone and then send via QR code to your Electrum wallet.


--------------------
Enjoy the process of your search without succumbing to the pressure of the result.

A Dorito is pizza, change my mind.

I’m sorry it had to be me.

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Re: Breaking the crypto mental block! the "wallet" [Re: my3rdeye]
    #27274443 -

Thanks' everyone for explaining that and the leads.



So it sounds like the easy part is buying the coin on the exchange and the harder part is getting a "wallet" which sounds like is the safest way to go.


As far as the electrum wallet keeping coin "On your computer" what does that mean?

What if your computer breaks or gets stolen or just blue screens of death do you loose all the coins?





Quote:
Be careful too don't spend what you can't afford to lose, another crash will come. Even though I know this I have sold low because of FUD (Fear Uncertainty Doubt) and bought too high because of FOMO (Fear Of Missing Out). You hear about all the people making money but the people who lose money don't say much.



Great advice and thanks again. I'm sure myself or others will have questions later so thanks again everyone for taking the time to help!

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Re: Breaking the crypto mental block! the "wallet" [Re: Fiery]
    #27274479 -

If the Electrum wallet breaks, perhaps as a part of a computer crash or something of the like, it is recoverable with a unique password chain it gives you.


--------------------
Enjoy the process of your search without succumbing to the pressure of the result.

A Dorito is pizza, change my mind.

I’m sorry it had to be me.

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