1 BTC = $8.2k, it’s up 735% this yr UPDATE 5/19: BTC @ $42k :damn:

[((ReFleXioN)) EteRNaL]

The wallet is for when you have a lot of coins, or you're going to hold onto something long term. You take it off the coinbase server so that in the event there's a hack, or the servers are down you still have yours. A lot of coins have their own proprietary wallet you can put on your PC / Phone, and then there's hardware wallets that take your coins completely off a computer or phone with no connection to the net at all.

the thing about the hardware wallets that i'm stlll confused about. if I have currency on coinbase. if I put it on a hardware wallet, does that mean the money is no longer in the exchange or whatever?....is it possible to have my money still on coinbase and gaining value while it's protected by a wallet?

 

[Malta]

the thing about the hardware wallets that i'm stlll confused about. if I have currency on coinbase. if I put it on a hardware wallet, does that mean the money is no longer in the exchange or whatever?....is it possible to have my money still on coinbase and gaining value while it's protected by a wallet?

Nah, your coins can only be in 1 place at a time, if you take them off coinbase they will still generate interest just the same as those on it. It's all about extra security in the case someone were to get into your account, there's nothing that could stop them from sending your coins wherever. I keep a certain amount on Binance just so I can jump in and out of things when I need to, but for the most part I keep long term stuff in wallets.

 

[TNOT]

Think of the wallet like quantity.


If you bought 100 btc back in the day, it's worth whatever the price is when you decide to cash it in

 

[JordanWearinThe45]

Where do I buy ripple brehs?

 

[Entropy Fan]

Where do I buy ripple brehs?

I traded Bitcoin for it on binance

 

[NkrumahWasRight Is Wrong]

I have the verge wallet but I'm keeping most on binance in case I want to make moves

 

[((ReFleXioN)) EteRNaL]

Nah, your coins can only be in 1 place at a time, if you take them off coinbase they will still generate interest just the same as those on it. It's all about extra security in the case someone were to get into your account, there's nothing that could stop them from sending your coins wherever. I keep a certain amount on Binance just so I can jump in and out of things when I need to, but for the most part I keep long term stuff in wallets.

alright. so if I put 1000 in lite coin and plan on letting it sit and gain for a year. no matter what it's always gonna be at risk if an attack were to happen since it's not in a wallet?.....seems wild. especially for people who are really playing big stakes. I mean if you invest 20 racks in something and it's grown to 500k but you still wanna let it sit cause it could possibly end up in the millions, you always gotta be nervous about it being stolen?

 

[The Radiant One]

You can get a wallet but if you forget your code your bitcoins will be lost forever. With Coinbase vault, two factor identification and the coins being insured with 98% of your coins actually are offline (why they charge higher fees than gdax) you are reasonable safe. Some people lose there hardware wallets

 

[Primetime]

the thing about the hardware wallets that i'm stlll confused about. if I have currency on coinbase. if I put it on a hardware wallet, does that mean the money is no longer in the exchange or whatever?....is it possible to have my money still on coinbase and gaining value while it's protected by a wallet?

Nah, your coins can only be in 1 place at a time, if you take them off coinbase they will still generate interest just the same as those on it. It's all about extra security in the case someone were to get into your account, there's nothing that could stop them from sending your coins wherever. I keep a certain amount on Binance just so I can jump in and out of things when I need to, but for the most part I keep long term stuff in wallets.

alright. so if I put 1000 in lite coin and plan on letting it sit and gain for a year. no matter what it's always gonna be at risk if an attack were to happen since it's not in a wallet?.....seems wild. especially for people who are really playing big stakes. I mean if you invest 20 racks in something and it's grown to 500k but you still wanna let it sit cause it could possibly end up in the millions, you always gotta be nervous about it being stolen?

If i'm understanding this tho..

...if you put 1000 in lite coin in coinbase but you decide to transfer that 1000 of litecoin to a secure wallet... the value is still the same/growing. It's just in a different spot. The only thing that changes is they are no longer available to you in coinbase... if i'm understanding this correctly? Bc the BTC i transferred from coinbase to Binance still grows in Binance.

 

[((ReFleXioN)) EteRNaL]

You can get a wallet but if you forget your code your bitcoins will be lost forever. With Coinbase vault, two factor identification and the coins being insured with 98% of your coins actually are offline (why they charge higher fees than gdax) you are reasonable safe. Some people lose there hardware wallets

I thought I read if you lose your hardware wallet, you can get another one and enter your secure code and retrieve all your funds.

 

[Malta]

alright. so if I put 1000 in lite coin and plan on letting it sit and gain for a year. no matter what it's always gonna be at risk if an attack were to happen since it's not in a wallet?.....seems wild. especially for people who are really playing big stakes. I mean if you invest 20 racks in something and it's grown to 500k but you still wanna let it sit cause it could possibly end up in the millions, you always gotta be nervous about it being stolen?

There's always risk when you leave your coins on someone else server -

Founders of hacked crypto-mining site apologize over Facebook livestream


BitGrail was down for 24 hours the other day, people had their coins locked in and I'm sure it cost people thousands.


If you take your coins off coinbase cop a Ledger Nano S and a waterproof/fireproof safe to put it in. You can get a small one from Home Depot or Costco.

 

[((ReFleXioN)) EteRNaL]

If i'm understanding this tho..

...if you put 1000 in lite coin in coinbase but you decide to transfer that 1000 of litecoin to a secure wallet... the value is still the same/growing. It's just in a different spot. The only thing that changes is they are no longer available to you in coinbase... if i'm understanding this correctly? Bc the BTC i transferred from coinbase to Binance still grows in Binance.

I thought if you put in a wallet, it's no longer gaining. like the currency is completely off the exchange just like if you were to transfer it to your bank. i'm really trying to understand this fully. cause it's scary to me thinking that all my shyt could be stolen as long as it's on the coinbase servers. I'd be constantly trying to sell my shyt and missing out on even better growth. or maybe i'm getting this wrong.

 

[Malta]

If i'm understanding this tho..

...if you put 1000 in lite coin in coinbase but you decide to transfer that 1000 of litecoin to a secure wallet... the value is still the same/growing. It's just in a different spot. The only thing that changes is they are no longer available to you in coinbase... if i'm understanding this correctly? Bc the BTC i transferred from coinbase to Binance still grows in Binance.

That's right, the value of the coin is the value no matter where it is.

 

[KushSkywalker]

I thought if you put in a wallet, it's no longer gaining. like the currency is completely off the exchange just like if you were to transfer it to your bank. i'm really trying to understand this fully. cause it's scary to me thinking that all my shyt could be stolen as long as it's on the coinbase servers. I'd be constantly trying to sell my shyt and missing out on even better growth. or maybe i'm getting this wrong.

If the coin is in your wallet that doesn't mean the value of it can't go up, you just have to put it back on an exchange to sell it.

Imagine a bar of gold, if gold goes up it doesn't matter if your bar is in a shoebox or on display somewhere, the value of gold went up period.

 

[Primetime]

The wallet is for when you have a lot of coins, or you're going to hold onto something long term. You take it off the coinbase server so that in the event there's a hack, or the servers are down you still have yours. A lot of coins have their own proprietary wallet you can put on your PC / Phone, and then there's hardware wallets that take your coins completely off a computer or phone with no connection to the net at all.

So basically, in regards to the big 3:
1. You use coinbase to purchase them with US dollars,
2. You transfer the amount of the big 3 you want to keep untouched in your wallet.
3. You transfer the amount you want to trade-in for alt coins in Binance
4. You put any alt coins you want to keep untouched in your wallet?

Wash, rinse, repeat?

Then say it's time to cash out on an alt coin (or any of the big 3)... at that point do you sell them back on binance to get BTC and then transfer that BTC back to coinbase to cash out?