So me and my mom were talking, what if I just put like 50$ into every coin out there and wait for a year? I've lost money trading out on things the last few months. I've missed so many huge pumps I can't even remember anymore. Pic related: it's me. So now I'm changing my strategy.
What if I bought and holded every top 500 market cap coin right now? Would I come out ahead in a few years?
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Maybe
But good luck managing that shit lmao
Sure just download all 500 clients on ur pc and make sure to remember all the passphrases lel
Couldn't he just use bittrex?
why go scattershot? Just do your research and figure out the most promising coins and concentrate your money there
>use mtgox
>get gox'd
>use crypsty
>get bigvern'd
>use mintpal
>get pal'd
You're saying bittrex isn't safe??
Don't most people on this board use it?
The straight answer is yes. You would come out very ahead.
But holding all those coins sounds awful dude. Maybe you just need to learn to hold better?
You're trying to completely jump from daytrader to ultimate hodl in one switch. Just stop day trading and hold for weeks/months at a time in promising coins.
There's always a risk with keeping your coins on exchanges.
If your coins aren't in an encrypted wallet then they are never "safe".
You should understand that you don't actually have wallets on an exchange, you have addresses that the site has given you to access portions of their stock of that coin that you have purchased.
>Me and my mom
You fool! Don't you realize that as soon as normies start flooding crypto prices will skyrocket and our days of super cheap later early adoption prices will be coin. The first step to this is word of mouth amongst them. Shut your mouth, you fool!
Stop this! Go back to 9eddit if you wanna bring newfags to some site. Don't do it on Veeky Forums
So for true security you need to transfer your coins into an encrypted wallet? And the wallet is only available through a client? And there is a separate client for every coin?
I'm new to this, so I don't know much.
God damn it you're right.
I didnt mean to spook you about exchanges not being safe.
Most exchanges are safe, they are only not safe when you see people online talking about long withdraw times. Like youll see tons and tons of people. Usually when that happens there is still time to withdraw them to your local wallet.
If you are going to like stop paying attention to crypto for a year, you probably want to move them from an exchange to your local wallets.
Thanks for answering.
So where do I download the clients for each coin? Their websites?
How can I ensure the wallets are safe on my computer? Is it best to put the coins on an external hard drive and keep it unplugged till I want to sell?
>Implying I didn't already throw my entire life savings in a year ago.
Go to walletgenerator dawt net and download the actual html file from their github link. Disable your wifi and virus scan your computer.
Open the file and move the mouse or type to generate randomness. When the counter reaches zero, a private key will be displayed and a drop down to choose the coin type for the wallet.
Do not copy and paste the key. Write it down on a physical piece of paper. If you want an extra back up of the paper wallet, you can print it BUT do so only if you intend to fully destroy the printer at the end of its life.
For mental-illness tier paranoia op-sec, boot off a linux flash drive and run the generator in there. Or burn it to a CD and run it on an air-gapped pc.
:3
Once the key is generated, you need to transfer the coins into it from bittrex? At that point isn't it going to be typed into your computer while connected to the internet? If that's the case, why isn't copy-pasting safer?
Where exactly does the wallet exist in this scenario and how does the money get into it if it's never connected to the internet?
this, i'm so confused on this, i just have my stuff on bittrex...
Can anyone explain this?
Total plebs.
You don't need your private key to fund your wallet, it's just like telling someone your bank account number and sort code. The crypto still gets to your paper wallet if not connected to the internet because it doesn't need to be. All you're doing by transferring crypto is sending a message to everyone else in the world who holds that coin saying 'hey I just moved x amount of coin here', thats what the blockchain is.
Thanks my friend.
Just so I understand, the addresses generated only come into use once coins are transferred into them? The transfer transaction only needs to be done on bitterex and the amount of coins going into your address is saved by who exactly?
If this is the case, isn't it theoretically possible for two people to generate the same address?
Just watched this video,
m.youtube.com
It's a good explanation of blockchain.
Holy shit that blew my mind. Crypto really is the future.
One last question. When your private key is generated, is a separate address to send the coins generated as well?
That vid was fucking terrifying.
Also how do you check the current amount of btc in your paper wallet? I know it's meant for long term storage, but how do you remove btc from it and how do confirm btcs actually went it?
And how do you remove coins from it?
I don't know what you mean by that.
Let's say I want to spend Btc or sell from my private address, how do you do that??
Anyone??
If you keep it in a disconnected hard disk you can even print the keys on a paper and keep it nowhere else so that it's truly unhackable.
You were really investing on this without understanding even some core concept like the blockchain?