Page 2 of 2 FirstFirst 12
Results 21 to 27 of 27

Thread: A reminder that it's a bad idea to leave your Bitcoins in an exchange wallet

  1. #21
    Quote Originally Posted by Zenak View Post
    Also keep it BACKED UP! Can't have a hard drive crash break the bank. (another reason I went online, I know I'm lazy about back ups)
    Exactly! There’s gonna be horror stories no matter what you do. Exchange wallets with reputable exchanges like CoinBase I think are more safe than personal wallets.

    It’s just a matter of risk.

    You have a fire, you will likely lose your personal wallets if they’re not in the cloud with backups (which offer hacking risks).

    I treat mine like banks. You shouldn’t go over the FDIC insurance on any bank account in theory and you shouldn’t hold BTC with one provider over a limit you’re not willing to lose.

  2. #22
    Join Date
    Oct 2012
    Location
    The Specific Northwest
    Posts
    739
    dtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant future

    Quote Originally Posted by CynthiaAlice View Post
    Exactly! There’s gonna be horror stories no matter what you do. Exchange wallets with reputable exchanges like CoinBase I think are more safe than personal wallets.

    It’s just a matter of risk.

    You have a fire, you will likely lose your personal wallets if they’re not in the cloud with backups (which offer hacking risks).

    I treat mine like banks. You shouldn’t go over the FDIC insurance on any bank account in theory and you shouldn’t hold BTC with one provider over a limit you’re not willing to lose.
    It can be difficult for the average person to determine which exchanges are reputable and which are not. The one referenced at the start of this thread seemed reputable up until the CEO disappeared and (apparently) drained the company wallets. That said, though, I agree that Coinbase is reputable.

    The problem with reputable exchanges is that they want nothing to do with customers who use their services for IOP (or Darknet) purchases. They will close your account if they discover it happening. For this reason, I feel that personal wallets are best for the kinds of use most PR members would contemplate. A reputable exchange wallet would be better for investment purposes if you are concerned about losing a personal wallet's data.

    As you say, backing up wallet data is extremely important. I keep my backup wallet data in an encrypted container in cloud storage and synced to multiple devices. I feel that this provides sufficient protection against loss. But each person needs to make an informed decision about what risk they're willing to take.
    Last edited by dtek; 05-30-2019 at 12:44 PM.
    Helpful CynthiaAlice Rated helpful

  3. #23
    you summed up why crypto currency isn't going to be mainstream for a while. It's way too much of a hassle and you have to be a techie to navigate it. For newbies, the first place you go is Coinbase and then you're scratching your head why there is 12 to 15 business day wait times on transactions, miner fees -- while offering no anonymity.

    When i bought my first bitcoin, I had to meet a sketchy guy off craigslist, meet him in a public place and give him cash as he did the transfer. It was weird and probably even a little dangerous (at least getting ripped off) but I'd take that experience over setting up a CB account again and waiting for transfers with no ability to dump out.

    So for trackable, taxable, investments and long term holdings I keep in exchanges. My lemonade stand money is none of the government's business -- which is another reason to keep a personal wallet stocked.
    Likes dtek liked this post

  4. #24
    Join Date
    Oct 2012
    Location
    The Specific Northwest
    Posts
    739
    dtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant futuredtek has a brilliant future

    Quote Originally Posted by CynthiaAlice View Post
    you summed up why crypto currency isn't going to be mainstream for a while. It's way too much of a hassle and you have to be a techie to navigate it. For newbies, the first place you go is Coinbase and then you're scratching your head why there is 12 to 15 business day wait times on transactions, miner fees -- while offering no anonymity.

    When i bought my first bitcoin, I had to meet a sketchy guy off craigslist, meet him in a public place and give him cash as he did the transfer. It was weird and probably even a little dangerous (at least getting ripped off) but I'd take that experience over setting up a CB account again and waiting for transfers with no ability to dump out.

    So for trackable, taxable, investments and long term holdings I keep in exchanges. My lemonade stand money is none of the government's business -- which is another reason to keep a personal wallet stocked.
    Yeah, it's a pretty steep learning curve. I'm a software engineer, so very comfortable with techie stuff, but it was irritatingly difficult to learn to acquire and use Bitcoin. You probably already have your BTC purchase methods figured out, but newbies might be interested to know that Coinstar (the change counting kiosk company) is currently rolling out Bitcoin purchase and (i think) sale functions in their kiosks nation-wide. I can purchase BTC relatively anonymously at my local Safeway and at a very reasonable exchange rate.
    Helpful calgal99 Rated helpful

  5. #25
    Quote Originally Posted by dtek View Post
    Yeah, it's a pretty steep learning curve. I'm a software engineer, so very comfortable with techie stuff, but it was irritatingly difficult to learn to acquire and use Bitcoin. You probably already have your BTC purchase methods figured out, but newbies might be interested to know that Coinstar (the change counting kiosk company) is currently rolling out Bitcoin purchase and (i think) sale functions in their kiosks nation-wide. I can purchase BTC relatively anonymously at my local Safeway and at a very reasonable exchange rate.
    Actually I had no idea. That’s pretty cool. I live in rural America so it will probably be awhile before I see one (I still have DSL for eff sakes) but that’s a great move by Coinstar to take advantage of existing in store real estate. Love it!
    Likes dtek liked this post

  6. #26
    Mikedan's Avatar
    Mikedan is offline Banned Reason: Previously banned member Chris100
    Join Date
    Oct 2018
    Location
    This beautiful world
    Posts
    421
    Mikedan is a glorious beacon of lightMikedan is a glorious beacon of lightMikedan is a glorious beacon of lightMikedan is a glorious beacon of lightMikedan is a glorious beacon of lightMikedan is a glorious beacon of lightMikedan is a glorious beacon of lightMikedan is a glorious beacon of lightMikedan is a glorious beacon of lightMikedan is a glorious beacon of lightMikedan is a glorious beacon of light

    I never thought I would get the hang of using bitcoin on sending it to vendors that only accept it. Finally I got the hang of it and it’s pretty easy sending payment to vendors. I look at all the different kinds of places you can put your bitcoin funds I guess but that part messes me up just looking at where to put the funds. I see the word bitcoin and that’s where I will put my funds and send them out to the address provided to me. So the funds are not in my account with bitcoin very long. I send them as soon as an address is provided to me. I would think the 15 other places you can put your funds would be for people that use it a lot and make money on it. I’m not at that point yet. I’m just happy I know how to send it to vendors now.
    Likes Gullible, Pothead liked this post

  7. #27
    The more I "learn" about btc it seems the more questions I have! I started on CB, but then moved everything to electrum. But it was causing problems, don't want to go into too much detail, but then I moved to another one that everyone seems to highly recommend. But I never keep much money in there. If I am going to do something, I plan it like lightening! Get the btc and off if goes!

    That also helps with the possibility of the btc going up/down suddenly and I am short. Rarely goes the other way, haha.

    I have more questions the more I read, and it is confounding when there are 2 different opinions and I see the sense in both of them!
    arrrghhh!!!!

    OK going back to btc school

    Cheers
    Last edited by Musing; 5 Days Ago at 04:11 AM.

  8.  
    Dear visitor, If you are looking for an online pharmacy please take a look at the following pharmacies in our Top Rated section. Each one has genuine, uncensored feedback from real users.
Page 2 of 2 FirstFirst 12

Similar Threads

  1. Replies: 0
    Last Post: 06-12-2018, 07:54 PM
  2. Replies: 5
    Last Post: 04-22-2011, 10:32 AM
  3. How long does it take Zyprexa Zydis (5mg) to leave your system
    By Bren in forum Archive for unanswered posts
    Replies: 0
    Last Post: 03-18-2009, 02:51 PM
  4. Would it be a bad idea to take Extenze, Maxiderm, Viagra, and Cialis at the same time?
    By Jordan in forum Erectile dysfunction and other sexual aid drugs
    Replies: 2
    Last Post: 10-20-2008, 12:36 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Protected by Copyscape CopySentry. Do not copy.