Cryptocurrency Wallets

Outsider_83

Hi,


I've been thinking of purchasing a small amount of cryptocurrency, can anyone advise a good cryptocurrency wallet to store it in?

planteria

the Ledger Nano S seems to be the one, in terms of a hardware wallet.

they're available on amazon and ebay, but there is a theory that it's safer to buy directly from the supplier.

Bonnie151

I have a Ledger Nano S (bought it direct from the supplier). I found it straightforward to set up and transfer coins to.

Outsider_83

One recommended to me by a work colleague was Bit Stamp, is it OK to use?

ozaz

Outsider_83 wrote: »

One recommended to me by a work colleague was Bit Stamp, is it OK to use?

Bitstamp is an online exchange.

They will have wallet facilities but if you keep your Bitcoins there you're trusting them with keeping your coins safe. They have a strong incentive to do so, but people have hacked into exchanges and stole money and this will continue to happen in the future.

The typical advice is to only keep a small amount in your Exchange accounts. If you have a significant amount of money in Bitcoins you should keep them in offline storage (e.g. via a paper wallet or something like a Ledger Nano S).

bail-in

ozaz wrote: »

Bitstamp is an online exchange.

They will have wallet facilities but if you keep your Bitcoins there you're trusting them with keeping your coins safe. They have a strong incentive to do so, but people have hacked into exchanges and stole money and this will continue to happen in the future.

The typical advice is to only keep a small amount in your Exchange accounts. If you have a significant amount of money in Bitcoins you should keep them in offline storage (e.g. via a paper wallet or something like a Ledger Nano S).

Is there a purchase price for the ledger nano s? I am a newcomer to cryptocurrencies. I thought most wallets make profits from buy selling commision fees, moving amounts in and out the wallet or for storage time.

There appears to be a lot of blind trust in making transactions. There is a lot of warning in S&I about investing in new dodgy unregulated investments and companies with no traceability that can dissappear overnight. But an app wallet can be taken down in minutes without notice and you may have lost all your coins.

I see hundreds of questions by app wallet users in online wallet support asking why they cant find their coins and lots of other questions and not a single reply from the support teams and no notices in the app info centre. There may only be one person running the app.

There are many such apps around. All strangers to newcomers. Perhaps a poor analogy, but would you transfer your profits from existing national country currencies to business card strangers met in a cafe to look after for you, handing them over your address and they in return handing over a business card with no traceable address?

I have seen posts recommending exchanges and they had already collapsed with loss of coins deposited. There appears to be a problem of traceability in practice when it comes to conversion of cryptocurrencies to currencies when things go wrong, and the fees and spreads are very high in transactions and investigations. Let alone the effect of electromagnetic weaponry and hacking.

Bonnie151

I bought the Nano Ledger S direct from the manufacturers and it was 70 euros plus postage which was very expensive- something like 12 or 14 euros! I think it’s worth having for peace of mind if you have a fair amount in crypto currencies.

ess0two

Try toast wallet

ess0two

Try toast wallet

Freddie_Allen

You may try Coinbase.

Reue

Freddie_Allen wrote: »

You may try Coinbase.

Coinbase is an exchange, not a wallet.