Cryptocurrency

wayne1983

Hi there, i've been doing some research on bitcoin and other cryptocurrencies has they seem to be everywhere on the internet these days.
However I have been trying to research how you buy some crypto, and how you store it, be it on a laptop, hard drive or a dedicated website.
The thing is the internet is littered with scams and this kind of puts me off getting involved, even though i am possibly interested in investing a small sum of money into some cryptocurrencies.
So does anyone on here hold any bitcoin/crypto, and if so do you have any brief advice which sites are legit to be heading in, instead of just just any old site of google.
Many thanks for your help. :beer:

fun4everyone

You should get a hardware wallet (Trezor, Ledger Nano S) to keep your coins as safe as they can be.

If you are buying for the first time you could look at Coinbase to start with. There are cheaper and better companies out there but Coinbase make it easy enough to purchase with UK debit card.

I would head to dedicated crypto forums to get advice, perhaps UK reddit bitcoin.

wayne1983

Thanks for that. I have looked at them ledger devices to store your 'coins' on , but having researched a little bit, i dont think they work with the lesser known cryptos.
All opinions and advice is useful, has i am not just investing in something without knowing how to go about it correctly, and certainly not a scam site, which is not so easy since scammers know how to come across legit.
:beer:

fun4everyone

If you are branching out into investing into the extreme high risk world of alt coins then yes you really do have to do your research on how to store them.

Trezor/Ledger do store a few variants, Ledger is better for this imo in that it supports more.

If no hardware wallet available you want to get a laptop you use for nothing else and the appropriate download wallet. Never leave your coins on the exchange where you bought them. And if you want alt coins you will of course be getting them from an exchange more than likely.

wayne1983

Thanks. I have read you can store them on usb flash drives, but have 2 or 3 seperate ones to have a few back ups incase anything went wrong with one.
So does the ledger one only support the big ones like bitcoin, litecoin, etherum etc?
Its all new really, and i dont plan on investing a lot, just testing the water, after ive researched and know a bit more what i would be doing.
Many thanks for your help.

fun4everyone

wayne1983 wrote: »

Thanks. I have read you can store them on usb flash drives, but have 2 or 3 seperate ones to have a few back ups incase anything went wrong with one.
So does the ledger one only support the big ones like bitcoin, litecoin, etherum etc?
Its all new really, and i dont plan on investing a lot, just testing the water, after ive researched and know a bit more what i would be doing.
Many thanks for your help.

Mostly, although there is a couple more than that.

https://www.ledgerwallet.com/cryptocurrencies

https://doc.satoshilabs.com/trezor-faq/overview.html

With 1000s of alt coins out there they of course don't support the vast majority. Storage options for each coin varies wildly. You have to research that before you buy.

wayne1983

Many thanks, yeah its all about research and not jumping in. :beer::)

Aegis

Just remember to research both sides of the debate before deciding to put any significant amount of cash at risk.

mustiuc

I've been in your shoes a couple of months ago not knowing what to do and from where to start. Not too many and honest advices either.
I started with aprox $1000 and after a couple of unsuccessful attempts to get rich with altcoins i ended now with $730 at current market.
The fees are quite high... the paradox in crypto is they are made to end third party (banks) but their exhanges and fiat to crypto is full of fees which will reduce your amount of coins.
There was a good way in the past to transfer from your bank account to revolut and from revolut to exchanges but is not working anymore and there were no fees at all. If u try to buy now you will loose paying fees to £ to !!!8364;/$, bank fees, exchange fees, etc.
I.m using kraken for deposits (!!!8364;) and binance for trading. Kraken was working beautifully with revolut but since they (revolut) blocked all transactions to kraken i've created an euro bank account in germany and i.m using sepa transfers free of charge. Barclays to revolut, revolut to euro, euro to kraken all free of charge.
From kraken with !!!8364;/$ you buy eth/btc, move them to binance and from there you buy what coin you want. Binance have their own wallets. I.m keeping all my coins in my binance account. For 700/1000$ worth of coins i dont bother buying any offline wallet. I.m not very keen and optimist about crypto world and i dont care if i will lose them all or half or whatever.

If u have any other questions just ask and i.ll try to help u

lpgm

wayne1983 wrote: »

The thing is the internet is littered with scams and this kind of puts me off getting involved

Maybe you should just let it keep putting you off. Keeps things simple. Are you already doing the more traditional 'get rich slowly' investing?

wayne1983

Thanks, yeah i was getting some advice off a guy online, and doing my research it just seemed a scam so binned it.
So regards 'binance', is this were you can buy and 'store' your coins, or is this just a trading platform?
I know crypto is risky, and something i dont intend to throw massive sums of money at. Basically to put it simply is i was thinking of buying a small amount and i just want to leave it to see if it grows in profit over time (i know its a gamble but some investments are).
Anyway, thanks everyone whos replied, all info and knowledage is appreciated.

mustiuc wrote: »

I've been in your shoes a couple of months ago not knowing what to do and from where to start. Not too many and honest advices either.
I started with aprox $1000 and after a couple of unsuccessful attempts to get rich with altcoins i ended now with $730 at current market.
The fees are quite high... the paradox in crypto is they are made to end third party (banks) but their exhanges and fiat to crypto is full of fees which will reduce your amount of coins.
There was a good way in the past to transfer from your bank account to revolut and from revolut to exchanges but is not working anymore and there were no fees at all. If u try to buy now you will loose paying fees to £ to !!!8364;/$, bank fees, exchange fees, etc.
I.m using kraken for deposits (!!!8364;) and binance for trading. Kraken was working beautifully with revolut but since they (revolut) blocked all transactions to kraken i've created an euro bank account in germany and i.m using sepa transfers free of charge. Barclays to revolut, revolut to euro, euro to kraken all free of charge.
From kraken with !!!8364;/$ you buy eth/btc, move them to binance and from there you buy what coin you want. Binance have their own wallets. I.m keeping all my coins in my binance account. For 700/1000$ worth of coins i dont bother buying any offline wallet. I.m not very keen and optimist about crypto world and i dont care if i will lose them all or half or whatever.

If u have any other questions just ask and i.ll try to help u