Bitcoin holders being spooked by ICOs and token coins

[stevebrickman]

That's a good find OM

My response to the article is that anyone that purchases Cryptocurrency on an exchange and doesn't immediately move their Bitcoin litecoin or whatever away from the exchange into a (preferably offline cold) private wallet is an idiot.

Rules for Bitcoin or Litecoin investment

Get a private wallet.
Record in manuscript the access secret keys so a new wallet can be created if you lose your original wallet. Protect the secret keys. I have told my adult children the two locations they can be found. I trust them.
If I die they can access them.

Buy Cryptocurrency on an exchange.

Transfer your Cryptocurrency to your private wallet where they are under your and only your control.

Not difficult.

How are you buying?? Most of the exchanges that i have checked will currently only accept immediate deposits with a few % fee on top, rather than free bank transfers.

[AlwaysAway2]

How are you buying?? Most of the exchanges that i have checked will currently only accept immediate deposits with a few % fee on top, rather than free bank transfers.

I am now using Coinbase to buy using my credit card.
It is easy you simply scan your passport or other ID document and provide a credit card details to use to buy.
If you sell cryptocurrency it goes into a Sterling or Euro wallet again with Coinbase.
When you first want to withdraw money they make you go through some hoops because of money laundering regs.
that said I am accumulating a modest holding of crypto as i want skin in the game for the long haul.
As soon as I have bought i transfer my cryptocurrency...Bitcoin...Litecoin away from Coinbase into a private wallet Bread wallet (Bitcoin) Loaf wallet (Litecoin) on my iPhone.
When I have say £500 worth of Crypto I get my Trezor out and move the Crypto offline to my cold wallet.

[stevebrickman]

I am now using Coinbase to buy using my credit card.
It is easy you simply scan your passport or other ID document and provide a credit card details to use to buy.
If you sell cryptocurrency it goes into a Sterling or Euro wallet again with Coinbase.
When you first want to withdraw money they make you go through some hoops because of money laundering regs.
that said I am accumulating a modest holding of crypto as i want skin in the game for the long haul.
As soon as I have bought i transfer my cryptocurrency...Bitcoin...Litecoin away from Coinbase into a private wallet Bread wallet (Bitcoin) Loaf wallet (Litecoin) on my iPhone.
When I have say £500 worth of Crypto I get my Trezor out and move the Crypto offline to my cold wallet.

I used Coinbase to buy a wodge of etherium a few months ago. It cost me over £20 in fees just to make that deposit, which feels expensive.... if you have a US dollar bank account you can bank transfer for free. I can't find any exchanges that do this for sterling currently...

I have used kraken and bittrix to buy some alt coins. I'm investing relatively small amounts as a ultra high risk investment... won't lose any sleep if I lose it.

What I don't like is how the currency (regardless of it being bitcoin or any of the alt coins) 'erodes'.. you pay small fees every time you move it between exchanges... a fee to withdraw from Coinbase, a fee to receive at kraken, then another transaction fee to convert the currency, and a final fee to with draw again...

Fees fees fees. They add up...

I'm really not convinced any of them will go mainstream. Hard for people to understand the mechanics, and it's just so difficult and time consuming to actually get involved.

[Rock_Flock_of_Five]

I am now using Coinbase to buy using my credit card.
It is easy you simply scan your passport or other ID document and provide a credit card details to use to buy.
If you sell cryptocurrency it goes into a Sterling or Euro wallet again with Coinbase.
When you first want to withdraw money they make you go through some hoops because of money laundering regs.
that said I am accumulating a modest holding of crypto as i want skin in the game for the long haul.
As soon as I have bought i transfer my cryptocurrency...Bitcoin...Litecoin away from Coinbase into a private wallet Bread wallet (Bitcoin) Loaf wallet (Litecoin) on my iPhone.
When I have say £500 worth of Crypto I get my Trezor out and move the Crypto offline to my cold wallet.

Do yourself a favour, when buying or selling Bitcoin, Ethereum or Litecoin, don't use Coinbase, the fees are too high, use GDAX instead. GDAX is actually owned by Coinbase and you just use the same user information and password that you use for your Coinbase account ... just go to www.gdax.com and log in as you would on Coinbase. You can transfer your cryptocurrency or flat currency instantly and free of charge.

Now here's the reason why you should use GDAX instead: - the cheapest fee on Coinbase is 1.5% (buying/selling), while on GDAX it's 0.3%. However, the great thing about GDAX is that you can buy and sell WITHOUT ANY fees! You just use a limit order instead of a market order and it doesn't matter if you sold a million pounds worth of cryptocurrency with a limit order ... there will be no fee.

The GDAX exchange is not as newbie-friendly as Coinbase but you'll soon get the hang of it and it has some great tools which Coinbase doesn't have.