It takes almost no technical knowledge to buy on coinbase and you can just hold it there.
Yes moving it around takes a bit more effort.
Iām curious to learn more about crypto.
Especially around uses and purpose. Is there any resources you would recommend.
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You asked about security, I gave you security. With multisig, someone has to compromise multiple people you trust. With a failsafe address, even if all your friends screw up and lose their key information, or if China decides to enlarge the South China Sea by removing Taiwan from the face of the planet, as long as you escape, you can still recover.
With the offline and online separate wallets, your cryptocurrencies are safe from any sort of online attack. If someone steals your computer, as long as you used a strong password, youāll probably have time to move your coins before your wallet can be broken into. And itās so simple that if you do it once, you will understand the process and be able to repeat it any time you wish.
Yeah, except for all the SIM-swap attacks that people have been hit by, and the social engineering attacks that convince cellphone carriers and exchanges to remove the 2FA or switch it to a new number. Far more people lose their money from hacks than lose it to mismanaging multisignature addresses ā if you can manage one wallet, you can manage two, and thatās all you need to do multisig on your own.
Then of course thereās Blockchain.com, which people constantly report their online wallets being stolen from. There are so many different ways people report having lost all their funds from that site that the only attack vector that makes sense is that someone inside the company is stealing peopleās accounts.
So, if youāre worried, leave everything on an exchange, and then when the founder of the exchange disappears to Thailand or fakes his own death in India, oh and steals ALL THE CRYPTO, well, thatās the breaks.
Or you can learn to manage keys yourself, and you can practice using the Bitcoin testnet, which has valueless tokens that you can play with until you get everything right. All you have to do is run āelectrum --testnetā from the command line and it opens in testnet mode.
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That works too. You can even build your own out of a Raspberry Pi if you donāt want Ledger to give the entire planet your home address, email, and phone number.
I also have hardware wallets, I also know a guy who lost many BTC from a failed hardware wallet firmware update.
And you pointed out that ledger got hacked also.
He didnāt back up his seed phrase then.
Even if a hardware wallet fails or is broken, you can just buy a new one and input your seed phrase to restore your keys.
Yeah I donāt know what happened but āshitā happens.
Thereās obviously big security implications about somebody getting the seed phrase.
You guys check the market today? Nice surprise.
ETH hit my magic number and BCH is half way there now.
Keep those seed phrases safe.
Hey folks, what app can I use to buy in that allows a Taiwan address?
Iād like to slowly sell my BTC with a better price than BitoEx but still cash it in Taiwan
Be careful about meeting ppl to sell BTC.
What is the spread of Bitoex it isnāt too bad sometimes. Check it everyday.
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Current price is USD46640
BitoEx
Have you used them? Does it take long to get the amount deposited in the bank account?
Yes I have used them, both buying and selling you to fiat. Are you KYCed with them and registered your Taiwan bank account ?
I think it took a couple of days . They are pretty reliable.
Iāve got money sitting in the bank here and in the Uk. I left the money just sitting there for the past few years because I was planning on using it for a deposit for a house. Covid kind of ruined my plans and now inflation is upon us.
What is the best/simplest/safest way for me to invest in crypto?
It isnāt money that I will need any time soon.
Iām a Uk passport holder. Wife is Taiwanese and I have no problem putting it in her name.
Thanks for any advice. Iām off to watch some YouTube videos.
- Sign up at Bitoex.com
- Transfer money to your account with them.
- Buy Bitcoin. Donāt buy all the stupid scam projects people constantly shill.
Self-custody is safer than an exchange if you take care to do it right. You will need a separate, offline-ALWAYS computer. A Raspberry Pi works fine for this. If you leave it on the exchange, you will be at risk for the exchange going out of business as well as for someone getting your password, logging into the exchange, and sending your funds to themselves.
I recommend the Electrum wallet, downloadable from electrum.org ā download and install onto a computer that you will keep never-connected-to-the-internet forever, verify the download is legitimate using PGP/GPG, generate a wallet, then transfer the funds off the exchange to an address generated by the wallet. Donāt lose your seed phrase, keep the drive that youāve installed Electrum on encrypted, and donāt ever tell anyone you bought any.
You can also buy a Ledger or a Trezor or a ColdCard or other hardware wallet, but you still have to keep your seed phrase secure and keep the device from getting stolen. Note that Trezor is vulnerable if stolen ā there are hardware devices on the market that they can clamp on to it to read your seed phrase. However, Ledger is closed-source and some people donāt trust that. Iām not sure about ColdCard.
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Thanks. Gonna sound stupid, but how do I download electrum wallet if the computer should never be connected to the www. Or is it that it shouldnāt be connected once Iāve set up the wallet?
Also, after I get set up and send btc to the wallet, how will the wallet know that I have sent btc to it if it isnāt connected to the www?
Just buy some and keep them on a major exchange with a strong password and 2 factor authorisation enabled .
That overcomplicated method above is not worth it unless you have a lot of $$$ invested and many people screw it up and lose money that way too.
I was watching a guy online saying anything over 1000 dollars and you should be using hardware. Was he being too cautious?
Looks like the ledger devices are only a few thousand NT so maybe that is the way to go
I have a ledger too and I use it as well as multiple different accounts and wallets . Nothing wrong with using a ledger or Trezor either, takes a bit more work though and you still have to keep the seed phrases copies for backup. With exchanges you can also put more controls in place such as whitelisting withdrawal accounts and amounts. Only buy those hardwallets directly from the vendors sites.
You want to invest in crypto donāt put in a bit chunk in one go. Split it into weekly or monthly investments to ride the peaks and troughs and hold for five years or longer. The big money is made over multi year period investing and holding. Donāt get carried away with FOMO.
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For the period of sending the transaction you have to be connected to link to the blockchain. Once you action the transaction you donāt have to stay on the internet you can immediately go offline (in rare cases the transaction will dropā¦And have to do againā¦Generally not a problem). However I always wait to see the transaction is confirmed in the wallet I am sending to. It will show a series of confirmations as the addition to the block chain is validated by multiple nodes. You donāt have to wait until the final confirmation. Transactions times vary depending on the blockchain, how congested it is at that moment and whether you paid a priority fee to the miners or not (for proof of work blockchains ).
In addition always double check you are depositing and sending to the correct address.