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RE: Important - Do NOT Use Electrum For Now! Huge Exploit Found!
This sounds like a major security hole and many people wont bother or know to upgrade. I expect this one will run for some time yet. I haven't heard of anyone losing coins due to this but I'm sure its only a matter of time.
I am very new to the cryptocurrency world (as well as to Steemit). When I first heard about people receiving monetary gain for investing in coins that they believed in, I started watching CoinMarketCap.com to see if what people were saying was true.
It was really fun to see some coins climbing up the ladder in value over just a five day period. That's what got me thinking that my husband and I should take a risk and give this whole thing a try.
We don't have a wallet just yet. We are still waiting for our very first Coin Base deposit to transfer over into the crypto system. But, hearing about hackers like this is a bit discouraging.
I guess when a good hero is created, a nemesis must come along? ... I heard people should be using offline wallets to protect their investments though.
Good, @grizgal that you haven't heard of anyone losing coins over this.
Welcome to Steem and the crypto space! Once you start, you should seriously consider maintaining your wallet offline. I believe the best security is a hardware wallet like to the Ledger Nano S or Trezor. Also, when starting to invest in anything, make sure you do your homework first and don't rely on any one source.
Thanks so much for the warm welcome. I heard about the Ledger Nano, but not Trezor. I will look into it now.
In regards to doing your homework before investing, I do have a question.
How is that the value of coins can be different from one site to another?
For instance, it could be 9pm and Ether could be valued at one amount on one site, but then at the same time, the value could show up as something different on Coin Base.
Its the same as all currencies. With major fiat currencies, large institutions take advantage of any difference in price almost immediately, making the price appear the same on all exchanges. This is starting to happen in crypto but will take time.
Welcome @sophieareli to Steem and cryptowonderland.
Another to advices:
@dauerossi, hubby and I are investing.
I'm so excited. Our money finally cleared in Coinbase last night and we signed up for Binance. So, we are now on our happy way.
And, thanks for the great tip about not transferring with Bitcoin. We are still learning and will look into more things. :)
The same reason you can go to one store and find an item for a different price at another store. That's just the price at that market. Normally they stay relatively close to each other, but when there's a big disparity you can buy at the cheap exchange, transfer to the higher one and sell for a profit. I believe that's called arbitrage.
Oh, okay. That makes sense. And, thanks for the tip on taking advantage of the cheap exchange rate. Wow.
Or a coldwallet live-CD like Bitkey, https://github.com/estevaocm/bitkey
Yeah.... only a matter of time. This is the fact. @grizgal
Yeah.... only a matter of time. This is the fact. @grizgal