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RE: Bitcoin (BTC) Morning Update: Fractals Indicate $17,198 as Next Short Term Target!!
@haejin i could read you are holding 16 coins. where do you hold all these ? I have all mine in binance, because there is no wallet for all coins and i don't really trust to keep them in exchange.
Use myetherwallet.com. It's confusing at first because it's so different from other wallets. I watched some videos this week on it. To transfer coins you simply use the same "Your Address:" for any of the coins you want to transfer in. You just put this address into the withdrawal selection in an exchange and apparently myetherwallet.com is smart and it knows what the crypto is. In making it so simple and so different then all the rest of the exchanges, it caused me some confusion/frustration.
I haven't moved mine yet because the exchanges I'm realizing only exist to rip people off with fees. How so? In Poloniex, you can only withdraw $2000/day unless you raise your security level. That means if you have to break up your position to send many smaller transactions, you get the flat fee for each transaction!!! If you could move it in one move you would only have the fee one time. You are eating up your position significantly by moving.
Then, if you try to get the higher security, they only allow this through use of an external webcam. This means you can't use one built into your computer and have to go buy one and set it up just to get a higher security clearance at Poloniex. With all of the massive increasing transaction volumes, I think we will find it's more profitable for the exchanges than even those of us who did well investing...
Thank you. But can myetherwallet take all coins ? because i have 10 differents ?
There are a few good wallets that don't ever hold your keys (so you better!) that also allow many many currencies. Someone will correct me if I'm wrong, but I've found the most adaptable wallets to be Jaxx for smaller coins and the big big ones, and Coinomi will hold almost everything else that most people buy or trade.
Some coins still don't have enough support or the right setup to be in some wallets so they have their own. I would stay away from freewallet.org stuff though....they don't necessarily give you full control, and they are very slow.
JAXX and COINOMI are worth looking into. I've been using Jaxx for a while now, and they keep adding more support for more coins. Coinomi I don't use much but keep it around for moving things around sometimes. Jaxx can hold Tokens as well BTW....well all Ethereum accounts can unless stated otherwise, you just can't always access them unless either supported by the wallet or on an Ethereum web wallet access site....or MEW.
The main thing is that you have the only access to your keys, and that you know your coins are in your wallet, and not on some server somewhere and just represented in your wallet.
Do you send your coins to these wallets after every purchase on the exchange? I don’t have a wallet currently so I guess my coins just sit on exchanges which I’m starting to think is a bad idea. That being said these exchanges hit you with huge fees every time you send coins places. Is storing on Openledge similar to storing in a wallet?
No, storing on OpenLedger is not the same as storing in a wallet, it is the same as storing on an exchange.
I am an active trader, so I do not move funds into and out of wallets often. I have coins I hold long term, and they may be in a wallet, but ones I am trading remain on the platform I am trading on unless I have another need for them. Keeping your money anywhere but your own pocket is always a risk. Most reputable exchanges do not charge anything but the standard fee to move money in and out. You will find high fees anywhere you can use fiat to purchase coins though.
"Do you send your coins to these wallets after every purchase on the exchange?" - Yes, unless you are planning to sell in the very near future.
They have a great many listed and an option to add coins. So I don't know if they can actually take all coins. You can use JAXX as well, but also not all coins are accepted.
MEW only takes ethereum tokens. Many coins are ethereum tokens, which are accepted by MEW.
myetherwallet.com is that a safe wallet like exodus ?
I don't know exodus, but yes to myetherwallet.com.
In Poloneix anyway you will have to upgrade your account because they are going to disable trades for legacy account without verification, it is quick I did mine today morning but I think it will take a while to verify.
In various locations. Local, paper and exchange wallets. I like to setup redundancies.
What kind of redundancies do you have?
Paper wallet and exchanges are not redundancies.
Most are prob on a ledger as they should be. Having your cryptos on an exchange is very risky!
I asked this above but is having them on open ledger considered having them on an exchange? Or is storing on a site like Coinbase what you mean by exchange? I started with Coinbase account for simplicity but now I want to transfer coins somewhere else. What thinking BTS DEX since it is linked to openledger. I am still new to this any advice helps. Thanks
I wish that I could answer but I only have experience with the Ledger hardware wallet. But yes, I thought you meant that all your coins are on binance exchange or something, good you cleared that up and I hope someone else can answer your question :)