I need some Crypto wallet advise

[Ruggerxi]

I'm looking to get into the Crypto market and I have no idea how to or what wallet to get to hold my Crypto. I'm not looking to invest a lot right away just wanna get my feet wet and see how this is done. 

I just get a wallet and buy what I want from there right? Or I'm I missing something. 

[GhostfaceJim]

My advice is to let me kick you in the nuts and you give me the money!  We will both be better off!  I'm just kidding, I know nothing about crypto.  Haha!  Stay away from NFTs!

[RobMc]

22 minutes ago, Ruggerxi said:

I'm looking to get into the Crypto market and I have no idea how to or what wallet to get to hold my Crypto. I'm not looking to invest a lot right away just wanna get my feet wet and see how this is done. 

I just get a wallet and buy what I want from there right? Or I'm I missing something. 

The dealer will give you good advice on how to toss your money away, he's been successful with you on many occasions.

[BeerGoat]

Coinbase will pay you in crypto to learn about them.  and is a good place to invest as well.  For a wallet I use exodus.  Ive almost mined .1 of etherium it has only taken 6 months.......

[Izumi]

There's a few of us on the forums and in the clan that could probably talk your ear off on it with various opinions and ideologies on the topic.  I will not name names out of respect for privacy One thing I think crypto investors can agree on it that Bitcoin would be the 'gold' standard and I'd suggest reading up on it prior to investing.

Michael Saylor, CEO of Microstrategy is one of more prominent voices in the space and if you watch some of his interviews or the 'masterclass' videos out there.  You'll learn a lot of the case for Bitcoin.  What you will not hear from him is a possible use case for alternate coins (Ethereum, Solana, et al)...

I'll post just the Youtube links and try not to embed the videos to shorten the response:
Philosophical and lengthy series by Robert Breedlove - https://www.youtube.com/watch?v=4rvTppy1qLI&list=PL2jAZ0x9H0bQFY6wIbQfnrnIlqMcSHd6X

Microstrategy site for guidance and resources - https://www.hope.com

To answer your inquiry, you can open up what is called a hot wallet with an exchange such as Coinbase, Crypto.com, Gemini, FTX.  Only keep what you want in your hot wallet what you are comfortable losing should there be a devastating hack on an exchange.  If you're not comfortable losing any of your money (ikr?) and increase your holdings and positions, I'd recommend obtaining a cold wallet - a physical device to transfer your crypto onto. 

Here are a few hardware wallets I can attest to:
Ledger - https://shop.ledger.com/pages/ledger-nano-x
Trezor - https://shop.trezor.io/

Edited March 28, 2022 by Izumi
Add urls.

[TBB]

2 hours ago, GhostfaceJim said:

My advice is to let me kick you in the nuts and you give me the money!  We will both be better off!  I'm just kidding, I know nothing about crypto.  Haha!  Stay away from NFTs!

Nah - kick @RobMc  in the nuts and give ME the money!!  

[Axe]

Coinbase to buy in. (You can also take some of the 'courses' there that give you free crypto to take them ... it all adds up.)

Then Exodus wallet to store off-line.

If you use Brave browser you can also collect BAT by allowing ads.  I get about $100 a year in BAT without doing much of anything other than clearing a few ads now and then.

Edited March 28, 2022 by Axe

[KaptCrunch]

IMHO  its a Pyramid and write down your password and everytime use it without saving in cache of broswer

other is power consuption of hydro for some not pay enough  to cover operating cost and set-up. 

what kind of commitment you thinking of ?  as in cpu core power  quad

to 64 cores ($17,000 in hardware and thats without GPU mining cards) 

also you have a certain amount time to finish the file given, have a good connection (bit rate)

[Sharpe]

14 hours ago, Izumi said:

There's a few of us on the forums and in the clan that could probably talk your ear off on it with various opinions and ideologies on the topic.  I will not name names out of respect for privacy One thing I think crypto investors can agree on it that Bitcoin would be the 'gold' standard and I'd suggest reading up on it prior to investing.

Michael Saylor, CEO of Microstrategy is one of more prominent voices in the space and if you watch some of his interviews or the 'masterclass' videos out there.  You'll learn a lot of the case for Bitcoin.  What you will not hear from him is a possible use case for alternate coins (Ethereum, Solana, et al)...

I'll post just the Youtube links and try not to embed the videos to shorten the response:
Philosophical and lengthy series by Robert Breedlove - https://www.youtube.com/watch?v=4rvTppy1qLI&list=PL2jAZ0x9H0bQFY6wIbQfnrnIlqMcSHd6X

Microstrategy site for guidance and resources - https://www.hope.com

To answer your inquiry, you can open up what is called a hot wallet with an exchange such as Coinbase, Crypto.com, Gemini, FTX.  Only keep what you want in your hot wallet what you are comfortable losing should there be a devastating hack on an exchange.  If you're not comfortable losing any of your money (ikr?) and increase your holdings and positions, I'd recommend obtaining a cold wallet - a physical device to transfer your crypto onto. 

Here are a few hardware wallets I can attest to:
Ledger - https://shop.ledger.com/pages/ledger-nano-x
Trezor - https://shop.trezor.io/

+1 For a hardware wallet. Not all coins/tokens are supported, but many are. Remember and set two factor up on your exchange accounts, although I think some of the main ones force you to.

[Timmah!]

Smells like a craze, a fad; people investing on accumulated hype, not wanting to miss-out.  It's a bubble ready to pop with the untenable, unfounded-on-anything-but-hype all-pervasive social media buzz.  A little over 10 years ago, Bitcoin was worth like 10 cent, now it's 'worth' like ~$50,000?!  That's over a 200% annual compound growth rate; & based upon what justification?  Hype?  It's pure speculation & the hype train is in full effect, pushed along by those already invested.  Just know it's speculation, not a tenable investment & should be treated accordingly.  It's not a question of if but when the bubble bursts & one can only hope to get out before what they've invested goes down the tubes; all like the dot.com hype & eventual pop.

[RobMc]

As Timmah points out this type of thing goes way back to the 'South Sea Bubble', yes you may make a few short term gains but one teeny weeny point to bear in mind, it is entirely dependent on computers and the internet, and all that brings with it. 

 

'If you can't touch it does it exist? If it doesn't exist how can it have a value? Money (which you can touch) is an imaginary thing invented by man. Many many times in history currencies have collapsed, as we progress will this be any different ?

Every day punters put millions on a horse (Dusty carpet, never been beaten) which is a dead cert, that gets beat, with the same hopes and dreams of profits.

I would say, just like anything else try it, but know how to get out of it as in the long term Governments will probably control it, they always do.

I'll stick to Fair Isle, he's a good jumper

Good luck

[timinator]

Beware of investing in alt coins.  I didn't understand gas fees and would have done much better had I left my money in ETH and not staked WISE.  The interest and profits were great, but I made the mistake of doing multiple smaller investments for different time periods. Thus, when I was up around $2000 each on about a $350 investment each I was stingy and thought I'd wait for the $300 transaction fees to go down. Now, the investments are worth about $300 each, but the fees are $350-$400.

The result was fabulous gains that I couldn't pull out because the transaction fees by the minors were so high. 

The moral of the story is you can find a great alt coin and do well, but still lose due to the miners.

All that to say, by staying with Bitcoin or Etherium, your transaction fees are low compared to other coins. Had I stayed with just ETH  I could have walked away with $12k profit on my initial investment.

[DREAD69]

I have a 3080 a 3080 TI and a 3070 making about 12 bucks a day right now. I use coinbase solely for my wallet but I cash out like weekly depending on the market if bitcoins kind of low I might hold out and wait for the price to go back up.

 

A couple of months ago I was making $40 a day and all of my equipment has paid for itself. At $0.11 per kilowatt I'm looking at under $40 for three cards to run all month.

 

I don't buy crypto at all I just mine and I've already paid off all of my equipment twice over just from mining it.

 

If I were holding my coins I would probably do a hard wallet locally but I haven't went down that avenue because I cash out frequently.

 

I cash out so often that apparently there was a big scare and people dumped their money from coinbase and I guess since I emptied my account also I seemed like one of the people that were leaving the platform and they gave me $500 in BTC to stick around..

 

I haven't had any issues with coinbase and I have an older friend here locally that has used it solely as well and he made 14 Grand last year just in day trading.

 

He cashes out all of his Bitcoin to USD when Bitcoin is high. When Bitcoin drops back down again he buys back in with everything and just rinses and repeats.

 

I don't have the extra coin to do that right now but it seems like anybody that pays attention to it could.

 

I've got another local buddy here that started with $200 and he showed me his wallet last week he's over two grand but he has done a ton of day trading..

[Sammy]

When it comes to money there is always someone at the top that directly benefits from everyone doing it and the final product. Not governments of course... yet... but considering this is entirely about making money who or what is it? Whether or not you want to call it a pyramid? There always is. Cant say myself but the idea that there is nobody at the top of a money making system is like the falsehood known as Leninism/Communism.

Thing is, the answer to that might not be something people want to hear.

[Sharpe]

12 hours ago, Timmah! said:

Smells like a craze, a fad; people investing on accumulated hype, not wanting to miss-out.  It's a bubble ready to pop with the untenable, unfounded-on-anything-but-hype all-pervasive social media buzz.  A little over 10 years ago, Bitcoin was worth like 10 cent, now it's 'worth' like ~$50,000?!  That's over a 200% annual compound growth rate; & based upon what justification?  Hype?  It's pure speculation & the hype train is in full effect, pushed along by those already invested.  Just know it's speculation, not a tenable investment & should be treated accordingly.  It's not a question of if but when the bubble bursts & one can only hope to get out before what they've invested goes down the tubes; all like the dot.com hype & eventual pop.

The use cases go far beyond what Bitcoin does. The US military has contracts with crypto companies to secure data for example. I don't disagree that many coins have little to no substance however.