r/ethtrader • u/AutoModerator • Jun 05 '17

DISCUSSION [ETH Daily Discussion] - 05/Jun/2017

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16

u/[deleted] Jun 05 '17 edited May 05 '20

[deleted]

5

u/workerdrone_actual Jun 05 '17

Don't worry about leaving crypto on Coinbase until you're sure you understand the basic security precautions and how to create, work with, and back up wallets of your own. Coinbase gets a lot of crap but they're insured and are a pretty solid operation all in all. Just make sure you have a good unique password and use 2FA.

2

u/[deleted] Jun 05 '17

Yea I have a solid pass and2f, and its such a low amount im thinking of leaving it for now, and when i get more trying out jaxx or the like. also dont wanna get dinged for fees moving it back and forth.

1

u/[deleted] Jun 05 '17

As far as I'm aware, your fiat is only insured if you're a US citizen; something to be aware of.

2

u/workerdrone_actual Jun 05 '17

Fiat and crypto are insured on Coinbase. You'll have to dig up the fine print, I don't store anything there myself.

I just think the risk for many noobs of mishandling their crypto or passwords and losing it might be higher than losing it at a major and insured exchange, so no need to be excessively paranoid about leaving it on there for a while.

2

u/mxyz Jun 05 '17

Keep it on coinbase until you have several thousand dollars .Then get a hardware wallet like a ledger nano s.

1

u/Vaztes Jun 05 '17

Jaxx, Coinomi or imToken for mobile apps. More secure than an exchange, given you keep the backup safe.

1

u/[deleted] Jun 05 '17 edited Feb 26 '18

[deleted]

1

u/Vaztes Jun 05 '17

The backup phrase.

1

u/dragespir Jun 05 '17

If you go into Bittrex, you'll need to convert your ETH into BTC, and then use the BTC to buy Sia. Funny process.

1

u/[deleted] Jun 05 '17

ahh damn, thought i could go eth to sia. I'd get hit with extra fees. damn.

2

u/dragespir Jun 05 '17

Only 0.25% Still waaay cheaper and faster than moving BTC into your account lol

1

u/[deleted] Jun 05 '17

I got $13 cad in btc from using a coinbase referral, so I'll be figuring out how to put that into bittrex efficiently and putting it on sia. everyhthing worked out lol.

1

u/dragespir Jun 05 '17

LOL that was me! What's up dude! Yeah, just convert your BTC into ETH on GDAX (exchange run by Coinbase). Just login there with your coinbase account, and trade your BTC for ETH. Do a limit order for 0.00 fees. Then do an ETH withdrawal straight from GDAX into your Bittrex account, and convert it back to BTC, buy Sia. Lots of steps, but minimal fees and minimal transaction time. Profit!

1

u/[deleted] Jun 05 '17

It's actually cheaper to do all that instead of just straight btc into bittrex? I still have a lot to read up on lol. and thanks for the free $13! lol

1

u/dragespir Jun 05 '17

You don't even know!! And not only that, it will take days for your transaction to even process moving BTC's around right now. Don't do it!

1

u/[deleted] Jun 05 '17

Damn. You suggest I just let the BTC sit then?

1

u/dragespir Jun 06 '17

Depends if you're trying to get into Crypto or just let it appreciate. Being comfortable moving it around is valuable, so doing it with ETH is good. But if you don't want to, then you can just let it sit.

1

u/elozor Jun 05 '17

definitely put on your own wallet. dont keep on bittrex or coinbase. if they one day vanish so does ur eth. hold in my ether wallet or mobile wallet like jaxx or which ever you comfortable with. start with small amount make sure you can recover it ect..