Greetings- I'm new to trading cryptos and would really appreciate some guidance.
I purchased some BTC, EHT, and LTC through my coinbase account.
I then transferred those coins to Poliniex to purchase Siacoin
I think I recall reading that it isn't secure to leave those coins with Poloniex.
I t would appear as if I cannot send my Siacoin purchased on Polonex back to coinbase because they only support BTC, ETH, and LTC.
I intend on establishing a paper wallet for security purposes and will do that in the near future.
Do I need to establish another wallet besides coinbase in order to hold my Siacoin?
Also when I transfer ETH to poloniex must I first exchange that for BTC before buying more SC? I'm pretty sure the answer to that is YES
Your assistance would be much appreciated- this can be a little confusing for a newb like me- your feedback is much appreciated!
You can try using a offline wallet to store your coins.
That is the best recommended method.
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Can you provide some examples please? Is using hardware the most secure option?
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You have never heard about Exodus wallet ?
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Can you recommend any Offline wallet please?
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The safest way to keep BTC is Bitcore or handy wallets like Trezor and Ledger. Some of them might also support ETH and some coins like LTC and Monero (I call them Old-school coins), you won't find safe multicurrency wallets supporting SIA. And Sia's desktop wallet isn't good also, there are a lot of people on their forum talking about their money losses transferred to this desktop version (same was for me, I lost 2000 and haven't received it yet because it generates new adress every new transaction). So my advice is to hold it not more than 5000 SIA on Poloniex.
Good alternative might be NEM with their very convenient mobile wallet.
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Use sia coin wallet from the website.
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I am looking forward to the answers you receive because I don't know. I hold Bitcoin and Ethereum off line in a Ledger Nano S. I keep a very, very small percentage of a Bitcoin on Coinbase in order to have it connected to my Shift Debit Card, just so I have easy access to it if needed.
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Do you feel as if coinbase isn't all that secure?
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Yes. Definitely not all that secure. I like the Shift card and that I have easy access to some money, but like I said I keep a tiny fraction on Coinbase for that convenience. All of the crypto "experts" seem to agree on one thing and that is "Get your Bitcoin, Ethereum, etc.... off line." Coinbase seems to be overwhelmed. They gained 400,000 new users last month. Almost everytime I've contacted them, I get either a canned response or no response at all.
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In general you want to follow the rule that you do not want to store your coins in any 3rd party wallets (including exchanges) if possible. Keep the coins you intend to trade actively there only, and make a cold storage wallet for each of the coins you intend to store long term. Make multiple copies of these cold storage wallets, and store some away from your home in case of some unforeseen circumstances such as a fire or natural disaster.
If you want to make good buys, research the coins before investing in them. Look for a solid development team, an active community, solid economic policy, and a protocol that offers unique utility. As far as making good investment picks as a newbie, look for coins that have a large number issued, inexpensive per unit, have not risen yet significantly, and have a decent trade volume. One good pick in this arena could multiply your investment in no time. Good luck!
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Poloniex has 4 markets. I believe SIA is only traded for BTC. ETH, XMR, and USDT all have trading pairs, but usually they are a slight premium over trading for BTC.
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Ehhh ive had more than a grand on polo for 2 months now. So if you are really going to get your paper wallet in the near future. You should be good. Otherwise find a decent wallet that accepts SIAcoin until you can make a paper wallet. And I didnt know this but this video is from a fellow steemer who's steemit name is @imineblocks , so go tell him thanks and give him a follow
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Awesome- thanks
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Maybe I'm doing it wrong, as I am also new to this stuff, however I am in the process of setting up a sia wallet. The only problem I have encountered is the unbelievablly slow sync time with the network - now nearly at 24hrs and only 50% complete! The wallet looks robust so holding out to see what its like. Will do a trial transfer from Poloiex when its set up before transferring my stash. I'll let you know if its a success :)
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Thanks- can't wait to hear your results- so I take it you like Siacoin as well?
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Yes - it sounds very promising. I've only recently purchased 10,000 but do plan to build up more. Rather than jumping into one, i am slowly buying a few different type to lower my risk. Just checked - I am actually less than 50% ho ho ho
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This Sia download is incredibly slow- what's up with that?
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