Hello! Crypto community, I am gonna share my experience with how I stash my coins.
First, there are different ways to stash them. I use:
- Hard Wallet
- E-Wallets
- Keep them in the exchange browsers like binance, gdax, ect. (high risk)
Now there is other ways to stash them but I feel the first two are the most safest.
The hard wallets are the safest for sure. A hard wallet can be a Ledger Nano S, and Trezor which are the most popular hard wallets out there. I recently got the Ledger Nano S. See the pic below. When I first opened the box it felt like and looked like a USB stick.
buy here: https://www.ledgerwallet.com/r/5164?path=/products/ledger-nano-s&tracker=MY_TRACKER
It also came with all kinds of cool accessories with it
buy here: https://www.ledgerwallet.com/r/5164?path=/products/ledger-nano-s&tracker=MY_TRACKER
The accessories include a lanyard and a key ring holder with a usb chord. Personally I don't carry that with me. I store it in a safe place at home. Now I will say this it is best to buy the ledger from the actual site. I have included the link if you click on the picture it will direct you to the actual official website for purchase. I wanted to avoid purchasing it from a 3rd party because they can open the product get the seeds from it and re-sale it to someone who is clueless how this system works. If you buy a tampered Ledger that person can basically sale you a physical Ledger and have access to all your seeds. If that person has your seeds they can access your wallet and wipe you clean from all your crypto! DO NOT BUY IT FROM A NON OFFICIAL SITE.
Please note: The cryptos are stored on your wallet. Your private key to access the wallet is stored on the ledger. So you are actually not putting your crypto inside the ledger you are only storing your private keys to access the wallets.
So if you lost your device, just buy another ledger device and use your seeds to get your funds again. Your old ledger device will be swiped. And if the they try to steal funds from your old device, after three wrong attempts of pin, the device will reset to factory defaults.
The seeds are a combination of words in a specific order. YOU MUST WRITE DOWN YOUR SEEDS IN A PIECE OF PAPER AND STORE THEM WAY IN A SAFE PLACE. DO NOT TAKE A PICTURE OF IT.
If you would like a video tutorial on how to install this Ledger Nano S, I have included a video below for you follow.
- E-Wallets
I also stash my coins on e-wallets. The most popular one is Coinbase
That is a good place to start for noobs. I love the interface and its user friendly. However, there transaction fees are through the roof and they take for ever to transfer my USD money. You can click on the link below to open an account and get free $10 worth of bitcoin when you purchase $100. It is based in the USA so I feel its a safe e-wallet.
https://www.coinbase.com/join/585aa27678f4bf016e1dd343
There is a new e- wallet coming to town that has launched recently and I am very happy that Coinbase finally has some competition.
Robinhood has officially announced they are adding cryptocurrency to their platform! whoo hoooooooooooooooooooo :D
Robinhood was officially a stock app and they are very well established. I feel its a smart move on their end to add us in their community. They also announced they will be a fee less app. Meaning they will not charge transaction fees and we will have instant access to our USD transfers! Not only that, if you sign up with my invitation by clicking on the link below you get some free stock! win win
I am actually not a stock freak, more of a crypto adrenaline junkie :D
But I will take free stock any day.
https://share.robinhood.com/fannyr2
Buckle up, put your hands up and say weeeeeeeeeeeeeeeeeeeeeeeeeeeeeee, cause we are in for a ride :P
These are some crypto they will offer on their platform
https://share.robinhood.com/fannyr2
I wanted to take the time and talk about stashing your intangible coins on an exchange browser like Binance or Gdax. I actually do have some coins on those platforms.
- Stashing it on exchange browsers - High-risk
Yes I do have low amount of coins on this exchange platform but I do not keep large amounts in them. I leave some in there to exchange them for altcoins. I also keep them in there when the balance is to low and I wait till I get more to transfer them to my wallets since the fees are too high and its not worth transferring them. I do not recommend keeping all of your coins on these kind of platforms because they can disappear with all of your crypto (exit scams)! Thats just a scary thought that I do not want to ponder. I also hear stories where people get hacked in to there Binance accounts and wipe them clean. No thank you. I rather keep it safe.
Hope you enjoy the blog.
And remember to fake it till you make it!