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Xander

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Theres no mathematical formulas you need to learn. Easiest way for new people imo is sign up to coinbase and buy either eth,ltc or btc directly from them. You can store those on coinbase but its always a better idea to store anything u own on your own private wallet rather than an exchange. If for instance coinbase got hacked and you crypto was on that exchange then you lose your money which is why private wallets are reccomended.

Once youve bought from coinbase if you wish to delve into different alts then you can send your eth/ltc/btc from coinbase to another exchange such as bittrex,binance polo etc. You would sell your current cryptos and buy one or the alts of your choice.

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On 12/16/2017 at 10:11, weenugget said:

Theres no mathematical formulas you need to learn. Easiest way for new people imo is sign up to coinbase and buy either eth,ltc or btc directly from them. You can store those on coinbase but its always a better idea to store anything u own on your own private wallet rather than an exchange. If for instance coinbase got hacked and you crypto was on that exchange then you lose your money which is why private wallets are reccomended.

Once youve bought from coinbase if you wish to delve into different alts then you can send your eth/ltc/btc from coinbase to another exchange such as bittrex,binance polo etc. You would sell your current cryptos and buy one or the alts of your choice.

Does coinbase set you up with a private wallet, and are they the cheapest to buy from? 

Cheers.

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23 minutes ago, Xander said:

Does coinbase set you up with a private wallet, and are they the cheapest to buy from? 

Cheers.

I haven't used them but it's better to have your own wallet.  I doubt they are the cheapest to buy from.

Have you decided which coin(s) you want to buy and how much?

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11 minutes ago, HelpingHands said:

I haven't used them but it's better to have your own wallet.  I doubt they are the cheapest to buy from.

Have you decided which coin(s) you want to buy and how much?

Either bitcoin or litecoin  I was thinking about starting with small amounts £300-£500 not really sure how it works.

I thought I could buy a wallet from coinebase? 

Thanks

Edited by Xander

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I hope they don't charge you to store your coins there.

Wallets don't actually store your coins, they just give you access to them on the blockchain.

For that amount I wouldn't be too worried about your wallet being with a third party.  For any significant amount you'd want your own wallet.

Having your own wallet could mean that you'd have other options to purchase from eg.  Bittylicious, localbitcoins, or a private sale.

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25 minutes ago, HelpingHands said:

I hope they don't charge you to store your coins there.

Wallets don't actually store your coins, they just give you access to them on the blockchain.

For that amount I wouldn't be too worried about your wallet being with a third party.  For any significant amount you'd want your own wallet.

Having your own wallet could mean that you'd have other options to purchase from eg.  Bittylicious, localbitcoins, or a private sale.

I was going to start out with small amounts just to get my feet wet before larger purchases, that's why I would prefer my own wallet. I looked at coinbase fees they are quite high.

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You could download Exodus wallet to your computer.  It’s slightly safer in that your keys are stored on your local device rather than someone else’s server but you still need to be aware of your own security.

You could then buy through Bittylicious or Localbitcoins and have it sent straight to your Exodus wallet.  This is almost always cheaper than Coinbase.

http://support.exodus.io/article/45-can-exodus-safely-store-large-amounts

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10 hours ago, Goldhooked said:

You could download Exodus wallet to your computer.  It’s slightly safer in that your keys are stored on your local device rather than someone else’s server but you still need to be aware of your own security.

You could then buy through Bittylicious or Localbitcoins and have it sent straight to your Exodus wallet.  This is almost always cheaper than Coinbase.

http://support.exodus.io/article/45-can-exodus-safely-store-large-amounts

I had a look at Exodus, the problem is my wife also uses my computer which means security would be an issue.

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9 minutes ago, Xander said:

I had a look at Exodus, the problem is my wife also uses my computer which means security would be an issue.

You could always setup a wallet on your phone. Mycelium is a decent bitcoin one for android, coinomi seems to becoming popular and supports alot of coins.

As soon as yoiu buy from coinbase your btc goes into your private wallet (although owned by coinbase unless you send them elsewhere). Probaby not the cheapest but nice and easy once your setup to do instant buys. Local bitcoins is alright if your happy sending bank transfers to individuals although it is escrowed and ive never had a problem with it. Coinbase i just feel is easier for new people.

Edited by weenugget

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6 minutes ago, weenugget said:

You could always setup a wallet on your phone. Mycelium is a decent bitcoin one for android, coinomi seems to becoming popular and supports alot of coins.

As soon as yoiu buy from coinbase your btc goes into your private wallet (although owned by coinbase unless you send them elsewhere). Probaby not the cheapest but nice and easy once your setup to do instant buys. Local bitcoins is alright if your happy sending bank transfers to individuals although it is escrowed and ive never had a problem with it. Coinbase i just feel is easier for new people.

I think I'll use coinbase to get started probably just let them store the coins until I get a proper handle on the way everything works and take it from there. 

Cheers.

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I think I'll use coinbase to get started probably just let them store the coins until I get a proper handle on the way everything works and take it from there.  Cheers.

 

When starting up on Coinbase you may only be allowed £50pw deposit limit & fees are pretty high so just be careful as you could end up losing quite abit just to get £50 onto your wallet. My £50pw limit was for 6 weeks & was very frustrating. 

 

 

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7 minutes ago, shawy2510 said:

When starting up on Coinbase you may only be allowed £50pw deposit limit & fees are pretty high so just be careful as you could end up losing quite abit just to get £50 onto your wallet. My £50pw limit was for 6 weeks & was very frustrating. 

 

 

They said I can buy up to £750, I was looking at buying Ethereum as opposed to bitcoin, not sure which one is best lots of conflicting information on reviews.

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11 minutes ago, shawy2510 said:

When starting up on Coinbase you may only be allowed £50pw deposit limit & fees are pretty high so just be careful as you could end up losing quite abit just to get £50 onto your wallet. My £50pw limit was for 6 weeks & was very frustrating. 

 

I know how market leaders tend to draw complaints (because they have more users) but they do seem to have a poor rep.  Not terrible, but poor customer service, delays and problems on with drawing.  I'm looking at CEX.io that appears good for new users and Bitstamp which has a UK office.  Interesting issue this has highlighted, theres about 5% difference between the prices on the two - I could deposit on one, transfer and withdraw on the other for instant gain!  Any of them require various identification to allow you full access to services. 

For wallets, Exodus is good, as is Jaxx.  Electrum is less user friendly but a proper wallet and gives you control over fees, which could be an issue in the future. 

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23 hours ago, HelpingHands said:

If you sort out your own wallet I could probably sell you around that sort of amount.

 

Are there two types of private wallet, one of them safer?...deep storage?..not sure.

Edited by Xander

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14 hours ago, Goldhooked said:

You could download Exodus wallet to your computer.  It’s slightly safer in that your keys are stored on your local device rather than someone else’s server but you still need to be aware of your own security.

You could then buy through Bittylicious or Localbitcoins and have it sent straight to your Exodus wallet.  This is almost always cheaper than Coinbase.

http://support.exodus.io/article/45-can-exodus-safely-store-large-amounts

I checked out Exodus, however, they say the security needs a lot more work.

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37 minutes ago, Xander said:

I checked out Exodus, however, they say the security needs a lot more work.

Just get a Nano Ledger S hardware wallet.  They're only around £68 and you'll probably make that back in profits pretty quickly, unless it all goes pop in a week!

I bought one within a week of buying my first crypto and they worth the money just for the piece of mind it gives you.

If it doesn't work out I'm sure you could re-sell it on eBay for £50.

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6 hours ago, Goldhooked said:

Just get a Nano Ledger S hardware wallet.  They're only around £68 and you'll probably make that back in profits pretty quickly, unless it all goes pop in a week!

I bought one within a week of buying my first crypto and they worth the money just for the piece of mind it gives you.

If it doesn't work out I'm sure you could re-sell it on eBay for £50.

I'll give that a go. 

Cheers 

Edited by Xander

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