Cryptocurrencies are decentralized. Exchanges are not!

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evo

Site Admin
Joined
Apr 2017
Yes, cryptocurrencies are decentralized, but exchanges are not!

In a stock market, securities are held by a custodian bank and your cash is stored in your bank account, but cryptocurrency exchanges acts like the custodian of funds. This puts cryptocurrency exchange users at a very high level of risk!

Poloniex. Kraken. Bitfinex. Every one of these exchanges are great to buy/sell/trade crypto, but I strongly recommend everyone to store your long term positions off these exchanges. Use a digital currency wallet you feel comfortable with, whether it be a hosted wallet, desktop wallet, or paper wallet.

Personally, when it comes to these exchanges, I prefer Poloniex. Poloniex has had their growing pains, and they've been public about their growth. And yes, I trust them, and will continue to use them... but only for short term positions and immediate trading needs. I prefer to store my long term positions in cold storage.

If you have any questions about this or about storing your cryptocurrency, where or how, please post up. I'm happy to help.

Yes, keep using Poloniex or any exchange you prefer, but move your long term positions off these exchanges! Cryptocurrencies are decentralized, but exchanges are not!
 
Joined
May 2017
From
hawaii
I've heard of bitcoin for years but never put serious thought into investing. but after researching and opening my eyes to it all just this week, i'm going to jump in...

i want to invest in a variety of coins and i would prefer to store it all in one wallet. but it looks like there isn't an all-in-one wallet yet. is there a small combination of wallets that could achieve my goal? and is it better in some cases to store it on that particular developer wallet?
 

V4Vendetta

Moderator
Joined
Apr 2017
From
Texas
There's no perfect all-in-one wallet solution yet, but within 5 years there will probably be several. Jaxx wallet is the closest thing to an all-in-one solution for now. They offer support for several coins but not all of the major coins yet.
https://cryptorum.com/threads/jaxx-wallet-to-include-ripple-monero-siacoin-pivx-and-many-more.137/

You also have to consider your investment approach. Are you getting into crypto as a long term investment? If so, buying into the major coins (BTC, ETH, XRP, etc.) and holding long term is a simpler way because there's less trading involved and more wallet options. If your goal is to swing trade then you'll need to look at options for what exchanges offer the most coins for trading and how much volume those exchanges have in order to easily and quickly exchange to a safer currency to secure profits.

Also, although an all-in-one storage solution is easier on the user end, it leaves little room for error. Should something happen to that wallet (lost, stolen, hacked, destroyed, etc.) you lose everything. Diversification is always a good practice, not only in traditional markets but also in crypto coin investment and storage marketplace.

I've heard of bitcoin for years but never put serious thought into investing. but after researching and opening my eyes to it all just this week, i'm going to jump in...

i want to invest in a variety of coins and i would prefer to store it all in one wallet. but it looks like there isn't an all-in-one wallet yet. is there a small combination of wallets that could achieve my goal? and is it better in some cases to store it on that particular developer wallet?
 

evo

Site Admin
Joined
Apr 2017
i want to invest in a variety of coins and i would prefer to store it all in one wallet. but it looks like there isn't an all-in-one wallet yet. is there a small combination of wallets that could achieve my goal? and is it better in some cases to store it on that particular developer wallet?
What coins would you like to invest in? I would make a list of the coins you're interested in, and find a wallet(s) that can be a solution to every cryptocurrency you're interested in holding positions.

You're from Hawaii, so unfortunately, you cannot use Coinbase. But there are some great desktop wallet solutions that you can still use.
 
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