lapal_fan Posted December 8, 2017 Share Posted December 8, 2017 16 hours ago, PieFacE said: $19500 wtf can't see that on coin desk. Highest it's been is 17,147. Where are you looking? Link to comment Share on other sites More sharing options...
Stevo985 Posted December 8, 2017 VT Supporter Share Posted December 8, 2017 Talk to me about wallets. My bitcoin is currently in coinbase. Is that a wallet? Should I have my bitcoin in a personal wallet, and if so what is that? If I move it to a personal wallet then would it still appear on coinbase, but just be held somewhere else? Link to comment Share on other sites More sharing options...
Xela Posted December 8, 2017 Share Posted December 8, 2017 51 minutes ago, Stevo985 said: Talk to me about wallets. My bitcoin is currently in coinbase. Is that a wallet? Should I have my bitcoin in a personal wallet, and if so what is that? If I move it to a personal wallet then would it still appear on coinbase, but just be held somewhere else? I found this useful. https://www.coindesk.com/information/how-to-store-your-bitcoins/ Quote Bitcoin wallets store the private keys that you need to access a bitcoin address and spend your funds. They come in different forms, designed for different types of device. You can even use paper storage to avoid having them on a computer at all. Of course, it is very important to secure and back up your bitcoin wallet. Read link for more... 1 Link to comment Share on other sites More sharing options...
Xela Posted December 8, 2017 Share Posted December 8, 2017 In short Coinbase does have an inbuilt wallet but is classed as an online wallet and probably the less secure option as I believe it means the coins are actually stored with Coinbase as opposed to a desktop/mobile wallet which means the coins are in your control. If the coins are stored on a desktop wallet then they won't be visible on Coinbase - you'd have to transfer them to Coinbase from your desktop wallet The safest would appear to be cold storage (a physical USB device which is not connected to the net) 1 Link to comment Share on other sites More sharing options...
Tegis Posted December 8, 2017 VT Supporter Share Posted December 8, 2017 52 minutes ago, Stevo985 said: Talk to me about wallets. My bitcoin is currently in coinbase. Is that a wallet? Should I have my bitcoin in a personal wallet, and if so what is that? If I move it to a personal wallet then would it still appear on coinbase, but just be held somewhere else? Some borrowed text for reference: Quote A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet. A private key is a secret piece of data that proves your right to spend bitcoins from a specific wallet through a cryptographic signature. Your private key(s) are stored in your computer if you use a software wallet; they are stored on some remote servers if you use a web wallet So what you store is not a bitcoin, but a key to prove that you own a certain transaction on the network. If you install a software wallet you get to produce a new key that you can transfer a transaktion to. In your case, transfer it from your online wallet at coinbase to your key in your software wallet. Your private keys must never exist anywhere but at your disposal. (I think coinbase are good enough not to store them but I would not risk it for large ammounts). Spread your belongings between online for convenience and offline for safety, in case they do a mtgox and **** it up. Link to comment Share on other sites More sharing options...
Stevo985 Posted December 8, 2017 VT Supporter Share Posted December 8, 2017 So basically if I store my 0.2 of a bitcoin in a personal wallet, it wouldn't appear on coinbase or anything. It would just be there in my personal wallet? That seems a bit weird to me, mayeb I'm misunderstanding. Almost like an IOU on a bit of paper. When it's in coinbase I can see it. It's there, it tells me what it's worth, the option to sell it is right there at a click. If it's stored on some usb device it doesn't seem real. Like when Bitcoin is at $1billion I'll go to claim my $200million and it won't work. Am I being a noob? Link to comment Share on other sites More sharing options...
AvfcRigo82 Posted December 8, 2017 Share Posted December 8, 2017 26 minutes ago, Stevo985 said: So basically if I store my 0.2 of a bitcoin in a personal wallet, it wouldn't appear on coinbase or anything. It would just be there in my personal wallet? That seems a bit weird to me, mayeb I'm misunderstanding. Almost like an IOU on a bit of paper. When it's in coinbase I can see it. It's there, it tells me what it's worth, the option to sell it is right there at a click. If it's stored on some usb device it doesn't seem real. Like when Bitcoin is at $1billion I'll go to claim my $200million and it won't work. Am I being a noob? I get where you are coming from on this, it's like if it is off the platform and not live as such will it still be worth the same value come cashing in time? Fascinating thread that I have been studying the last few days, but the value BC has risen since this thread started is quite phenomenal. Link to comment Share on other sites More sharing options...
PieFacE Posted December 8, 2017 Author VT Supporter Share Posted December 8, 2017 2 hours ago, lapal_fan said: can't see that on coin desk. Highest it's been is 17,147. Where are you looking? Coinbase. Spiked up to $19500ish. Link to comment Share on other sites More sharing options...
PieFacE Posted December 8, 2017 Author VT Supporter Share Posted December 8, 2017 (edited) 52 minutes ago, Stevo985 said: So basically if I store my 0.2 of a bitcoin in a personal wallet, it wouldn't appear on coinbase or anything. It would just be there in my personal wallet? That seems a bit weird to me, mayeb I'm misunderstanding. Almost like an IOU on a bit of paper. When it's in coinbase I can see it. It's there, it tells me what it's worth, the option to sell it is right there at a click. If it's stored on some usb device it doesn't seem real. Like when Bitcoin is at $1billion I'll go to claim my $200million and it won't work. Am I being a noob? I always used Electrum for Bitcoin wallet before I got a Ledger. When you create a wallet with Electrum, you're given a 12 word phrase. The 12 word phrase are your keys to access your bitcoin (So write it down 5 times and store in different places, DO NOT leave a copy of it in a text file on your PC, lose your phrase, lose your coins). Your bitcoin is stored on the blockchain so is completely safe. Your wallet will have an address for you to receive bitcoin. Send your bitcoin from coinbase to your electrum wallet. You can open your wallet and see that you have 0.2 in there just as you can log onto coinbase and see it. It's not recommended leaving it on Coinbase, if coinbase do an exit scam or get hacked, good chance you lose your coin. Personally I use a Ledger Nana S to store all my coins. It's awesome. Edited December 8, 2017 by PieFacE 1 Link to comment Share on other sites More sharing options...
sexbelowsound Posted December 8, 2017 Share Posted December 8, 2017 12 minutes ago, PieFacE said: I always use Electrum for Bitcoin wallet. When you create a wallet with Electrum, you're given a 12 word phrase. The 12 word phrase are your keys to access your bitcoin (So write it down 5 times and store in different places, DO NOT leave a copy of it in a text file on your PC, lose your phrase, lose your coins). Your bitcoin is stored on the blockchain so is completely safe. Your wallet will have an address for you to receive bitcoin. Send your bitcoin from coinbase to your electrum wallet. You can open your wallet and see that you have 0.2 in there just as you can log onto coinbase and see it. It's not recommended leaving it on Coinbase, if coinbase do an exit scam or get hacked, good chance you lose your coin. Personally I use a Ledger Nana S to store all my coins. It's awesome. Better make sure you safely eject that. 1 Link to comment Share on other sites More sharing options...
Stevo985 Posted December 8, 2017 VT Supporter Share Posted December 8, 2017 39 minutes ago, PieFacE said: I always used Electrum for Bitcoin wallet before I got a Ledger. When you create a wallet with Electrum, you're given a 12 word phrase. The 12 word phrase are your keys to access your bitcoin (So write it down 5 times and store in different places, DO NOT leave a copy of it in a text file on your PC, lose your phrase, lose your coins). Your bitcoin is stored on the blockchain so is completely safe. Your wallet will have an address for you to receive bitcoin. Send your bitcoin from coinbase to your electrum wallet. You can open your wallet and see that you have 0.2 in there just as you can log onto coinbase and see it. It's not recommended leaving it on Coinbase, if coinbase do an exit scam or get hacked, good chance you lose your coin. Personally I use a Ledger Nana S to store all my coins. It's awesome. Cheers. I'll have a look at Electrum. 1 Link to comment Share on other sites More sharing options...
Xela Posted December 8, 2017 Share Posted December 8, 2017 2 hours ago, Stevo985 said: So basically if I store my 0.2 of a bitcoin in a personal wallet, it wouldn't appear on coinbase or anything. It would just be there in my personal wallet? That seems a bit weird to me, mayeb I'm misunderstanding. Almost like an IOU on a bit of paper. When it's in coinbase I can see it. It's there, it tells me what it's worth, the option to sell it is right there at a click. If it's stored on some usb device it doesn't seem real. Like when Bitcoin is at $1billion I'll go to claim my $200million and it won't work. Am I being a noob? I think if you download a wallet it will do exactly the same. it'll show you its there and its value.The actual coin (or part) is stored on your desktop computer as opposed to Coinbase. if Coinbase was hacked or shut down you would lose everything. Its not like a bank account that is regulated. If your Bank goes down the Government guarantee £85k is covered. We've already seen that the Government won't let a bank fail so your money there is safe (as it can be) Exodus seems quite a nice desktop wallet that can store multi coins (not a recommendation just an observation!) https://www.exodus.io/ 1 Link to comment Share on other sites More sharing options...
omariqy Posted December 8, 2017 Share Posted December 8, 2017 Correct me if I am wrong. Even if you stored your bitcoin offline you would still need to use an exchange like coinbase or bittrex to trade? Also, how did people early in the day buy bitcoin? What did they use? Link to comment Share on other sites More sharing options...
PieFacE Posted December 8, 2017 Author VT Supporter Share Posted December 8, 2017 (edited) 1 hour ago, omariqy said: Correct me if I am wrong. Even if you stored your bitcoin offline you would still need to use an exchange like coinbase or bittrex to trade? Also, how did people early in the day buy bitcoin? What did they use? Yeah they would to send it to an exchange when they want to sell. MtGox was the main one in 2013 which handled 90% of bitcoin trades. It also got hacked which caused the huge crash in 2013. People used to use OTC trades too with someone trusted holding money/coins in escrow. Edited December 8, 2017 by PieFacE Link to comment Share on other sites More sharing options...
omariqy Posted December 8, 2017 Share Posted December 8, 2017 Just now, PieFacE said: Yeah they would need an exchange. MtGox was the main one in 2013 which handled 90% of bitcoin trades. It also got hacked which caused the huge crash in 2013. People used to use OTC trades too with someone trusted holding money/coins in escrow. Wow massive counterparty risk. Hopefully someone hacks coinbase so I can buy loads for cheap. Link to comment Share on other sites More sharing options...
PieFacE Posted December 8, 2017 Author VT Supporter Share Posted December 8, 2017 1 minute ago, omariqy said: Wow massive counterparty risk. Hopefully someone hacks coinbase so I can buy loads for cheap. Yup this is why it's recommended that you don't keep your coins on an exchange Link to comment Share on other sites More sharing options...
NurembergVillan Posted December 8, 2017 Moderator Share Posted December 8, 2017 I want to be part of this but am beyond confused. 2 Link to comment Share on other sites More sharing options...
zak Posted December 8, 2017 Share Posted December 8, 2017 4 hours ago, Stevo985 said: Cheers. I'll have a look at Electrum. I also recently got a Nano S. Was using Coinbase before, specifically the vaults rather than wallets which seem pretty good. you can only make a transaction 48h after your first request, you need 2 types if authorisation and they notify you ALOT. That 48 hours can be a trouble if you want to do something fast, obviously. Also you still have an issue if Coinbase went down or anything. I have the following: Bitcoin Bitcoin Cash Ethereum Ripple Power Ledger ARK also bought some INS coins in their current ICO 1 Link to comment Share on other sites More sharing options...
sexbelowsound Posted December 8, 2017 Share Posted December 8, 2017 3 hours ago, NurembergVillan said: I want to be part of this but am beyond confused. This. Link to comment Share on other sites More sharing options...
Genie Posted December 8, 2017 Share Posted December 8, 2017 Bought 94 Ark today, made $50 this afternoon. Noice. 1 Link to comment Share on other sites More sharing options...
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