New to Bitcoin. Question

Ro0k · 12-06-17, 09:45 AM

I'm also new, so someone please correct me if I'm wrong. Coinbase is an exchange. You can leave it there but if coinbase gets hacked you can lose everything. The best course of action is to transfer to gdax.com (also owned by coinbase so there is no fee here) and then transfer to a wallet on your hard drive. (Transferring from gdax to your wallet has less transfer fees than if you were to transfer from coinbase to your wallet.) I use exodus wallet.

The point of using a wallet on your hard drive is that you are in control of your money with your own keys and a private seed which can be used to recover your wallet if something happens to your hard drive. If you leave your coin on coinbase, they are basically IOU for that amount.

ThaWoj · 12-06-17, 11:23 AM

I usually let mine sit in a few different places. I feel comfortable holding in blockchain and bitpay wallets. I even trust nitrogen (more than coinbase)

BreesIsTheGOAT · 12-06-17, 11:48 AM

Originally posted by ThaWoj

I usually let mine sit in a few different places. I feel comfortable holding in blockchain and bitpay wallets. I even trust nitrogen (more than coinbase)

So letting it sit there is it growing like a stock? Or do you have to do trades? Buy/sell? What is the way to make money with it

Ro0k · 12-06-17, 11:58 AM

You buy it at a price. It's value increases. Then you sell it when you're content with profits.

ThaWoj · 12-06-17, 12:30 PM

You can let it sit there and watch the money tree grow to the sky