Sorry for the stupid question Team, but how do you guys take bitcoin out of exchange without sending to bank account? For example, if I want to gain coins if bitcoin is increasing, how can I hold those funds to continue at a later time without sending to my bank account. I am trying to learn a little more on the bitcoin front as there seems to be opportunities daily..
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I think you just need a wallet if I'm understanding the question.
You can use Blockchain.com to create an account (web wallet) or my preference would be to get a desktop wallet like Exodus. Exodus.io
For Exodus, download the wallet and install it on your computer. Follow the setup, copy down your 12 word phrase, etc. and when you are ready, click on the Wallet Tab-->Bitcoin-->Receive. Copy the Receive address they give you and go to your exchange and paste the address into the Send destination. You may want to send a small amount at first to make sure everything goes OK. Might take a bit for your Bitcoin to show up.
I'm more of a computer guy so a desktop wallet works for me. If you're a phone guy, there are options there, too (phone wallet).Comment -
So in this instance one must send and receive back and forth to an offline wallet as to stay off the exchange and secure earnings?
I am definitely more of an android apple device kind of guy so curious to know what the Team recommends here. Thanks for your feedback.Comment -
Well, keeping your crypto on an exchange is not a good idea because it is technically in their possession. It's probably OK for short term and if you trade one crypto for another, you have to use their wallets. There's a saying, "not your keys, not your bitcoin". The keys are the public and private keys of your wallet. On an exchange, you only get to see the public key (address). So, keeping your crypto in a desktop wallet or phone wallet gives you total possession.
For a phone, I hear the Edge wallet and Bitpay wallet are good. I've never used either so can't vouch. More suggestions in this thread:
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I would like to be clear because my articulation may not be correct here. I am talking about letting your coins increase while in the network and holding your earnings outside of the network. Making money off the increase of bitcoin is my goal here. If I have my coins on blockchain or bitpay, my coins are still in the network increasing/decreasing. I would like to capture the gains if possible if that makes since.Comment -
Look at owning Bt-C like owing a stock. As long as you have/own Bt-c you are getting in on the gains/losses
in the price, no matter what wallet it is in. To "capture" any gain in the price, you have to sell your Bt-c.
Bt-C is just like owning a stock. All gains/losses are "on paper" until you sell it and capture them.
If you have 1 BT-C in any wallet right now, then it is worth $12 grand.... If you sell it, then you'd get $12 grand.
Until you sell it, then your 1 Bt-c will be worth whatever the price of 1 Bt-c is.Comment -
You want staking? Passive income from just holding? There are places where you can stake or loan your Bitcoin at say, 6% APR and get paid back in Bitcoin, i.e. increasing your stash.
I use crypto.com but be advised, it takes a bit of commitment and you will have to go through KYC. Sometimes it is a lengthy wait. By commitment, I mean you may as well sign up for one of their card tiers and fund it with the required amount of CRO tokens. They have a free card but you will get better rates by getting one of the higher tiered cards.
blockfi.com is another place - maybe it will suit you better. I don't know much about it as I'm not a client.
If you're really interested in one of these, there are a lot of tutorials and info on Youtube.Comment