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Does Coin management turn people off taking up Crypto?

  • 06-02-2018 7:54pm
    #1
    crytoadvice
    Registered Users Posts: 88 ✭✭


    Im considering 20 coins for a portfolio. However, other than using a Ledger S Nano eleven Desktop wallets will be needed to store the coins. Many of these Desktop apps have no companion mobile app so I will be tied to using a PC.

    How do Crypto advocates expect people to adopt cryptocurrency when the currency is so difficult to manage

    Wallet breakdown for the 20 coins
    MyEtherWallet stores 10 of the coins
    Electrum stores 1 coin
    Electrum LTC stores 1 coin
    Electrum Stratis stores 1 coin
    Rippex stores 1 coin
    Electron Cash stores 1 coin
    Daedulus stores 1 coin
    Exodus stores 1 coin
    MyMonero stores 1 coin
    Stellar Desktop stores 1 coin
    PivX stores 1 coin


Comments

  • #2
    BrokenArrows
    Registered Users Posts: 7,500 ✭✭✭BrokenArrows


    Ya I hate wallets.
    I have currencies and just keep them on binance.

    Honestly I rather keep them on binance rather than ****nit up myself by forgetting keys or my hardware failing.


  • #3
    ED E
    Registered Users Posts: 36,164 ✭✭✭✭ED E


    crytoadvice wrote: »
    How do Crypto advocates expect people to adopt cryptocurrency when the currency is so difficult to manage

    One wallet, maybe two. The idea is 30 coins you're currently in to die off.


  • #4
    nuac
    Moderators, Society & Culture Moderators Posts: 6,769 Mod ✭✭✭✭nuac


    BrokenArrows wrote: »
    Ya I hate wallets.
    I have currencies and just keep them on binance.

    Honestly I rather keep them on binance rather than ****nit up myself by forgetting keys or my hardware failing.

    How safe is BINANCE?

    I.E. can it be hacked?

    Or if you cannot find it some day, nor anybody associated with it.


  • #5
    crytoadvice
    Registered Users Posts: 88 ✭✭crytoadvice


    ED E wrote: »
    One wallet, maybe two. The idea is 30 coins you're currently in to die off.
    Can you explain/elaborate on this?


  • #6
    ED E
    Registered Users Posts: 36,164 ✭✭✭✭ED E


    crytoadvice wrote: »
    Can you explain/elaborate on this?

    Crypto arent stocks, they're currency. Theres no reason for everyone to use their own currency. The current setup is like Dublin using Euros, Wicklow using Francs and Meath using Rubles.

    Eventually the market/consumer will decide to use one or two for transactions and the rest will flatline in value and die.


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  • #7
    Blacktie.
    Registered Users Posts: 2,903 ✭✭✭Blacktie.


    ED E wrote: »
    Crypto arent stocks, they're currency. Theres no reason for everyone to use their own currency. The current setup is like Dublin using Euros, Wicklow using Francs and Meath using Rubles.

    Eventually the market/consumer will decide to use one or two for transactions and the rest will flatline in value and die.

    Except they won't because most of them have different use cases than just a currency.


  • #8
    ED E
    Registered Users Posts: 36,164 ✭✭✭✭ED E


    Blacktie. wrote: »
    Except they won't because most of them have different use cases than just a currency.

    Or so they'd like to think.


  • #9
    BrokenArrows
    Registered Users Posts: 7,500 ✭✭✭BrokenArrows


    nuac wrote: »
    How safe is BINANCE?

    I.E. can it be hacked?

    Or if you cannot find it some day, nor anybody associated with it.

    Binance is probably one of the safer exchanges. But anything can be hacked. NSA, FBI etc have all been hacked and they spent untold millions on security.

    At the same time my laptop could be hacked, or my harddrive could fail. Both of which have happened me in the past.

    So storing stuff on my machines is not necessarily safer than on the exchange.
    At this point and with the amount i have invested i feel confident enough to leave them on the exchange. If some of the coins moon and it becomes life changing money then i might reconsider that. But at the moment its money i can afford to lose.

    I also like that i can just jump on the exchange and make a quick trade without having to wait for the transfer from my personal wallet to the exchange.

    Also managing 8 wallets would be a nightmare.


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