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Noob help with wallets

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  • 03-03-2021 5:01pm
    #1
    Luckycharms_74
    Registered Users Posts: 6,609 ✭✭✭


    Hi All

    I'm very new to crypto investing. My plan is to invest an amount each month and hold long term.
    I have 3 exchange accounts at present values.
    • Binance (<$200)
    • Bitstamp (>$500<$1000)
    • Kraken (<$200)


    I'm not sure exactly how wallets work with these exchanges. When I sell a crypto is it then stored on my account (software wallet) until I sent it to an address. How would I cash these values to my bank in the future.

    I'm sorry for the stupid questions but I couldn't find in the stickies.


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    #2
    Keller Bear
    Registered Users Posts: 114 ✭✭Keller Bear


    Use apps like Mycelium for Bitcoin, others are available too. Atomic Wallet is useful for many coins. If you want some of your coins to gain some interest try Celsius. (Although some would argue this might not be the most secure for your funds) the above are all soft wallets. Once you download the app and install you will be prompted to start a new wallet/account or enter an existing seed phrase. If its the former, jot down the 12 or 24 word seed phrase on a piece of paper, never on the cloud or your phone. Think of this link as your pin number for your bank account. Never share this for obvious reasons. So keep it save!

    Otherwise you copy the address of your wallet, go to your kraken or binance exchange and withdraw to said address. Just double check the address in case there is any malware on your computer that might change it to a different address. Always good to start off by sending a small amount to the address as a starter so nothing terrible goes wrong.Once you have the seed phrase you can delete the app if you wish for added security. If you have the address you can keep sending your coins, download the app again and enter the seed phrase this time and everything should be OK.

    At some point you might want to try a hardware wallet like Trezor or Ledger (although Ledger has had a good few terrible incidents lately). Whichever, the same steps as above applies you will just have more security (Ledger...maybe, maybe not)

    I have never sold...but if you sell on the exchange, whether you sell for FIAT or crypto these will stay on the exchange until you withdraw to your bank account or crypto wallet.


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    #3
    el diablo
    Registered Users Posts: 5,745 ✭✭✭el diablo


    Luckycharms_74 wrote: »
    Hi All

    I'm very new to crypto investing. My plan is to invest an amount each month and hold long term.
    I have 3 exchange accounts at present values.
    • Binance (<$200)
    • Bitstamp (>$500<$1000)
    • Kraken (<$200)


    I'm not sure exactly how wallets work with these exchanges. When I sell a crypto is it then stored on my account (software wallet) until I sent it to an address. How would I cash these values to my bank in the future.

    I'm sorry for the stupid questions but I couldn't find in the stickies.

    It also depends on which cryptos you hold as no one wallet will support all cryptos. Exodus, Atomic, Trust wallets are al good options for mobile wallets. Make sure you download them from the correct links though as there are lots of scams out there.

    We're all in this psy-op together.🤨



  • Options
    #4
    Daithi40
    Registered Users Posts: 177 ✭✭Daithi40


    Depends on the amount you are investing, I've left some on Kraken and Binance as I trust them to hold my crypto (up tp €3k or so), but for large amounts I've moved stuff to my Ledger Nano but depends on your risk appetite - google Mt Gox I guess but tbh I think that everyhing has moved up a gear with security since then. Enable 2FA on everything.

    Also depends if you want to stake cryptos, some are friendly to wallets, some you might need to keep on the exchange

    Hope this helps a little


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    #5
    dartboardio
    Registered Users Posts: 2,436 ✭✭✭dartboardio


    Blockchain is fine for holding. Also Bitstamp you can directly withdraw to your bank account too. Just sell your crypto and it’ll allow you to add a bank account and withdraw.


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    #6
    Mellor
    Registered Users Posts: 39,024 ✭✭✭✭Mellor


    Luckycharms_74 wrote: »
    I'm not sure exactly how wallets work with these exchanges. When I sell a crypto is it then stored on my account (software wallet) until I sent it to an address. How would I cash these values to my bank in the future.

    The above posts are good, but I don't think they answer these specific questions for you.

    When you buy a crypto on Binance they are assigned to your account. But Binance control the keys to those addresses. It's their crypto, that you entrust them to send to you if you ask.

    When you send to a wallet address. You control the keys.
    You can spend directly from the wallet. If you wanted to buy a bag of lettuce, you would send the amount needed to the greengrocers who accepts crypto for payments.

    If you wanted to cash them to you back. You would need to convert them back into currency. By sending back to Binance and withdrawing. Or by another means to exchange to fiat.


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    #7
    Mellor
    Registered Users Posts: 39,024 ✭✭✭✭Mellor


    dartboardio wrote: »
    Also Bitstamp you can directly withdraw to your bank account too.

    Bitstamp is an exchange. Not a wallet. You don't own the bitcoin.


  • Options
    #8
    Luckycharms_74
    Registered Users Posts: 6,609 ✭✭✭Luckycharms_74


    Mellor wrote: »
    The above posts are good, but I don't think they answer these specific questions for you.

    When you buy a crypto on Binance they are assigned to your account. But Binance control the keys to those addresses. It's their crypto, that you entrust them to send to you if you ask.

    When you send to a wallet address. You control the keys.
    You can spend directly from the wallet. If you wanted to buy a bag of lettuce, you would send the amount needed to the greengrocers who accepts crypto for payments.

    If you wanted to cash them to you back. You would need to convert them back into currency. By sending back to Binance and withdrawing. Or by another means to exchange to fiat.


    Yeah, I think that's what I'm looking for. From what I read you should not keep anything over say $100 on an exchange or mobile wallet. It should be kept in a cold storage hardware wallet or printing the private keys and addresses used for access on paper or I have even seen it suggested to stamp them onto Fire-resistant metal and kept safe.

    I suppose at the end of the day you should treat crypto like hard cash, would you trust a stranger with them if it's not guaranteed from theft like most banks would be covered.

    I mean for a few hundred it's not gonna break anyone but I think anything over €1k should be protected.

    I assume I need a wallet to generate the private keys first?


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    #9
    el diablo
    Registered Users Posts: 5,745 ✭✭✭el diablo


    Luckycharms_74 wrote: »
    Yeah, I think that's what I'm looking for. From what I read you should not keep anything over say $100 on an exchange or mobile wallet. It should be kept in a cold storage hardware wallet or printing the private keys and addresses used for access on paper or I have even seen it suggested to stamp them onto Fire-resistant metal and kept safe.

    I suppose at the end of the day you should treat crypto like hard cash, would you trust a stranger with them if it's not guaranteed from theft like most banks would be covered.

    I mean for a few hundred it's not gonna break anyone but I think anything over €1k should be protected.

    I assume I need a wallet to generate the private keys first?

    Wallets such as Exodus, Enjin, Atomic, Trust are secure and you control your own private keys. Just make sure the security on your phone/laptop is top notch (install recommended anti-virus, anti-malware software). If you purchase a hardware wallet make sure it's directly from the vendor.

    We're all in this psy-op together.🤨



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    #10
    Rob2D
    Moderators, Business & Finance Moderators Posts: 2,449 Mod ✭✭✭✭Rob2D


    Hey guys quick question.

    I got all my wallets set up and my broker has been sending me my crypto overnight. However I noticed some transactions not showing.

    Upon closer inspection, I notice that in Atomic & Exodus wallets, the addresses for ERC 20 tokens are the same as the main Ethereum address. So the test amounts were only showing in the Ethereum portion of the wallets.

    So my question is how do you set up your wallet to differentiate between the tokens if they all have the same address???


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    #11
    lintdrummer
    Registered Users Posts: 1,699 ✭✭✭lintdrummer


    I'm trying to find out if it's possible to remove "gas" from a wallet? I have a Monolith wallet with Eth gas in it and I haven't been able to figure out a way of transferring that ETH to an exchange.


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    #12
    Rob2D
    Moderators, Business & Finance Moderators Posts: 2,449 Mod ✭✭✭✭Rob2D


    Rob2D wrote: »
    Hey guys quick question.

    I got all my wallets set up and my broker has been sending me my crypto overnight. However I noticed some transactions not showing.

    Upon closer inspection, I notice that in Atomic & Exodus wallets, the addresses for ERC 20 tokens are the same as the main Ethereum address. So the test amounts were only showing in the Ethereum portion of the wallets.

    So my question is how do you set up your wallet to differentiate between the tokens if they all have the same address???

    Or do you have to exchange within the wallet from ethereum --> whatever erc20 and then the wallet sorts it out and displays it to you in that modified value with a whatever nameplate????????


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    #13
    Rob2D
    Moderators, Business & Finance Moderators Posts: 2,449 Mod ✭✭✭✭Rob2D


    OK I figured it:

    "You also may have noticed that within your Exodus wallet your ERC20 tokens share the same receiving address as each other and Ethereum (ETH). Because ERC20 tokens use the Ethereum blockchain, your Ethereum wallet not only handles your ETH but also all ERC20 or Ethereum-powered assets you may have. Your Exodus wallet is smart enough to know what it is being sent so your asset always shows up in the correct wallet for you to see."

    Problem is my Atomic & Exodus wallets don't seem to be smart enough to know what they're getting.


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    #14
    yabadabado
    Registered Users Posts: 16,520 ✭✭✭✭yabadabado


    Started buying some crypto the last few months and have it all stored on binance and kraken,its getting to the point where I think its best to move it to a wallet.

    Is it best to use something like atomic wallet or go with a hard wallet like ledger ?

    There isnt huge sums of money involved but Im looking longterm and all the advice seems to be move it to a wallet.


  • Options
    #15
    el diablo
    Registered Users Posts: 5,745 ✭✭✭el diablo


    yabadabado wrote: »
    Started buying some crypto the last few months and have it all stored on binance and kraken,its getting to the point where I think its best to move it to a wallet.

    Is it best to use something like atomic wallet or go with a hard wallet like ledger ?

    There isnt huge sums of money involved but Im looking longterm and all the advice seems to be move it to a wallet.

    Mobile/desktop wallets such as Exodus, Atomic, Enjin, Trust would be sufficient in your situation. Just make sure the security on your phone or PC is good.

    We're all in this psy-op together.🤨



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    #16
    NoviGlitzko
    Registered Users Posts: 2,580 ✭✭✭NoviGlitzko


    Hey all, wonder if someone can help me?

    I withdrew a small amount of bitcoin from Coinbase and used my e-mail as the address. When I go into the Coinbase e-mail it says 'you just received ... of bitcoin with a tick. Has anyone sent their assets to e-mail before? And if so how do I withdraw/transfer it to my wallet? Any help is much appreciated!


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    #17
    Mellor
    Registered Users Posts: 39,024 ✭✭✭✭Mellor


    NoviGlitzko wrote: »
    Hey all, wonder if someone can help me?

    I withdrew a small amount of bitcoin from Coinbase and used my e-mail as the address. When I go into the Coinbase e-mail it says 'you just received ... of bitcoin with a tick. Has anyone sent their assets to e-mail before? And if so how do I withdraw/transfer it to my wallet? Any help is much appreciated!

    I don’t think you withdrew any money. You just sent it to yourself.


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    #18
    NoviGlitzko
    Registered Users Posts: 2,580 ✭✭✭NoviGlitzko


    Mellor wrote: »
    I don’t think you withdrew any money. You just sent it to yourself.

    Ah ok. Basically my intention was to send it to my online wallet. Is there anything that can be done? It's basically just an email saying here is your money and no other options. Have tried getting in touch with Coinbase but getting no further.


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    #19
    el diablo
    Registered Users Posts: 5,745 ✭✭✭el diablo


    NoviGlitzko wrote: »
    Ah ok. Basically my intention was to send it to my online wallet. Is there anything that can be done? It's basically just an email saying here is your money and no other options. Have tried getting in touch with Coinbase but getting no further.

    So has your balance changed? And do you have a wallet set up? Go to your wallet, click on "Bitcoin" and click on 'receive" and that's your receiving address.

    We're all in this psy-op together.🤨



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    #20
    NoviGlitzko
    Registered Users Posts: 2,580 ✭✭✭NoviGlitzko


    el diablo wrote: »
    So has your balance changed? And do you have a wallet set up? Go to your wallet, click on "Bitcoin" and click on 'receive" and that's your receiving address.
    My balance changed alright. The message says 'you just received (your bitcoin)', then 'Your transferred currency is available immediately, and you can view transaction details in your Coinbase account.'


    Underneath is a click for 'view this transaction', but when I click it nothing happens. I'll try again tomorrow to get in touch with them. Frustrating.


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    #21
    Mellor
    Registered Users Posts: 39,024 ✭✭✭✭Mellor


    NoviGlitzko wrote: »
    Ah ok. Basically my intention was to send it to my online wallet. Is there anything that can be done?
    What online wallet where you trying to send it to?
    To send it to a wallet you need to used that wallet address as the destination.
    It's basically just an email saying here is your money and no other options. Have tried getting in touch with Coinbase but getting no further.
    That's normal.
    You send money. It gets delivered. You get an email saying money was received.
    There are no other options expected. Once it's sent, your actions are over.


    In this case sourse and destination are the same.
    Coinbase allows you to send money to Coinbase users via their email address.
    Money left you portfolio (coinbase wallet), send to your email, received by coinbase, and will be received by your portfolio - less any fees for sending.

    Your transactions should match that.


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    #22
    dec2000
    Registered Users Posts: 414 ✭✭dec2000


    Sorry for hopping on this chain but downloaded exodus on the back of recommendations here and transferred some Ada to it to stake, also playing with Yoroi wallet too. Only small amounts while I figure it out but a real noob question:

    I had 113.9 Ada in Binance and transferred to Exodus. There was a 1 Ada charge and 112.9 was received(showing in exodus as recieved) but the balance shows 110.7. what's the reason for the discrepancy?


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