I just signed up for an account on Coinbase. I am really just looking to dabble with a little money for investment gains. Are there any good educational videos/articles I should read?
Cryptocurrency
- Thread starter Playboi Carti
- Start date
Crypto is spending $700 million for naming rights to Staples Center for 20 years.
If you are new to crypto I would suggest garnering a baseline knowledge of the space. Here is a good beginner video for Bitcoin and then crypto in general
I use al 3. If you are new to the space I would suggest Coinbase or Gemini at first. They are both US based so I would argue they would hold the lowest possible risk. Crypto.com is based out of Singapore.
I keep getting emails saying my coin base account has been hacked. I have no crypto accounts at all. For some reason it kind of makes me nervous to go with them
Don't blame you. Personally, I would inquire with their customer service. I suspect the issue could be easily solved. I have had a good experience with coinbase. I suggest it to most people because it is a publicly traded company which has more perceived security for folks.
Just a heads up for folks new to the space webull/Venmo/PayPal, etc, you don't actually own the crypto. You can't transfer it off the platform.
Not trying to dog your platforms, they just aren't similar to Coinbase, binanceUS, etc. You prob know that but others might not.
Yeah, this all depends on how much you are investing imo. If you are just throwing a thousand dollars into this then yes, those would be just fine. Not worth the headache of doing anything else. They are US companies and the funds are insured. Although, keep in mind that the insurance carried by exchanges are not analogous to FDIC and also it only protects a portion of their total held assets.
If you are looking at a larger investment eventually or would like to really get into the space then I would recommend not keeping your crypto on an exchange. As the saying goes in crypto "not your keys, not your crypto".
My opinion is that this is all about spreading risk. I suggest keeping half of your crypto in cold storage (link below), and then the rest in a mix between platforms like https://celsius.network/ and in a browser wallet like Metamask. Trustwallet is a good app based wallet as well. With metamask you can dabble in the defi space and engage dapps. Platforms like celsius and defi allow you to make interest/rewards on your coins.
Before you get into defi, something like Celsius would be your next stop on the risk/reward train. Currently, it pays 6% weekly interest on bitcoin and 10% on USDC stablecoin, for example. It is a centralized custodial company so there is risk there. But I am enjoying the rewards and am willing to take on the risk.
cold storage example - https://www.ledger.com/
If you ever wanted to withdraw or cash out is one better than the other?
I appreciate your insight and providing your perspective. All these opinions in this thread lead me to my biggest concern though: have you (or others on here) actually been able to convert the cryptocurrency to U.S. dollars, and if so, what kind of fees to third parties (and taxes) did you pay for that transaction? I ask because it seems cryptocurrency is not accepted as a form of payment for nearly any good or service.
I see Coinbase has a wallet app too. Might be an option to have both the Coinbase exchange and wallet apps?
I’ll also add that I’m curious to know there answer to @Chitowncy questions too.
Yip that will work. The wallet is self custody so very secure (just make sure you write down your seed!!!). That is what allows you to recover the wallet in the event you phone gets stolen and you need to reinstall, etc.
In other words, self custody is only as secure as you are. There is no recourse in crypto if you lose your seed keys.
Yes, for example, Bitcoin has very good liquidity. So do many others. I sold a little bitcoin last week on Coinbase Pro for US Dollars for a approx .5% trading fee. Then, sent the USD to my bank account which cost zero.
Would you be able to elaborate more on this cycle? Also, I assume when you say alts, your referring to crypto such as Dogecoin?
I am going to enjoy watching bitcoin crash when governments decide they are sick of this ****.
