Crypto Currencies ~ " Duck Tales Spin From The Crypt"

I'm not exactly sure when they know how much you have, if it is when you initially set up your Trezor or if you need to contact them to restore your balance.

 

cold storage = USB or paper wallet.

Define paper wallet - screenshot of your account showing your 'investments'?

 

I ended up sticking with Bistamp as my trading platform.

The whole Google Authentication/Scan Barcode/Thingamajig had me running in circles.

 

There-in lies the risk- as with anything. The whole idea of the creation of this was to get away from banks, and have something more stable than fiat currencies. I know, it's a little oxymoronic at this point because of the rate that BitCoin is growing...

That being said, if you've read the "Letter to Investors" from Berkshire, Warren Buffet goes into detail about how the dollar has decreased somewhere in the value of 700-800% since the 1960's. What that means is, our current fiat currency (the USD) is and has been grossly mis-managed- which is the whole idea behind the creation of this tech.

There would have to be a straight up "out-law" of crypto-currencies across the globe for people to lose their ass over night- by mathematical and statistical law. Even with China "outlawing" it, we saw momentary dip- and now look where we're at. By the way, McDonalds in Thailand (IIRC) now accepts crypto as payment... That's no small corporation.

 

Subbed as I am in this game as well and am thinking of getting some Litecoin

If anyone has not set up a Coinbase account and wants to get into BTC or so forth...use the following link.

https://www.coinbase.com/join/5a1ec4290784b400e263e393

Once you buy $100 worth, you will then get a $10 added bonus from Coinbase for yourself and for me!

Kinda helps to cover the fee you have to pay honestly....

 

Not trying be an ass- because I genuinely want to answer your question, but there are hundreds (literally hundreds) of YouTube videos on this.

Also, @T Fades is right- that is absolutely the most "secure" way to keep your crypto. You just have to make sure your "cold storage" doesn't some how: get burned in a fire, lost, stolen, etc.

 

Alt Coins are basically any coin besides BitCoin. TECHNICALLY- Etherium and LiteCoin are alt coins as well, but they're big enough that the overall majority (mass population in the crypto world) doesn't consider them alt coins.

AltCoins are things like: FeatherCoin, Dash, Mona Coin, Monaco, and the other 1,000 coins available to trade.

Does that answer your question?

 

basically, yes.

when you store on cold storage, you don't actually have your btc on that usb or paper, but rather a code to access it from where you bought it from.

 

I am tempted to get into Litecoin with it being sub $100 and getting a single coin to hold onto. Just don't know the market on that or how that may or may not work as when people think of Crypto Currency they immediately think of Bitcoin and not the others. At least non Crypto Currency people.

 

I keep all my coins on my Nano Ledger and keep the usb in a safety deposit box at the bank I work at. To me that is the safest

For the people that are looking to get in to the game I suggest reading/watching some documentaries on the subject.

 

Bittrex has been super easy to trade on and log-into. Honestly, I wish it was more like the E-Trade Pro, but we're still so new here, I think it'll happen eventually...

 

I think that's a good idea- especially for long term. Remember, BitCoin will get to a point where it's so expensive only a certain number of people will be able to afford it- more like "think" they can't afford it in their mind. That's when the other alt coins will REALLY start to take off.

 

Hahaha. Works at a bank and invests in crypto... Hahahahaha. Love it.

 

Yea, I can see that.

When you want to buy BTC but can't even buy a full BTC makes you feel like why even buy BTC?

 

This.

 

Yep. Cause that was my original thinking about 3 months ago... and I should have done it then...

 

I understand the U.S. Dollar has been mismanaged but its still backed by the weight and power of the U.S. Military, this is probably the only reason why the dollar is still the worlds reserve currency. However, BitCoin is backed by nothing tangible at all, which makes it very susceptible to fraud and mismanagement.

I'm not saying BitCoin or crypto currencies are going to go away, I'm just saying the market is way overvalued at this time with nothing really driving it but speculation. BitCoin has increased from a value of near nothing to 10K a coin in less than 10 years, something is not right with that.

Also, McDonalds is a giant global corporation, not sure what their market share is in Thailand but I'm willing to bet that its so small that if crypto goes south McDonalds will still survive. Not many other corporations can or will take that risk with a crypto currency at this point and time.

Hey, if you can make money on it then I'm glad for you but I'm waiting this one out for now, just too many unknowns.

 

When people in Honduras are living on $1.00 x day and then see that BTC is currently worth more than what they will make in 4 lifetimes, that will kind of be a show stopper for them... That's what BTC was designed for- completely get away from banks with an instant payment form. GLOBALLY.

It's not seeing the forest from the trees, or even the tree from the forest... It's literally just getting your mind around just exactly how big the forest is...

 

I shoulda bought in back when I first heard Joe Rogan talking about it.

 

I think you really just have to treat it like penny stocks high risk and high reward.