I purchased Bitcoin a couple of years in the past however it’s been sitting on an trade (Coinspot Aus)
I clearly have to get it off the trade however I am unsure how to do this.
Can I put my Bitcoin on an everyday top quality USB stick or do I’ve to make use of a ledger nano?
14 thoughts on “get coin off the trade”
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A Coinbase wallet isn’t a bad idea as it is self custody and easy to setup
The FAQ here lists some good wallet options. You don’t need to use a hardware wallet.
Use Trust wallet its better
Why tf did I just buy a Ledger Nano X?
First, ignore all DMs offering to help you. They are all scammers who want to steal your money.
You will need a wallet. There are many different wallets, and the quality between them can be quite high. You need to be careful when choosing one because some are much more susceptible to malware/hackers than others.
There have been many questions about wallets on this sub, so just do a search for “wallet” and you can find the posts and read them.
One of the most important things you need to figure out is whether you want a software wallet or a hardware wallet. Software wallets (or hot wallets) are free and downloaded onto your device. They are more convenient, but also less secure.
Hardware wallets are a small device that you purchase and plug into your phone or computer to use. If you are holding more than $1k of crypto it is time to start seriously considering a hardware wallet. A purchase of less than $100 can save your entire stack from being stolen. Hardware wallets are very secure because no matter how much malware you get on your computer, the private keys are never exposed, so your funds are safe.
“Can I put my Bitcoin on a regular high quality USB stick or do I have to use a ledger nano?”
You can do that, but every time you plug the USB into your computer there is the potential of your private keys being exposed. In can be done in a safe way, but that is much more technical and not for beginners. There are multiple good wallets, so do some research on them before you just go with the Ledger.
Bitcoin wallet apps are free
A Bitcoin wallet app has two main functions, send and receive
In your wallet app, choose “receive”. The app will display a fresh, new Bitcoin receiving address
In your Coinspot account, choose “withdraw”. Paste the Bitcoin receiving address. Withdraw all
> Can I put my Bitcoin on a regular high quality USB stick
Flash memory is very unreliable
Write seed words on paper
>Can I put my Bitcoin on a regular high quality USB stick or do I have to use a ledger nano?
Good information in this thread that pretty much answers your question. I just want to make a suggestion for sparrow wallet. Desktop only though.
Samourai wallet is also worth looking into.
buy a ledger harware wallet
The following steps:
Get a wallet app:
Install the App
Create a new wallet on the app
you get 12 or 24 words (your secret! private-key) – never save them on your PC!
…just write them down by hand and put them in a safe!
!!!Don’t send the private-key to anyone – and certainly not via eMail or as a photo. Never give it to anyone on the internet!!! Never ever!!
Search in your wallet under “receive” your public-key (= your public wallet address) you need this to receive the bitcoins on your wallet.
go to the exchange and send first the minimum amount that the exchange allows to the public key of your wallet. (e.g. 0,001 BTC)
Wait until this amount shows up in your wallet app. If they appear there (up to max. 1h) then you have successfully completed your first transaction.
If the Bitcoin do not appear in your wallet – then do not panic – this can often take longer if many transactions happen at the same time. Otherwise check if you have entered the public key correctly.
If everything is OK – and only if everything is OK and you have successfully completed your first transaction – then send the remaining Bitcoins from the exchange to the public-key of your wallet.
These are the most important steps
Have fun + good luck! 😉
very simple and short: difference between USB stick and hardware wallet:
A USB stick is like an open drawer in your house. Anyone can open the files on the USB stick, reach in and take away your secret private key.
a hardware wallet is like a safe in the basement of a bank. No normal person can reach the private key!
Even if you connect the hardware wallet to the PC, no one can read the key because the PC cannot get a connection to the chip on which the private key is stored.
But you don’t need a hardware-wallet – it’s enough if you write your private-key on paper and lock it in a safe! …and never store it on your PC/smartphone!
Either use a hot wallet- an app based wallet, that you have the seed phrase to access (never give this to anyone, even those offering help), or a cold wallet- it’ll be a physical storage device.
Research the pros and cons of both to best decide the type of self custody you want.
Once set up, then you need to use the Bitcoin wallet address to enter into the exchange as the recipient address. Get this perfect- one mistake and your coin is either sent to some random, or lost forever. Either way, you’re down on BTC, so check and double check!!
have you considered electrum wallet?