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What to do?

I not too long ago purchased over $400 of bitcoin on the $17,000-$20,000 vary on Coinbase the final 3-4 months. Everybody’s saying to take your cash out of standard companies like Coinbase and put it right into a “chilly pockets”. I’m fairly new to bitcoin and don’t know what a chilly pockets is. I simply don’t wanna promote my bitcoin at a comparatively low worth in comparison with once I purchased it simply to maneuver it into a chilly pockets. I’m conscious of all of the FTX stuff however ought to I actually be petrified of holding my belongings in Coinbase? And if I promote all of it proper now and reinvest it into a chilly pockets on the $16,000 vary would that be extra price than maintaining it. As of proper now I’ve $345 and I’m $90 down. Sorry if I sound like a crypto noob

42 thoughts on “What to do?”

  1. Go to the Trezor or Ledger website and purchase a hardware wallet directly from them.

    Set up is pretty easy. Play around with it for a bit before transferring in your funds. Try restoring your wallet from the seed phrase. Send a tiny amount to the wallet and then try sending it back to the exchange address. Once you’re comfortable with those steps you should transfer your BTC into the wallet.

  2. You don’t necessarily need a hardware wallet (“cold” wallet), although it offers a higher security than a “hot” wallet, but you should store your coins in a proper wallet in any case (open source, non-custodial, peer reviewed). But before that you need to understand how to backup and store it properly.

    You can watch some of those videos (and/or search for “how to choose a wallet”) on this channel: https://www.youtube.com/c/aantonop/search?query=private%20key

    You can choose a wallet here: https://www.lopp.net/bitcoin-information/recommended-wallets.html

    or here: https://bitcoin.org/en/choose-your-wallet

    Backup best practices: https://bitcoin-intro.com/en/backup

  3. A “cold wallet” is YOUR Bank. You are not selling anything when you move to a cold wallet, you are just transferring custodial ownership from the exchange to yourself.

    NYK, NYC… not your keys, not your coins.

    Ledger, Trezor or similar hardware to be secure.

  4. Honestly Coinbase is probably OK, but ive lost a shit ton of money on Celsius and Voyager ($100K). So that being said. A ledger is recommended and for $79.00 its a part of your investment. Then transfer to ledger and start DCA weekly or monthy. every little bit counts. Also Blue is a wallet to keep
    crypto on.

  5. A bitcoin-only open source phone wallet is actually quite safe for smaller amounts. It’s a perfectly fine free solution until your hodl is big enough to warrant buying a Trezor or Coldcard.

    Good open souce bitcoin wallet apps: Blockstream Green, Bluewallet, Muun, and a handful of others.

  6. This might not have been the most secure thing but I did the following (lazy me)

    I went to [bitaddress.org](https://bitaddress.org) and downloaded the zip file on the bottom left.

    I disconnected my router and rebooted my computer.

    I opened the HTML file in the zip and generated a wallet. Copied the public key and private key on several pieces of paper. deleted everything, switched router on, rebooted computer again. Useless, I know.

    I sent everything from Coinbase to that wallet.

  7. If you have $400 invested, just use a free wallet. Some people are recommending a hardware wallet but for just $400 that’s ridiculous. Until you are ready to buy a lot more, don’t spend money on a hardware device.

    You can use a free mobile wallet like Muun or Samourai or Blue Wallet and withdraw your Bitcoin to an address generated by that wallet.

    For free desktop wallets, you can use Sparrow or Electrum. Same thing, the wallet will generate an address, and you go on your coinbase account and withdraw it to that address.

  8. Buy Trezor hardware wallet it is the same thing as cold wallet. Then, just move your BTC from Coinbase to your trezor wallet. It is just moving not selling everybody doing it.

  9. I’m surprised to see no one really addressed your comments about “selling” in order to get your Satoshis into cold storage. So I’m going to do it.

    Moving your Bitcoin from the exchange to your own wallet is exactly analogous to withdrawing US dollars from an ATM and into your pocket. You don’t sell the dollars into a different currency, you just withdraw to a different location.

    You have to ask coinbase to give you your money and tell them where you want it sent to, and they will send it there. You bought a certain amount of Sats, those Sats are now yours forever and the number of sats will never change. You have an exact piece of 4 Quadrillion Sats that will never be inflated or debased.

  10. You’re not selling any Bitcoin, you’re just moving it from one place to another, think of it as taking money out of your high street bank and putting the money in your home vault.

  11. you can even start with mobile/desktop wallets

    what I recommend beginner friends and family:
    muun wallet (ios, android)
    sparrow wallet/electrum wallet (desktop)

    make sure to verify and download from official sites!

  12. You don’t sell it you just withdraw it to another wallet. You can get Muun wallet if you use IOS or electrum wallet. If you want to be more secure you can buy a hardware wallet like ledger. Go to bitcoin.org to help choose a wallet

  13. As has been said below, a cold wallet is yours, you are not selling anything. Ledger for example doesn’t work on windows machines because of their awful protection systems that see the hardware wallet as a problem.

  14. Imagine a wall of safety deposit boxes. When you purchase Bitcoin or whichever cryptocurrency from Coinbase and leave it there, it’s still residing in their box and all you have is an IOU on it. Having a wallet allows you to deposit into your box.

    Get a Ledger or a Trezor. You’ll be spending a good fraction of what you currently have in crypto on one, if you plan on being here for the long term then bite the bullet on one. Otherwise if you’d like to wait to spend the money on one then the Coinbase Wallet app will be sufficient until then!

  15. Coinbase = FTX. They are both centralized exchanges that control the keys to your Bitcoin. The only safe way is to hold the keys yourself. I’d suggest getting a cheaper cold wallet like ledger nano s. It works great and is only like $70 (maybe little more now because of inflation…). If you plan on continuing to buy and holding like the rest of us, hardware wallet is the way to go. Also, you don’t sell anything when you move it to a different wallet.

  16. Coinbase one of safest to leave your funds in there but again who knows what’s in the Pandora’s box. If 400 bucks is a big amount of money to you then my friend educating yourself about cold wallets your best shot since even the cheapest hardware wallet costs around $100 I guess.

  17. everyone says cold wallet I agree with them. But if you are new to crypto want to inform more before acting to fast., let them on a legit exchange like coinbase or binance. I bought my first bitcoin in 2020 and still hold in on coinbase / binance. I know i is not smart but paying 15 usd for withdraw like 200 usd in btc is not worth for me.
    I wanted to switch to a cold wallet but was afraid that when I forget to update the ledger there could come up some login problems, but I am not sure about this.

  18. Well if you want BTC price to go up, you need to use a cold wallet.

    What do you think exchanges are doing with customer funds left on their website? They short Bitcoin with your funds, they lend your Bitcoin to shady companies to make some profit out of it.

    If an exchange gets short on money, first thing they do will be selling people’s Bitcoin on their platform.

  19. I just set up a trust wallet for my parents to get there money out of coinbase. You can easily set up that same wallet to a ledger when you get one. Long term you should look into setting up a bitcoin node so you can host your own wallet, but let’s get you your keys first.

    Just for god sake, write your keys down. Share them with parents (if trusted) or another party.


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