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ShootingsBricks4Life
New Orleans Saints Fan
Member since May 2017
1988 posts

re: Simplest way to begin investing in crypto
quote:

When ya'll are buying BTC, or any other coin, are ya'll immediately moving it to a hardware wallet or are there any protections on having it sit in my Voyager account?


Interested in this answer. What are the positives of letting it sit in a wallet compared to a Voyager account besides security reasons?


TigerTatorTots
LSU Fan
The Safeshore
Member since Jul 2009
77264 posts

re: Simplest way to begin investing in crypto
Depends on if Voyager pays the network fees, I am not familiar with them. Exchanges like Coinbase and Cash App pay the fee so I usually move my BTC off of the exchange as soon as I can onto my cold storage wallet. Unless you are earning interest in a wallet on Blockfi, Celsius, ect, there is no reason to keep your coins on an exchange. I'll admit, I'm much more security concerned than the average poster on here. 99.999% of the time you will be fine leaving stuff on an exchange.


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rocket31
Toledo Fan
Member since Jan 2008
38170 posts

re: Simplest way to begin investing in crypto
id say in most cases, unless youre wallet/tech savvy, keeping your coins on an exchange is safer.

exchanges have insurance if something bizarre happens, while if you frick up and lose your keys, its over. im not suggesting its hard to lose your keys, because its not, but it does happen often.

overall my point is, i wouldnt be too worried about leaving my coins on voyager or coinbase or cashapp - these are publically traded companies (or will be soon)


DukeSilver
Houston Astros Fan
Member since Jan 2014
1908 posts

re: Simplest way to begin investing in crypto
Ok, I was under the impression your USD was safe/insured on at least Coinbase (not sure on Voyager) but that your coins were not. May have changed though.

I need to look more in to Voyager as that seems like the place to be.
This post was edited on 3/25 at 11:22 am


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Bullfrog
LSU Fan
but I left before halftime.
Member since Jul 2010
49314 posts

re: Simplest way to begin investing in crypto
quote:

ya'll immediately moving it to a hardware wallet or are there any protections on having it sit in my Voyager account
If you don’t have the private keys to your crypto, you don’t own it.

If it’s more than a week’s pay, store it off of the exchange. Move back if you’re trading or exchanging to another crypto.

Then move back to your wallet when your transactions are done.

ETA: There has been a continual history of the exchanges freezing up in times of volatility. When that happens, you can’t access your account or do anything with it but wait. Who needs that??
This post was edited on 3/25 at 1:13 pm


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coincrate
Member since May 2021
1 post

re: Simplest way to begin investing in crypto
I own BLOK as well, but that's not an actual crypto ETF..


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xxTIMMYxx
Member since Aug 2019
7313 posts

re: Simplest way to begin investing in crypto
Yea I made a mistake using Coinbase. I never really care about fees, but these punched you in the face


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