Wallet Tips (Use Mouse)

Buy & Sell Coin Cycle






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Step 1 Bank Account

Step 2 Exchange, Buy Coins

Step 3 Download Wallet

Mastercard has blocked crypto in the past. On exchanges, they could remove services like PayPal. Corrupt staff, selling your passwords to hackers, can access 2FA. Isn't that awesome, no accountability!

I highly recommended you use a stand-alone bank account. Ideally, you want to use a credit union bank, local access. Your weakest security is your cell phone. Do not store personal keys, passwords on there.
Start with buying $50 worth of BTC. It's one of the most secure. Then move into buying other coins. Factor in transfer fees, taxes. Avoid dead coins, discontinued projects such as Ethereum Classic.

Don't be stupid and tell people how much money you made, lost. Because the IRS is always listening, watching, be very cautious. If you brag, lie. If the government wants your money by illegal means, you screwed yourself. Consult a tax expert prior to investing.
Check for the latest Wallet version. Ideally download the software from the coin's site. Hackers can compromise third party sites like Github. It is probably unsafe to download software from such sites if it's years old!

Hackers can inject their own code, reroute traffic to a fake location. Make sure the links are legit. Once you're secure. Take the wallet offline. You can store them on a Flashcard, Trezor. Make a paper wallet (written on paper) as backup! Don't forget to encrypt.

Step 4 Transfer

Step 5 Come Back, Sell

Step 6 Cash Out

Now that bought your coins. You can move them into a hardware wallet. DO NOT leave your coins on an exchange. Hackers can steal them, or the exchange shutters. Exchanges will often have a bare minimum withdrawal. This can be $5 to $20. Some coins can be more or less.

Exchanges make money on fees. If they are making money by holding coins. They are probably selling your stuff. That's bad. Mt Gox did this.
Move your coins from cold storage back onto an exchange. Avoid the ones that are popular like, Coinbase. Use ones that are the most reliable. Like Coinbase. The joke is how limited the selection has been over the years. Prepare to search.

When you transfer coins back, start with $20 worth of one coin type. Sell them on the exchange. Move it into USD. This is your test run. By doing this you can avoid a bot stealing all your coins.
Make sure your bank accepts your money. If you go over $20,000, they may block or delay cashing out. If you made a fortune, you may be in for a wait. You can use Coinbase Pro to move everything into USD, to avoid fluctuations. Remember they make money on the fees.

Rinse repeat every dip cycle. Buy in, transfer to wallets. Sell in the growth cycle. Do not be afraid to fully cash out each time if it is a massive growth cycle. You can always buy back in, change coins. A typical cycle lasts 3-6 months.


Non KYC Exchanges

Desktop Exchanges

If your nation blocked you from major exchanges, such as Binance, I still recommended buying BTC on KYC. Even though they are limited, slow and report you. With the exception of your nation banning all crypto, then stick with private exchanges. However if you buy from questionable sources, you risk getting your credit card stolen. That means your money is lost forever!

Do NOT register your face (webcam), biometric data online! If possible, avoid it for added security. Biometrics outside of DNA, finger prints are not peer review reliable. This is because our faces, eyes, voices aren't as different as we like to think.
Check the fees of each coin before transferring. Every exchange can cost different amounts. Only transfer BTC! Always stay cautious, take things slowly.

The exchanges I tested were Kucoin and CoinEx. These bypassed NY State's locked/limited exchanges, KYC. I transferred my BTC from Coinbase to CoinEx. Then I purchased alt coins on there. After that, I moved them to offline wallets. I sent small test amounts first, for each coin.
Most wallets only hold one coin type. Make sure you research wallets before downloading them. There are multi coin wallets like Komodo's, Agama. In multi wallets I recommend only storing, four coin types maximum.

Finally, there are the desktop exchanges that also act as wallets. Avoid signing up for any data mining services, such as error tracking. Your personal data could go to the provider. The fewer points to data mine your info, the better. You cannot be perfect, but you can be extremely difficult to hack.

Common Mistakes


Hardware Failure

Do not download a discontinued wallet. Avoid compromised software. Make sure it is the recent version. Always check the addresses before sending, receiving. This requires lots of fact checking and patience. Get practice with small amounts before the real deal. You don't want to be sweating bullets because you accidentally sent $100k to the wrong address.
Ignore the temptation to trade person to person. Use a reliable service that allows peer to peer trading. Even if you trust that person, their PC may have malware. They could be hacked, and not know it. Never share accounts. Check for viruses, malware. Key loggers are the most common method of attack. I used to work in PC repairs. You don't want to know how many times I saw a flash card, Seagate HDD die. Even if you buy quality, hardware will fail in time. Make back ups. Paper passwords, private keys can last centuries! My drawings as a kid from 30 years ago are still holding up.