Newbie questions crypto thread
- Thread starter Roosh
- Start date
How do you back up your 2FA device? I changed phones recently and I had to rescan all the QR codes from the exchanges. Luckily my old phone still worked so I could get back into my accounts. I'm worried that if my phone gets stolen/lost, I won't be able to access my accounts.
Germanicus
Kingfisher
Malone said:
Getting onto it was ok. Getting verified is the problem. GDAX won't accept my pictures and Kraken and Binance have apparently accepted my documentation for consideration, but I'm still not verified. After several days.
bucky
Ostrich
Germanicus said:
I seem to have been able to register for Kraken a few days ago, but since then any attempt to log in or actually do anything on the site has been getting me a 404 Page Not Found error. Just tried again and it's telling me my password is incorrect, and it doesn't look like I'm getting my password reset email. Seems like the site is effectively down, at least from here in Central America.
Come to think of it, would this mean that if I'd purchased crypto with Kraken I would have no way to access it now? Newbie question I know, but that's why I'm asking it here.
Gas said:
I did for a little while with some btc that I was hodling. You can get approximately 15-30% return per year using it
Outside of USD and BTC there is virtually zero demand for funding, so the interest rates for other coins are tiny.
I stopped funding because the rate of return you can get from trading far outweighs what you can get from funding right now.
Gas said:
When the QR code pops up there should be a recovery key under it that you can print out and store somewhere safe.
Otherwise if your phone is lost/stolen/damaged it will be a nightmare to get back into your account.
So if you didn't print or otherwise save those recovery codes I would recommend disabling the 2FA, then re-enable and save the code.
SamuelBRoberts
Crow
Probably not.
Yeah there's a bunch. Buy some ETH, maybe? Lots of people like ETH.
Germanicus
Kingfisher
Stonk said:
I'm in the same boat, man. Been thinking about investing in crypto since the late summer and that's when I started to sit down and learn about it. I had a busy fall with work and life commitments so I was still learning and not fully comfortable when Bitcoin really took off, so I missed the boat there. Which I don't feel too poorly about since my life experience has taught me to have a solid base of preparation before embarking on anything serious-- and I wasn't squared away and I wouldn't have been able to take proper and intelligent advantage of the situation.
It's just recently that I've started to make my first solid steps. From what little I know and what information resources there are available, I'd say Bitcoin is still a worthy investment, albeit don't focus exclusively on it. Ethereum and Litecoin are also worth a look, and keep your eyes on some of the alt coins making their way up. Ripple, RaiBlocks, Monero, and a couple others have some great potential. Using Bitcoin, Litecoin, and Ethereum for purchasing some of these coins on certain exchanges is also a potentially useful strategy.
Just do your homework-- a lot of that being reading and listening to the experienced guys on this sub-forum talk. There is some absolute gold standard advice here. I've learned a lot of solid information just from lurking and reading and making hours worth of notes and then comparing it to what I see elsewhere on the internet.
The White Wolf
Pigeon
What protections are experienced crypto investors taking to hedge against a crash to one of the major coins?
For example, lets say I purchase 1 Bitcoin on Coinbase / BDAX and then divy that up into alt-coins via Binance / Bitrex.
Is there a possibility that any exponential gains made via the Alt coins are negated by a crash in Bitcoin / Ethereum.
My understanding is that only Bitcoin / Ethereum / Litecoin / Monero are directly transferrable to USD. So any gains would be obsolete if a major coin experiences a severe drop in value.
For example, lets say I purchase 1 Bitcoin on Coinbase / BDAX and then divy that up into alt-coins via Binance / Bitrex.
Is there a possibility that any exponential gains made via the Alt coins are negated by a crash in Bitcoin / Ethereum.
My understanding is that only Bitcoin / Ethereum / Litecoin / Monero are directly transferrable to USD. So any gains would be obsolete if a major coin experiences a severe drop in value.
SamuelBRoberts
Crow
What place has a Monero/USD pairing?
In answer to your question, you don't hold the BTC for long enough for the drop to matter.
YOu sell the altcoin for BTC and then immediately sell the BTC, holding it for only an hour or so.
In answer to your question, you don't hold the BTC for long enough for the drop to matter.
YOu sell the altcoin for BTC and then immediately sell the BTC, holding it for only an hour or so.
What causes certain crypto transfers/withdrawals to take DAYS, while others are moved in minutes?
For instance, I am trying to withdraw crypto from an ICO I just bought to MyEtherWallet, and its already been three days.
Similarly, when I moved ETH from coinbase to Binance, it also took over twenty four hours.
However, I previously went to pay for something in bitcoin, and the transaction was almost immediate.
Why the differences?
For instance, I am trying to withdraw crypto from an ICO I just bought to MyEtherWallet, and its already been three days.
Similarly, when I moved ETH from coinbase to Binance, it also took over twenty four hours.
However, I previously went to pay for something in bitcoin, and the transaction was almost immediate.
Why the differences?
SamuelBRoberts
Crow
You're not using enough gas when you do your ETH transfers.
The ETH network is really backed up lately, and the default gas prices (Which were set when ETH was far smaller than it is now) are no longer sufficient.
The ETH network is really backed up lately, and the default gas prices (Which were set when ETH was far smaller than it is now) are no longer sufficient.
bucky
Ostrich
SamuelBRoberts said:
If I buy ETH on coinbase now, can I realistically expect to be able to convert some of it to Ripple and Monero in the near future? I'm a newb and still somewhat confused about how to actually purchase Ripple and Monero, the two cryptos that actually interest me the most.
bucky
Ostrich
Adonis said:
May I ask which exchanges you used and where you're located? I'm getting my ass handed to me by exchanges being unusable from my location (e.g. coinbase) or just being completely down (e.g. Kraken). Also, out of curiosity did you convert ETH to XMR or XRP? That's what I really want to do but my understanding is that I'd have to purchase ETH on one exchange then use it on another to buy XMR and XRP which I just haven't been able to figure out.
I'm in Central America, by the way.