So I’m interested in purchasing some litecoins. I have some questions and comments about my setup, perhaps someone could offer some advice.
-I’m not going to be mining my own coins, this would be an initial purchase for now that I’d probably just sit on for a while.
-I understand the risks of keeping my coins in an online wallet vs. storage on my hard drive but I think I’d like to go this route. From my research I’ve found Coinbase to be a decent option, they seem to have a nice app for the phone as well. Is this a good idea? Are there better options for online wallet?
-If I do go with Coinbase for my wallet, do they charge a fee per transaction? Or is this a normal thing thats unavoidable anyway?
-Anything else I should know about? Good tips, tricks to look out for? I’ve found gdax.com to be a cool resource. What else can I use to help (further educate) myself?
@bakd247 I’ve read your posts in other topics and you provide a lot of helpful info. This is probably very basic for you but any advice would be appreciated (and from anyone else reading this as well)
Coinbase is a great place to buy…however for storage of litecoin you’d be best downloading a core wallet and a full copy of the blockchain so you have access to you private keys…online wallets fo not give access to private keys and if their server goes down…your coins fo with it…coinbase is “insured” and very reliable…make sure to use two factor and all that stuff…
Please, don’t use online wallets,
If you are going to do trading, them you must keep your portfolio online,
If you are going to hodl, get the litecoin core wallet, send your coins to that wallet, encrypt the wallet and backup your private key somewhere safe (backup after you send the coins to the wallet.)
I dont know cuz I don’t use them, but you may want to pay the network fees so your transactions arrive in a timely manner.
Bookmark this page, http://litecoinlearner.com/
I don’t know if the developer is still updating but there are a lot of guides and information about LTC.
Thanks for the helpful info. There’s a lot of helpful info on that site, appreciate it. Any other useful info you can share? Always looking to learn more / hear about others experiences.
Would the main reason not to store your coins in an online wallet be because its not backed up? So like if CoinBase were to go down I would lose all of my coins? Makes sense to store them locally and keep them encrypted then.
@pguerrerox@bakd247
Do you guys have any other worthwhile websites that you frequently visit that could be helpful? What do you guys use for news/resources? Any particular exchanges you follow closely?