If you're in Australia, your options are pretty much Coinbase, BTC Markets, Coinspot, or LocalBitcoins
Ask HN: What are best practices for buying / storing cryptocurrencies
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Re: Ask HN: What are best practices for buying / storing cryptocurrencies
#121: Don't keep your coins at an exchange. Only keep at an exchange what you are going to trade soon. 2: Backups, lots and lots of backups. And update the backups EVERY time you do a transaction!!!! 3: Keep your coins in multiple "batches", so if you lose one, you don't lose all. 4: Keep most of your coins offline. A bootable USB key is a good idea to reduce hack surface. Divide up the coins on multiple removable USB k…
#2 is overkill. Back up once and forget about it, there is no news to backup after transactions.
Re: Ask HN: What are best practices for buying / storing cryptocurrencies
#13Shapeshift or Changelly for exchange, your cois are only at risk during the trade which will last 10 minutes or so in my expereince.
The ideal destination for your coins post trade in order...
1. Hardware wallet if supported.
2. Carbon Wallet for multi signature bitcoin, https://carbonwallet.com
3. A non custodial wallet such as blockchain or strongcoin wallet.
Re: Ask HN: What are best practices for buying / storing cryptocurrencies
#141: Don't keep your coins at an exchange. Only keep at an exchange what you are going to trade soon. 2: Backups, lots and lots of backups. And update the backups EVERY time you do a transaction!!!! 3: Keep your coins in multiple "batches", so if you lose one, you don't lose all. 4: Keep most of your coins offline. A bootable USB key is a good idea to reduce hack surface. Divide up the coins on multiple removable USB k…
#2 is overkill. Back up once and forget about it, there is no news to backup after transactions.
That is absolutely not true.
If you send coins your wallet generates a new key for the remaining coins.
At that point your old backup is useless - it has a key that no longer works.
And yes, people have lost coins because of not knowing this.
Re: Ask HN: What are best practices for buying / storing cryptocurrencies
#15Earlier quoted context omitted.
#2 is overkill. Back up once and forget about it, there is no news to backup after transactions.
That is absolutely not true. If you send coins your wallet generates a new key for the remaining coins. At that point your old backup is useless - it has a key that no longer works. And yes, people have lost coins because of not knowing this.
This should be a solved problem with HD wallets.
Re: Ask HN: What are best practices for buying / storing cryptocurrencies
#16Few bitcoins I bought I did it on Gemini. They seem legit.
Re: Ask HN: What are best practices for buying / storing cryptocurrencies
#17If you're in Australia, your options are pretty much Coinbase, BTC Markets, Coinspot, or LocalBitcoins Source: http://howtobuybitcoininaustralia.com
There's also CoinJar for buying & selling Bitcoin. They don't work with any other cryptocurrencies though. (And their main focus seems to be their Bitcoin Debit / ATM card.)
Re: Ask HN: What are best practices for buying / storing cryptocurrencies
#18Which exchanges are the best? --- Depending on where you are located, best exchanges probably means an exchange that has high liquidity and smoothly facilitates withdrawal and deposit. In this case consider Gdax, Bitfinex, Coincheck, etc. How should I secure my coins once I've bought them? --- Really securing coins is hard and requires up most attention. The easiest way to get started is to purchase a hardware wallet…
What if I can't/don't want to buy a hardware wallet? (Since the amount that I want to store isn't worth buying an expensive wallet)
I've heard that paper wallets are good too but I have no idea how to use them. It would be great if you (or anyone) can help me with the process of using them.
Re: Ask HN: What are best practices for buying / storing cryptocurrencies
#19Best exchange: none.
Best way to secure them: don't buy them.
Re: Ask HN: What are best practices for buying / storing cryptocurrencies
#20Is there any way to exchange your money for bitcoin and just put it in a 'personal wallet' if you don't want to store it on somewhere like coinbase, etc?
Yes there are a huge variety of wallets like this, hardware and software. Storing your coins on one is best practice, don't rely on an exchange.
Transfering the coins from and to the exchange... Would that cost a fee?