Heard about this on X22 this evening, hoping someone here may have some insight or experience.
Trying to diversify for what's coming, I have some metals, GME, and some crypto in PayPal. Can't really do anything other than buy or sell it in PP and have been looking at selling and buying elsewhere like in my Coinbase account. Opened after buying in PP. Have also looked at hardware wallets a few times as well but it would be nice to have the ability to use it as currency and I'm not adverso to switching banks.
Edit: looking into them a little myself, their crypto rates are 1% and seems decent but doesn't look like you can make/accept crypto payments.
Thanks!
Never keep your crypto on an exchange.
Hardware wallets are good. Paper wallets are good too.
Keep in mind the only think you can ever “own” is your cryptographic keys. The private key provides you the ability to send a transaction to the block chain that will spend/transfer the value associated with your public key.
So guard your private keys!! This can be done in a device (cellphone/computer); purpose build computer (hardware wallet); or paper wallet (literally a piece of paper with the public and private keys printed on it).
Paper wallets are one time use. You print out a whole bunch of them and then when you want to save your money you send it to the public address on one of the paper wallets. When you want to use the money, you import the private key into a wallet on a device.
Lots of crypto has been lost by leaving it on exchanges and the exchange gets hacked or an insider steals the money and runs.
Lots of crypto has also been lost by people who failed to protect their wallets. This is why a hardware wallet is good. They come with the purpose built computer, but also a “seed phrase” that will let you recover your funds even if the hardware wallet is lost or destroyed.
So PP I'd have to sell my current crypto and then buy to transfer to a wallet. Seemingly I can do this with CoinBase, but is there a cheaper place to buy?
I'd came across several options for "seed words" I believe is the same you're referring to private keys, where you use a punch or tiles, both are stainless steel for extreme durability.
What would you suggest for a wallet? Back when WSB.win came out coldcardwallet was suggested but it only does BTC, and I only have less than $1k in crypto and may not go over that amount. I'm holding BTC and ETH atm.
Thanks for taking the time to reply, I've been struggling to figure all this cryptic crypto out lol