Am i doing this right?

[wowzor]

Hey guys, hopefully i am posting on the right forum topic. So the way i buy ripple is as follows. I go to coinbase and buy my BTC, then go to gdax and xfer it there, from gdax i go to binance and buy ripple with btc. Should i be buying ripple with btc or eth or ltc? Also im still confused as to how cold wallets work. I want to hold ripple for a while , should i leave it on binance? Also, if i choose to xfer my ripple to a cold wallet will the interest on it still go up if its going up on binance? thank you all much!

 

Also any recs on cold wallets and how to do it would be amazing. Should i wait to put ripple into a cold wallet after invested more than 100 dollars or even more or less?

Edited December 28, 2017 by wowzor

[TinyRick]

Wait whoa, slow down. You don't need to go through multiple exchanges... Why would you go from CoinBase to GDAX then to Binance? Why not just go from CoinBase to Binance directly? 

And whatever you do, do NOT leave your coins on exchanges. Buy yourself a Ledger Wallet.

[wowzor]

2 minutes ago, PickleRick said:

Wait whoa, slow down. You don't need to go through multiple exchanges... Why would you go from CoinBase to GDAX then to Binance? Why not just go from CoinBase to Binance directly? 

And whatever you do, do NOT leave your coins on exchanges. Buy yourself a Ledger Wallet.

idk, i heard that going exchanging coinbase to binance there is a fee unless you go through gdax first. Where would be best to buy a wallet? ty btw

Edited December 28, 2017 by wowzor

[TinyRick]

Just now, wowzor said:

idk, i heard that going from coinbase to binance there is a free unless you go through gdax first. 

I know nothing about that?

Buy your wallet here: https://www.ledgerwallet.com/

5 minutes ago, wowzor said:

Also, if i choose to xfer my ripple to a cold wallet will the interest on it still go up if its going up on binance? thank you all much!

The value of the coin comes when you go to sell it. It doesn't matter where the coin is stored.

[wowzor]

1 minute ago, PickleRick said:

I know nothing about that?

Buy your wallet here: https://www.ledgerwallet.com/

The value of the coin comes when you go to sell it. It doesn't matter where the coin is stored.

damn wallets are 70 dollars? **** lol... is it worth getting now? i only have about 24 dollars invested into XRP. Also, what is worst case scenario of leaving it at binance? someone could hack it or something?

[TinyRick]

Just now, wowzor said:

damn wallets are 70 dollars? **** lol... is it worth getting now? i only have about 24 dollars invested into XRP. Also, what is worst case scenario of leaving it at binance? someone could hack it or something?

Well, I can't give you financial advice. It all depends on what that 24 dollars is worth to you. When Ripple hits $100 per coin, that would be $2,400. And, if you have plans on investing further into digital assets in the future, having a wallet would be good, and much more secure.

The biggest risk in leaving your assets on an exchange involve hacking, and the exchange shutting down or running off with your funds.

[wowzor]

3 minutes ago, PickleRick said:

Well, I can't give you financial advice. It all depends on what that 24 dollars is worth to you. When Ripple hits $100 per coin, that would be $2,400. And, if you have plans on investing further into digital assets in the future, having a wallet would be good, and much more secure.

The biggest risk in leaving your assets on an exchange involve hacking, and the exchange shutting down or running off with your funds.

yea i want to invest way more. Awesome information, i didn't think an exchange would shut down like that but that's really good to know. Def getting a wallet asap, ty!

[TinyRick]

1 minute ago, wowzor said:

yea i want to invest way more. Awesome information, i didn't think an exchange would shut down like that but that's really good to know. Def getting a wallet asap, ty!

Good to hear, good luck!

16 minutes ago, wowzor said:

Should i be buying ripple with btc or eth or ltc?

Keep in mind how long BTC transactions take: forever. Not saying you should pick one over the other. But keep in mind price volatility over the course of the transaction period when choosing a bridge currency.

[wowzor]

1 minute ago, PickleRick said:

Good to hear, good luck!

Keep in mind how long BTC transactions take: forever. Not saying you should pick one over the other. But keep in mind price volatility over the course of the transaction period when choosing a bridge currency.

yea ive noticed it can take anywhere from 1-4 hours for me, i might try another and see

[wowzor]

5 minutes ago, PickleRick said:

Good to hear, good luck!

Keep in mind how long BTC transactions take: forever. Not saying you should pick one over the other. But keep in mind price volatility over the course of the transaction period when choosing a bridge currency.

 btw, any suggestions on what other crypto i should be looking at thats somewhat cheap?

[panmores]

21 minutes ago, PickleRick said:

Well, I can't give you financial advice. It all depends on what that 24 dollars is worth to you. When Ripple hits $100 per coin, that would be $2,400. And, if you have plans on investing further into digital assets in the future, having a wallet would be good, and much more secure.

The biggest risk in leaving your assets on an exchange involve hacking, and the exchange shutting down or running off with your funds.

What about storing in a native Ripple wallet, such as through GateHub? I mean Ripple themselves store their own XRP that way...

[TinyRick]

9 minutes ago, panmores said:

What about storing in a native Ripple wallet, such as through GateHub? I mean Ripple themselves store their own XRP that way...

Highly doubt Ripple stores their XRP on GateHub... 

They have the worlds most brilliant minds in their team. If they’re storing natively, it’s with their own creation. But I can’t go into detail about that, I wouldn’t know how.

 

21 minutes ago, wowzor said:

 btw, any suggestions on what other crypto i should be looking at thats somewhat cheap?

I don’t give investment advice. I’m 100% XRP, if that helps.

[panmores]

1 minute ago, PickleRick said:

Highly doubt Ripple stores their XRP on GateHub... 

They have the worlds most brilliant minds in their team. If they’re storing natively, it’s with their own creation. But I can’t go into detail about that, I wouldn’t know how.

 

I don’t give investment advice. I’m 100% XRP, if that helps.

I didn't say Ripple store their XRP on GateHub, I said GateHub gives access to the Ripple ledger for storage.

 

[TinyRick]

7 minutes ago, panmores said:

I didn't say Ripple store their XRP on GateHub, I said GateHub gives access to the Ripple ledger for storage.

 

Sure, but what happens when GateHub shuts down? Gets hacked? Has a massive DDoS attack and renders access null?

[panmores]

5 minutes ago, PickleRick said:

Sure, but what happens when GateHub shuts down? Gets hacked? Has a massive DDoS attack and renders access null?

GateHub works a bit different than other exchanges:

GateHub gives its customers access to native Ripple wallets which are not accessible by GateHub, that's at least what GateHub says. Some people insist when you activate a Ripple wallet a javascript might catch the secret key. I don't know about that and personally think it's unlikely. The only person that can decrypt and use such a wallet is the user himself.

While that is true for Ripple wallets GateHub also supports so-called hosted wallets. Hosted wallets operate similarly to Poloniex accounts and the funds on hosted wallets are stored in air-gapped cold wallets operated by GateHub. Those certainly are (more) prone to hacks, shutdowns and massive DDoS attacks.

Edited December 28, 2017 by panmores