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RE: 'Bitcoin Cash' is basically just another altcoin
Can someone please answer a couple questions I have about all this.
- What are some wallet options for me?
- Which one is best, most secure?
- Would the wallet I can download from Bitcoin.com work fine or are there drawbacks using it versus other wallets?
- How will I get the BCC, will the BCC just show up in the wallet?
I can recommend Electrum: https://electrum.org
Why do you recommend Eletrum? I downloaded Exodus what do you think of it?
Electrum is a safe and easy to use wallet. It does not download the full blockchain, but uses a network of specialized servers that index the blockchain. This safes a lot of storage space. Besides, it is fully open source.
Exodus is also a good wallet that lets you control your private keys.
Thank you :)
What happens to one's crypto when his computer crashes( in case of web wallet) or Phone gets stolen (in case of app)
Some Bitcoins are lost forever.
A backup of the Bitcoin wallet is very important of course :)
The best option is to get a "Trezor" hardware wallet, i have used one they are amazing! if you are bitcoin invester and believer and not a casual user go for it, i recommend not storing amounts over 5,000$ online or on desktop wallets.Get yourself one of those gadgets.
I get that hard wallets are the way to go, but when (and where) will we exactly see these pop up? I have the Ledger Nano S but don't they need to develop the app interface to allow these coins to be on the hard wallet? For example, I believe my Ledger holds 4 currencies maximum. So I need to have BTC on my Ledger and 1 open slot for another currency? So BCC can be there? This is all just really weird and vague 😄
Well, you need to wait and check.
It's either a new slot for BCC or some other thing, but BCC will crash since anyone getting a free BCC will automatically sell them.
I am a bitcoin believer and any bitcoin fork will just make the essential one stronger each time it destroys the new fork!
What do you think about Ethereum / Ether Classic? Seems like the new fork was the one that got the hype. I currently think BTC is slightly overrated right now, considering there are many cryptos that do what Bitcoin does...
What you are saying is true, people trust bitcoin and that's what makes it special.
Thank You for replying. Why do you recommend not storing more then $5000 on a desktop?
Well the thing is that laptops are prone to malware attacks and they might stop functioning for whatever reason. I have a Trezor and highly recommend it, if something happens you can move your coins instantly to a new one.
Hardware wallets are made to store coins, so pretty sure they know what they are doing.
5,000$ because a Trezor costs about 200$ max, so that is 200/5000= 4% which is a good tradeoff between cost and security.
A friend of mine had 300,000$ on BTC-e and lost it. So be careful and don't be frugal on essential things, if you wake up one day and all is lost how much you pay to go back in time? pretty sure more than 200$.Think about it this way.
Have an energetic day!
Thank You for replying :)