Cryptocurrencies

[vapid]

Does anyone understand how someone can transfer money from Japanese BitCoin (like Bitflyer) to another exchange in the USA or EU? I cannot seem to find useful information on reddit or google.

[Jamo]

Does anyone understand how someone can transfer money from Japanese BitCoin (like Bitflyer) to another exchange in the USA or EU? I cannot seem to find useful information on reddit or google.

https://bitflyer.jp/en-us/faq/send_bitcoin

[adamu]

Does anyone understand how someone can transfer money from Japanese BitCoin (like Bitflyer) to another exchange in the USA or EU? I cannot seem to find useful information on reddit or google.

The problem with bitcoin is that unlike funds in a bank or brokerage you are 100% responsible for its security. Like physical gold, except it's on the internet so way more likely to be stolen.

Be aware that storing in Bitflyer or any other exchange is entrusting the storage of your coins to that exchange. If the exchange gets hacked, your coins are lost. If you have a significant amount, you should look into keeping it in your own wallet, preferably with an offline backup of that wallet. See https://bitcoin.org/en/choose-your-wallet for more info.

[N00bster]

The problem with bitcoin is that unlike funds in a bank or brokerage you are 100% responsible for its security. Like physical gold, except it's on the internet so way more likely to be stolen.

Be aware that storing in Bitflyer or any other exchange is entrusting the storage of your coins to that exchange. If the exchange gets hacked, your coins are lost. If you have a significant amount, you should look into keeping it in your own wallet, preferably with an offline backup of that wallet. See https://bitcoin.org/en/choose-your-wallet for more info.

I want to strongly second that advice.

Being a bit paranoid, I used to always store my bitcoins in my own wallet, moving them to a well-known exchange only when I wanted to make transactions (I used to play on the BTC/LTC rate to increase my holdings a bit).

Despite the extra fees that these additional transactions cost, I am so happy I never left my coins on the exchange.

One day, without any kind of warning, the exchange I was using disappeared. Gone. And of course no way to get the coins that were hosted there. Little fortunes have been lost on that day, and this is not the first time this happens. Cryptocurrencies are still a very shady domain, so never trust anyone. Hold your coins yourself. Basically, make sure that you are in a situation where you can access your coins without any kind of intermediate (if you have your wallet, you can always run a full node on your computer and trade that way should the world collapse).

[Jamo]

What is the best wallet to use for multiple currencies?

[N00bster]

I believe that would depend on the platform you are using, but I found the following Reddit thread:

https://www.reddit.com/r/CryptoCurrency ... le_crypto/

[adamu]

https://m.facebook.com/story.php?story_ ... 1497224396

FOMO (fear of missing out) is extremely dangerous in investing: I struggle to keep to my decision that I am not interested in cryptocurrencies/Bitcoin

https://www.bloomberg.com/news/articles ... far-behind

Bitcoin's a bit scary at the moment but now could be a good chance to take a punt on Ethereum.

https://www.coingecko.com/en/price_charts/ethereum/jpy

[Jamo]

Big movement today! I just offloaded my bch back into btc and etc. Hoping the pump is over...

[N00bster]

Well done! I have offloaded mine a few weeks earlier, and thus missed the current momentum...

[adamu]

Big movement today! I just offloaded my bch back into btc and etc. Hoping the pump is over...

Nice timing. I was a day too early, but also converted my Cash into Etherium. At least ETH price has increased slightly as small a consolation.

So much change recently with all the forks and now the apparent end of the BTC bull-run, it's hard to keep the big picture. I think it's very tempting to get day-trading with this stuff, I'm going back to a simple plan of asset allocation periodic rebalances (every few months or maybe even annual).

With tax return season coming up, now I just need to work out how to report this...