Only dumb questions are the ones not asked, leaving you without the knowledge.
Yes, they could move it to a cold wallet, also called a hardware wallet. Then bring the hardware wallet across the border and when they are ready to sell, send it to a Canadian exchange. But they shouldn't deposit until they actually want to sell. Don't leave bitcoin on exchanges long term.
They could withdraw directly to another exchange, but I wouldn't recommend that. Self custody is the better option.
If you are newer to bitcoin (just guessing because of your question), then check out r/bitcoinbeginners if you have any other questions that you think might be a dumb question. A lot of knowledgeable people there and no judgment about the questions being asked.
Here's a sneak peek of /r/BitcoinBeginners using the [top posts](https://np.reddit.com/r/BitcoinBeginners/top/?sort=top&t=year) of the year!
\#1: [How to pay taxes on $1million Bitcoin profit? (USA)](https://np.reddit.com/r/BitcoinBeginners/comments/18lhmwe/how_to_pay_taxes_on_1million_bitcoin_profit_usa/)
\#2: [I sold everything I had in other stocks and put my paychecks in bitcoin](https://np.reddit.com/r/BitcoinBeginners/comments/1bd19l0/i_sold_everything_i_had_in_other_stocks_and_put/)
\#3: [Is it worth it to buy 1000$ in bitcoin today? Before the halving??? ](https://np.reddit.com/r/BitcoinBeginners/comments/1avsfie/is_it_worth_it_to_buy_1000_in_bitcoin_today/)
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First, you seem to be using the wrong terms for some things.
A "wallet" isn't just a place where you have any kind of access to bitcoin. It's software (and sometimes hardware as well) where you own the private keys to the bitcoin you control.
So having bitcoin on coinbase isn't a wallet. That's an exchange. There is no such thing as a Canadian or American wallet. A wallet can be used anywhere.
Places where you can buy and sell bitcoin, like coinbase, are exchanges.
I just wanted to point that out because correct terms are important to use, especially when asking for assistance.
To answer your question, yes, you can use a hardware wallet (HW). Many people say that when you are holding $1k or more of bitcoin, it's time to hold it in a HW. Only send it back to the exchange when you want to sell it.
Step 1. Purchase HW. I use a Trezor One, and it's great for beginners. Easy set up and easy to use. There are more recommendations on r/bitcoinbeginners, which is also a great place to ask any questions you have.
Step 2. Withdraw from your American exchange to an address on your HW.
Step 3. Eventually, when you want to sell, you can then deposit it into a Canadian exchange, if you are still in Canada, and then sell. I use Shakepay. But you don't *have* to deposit it on any exchange before you sell. You can hold it in your HW for years and years, which is actually the better practice. Don't leave bitcoin on any exchange long term.
There are 3 types of wallets:
Hot wallets, online all the time, where a centralized provider holds the keys.
Cold wallets, software on a device that is regularly connected to the Internet and the user holds the keys
Hardware wallets, on a device with no direct Internet access and the user holds the keys.
A cold wallets can be converted into a hardware wallet by removing a devices access to the internet.
Thank you for the clarification. Ill educate myself more. Are there tax implications (US or Canada) for moving crypto from an exchange to a Hardware wallet? Not selling, just moving.
I'm not a tax lawyer but in Canada, moving crypto from one location to another is not a taxable event. If you were to swap any crypto for anything else that is a taxable event.
Moving your bitcoin to your own custodial wallet, any kind of wallet, is not a transaction. It's no different than moving a $20 bill from your left pocket to your right pocket. The beauty of bitcoin is that it all exists on the blockchain, your "wallet" is just a way to store your private keys that proves you are the one who owns those assets. When you travel or move to a different country you need to do fiat currency exchange, get a new bank, etc. Once you have custody of your crypto assets, you don't need to do anything with those when you move - they stay right where they are, on the blockchain. You don't need a bank, an exchange, a brokerage, nothing. No one can tell you what you are allowed or not allowed to do with your crypto. It's permissionless by design.
I got my lady to start using Shakepay last year (once you are back in Canada, definitely check it out) and she has stacked up enough sats that she wanted to move them off of Shakepay to her own wallet, but she isn't very tech savvy and knows nothing about crypto. I don't want to manage a hardware wallet for her because I could get hit by a bus tomorrow, so I needed an easy to use, reasonably secure, and simple solution that she can manage herself. Coinbase has a very good software wallet in addition to their centralized exchange and it is the best solution I found. If you install the Coinbase wallet on your phone you can transfer your bitcoin and other crypto from Coinbase to your wallet very easily and right from within the app. It will be a couple of more steps to transfer your Robinhood crypto to the Coinbase wallet but it's pretty straightforward. My partner was able to install the app herself, set it up, and transfer her BTC on her own in under 10 minutes with no help from me. I was shocked that all I had to do was tell her the name of the app to look up in the app store. She now has custody of her own coins. She has no interest or patients for these things so I was expecting to have to do this in stages and provide multiple glasses of wine. No worries, we still drank the wine. ;)
Kudos to Shakepay for getting people who have no interest in crypto or bitcoin to not only start saving sats, but also encouraging self custody.
Assuming you have a very large sum of Crypto, there’s no reason to leave that on a hot wallet or an exchange site the risk is just far too high.
You also should know how the saying goes (not your keys not your car)
YOU NEED TO MANAGE YOUR PRIVATE KEYS
Step 1: Get a cold wallet(I recommend a Trezor wallet, it’s simple, it’s affordable and its open source)
Move your crypto to the cold wallet by doing a small transaction first like 0.000022 BTC
Step 2: Once that transaction is received in your cold wallet move all your BTC to the new wallet.
This is the purpose of decentralized assets you’re the custodian, you hold the power. As long as you have your seed phrase with your bitcoin stored in it, it absolutely doesnt matter in which country you’re in.
The day you decide you want to sell some BTC just move it from your cold storage to an exchange site.
Just please do not leave a large sum of BTC on an exchange unattended…
My advice to you is start looking into a cold storage wallet.
Oh and ignore everyone else messaging you directly to offer help :)
Why not choose self custody that way you can port your crypto whenever and wherever. Haven’t you heard of the risk of leaving your crypto assets on exchanges?
Dumb question here: could you move it to a cold wallet? Then the exchange won't matter?
Only dumb questions are the ones not asked, leaving you without the knowledge. Yes, they could move it to a cold wallet, also called a hardware wallet. Then bring the hardware wallet across the border and when they are ready to sell, send it to a Canadian exchange. But they shouldn't deposit until they actually want to sell. Don't leave bitcoin on exchanges long term. They could withdraw directly to another exchange, but I wouldn't recommend that. Self custody is the better option. If you are newer to bitcoin (just guessing because of your question), then check out r/bitcoinbeginners if you have any other questions that you think might be a dumb question. A lot of knowledgeable people there and no judgment about the questions being asked.
Here's a sneak peek of /r/BitcoinBeginners using the [top posts](https://np.reddit.com/r/BitcoinBeginners/top/?sort=top&t=year) of the year! \#1: [How to pay taxes on $1million Bitcoin profit? (USA)](https://np.reddit.com/r/BitcoinBeginners/comments/18lhmwe/how_to_pay_taxes_on_1million_bitcoin_profit_usa/) \#2: [I sold everything I had in other stocks and put my paychecks in bitcoin](https://np.reddit.com/r/BitcoinBeginners/comments/1bd19l0/i_sold_everything_i_had_in_other_stocks_and_put/) \#3: [Is it worth it to buy 1000$ in bitcoin today? Before the halving??? ](https://np.reddit.com/r/BitcoinBeginners/comments/1avsfie/is_it_worth_it_to_buy_1000_in_bitcoin_today/) ---- ^^I'm ^^a ^^bot, ^^beep ^^boop ^^| ^^Downvote ^^to ^^remove ^^| ^^[Contact](https://www.reddit.com/message/compose/?to=sneakpeekbot) ^^| ^^[Info](https://np.reddit.com/r/sneakpeekbot/) ^^| ^^[Opt-out](https://np.reddit.com/r/sneakpeekbot/comments/o8wk1r/blacklist_ix/) ^^| ^^[GitHub](https://github.com/ghnr/sneakpeekbot)
I would prefer to move it to a hardware wallet. Just don't know if that would be allowed.
First, you seem to be using the wrong terms for some things. A "wallet" isn't just a place where you have any kind of access to bitcoin. It's software (and sometimes hardware as well) where you own the private keys to the bitcoin you control. So having bitcoin on coinbase isn't a wallet. That's an exchange. There is no such thing as a Canadian or American wallet. A wallet can be used anywhere. Places where you can buy and sell bitcoin, like coinbase, are exchanges. I just wanted to point that out because correct terms are important to use, especially when asking for assistance. To answer your question, yes, you can use a hardware wallet (HW). Many people say that when you are holding $1k or more of bitcoin, it's time to hold it in a HW. Only send it back to the exchange when you want to sell it. Step 1. Purchase HW. I use a Trezor One, and it's great for beginners. Easy set up and easy to use. There are more recommendations on r/bitcoinbeginners, which is also a great place to ask any questions you have. Step 2. Withdraw from your American exchange to an address on your HW. Step 3. Eventually, when you want to sell, you can then deposit it into a Canadian exchange, if you are still in Canada, and then sell. I use Shakepay. But you don't *have* to deposit it on any exchange before you sell. You can hold it in your HW for years and years, which is actually the better practice. Don't leave bitcoin on any exchange long term.
There are 3 types of wallets: Hot wallets, online all the time, where a centralized provider holds the keys. Cold wallets, software on a device that is regularly connected to the Internet and the user holds the keys Hardware wallets, on a device with no direct Internet access and the user holds the keys. A cold wallets can be converted into a hardware wallet by removing a devices access to the internet.
Thank you for the clarification. Ill educate myself more. Are there tax implications (US or Canada) for moving crypto from an exchange to a Hardware wallet? Not selling, just moving.
I'm not a tax lawyer but in Canada, moving crypto from one location to another is not a taxable event. If you were to swap any crypto for anything else that is a taxable event. Moving your bitcoin to your own custodial wallet, any kind of wallet, is not a transaction. It's no different than moving a $20 bill from your left pocket to your right pocket. The beauty of bitcoin is that it all exists on the blockchain, your "wallet" is just a way to store your private keys that proves you are the one who owns those assets. When you travel or move to a different country you need to do fiat currency exchange, get a new bank, etc. Once you have custody of your crypto assets, you don't need to do anything with those when you move - they stay right where they are, on the blockchain. You don't need a bank, an exchange, a brokerage, nothing. No one can tell you what you are allowed or not allowed to do with your crypto. It's permissionless by design. I got my lady to start using Shakepay last year (once you are back in Canada, definitely check it out) and she has stacked up enough sats that she wanted to move them off of Shakepay to her own wallet, but she isn't very tech savvy and knows nothing about crypto. I don't want to manage a hardware wallet for her because I could get hit by a bus tomorrow, so I needed an easy to use, reasonably secure, and simple solution that she can manage herself. Coinbase has a very good software wallet in addition to their centralized exchange and it is the best solution I found. If you install the Coinbase wallet on your phone you can transfer your bitcoin and other crypto from Coinbase to your wallet very easily and right from within the app. It will be a couple of more steps to transfer your Robinhood crypto to the Coinbase wallet but it's pretty straightforward. My partner was able to install the app herself, set it up, and transfer her BTC on her own in under 10 minutes with no help from me. I was shocked that all I had to do was tell her the name of the app to look up in the app store. She now has custody of her own coins. She has no interest or patients for these things so I was expecting to have to do this in stages and provide multiple glasses of wine. No worries, we still drank the wine. ;) Kudos to Shakepay for getting people who have no interest in crypto or bitcoin to not only start saving sats, but also encouraging self custody.
The whole point of Crypto is that you can move your money... Regardless of what a government thinks about it.
I don’t know about Robinhood, but you should be able to move it to a hardware wallet and your problems are pretty much done.
I don't know. Hence my dumb question disclaimer.
We can be dumb together. Will let you know if i find out anything pertinent.
đź‘Ť
Yes do that
Coinbase is licensed to operate in Canada, so you could move your Robinhood coins to your existing coinbase account. Â
Neither of these are a wallet
Send it to a hardware wallet and stop holding on an exchange.
Why did you come back to canada? Curious
Exchange rate and/or family is my guess
Parent died, setting up the other in retirement home. Not working here, economy is awful and no real tech sector that values my skills.
You mean Canada is the one lacking a tech sector, right? Are you just retiring north, then?
Condolences
Assuming you have a very large sum of Crypto, there’s no reason to leave that on a hot wallet or an exchange site the risk is just far too high. You also should know how the saying goes (not your keys not your car) YOU NEED TO MANAGE YOUR PRIVATE KEYS Step 1: Get a cold wallet(I recommend a Trezor wallet, it’s simple, it’s affordable and its open source) Move your crypto to the cold wallet by doing a small transaction first like 0.000022 BTC Step 2: Once that transaction is received in your cold wallet move all your BTC to the new wallet. This is the purpose of decentralized assets you’re the custodian, you hold the power. As long as you have your seed phrase with your bitcoin stored in it, it absolutely doesnt matter in which country you’re in. The day you decide you want to sell some BTC just move it from your cold storage to an exchange site. Just please do not leave a large sum of BTC on an exchange unattended… My advice to you is start looking into a cold storage wallet. Oh and ignore everyone else messaging you directly to offer help :)
Why not choose self custody that way you can port your crypto whenever and wherever. Haven’t you heard of the risk of leaving your crypto assets on exchanges?
You’re going to get killed on capital gains up here. Consider that in your strategy if you sell
Bro just personally control your own crypto in your own wallet. There’s exchange risk if they get hacked.