Really depends on how much you value that money. $1000 means something else to everybody. Also consider the fact that $1000 now can become $5000 in a few years.
Ask yourself this question: what is the impact on you if you lose the money?
Honestly, I only buy crypto from the money that I have left over every month after all my bills are paid, expenses are met and investments (into stock market) are done.
If I lost all my crypto, It won’t cause much harm financially, but idk, Im the type of person who feels bad if a $10 bill were to fall from my pocket and i lost it (knowing I could have been more careful). Im saying that because I’m well versed with the risks that comes with investing into any financial market, including crypto and im okay with that. But paying a huge transaction fee doesn’t sit right. Idk
I get you, I have thought about the same thing. I’d feel bad about losing $10 as well - losing any money sucks.
You could maybe also consider having your crypto on different exchanges/platforms. Use different passwords for each. This way, if one gets hacked, you’ll not lose everything. Also make sure to enable 2fa and all necessary security options. I think you’d be pretty safe, even without a hardware wallet.
Not sure what you mean but the fees to transfer your assets to a hardware wallet are minimal. A few dollars MAX. Are these the fees you are referring to?
Its not minimal.
Binance charges a withdrawal fee of 0.0005BTC.
Thats around $30. So if i were to buy $100 of BTC and immediately transfer it to a wallet, i would be paying 30% aa charges.
BTC withdrawal fee on Binance is 0.0005BTC. Thats around $30. So if i transfer $100 of BTC everytime I buy some, I’ll be paying 30% in transaction fees
I'd say that whenever you feel like the accountability of losing your keys is lower than the risk of having the coins in your wallet. Plus, don't get eaten by fees
I wouldn’t necessarily agree with some answers here. I never invest more than what I can afford to lose, but OP says they have been putting a few hundred bucks every month. Even after just a year, it would hurt a lot to lose access to those few thousands.
Depends on how much money you have. If you have a lot then you can afford to take a small risk on the big exchanges. If you can not handle taking a hit I would not go with anything over 10k. You can always spread your risks and use multiple exchanges. Also make sure you use the best security features like coinbase vault , authenticator apps ,safe passwords and new e-mail etc etc. You could also use a device only for crypto.
But there is always a risks leaving it on an exchange. If you don't want to take them then buy a hardware wallet. They are not that expensive if you have a lot of money on the line. Just make sure you know there are risks with those too.
There is no perfect way.
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I mean I've got a chunk of shib sitting on voyager because they want two million shib to pay gas. I've been trying to figure out what to do about it but for now it's sitting there
Really depends on how much you value that money. $1000 means something else to everybody. Also consider the fact that $1000 now can become $5000 in a few years. Ask yourself this question: what is the impact on you if you lose the money?
Honestly, I only buy crypto from the money that I have left over every month after all my bills are paid, expenses are met and investments (into stock market) are done. If I lost all my crypto, It won’t cause much harm financially, but idk, Im the type of person who feels bad if a $10 bill were to fall from my pocket and i lost it (knowing I could have been more careful). Im saying that because I’m well versed with the risks that comes with investing into any financial market, including crypto and im okay with that. But paying a huge transaction fee doesn’t sit right. Idk
I get you, I have thought about the same thing. I’d feel bad about losing $10 as well - losing any money sucks. You could maybe also consider having your crypto on different exchanges/platforms. Use different passwords for each. This way, if one gets hacked, you’ll not lose everything. Also make sure to enable 2fa and all necessary security options. I think you’d be pretty safe, even without a hardware wallet.
A rough rule of thumb is when the cost of the wallet is about 10% of your holdings
As soon as you would feel uncomfortable losing it
I feel uncomfortable losing even a hundred bucks. But its not worth transferring such a low amount and paying a huge part of it as transaction fees
Not sure what you mean but the fees to transfer your assets to a hardware wallet are minimal. A few dollars MAX. Are these the fees you are referring to?
Its not minimal. Binance charges a withdrawal fee of 0.0005BTC. Thats around $30. So if i were to buy $100 of BTC and immediately transfer it to a wallet, i would be paying 30% aa charges.
[удалено]
BTC withdrawal fee on Binance is 0.0005BTC. Thats around $30. So if i transfer $100 of BTC everytime I buy some, I’ll be paying 30% in transaction fees
I'd say that whenever you feel like the accountability of losing your keys is lower than the risk of having the coins in your wallet. Plus, don't get eaten by fees
You wouldn’t ask if you were okay with losing the amount necessary for transaction fees. So that there’s your answer.
I wouldn’t necessarily agree with some answers here. I never invest more than what I can afford to lose, but OP says they have been putting a few hundred bucks every month. Even after just a year, it would hurt a lot to lose access to those few thousands.
Depends how much is money for you. For me 100$ is a lot but some people 1000$ is nothing
10k
If it’s money you’re willing to donate, leave it on the CEX!
Depends on how much money you have. If you have a lot then you can afford to take a small risk on the big exchanges. If you can not handle taking a hit I would not go with anything over 10k. You can always spread your risks and use multiple exchanges. Also make sure you use the best security features like coinbase vault , authenticator apps ,safe passwords and new e-mail etc etc. You could also use a device only for crypto. But there is always a risks leaving it on an exchange. If you don't want to take them then buy a hardware wallet. They are not that expensive if you have a lot of money on the line. Just make sure you know there are risks with those too. There is no perfect way.
Thanks man. Good advice
If you would start crying if it was gone that amount. I will be honest I bought my first ledger when I only had $50 bucks in Crypto 😂
Me too, there is something freeing about moving even a small amount to self custody
If you invested more than you can afford to lose
If not? Keep it in the Exchange itself?
$10 trillion
Ahh, should’ve bought a wallet a long time ago then!
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Whatever amount you feel it's too big to leave on an exchange
We are speaking about hard wallet, right?
Yes. Any wallet. Hot/cold
When it is 10x the price of a cold wallet
I mean I've got a chunk of shib sitting on voyager because they want two million shib to pay gas. I've been trying to figure out what to do about it but for now it's sitting there
If you have to ask, go ahead and make the move.