Before starting again, here’s some background information about me. I’m currently a U.S. citizen residing in Japan so some of the blog post might contain information that is only pertinent to other expatriates living in Japan. On the whole though, most of the Bitcoin+ experience will apply to anyone interested in getting involved with the cryptocurrency world.
GETTING YOUR FOOT WET WITH A WALLET
Like any venture in which money is involved there are risks associated so be sure that you are willing to do your due research. You may or may not have heard about the Mt. Gox bitcoin exchange which was the leading bitcoin exchange at one time. There is a good read about it, Pay the Devil in Bitcoin, if you are interested in finding out more about the collapse and bankruptcy of this once prominent exchange. However, Mt. Gox is not the only bitcoin exchange that has had problems – a quick search on your favorite search engine will provide a list of others.
With that in mind, most really serious and even not too serious engagers of Bitcoin+ usually store their coins offline in a paper or a hardware wallet (cold type). It was when I read more through different forums that I decided that a hardware wallet would be the best option for me since it would not only be convenient to use but provide me with a peace of mind. The hardware wallet I chose was the Trezor even though it seems the Ledger Nano-S is getting more popular recently. This upfront cost for some will be worth it even with the abundance of free desktop, browser and web wallets (hot type) that are offered. I must share that I do store some of my alt.coins in other wallets since the Trezor doesn’t have support for it.
Setting up the Trezor wallet was fairly easy and a search on Youtube will find some quite informative videos and I for one find these videos on obtuse topics very helpful. With my Trezor wallet complete, I was now ready to find an exchange to delve into the Bitcoin+ world.
Next up – Eyeing an exchange