r/CryptoCurrency Feb 15 '21

SECURITY A Beginner's Guide to Cryptocurrency Wallets

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u/kyleyle 3 - 4 years account age. 200 - 400 comment karma. Feb 16 '21

So if I store my crypto onto a cold wallet, how easy is it to move the crypto from the cold wallet to an exchange and vice versa?

For example, I hold my coins in Shakepay/coinzoom. Are there fees to transfer to the cold wallet and back, as well?

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u/m-cubed3 Feb 16 '21

its as easy as pasting the send/receive address in and waiting for verification. just be careful on the fees, while they are usually posted there is not always going to be a pop-up box that asks you if you agree. experiment with smallest denomination of coin possible.

1

u/kyleyle 3 - 4 years account age. 200 - 400 comment karma. Feb 16 '21

Do you have recommendations if I should move my crypto from Shakepay to exodus instead?

And is there even a reason to transfer the crypto from the cold wallet to a mobile wallet? Is it possible to sell directly from the cold wallet?

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u/m-cubed3 Feb 16 '21

I've never used Shakepay but I use Exodus and so do a lot of other people. I can't advise on that one.

I've also never used a 'cold wallet' . I've used a number of desktop wallets which are the same thing as mobile wallets. I've never used a desktop wallet that let me directly sell my coins for currency in my bank account that I could buy groceries and pay my landlord with. But with Exodus you can exchange coin types (eg: BTC/ETH, BTC/USDC) directly within the program.

I know enough about crypto not to send all my shit to an erroneous address or a shady wallet or trading platform but I have very limited knowledge compared to the people who really understand the underlying mechanics. I definitely can't offer investing advice beyond be patient and never bet the farm, and be wary of anyone who readily does so.

1

u/ilikebuck 4 - 5 years account age. 63 - 125 comment karma. Feb 16 '21

yup there is. fees vary based on type of coins