How do you guys buy alts and where do you store

ALT COINS
#1

Hi guys

I’m new in the crypto scene. Recently bought a little btc and some alts.
I was wondering, since transaction with btc is so expensive, would it be a good idea to buy ltc to use as a currency to buy other alts?

Also, where do you store those alts? I have a nano ledger s, but it only takes a few alts I’m interested in. I already have 6 extra wallets on my pc too… It is easier to just leave them on the exchange, don’t know if that’s less safe than a cpu wallet?

Lastly, does anyone know if it is cheaper to use a service like ShapeShift from wallet to wallet, or to use an exchange?

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#2

Blockchain transaction fees don’t apply when you’re trading on an exchange. They only apply when you send your bitcoin to the exchange from your wallet. When you have your bitcoin in an exchange and not in a wallet, then it’s in the exchange’s pool of bitcoin and they do their own internal accounting for what belongs to whom - changes aren’t made to the blockchain ledger for every trade on exchanges. This is why people say to not store your bitcoin in an exchange long term, because exchanges are prime targets for hackers with these large pools of cryptocurrencies, and you’d lose your funds. There’s no insurance on these accounts.

I think shapeshift exchanges are on the blockchain, which means that the blockchain transaction fees would apply, and so it would be more expensive than exchanges right now.

Exchanges may charge a commission of like 0.1% or something like that for each trade.

I store the vast majority of my cryptocurrencies on hardware wallets. I only have 2 altcoins on desktop wallets that I keep on a cheap laptop that I don’t really use, so it’s off most of the time and pretty secure.

I haven’t bothered getting wallets for a few alt coins that I own, and just store them on the exchange, but I also own very little of these. If I have more than a couple hundred dollars in something then I’ll get a wallet for it.

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#3

Kurtis, I like to buy Ethereum and transfer that for a few pennies from wallets to exchanges and then if necessary sell Ethereum for Btc and then buy alts if they require the btc/alt conversion. GDax also saves a lot more in fees than Coinbase. Also, I have noticed that Ledger has come out with a lot of new coin support recently which is wonderful, so you might find in the future it ends up having support for the alt coins that you are storing on a laptop. Personally I really dislike laptop wallets.

#4

hey

you can check on coinmarketcap.com if you click on the spcific coin you want to buy and then click on market. There you see where you can trade the specific coins for what price and with which currency. kucoin, hitBTC etc.might accept LTC or even ETH… Or USDT. Cheers

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#5

And all the ECR20 tokens can be stored on the ledger nano s.

#6

I didn’t know that, thank you.
I know about the tokens, but not liking the fact you need ether to move them around.

#7

yeah same here. specially when you sent ecr20 tokens on a wallet without ether then you need to drop ether onto the wallet to withdraw your tokens and end up loosing a bit of ether cause it need min. 0.1 ETH…