Maybe this is a dumb question, but nobody on YouTube seems to cover this. I have no idea how to decipher thei BitGet deposit page. It does not have a spot for the wallet, but it does have one for the “Chain Name”.
Since ETH hash is gone, none of the algos in Nicehash are worth mining for me anymore. I am migrating over to other coins, but really want to send some of mt BTC to BitGet and hopefully use it to invest in trading.
not financial advice, but here’s is what I would do personally.
I’d move that btc to cold storage and use fiat to trade if I were to attempt to trade. Loosing fiat is not to big of a deal since it will always depreciate over time due to the fed’s perpetual inflation target of 2% year over year (even though its currently ~8.3% year over year), when you know BTC is much more likely to appreciate epoch over epoch (every 210,000 blocks)
Well I’m going to pull all my BTC from Nicehash and I have to put it somewhere. I don’t even know what cold storage is. The easiest non-KYC I could find was BitGet. From there I can send it anywhere, but I have to worry about fees too because it is not much and it keeps dwindling. I lost 13% ever since the ETH merge. That may not seem like much so some people but it sucks. I do not really have a lot of fiat either. I’m behind the curve if you didn’t guess
Cold Storage = Hardware wallet you could also look at some well rated/reviewed software wallets too but essentially his recommendation is hold your BTC in your own wallet that you control not on any exchange or service.
be patient my dude. You’re not behind the curve. it may seem like it here, but remember you’re ahead of 99.999% of the world.
you can download bitcoin core at Bitcoin Core which will essentially make your computer into a bitcoin node, but also provides a hot wallet. This means the seed phrase or private key, which generate/signs your transactions/wallet addresses is stored on an internet connected pc. But it will allow you to take custody of your BTC
if you want to stay kyc-free I don’t recommend buying an off the shelf hardware wallet. I’d recommend a DIY solution, which is pretty easy if you have an old laptop, or you can get one from something like a goodwill. here’s a guide https://yeticold.com/
if you don’t have a lot of fiat, I wouldn’t recommend trading, to high risk.
This is interesting but convoluted. I will really have to think about it because I have 2 older laptops but one has a fresh factory install of Win10 and the other is an old Pavilion. I’d have to wipe everything just to do this. Isn’t there another way? I thought there was a flash drive method.
it really depends how safe you want to be. and if you trust that there’s no malware on the machine. Which is really the only reason for the wipe.
if you feel comfortable with it as it is, then you can skip that step.
additionally, if its a spare laptop that you don’t intend to use regularly, you can just download bitcoin core and setup a hot wallet, then only turn on and sync the chain when you want to send or receive. Not using it for general use reduces risk of getting malware and having it off means it’s technically not hot.
it’s encouraged to backup your wallet.dat file on a usb stick and use a secure password to encrypt the file. Other USB type harware wallets are usually Ledger or Trezor, which is off the shelf but technically not KYC-free.
Well I had to get it out of Nichash. I just don’t have a good feeling about it having been there since they openly said if anything happened to it, they are not liable. It’s sitting on BitGet waiting for the second blockchain verification so I can’t even touch it right now. Which is ok because they have a guarantee. So until I figure out how to do the whole wallet thing on my laptop it will be fine there. The only downside is I will lose $11 on transfer fee. So if BTC starts to go up again that will offset the cost a bit. If I had known BTC had a core wallet, I would have done that instead.
you can always move it there later. unfortunately, with any 3rd party, you can’t really predict on chain fees. not sure about BitGet though, may not be too bad.
personally, I use the lightning network to width draw my coins from Nicehash, much lower fees and I believe if you use mun wallet you can move them directly from lightning to on chain, also with minimal fees.
personally, I don’t trust any 3rd party to hold my coins for long, good news is we’re basically through the phase where they go bankrupt and/or get hacked.
just remember: Not your Keys, Not your Coins