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RE: Do You Have Any Questions About Crypto Currencies? List them here!
I am interested in Litecoin as I heard it is much cheaper than bitcoin. Any advice? I tried to get bitcoin 2 years ago but it was a nightmare. I also have a limited budget and I tend to acquire silver every payday. Thanks
Litecoin is pretty much the test platform for Bitcoin, meaning it is very similar but much cheaper. This is from July 2013, showing Litecoin at the top of the chart, as it is now. It has the potential for big increases and many people think it is just like bitcoin as it has (Coin) in it's name....
But the name of the game for me is to diversify and do research (youtube is a good resource) before buying anything. Also don't store anything on an exchange and hold the private key. (Similiar to holding physical silver instead of having it on exchanges)
https://coinmarketcap.com/historical/20130707/
Thank you. When I opened my wallet, I also encrypted it. I hope that was the right thing to do. I am very new to crypto. I appreciate the help
Make backups, and have 3 min flash drives (you can buy 3 small ones for 9.99 or less at the store) to store it on (or paper copies) and encrypt the flash drives. Redundancy and security is the key.
Never store it on your computer!
I will do that. Thank you!
#cryptowallet How do you encrypt a flash drive? Is this backup method as good as using standard hardware wallets (e.g. Ledger Nano S)?
This is an example, but there are others online
http://www.online-tech-tips.com/computer-tips/encrypt-usb-flash-drive/
Any hardware wallet should be fine, but they really aren't needed. I prefer my ether wallet and paper wallets as they are easy to store.