Let's talk about Cryptocurrencies

[PsYcNeT]

Originally Posted by I_H8_Crawford

Someone willing to help me out?

Here's what I want to do - buy some ADA, put it in a wallet and stake it, then forget about it for a while - no day trading, etc.

Where should I go to do this? Which exchange do I purchase it from, which online wallet do I use? and where do I stake it?

You don't need a wallet if you are staking it; you can't be in possession of the crypto and stake at the same time.

I've recommended Binance before but their ADA staking has gotten really popular; I'm unsure if they're still the best return. But basically you can find an exchange or conversion site that allows you to purchase tokens and has a staking function, and just buy it there and lock stake it for XX days/months.

[karl262]

Originally Posted by I_H8_Crawford

Someone willing to help me out?

Here's what I want to do - buy some ADA, put it in a wallet and stake it, then forget about it for a while - no day trading, etc.

Where should I go to do this? Which exchange do I purchase it from, which online wallet do I use? and where do I stake it?

There's a YouTube channel called Cardano with Paul with great resources.

[FLAMESRULE]

Originally Posted by PsYcNeT

You don't need a wallet if you are staking it; you can't be in possession of the crypto and stake at the same time.

I've recommended Binance before but their ADA staking has gotten really popular; I'm unsure if they're still the best return. But basically you can find an exchange or conversion site that allows you to purchase tokens and has a staking function, and just buy it there and lock stake it for XX days/months.

Yeah, I dont know if I've ever seen the 90 day option on binance come open for ADA. That 9.3% is juicy. But I'm happy with 60 day at 7.8%. Especially when you can buy the dip and restake right away.

Binance is the easiest for me, and as a minnow, unless someone else is blowing the doors off that ROR I'm not super interested in chasing .2% or something small.

[Hemi-Cuda]

Originally Posted by PsYcNeT

You don't need a wallet if you are staking it; you can't be in possession of the crypto and stake at the same time.

Uh, that's false. I have my ADA in a Daedalus wallet on my PC, it's all staked and earning returns, but I could transfer it out of that wallet at any time. If the goal is to let it sit staked for a long time then a dedicated wallet is the way to go IMO, you can buy ADA directly from NDAX.io, install Daedalus on your PC, then transfer it there from NDAX directly

[PsYcNeT]

Originally Posted by Hemi-Cuda

Uh, that's false. I have my ADA in a Daedalus wallet on my PC, it's all staked and earning returns, but I could transfer it out of that wallet at any time. If the goal is to let it sit staked for a long time then a dedicated wallet is the way to go IMO, you can buy ADA directly from NDAX.io, install Daedalus on your PC, then transfer it there from NDAX directly

I stand corrected; what's the return on that when you keep the keys?

[Hemi-Cuda]

Originally Posted by PsYcNeT

I stand corrected; what's the return on that when you keep the keys?

Around 5-6% depending on which pool you stake with. I know I could get a little more on Binance but I'd rather keep full control of my ADA and be able to move them whenever I want

[Fire]

What is the best way to deposit money into Binance? I open an account with Binance and verified it, but my credit card is not allowing the transaction and it currently says depositing CDN is suspended.

What is currently the best way to get money into the account? I will like to be ready to buy some crypto if it keeps dropping.

[topfiverecords]

Originally Posted by Fire

What is the best way to deposit money into Binance? I open an account with Binance and verified it, but my credit card is not allowing the transaction and it currently says depositing CDN is suspended.

What is currently the best way to get money into the account? I will like to be ready to buy some crypto if it keeps dropping.

You can buy certain ones on Binance P2P like BTC, BNB, BUSD, USDT with an e-transfer. Looked like an extra six points on CAD to USD conversion and then also a spread over what the current exchange market is so it’s not the most efficient way. Then you can transfer from P2P to Spot in your account. Then can convert to something else, depending one what you’re trying to get.

Other option, some use Shakepay or other similar posted in here to buy BTC with CAD etransfer. Not the most efficient as the spread is there and then there’s the BTC transfer fee. It’s also a bit slow.

Perhaps others have some less costly suggestions.

[Canadianman]

Originally Posted by I_H8_Crawford

Someone willing to help me out?

Here's what I want to do - buy some ADA, put it in a wallet and stake it, then forget about it for a while - no day trading, etc.

Where should I go to do this? Which exchange do I purchase it from, which online wallet do I use? and where do I stake it?

I bought mine on FTX (PM me if you want a referral). Then I moved it to a Yoroi wallet that I set up. You can stake it from Yoroi and Daedalus wallets I think.


My yoroi wallet is also set up through my Ledger Nano S for added security.

[Fire]

Originally Posted by topfiverecords

You can buy certain ones on Binance P2P like BTC, BNB, BUSD, USDT with an e-transfer. Looked like an extra six points on CAD to USD conversion and then also a spread over what the current exchange market is so it’s not the most efficient way. Then you can transfer from P2P to Spot in your account. Then can convert to something else, depending one what you’re trying to get.

Other option, some use Shakepay or other similar posted in here to buy BTC with CAD etransfer. Not the most efficient as the spread is there and then there’s the BTC transfer fee. It’s also a bit slow.

Perhaps others have some less costly suggestions.

Looking at Binance P2P and the price differences it looks like you have to start with a least a 10% loss to just get into the game, if I'm looking at it correctly. That's pretty brutal. I need to look at Shakepay.

[accord1999]

Originally Posted by topfiverecords

Other option, some use Shakepay or other similar posted in here to buy BTC with CAD etransfer. Not the most efficient as the spread is there and then there’s the BTC transfer fee. It’s also a bit slow.

For Shakepay, they should cover the transaction fee for a BTC withdrawal to an external wallet or to Binance.

[PsYcNeT]

I have a friend that buys XLM using their bank account/debit on Coinbase and then sends it to Binance. CB I believe takes a haircut of between 1-4% depending on much you buy, and the transfer costs .2 XLM (about 10 cents right now).

[worth]

does anyone have a newton referral link?

[Robotic]

Originally Posted by worth

does anyone have a newton referral link?

web.newton.co/r/KMFELL

[Izzle]

Thoughts on the new ethereum ETFs like ETHX from CI Galaxy, ETHH from Purpose Ether and ETHR from Evolve Ether?

You can carry them in your TFSA/RRSP. Management fees range from 0.40% to 1.50%. Too early to know what their MERs are. Since they're ETFs you can buy them commission free on Questrade and Wealthsimple.

Honestly speaking, this is to simply scratch the FOMO itch and with the recent fall in prices of crypto, seems like a good time to enter.

From reading this thread, ethereum seems to have greater utility in the future and is less energy intensive than Bitcoin.

Curious to see what others here think.

[indes]

I wouldn't consider myself an expert but after a lot of research I feel like if you're looking at a long term investment you should look at utility.

I like XRP, ADA, XLM and vechain. I posted about XRP before and I think it will be a huge gainer if they come out on top of the lawsuit. After following them for a while I really like what they're trying to accomplish and the Bank of Korea CBDC testing this year has me excited.

[PsYcNeT]

I just can't get behind XRP as long Garlinghouse is CEO. He's just such a scumbag.

[Canadianman]

I've been trying to get in at an earlier position on a few cryptocurrencies lately.



I thought I'd share some thoughts to see if anyone else wanted to join.



I managed to get in on MOB at $6 and out at $27. I like the project, but I've soured on it lately. They seem much more interested in promoting their weird radio podcasts than actually developing their product.



I am currently invested in MATIC / Polygon. It is trying to be an early alternative to ETH 2.0, providing quick, inexpensive transactions.



https://coinmarketcap.com/currencies/polygon/



I just found SKL. Seems like a decent project with high potential. Focusing on ETH dapps.



https://coinmarketcap.com/currencies/skale-network/
https://skale.network/

[Fire]

So I dipped my toe into crypto by buying some ETH. Right now it's sitting on ShakePay. While ShakePay appears quite safe from what I read it's not recommended to keep your crypto on exchange/online wallets like these. I am looking at Ledger Nano S as a hardware wallet, while that looks fine, but if I lose that or if it damaged in some way and I am also out of luck. It doesn't seem much safer than keeping it on ShakePay. So the question I have is if I can have two wallets holding the same ETH? Like one wallet on my PC and the same ETH in a Ledger Nano S. Pretty sure this works the for BitCoin but not sure about ETH.

[accord1999]

Originally Posted by Fire

I am looking at Ledger Nano S as a hardware wallet, while that looks fine, but if I lose that or if it damaged in some way and I am also out of luck. It doesn't seem much safer than keeping it on ShakePay.

For the hardware wallets (and some of the software wallets as well), the key is the many-word seed phrase that is used to initialize the wallet. As long as you remember it, even if the hardware wallet is damaged or lost, you can regain access to your coins by using the phrase to setup a new hardware wallet. But you have to ensure that you keep the seed phrase safe and don't let anybody know it.

https://www.thecryptomerchant.com/bl...eeds-explained