Need help in the buying/storage process


#1

Hey gang,

So i am at the current stage where i am fully approved to transfer bank funds on Coinbase. Next i know i want to buy MAID and one other coin. i will be treating MAID as the longer term investment and the other coin as a short term punt.

I believe i have to then go to changely, having set up an OMNI wallet, exchange my BTC or ETH for MAID and ‘other’ coin… from there i get an Address to put MAID into my Omni wallet i believe?

And this is where i get a little lost. if i have gotten this far without needing correction, what is the next step to secure my MAID in cold storage? I don’t want to spend too much on a ledger or anything, i thought i would go the paper wallet route, as it seems a trusting method, but its here where i am very unclear.

Would love to have someone tell me if i am missing a beat, and advise on what to do next.

Thanks a million,
Daire


#2

At the changely step, you can enter your paper wallet address as the destination for the MAID. You’ll also need some BTC on the paper wallet for transaction fees when you go to sweep the MAID from the paper wallet


#3

Ah good point about going straight to the paper wallet… didnt think of it like that.

So in a nut shell, once ive purchased, that address i get from whatever wallet i choose, is where i send said coin next?

Ive been hearing good recommends for things like Mycelium as a mobile wallet, what are thoughts on this?


#4

A paperwallet is handy, but I would also advice you to have an online backup of your privatekey. If for some reason you loose your paperwallet, at least you’ll have a backup of your privatekey. It’s also helpful to split your privatekey on 2 email addresses , like in the example below:

FOR NEWBIES NEVER DISPLAY AN IMAGE WITH YOUR PRIVATEKEY IF YOU GOT MONEY ON THAT ADDRESS, SOMEBODY ELSE CAN STEAL YOUR COINS. @EnterpriseAdmin (I didn’t have money on this address, but thanks because newcomers might think something else)

email1: 5KkJ7mekWGt5A36yTco28Tz7U
email2: 7UsCLfxBPtCPN796YE5unw7D8bQu

You can even split it up on 2 phones whatever ensures that you have access to your tokens. :stuck_out_tongue:


#5

OK i think i have the paper wallet down. Next i need to get a backup, and hot wallet plan sorted out.

I am willing to use a desktop or app wallet if i find the right one… advice please if possible.

I have seen, mytherium, armoury, to name a few. Would love some recommends that would work best for a beginner not investing a great deal.


#6

For MAID & BTC you can use a wallet on omniwallet.org


#7

Everyone knows that every hard drive will eventually die. So having keys on computers does not seem to be safe to me. If I could spread my private key info across my different devices, I would be happier.


#8

Any data stored on the SAFE Network has a minimum of 4 copies. So this amount to 4 different devices having a copy of your data.


#9

Not sure why you replied to me, because I was talking about paper wallets, not hard drives. Paper wallets can be photocopied or printed multiple times. I agree it is a terrible idea not to have multiple backups of your private keys, regardless of the storage medium.


#10

With that, what is your best thought solution?


#11

@19eddyjohn75 I think you need to remove your screenshot as it shows everything :face_with_raised_eyebrow: ?


#12

Thats just an example. Eddy is smarter than that :wink: Just like I did elsewhere


#13

nice :smiley:b
that does make sense.


#14

Just want to make something super clear and concise for myself. Currently i use omni wallet to store MAID, theres not a lot in there, so ive not worried about it being online wallet for now. But as i want to invest more, and go down the paper wallet route. MAID being an Omni token (Like i know what that actually means…) can i still use a paper wallet generated off Bitaddress.org?

Any other advice, please fulfil this layman’s needs…

Edit:
I also would love to understand the bitaddress paper wallets a little better, as in, what is the best way to check your balance is all good and in tact every so often, while still keeping your tokens offline?


#15

YES

And you can just keep adding any omni-protocol coin/token and/or BTC to that address without the need to import the private keys into any wallet.

You will only need to import the private keys into a wallet (eg omniwallet.org) when you want to send from the paper wallet.

When you go to omniwallet.org the page it shows is a checking page and you can enter your address there and click check. No need to enter private key.

You can also add an address to the omniwallet wallet as a check address that only shows the balance. In this also you don’t enter the private key, just the address.


#16

Neo! You are indeed a Superhero!


#17

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