Why do I see "WALLET MAINTENANCE" - BITTREX


#1

This is my first month trading in cryptocurrency, and I have a semi-large position in MAIDSAFECOIN.
I purchased BTC through CoinBase, transferred to Bittrex, and am holding positions in MaidSafe with the intention of keeping it long-term.

Can anyone please explain the “Wallet Maintenance” notification I am seeing in my Bittrex wallet?
Should I be storing my SafeCoins elsewhere in a separate wallet?
And does this have anything to do with the Alpha release?

Thanks.


#2

It will just be internal wallet maintenance at Bittrex, nothing maidsafe are doing affects MAIDs, they are just a holder token for the real SAFEcoins when they emerge.

DO NOT store your coins on an exchange. Especially if it is a decent sum of money. MAID are an ‘omni asset’ which means they are stored on the bitcoin blockchain. You can create a key pairing at somewhere like bitaddress.org, then send your MAID (along with a small amount of BTC to cover fees next time - $5ish) to the public key. Store the private key on paper ONLY, never store your private keys online and never leave your coins on an exchange.

When it comes time to move your MAID from that private key you can create a wallet at omniwallet, go to ‘addresses/import address with private key’ type in your private key and bob’s your uncle, your maid and the bit of BTC will be in your omni wallet ready to send on wherever you want. Iz simples, as the meerkats say :laughing:


#3

Thank you!

What is the benefit / difference between storing the coins on a private key vs. storing them in wallet such as omniwallet?


#4

Being on the Internet, something like OmniWallet could get hacked and they could gain access to your private keys, and therefore your coins. This has happened several times to many exchanges. Exchanges and online wallets are constantly getting targeted because they may contain millions of dollars in hard to trace assets.


#5

If your private keys are stored online you are at the mercy of the wallet provider’s/exchange’s security measures. Even exchanges keep most of their funds offline in ‘cold wallets’ and they keep a ‘hot wallet’ online as their liquid balance for moving around. There’s a good reason for that… offline = safe, online = dangerous/potentially accessible. If you need to access them regularly then fair enough, convenience is important. If it is a lot of cash and an investment then store them offline. No counter-party risk means you have to be sensible and responsible imo :slight_smile:


#6

Thank you to everyone or their timely replies and insights.

Moving to Cold Storage as we speak!


#7

There is some risk with omniwallet.org, but it is not as bad as an exchange because your private keys are encrypted before upload, and only ever ‘exposed’ (decrypted) by you on your local machine.

So in theory at least storing on exchange is least secure, then omniwallet.org, then a cold storage bitcoin address. But it depends on whether you look after your passwords and local machine security etc too! That’s why I say ‘in theory’.


#8

Just to sure you realise that all coins are stored at private keys, be they in a paper wallet or in a hardware wallet or online or on your PC.

The difference is what is keeping a copy of your private keys. With paper you have it written down or stored somewhere

All the other wallet types keeps your private keys. And online is obviously the least safest way in general.


#9

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