Quote from: LoyceV on October 23, 2017, 11:14:14 AM

Quote from: BitTechNewbie on October 23, 2017, 10:51:44 AM

1) Is there a limit for buying and selling bitcoins for Electrum's wallet? I know Coinbase had a $3,000 cap
Electrum handles Bitcoins, not dollars. It has no limits on how many Bitcoins you can store.

No I understand that, and the Coinbase restrictions is $3,000 which is what ever amount of Bitcoin you can purchase at that time. Which is just south of half a bitcoin I think currently.

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2) I noticed Electrum doesn't work on iOS, I would like to use it on the go as well. How do you Electrum users do that?
I don't use iOS, but pick one: https://bitcoin.org/en/wallets/mobile/ios/
Based on my current knowledge, I'd choose breadwallet from this list.
Best practice: Store small amounts of Bitcoins on your mobile wallet to use "on the go", and keep the majority of your Bitcoins safely in cold storage.

That makes sense

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4) It's interesting that there are so many different wallets. I was only introduced initially to CoinBase and online wallets. I had no clue about Hardware wallets, and offline wallets.
Again: Coinbase is not a wallet, it's an exchange.

ok maybe I am not understanding the difference. From what I understand an exchange is where you can buy and sell Bitcoins correct? A wallet is where you store them once you have purchase them.

Coinbase I do understand has an exchange componet to it, but form what I have read they have a Mobile wallet https://www.coinbase.com/?locale=en

That is why I keep referring to them as a wallet, but I should refer to them as both, is that correct?

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I do appreciate the Hardware wallet of Electrum which I am going to seriously look into and have that has possibly my main storage wallet. Then I might have another wallet for day to day and smaller amounts. What do you guys think of Xapo for the smaller amounts?
Xapo too is not a wallet. Many people use it though. Just try a few and see what works for you, that's the beauty of so many different wallets.

Are you sure Xapo is not a wallet ?

BRINGING BITCOIN TO EVERYDAY LIFE
Interested in getting started with Bitcoin? Make a smooth transition from fiat to digital money! Xapo provides the tools you need to purchase bitcoins, then manage them through our easy-to-use online wallet, spend them with a swipe of the Xapo Debit Card, or store them in Xapo's free, ultra-secure Vault."

https://xapo.com/

Again I am just trying truly understand Bitcoin and the process so I understand how to invest, as well as use Bitcoin properly.

Thank you