Quote from: BitTechNewbie on October 23, 2017, 11:33:34 AM

Quote

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.

Correct.

Quote

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?
Several companies call their own centralized system a wallet. In my definition a wallet gives you (and only you) full access to your private keys. In other words: if Coinbase would turn off their webserver, you can't access your Bitcoins anymore. That has happened to several "trusted" exchanges in the past.

That makes sense

Quote

Quote

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 ?
Ask yourself: what if they disappear? Can you still access your Bitcoins? If the answer is no, it's not a wallet.

True that is why I would do the strategy that most people are referring to, online wallet for day to day spending and then Hardware wallet for storage of Bitcoins.

Quote

Again I am just trying truly understand Bitcoin and the process so I understand how to invest, as well as use Bitcoin properly.
One more thing: don't instantly find a limit higher than $3k. Start small, buy some, transfer some, learn how change addresses work, try some wallets, make backups, and get used to how it works. Once you're confident you know what you're doing, buy and store the large amount you want to invest in.
Another thing: don't trust anybody Tongue

NEVER show anyone your private keys or seeds, assume everybody is out to get your money, as they most likely are.

Right, I was looking for limitation in wallets just to make sure I don't run into any issues later. As for the amount I agree. This is going to be low investiments for me to see how it all works. I agree be careful, this is no different from any other investment.

Quote from: BitTechNewbie on October 23, 2017, 12:12:36 PM

To be clear I do understand they are just storing Bitcoin, not Canadian currency. I am clear on that. But when it comes to support or purchasing products in Canada. There has been some limitation from what I have found.
Storing Bitcoin and buying Bitcoin are two completely different things. The moment you touch dollars, you're in for a full Know Your Customer (KYC) and Anti Money Laundering (AML) regulations. Once it's in Bitcoin, it's the Wild West Cheesy

Got it