You have very well explained the concept of token, coin and ICO research in a very simple manner. I am sure Newbies will find this post very useful, mainly because it does not use technical terms, but normal English. So good job done there.
Yes. That was very helpful! I'm a newbie so I'm still researching. I wanted to ask you two questions:
1.How do you determine what type of wallet to put your coins in? I know that if you buy Bitcoin, they would go in a Bitcoin wallet. For example, if I bought Stellar (XLM) coins, what wallet would I put it in? Is there a website that tells you what wallet to use?
2. Is Coinbase an exchange site AND a wallet?
3. If I create an ETH wallet on Coinbase, do I also need to use a "My Ether Wallet"
Thank you!
Tubsie, although you have answered these questions, I would like to re-answer them, as they need more clarity.
1) If it's an ETH token like Lunyr, Mana; usually based on ERC-20 standard, then you can just use Myetherwallet or Metamask (Please use the official sites only). If it is a coin with its own blockchain, then you can either use the official wallet from the website, or if possible then on a hardware wallet like Nano Ledger S. Sometimes there are good online wallets also, where the private keys are owned by you. So you can use them , if you don't want to download and sync a ton of wallets on your computer. For example, you can use toastwallet to store Ripple without having to download the Ripple wallet on your computer.
2) Although Coinbase is a wallet and exchange at the same time, but for most people, it is just a wallet. The reason being, that it does not allow non-US citizens to fund their account with fiat or withdraw in fiat. Same is with its crypto exchange, GDAX.
3) If you want to store tokens based on ETH, then yes you have to use MEW, or Metamask or the official ETH wallet. Coinbase only allows to store ETH, not tokens based on it. Always remember this thing. For example, if you want to transfer some LUNYR tokens from an exchange to your ETH wallet, then don't use Coinbase address. Coinbase won't accept them and your tokens will be lost. Use MEW or metamsk.
Hope it clears your doubts AAIX.