tag:blogger.com,1999:blog-756999172180904768.post6285176500533965554..comments2024-01-22T03:27:15.240+08:00Comments on The sleepydevil's adventure: Cryptocurrency for Dummies - Part 4 (Guide to start investing in Cryptocurrency)sleepydevilhttp://www.blogger.com/profile/03214790983822461454noreply@blogger.comBlogger21125tag:blogger.com,1999:blog-756999172180904768.post-78897225879795737712018-04-22T13:42:21.207+08:002018-04-22T13:42:21.207+08:00Hi Peony,
A warm welcome to my blog :)
To my kn...Hi Peony, <br /><br />A warm welcome to my blog :) <br />To my knowledge, Gemini only accept USD deposit via Bank/Wire transfer. <br /><br />USD have been falling against the SGD for some time to the 1.3 range today from 1.36 months ago :)sleepydevilhttps://www.blogger.com/profile/03214790983822461454noreply@blogger.comtag:blogger.com,1999:blog-756999172180904768.post-49449216381187061262018-04-18T03:53:14.324+08:002018-04-18T03:53:14.324+08:00Hi SD, I'm a new reader and even newer at cryp...Hi SD, I'm a new reader and even newer at crypto! I know this is an old post, but I have a qst! Does Gemini accept USD via PayPal or does it have to be bank transfer? I did a search and some articles google pulled up seem to mention so, but on their website I find no such info. (Or maybe they've previously accepted but no longer do? Hmm..) I've funds there and seeing as how USD keeps dropping I'm better off spending them on US transactions than converting to SGD. Thank you!✻ Peonyhttps://www.blogger.com/profile/05296405476215486275noreply@blogger.comtag:blogger.com,1999:blog-756999172180904768.post-46204122030647857992018-01-26T09:03:06.478+08:002018-01-26T09:03:06.478+08:00Hi SD,
Thanks for the reply and i did deposit us...Hi SD, <br /><br />Thanks for the reply and i did deposit using fybsg , hope ill get a reply soon.<br />Anonymoushttps://www.blogger.com/profile/05986795395865488770noreply@blogger.comtag:blogger.com,1999:blog-756999172180904768.post-54641184047700636052018-01-25T23:01:31.270+08:002018-01-25T23:01:31.270+08:00Hi Praveen,
Indeed, for now as the crowd and fres...Hi Praveen,<br /><br />Indeed, for now as the crowd and fresh funds are rushing into the game, it is making the queue and waiting time relatively long. <br /><br />You might wish to drop by FYB-SG, a local fiat-crypto exchange whereby you can deposit BTC and withdrawing your cash into your bank account. Fees are relatively cheap at 0.6%<br /><br />For hardware wallets like Trezor Ledger Nano, they provide a wide range wallets inside this USB like thunbdrive, of which you’ll be able to deposit an extensive amount of coins. <br /><br />Software wallet wise, those big ones like Jaxx etc the coins they provide storage for are fixed and there is no way of configuring it. Alteratively you might be able to find another wallet for coins that they do not include on the Github. Be reminded to do a check on the credibility of the wallet prior to depositting. <br />sleepydevilhttps://www.blogger.com/profile/03214790983822461454noreply@blogger.comtag:blogger.com,1999:blog-756999172180904768.post-8260487546390429622018-01-24T07:50:07.087+08:002018-01-24T07:50:07.087+08:00Hi ,
Few more queries if you dont mind :)
Fiat ...Hi , <br /><br />Few more queries if you dont mind :)<br /><br />Fiat to crypto , as ur aware its very long queue to get new account set up now. So other than Gemini and coinbase any others i can use with less fees.<br />Stuck here , your help is appriciated.<br /><br />Reg hardware or software wallets - does it hv pre-defined number of coind ? And only limited to btc , eth etc. Or can we configure any four coins ?<br /><br />Thanks again<br />PraveenAnonymoushttps://www.blogger.com/profile/05986795395865488770noreply@blogger.comtag:blogger.com,1999:blog-756999172180904768.post-65624823310582671702017-12-22T23:39:31.836+08:002017-12-22T23:39:31.836+08:00Hi Praveen,
No worries! Really glad that I manage...Hi Praveen,<br /><br />No worries! Really glad that I manage to help :) sleepydevilhttps://www.blogger.com/profile/03214790983822461454noreply@blogger.comtag:blogger.com,1999:blog-756999172180904768.post-27390147291166376942017-12-22T09:17:49.278+08:002017-12-22T09:17:49.278+08:00Hi SD,
Thanks soooo much for the detailed explana...Hi SD,<br /><br />Thanks soooo much for the detailed explanation very helfull information.<br /><br />Do keep sharing :))=Anonymoushttps://www.blogger.com/profile/05986795395865488770noreply@blogger.comtag:blogger.com,1999:blog-756999172180904768.post-78832727109116274032017-12-19T15:51:35.799+08:002017-12-19T15:51:35.799+08:00Hi Praveen,
Thank you for the kind compliments :)...Hi Praveen,<br /><br />Thank you for the kind compliments :)<br /><br />Unfortunately I'm not a user of Coinbase. Nonetheless, I will try my best to answer the first question. <br /><br />1. Coinbase is not a local company and they are situated in the US. For exchanges situated aboard, in order for funds to be deposited/withdrawn from the account an intermediary or telegraphic transfer is needed for the oversea bank transfer.<br /><br />For their case, they uses Xfers as an intermediary for bank transfer payment or "withdrawal/cash-out" instead of having TT transfer like Gemini. <br /><br />2. Upon buying your coins from any exchange, proceed to the "withdrawal" tab or button and select on the respective coin you'd like to withdraw. <br /><br />For example, I have 1 ETH that is bought on Coinbase and I'd like to transfer it to my hardware wallet (ie. Ledger Nano) - I'd have to withdraw the ETH to my wallet's address. <br /><br />Hardware wallet are offline storage device specially made to store your coins. The safety of this "offline storage device" provides you with more security just like the wallet you have in your pocket. For the coins to go missing in the wallet, that would probably happen when you lose your wallet. <br /><br />There will be a unique address for you in your wallets. Locate the address and copy/paste it to your "ETH Withdrawal address" on your exchange.<br /><br />Likewise when you want to send your coins from your wallet to the exchange to sell. The steps for deposit is a reversal of the withdrawal for coins. sleepydevilhttps://www.blogger.com/profile/03214790983822461454noreply@blogger.comtag:blogger.com,1999:blog-756999172180904768.post-85407293602888782102017-12-19T08:06:45.197+08:002017-12-19T08:06:45.197+08:00Hi ,
Thanks for the write up , very well document...Hi ,<br /><br />Thanks for the write up , very well documented. Am having below 2 doubts, your help would be appriciated. <br /><br />1. Coinbase uses xrefs as an intermediate , any idea why or any details on this ?<br /><br />2. Once u buy coins , how do i transfer from exchange to any hardware ? Is this like offline device ?<br /><br />Am a newbie , not sure ur answering this question many times :))<br /><br />Thanks againAnonymoushttps://www.blogger.com/profile/05986795395865488770noreply@blogger.comtag:blogger.com,1999:blog-756999172180904768.post-66679703497111546732017-12-11T17:14:56.259+08:002017-12-11T17:14:56.259+08:00Hi MIM,
Have replied to your email, no worries on...Hi MIM,<br /><br />Have replied to your email, no worries on that. Glad to be of your service :) sleepydevilhttps://www.blogger.com/profile/03214790983822461454noreply@blogger.comtag:blogger.com,1999:blog-756999172180904768.post-22879512836654937212017-12-11T16:27:58.100+08:002017-12-11T16:27:58.100+08:00Thanks for the explanation. I emailed you as I am ...Thanks for the explanation. I emailed you as I am a noob in this -S My Investment Machinehttps://www.blogger.com/profile/18047290726034007540noreply@blogger.comtag:blogger.com,1999:blog-756999172180904768.post-26770667217883286852017-12-11T08:33:23.834+08:002017-12-11T08:33:23.834+08:00Hi MIM,
Similar to buying stocks on SGX. Let me t...Hi MIM,<br /><br />Similar to buying stocks on SGX. Let me try to relate them.<br /><br />For fiat ($) to crypto exchange, they're just like our brokerage houses (Maybank KE, DBS Vickers etc.) whereby you will use your dollars to buy into virtual currency. Coinbase/Coinhako are fiat exchanges in Singapore and uses SGD as the "buying-in" currency. However the fees are relatively higher compared to exchanges in the US. <br /><br />Personally, I'm using Gemini and they're a US Exchange. They're rates are at 0.25%. To use a US Exchange, I will first have to remit USD over to their account. This can be done by using DBS remit where currently, there is no fees charged for it.<br /><br />Next, wallet. Wallet will just be like our CDP, whereby they will hold the coins we own. Storing your coins on exchange is just like the "custodian service" of brokerage houses. One thing that is different is, storing on exchange exposes you to the risk of being hacked etc. <br /><br />Just a quick example, SCB is the custodian to the shares you've purchased using the platform. If SBC folds down, your shares will be going with them whereas if it is in your CDP account. The folding down of SCB will not be of an impact to you. <br /><br />One big difference is that SCB is much "safer", insured and well-known which provides you with the confidence to put your shares with them. But most exchanges are relatively new just as cryptocurrency is AND virtual currency are not insured. If it is loss, hacked or so. It will evaporate into thin air and nothing much can be done even if you know who stole your coins. <br /><br />Hope that clarifies your doubt! <br />If you've any more questions, feel free to email me! I'm more than glad to assist you :)<br /><br />sleepydevilhttps://www.blogger.com/profile/03214790983822461454noreply@blogger.comtag:blogger.com,1999:blog-756999172180904768.post-33610796036741799832017-12-10T22:25:30.371+08:002017-12-10T22:25:30.371+08:00Hi Sleepydevil,
I am quite confused. It seems I ...Hi Sleepydevil, <br /><br />I am quite confused. It seems I will need a wallet and virtual currency intermediary. How do I trade SGD for Bitcoin? My Investment Machinehttps://www.blogger.com/profile/18047290726034007540noreply@blogger.comtag:blogger.com,1999:blog-756999172180904768.post-18359658787526252362017-11-26T21:40:57.192+08:002017-11-26T21:40:57.192+08:00Hi Foolish Chameleon,
Thank you very much for the...Hi Foolish Chameleon,<br /><br />Thank you very much for the input! Forgotten to include in earlier when I'm doing the guide. I've edited the post with the addition in!sleepydevilhttps://www.blogger.com/profile/03214790983822461454noreply@blogger.comtag:blogger.com,1999:blog-756999172180904768.post-18104750923823971822017-11-26T16:40:50.071+08:002017-11-26T16:40:50.071+08:00important part to add on in step 2.3
"Please ...important part to add on in step 2.3<br />"Please remember to include the unique letters assigned to your account under “memo” or “instructions”"foolish chameleonhttps://www.blogger.com/profile/05964116916697053495noreply@blogger.comtag:blogger.com,1999:blog-756999172180904768.post-11437813403792215402017-11-21T21:49:25.959+08:002017-11-21T21:49:25.959+08:00Yea, it's a little conflicting there. But well...Yea, it's a little conflicting there. But well.. I shall take a look into this issue real soon.<br /><br />As I'm currently situated in Japan, and Japan being a country that actually REGULATES Bitcoin, I've been trying to look for it in the big electronics store but unfortunately, I did not manage to find it. I'm planning to order online for it. <br /><br />When that happens, I will have a wallet to "buy-and-forget-and-comes-back-6-years-later-with-a-quarter-million".<br /><br />Haha! <br /><br />The hard wallets are pretty costly and Ledger Nano S cost about S$120 if you're ordering from the official Ledger Wallet website. <br /><br />Currently, I'm hopping around several light wallets like Jaxx, Exodus etc. As I'm doing trades and the duration are relatively short, it is just like "hot money". These light wallets are not suitable if you're gonna put a big sum of money in for a prolonged period of time as your safety is not exactly compromised.<br /><br />But for hopping around and that being relatively small sum in the market. It should be fine. However, the safety is still a concern. <br /><br />I've came across plenty of cases whereby people are using light wallet to store their coins and ended up with nothing left and I'm actually feeling a little uneasy about it despite the fact that hot money is constantly flowing around when I'm doing trades.sleepydevilhttps://www.blogger.com/profile/03214790983822461454noreply@blogger.comtag:blogger.com,1999:blog-756999172180904768.post-88281566105970738672017-11-21T19:21:06.456+08:002017-11-21T19:21:06.456+08:00yea, i saw that too. abit conflicting ..
btw, a...yea, i saw that too. abit conflicting .. <br /><br />btw, are you using hard wallet? ie ledger nano? foolish chameleonhttps://www.blogger.com/profile/05964116916697053495noreply@blogger.comtag:blogger.com,1999:blog-756999172180904768.post-14317335356243882912017-11-21T19:03:40.112+08:002017-11-21T19:03:40.112+08:00Hi Foolish Chameleon,
The above mentioned is only...Hi Foolish Chameleon,<br /><br />The above mentioned is only for "deposits/withdrawal" of BTC/ETH and not for fiat currency. <br /><br />When sending/receiving BTC/ETH it is classified as deposits/withdrawal. On a side note, I happen to see that the wire transfers for both deposit and withdrawal to be free!<br /><br />I've chanced upon a post previously on the withdrawal of fiat from Gemini, and perhaps you could take a look at it.<br /><br />https://pennywise.sg/withdraw-sgd-gemini/<br /><br />Unfortunately, I have not made any withdrawal yet and I'm unable to verify on the fees that Gemini is charging as mentioned in the post. <br /><br />Perhaps soon, I could write a little more about the withdrawal fees after verifying. As this is a "heavy" fee. sleepydevilhttps://www.blogger.com/profile/03214790983822461454noreply@blogger.comtag:blogger.com,1999:blog-756999172180904768.post-6043919325224755962017-11-21T18:04:58.442+08:002017-11-21T18:04:58.442+08:00saw this link on Gem:
https://gemini.com/transfer...saw this link on Gem: <br />https://gemini.com/transfer-fees/<br /><br />seems like free for both deposit/withdrawl <br />"All customers receive 30 free withdrawals per calendar month. Additional withdrawals will result in fees equal to our estimated mining fees of 100,000 satoshi (0.001 BTC) per transaction on the Bitcoin Network and 0 GWei (0 ETH) per transaction on the Ethereum Network."foolish chameleonhttps://www.blogger.com/profile/05964116916697053495noreply@blogger.comtag:blogger.com,1999:blog-756999172180904768.post-63642939881666862842017-11-21T15:44:16.862+08:002017-11-21T15:44:16.862+08:00Hi Foolish Chameleon,
Thank you for dropping by m...Hi Foolish Chameleon,<br /><br />Thank you for dropping by my blog! I'm glad that my post interest you. <br /><br />Gemini only allows you to trade between USD, Bitcoin (BTC) and Ethereum (ETH). <br /><br />To be investing/trading other alt coins like ETC (Ethereum Classic), Litecoin (LTC), Ripple (XRP), ZCash (ZEC), DigitalCash (DASH), TenX (PAY) and more, you will need another crypto-crypto exchange. <br /><br />In this case, Changelly serves as a crypto-crypto exchange for you to change your BTC or ETH into the alt coins.<br /><br />I'm more than glad to answer any questions of my knowledge! :) You may wish to email me if you have further questions!sleepydevilhttps://www.blogger.com/profile/03214790983822461454noreply@blogger.comtag:blogger.com,1999:blog-756999172180904768.post-67519346053909042132017-11-21T14:02:58.831+08:002017-11-21T14:02:58.831+08:00hi SD,
reading your crypto blog with great intere...hi SD, <br />reading your crypto blog with great interest. still learning before i give it a test run. <br />pardon me if i ask stupid qn. <br />if gemini allows you to trade: USD/BTC, USD/ETH, ETH/BTC, BTC/ETH, ETC/USD, BTC/USD.. <br />why do you still need changelly? what is this for? foolish chameleonhttps://www.blogger.com/profile/05964116916697053495noreply@blogger.com