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One Simple Trick to Avoid Coinbase Fees

Updated May 16, 2018 – How to Avoid Coinbase Fees.

Coinbase is a very popular gateway to access the Crypto world.

And for good reason. It’s easy interface and seamless connections to major banks make it the ideal way for most people to buy Bitcoin, Bitcoin Cash, Ethereum and Litecoin.

But it’s expensive. As you can see, it costs $14 in Coinbase fees just to buy $1000 of ETH.

avoid coinbase bitcoin fees

Over time paying those high Coinbase fees start to add up quickly and can eat into your crypto investment funds.

Is Coinbase Free to Use?

  • Coinbase charges transaction fees for buying and selling cryptocurrency. Coinbase calles these trading fees “Conversion Fees”.  Coinbase adds these fees to the amount of fiat currency you want to spend. This gives the total amount for the order.  You can read more here.
  • In general, Coinbase doesn’t charge a fee to store cryptocurrency in it’s hosted Wallet service.
  • Coinbase itself does not charge for transfers of virtual currency to an address off the Coinbase platform. However, Coinbase will pass through any network transaction fees (e.g. bitcoin miners’ fees).
So wouldn’t it be great if there was a way to avoid Coinbase fees entirely?

Well you’re in luck.  There is a way to pay zero Coinbase fees.

Are you new to Bitcoin?  For a limited time only, you can grab our Bitcoin for Beginners course for absolutely free.  You can get access right here.

How to Avoid Paying Coinbase Fees to Buy Bitcoin, Bitcoin Cash, Litecoin and Ethereum

Step 1 – Deposit USD

Instead of buying Bitcoin/Bitcoin Cash/Litecoin/Ethereum directly from Coinbase, Deposit USD into your USD wallet.

Click “Accounts”  – “USD Wallet” – “Deposit”

coinbase usd wallet fees

Step 2 – Sign Up for GDAX

Now go to GDAX.com and click “Create Account”.

not pay coinbase fees use gdax fees

You may not know this, but GDAX is Coinbase’s own trading platform.  So once you’ve created your GDAX account it will give you the option to link your GDAX and Coinbase accounts.

Step 3 – Deposit Funds into GDAX From Coinbase

Now that your GDAX and Coinbase accounts are linked, all you need to do is move some USD into GDAX to buy Bitcoin/Ethereum with.

This step couldn’t be easier.  Just click on “Deposit”

gdax deposit to not pay coinbase fee

Then click on the link for “Coinbase Account”, enter the amount of USD you want to transfer and click “Deposit funds”

gdax deposit from coinbase to skip coinbase fees

Step 4 – Buy Your Cryptocurrency on GDAX With No Fees

Now you have a USD balance sitting in your GDAX trading account.

All you have to do is select whether its Bitcoin, Bitcoin Cash, Ethereum or Litecoin that you want to buy.

Now click on buy at “Limit” (not “Market”).

Choose your desired trade price and amount.

Then click on the “Advanced” drop-drop ensure the “Post Only” box is checked.

Now click Place Your Buy Order.

Note – to ensure you don’t pay any Coinbase or Gdax trading fees (known as maker/taker fees) it’s essential that you select a “Limit” order and that you check the “Post Only” box.

limit orders on gdax how not to pay coinbase fees

There you have it.  You’ve successfully bought your favorite cryptocurrency at the your specific price all without paying Coinbase’s transaction fees.  No Coinbase fees or Coinbase commissions.  But you still get the safety and security of the Coinbase/Gdax platform.

I hope you’ve found this helpful (and it saves you some money).

If it has, please Share this with a Friend who’ll also find it useful.

Are you new to Bitcoin?  For a limited time only, you can grab our Bitcoin for Beginners course for absolutely free.  You can get access right here.

 

 

 

How to Buy InsurePal at LiveCoin (IPL)

This is a short guide to safely buying InsurePal (also known as IPL coin) on the LiveCoin exchangeLiveCoin is a fast-growing exchange where you can buy Altcoins (meaning “alternative coins”).

(Affiliate Disclosure: Some of the links in this post are affiliate links. At no additional cost to you, we’ll earn a commission if you decide to make a purchase after clicking through the link.  Read our Affiliate Disclosure.)

What is InsurePal

InsurePal token (IPL) will be the fuel of the InsurePal platform, used by clients and third-party partners worldwide. It is an application specific token, built on top of existing Ethereum blockchain, allowing us to give the users back the value of the InsurePal insurance network.

COIN Token Details

Official Website: InsurePal.io
Name:  InsurePal
Token:   IPL
Total Supply: 300,000,000
Circulating Supply: 201,000,000

Step 1 – Register at LiveCoin

To buy the token, you first need to sign up at LiveCoin.

First go to LiveCoin.net.

Go ahead and Register at LiveCoin by adding your personal details.

register at livecoin exchange to buy altcoins

To sign up for LiveCoin you’ll need a valid email address and create a secure password.

Create a strong Password, click the check boxes for the LiveCoin terms and conditions and the anti-spam captcha.

Click “Register Account”.

how to register for livecoin account

Step 2 – Activate Your LiveCoin Account.

You’ll be asked to activate your account before you can log in on LiveCoin.

Go to the email you entered and click on the link sent by LiveCoin to complete the registration process.

Step 3 – Log On to Your New LiveCoin Account

Go back to LiveCoin.net and use your new account details to log in.

Step 4 – Fund your LiveCoin Wallet.

Before you can buy your new tokens, you need to have funds in your LiveCoin wallet.

Note that you can’t send fiat currency direct to LiveCoin.  Instead you need to send your favorite crypto (we recommend ETH or LTC due to low transaction costs and fast transfer times).

The easiest way is to buy crypto at Coinbase.com then send it to LiveCoin.

How to Buy Bitcoin at Coinbase

Back at LiveCoin, click the  “Deposit” link on top menu.

deposit funds at livecoin exchange to buy altcoins

You now need to find the deposit address for the specific type of crypto you are transferring over from Coinbase.

In this example we’re using ETH.

Search for “ETH” in the Cryptocurrency Balance field and then click on the “DEPOSIT” button.

deposit eth at livecoin exchange to buy altcoins

You’ll need to check the various acknowledgment boxes and then click the “Show address” button.   You ETH deposit address will now appear.  Copy and paste that and use that as the destination/outward address at your Coinbase account.

eth address at livecoin exchange to buy altcoins

 

Wait a few minutes and the crypto (ETH in this case) will be credited to your LiveCoin account.

Step 5: Trade your Ether for IPL tokens.

Click on the ‘BUY/SELL’ link at the top menu, near the LiveCoin logo.

Search for the IPL/ETH pair among the list displayed on the page.  Do this by selecting the “ETH” tab and clicking on the coin pair you would like to buy.

buy altcoins at livecoin exchange

Under the IPL/ETH chart, you’ll find the Buy IPL section.

buy COINNAME at livecoin exchange COINTICKER

The first box with the Amount label is where you enter the number of IPL tokens you plan to buy.

The first box with the Price label displays how much ETH or fraction of ETH you pay to buy each IPL token.

The Total box shows how much Ether in total you are paying for the transaction. This includes any transaction fees by LiveCoin.

Ready to buy?

Go ahead and Click on the “BUY” button.

Are you new to Bitcoin?  For a limited time only, you can grab our Bitcoin for Beginners course for absolutely free.  You can get access right here.

 

Important Notice

This content for educational purposes only and should not be considered investment advice or a trading recommendation.    Buying any cryptocurrency involves a lot of risk.    The cryptocurrency market is highly volatile and any money you invest is at your own risk. TL:DR – crypto is risky, don’t spend money you can’t afford to lose. Now would be a great time to read our full Terms of Use and our Affiliate Disclosure.

Glossary of Cryptocurrency Terms

Are you new to Bitcoin, Ethereum and cryptocurrencies?  Is your head spinning trying to understand confusing new terms?

Don’t worry, we’ve put together a short glossary explaining the most important concepts  – all in plain-English.

Address

An address is used to send and receive transactions on a network (e.g. Bitcoin).  Usually an address is a very long string of numbers and letters.   Typically there are two parts to each address – the Public Key (often just called the “address”) and the Private Key.  While generally you can receive assets (incoming transactions) using only your Public Key, you cannot spend assets (outgoing transactions) unless you have the Private Key.  See Public Key and Private Key below.

Altcoin

Any cryptocurrency that isn’t Bitcoin.   Examples include ether, dash and litecoin.

AML

Acronym for “Anti-Money Laundering”.  Laws and regulations designed to prevent the proceeds of criminal activity being converted into (“laundered”) money that appears to come from legitimate sources. 

Bitcoin

The most well-known cryptocurrency.  Bitcoin was the first decentralized cryptocurrency to run on a global peer to peer network, without the need for middlemen and a centralized issuer or backer.

Block

Blocks are chunks of data that carry permanent records of action on the blockchain network.

Blockchain

A record of all transactions that ever occurred.  The record or “ledger” grows with each transaction by the addition of new “blocks” to the end.  Learn more about the Blockchain here.

BTC

An acronym for Bitcoin.  A BTC is a single unit of the Bitcoin currency.

Cold Storage

This refers to the practice of storing cryptocurrency offline to increase security.  Common examples include a hard drive or USB drive, a hardware wallet and a paper wallet.  Contrast storing your digital currencies in online wallets or at exchanges.  Here is a good explanation of cold storage.

Cryptocurrency

Also known as tokens, cryptocurrencies are representations of digital assets where encryption is used to regulate the generation of currency units and verify the transfer of funds.

Dapp

An abbreviation for “decentralized application”.  A Dapp is an application that is open source, has no central point of control with its consensus data stored on a blockchain.

Distributed Ledger

Distributed ledgers are ledgers in which data is consensually shared and stored across a decentralized network of decentralized nodes. A distributed ledger may be public, private or permissioned.  

Double Spending

Where a single token (a bitcoin for example) is spent twice.    This problem is unique to digital currencies because such information can be reproduced with relative ease.

Ethereum

Launched in 2015, Ethereum is open-source, public, distributed computing platform and programming language based on blockchain technology.

Fiat

A government issued currency with status as legal tender, but is not backed by a physical commodity (e.g. gold).

Initial Coin Offering (ICO)

An unregulated means by which a new cryptocurrency project sells its own tokens in exchange for legal tender or other cryptocurrency.   

Key

See Private Key and Public Key.

KYC

Acronym for “Know Your Customer”.  KYC is the due diligence process of a business identifying and verifying the identity of its clients. KYC typically applies financial institutions and other regulated entities.

Market Cap

Market capitalization of a cryptocurrency is the price per unit for the currency, multiplied by the current number of outstanding units in the market. This gives the overall ‘value’ of the cryptocurrency.

Mining

Mining is the process where new units of currency are generated by rewarding computers for solving highly complex math problems. This is a computer intensive task and most users join mining pools to combine processing power of multiple machines.

Node

A node is any individual computer that connects to a cryptocurrency network.  Typically, the more nodes a network has, the safer the network.  Unlike mining, where users receive bounties for successfully confirming transactions, running a node does not provide any financial incentive.

Public Address

This is the address used to publicly receive cryptocurrency. In the same way that your email address is public, anyone in the world can know your public address in order to send you tokens (e.g. Bitcoin).  

Private Key

A Private Key is a string of letters and numbers that allows you to access (and spend) the tokens or currency in a specific wallet. Private Keys act a lot like passwords to be kept hidden from anyone but the owner of the wallet.  Read more here.

Proof of Stake (POS)

An algorithm that rewards users based on the number of coins you own or hold. The more you invest in the coin, the more you gain by mining with this protocol.

Proof of Work (POW)

An algorithm that rewards users based on the amount of computational power the user provides.

Public Key

A cryptographic code that allows a user to receive cryptocurrencies into his or her account.

Satoshi Nakamoto

The name used by the unknown person or group persons who created bitcoin.  Bitcoin was launched in 2008 and by 2011, Nakamoto vanished with his frequent forum posts and e-mails going silent. Claims in 2016 by Craig Wright, an Australian entrepreneur, that he was Nakamoto were met with skeptisim.

Smart Contracts

Smart contracts are self-executing contracts with the terms directly written into lines of code. Smart contracts typically exist across a distributed ledger which allows contracts to be carried out between anonymous parties without the need for a central enforcement authority. 

Token

A “token” is a representation of an asset, usually for something that has a value. The most common example is coins but crypto tokens can represent a wide variety of assets ranging from shares in a company to voting rights of an entity.

Vitalik Buterin

A Russian-Canadian programmer and writer primarily known as a co-founder of Ethereum.  You can follow Buterin on Twitter here.

Wallet

A software program that stores Private Keys and enables the user to view and create transactions on a specific blockchain.

Whale

A “whale” is a very wealthy investor or institution active in the cryptocurrency markets.

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7 Articles You Must Read if You’re New to Bitcoin

Unless you’ve been hiding under a rock in Outer Mongolia, you’ve heard of Bitcoin. The once-marginalized digital currency may have started as an anonymous way to buy and sell contraband, but over the past few years, it’s become a hot investment vehicle. So what articles do you need to read to familiarize yourself with Bitcoin?

Here’s a list of 7 that should be a huge help in your journey toward Bitcoin expertise.

1. What is Bitcoin?

A super basic summary of the main gist of Bitcoin. This will start you off and walk you through some of the most basic ideas surrounding Bitcoin. It’s also helpful because it’s done through infographics, so it’s a simple introduction. Very simple but very useful.

2. Bitcoin

The old standby, Wikipedia, strikes again. But this time, the article is really informative and has links to every detail of Bitcoin life, from fundamentals to where to spend. It’s helpful to understand some of the deeper thinking around Bitcoin, as well as some of the history. Worth a read.

3. How Does Blockchain Work?

The underlying fundamental of Bitcoin that keeps it safe and protected from fraud is blockchain technology. Blockchain technology is a distributed ledger, or database, that requires consent from all parties to verify a transaction. Therefore it is inherently free from It’s worth understanding the basics in order to feel safe.

4. What is a Digital Wallet?

If you’re going to buy Bitcoin, you’ll need a wallet, and not just any wallet, but a digital wallet that will store your Bitcoin. Sound funny? It’s ok – this article will help you understand what a digital wallet is and how it works. You’ll need to have a pretty strong grip on this concept before diving into Bitcoin.

5. Cryptocurrency Exchanges

Cryptocurrency is a fancy name for digital currencies, rather than fiat currency issued by a government. While the ways to spend cryptocurrencies like BTC are growing (see the article below), it’s also important to find a way to exchange your Bitcoin for fiat currency like dollars or euros. To do that, you’ll need a cryptocurrency exchange. It’s important to understand cryptocurrency exchanges. The best way to do that is to read some pages, and pick one exchange and open an account. The exchange allows for the purchase and sale of Bitcoin and converts the sale into other fiat currencies.

6. Bitcoin Price Analysis

This site offers weekly price analysis. Just go to the link above and search the author’s name, and you’ll find an up to date price analysis of Bitcoin. It’s worth keeping track of where the market has been in order to know where the market may go from here.

7. Getting in Deep

If you’re really wanting to understand what’s going on with Bitcoin down to its very roots, this site is the place to go. The author has compiled an incredible series of articles on the programming roots of the blockchain that is the foundation for Bitcoin. It’s worth taking time to read through the articles, but only if you’re really into understanding everything there is to know about Bitcoin. It’s the equivalent of understanding the complexities of printing a $100 bill, rather than just understanding the value of $100.

With these seven articles, you should be able to go from Bitcoin zero to 60 in a relatively short time. Bitcoin is here to stay, so learning all you can is a good decision.

The 10 Best Websites to Learn About Bitcoin and Cryptocurrencies

With new digital assets and crypto projects being launched every day, it can be difficult to keep track of everything.

The cryptocurrency industry has experienced massive growth in the recent months.  Some of the popular cryptocurrencies available today include Bitcoin, Ripple, Ethereum, Dash, Bitcoin Cash and Litecoin.  But that’s not the end of the list. The latest data confirms that there are 900 more cryptocurrencies in the industry and the number keeps on growing.

But if you’re new to this space or want  to learn more about cryptocurrencies,  you’re in the right place.

First, keep track of all the latest developments and breaking news on our Coin Street Facebook Page.

Then head on over to these 10 websites that can quickly get you up to speed on all things Bitcoin and Cryptocurrencies.

  1. Paxful.com – This site is impressive in the sense that it can allow over 150 payment methods to be used. It is a peer to peer marketplace connecting sellers with buyers.
  2. Gdax.com – GDAX offer good liquidity and it is great for technical traders. Serious players in this space get the best ethereum exchange from GDAX. This site has been specially optimized to be a serious trading site. In addition, it is an integral part of the trusted Coinbase brand.
  3. Cryptocoincharts – The site is ranked as one of the best cryptocurrency sites available online. This site provides data for numerous cryptocurrency exchanges.
  4. Quandl Bitcoin Markets – The site provides a page full of high-quality statistics regarding Bitcoin. Statistics offered by the site include Bitcoin prices on almost 30 different exchange/currency pairs, the blockchain size, the average block size and the number of Bitcoin transactions.
  5. Bitstamp.net – This site has been in the market since 2011 and they are big in Europe. They accept both US dollar and Euro depositis. It is well received by traders using credit cards and SEPA.
  6. CrypTrader – This site helps users when it comes to linking their accounts to Vircurex, Bter, BTC-E and MtGox. One can simply use a page to directly buy and sell on any of the exchanges. CrypTrader is one of the best sites to utilize for those practising arbitrage trading.
  7. Coinamtradar.com – This site allows users to stay anonymous with over 869 ATMs spread over each continent. You can easily purchase with no verification of ID when using this site. You can use cash to buy in person at local ATM machines.
  8. Coinchoose – This site is particularly designed for miners and it offers accurate data on more than 80 cryptocurrencies. The site enlightens miners on the advantages of mining all Bitcoin-related currencies.
  9. Bitsquare.io – This site is ranked among the more technically advanced cryptocurrency sites. You can purchase bitcoins using trusted third parties, escrow or bank transfer. Over 60 cryptocurrencies can be traded on this site.
  10. BuySomeBitcoins.com – This site allows its users to buy bitcoins without using ID verification. This has seen the site experience fast growth and it has gained reputation for its unique service. It is also available in all countries and currencies.

The Ultimate Guide to Crypto Security and Storing Bitcoin Safely

How can I keep my Bitcoin safe?

It’s the most common question we get asked here at Coin Street.  Crypto security is a hot topic.

As the price of various cryptocurrencies continues to rise, more and more people are investing in digital assets.  And it’s clear from the hundreds of emails we get on this topic that the security of your digital assets is the biggest concern you have.

Here’s the good news. It’s not difficult to dramatically improve your security.

And to give you the peace of mind you deserve, we’ve put together a complete step-by-step guide to keeping your cryptocurrency safe.

What Am I Protecting Against

Remember, there’s nothing inherently insecure about Bitcoin or cryptocurrency. The security risks are not due to the blockchain technology itself, but rather old-fashioned theft.

As our friends at Chainalysis note, the security risks you face can be grouped into four categories.  Phishing, Exploits, Hacks and Ponzi Schemes.

(photo credit Chainalysis)

The good news is that if you follow the simple steps in this Guide, you’ll greatly reduce your chances of falling prey to any of these.

One point needs to be made clear.

YOU are responsible for the security of your own digital assets.

Unlike traditional investments like stocks and bonds, there is no regulated and insured institution whose job it is to keep your assets safe.

What Does It Mean to “Store” Crypto?

Unlike tangible assets like gold, digital assets aren’t “stored” anywhere. Cryptocurrencies like Bitcoin exist only as an entry on a ledger. And they are sent and received through an address which requires a set of keys.

Take Bitcoin for example:

Every Bitcoin address has two keys: a “Public Key” and a “Private Key.”

The Public Key is used to generate your Bitcoin address. It can be shared freely as the place where you want to receive Bitcoin. It acts just like your email address. They main point is that the Public Key can only receive, not send.

Contrast that with your Private Key. This key is what enables someone to move Bitcoin out of a wallet and send it elsewhere. So whoever has the Private Key has control of the contents of that wallet.

Note, for a more in-depth explanation of Public and Private Keys, check out our Crypto Terms in Plain English post.

So ultimately securing your digital assets all comes down to keeping your Private Key safe.

Part 1 – The Essential Steps to Safely Storing Crypto

Before we discuss how to keep your Private Keys safe, you must take some basic security measures.

Honestly, these really aren’t just for cryptocurrency. Anyone with an online presence should implement these.

Step 1 – Run an Anti-Virus

Before we go any further, you need to make sure your computer itself is secure and free from viruses.

The easiest way to do this is to install and run Malwarebytes.

malwarebytes crypto security bitcoin

Once you’ve done that, you can move on to Step 2.

Step 2 – Update Your Systems

The next step to take is to ensure that your computer is running all the latest manufacturer software. This means you should download and install all system updates and security patches.

windows update bitcoin security

This isn’t difficult to do – simply follow the easy steps in these links:

Updates for Windows PCs
Updates for Macs

Step 3 – Use a Password Manager

Now that your computer is up to date and free of any nasty viruses, it’s time to talk passwords.

Hands up if you’ve been using the same password for more than 6 months? A year? Longer?

Ok, how about this one. Do you re-use the same passwords for multiple sites?

Don’t feel bad, you’re in good company as the vast majority of us either use weak passwords or reuse passwords. I know it’s a major hassle to use strong and updated passwords.

And that’s where a password manager comes in.

What is a password manger

A password manager will create and store secure, random passwords across all your accounts. All your (now super strong) passwords will be stored encrypted on their servers. It’s incredibly convenient. Now you only need to remember your “master” password that you use to log-in to the password manager vault.

How it works

It’s pretty simple to set up.

First, you download and install an extension for your browser. Google Chrome is our preferred choice.

lastpass bitcoin secure

To set up your account, you’ll use your email address and you’ll need to come up with a master password.

Now, given how important it is to keep your “vault” safe, you should make this password crazy strong. Make it something long, throw in some numbers and symbols.

Remember it and write it down and keep it stored in a secure location.

Next, you tell the password manager about your various accounts. You can import passwords you have stored elsewhere or store the details the next time you log-in to a site.  This will create your “vault” of stored passwords.

Now when you need to log in to any of your stored sites, you’ll see the small red square at the top right of your screen.  This shows you that Lastpass has recognized the site and has your details ready to go.

lastpass login bittrex

All you need to do is click on the small grey box in the login field and Lastpass will give you the option to log in using the stored details.  Just click on the pop-up and Lastpass will auto-complete the username and password details.

lastpass login bittrex bitcoin

Recommended Password Managers

Which password manager is best? Well, we recommend Lastpass.  LastPass is the leading online password manager because it’s easy to use and very secure.

Even better. LastPass lets you implement stronger two-factor authentication (we’ll discuss that next).

You can try their premium service for free for 14 days here.

Step 4 – Use Two-Factor Authentication

Creating ultra-strong passwords (and freshening them up every so often) is a must-do. But even that leaves you open to risk.

The next step is to enable Two-Factor Authentication — or 2FA — on your most valuable online accounts.

Think of 2FA as a second layer of protection over and above your password.

How does 2FA work?

It’s pretty simple. The best kind of 2FA is what’s known as a One-Time Password (OTP).

This is a short – usually 6-digit – number that you need to input to access your online accounts. After you’ve logged-in with your standard username and password.

Here’s the catch.

The OPT changes every 60 seconds and you need to have the mobile app such as Google Authenticator physically with you to get the latest code.

Don’t Use SMS

Here’s one very important warning.   Make sure you disable the option of unlocking your 2FA by being sent a SMS text message.  We’ll discuss it more later, but for now just understand that its easy for hackers to get control of your SMS phone number.  This means hackers can “recover” access to your secured account just via that number.  So, avoid using SMS for 2FA, especially on anything of value.

Two Factor Authentication Bitcoin

 

So even if someone steals your password, it’s useless unless they also have your mobile app. And they won’t, because it will be secure on your smart phone.

Recommended 2FA Services

We like the Google Authenticator app. It’s easy to install on both iPhone and Android and works with all major online sites that require that extra level of security (hint – any website you use for cryptocurrencies!).

2FA Crypto Security Bitcoin

For a step-by-step guide on how install and use Google Authenticator, you can check out the official Google guide here.

Once you have the Google app installed on your phone, its time to visit each of your accounts and enable 2FA protection.  The process differs on each website, but the option is usually found in either the Settings or Security sections of “My Account”.

Step 5 – Secure Your Phone

The fifth and final “basic” security step you should take is to secure your phone.

Set-up a Passcode/Pin Code

First up, make sure you require a password or pin to unlock your phone. That way if it’s ever lost or stolen, there’s a secure wall between a potential hacker and sensitive information.

Tell Your Carrier – ‘Do Not Port’

The final thing to address is kind of shocking.  It turns out hackers are contacting cellphone carriers and tricking them into transferring or “porting” your phone number to a new device.

Why would they want to do this?

Think for a minute about the last time you tried resetting your password on a website. It probably sent you a confirmation code to ensure that the password reset was valid, right? And, often, I bet one of the options was to receive that code by SMS or text message.

Now you see the damage a thief could do if they got those codes on their newly-ported cellphone. Instead of yours.

Poor Cody Brown had $8000 of Bitcoin stolen using this method – you can read his story here.

Unfortunately, there doesn’t seem to be a perfect way of avoiding being the victim of phone porting. Each cell provider has their own procedures and security requirements.

  • First, you should contact your provider and request extra security requirements before they agree to port your number.  At a minimum, insist that a PIN number or additional password be required.
  • Next, remove the ‘recovery phone number’ options from your major accounts (email, LastPass etc). This way, an attacker can’t reset your major passwords by SMS authentication.

For a more detailed analysis on preventing phone porting, read Krakken’s excellent blog post.

Part 2 – Avoid the Common Crypto Security Mistakes

Now that all you’ve finished your basic online security improvements, it’s time to talk crypto safety.

As the value of cryptocurrencies goes up so does the chance of being a theft target. .

Avoid Phishing Sites

One of the most common ways to fall victim to crypt theft is through Phishing. “Phishing” (pronounced “fishing”) is where legitimate looking websites trick you into giving away their important security information. Here likely your passwords and Private Keys.

The most common examples are where you click on a link in an email, chat message or website. The link takes you to a website that looks authentic but is in fact a clone set up by the thief. Online banking sites used to be the most common target for phishing attempts. But now cryptocurrency wallets are being targeted.

Here’s a recent example for the cryptocurrency Omisego.  This link was shared around various social media sites.

omisego phishing site

Like in the Omisego example, you can spot a Phishing site by the incorrect website URL.  (Here it was a .com.co URL).  Unfortunately sometimes these URLs are so close, it’s tough to spot the fakes.

So how do you avoid being a Phishing victim?

There are a few easy steps you can take.

Don’t Click on Links

First, avoid clicking on links that you see on websites or in messages. This may sound hard, but you shouldn’t be relying on these types of links to take your most trusted sites.

This leads us on to the second precaution.

Use Bookmarks

There will be a short list of “core” sites you use most often. Maybe it will be Coinbase (for buying cryptocurrency), Bittrex (for trading) and an online transaction searching site such as Etherscan.

Whatever your list looks like, there’s no reason why you should be clicking on links or using Google to get there. Instead, use bookmarks. The first time you visit the site, double and triple check the URL and then save the URL to your Bookmarks.

Then always, ALWAYS, use the Bookmark link going forward. No more Google, no more links from Facebook and no more typing the site address in by hand.

Use Password Manager

Remember when we said you should be using a Password Manager like Lastpass? Well as an added bonus, it will protect you against Phishing sites.

How?

When you visit a site that’s stored in your vault, Lastpass will recognize it and auto populate the login fields.

lastpass login bittrex

Lastpass isn’t tricked by fake URLs that look ‘similar’. It only recognizes the website’s official URL and won’t give you the auto-fill option if you happen to land on a Phishing site. That alone is always a red flag suggesting you’ve landed on a phishing site.

Don’t Ever Give Out Your Private Key

The final piece of advice is simple. Don’t EVER give out your Private Key online. It’s yours and no other website has any reason to need it. If a site asks you for your Private Key it should set off alarm bells in your head.

Think of it like someone asking for your debit card PIN number, your social security number and your mom’s maiden name all at once.

Just don’t give it out. Seriously.

Avoid Web Wallets

A web wallet is any kind of service where a third party hosts your Private Keys. We get it, these are convenient. But your private keys are being stored online outside your direct control. This makes web wallets vulnerable to hacks.

If it’s absolutely necessary to use a web wallet, do your research first. Only choose the service that can has the very best reputation for security.

Even then, only use web wallets like your checking account. Only keep the smallest amounts that you need in the very near future. Anything above this should be stored in more-secure ways.

Avoid Mobile Wallets

Mobile wallets are just web wallets accessible through a smartphone app. That makes them even more of a security risk that web wallets. If you lose your phone or your phone is hacked your funds are gone forever. These may be useful to store small amounts of “spending cash” but nothing more.

What applies to Web Wallets applies double to Mobile Wallets.

Avoid Long Term Storage in Exchanges

Online cryptocurrency exchanges are a necessary evil. At some point you’ll want to trade some of your base currencies (Bitcoin or Ethereum) into other assets. And that’s where an exchange comes into play.

It’s unrealistic to think that you’ll never leave currency on these exchanges. How else are you going to be able to take advantage of price dips if you don’t have funds available to invest?

Unfortunately there have been many high-profile thefts from exchanges (see Mt.Gox and BTC-E).

So how to protect yourself against exchange theft while also being able to trade?

  • First, do your research and only sign up for exchanges with the best reputation for security.
  • Second, join a few exchanges and spread out your trading across multiple platforms. That way, if one exchange gets hacked, only a part of your funds are at risk.
  • Third, enable 2FA on every exchange account you have. If an exchange doesn’t offer 2FA support, do not open an account there. Make sure you install 2FA for logging into the account. And enable a 2FA security check before funds can be withdrawn. That means when you (or someone else!) tries to move money from the exchange to a personal wallet, it prompts you for another 2FA code.
  • Fourth and final. Keep only the very smallest amounts at exchanges. Remember the golden rule. You are responsible for your crypto security. So don’t place your trust in an online exchange.

We’ve spent long enough talking about what not to do. Now it’s time to discuss how you should keep your crypto safe online.

Part 3 – How to Safely Store Your Cryptocurrency

At a Minimum, Use an Encrypted Desktop Wallet

Using a Desktop Wallet is far more secure than web or mobile wallets. Here, you store your Private Keys on your local machine, not online. You still run the risk that when your computer gets infected with a virus or someone manages to hack in to steal your Keys.

One way to further protect yourself is to encrypt your wallet using a very strong password. It’s best not to trust this password with an online password manager. Instead pick a password that is long but that you’ll remember. Next, write it down somewhere offline. Make multiple copies of the written-down password and store them in separate physical locations.

Better Security – Put Private Keys in Cold Storage

What is Cold Storage

As we explained above, you’re still vulnerable to attack even when using a Desktop Wallet.

For that reason, it’s better to keep your Private Keys in an offline location. This is what’s known as “Cold Storage”.

For the 99.9% of time that you don’t need access to your Private Keys, they stay away from the internet. It’s only when you need to make a payment or transfer online that you expose the offline location to the internet. Compromising a cold wallet is very difficult without physical access to the device.

The most secure cold storage systems are Paper and Hardware Wallets

Using a Paper Wallet

A Paper Wallet is exactly what it sounds like. You store your Private Keys on a physical piece of paper. Creating a completely secure paper wallet does require some technical knowledge. Here is a guide that walks you through the process of creating a secure paper wallet step by step.

The paper wallet process is complex. So we prefer storing Private Keys on a Hardware Wallet.

Using a Hardware Wallet

Hardware wallets have become very popular. And it’s because they provide cold storage without any technical knowledge. Even better, the setup process is very simple to follow.

These are encrypted USB drives that run their own special operating system. Their only purpose is to protect your Private Keys. They never reveal them – even if you need to connect the device to the internet.

When you want to make a transaction, you attach a hardware wallet to an online machine. It processes the transaction using the Private Keys but without ever revealing them. That way, even if the computer is infected with malware or a virus, there’s no way your Private Keys can be accessed. Even better, no personal information is required to set up your hardware wallet. So there’s no personal identifying data that can be leaked.

Recommended Hardware Wallets

Ledger Nano: this is a wallet in a USB stick that is plugged directly into your computer’s USB port to when you need to transfer coins.  Buy the Ledger Nano S on Amazon here.

TREZOR: this is like the Nano except that it offers a screen. This means you can confirm transactions on the TREZOR itself, meaning it can still be used even if the computer it’s plugged into is infected.  Buy TREZOR on Amazon here.

What You Should Do Right Now

This has been a long post. But don’t use that as an excuse for not improving your online security right now.

Remember, you don’t have to be perfect.

The goal is simply to make yourself a harder than average target. There will always be theft and people will always fail to take even basic security steps.  Just make sure it’s not you.

When you’re being chased by a bear in the woods, you don’t need to be faster than it is. Just faster than the person running next to you!

Seriously, stop what you’re doing right now and protect yourself.

I hope you’ve found this Ultimate Guide helpful (and it saves you from being a victim of theft).

If it has, please Share this with a Friend who’ll also find it useful.

Are you new to Bitcoin?  For a limited time only, you can grab our Bitcoin for Beginners course for absolutely free.  You can get access right here.

How to Buy CanYa at Kucoin (CAN)

This is a short guide to safely buying CanYa (also known as CAN coin) on the Kucoin exchange.

(Affiliate Disclosure: Some of the links in this post are affiliate links. At no additional cost to you, we’ll earn a commission if you decide to make a purchase after clicking through the link.  Read our Affiliate Disclosure.)

What is CAN

CanYa is a peer to peer market of skilled services – where users are instantly connected to service providers.

CanYa launched its initial product to Australia in 2017 and conducted its ICO to fund expansion into the international market as well as launching CAN token. Being able to bring a skilled services marketplace to the cryptocurrency community allows instant spending of crypto for real services – bringing value to the ecosystem. On top of this, CanYa also benefits cryptocurrency by allowing us to bring crypto to those who want a skilled services marketplace but who are yet to become familiar to cryptocurrency.

CAN Token Details

Official Website: canya.io
Name:  CanYa
Token:  CAN
Total Supply: unknown
Circulating Supply: unknown

Step 1 – Register at Kucoin

To buy the token, you first need to sign up at Kucoin.

First go to Kucoin.

Next you need to click on the “Sign up” link.

sign up at kucoin to buy crypto alt coins Canya token

Go ahead and Register at Kucoin by adding your personal details.

how to sign up at kucoin exchange buying CanYa

To sign up for Kucoin you’ll need a valid email address and create a secure password.

Step 2 – Activate Your Kucoin Account.

You’ll be asked to activate your account before you can log in on Kucoin.

Go to the email you entered and click on the link sent by Kucoin to complete the registration process.

You may need to check your spam folder.

We strongly recommend you set up 2 factor authorization (2FA) on your account.

Step 3 – Log On to Your New Kucoin Account

Go back to Kucoin and use your new account details to log in.

Step 4 – Fund your Kucoin Wallet.

Before you can buy your new tokens, you need to have funds in your Kucoin wallet.

Note that you can’t send fiat currency direct to Kucoin.  Instead you need to send your favorite crypto (we recommend ETH or LTC due to low transaction costs and fast transfer times).

The easiest way is to buy crypto at Coinbase.com then send it to Kucoin.

How to Buy Bitcoin at Coinbase

You now need to find the deposit address for the specific type of crypto you are transferring over from Coinbase.

In this example we’re using ETH.

First, click the dollar ($) symbol to open the deposit page

deposit crypto at kucoin exchange

Then click on the “Deposit” button and search for ETH.

deposit eth at kucoin trading exchange

Now, copy the ETH Deposit Address and use that as the destination/outward address at your Coinbase account.

Wait a few minutes and the crypto (ETH in this case) will be credited to your Kucoin account.

Step 5: Trade your Ether for CAN tokens.

Click on the ‘Markets’ link at the top menu, next to the Kucoin logo.  And navigate to the ETH tab.

trade alt coins on kucoin exchange

Search for the CAN/ETH pair among the list displayed on the page.  You can type CAN in the search bar if you can’t find it.

This will take you into a trading screen like the one below.  It’s straightforward to purchase from here.

buy alt coins on kucoin exchange CAN

Under the CAN/ETH chart, you’ll find the Buy CAN section.

buy CanYa at kucoin exchange

The first box with the Price label displays how much ETH or fraction of ETH you pay to buy each CAN token.

The second box with the Amount label is where you enter the number of CanYa Tokens you plan to buy.

You can also use the ratio slider to indicate what percentage of your funds you want to spend.  sliding to  100% button uses all the ETH in your account.   50% uses 50% etc.   If you use the percentage buttons, the number of tokens you can buy will be automatically entered into the Amount box.

The Total box shows how much Ether in total you are paying for the transaction. This includes any transaction fees by Kucoin.

Ready to buy?

Go ahead and Click on the “BUY CAN” button.

Are you new to Bitcoin?  For a limited time only, you can grab our Bitcoin for Beginners course for absolutely free.  You can get access right here.

 

Important Notice

This content for educational purposes only and should not be considered investment advice or a trading recommendation.    Buying any cryptocurrency involves a lot of risk.    The cryptocurrency market is highly volatile and any money you invest is at your own risk. TL:DR – crypto is risky, don’t spend money you can’t afford to lose. Now would be a great time to read our full Terms of Use and our Affiliate Disclosure.

 

How to Buy Deepbrain Chain at Kucoin (DBC)

This is a short guide to safely buying Deepbrain Chain (also known as DBC coin) on the Kucoin exchange.

What is Deepbrain Chain

Leveraging blockchain technology, we developed a decentralized, low-cost, and private AI computing platform. We also provide perfect peripheral products.

The DeepBrain Chain token, the DeepBrain Coin (DBC), is traded via smart contract based on NEO. The mining node is incentivized through a system designed through smart contracts.

DeepBrain Chain is a decentralized neural network. Countless mining nodes across the world will supply computational power for AI use to meet world-wide enterprise demand. Mining nodes receive DBC as compensation. The GAS fee each enterprise need to pay is far less than the intrinsic fee.

The DeepBrain Chain is also a secure data trading platform that allows both parties to not worry about data leakage or reselling. Blockchain technology is used to realize the explicit separation of data ownership and data usage rights. Thus, the value of data will be promoted greatly.

DBC Token Details

Official Website: https://www.deepbrainchain.org/
Name:  DeepBrain Chain
Token:  DBC
Total Supply: 10,000,000,000
Circulating Supply: 900,000,000

Step 1 – Register at Kucoin

To buy the token, you first need to sign up at Kucoin.

First go to Kucoin.

Next you need to click on the “Sign up” link.

Go ahead and Register at Kucoin by adding your personal details.

To sign up for Kucoin you’ll need a valid email address and create a secure password.

Step 2 – Activate Your Kucoin Account.

You’ll be asked to activate your account before you can log in on Kucoin.

Go to the email you entered and click on the link sent by Kucoin to complete the registration process.

You may need to check your spam folder.

We strongly recommend you set up 2 factor authorization (2FA) on your account.

Step 3 – Log On to Your New Kucoin Account

Go back to Kucoin and use your new account details to log in.

Step 4 – Fund your Kucoin Wallet.

Before you can buy your new tokens, you need to have funds in your Kucoin wallet.

Note that you can’t send fiat currency direct to Kucoin.  Instead you need to send your favorite crypto (we recommend ETH or LTC due to low transaction costs and fast transfer times).

The easiest way is to buy crypto at Coinbase.com then send it to Kucoin.

How to Buy Bitcoin at Coinbase

You now need to find the deposit address for the specific type of crypto you are transferring over from Coinbase.

In this example we’re using ETH.

First, click the dollar symbol to open the deposit page

Then click on the “Deposit” button and search for ETH.

Now, copy the ETH Deposit Address and use that as the destination/outward address at your Coinbase account.

Wait a few minutes and the crypto (ETH in this case) will be credited to your Kucoin account.

Step 5: Trade your Ether for DBC tokens.

Click on the ‘Markets’ link at the top menu, next to the Kucoin logo.  And navigate to the ETH tab.

Search for the DBC/ETH pair among the list displayed on the page.  You can type DBC in the search bar if you can’t find it.

This will take you into a trading screen like the one below.  It is straightforward to purchase from here.

Under the DBC/ETH chart, you’ll find the Buy DBC section.

The first box with the Price label displays how much ETH or fraction of ETH you pay to buy each DBC token.

The second box with the Amount label is where you enter the number of Deepbrain Chain you plan to buy.

You can also use the ratio slider to indicate what percentage of your funds you want to spend.  sliding to  100% button uses all the ETH in your account.   50% uses 50% etc.   If you use the percentage buttons, the number of tokens you can buy will be automatically entered into the Amount box.

The Total box shows how much Ether in total you are paying for the transaction. This includes any transaction fees by Kucoin.

Ready to buy?

Go ahead and Click on the “BUY DBC” button.

Are you new to Bitcoin?  For a limited time only, you can grab our Bitcoin for Beginners course for absolutely free.  You can get access right here.

 

How to Buy Dent Wireless at Kucoin (DENT)

This is a short guide to safely buying Dent Wireless token (also known as DENT coin) on the Kucoin exchange.

What is DENT?

Dent Wireless is disrupting the mobile operator industry by creating an open marketplace for buying and selling of mobile data.

DENT’s vision is to create a global marketplace using blockchain, where everyone on this planet has the opportunity to buy and sell mobile data packages and liberate mobile data.

DENT Token Details

Official Website: dentwireless.com
Name:  Dent Wireless
Token:  DENT
Total Supply: 100,000,000,000
Circulating Supply: 10,614,760,961

Step 1 – Register at Kucoin

To buy the token, you first need to sign up at Kucoin.

First go to Kucoin.

Next you need to click on the “Sign up” link.

Go ahead and Register at Kucoin by adding your personal details.

To sign up for Kucoin you’ll need a valid email address and create a secure password.

Step 2 – Activate Your Kucoin Account.

You’ll be asked to activate your account before you can log in on Kucoin.

Go to the email you entered and click on the link sent by Kucoin to complete the registration process.

You may need to check your spam folder.

We strongly recommend you set up 2 factor authorization (2FA) on your account.

Step 3 – Log On to Your New Kucoin Account

Go back to Kucoin and use your new account details to log in.

Step 4 – Fund your Kucoin Wallet.

Before you can buy your new tokens, you need to have funds in your Kucoin wallet.

Note that you can’t send fiat currency direct to Kucoin.  Instead you need to send your favorite crypto (we recommend ETH or LTC due to low transaction costs and fast transfer times).

The easiest way is to buy crypto at Coinbase.com then send it to Kucoin.

How to Buy Bitcoin at Coinbase

You now need to find the deposit address for the specific type of crypto you are transferring over from Coinbase.

In this example we’re using ETH.

First, click the dollar symbol to open the deposit page

Then click on the “Deposit” button and search for ETH.

Now, copy the ETH Deposit Address and use that as the destination/outward address at your Coinbase account.

Wait a few minutes and the crypto (ETH in this case) will be credited to your Kucoin account.

Step 5: Trade your Ether for DENT tokens.

Click on the ‘Markets’ link at the top menu, next to the Kucoin logo.  And navigate to the ETH tab.

Search for the DENT/ETH pair among the list displayed on the page.  You can type DENT in the search bar if you can’t find it.

This will take you into a trading screen like the one below.  It is straightforward to purchase from here.

Under the DENT/ETH chart, you’ll find the Buy DENT section.

The first box with the Price label displays how much ETH or fraction of ETH you pay to buy each DENT token.

The second box with the Amount label is where you enter the number of Dent Wireless Tokens you plan to buy.

You can also use the ratio slider to indicate what percentage of your funds you want to spend.  sliding to  100% button uses all the ETH in your account.   50% uses 50% etc.   If you use the percentage buttons, the number of tokens you can buy will be automatically entered into the Amount box.

The Total box shows how much Ether in total you are paying for the transaction. This includes any transaction fees by Kucoin.

Ready to buy?

Go ahead and Click on the “BUY DENT” button.

Are you new to Bitcoin?  For a limited time only, you can grab our Bitcoin for Beginners course for absolutely free.  You can get access right here.

 

How to Buy Bitquence Coin at Binance (BQX)

This is a short guide to safely buying Bitquence (also known as BQX coin) on the Binance exchange.

What is Bitquence?

Bitquence Coin is the cryptocurrency of the decentralized platform Bitquence.

The crypto platform aims to bridge the gap between old and future financial technology.

BQX Token Details

Official Website: ethos.io
Name:  Bitquence
Token:   BQX
Total Supply: unknown
Circulating Supply: unknown

Step 1 – Register at Binance

To buy the token, you first need to sign up at Binance.

First go to Binance.com.

how to buy neo at binance

Next you need to click on the “Create Account” link.

Go ahead and Register at Binance by adding your personal details.

buying neo token at binance exchange

To sign up for Binance you’ll need a valid email address and create a secure password.

Step 2 – Activate Your Binance Account.

You’ll be asked to activate your account before you can log in on Binance.

Go to the email you entered and click on the link sent by Binance to complete the registration process.

guide to buying neo at binance

Step 3 – Log On to Your New Binance Account

Go back to Binance.com and use your new account details to log in.

Step 4 – Fund your Binance Wallet.

Before you can buy your new tokens, you need to have funds in your Binance wallet.

Note that you can’t send fiat currency direct to Binance.  Instead you need to send your favorite crypto (we recommend ETH or LTC due to low transaction costs and fast transfer times).

The easiest way is to buy crypto at Coinbase.com then send it to Binance.

How to Buy Bitcoin at Coinbase

Back at Binance, click the “Funds” link on the top menu bar, then the “Deposits” link on the sub-menu that pops up.

depositing funds to binance

You now need to find the deposit address for the specific type of crypto you are transferring over from Coinbase.

In this example we’re using ETH.

First, search for “ETH” in the search field.

Then click on the “Deposit” button.

deposit eth to binance

Now, copy the ETH Deposit Address and use that as the destination/outward address at your Coinbase account.

deposit address for eth into binance

Wait a few minutes and the crypto (ETH in this case) will be credited to your Binance account.

Step 5: Trade your Ether for BQX tokens.

Click on the ‘Exchange’ link at the top menu, next to the Binance logo.  Then click on the “Basic” option that is displayed on the drop-down sub-menu.

buy neo on binance

Search for the BQX/ETH pair among the list displayed on the page.  Do this by selecting the “ETH” tab and searching for “BQX” in the search box.

how to buy ETH pairs on binance exchange

Under the BQX/ETH chart, you’ll find the Buy BQX section.

buy bitquence token on binance exchange bqx

The first box with the Price label displays how much ETH or fraction of ETH you pay to buy each BQX token.

The second box with the Amount label is where you enter the number of BQX tokens you plan to buy.

You can also use the percentage buttons to indicate what percentage of your funds you want to spend.  Clicking on the 100% button uses all the ETH in your account.  Clicking 50% uses 50% etc.   If you use the percentage buttons, the number of tokens you can buy will be automatically entered into the Amount box.

The Total box shows how much Ether in total you are paying for the transaction. This includes any transaction fees by Binance.

Ready to buy?

Go ahead and Click on the “BUY BQX” button.

Are you new to Bitcoin?  For a limited time only, you can grab our Bitcoin for Beginners course for absolutely free.  You can get access right here.

 

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