How to Buy Bitcoin With Payoneer – Yes It Is Possible & Here Is How You Do It

How to buy Bitcoin with Payoneer

If you are looking to buy Bitcoin in a country where there are not many options available then a global payment service like Payoneer may be the answer. But how do you go about buying Bitcoin with such? In this short post I’m going to show you exactly how you can do this…. how to buy Bitcoin with Payoneer.

Just because it may be more difficult for you to get your hands on some Bitcoin doesn’t mean its the end of the world. Where there is a will there is a way. There are many different ways to go about buying Bitcoin and where ever you live there should be some way to buy. With Payoneer there are 2 different exchanges that are well trusted which you can use for purchasing. I’ll be going over exactly how it all works and taking you through the buying process.


Where Can You Buy Bitcoin With Payoneer?

Two great options out there are Paxful and LocalBitcoins. These are peer-to-peer (P2P) exchanges, meaning that buyers and sellers are communicating directly in the exchange process.

Basically what Paxful & LocalBitcoins do is facilitate safe transactions between buyers and sellers. So when you use these exchanges you are able to buy from many different sellers, who are often times individuals like yourself, and the exchange provides the safe platform that helps to ensure a safe transaction.

With these two P2P exchanges there are a hundred different ways that you can buy Bitcoins. In a way its kind-of like an Ebay of cryptocurrency exchanges. Anyone can sell and they can pretty much accept any form of payment they want. Below you can see some screenshots of the many different ways that you can pay. There are literally hundreds…

LocalBitcoins…

LocalBitcoins Payoneer

Paxful…Paxful Payoneer


The Buying Process

The buying process is pretty much the same thing for either site so I will be using Paxful as my example, but you can use either.

The first thing you will want to do is click on Buy Bitcoin, select your currency, and go over to the payment methods where you can select Payoneer from the dropdown menu…

Then it will bring up a list of offers that are available in which you can choose from. These are independent sellers that are all willing to sell you Bitcoin if you pay them with Payoneer as you chose. As you can see below the rate per Bitcoin that these sellers are charging varies a lot. This is because they can charge their own rates… its different from a normal exchange like GDAX or Coinbase where you can buy Bitcoin at the market price.

If you look below where I circled you can see that the market price at the time of this screenshot is $7,116 and the lowest price I can buy Bitcoin for from the sellers is $7,838. Now of course you are able to buy any fraction of a Bitcoin but the point is that sellers on sites like Paxful and LocalBitcoins charge more. It doesn’t matter when you buy you will have to pay a higher price because of the inconvenience that these people go through to sell them.

But anyways… I selected the first seller’s offer because his price isn’t too bad. When you click on an offer it will take you to the page you can see below where you can enter in how much you want to buy and it will out line the rules of the exchange, such as the price, the minimum you have to buy, etc…

 

The seller will also make their rules as to how they want the exchange to happen. Below are the steps you have to take to make a trade for the offer I clicked on. They are pretty typical but you will see that they will vary a bit based on the seller and payment method…

You will have to upload verification that you are who you say as well as verification that you sent payment to the seller…

When you start the buying process you will be able to chat back and forth with the seller in real-time if you have any questions or issues.

After you pay the person be sure to confirm this on the Paxful platform. Once the seller has confirmed your payment Paxful will then release the person’s bitcoins to you which were being held by them in escrow. And that is all there is to it. They will be in your wallet on the exchange and you can do with them whatever you want.

I would always suggest storing them in a hardware wallet like KeepKey or TREZOR  if you are going to be holding longterm but you can keep them on the exchange wallet if you want.


Staying Safe When Buying

You have to be careful on P2P exchanges like this since you interact directly with other people, whom you don’t really know.

One thing you should always do before purchasing is look at the sellers’ ratings. You can click on any seller and take a look at their reputation score and all the feedback that people have left them…

 

On LocalBitcoins you can do the same thing, plus they give you some extra information which I like more…

It is important that you buy from someone who is trusted by others, just as you should if you purchase on Ebay. If you get involved with a bad seller it is possible for them to scam you. Paxful and Localbitcoins provide the platform that buyers and sellers can use to make exchanges much more safe but there is still some risk involved buying from people on these sites.

You can read my article I wrote on Paxful safety for more information on all of this.


Summary of Everything

Ok… so YES you can buy Bitcoin with Payoneer, but not with normal exchanges. You have to use Peer to Peer exchanges like Paxful and LocalBitcoins that connect you with other independent sellers which lay out their own rules and guidelines for payment.

Both Paxful and LocalBitcoins come with some added risk but as long as you select a trusted seller that has a good reputation and follow the rules laid out, you should be good and you should end up with those precious Bitcoins you have been dying to buy.

I hope this has been helpful to you and feel free to ask me any questions or leave any comments below. I will get back to you soon if you do 🙂

Is TREZOR Safe? – What You Should Know Before Storing Crypto Here

Is TREZOR SAFE

One important thing to ask yourself before buying a TREZOR hardware wallet is whether or not it is going to be a safe choice. You hear all these horror stories about people losing their cryptocurrency funds or having them stolen and the last thing that you want to happen is for you to become one of those people.

So is TREZOR safe? It’s an important question that needs to be answered and this is exactly what I’m going to be discussing here in this post. I will be going over how TREZOR works and what it actually does to increase the safety of your cryptocurrency holdings, concerns if you lose your TREZOR or if it’s stolen, and concerns with the company behind TREZOR, such as if they were to try to steal people’s funds or go out of business.


How TREZOR Works

The first thing that you need to know, if you don’t already, is how TREZOR works and what it actually does.

In a nutshell TREZOR is a cryptocurrency hardware wallet that gives you easy and safe access to the blockchain and to your funds. The TREZOR device stores or private keys to the various cryptocurrency wallets that are available on the TREZOR device.

These private keys are basically like a password associated with your wallet. They mean everything when it comes to cryptocurrency. With these private keys, and only with these private keys, can you get access to your account. And this means that anyone who gets their hands on these private keys will also get access to your cryptocurrency funds. So it is of the utmost importance to keep these safe, which is what TREZOR does.

With a hardware wallet like TREZOR the private keys never leave the device. When you plug your TREZOR wallet into your computer it signs the private key(s) inside the device and then basically sends the confirmation outside of the device so that you can get access to your funds. Throughout the whole process your private keys stay safe in the TREZOR.

How does this make things more safe?

Because your private keys never leave the device, they cannot be stolen. So even if you were to plug your TREZOR device into a computer that is infected by virus you will not be harmed.

This is a much safer than using a client based wallet online where you would have to type in your private key. In cases like this if you had keystroke malware on your computer your private key that you enter could be detected and then used by the hacker to steal your funds.


What If Your TREZOR Is Lost or Stolen?

As you already probably know when you store bitcoin, Ethereum, etc. in a wallet like TREZOR, you aren’t actually storing the cryptocurrency in the wallet. The cryptocurrency stays on the blockchain and basically all the wallet does is give you safe access to the blockchain into your cryptocurrency.

So if you’re TREZOR is lost or stolen the cryptocurrency does not vanish. It was never stored on there in the first place and all you need to do to get access to it is have your private keys. But of course you do not know your private keys because TREZOR never reveals them and they never leave the device.

Luckily, TREZOR has already implemented safeguards so that you do not have to worry if your hardware wallet gets lost or stolen… It’s not the end of the world.

Stolen TREZOR?

If someone steals your TREZOR, meaning the actual physical device, they will not be able to get access to your cryptocurrency. When you first get your TREZOR device and are setting it up you will get a pin number that needs to be entered to access the device. This pin number will be randomly generated when you go through the setup process.

So the only way for a thief to get access to your funds from physically stealing the device would be to know the pin number, which is six digits long and much safer than many other device standards you see on the market.

“But if my TREZOR is stolen how can I get my cryptocurrency funds back?”

The process of recovering your funds is a simple. Whether your device is stolen or lost if process will be the same.

Lost TREZOR?

When you are initially setting up the device you will also be given what they call a “recovery seed”. This recovery seed is a list of words that you can use to recover your funds. It consists of 24 words and you should write down a couple copies of these words and store them somewhere safe where no one can find them.

So if you lose your TREZOR or it is stolen you will be able to use these 24 words to gain complete access to all of your wallets and funds that were stored on your TREZOR. And what is nice is that you have multiple ways that you can do this. You could buy a new TREZOR and restore your wallets on it, or you could buy other hardware wallets such as KeepKey or Ledger Nano and recover the wallets on them, or you could even use the currency wallets that aren’t hardware wallets, such as Jaxx and many others. The reason that you can use various wallets to recover your funds is it because TREZOR uses BIP39 and BIP44 for encryption which is pretty standard and commonly used for recovery. You are able to recover your funds on any wallet that uses this encryption.

Recovery phrases or recovery seeds can be confusing and if you want to learn more about how all of this works you can read a separate post that I wrote that is solely about them here.


Concerns About The Company Behind TREZOR

Another major concern that I had when I first discovered TREZOR and that I know many others have is the fear that the company him, SatoshiLabs, which makes TREZOR will try to steal your currency or go out of business. But yet again this is nothing that you need to worry about and I’ll explain why.

It would be very worrisome if there was no way to see what was going on inside of the TREZOR device. However, TREZOR is open source which means that anyone can take a look at the code that it runs on. TREZOR has been around for a while now and has been validated as safe by many developers and experts on this kind of thing. They do not use any malicious code with intent to steal your funds or anything like that.

And on a side note, one thing that I really like about TREZOR is that they are very upfront with the security of the device. The team behind it keeps it up to date and patches any possibly exploitable vulnerabilities that it has. When they do this they provide an explanation as to why they are providing an update to TREZOR devices and they tell it how it is. It is important to have a good team behind a device like this because hackers are constantly evolving so TREZOR has to evolve along with them to keep things safe.

What if the company goes out of business?

So what happens if SatoshiLabs goes under? Our people who store cryptocurrency on TREZOR screwed? The answer is no.

If this were to happen, which hopefully it will not, you will easily be able to recover your funds using the recovery seed in a different wallet as I explained above.

I don’t think that TREZOR will go bust anytime in the near future anyhow, but if it does you don’t have to panic.


Conclusion… How Safe Is TREZOR Really?

Storing your cryptocurrency with a hardware wallet is one of the safest way of storage that exists, and a hardware wallet like TREZOR that has been around for a while and is trusted is all the more reason that TREZOR is indeed safe.

Sure… there is always going to be risk involved when it comes to cryptocurrency storage and even with TREZOR you will hear stories about people losing their funds, but this happens from user stupidity and not errors on TREZORS side. This kind of thing can happen when you don’t store your PIN code or recovery seed safe enough. TREZOR provides the means for safetly but they can’t help it if you write your recovery phrase on a piece of paper and leave it on your desk for everyone to see.

So Yes TREZOR is safe. Very safe. Do I own a TREZOR myself? You better believe it.


A Word of Caution When Buying a TREZOR

When buying a TREZOR be sure that you are purchasing one that is real and has not been tampered with. I wrote in entire post on TREZOR scams that exist where people will sell fake TREZOR’s or cell TREZOR’s that have already been set up so that they can steal people’s cryptocurrencies.

Just make sure that you purchase from a legitimate source. You can either purchase from the official TREZOR website, which is TREZOR.io, or you can purchase from the TREZOR store on amazon.com, where you can sometimes buy it for cheaper and get it faster.

Anyway… I hope you enjoyed this post and I hope I cleared a few things up for you to ease your mind. If you have any questions of comments you can leave them below and I’ll get back to you soon 🙂

Is Coinbase a Ripoff? – What You Should Know and A Good Alternative

Is Coinbase a Ripoff

So I’m guessing that you were looking to buy cryptocurrency through the popular exchange Coinbase but are wondering if it’s worth it. Should you use Coinbase? Or is Coinbase a ripoff that you should avoid. After all there are alternatives to Coinbase out there, which I will go over later on, so it’s not like you are forced to use this particular exchange.

The first thing I want to talk about is why some people are calling Coinbase a rip off. The reason is because of the high fees that Coinbase charges when purchasing and selling the various cryptocurrencies that they have available for exchange, which include Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

There is a reason that Coinbase charges such high fees and I will go over the reason shortly, but first I want to explain how the fees work and how high they really are.


A Look at Their Fees

Coinbase charges very high fees compared to most exchanges. This is the bottom line here.

I’m not going to go into much detail on this because, honestly, it’s very confusing and Coinbase has an entire page dedicated to how they calculate their fees according to where you live for each payment method. You can read it here if you wish, but I’ll give you an overview.

They have two methods in which they calculate the fees that you will have to pay to use their exchange services.

Under method one they charge a percentage based the that is dependent on where you live and what type of payment method you are using. Just to give you an example, if you live in the US and are looking to pay with a bank transfer or from your Coinbase USD wallet, you will have to pay a 1.49% fee. And if you are going to pay with a credit/debit card you are going to have to fork over a 3.99% fee…

U.S. Bank Account 1.49%, with a $0.15 minimum
Coinbase USD Wallet 1.49%
Credit/Debit Card 3.99%***

Under method two you will have to pay a 1% variable fee based on the size of your transaction that is also dependent on where you live. Depending on your payment method you might also have to pay a 2.49% fixed fee on top of that.

I’m honestly not sure exactly how Coinbase determines which method it will use to come up with the fees it charges you… All I know is that they charge a heck of a lot. If you are going to be paying with a credit/debit card you are going to get hammered with the fees. From the times that I’ve bought crypto through Coinbase with my credit/debit card I’ve been charged the 3.99% fee along with the 1.49% fee when buying with a bank transfer (I live in the US by the way).

Also, if you sell your cryptocurrency and go to withdraw your money you will be charged a 1.49% fee. So you get hit going both ways.

*You may also get charged additional fees from your bank, but this is something that is not under Coinbase’s control. I have never experienced this by the way.


The Cost of Convenience and Simplicity

The reason that Coinbase is fees are so high is simple. This is the cost of convenience and simplicity. There is not an easier, more simple, or more convenient exchange out there then Coinbase and this user-friendliness comes with a cost.

There aren’t many exchanges out the that even give you the ability to purchase cryptocurrency with the fiat money, such as USD and EUR. There are a lot of complications that come along with this and most exchanges don’t even want to have to deal with it. But Coinbase does deal with this of course and they take it to another level by making the exchange platform very easy to navigate and use.

Purchasing bitcoin, for example, is as easy as going to the Buy/Sell menu, clicking on buy and bitcoin, adding a method of payment, and entering the amount you want to purchase. Depending on what payment method you use, you can end up with bitcoin instantly in your Coinbase wallet that is provided to you on the exchange.buying bitcoin on Coinbase

Of course you have to go through the process of creating an account in the first place and verifying your payment method, but overall the process is very simple and straightforward.

They Have Good Support Too

It is also worth mentioning that Coinbase has some of the best support in the business, probably the best. I wrote an entire post about how you can contact Coinbase support that you can read if you wish to learn more, but the most notable support service that they provide is there phone service, where you can actually call them and talk to a live person. This is something you do not see much in this industry nor do you see much in any industry anymore.


Are Their Fees Reasonable?

Okay… So they have high fees and the reason for these high fees is the quality of service that they provide. But for these high fees really reasonable? This is a question that is very debatable.

In my opinion they could definitely lower the fees some. Coinbase is making a heck of a lot of money and I think they could easily make do with charging less fees. Unfortunately they don’t have all that much competition, because as I said most exchanges don’t want to deal with fiat money, and because of this lack of competition they have the increased ability to charge fees that they see fit, even if they are higher than they need to be.

This is something that I would love to hear other people’s opinions on. So if you do have an opinion on this you can leave a comment below this post when you’re done reading it.

If you think their fees are unreasonable and want to avoid them then here is a great alternative that you can use…


A Great Alternative to Avoid The Fees

The alternative exchange that I would suggest using if you don’t want to use Coinbase is GDAX. GDAX is actually owned by Coinbase but it is there more professional exchange platform. This is the platform that pros and institutional investors will be using. It offers pretty much all of the same services and features and then some, all with lower fees… Much much lower fees.

The only real downside to using GDAX instead of Coinbase is that it is slightly more confusing and you are not able to pay with credit/debit cards, which means that you cannot buy cryptocurrency instantly. What you have to do is find your account on GDAX first and then you are able to purchase and make trades.

When I say that GDAX is more confusing than Coinbase it’s nothing to worry about for most people. It provides a more complex price chart along with some technical analysis tools and in order book that can be used to analyze the market and zero in on good trading opportunities. But you do not have to use all these different features if you do not want to. You can go into GDAX and by at the current market price and leave it at that. So it might look more complicated and it is slightly, but it’s nothing that anyone can’t handle.

If you want to learn more about the differences between the two exchanges you can read my post on GDAX versus Coinbase here.


So Should You Use Coinbase or Not?

This is entirely up to you. I know after reading this post it may seem that I do not like Coinbase but that is not true. They do provide a great service and are a great way for newbies to buy their first cryptocurrencies. In fact, Coinbase is the exchange I started using when I first ventured into the cryptocurrency world.

Now when I am buying or selling Bitcoin, Ethereum, etc. with fiat money I used GDAX, but Coinbase is still a good pick and it all depends on how simple you want the process to be. If you are completely new to all of this and wanted to be as simple as possible then Coinbase is going to be your better choice.

You can read my full review of Coinbase here for more info on everything.

Anyways, I hope this post help you out some and provided some valuable insight into this topic. If there is anything that I didn’t cover and you have questions on please leave them in the comments section below. I will get back to you soon 🙂

Can Bitcoin Be Traced and Can People See Your Identity? – Yes and No

Can Bitcoin Be Traced

You may have heard that in the early days of Bitcoin it was used as somewhat of an untraceable stealth currency that was popularly used for illegal activities, such as for the famous Silk Road online drug bazaar. But was Bitcoin ever really a stealth currency? Can Bitcoin be traced and can people find out how is send what where and who is receiving? The answers to these questions are both yes and no. I know this seems strange but you will see what I mean.

Just think… you have probably heard about governments requiring Bitcoin users to pay taxes on various Bitcoin transactions now right??? But at the same time how come we can’t figure out who the heck Satoshi Nakamoto is?, which is the name used by the creator of the Bitcoin for those who don’t know.

Well… I’ll explain why this is.


Bitcoin… The Completely Traceable Currency

For as long as bitcoin has been around it has been completely traceable. The only reason that people thought it was somewhat of a stealth currency early on is because not many people knew the technology behind it, including governments. As I just mentioned above silk Road which was an online drug marketplace was at one point in time the most popular place for bitcoin transactions. There was more bitcoin going back and forth their then anywhere else in the world, and everyone thought that they were going to get away with it.

Fast forward to now where bitcoin technology is pretty much mainstream, governments are well aware of their ability to trace transactions.

I’m sure you have heard the term “blockchain” associated with bitcoin. In a nutshell the blockchain is a public ledger where all bitcoin transactions are recorded. This blockchain is available to the public and anyone can take a look at it to see every transaction that has ever taken place on the bitcoin network. This is how it is and how it has always been it’s just that early on people didn’t really understand how it all worked.

Literally every single transaction that goes on with bitcoin is traceable and will never be deleted. So it doesn’t matter if you sent a transaction five or six years ago, it can still be looked up.

However, just because the transactions are traceable does not mean that the identity of those sending and receiving bitcoin’s is able to be shown.


Traceable Transactions But No Identity

Bitcoin is called a cryptocurrency for a reason… because of its basis in cryptography. This form of public key cryptography encrypts data with pairs of public and private keys, so for every public key there is one private key and only one.

How does this relate to bitcoin? Well… with bitcoin your wallet address, which is the address that your bitcoin funds are stored at, is your public key. This public key is a string of letters and numbers that has data associated with it. Your private key is kind of like a password. The private key is used to verify ownership over the account of a public key.

So in layman’s terms, the public key is your bitcoin wallet and the private key is the password to give you access to that wallet.

Since private keys are only known to the person who owns the particular wallet they cannot be traced. Only the public keys can be traced. However… As I just mentioned above, the public key is a string of letters and numbers. That’s all there is to it really. There is no name, address, telephone number, or any sort of identifying information associated with a public-key a.k.a. wall address.

So although bitcoin transactions are completely traceable, they are only traceable back to public keys which offer absolutely nothing to identify the person or entity that assumes that bitcoin wallet address. This is why no one knows who Satoshi Nakamoto really is. This person, or group of persons, wallet address is known and people are well aware of it, but that is all that is known. There is nothing to link this address to any person or persons.


How People Can Find Out Your Identity From Your Bitcoin Address

I know this makes absolutely no sense because I just went on and on about how identities cannot be linked to bitcoin addresses, and this is true. However there are ways that identities can become known on the bitcoin network, which have nothing to do with the bitcoin network itself revealing identities or giving the ability to reveal identities.

I’ll give you some examples of what I’m talking about:

#1 – Exchanges

Nearly all of the cryptocurrency exchanges out there require users to verify their identity in some way. So let’s take Coinbase for example since they are one of the most popular exchanges out there. Let’s say you create an account there. You will have to provide identification to Coinbase before you can use the exchange. So let’s say you do that and then you buy some bitcoin, which then is deposited into your Coinbase bitcoin wallet.

In this case Coinbase knows the identity associated with the bitcoin wallet, because they were the ones that force you to provide your identity and set you up with a wallet. They aren’t going to reveal this information to anyone, but if they were subpoenaed or required to do so by law enforcement then they would have to.

#2 – Did You Buy Something With Bitcoin?

Let’s say you buy something online and pay with bitcoin. When you do this you are going to have to enter a shipping address so that you can receive the product right? Well… Now there is an address associated with the account that you sent the bitcoin from.

This is something else you have to consider.

There are plenty of other examples of how an identity could be linked to a bitcoin wallet address, all of which have to do with some third-party requiring you to enter identifying information. But if you do not do anything like this and you have nothing to worry about.


Is It Possible To Keep Your Identity Hidden?

It is nearly impossible for most people to completely keep their identity hidden these days.

Just think about it. If you go to buy bitcoin how do you do this? If you go through popular exchanges that accepts fiat money like USD and euros, for example Coinbase and GDAX, you are going to have to show proof of identification as I went over above. Or if you use a peer to peer cryptocurrency marketplace where you can purchase bitcoin’s from another person and pay with a variety of different methods, like at Paxful or LocalBitcoins, you are still going to have to give your identity when you create your account on these exchanges in the first place.

I suppose one of the best ways to keep your identity hidden when buying bitcoin would be to purchase bitcoin from someone with cash and have them send it to a wallet that you own, not a wallet that is hosted by third-party such as in exchange. So for example a hardware wallet like KeepKey or TREZOR. Or I suppose you could mine bitcoin yourself, but this is not plausible for 99% of the population.


Summing Everything Up

Okay so let me sum up everything here: Bitcoin is completely traceable and every transaction is recorded on the blockchain which is like a public ledger. But… Bitcoin wallet addresses don’t necessarily have identities linked to them. But… They often do due to some third-party being involved with a transaction and requiring identification in some way.

One thing is for sure, bitcoin is not a good currency to use if you are trying to remain anonymous. There are great if the currencies out there that are designed for the purpose of being stealth, such as Monero and Verge.

In closing, I hope you provided some good information here in cleared up some questions that you may affect. If you have any questions or concerns that you would like to be heard please leave them below and I will get back to you soon 🙂

How to Convert Ripple to Bitcoin – Two Easy Ways

How to convert ripple to bitcoin

So you own some Ripple and are looking to convert it into something good old Bitcoin… Is that correct? Well luckily for you I’m going to show you exactly how to convert ripple to bitcoin in this short post.

There is more than one way to go about it but I will show you what I consider to be the top two ways to do so. These two ways are very different from each other, but they both work great. It depends on your situation which is best for you and I’ll explain more on this as I go over both of the ways.


#1 – Exchanging XRP for BTC on Changelly

Using the Changelly exchange is the first method for exchanging XRP to BTC that I will go over. Changelly is an exchange but it’s very different from your typical cryptocurrency exchanges like Bittrex, Binance, Coinbase, GDAX etc. as you will see.

When you go to the Changelly exchange you will be able to start the XRP to BTC exchange right on the homepage. As you can see above, you will choose XRP from the drop down menu, enter in the amount of XRP that you have, and choose BTC over on the right side which is what you are exchanging it for. Then you will click the green exchange button. After that, you will enter in the bitcoin address that you want to receive your bitcoin at.

This may sound a bit strange, but like I said this exchange is very different from the typical ones out there. Here is how it works: you send your cryptocurrency that you are looking to exchange to Changelly, they exchange the cryptocurrency for you, and then they send the final cryptocurrency back to the wallet destination of your choice. Here is a little diagram of how it works…

So with Changelly there is no cryptocurrency being held by the exchange. You simply send your crypto into them, they exchange it, and send the new crypto back to you.

The upside to using it in exchange like this is that it is extremely easy to use, straightforward, and it does everything for you. You do not end up with the cryptocurrency on the exchange which you would then have to withdrawal off of the exchange. You send it in and they send it back, as simple as that. But the downside to using in exchange like Changelly is that they charge slightly higher fees than many of the others out there. I mean it’s still not that bad, they only charge a .5% the, but it is a bit higher than others out there and is worth mentioning.

Creating an account at Changelly is also very simple and can be done very quickly so that you can make an exchange as soon as possible.

You can read my full Changelly review here.


#2 – Exchanging  XRP to BTC Using Binance

The second way of exchanging XRP to BTC that I want to go over is by using the Binance exchange. Binance is what I would call one of the more “typical” cryptocurrency exchanges out there, and in some cases it might be better for you to use this method.

When you go to Binance you will have to go over and type in XRP to bring up the page where you can trade Ripple. This will bring up the ripple price chart along with the order book and trade history. There is a lot more going on here than you see on Changelly. This is because Binance is for traders. Professional traders use this site along with the many tools it provides to help you make the best trades possible (I use Binance for daytrading).

But anyhow, when you get to the XRP/BTC trading page you are going to want to scroll down until you see the area where you can make buy/sell orders, and of course you are going to be interested with selling XRP on the right hand side. Here you will be able to enter the amount of XRP that you want to sell and at what price you want to sell it at. Your order will be matched with by orders from people spending their BTC to buy XRP, which will result in you ending up with XRP in your account.

Unlike Changelly, Binance does the store your crypto on the exchange and provides wallets for each type of cryptocurrency that you hold. This means that before you can sell your XRP you will first have to send it to the Binance exchange and after you make the trade you will have to send your BTC off of the exchange to whatever wallet you want to send it to. In actuality you could keep your BTC in your wallet on the Binance exchange but this would not be advisable for long-term holdings.

So as you can see, Binance is more of a hassle in this way, but one of the upsides to using Binance is that the exchange fee is as low as .05%, which is 1/10th that of Changelly.

Something else that you should know is that if you are going to use Binance you will have to create an account with them and go through the verification process, which can take a while. So if you are looking to exchange XRP to BTC right this minute and you do not have a Binance account already then this would not be the best choice.


How Should You Go About Exchanging Your XRP?

Both ways that I just went over are legit and work… it just depends on what you are looking for.

If you are looking to make a quick exchange of XRP to BTC and have your BTC sent to a wallet somewhere then Changelly is the better choice of the two. If you are looking to cut down on the fees a bit and are willing to go through the bit of extra work having to move your crypto on and off the exchange, then Binance is a great choice.

These are 2 of my top choices to make this kind of exchange but you should know there are others out there. You could use exchanges like Bittrex, COSS, KuCoin, etc in place of Binance and sites like ShapeShift in place of Changelly. Changelly and Binance are just two exchanges you can easily do this at that are trusted and that I recommend.

I welcome all comments and questions below. If you have a question or are confused on anything I will get back to you as soon as I can on anything. Thanks 🙂

How to Contact Coinbase – Got a Problem and Need Help?… Here You Go

How To Contact Coinbase

If you encounter any sort of problems with Coinbase account, such as login troubles, inaccurate account balances, glitches that make you unable to perform an action, etc. then you are going to need to get in touch with Coinbase support. But how do you do this? In this short post I will be going over how to contact Coinbase best way possible.

I remember back in the day when contacting Coinbase was a grueling task that was sure to leave anyone frustrated. There support was anything but timely and if you did have a problem you could expected to be resolved within the next month or so. Luckily today, as Coinbase has grown and evolved, there support has become much better. You no longer get the feeling of wanting to stab someone after trying to contact the support team.


Ways To Get In Contact With Coinbase

There are two ways that you can get in contact with the Coinbase support team, which include calling them at their phone number or submitting a support ticket through the website.

Phone Support
You can contact Coinbase via phone at 1 (888) 908-7930. When you call you will get a list of different options that you can choose from and if the option you are looking for is not there you can just stay on the line and wait to talk to a customer support representative.

I called the Coinbase phone number the other day just to test out how good their phone support actually is. I wasn’t really expecting much, but was pleasantly surprised.

From what I read while doing research online I was expecting the wait time to be around 15 minutes or so but ended up getting through to a real live person in less and a minute.

The call went very well, other than the noisy background. I wanted to test out the support team’s knowledge so I was asking questions about the Coinbase vault that I already knew the answer to. The responses I got to my question I would rate within A+. The guy I talked to knew what he was talking about and at one point, when he didn’t, he double checked with other support team members before getting back to me.

I also tried testing the patience of this support team member by placing him on hold for a couple minutes. I told him to hold on because I had to do something real quick and just wanted to see how he would react, because it is important I think that a support team is able to deal with small annoyances like this. When I got back to talking with him everything was fine. He was more than happy to wait on me.

Ticket Support

You can also submit a support ticket through the Coinbase website. This would be better if you had a question that did not need an immediate answer. You can submit a ticket at support.coinbase.comCoinbase support

When you first get to the support page there will be a chat box where you can type your question or concern in and their bot will display all the relevant information on that topic. If you do not find what you are looking for you can then submit your own ticket where you can select from multiple categories and explain everything about the problem you are experiencing.

I know that on the support page it says “chat with us” but this is not a chat what you may think. He bought will give you automated responses right away, but when you actually submit a support ticket is not like there is someone there that is going to reply to you instantly. This ticket will go to the support team and depending on what you are asking it can take a while to be answered.

One of my complaints about this support ticket service is that you are not able to upload screenshots that you can use to help explain yourself.


Which Support Option Should You Use?

It all depends on what you are going to ask or look for answers to.

If you just have a real quick question and are in need of an immediate response then the phone support is definitely what you should be using. So maybe you have a question about a feature on Coinbase, maybe you are worried that a transaction hasn’t went through yet and are wondering how long it will take, etc.

But if you have a question that is going to require a lot of information and looking into on Coinbase’s behalf or if you just have a question that you are in no rush to get answered then the support ticket option might be the better of the two. So for example, if you were overcharged by Coinbase and are going to argue your case you will need to provide dates, numbers, transactions, etc. There is going to be a lot of information that Coinbase is going to have to look at and need on file when trying to resolve the matter. For this reason I think that submitting a written ticket would be better and talking with someone and the information going in one ear and out the other.

But the choice is yours, both supports work well and you can use either for any problem really.

Coinbase has come a long way. Support used to be one of the main areas they were lacking in. Complaints about lack of support were common to see in forums and all over the Internet. But Coinbase listened to the complaints of their customers and they now have one of the best support teams out of any cryptocurrency exchange.

There is no doubt that when it comes to cryptocurrency exchanges the lack of support is a major problem and often leads to lack of trust. No one wants to be locked out of their account for a prolonged period of time just because of some stupid issue that support could have resolved in a matter of minutes. Hopefully other crypto exchanges will follow in Coinbase’s footsteps.

I know I didn’t cover everything in this short post so if you have any questions or comments please leave them below and I will get back to you soon 🙂

Also, if you’re interested in learning more about Coinbase you can read my full review here.

Is 99 Bitcoins a Scam? – Personal Review

If you are interested in the world of cryptocurrency and have performed searches online for information then you may have come across the website named 99 Bitcoins. You may be curious as to the legitimacy of this website. You may even be wondering… Is 99 Bitcoins a scam? And this is exactly what I’m going to be answering in this short review.

I will be going over what this website is, what it provides, who it’s for, why some people might call it a scam, and more.


What Is 99 Bitcoins?

99 Bitcoins is a website (at 99bitcoins.com) that provides information on pretty much anything that has to do with bitcoin. On this website you can find information about bitcoin exchanges (like GDAX & Bittrex), bitcoin wallets (like KeepKey & Trezor), news on bitcoin, and even a bunch of other information on other popular cryptocurrencies such as Ethereum and the Litecoin, although bitcoin is the main focus.

This site was started back in 2013 and is claimed to be the biggest non-technical guide for bitcoin newbies. Is this statement really true? Well, who knows… It’s kind of hard to measure such a statement. But one thing I will say is that I like how the site provides non-technical information into the world of cryptocurrency.

For many the new technology that comes with cryptocurrency is very confusing and hard to understand. Sites like this are necessary for mainstream adoption and not only that but they are also nice because they save people a lot of headache and frustration trying to understand complicated technical mumbo-jumbo, which is basically what I try to do with my website here.


Why Some Might Call Them a Scam

The reason that some people might call this site a scam is because it makes money promoting cryptocurrency related products and services. When money comes into play like this the fear of corruption comes to mind. You are left wondering if they are perhaps publishing misleading and false information all for the purpose of making money promoting these products and services.

However, not all sites that promote products and make money doing so provide misleading or false information. This is in fact what I do with my site here. And I know that there are many sites out there that will leave a bad taste in your mouth because they come off overly “salesy” and push products on you too much, but not all sites are like this.

Just because 99 Bitcoins earns money promoting products on the site does not mean they are a scam.


My Take On Everything

From what I have seen with 99 Bitcoins there is nothing that leads me to believe that the site is a scam in any way. When I first got involved in the world of cryptocurrency I actually learned a lot from this site. I was reading posts on their back when it was just a small blog type site, way before I got to the size it is today.

From what I see the writers on this site are very fair with the information that they provide. When a product such as a hardware wallet or a service such as an exchange is not any good, or isn’t quite up to par, they tell you this. They don’t just tell you all the good stuff in leave out all the bad stuff for the sake of getting you to buy in.

For example: I was just reading their review of Coinbase and they hit the nail right on the head. They make it well-known that Coinbase has very high fees compared to other exchanges that are similar. Coinbase is a great don’t get me wrong, their platform is very well laid out and they are probably the most newbie friendly exchange out there… But there fees are high and 99 Bitcoins makes this known. They could make more money by saying only the good sides of Coinbase and earning $10 per referral, which is the referral bonus that Coinbase offers by the way, but they do not do this.

And this is just one of the many reviews that I have read on their site that shows their unbiased and fair approach.

So based on what I see 99 Bitcoins is a legitimate website that provides good and truthful information. And by the way I’m not getting paid to say any of this.


A Look at Their Free Bitcoin Course

99 Bitcoins offers a free seven day video course for newbies to learn more about bitcoin’s and cryptocurrency in general. I haven’t actually signed up for the course so I can give you any personal review of it but based on what it appears to be it seems like a decent course for complete newbies to first learn about bitcoin.

This course isn’t going to have any in depth, detailed, or technical jargon. It is made for the complete newbie for the most part. How it works is you will enter your email to sign up for the course and every day you will be provided with a informational video that has to do with bitcoin.

Like pretty much every other website newsletter out there you are probably going to also end up receiving emails from 99 Bitcoins after the course is over. So you may want to enter an email that you do not use for personal matters, but this is up to you.

Since the course is free you don’t have anything to lose but then this makes you wonder if they are going to be products being promoted throughout the course. And since I said I did not actually sign up and test out the course I cannot speak on this matter.


Conclusion on 99 Bitcoins

I am always open to a counter argument but in my opinion 99 Bitcoins is a good site. They tell you how things really are and don’t fluff everything up with magic fairytale information. But of course I would still suggest doing additional research and not using one single source such as 99 Bitcoins or any single website for that matter.

In closing, 99 Bitcoins is a good site for those interested in cryptocurrency but not interested in the technical side of it.

As always, please leave any of your questions and comments below and I will get back to you as soon as I can 🙂

What Is Bitcoin Made Of?

what is bitcoin made of

Bitcoins, cryptocurrencies, blockchains, mining… all these strange rather new terms that there seem to be a lot of attention around… but what are they really? What is a Bitcoin made of? Its it made of “bit”? Is it made of solid gold that has real value and lots of it? Or is it just coated in gold?

Since you clicked on my post here and are wondering what Bitcoin is made of then I’m guessing you are pretty new to the world of cryptocurrency and don’t know much about it yet… and this is okay. Everyone has to start somewhere and I remember when I was a newbie and everything seemed so confusing.

In this short post I’ll be briefly giving an overview of Bitcoin, then I’ll dive into what it is made of.


Bitcoin In a Nutshell

Bitcoin is a decentralized digital currency that no one controls. It uses a new form of technology called blockchain where all transactions that go on over the network are recorded on one single public ledger, that is hosted on computers all over the world which is the part of the makes it decentralized.

So if you were to buy Bitcoin, it would be recorded on the public ledger that would be hosted on computers all over the earth. This ledger would show how much they coin you have in your account when it was sent and everything about that particular transaction. So by looking at the public ledger, aka the blockchain, you can see the amount of Bitcoin in every account that exists.

The fact that Bitcoin is decentralized is partly what makes it so appealing to many. Many people believe that government backed currencies will fail at some point in time and they like the idea of a mathematically controlled currency such as Bitcoin. I don’t want to get into it too much, but bitcoin is governed by math. Because of the protocol it relies on, it is impossible for the network to be hacked. Mathematics is what keeps it safe from inflation, people spending Bitcoin that does not exist, and other problems many currencies could potentially face.

And what I should add to this is that bitcoin is not the only cryptocurrency out there. There are many that rely on blockchain technology. Bitcoin was just the first to enter the market. It was the one came up with the blockchain technology and this is one of the main reasons why is the most popular today.


So What Is Bitcoin Made Of?

Or the better question here might be what is cryptocurreny made of?

You may see bitcoin and other cryptocurrencies shown as being real coins that you can touch and hold. But these are just illustrations and should not be taken seriously, such as the image I used at the top of this post.

Bitcoin and other cryptocurrencies are completely digital in nature. They do not have any physical form. They are not like fiat money where you can take a dollar bill and go to the local store to buy a candy bar with it. This is what worries many people about it. Because you cannot touch them it is almost like they do not exist. However, they do exist. They exists all over the world and there are thousands of computers that can tell you this same fact.

All bitcoin really is, is a bunch of numbers in a bunch of accounts that reside on the blockchain. When you send the big coin, the transaction is verified by the rest of the network, and the sent Bitcoin is updated on the public ledger that is decentralized all over the world. The same goes for when someone receives Bitcoin, the transaction is verified by the rest of the network and then the amount of the bitcoin in your account is updated on the blockchain.

Sounds scary doesn’t it?

But in fact, the bitcoin network is very safe. Because of the mathematics that the protocol runs on, accounts cannot be manipulated and inflation is impossible. So you don’t have to worry about people stealing your bitcoin or people spending bitcoin that they don’t really have.


You Have Total Control Of Your Bitcoin

Like I said earlier, the fact that bitcoin is decentralized is one of the many reasons it that makes it such an interesting new currency that many are catching on to. Unlike fiat money, the government has no control of your bitcoin. Even if the government wanted to, they would not be able to take bitcoin out of your account, close your account, or do anything with your bitcoin. There is no one or no entity in the world that would be able to do such.

Bitcoin and other cryptocurrencies are called cryptocurrencies for a reason. They are based on cryptography that states every account on the blockchain should have one private key associated with that account. What this means is that there is one private key for every bitcoin account, which is basically like a password which consists of a serious of numbers that unlocks the account in gives you access the bitcoin inside. So if you want to spend your bitcoin you will need this password, or private key, to be able to get into your account to spend it. You will be the only one that knows this key and the only way anyone else will be will get into your account is if they steal the key or if you tell it to them or something of that nature.

The downside to having full control over your Bitcoin

The downside is that you have no protection if you make a mistake in somehow lose your bitcoin. So if you lose your private key you are completely out of luck because you are the only one that has that private key. And if you leave your private key laying around in someone else sees it and finds it, they can steal your bitcoin and there is nothing you can do about it, unless of course you were able to move your bitcoin into another account before they actually steal it.

With fiat money you have protection from banks. If someone steals your debit card in drains your bank account you are able to get your money back. With bitcoin you are not able to do such.


What You Should Take Away From This

You cannot hold bitcoin, you can touch it, you cannot smell it, you cannot feel it, you cannot taste it, all you can do is see it in the form of numbers on your computer screen. I know I know I know, it seems so unsafe. But wouldn’t you rather have mathematics governing your money than government officials?

Maybe or maybe not. Some people love the idea of a decentralized currency like bitcoin and others are very much against it. I for one, am all for the new technology and believe in the future of it.

If you are interested in purchasing bitcoin I would suggest using Coinbase to do so. Coinbase is a trusted online exchange that makes it very easy and simple to buy bitcoin with normal money. You can read my full Coinbase review here.

And as always, leave any comments or questions below and I’ll get back to you as soon as possible 🙂

What Is a Recovery Phrase, Backup Phrase, Recovery Seed, etc? – [Crypto Safety 101]

What is a recovery phrase

If you have been in the cryptocurrency space for any amount of time you probably have heard of a recovery phrase, backup phrase, recovery seed, etc. They all are different terms but mean the same thing. For the purpose of keeping my sanity I’ll be referring to the term “recovery phrase” alone throughout most of this review but just know that when I say this I’m referring to all these terms.

Anyhow… what is a recovery phrase? From the sounds of it this seems to be some sort of phrase that has to do with recovering something. If this is what you are thinking then you are correct. That is the basic concept behind it but in this review I’ll be going over all you need to know about these things…. what they are for, how they work, using a recovery phrase, safety and more.


What Is a Recovery Phrase Exactly?

In the world of cryptocurrency, a recovery phrase is mnemonic phrase that you can use to recover a wallet of some sort, whether it be a bitcoin wallet, an Ethereum wallet, etc. Basically its a list of random words, usually 12 -24 words long, that you can remember to completely restore your wallet in case of a disaster.

So say your house burns down (lets hope not) and you have a hardware wallet that gets burnt to dust, or some kind of crypto wallet downloaded on your computer that becomes incinerated in the blaze. You are out of luck when it comes to actually getting the physical hardware wallet back or the computer back, but all you need is that recovery phrase to get your wallet back. So what you could do is re-download the wallet on another computer, or re-buy the hardware wallet and recover your account completely.

You will notice that with all the wallets out there they always tell you to write down your phrase, seed, whatever, right when you create your wallet or activate it for the first time. This is because it is an extremely important step that you do NOT want to skip. Make sure no one else sees this phrase and don’t store it on a computer. I would suggest writing it down on paper and storing it (preferably multiple copies) in a separate space.


How Can a Phrase Recover Your Account/Wallet?

It may sound like quite a strange and unimaginable concept that a bunch of words can recover your cryptocurrency wallets so I’ll do my best to break it down for you.

As you may or may not know… wallets don’t actually store your cryptocurrency… they just give you access to your account on the blockchain. In reality your cryptocurrency resides on the blockchain and even if you lose your wallet and recovery phrase the cryptocurrency still exists, you will just lose access to it.

With every wallet, Bitcoin wallet, Ethereum wallet, Litecoin wallet, Cardano wallet, etc there is a public address, which is the address you send your crypto to in order to deposit it into your wallet, and then there is the private key that is the key to opening your wallet up.

Your private keys are everything in crypto. They grant full access to your funds. In a nutshell a recovery phrase is a bunch of words that stands for your private key, which is really a bunch of numbers. So each of the words in your phrase stands for a number or numbers. The reason that they make recovery keys instead of just having people remember their private keys is because they are easier to memorize… or at least that’s how I understand it.

So just to reiterate, your recovery phrase is a phrase of words that stand for your private key that grants access to your account and all the funds within.


Recovering One Wallet With a Different Wallet

One thing that many people are unaware of is that with many of the wallets out there you can actually recover your accounts on a totally different wallet. For example if you lose your TREZOR hardware wallet and don’t have the money to buy a new one, you can download a software wallet like Electrum for free and use your recovery phrase to restore your account on it. And this is just one of many examples.

The Jaxx wallet has a 12 word “backup phrase”, TREZOR has a 24 word “recovery seed”,  the Electrum 12 word “seed phrase”, KeepKey’s 12 word “recovery sentence”, etc are all interchangeable. You can recover any of these wallets on another of the wallets because of the cryptography that they use.

Many of the wallets out there use BIP39 and BIP44 for encryption and because many of them use this they all are able to recognize the phrases and give access to the corresponding private key for your account.


Recovering Multiple Wallets from One Wallet (Confusing I Know)

Many of the different wallets out there store multiple cryptocurrencies. Just as an example, KeepKey can store Bitcoin, Litecoin, DogeCoin, Testnet, Ethereum, and Dash. So you may be wondering how one single recovery phrase can recover multiple crypto wallets that are all inside a KeepKey wallet like this or any other wallet with multiple crypto’s.

The way it works is like this: When you set up your wallet you write down your recovery phrase. This phrase is randomly generated and then all of the different wallets that you create within this one main wallet have private keys that are based on that phrase. So one phrase can be the key to multiple wallets basically.


On Problem To Be Aware Of

One thing you have to consider is what cryptocurrencies you have in your wallet.

What you have to be careful with is making sure that the new wallet you are restoring the old wallet on is compatible with all the different cryptocurrencies that were in your old wallet. If you have all the available cryptocurrencies I mentioned above on a KeepKey and you try to restore them to a wallet that only offers some of them then you won’t recover every account/wallet that was encrypted in that recovery phrase.

If you do run into this problem its nothing to be scared about. You just have to find a wallet that does offer all the crypto’s you had in the original.


The Process of Recovering a Wallet

The process of recovering a wallet with a recovery phrase is pretty simple and straightforward. It will differ slightly depending on what wallet you are using but the basics of it are that you will click somewhere within the wallet recover a wallet and you will be prompted to enter the recovery phrase.

With hardware wallets you will be instructed on what to do on the hardware wallet itself or you may have to type in the words based on what is displayed on the hardware wallet.KeepKey Recovery

But anyway you do it the process is pretty simple.


A Word of Caution

Beware of fraudulent wallets being sold or given away for free. If your wallet comes with a pre-determined keyword phrase then avoid it. Keyword phrases are created randomly by the wallet when you initially set it up.

If you buy hardware wallet or download a software wallet and it already has a recovery phrase set up then what is going on here is the scammer behind it has already set it up. And now they are waiting for you to deposit cryptocurrency into it so they can use the recovery phrase to get access and steal everything.

Just be aware of this because it does happen and its very unfortunate.

As always, leave any comments or questions below and I’ll get back to you soon 🙂

Jaxx Cryptocurrency Wallet Review – Is Jaxx Wallet Safe?

Is Jaxx Wallet Safe

The Jaxx cryptocurrency wallet is one of the most popular out there and for good reason… it is easy to use and has many nice features. But should you be using this wallet? Is Jaxx wallet safe for you to store your crypto funds? What all can you do with the wallet? These are all good questions to ask before dumping all your precious crypto’s into this wallet and I’ll be answering them.

In this review I’ll be giving an overview of Jaxx, giving you a tour inside the wallet, going over the safety measures it has in place, complaints about it and more.


Jaxx Wallet Review

In a nutshell, the Jaxx wallet is a free cryptocurrency wallet app that has an exchange integrated into it. So what this means is that not only can you hold your cryptocurrencies in this wallet but you can also use it as an exchange, which is very nice and convenient but does have some downsides.

The Jaxx wallet is somewhat of an all-in-one type of deal. Well not quite… but they do allow you to store many different crypto’s in it and are in the process of adding more to the list. So not only can you keep your Bitcoin here,  you can also keep your Dash, Litecoin, Ethereum, Zcash and many others in it.

You can download the wallet app for IOS and Android devices as well as for windows. They also have Chrome extension which is what I use when I’m on my laptop. You can access the same wallet from multiple devices.

Overall the wallet is very nice. It has a nice level of functionality, ease of use, as well as security.


A Look Inside Jaxx

When you first download the app or add the extension to chrome you will be prompted to create a new wallet. You will go through a series of simple steps and get to choose what cryptocurrency wallets you are looking to include. There is a long list. Below you can see some of them but there are more if I were to scroll through it…

So pretty much all you do is select what you want and that is it. Then you have your wallet and its ready to go.

Inside the wallet there are 3 main features: Receive, Exchange, and Send…

Receiving

When you click on receive it will show you your wallet address for the particular cryptocurrency that you have selected. For example. above you can see my Bitcoin wallet address and the QR code that goes along with it. It is this address that I would send Bitcoin to in order to deposit it in my wallet.

Exchanging

Jaxx is integrated with ShapeShift, which is a 3rd part cryptocurreny exchange service. The ShapeShift feature allows you to exchange one cryptocurrency for another right inside the wallet.

Its nice how convenient this is but if you are thinking about using this often then think again. You will get hammered with fees. The way it works isn’t something I’m going to get into, but basically what you need to know is that they don’t actually charge exchange fees but you will get charged mining fees, which are going to be a more than if you were to use and exchange like Binance, COSS, Bittrex, etc.

Its nice for easy conversion and can be used but its definitely not something you would want to use from a trader’s perspective if you are going to be trading often.jaxx shapeshift

Sending

Pretty straightforward here. You choose the wallet you want to send crypto from, you enter in the receivers address which is where you want to send it, and you enter in how much you want to send… which is the same as every other wallet out there.jaxx send

Everything in the Jaxx wallet is easy to do. You can easily customize your wallet to have your favorite crypto’s in it, you can easily send funds, exchange funds, and receive funds. It is a very user-friendly and well laid out wallet that no one is going to get confused with.

What is also nice is that you can have the wallet right there on your phone. But this then brings up the question of security. What if you lose your phone or it gets stolen? Will your funds be lost forever or will someone be able to steal everything?


Is Jaxx Wallet Safe?

Ok so lets say that you lose your phone and that is the only place you have the Jaxx wallet. Luckily you are provided with a 12 word backup phrase that you can use to fully restore your wallet. In the blockchain world your funds aren’t actually stored on your wallet, they are stored in cyberspace on the blockchain so losing a wallet like this isn’t the end of the world.

You should ideally backup your 12 word phrase in multiple places. Write it down and put it away where no one will ever see it. What you would do to restore your wallet would be download the wallet on a new phone or on your computer and enter in the 12 word phrase.

What if your phone gets stolen or hacked?

So lets say someone steals your phone or hacks into it remotely. Can they just send your funds to their own wallet?

The answer is yes… if you didn’t set up the 4 digit pin code.

Jaxx allows you to create a 4 digit pin that will need to be entered when you send transaction as well as display important information, such as private keys. This means the hackers or thieves cannot steal your funds, unless of course they are able to guess your PIN.

Jaxx stores your private keys in your phone or browser. So without the pin set up a hacker could just get a hold of your device and have everything they need.

What if Jaxx gets hacked?

Jaxx stores all information client-side. They don’t store anything on some centralized server somewhere so there is no way for Jaxx itself to be hacked and then for everyone to lose everything.

Basically what it mostly comes down to is how safe you keep your wallet. If you get malware on your phone or computer and don’t have the pin set up then a hacker might be able to get into your wallet pretty easily.

Even if you do have the pin set up and do everything right there is always a little risk involved and unfortunately with crypto there is no way to reverse transactions if a hacker does steal your funds, but this just comes with the territory.

Overall Jaxx is a trustworthy wallet service.


Complaints

There really aren’t many complaints about Jaxx. Its a good wallet. However, some complaints that I think are worth noting include the high exchange fees and safety concerns.

Exchange Fees

I’ve already talked about it above. If you use Jaxx to exchange from one crypto to another you will pay the price. Its convenient but not something you should use as a trading platform very often.

I guess this really isn’t a complaint because its not Jaxx’s fault. Its just that you will have to cover mining fees and there are better options out there for trading.

Safety Concerns 

Jaxx is safe to a degree but nowhere near as safe as hardware wallet like KeepKey or Trezor. This just comes with the territory again. If you want a wallet that is very simple to use and that you can make fast/easy transactions on, then you are going to have to sacrifice security to some extent.


Conclusion on Jaxx Wallet

Like I said, Jaxx is popular for a reason… because its a good wallet that is easy to use and that you can store a bunch of different cryptocurrencies on. Sure there are some downsides to using it but over all its fine wallet service that works and that you can trust.

Should you use Jaxx? That depends on what you are looking for. If you are going to store your crypto long-term and aren’t looking to make transactions very often then I would go with a hardware wallet. But if you are looking for a wallet you can use for easy transactions and a good amount of security going with it then Jaxx is a good choice.

If you have anything to add to this review you can leave your comment below. Also, leave any questions down there and I’ll get back to you soon 🙂

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