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  • starting out

     michael rau updated 2 months ago 3 Members · 7 Posts
  • michael rau

    Member
    September 26, 2021 at 1:42 pm

    I am new and have been going through the topics and many videos. I seem stuck in one area and that is what is first? If I want to use a Trezor wallet will they also be the exchange or do I need an exchange then use the trezor. Second part of the exchange question is which ones are recommended that do no do, all the reporting that Coinbase does.

  • William

    Administrator
    September 26, 2021 at 4:24 pm

    I suggest you get the Exodus mobile wallet that you can use both on your computer and mobile phone that will connect directly with your Trezor Hard Wallet. You will need both to move coins off of Coinbase and other exchanges. https://www.youtube.com/watch?v=Cih_hKKfNo4

  • michael rau

    Member
    September 26, 2021 at 5:48 pm

    Thanks, do you have a recommended list of exchanges. I am trying to avoid coinbase or any other group that reports all tranactions. I saw you had like a top 5 or ten of other services.

  • michael rau

    Member
    September 27, 2021 at 11:09 am

    I guess that reply just made it even more confusing. Or point me to a video that explains the steps. Why would I need two wallets? Or do you need a software wallet and a hardware wallet? Or is there a wallet that does both>

    • Brian

      Administrator
      September 27, 2021 at 6:18 pm

      A. All Exchanges require KYC ( Know your Customers) the end of anonymity and not wanting to pay taxes is over.
      B. You only report if you SELL or Convert ( Convert Ethereum for Bitcoin, Sell Bitcoin for a Stable Coin like USDC) to IRS
      C. Coinbase, Gemini, Kraken or any other Exchange even aboard may come under IRS where they must report.
      D. Wallets can come in the form of Software base or Hardware base. A Hardware wallet or a paper Wallet is more secure than Mobile Wallet on your phone or something like Metamask.
      E. Risks are you must to keep safe you seed phrase as well as any transaction cannot be unreversed. For Example you send Crypto Bitcoin which is held in your Metamask wallet however , your system is exploited and the Send Address is compromised.

  • michael rau

    Member
    October 1, 2021 at 8:33 am

    Thanks

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