What's everyone use to manage their crypto?

[Red Squirrel]

I have not gotten that much into crypto but I feel I probably should at least buy a bit and hold. What's everyone use these days to manage their wallets and transactions, is there some kind of web based software one can install on a server? Something like an exchange but run locally basically. Is there such a thing?

When I did play with ethereum a bit I was just using the command line stuff directly but it was kinda tedious as I had to google the commands each time I wanted to do a transaction.

I originally got out of crypto when I found out the tax implications and fact that you're stuck having to figure out everything on your own and they barely give you any info on how to do it, but turns out you don't need to worry about it if you simply buy and hold. So I could treat this like RRSPs basically, where I buy now, worry about taxes later. Maybe at some point the government will have a site where you can submit your wallet addresses and it generates the proper paperwork or something... would be nice at least. But for now I can at least buy and hold.

I just don't want some fly by night app or software that in 10 years from now I can't do anything with and want something I can have running on a VM that is web accessible (locally).

 

[deadlyapp]

I don't understand why you are talking about apps, etc. Your wallet doesn't have to be anywhere, you can keep it on a USB stick if you want. The only thing you need any type of interface/interaction with is to actually buy and trade crypto, in which case you need a market of some sort. I hear of many using coinbase or nicehash I believe, but I don't do crypto.

Tax implications of Crypto are no different than stocks. It's very simple - if you make a net gain or net loss (not unrealized gains or losses) you just have to claim it. It's only complicated if you make your trading very complicated (eg buy low, sell high, repetitively)

 

[Mai72]

You should look at NFTs which are going to be HUGE in the next decade. NFTs are digital art. It can also be found in the gaming sphere as well. Think digital collectables, skins, etc. For example, this cryptokitty that sold for $170k back in 2018.

Most Expensive CryptoKitty Sold Fetches $170,000 in Cryptocurrency | Digital Trends

If you thought you paid a lot for in-app purchases to enjoy your latest mobile game, think again. A CryptoKitty named Dragon was recently sold on Etherum-based CryptoKitties, a game that's based on blockchain, for the equivalent of $170,000. In case you were wondering, that's a record.

www.google.com

 

[Red Squirrel]

I don't understand why you are talking about apps, etc. Your wallet doesn't have to be anywhere, you can keep it on a USB stick if you want. The only thing you need any type of interface/interaction with is to actually buy and trade crypto, in which case you need a market of some sort. I hear of many using coinbase or nicehash I believe, but I don't do crypto.

Tax implications of Crypto are no different than stocks. It's very simple - if you make a net gain or net loss (not unrealized gains or losses) you just have to claim it. It's only complicated if you make your trading very complicated (eg buy low, sell high, repetitively)

Still need a program that can understand the format of the file and to view the balance, perform transactions (ex: send to another wallet) etc so that's what I'm looking for. I don't want to rely on the exchange for that or some proprietary app that won't work in 10 years from now. Of course I need the exchange to buy using fiat or other crypto but I would want to immediately transfer it to the wallet I control on my own server. And from there I should be able to do transactions if I want to. So just looking to know what most people are doing for that, or are they just relying on 3rd party services? I kind of want to set something up myself that I control. Come to think of it is there actual exchange software that's open source? I think that would work the same, obviously can't trade but just want a place to manage all my crypto in a nice web interface.

No idea how stock taxes work, my stock account uses a TFSA so I don't have to worry about that, and even if it was not, pretty sure the broker would do all the legwork for me and send me a form in the mail that I can give to my tax accountant. For my corporate ESP I get a form in the mail every year so I don't need to worry about it either. I just hand that to my accountant. With crypto I have nothing to give my accountant, that's what makes it complicated.

 

[pete6032]

I use a ledger wallet.

 

[noah89]

I use trust wallet for long term investment, it is the best wallet in my opinion, all of my friends use it and hold a lot of cryptos on it. But for short term investments or trading I use binance.com, even though I am a beginner I can recommend it because it is pretty easy to use and very straight forward, also it is the most popular crypto trading website. But I would still not use it for holding because no trading website is 100% secure, it can get hacked anytime, unfortunately. Also, how do you guys choose what cryptocurrency to invest in? A good friend recommended using signals from https://smartoptions.io/monthly-signal-results/, what do you think about it? He makes good money with it, I thought about trying it out too.