Additionally, changes or updates to Kraken's deposit processing systems may cause addresses to expire prematurely. Always check your deposit page to ensure your address is still valid before sending funds. 🏦
Bummer… would have saved a step, as it is now i can use kraken to send ETH to my ether wallet, then when i have 8.6 storj or more then i can use the eth to pay the fee’s and send the storj to kraken, but a manual process so i know the deposit address is valid
but i figured at step where i just let the storj tokens pool up enough and then send them to kraken in one go, i can just dream of the day where we are paid $ directly to our bank (should be possible since customers pay in $ )
You know the rule. Not your keys not your money. If you let storj send the payout directly to the exchange there are a few things that can go wrong and since you don’t have the keys for any of the involved address it usually ends with lost funds that you can’t recover. Sure 99% of the time the deposit will make it just fine but one day there is an issue.
In contrast I send my payout directly to my own hardware wallet. This gives me freedome. Over the years I was forced to switch exchanges a few times. And I have seen issues with deposits more than once. Sure it only happens every now and than but the point it we are talking about something that will happen eventually and then its good to have the payout on my hardware wallet that allows me to change my plan and use a different exchange that still works fine with no service interruption.
You mean as in dreaming of a world where the $ is the only currency on the world? I don’t think that is going to happen. Looks more like $ might be losing its position on the global market. In any case for most storage node operators it would be more expensive to receive $ than STORJ. In fact kraken supports instant money transfer on my bank account. So if I want I can exchange my STORJ payout to FIAT in just minutes. Receiving $ would take days and would be more expensive. I don’t even know the fees my bank will charge for exchanging $ into my local currency.
same thought here, just the fact that they can change the deposit address as they see fit is enough for me to keep sending to my wallet
it could be any FIAT currency that could go directly to the bank and be used in normal daily life
so how do you do it…. ?? the only way i figured it is to transfer STORJ from my wallet to Kraken, and they have a minimum deposit…. then from there to the bank
Sorry I misunderstood your explaination. I thought you send it directly to the exchange by making sure the payout stays below the minimum payout to roll it over into the next month and than poit the following payout that would be above the minimum deposit threshold to the exchange. I didn’t consider that you point the payout to your personal wallet. Thank you for clarifing.
I don’t expect storj to support all possible FIAT curencies. Storj offers cloud storage and not bank transfers. Sure they could try to send USD to my bank account and let my bank exchange it for my local currency. But that would get very expensive very quickly. I think my bank fee for that would be something close to 2%. That is way to expensive.
I do the same. My point is this transaction takes only minutes and the fee is low. A USD bank transfer would take days to arrive and the fee would be higher. I will stick with the exchange that allows me to get my local currency in minutes. Not that I would need the money on my bank account that fast. Its more about trust. If I do want to sell an ammount that I am not willing to bet on one single transaction I can do it in smaller batches. Send token to the exchange, trade it, send FIAT over to my bank account, wait until it shows up and repeat with the next batch. For that it is really great that kraken is sending with an instant money transfer to my bank account.
Trezor Safe 5 is the best hardware wallet for the job. The new model 7 is kind of overpriced and it doesn’t provide better security. Just some extra features that I don’t need. So I stick with the 5.
You can go one step down to the Trezor Safe 3. It is cheaper. The only difference to the 5 is that you can’t enter the optional wallet passphrase on the device. You have to enter it via keyboard on your PC or phone. This means a keylogger would be able to copy it.
There are other hardware wallets available. What you want as a minimum is open source firmware and a secure chip. BitBox02 would match that. Ledger doesn’t so better stay away from Ledger. There is one advantage in picking Trezor over BitBox02. Trezor is supported by MetaMask so you can access zkSync with a Trezor hardware wallet. I was not able to access zkSync with BitBox02 but that was the only issue I noticed. In all other points it matches the Trezor Safe 5.
A software wallet like MyEtherwallet depends on the safety of your machine. If your machine gets compromised or someone lures your on a fake website your entire wallet will be empty in a blink of an eye. Hardware wallets protect you against these attacks. Lets pick the cheapest hardware wallet I can think of. Good old Trezor Modell One. It has no secure chip but it would still make it impossible for a compromised machine to copy your private key. What the attacker could still try is switching out the target address the moment you want to make a transaction. So you have to double check everything on the display of the hardware wallet to be safe against that. A hardware wallet is not invincible. It still requires your mind to stay alerted and check for these kind of tricks.
Let me know if you have more questions. And yes for just storage node payouts a hardware wallet would be overkill.
think i will go for that if i get some FIAT arround that burns holes in my pocket
but yes, i dont do crypto, where i live they dont accept crypto anywhere, not even in the bigger city where i lived before…
and as investment… hmm maybe, but its hard to figure how to buy and sell and what to gain a profit that is worth it, so it might be a very long time before i need a hardware wallet
Why keep asking for FIAT payments? Those aren’t going to happen.
Instead, the best option (for SNO) would be a stable coin. You have the stability of FIAT and the advantages of crypto.
Ask for that, not for FIAT.
because that is what is used to buy food and pay bills, crypto cant do that so there are no advantage for me, just some extra work in converting and getting them to my bank
Yea same here. I was on a conference this year with pos terminals that can process crypto. But only for the conference. The next day they use their old pos system that can’t process crypto. Too bad…
Anyway you wouldn’t pay with your hardware wallet in these situations. You would need a lightning wallet. Otherwise the payment is suprisingly easy. The pos terminal shows a QR code. Scan it with your phone, confirm the payment, done. And if you are running low on balance it works the same way. Instead of a cash withdrawal at an ATM your just scan a QR code from an exchange for a BTC withdrawal to the lightning wallet.
If you are interested I can send you some links that would allow you to earn some cashback. I am currently using 2 services for that. They have their flaws and it can be annoying from time to time but I get some free sats that allowed me to pay with lightning on that conference at the end. So more like free experience points for a level up.
Just be aware that there are lots of scammers out there. If you want to invest into some coin please reflect a moment who told you that this coin might be a good investment. Most of the time that person is a scammer and is trying to get your money. The moment you invest into these scams they make a nice little profit and they will tell you anything as long as you invest your money. I also count hype coins as such. Same game. Someone tells your that this coin might 10x next month. Just question why it should do that. If the answer is marketing and social media than turn around and run as fast as you can.
I tried my luck with different coins over the years. And even if I thought I did all the research I can think of including testing their software they still supprised me with something I did not expect. Good old BTC on the other hand… Well I bet you heared these story a hundert times. And like me you will also not believe it at first and try your luck anyway. Just be carefull out there and expect everyone to be a scammer and trying to get your money.
But when you use for example bybit card you dont need terminal that can process crypto, its usual mastercard, you pay with EUR, bank that isued this card, convert usdc or USDT or other crypto to eur at moment of transaction and you pay with EUR or USD or whatever. crypto.com card should work similar
That brings us back to not your keys not your money. I am not willing to bet my money on any of these systems. Plus they charge extra for these services either some kind of exchange fee or as spread. My personal lightning wallet on the other hand is cheap, just works, can’t take my money hostage and so on.
I see 2 options. I can either pay with my FIAT credit card or with lightning. The balance on my FIAT credit card is protected. I am using lightning in preparation for a possible FIAT crash when the government would be unable to protect my FIAT balance. In that situation I will switch to plan B and just continue living. Well it would still require someone to accept BTC payment. It is not garanteed that this will be the case but it also doesn’t hurt to learn how such a payment would work.
A credit card from an crypto exchange would just combine the disadvantages without giving me any benefits. The balance is not protected and I might lose access at any time. And if you run the numbers it is more expensive. You mentioned bybit. If they haven’t changed their conditions recently the total fee is like 1.15% including spread. Do you want to guess my total fee for Kraken->bank account->FIAT credit card? It is -0.6% at worst and close to -1% at best depending on trading volume and maker vs taker fee. Yes you did read that correct. -% means I am getting a FIAT cashback of 1%. Why would I pay a 1.15% when I can get a 1% FIAT cashback. And I hear you saying crypto cashback. I am not willing to take that risk. I only go with credit cards that pay cashback in FIAT or BTC without any staking requirement or something like that.
