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I am quite a newbie and got some iota. I'd like to store them, but I don't know how to even get them out of Bitfinex. I could transfer them to another wallet. Can somebody explain the whole process

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Your goal is to instruct Bitfinex to broadcast a transaction to the tangle. One that sends the IOTA balance Bitfinex is storing for you (under their seed) over to an address generated under your seed.

What is a seed

A seed is the password you use to manage your balance on the IOTA network. This network is like a database of password-protected balances called the tangle. The homebanking app used to consult the tangle & place transactions is called a local wallet.

Your IOTA tokens always reside on the tangle, on addresses generated under your seed (think bank accounts).

How do I get my own seed

IOTA is conceived to be decentralized and as such, there is no-one to "give out" seeds or anything like that.

So whenever you require a new seed you just make one up and use it to log in to the tangle. Once you use it, it's yours - simply because it's nigh impossible for someone else to pick or guess the same one. It really is that straight-forward.

You just have to keep in mind that your seed won't just have to look random — it has to be cryptographically random in order to withstand the brute force of quantum computing in just a few years…

The IOTA foundation recommends the use of a specialized password generator to ensure true randomness of your seed. Heed this advice and your funds will be very secure indeed.

Step-by-step

  1. You need your own seed. A generator recommended by the IOTA development team itself is Keepass. Refer to this post for a step-by-step on how to generate a seed with Keepass.

  2. Install the latest version of IOTA's local wallet just like you would any other application. Choose light node when asked.

  3. Open IOTA Wallet & log in using the seed Keepass generated for you. You should always keep your seed to yourself. Never share it with anyone or paste it anywhere but a trusted local wallet.

  4. Click on receive and then on the address shown in order to copy it to your clipboard. You can also click the Attach to tangle button, but that's not really necessary.

  5. It's time to head on over to Bitfinex, to their Withdraw section. Pick IOTA and paste your receive address into the recipient's field. Refer to their guide or iotaprices.com for detailed instructions. Make sure to properly confirm the transaction (captcha & email) and be patient for them to actually broadcast your transaction to the tangle.

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First off, you don't store IOTA in KeePass, KeePass is a password manager and is unrelated to IOTA. IOTA is stored in the Tangle, which you can access using a seed and a wallet. So the steps for withdrawing your IOTA from Bitfinex are the following:

Remember to share your seed with nobody and keep it absolutely save.

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The best way to generate a Seed is via Keepass (Windows) or KeepassXC (Linux). Very important is to change the seed after creation, so you don't fully rely on the generation algorithm. The advantage over the Linux terminal is, that you don't have to copy/paste it. You can store it directly and safly in Keepass.

For newbies I recommend following sites:

Lightguide

CryptoViking: first Steps

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