Topic: Best current cold storage method (Read 6721 times)

It could also be ledger nano wallet, those that are classified as hardware wallet, those that are outside of the internet. Since it will make your money safe and secured. Or else, you can convert your wallet to QR code and print it as hardcopy. Later on, you can take a picture of your wallet and manage your investment or assets. I don't think cold storage will still work efficiently at this time. You could find new and possible secured storage, some are just getting implemented.

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I am sure that if a person is still not familiar with the concept of a cryptocurrency wallet, then it is too early for him to think about trading in a cryptocurrency market.  You need to initially examine all the information and for this you need to use bitcointalk and possibly YouTube.

Crypto wallet is required to enter Bitcoin, or other digital assets. Before you consider trading cryptocurrency on the exchange or buying a cryptocurrency from a broker, you must understand what a cryptocurrency wallet is and how it works. The cryptocurrency wallet consists of two elements - private key and public address. Cryptocurrency holders use their private key to access their wallet. This private key is all that is needed to access the wallet, so if it falls into the wrong hands, chances are the funds it contains will be lost forever. A public address is given to other cryptocurrency users to receive funds, and is generally given as text or as a QR code.
Cold wallet is a wallet solution that is not connected to the internet, or a solution that can be disconnected from the internet. This wallet usually comes in the form of a software wallet, which can be installed on a computer or smartphone, or a hardware wallet, which is a safe device specifically designed for cryptocurrency storage. Hardware wallet is the safest solution for storing digital currencies.

Just order a blank Military ID Tag (Dog Tag) from Amazon (or something similar) and etch your paper wallet key on it and keep it in a safe place. It won't burn up in a house fire.

As for exchnage, try coinbase pro or some dex.

There really is nothing more secure than simply printing your private key on paper, and then hiding it somewhere nobody will ever find.

encrypt it first, and then memorize the encryption key to make it extra secure.

Or if you can memorize it using the memory palace or Loci method, then even better.

The blockchain wallet is more secured and reliable than any other wallet, because it has strong personal password and other mains of authentication when login, secondly, in times of alt-coin trading, the competition is too high, but very cool to trade on, i prefer using LATOKEN PLATFORM, on my trading.

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well I know all is just that bitcoin is a super currency in which you can keep your everything secret no one will be able to know how much bitcoin you have and how much you spent and where you spent now there are a lot of hardware wallet that are being use for the security of the bitcoin so I think if you will keep your bitcoin save in a wallet then you do not need to be worry, you can keep it where ever you want for long time.

What do you think of installing the desktop wallet on an external hardrive and keep it always offline in a drawer then get it online only for occasional use ?

Bank Vault. Paper Wallet. With brother as a co-sign if I get hit by a truck.

If the bank sinks into a sinkhole or a volcano erupts under it or something, well then the cyrpto gods hate me ..and that will be that

So it works as long term holder...this works OR  if it it don't work and/or in 10 years then I can look at those paper wallets and sigh..
.....much like "Beanie Baby Collectors" look at their faded 'collection"

Of course if that happens it means the BANKS win and we have 'closed virtual currency' ...75 buck fees etc on money that they now use 1/10th
the infrastructure for and move $$$ around...that could end badly....they'd be 'trillionaires' if they are billionaires now that is..ie they win ...open crypto loses that is

You just KNOW fees etc would stay the same! All that money! No cost to move it! WIN!

The only trouble that Banks and Finance have with Bitcoin and Crypto is 2 fold:

1) They did not think of it first.

2) It was not patented. If it was patented.they could find out who controlled it, even if they did not invent it, and make him an offer he could not refuse for that kinda money

(ie convo: Banks to Satoshi ..How would you like to own your own Space Station to visit ..hell they'd still be $$$$ ahead under such a scenario) (er i digress)...

Heh just slammed banks and my paper wallets are in bank..no biggie IRS already knows about my mining that ship has sailed )

Anyway no fuss, no mess ..if the bank gets hit by meteorite..well the ASIC Miner Gods hate me..proof enough Anyway how I do it.

Depends how close you are to your family. I'd probably trust my immediate family - but I don't know my extended family that well so I wouldn't put it past them to collude and steal and just claim ignorance.

Best solutions are cold storage (if you plan on using them sometime in the relative short term i.e 6 months) or just multi-signature if you don't need them anytime soon (i.e. couple of years all the way to your lifetime). If you have a soft copy that should always be encrypted and if your having a paper wallet in a non-guaranteed safe location then BIP38 is pretty necessary IMO.

Who is going to know the key to your safe then? Just use a multi-signature address and give it to a few of your kins and it is harder for any of them to steal and easier for them to find.

You end up at risk of losing everything if something bad happens to you. Better write it down or have it printed, then store in air tight sealed container then lock it up in a safe. At least you can have your kin to inherit it someday.

To prevent such damage from theft or natual disasters, use a reinforced safe that is both water and fireproof. You can encrypt your paper wallets too, no problem, there is even a BIP on that. With digital copies, it is much more suseptible to corruption and theft. Even with the wallet files renamed, it is still a very expensive method.

How is it not safe? If you don't write it down you run a serious risk of forgetting it. If you write it down on a random page in a book on your shelf someone is hardly going to find it. I would even go as far as to copy private keys as well just incase something fucks up.

I would still choose paper wallet. Multisig is problematic because you could forgot where are your "parts" of private key.
Laminated paper wallet is best solution there is

You can store a BIP38 encrypted "paper" wallet as digital copy (image, text document, PDF) too.

I am for some reason extremely paranoid of storing in paper wallets long term. I have the feeling that I would eventually screw up. That I would lose the paper, unless I did a ton of copies or something. But something could happen, like a flood, or some guy going into my house and stealing it or something. With digital copies, you can have thousands of copies anywhere you like, and encrypted and hidden so they don't even show up as a wallet file.. seems more safe to me than some piece of paper.