Topic: Bit Coin Wallet (Read 931 times)
Not only can exchanges be hacked, but sometimes maintenance causes them to shut down for longer than you want, should you need access. Just use exchange wallets for daily trading.
I use Electrum wallet now, and since you have 2 bitcoins, it is really a substantial amount, and I would suggest you not to store it on exchanges like Coinbase, or on online wallets like blockchain.info, as they have a higher chance of getting hacked than local wallets. Also, if exchanges shut down, theer may be nothing you could do to recover your BTCs, and also, you are not in full control of your money.
With a wallet like Electrum, all that changes, your coins are much more secure, provided that the PC that you use it on, doesn't have any viruses, and is secured, and of course, has an antivirus on it (duh). You are also much more in control of your money this way, you have a lot of flexibility over transaction fees, and have full control over your private keys.
If you plan on storing for years, I would recommend, an offline computer, with multiple backups of the wallet on various offline drives, or even you may try to use a paper wallet, or cold storage, whatever, but do remember to keep a backup of all the wallet stuff.
With a wallet like Electrum, all that changes, your coins are much more secure, provided that the PC that you use it on, doesn't have any viruses, and is secured, and of course, has an antivirus on it (duh). You are also much more in control of your money this way, you have a lot of flexibility over transaction fees, and have full control over your private keys.
If you plan on storing for years, I would recommend, an offline computer, with multiple backups of the wallet on various offline drives, or even you may try to use a paper wallet, or cold storage, whatever, but do remember to keep a backup of all the wallet stuff.
Exchange wallet is not safe,you need to withdraw your bitcoin and keep them into a hardware wallet or mycelium wallet. exchange site can be hacked anytime.so try to move them into a safe wallet and keep the private key.
you must keep because you can gain more from price high
if you work in bitcoin,you need a bitcoin wallet.
Much better if you specified on what bitcoin wallet after all there are too many kind of bitcoin wallets, not mentioning all of them I will just recommend like electrum desktop wallet as on of the safe wallet and of course it depends on the user itself and the device used because if the user is careless and the device is unsecured then the security given by electrum is useless.
Best to keep all your bitcoins on your local client like your PC or phone on electrum
and always keep multiple backups with password encrypted in different locations
and always keep multiple backups with password encrypted in different locations
You can keep your coins on an exchange on 2 conditions.
1. You're actively trading
2. It's one of the larger exchanges, not some local one with 100 btc daily volume.
If not, don't risk it and keep coins on your wallet, you can always send it back whenever you want to sell. Keeping it there just because it's convenient is not worth the risk.
1. You're actively trading
2. It's one of the larger exchanges, not some local one with 100 btc daily volume.
If not, don't risk it and keep coins on your wallet, you can always send it back whenever you want to sell. Keeping it there just because it's convenient is not worth the risk.
I have 2 bitcoins i am keeping it my exchange where i purchased it. is it safe to keep in exchange wallet ??..
Look into buying a cold storage wallet, such as a Nano Ledger or Trezor. This will allow you to keep your tokens stored offline, not allowing them to be vulnerable if an exchange were to get hacked.
I have 2 bitcoins i am keeping it my exchange where i purchased it. is it safe to keep in exchange wallet ??..
No,never.its not safe to kept your bitcoin in exchange wallet.exchange platform can anytime hacked with the hacker.it will be good idea if you can move them into your desktop or hardware wallet.without private key no one wallet is safe and secure. if you want to trade with your bitcoin than try to set 2FA. it is safe also you can prevent hacked your account.
I wouldn't recommend you to keep your funds in exchange unless you are going to trade daily. The best way is to use flexible offline wallet like Trezor where you will be able to keep your Bitcoins offline and yet you will be able to send those funds without any hassle and on the other hand, you can use the securely generated paper wallet to securely store your funds for the long term.
And diversify.
Keep some in a hot wallet, some In a cold wallet
Keep some in a hot wallet, some In a cold wallet
I have 2 bitcoins i am keeping it my exchange where i purchased it. is it safe to keep in exchange wallet ??..
If you use 2 BTC to trade then you can keep it in exchange wallet but if you want to hold it for long time then you should not use exchange wallet. in the good day your account you can be hack, ban .... for a stupid reason. Be see BTC-E is example
https://bitcoin.org/en/choose-your-wallet
Use an exchange as an exchange. Only leave money on there if you intend to trade it in a day or so.
If you intend to spend it, keep it in mobile or desktop wallet.
If you intend to keep it long term a cold wallet.
Always back up. Double check first and last characters before you hit send. Make sure you send to someone reputable, or use multisig escrow and a reputable trust agent.
Use an exchange as an exchange. Only leave money on there if you intend to trade it in a day or so.
If you intend to spend it, keep it in mobile or desktop wallet.
If you intend to keep it long term a cold wallet.
Always back up. Double check first and last characters before you hit send. Make sure you send to someone reputable, or use multisig escrow and a reputable trust agent.
I have 2 bitcoins i am keeping it my exchange where i purchased it. is it safe to keep in exchange wallet ??..
No it's not safe.Buy a hardware wallet and store it there.2 Bitcoins is not a small amount so don't risk it.You don't own private keys to your bitcoins on exchange so buy a hardware wallet or use a desktop wallet like electrum to store your coins. I have 2 bitcoins i am keeping it my exchange where i purchased it. is it safe to keep in exchange wallet ??..
No, unless you use these coins in active trading and they need to be available at the exchange. 2 BTC now is large enough to use a secure wallet which is completely under your control.
I have 2 bitcoins i am keeping it my exchange where i purchased it. is it safe to keep in exchange wallet ??..
if you wanna keep your bitcoins (2 btc) into exchanger for long period surely the answer is NO it is not safe to keep bitcoin in exchanger continuously. you could probably scammed by exchanger or someone can stole it. you better to keep your bitcoin into hard wallet or dekstop wallet.
i think you may keep it in pc wallet, or cool storage you're gonna keep it for long time.
it is better than exchange , long time , exchanges can be ban or hacked not safe .
it is better than exchange , long time , exchanges can be ban or hacked not safe .
I use electrum
Exchange wallets- NEVER
Exchange wallets- NEVER
Never, absolutely never keep your coins with exchanges - unless you're actively trading them, of course. If you bought it for long term then put them in paper wallet and keep it somewhere safe.
I totally agree with above said. Exchanges get hacked, busted by authorities, have coin maintenance periods... why risk?
Never, absolutely never keep your coins with exchanges - unless you're actively trading them, of course. If you bought it for long term then put them in paper wallet and keep it somewhere safe.
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