That's what I've done for a long time before I've acquired my hardware wallet. I've also read it from someone in the forum and found it as a good suggestion.
I did have an old laptop and connected it for a while in the internet so that I can download Electrum and then did the transfers and kept bitcoin on that wallet I've from that laptop and took a long time until I've connected it back again for doing transfers during the bull run.
It's a good alternative but just make sure that you're putting it on a good surface that no one can ever touch it except you.
Topic: Cold storage ALL your crypto or withdraw fiat into your bank account NOW!!! (Read 440 times)
November 27, 2022, 04:57:01 PM
November 27, 2022, 04:39:52 PM
I think this Option is for those who don't trust crypto exchanges. The safest way to store crypto is to keep the currency in a cold wallet. It may not be the most convenient solution, but it is a safe one, given the prevalence of hacks and scams in the world of cryptocurrencies. I think it's a good time to start testing the cold storage and semi-cold storage features found on some popular exchanges and wallets.
There’s already a trust issue after what happened to FTX since they prove that if you don’t have keys for that wallet, then your money is not safe at all. Cold storage are advisable for long term investors and those who have huge money, I only trust exchanges for my trading activities, aside from this I’m not using them to store my crypto. Investing on a hard wallet can be more worth it, don’t hesitate to get one especially now. 
November 27, 2022, 04:36:28 PM
We are fine if we can control our coins and not keep them in the exchanges. I agree with the suggestion from @OP to save it in the cold wallet because that is the safest way to protect our coins from a bad things that can happen with the exchanges. But I am trying not to panic because of much bad news. We need to figure out how to protect our coins. Buying a hardware wallet may help us protect the coins. But you can use an old computer or phone that you don't use and send your coins on that device. You can use the multi wallet to store the coins.
Yes, buying a hardware wallet will definitely save our money and currencies, and it is a good option for those who want to hold their currencies in the long term and not for daily trading, although the hardware wallet is somewhat expensive depending on the model of it that you will buy, your currencies after years will be in a safe place and you will be the only one in control of it, because it will be offline, and if you lose your wallet, you will be able to recover it through recovery phrases, so yes, cold wallets are better than exchange wallets that are vulnerable to hacking at any moment.
November 27, 2022, 09:53:44 AM
We are fine if we can control our coins and not keep them in the exchanges. I agree with the suggestion from @OP to save it in the cold wallet because that is the safest way to protect our coins from a bad things that can happen with the exchanges. But I am trying not to panic because of much bad news. We need to figure out how to protect our coins. Buying a hardware wallet may help us protect the coins. But you can use an old computer or phone that you don't use and send your coins on that device. You can use the multi wallet to store the coins.
Yes, buying a hardware wallet will definitely save our money and currencies, and it is a good option for those who want to hold their currencies in the long term and not for daily trading, although the hardware wallet is somewhat expensive depending on the model of it that you will buy, your currencies after years will be in a safe place and you will be the only one in control of it, because it will be offline, and if you lose your wallet, you will be able to recover it through recovery phrases, so yes, cold wallets are better than exchange wallets that are vulnerable to hacking at any moment. 
November 27, 2022, 06:34:51 AM
~snip~
In fact this forum is significant and associated with the beginnings of Bitcoin probably forever, I agree most of the population might not realize that but it is the case its relevant for any discussion for crypto historically and probably going forward also.
In fact this forum is significant and associated with the beginnings of Bitcoin probably forever, I agree most of the population might not realize that but it is the case its relevant for any discussion for crypto historically and probably going forward also.
I agree that this forum is an extremely valuable source of information and a very important part of Bitcoin history, but that the concept of a forum is not something that today's generations are happy to accept. Unfortunately, they seek information and get advice on various social networks where it is much easier to manipulate information, and therefore many have a very distorted image of Bitcoin.
What I tried to say is that it is unlikely that a post on this forum will affect anything important in the sense that it will move millions in a certain direction, as some mainstream media can do. If you look at the proof-of-reserve data published by various CEXs these days, it turns out that millions of BTC are still in their possession, which means that even after everything that happened, most of their users did not react - or they are not telling the truth.
November 26, 2022, 06:58:24 PM
Do you think that the mainstream media take this forum as a relevant place for their source of information?
The funny thing is I recently was reading a big News org website, might have been CNN or similar but a massive mainstream place front page news I always scan the popular stories to catch general sentiment and they went through the details of somebody caught laundering stolen exchange funds. It did reference this forum because the person caught posted here and on reddit also; both those places can be relevant when we're talking in terms of billions then it starts be an issue the whole of society might reference somewhere fairly specific even here.
In fact this forum is significant and associated with the beginnings of Bitcoin probably forever, I agree most of the population might not realize that but it is the case its relevant for any discussion for crypto historically and probably going forward also.
November 26, 2022, 10:48:52 AM
I think this Option is for those who don't trust crypto exchanges. The safest way to store crypto is to keep the currency in a cold wallet. It may not be the most convenient solution, but it is a safe one, given the prevalence of hacks and scams in the world of cryptocurrencies. I think it's a good time to start testing the cold storage and semi-cold storage features found on some popular exchanges and wallets.
November 26, 2022, 10:25:56 AM
We are fine if we can control our coins and not keep them in the exchanges. I agree with the suggestion from @OP to save it in the cold wallet because that is the safest way to protect our coins from a bad things that can happen with the exchanges. But I am trying not to panic because of much bad news. We need to figure out how to protect our coins. Buying a hardware wallet may help us protect the coins. But you can use an old computer or phone that you don't use and send your coins on that device. You can use the multi wallet to store the coins.
November 26, 2022, 03:11:21 AM
Honestly I dislike to react to situations by panicking. BUT OP is pretty accurate and his suggestion is very valuable. I was using my money through Binance last year. At least like %90 of my coins were on it. Its dangerous game to play in my opinion. That's why I went with buying Ledger Nano X. Even Binance cannot guarantee my assets will always be safe. I obviously love their "earn" section generating money. I also love to react quickly to ever changing markets. But I feel lot safer since I got my Ledger.
November 25, 2022, 04:58:30 PM
I agree that withdraw cryptocurrency to own wallet is great but doing the same for fiat currency into bank accounts is bad idea. Banks can be collapsed too and not all users who store their savings in banks will be compensated or compensated in full.
The risk involving fiat in exchange's hands is that there is a possibility that the exchange becomes insolvent and your money will remain in their possession when they go down or worse when they run away. In other words there isn't really that much difference in this case between cryptocurrencies and fiat when they are both in your exchange account.
November 25, 2022, 02:30:44 PM
From the beginning we already know that the stock exchange is not a safe place to store assets, but only now have we been preoccupied with this kind of thing. It shouldn't be because FTX or any other exchange is withdrawing assets, but to protect against the eventuality that might happen.
We recommend storing assets in a private wallet, as we have access to store private keys, whereas crypto exchanges are wallets provided by exchanges so the private keys are held by them.
Personal Wallet
Exchange
Therefore it's not because of FTX or other exchanges, but this is a step to secure the assets that we have, so it's better to choose a personal wallet compared to the Exchange. As has been said theymos Re: Reminder: do not keep your money in online accounts
We recommend storing assets in a private wallet, as we have access to store private keys, whereas crypto exchanges are wallets provided by exchanges so the private keys are held by them.
Personal Wallet
- Access is fully controlled by the owner
- The private key is held by itself without being known by other people
- Can do staking and farming through decentralized exchanges
- If the private key is lost, it cannot be used or accessed forever
- Wallet security is the full responsibility of the owner.
Exchange
- If the exchange is hacked, the assets we have have the potential to be lost
- Potential for phishing and personal data leakage
Therefore it's not because of FTX or other exchanges, but this is a step to secure the assets that we have, so it's better to choose a personal wallet compared to the Exchange. As has been said theymos Re: Reminder: do not keep your money in online accounts
November 25, 2022, 09:21:06 AM
I agree that withdraw cryptocurrency to own wallet is great but doing the same for fiat currency into bank accounts is bad idea. Banks can be collapsed too and not all users who store their savings in banks will be compensated or compensated in full.
The risk involving fiat in exchange's hands is that there is a possibility that the exchange becomes insolvent and your money will remain in their possession when they go down or worse when they run away. In other words there isn't really that much difference in this case between cryptocurrencies and fiat when they are both in your exchange account. November 24, 2022, 09:31:26 PM
Were people really following the proof of keys event each year this wouldn't have happened, but people are lazy and they always prefer to trust others with their money and security. They're used to knowing that there's someone who knows things better and that person should be doing this or that job for you, the way your plumber or electrician fix stuff around the house. The problem with cryptocurrencies is that once you give it away it belongs to someone else. It's not your car that you can park on someone else's yard and come back later.
I've kept my coins on my computer for the last 8 years and I haven't lost a single satoshi.
I've kept my coins on my computer for the last 8 years and I haven't lost a single satoshi.
November 24, 2022, 09:19:46 PM
Also, remember we're in a recession, and the last time we had a recession some banks had to get bailed out, and some just collapsed. So, check whether your government covers you for a certain amount of money in a bank account, otherwise I wouldn't trust your bank any more than an exchange, and I'd prefer to have Bitcoin controlled by myself.
Bear market affects cryptocurrency market and crypto exchanges. The global recession makes all things worse not only cryptocurrency that means we are in a very bad period in history of Bitcoin. It was created after Goldman Sach collapse and that recession and has grown very strong in the past more than one decade. Now it has to be tested in a first recession in its history.I agree that withdraw cryptocurrency to own wallet is great but doing the same for fiat currency into bank accounts is bad idea. Banks can be collapsed too and not all users who store their savings in banks will be compensated or compensated in full.
November 24, 2022, 06:20:03 PM
So you're saying nothing changed! Exchanges were never safe, cold storage was always the best to hodl. No need to panic, some people just have to learn the hard way.
Majority had already been aware about the risk but they cant just resist nor avoid on not to make use of these platforms as we do know that there's no other way specially when you are dealing with fiat conversions which means that you do really need up these platforms or service for you to do so.One thing is also having that p2p transactions but we cant just really ignore the fact that exchange
service is way more convenient.
Even we do say that lots had already been aware of those sayings but still we do decide and choose up to continue to make use of it.
November 23, 2022, 12:06:50 PM
Stop this panic, everyone should be aware that the exchange is not a safe depository for their assets. Therefore, they don't have to withdraw their funds because of FTX, but rather the safety of their assets.
Somehow I think the impact of FTX will continue to spread, but don't let it turn into FUD for crypto. I will be making withdrawals not because of FTX or anything else going wrong, but purely because I care about the safety of my assets in the long term.
You are right, panic is not appropriate here.Somehow I think the impact of FTX will continue to spread, but don't let it turn into FUD for crypto. I will be making withdrawals not because of FTX or anything else going wrong, but purely because I care about the safety of my assets in the long term.
It has always been known that exchanges are not a safe place to store crypto currencies, which was warned many times, but most ignored it until the crash of FTX. Now all of a sudden everyone is fussing about it. This is another hype, but if earlier it was hype for the growth of the price of crypto currencies, now it is a hype for the withdrawal of crypto currencies from exchanges. It was necessary to prepare for this in advance, and not when exchanges freeze funds and block withdrawals.
Yes I agree, when I started to buy my crypto this year, I constantly read the recommendations from people here to not store any crypto on an exchange. I made sure to remove my crypto right away but I may not have done it if I didn't read all the people warning about it. This is after I lost 2 bitcoin on the mtgox exchange.
November 23, 2022, 12:03:01 PM
Also, remember we're in a recession, and the last time we had a recession some banks had to get bailed out, and some just collapsed. So, check whether your government covers you for a certain amount of money in a bank account, otherwise I wouldn't trust your bank any more than an exchange, and I'd prefer to have Bitcoin controlled by myself. Most Western countries I believe have some sort of protection for banks going bust. I believe it's either £75,000 or £85,000 in the UK. That's for each bank, unless they're controlled by the same company.
November 23, 2022, 11:17:33 AM
So you're saying nothing changed! Exchanges were never safe, cold storage was always the best to hodl. No need to panic, some people just have to learn the hard way.
If you love your hard earned money, then yes you need to follow these steps. Exchanges were defamed earlier due to the exit scams. This time it wasn’t different also. So yes if you have good amount of Cryptos and really care about it, then at first you should think of moving it to a cold storage or hardware wallet. Electrum will be best according to me, as it’s features and security are great. This suggestion is for everyone present out there. Now to follow or not, it’s completely a user’s choice.
November 22, 2022, 05:17:42 AM
So you're saying nothing changed! Exchanges were never safe, cold storage was always the best to hodl. No need to panic, some people just have to learn the hard way.
November 22, 2022, 05:14:01 AM
The dependecy of CEX will never fade away. No matter how things screed people will use CEX again. How people can resist so much service getting from one place. Its human nature that they wants everything in a easy way and secure way. It's also human nature that they forget their past experience very quickly. So just stop panicking and be more focused on the market.
The heavy dependancy of CEXs will exist as long as fiat currencies exist — which is, pretty much forever. Our only hope is that hopefully the reliance on CEXs will decrease significantly as Bitcoin/crypto adoption growns in the long-term.
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