Topic: Have you saved your bitcoins in multiple wallets? - page 3. (Read 1102 times)

Anytime is a good time to invest in bitcoin. It's just a matter of being consistent or not to invest in bitcoin. If you are investing long term then you need to save frequently. Use TA and FA to enter and exit the Bitcoin market.

Wherever you store your bitcoin assets there will still be dangers that can lurk. If you have saved in electrum and lost, it is your own fault. Because I also have bitcoins in my electrum wallet and I rarely open them. make sure your device and connection is secure and never give the private key to anyone else, keep it safe

I only have one wallet with me to keep all of my investment. And to be honest, i doesn't have much with it so most probably be having one wallet at a time. Since i wi not be needing any.

But given a chance to have more money, i prefer to have atleast more wallet to ensure my investment will be divided in different wallets to avoid any difficulties.

Yuppp so do i.

Split my bitcoin saving in :

1 Hardware wallet
Multiple exchange up to 3 exchanger
Multiple online wallet up to 5 software wallet

Aaaand guess what , when i hold more than 6 bitcoin back in 2014 ... i take out piece by piece all of those bitcoin savings and ended up with nearly zero now lol.

No its never been safe yet we are aware about those exchange hacks and possible fund hold ups or lock when there's something wrong on the platform we've been using which is something
thats why its never been a suggestable thing for you to store up your assets on a platform no matter how reputable or known it is just to play safe.Its better to be safe than sorry.
We do have lots of wallets which you could make use to store up your funds and you are owning the PK's of those one which do really even give assurance unlike
on platforms which you cant possible  do such thing.

This term is usually used for altcoins that we should not put all the money in a single altcoin, but rather divide our portfolio in different altcoins.
Usually, people do not think to keep single crypto like bitcoin in multiple wallets. People usually have one wallet containing all their bitcoins and those who have a large quantity of bitcoin have only one hardware wallet to store the bitcoins.

Since the bitcoin is valuable and its price is increasing, we should consider dividing our bitcoins in different wallets. So in case, a private key of one wallet is compromised, we do not lose all our money. Let's suppose you have one bitcoin. Better two put 0.5 BTC in one wallet and 0.5 BTC in another wallet to be on the safe side.

Yes, it is a golden opportunity for those who want to buy Bitcoin, as it is just above 30k but 55% still down from its all-time high. and the people who bought bitcoin at 26k are in a very good position.

It is a bad idea to hold your bitcoins on an exchange. Because if someday that exchange gets hacked then you'll lose your crypto.

imo one hardware wallet is enough rather than splitting in different wallet, the only important thing is save the keys in more than one place in case of loss or any unforeseen circumstance. Having btc split in different wallet with different keys can be a little too complicated in terms of keeping keys safe and well protected. just get a very secure hardware wallet, store your btc and then save your recovery keys in multiple places (highly secured places) and that's it.

That is supposed to do in order to enhance safety and could assure that we don't lose all of our Bitcoin when hackers attacked us.
In fact, for me, I'd save some in Electrum (on PC)while the others are in mobile wallet. Even though we could think that there is no 100% guaranteed assurance but at least we are doing something that could help to protect our funds. But most important is we know how to manage our keys/passwords that nobody knows it.

We can use a paper wallet, Electrum, and hardware wallets. But for me, I've preferred Electrum wallet which I could make access so easily.

Actually he hacked my PC. I lost it since hacker use hacking techniques along with social engineering. Thats how I lost my huge savings stored in one electrum wallet. Since then I prefer to store my savings in centralized exchanges since that frees me from the worry of its security. If you have complete control over your coins then separate wallets are good choice.

Can electrum wallets be hacked? someone who has a dead electrum wallet and the assets in the wallet can't be opened because they don't have a key if they can be hacked then the asset can be taken by his wife and children, I am very sure that the electrum wallet cannot be hacked unless holding the key carelessly.

Splitting your funds makse sense not only as a way to protect yourself from losing your coins due to your own forgetfulness, doing so also offers protection against hackers, because if one of your wallets get compromised at least there is a chance that you will not lose everything as the rest of your coins may still be secure, still it is important to keep backups of all our wallets just in case the hardware wallet were to fail due some manufacturing defect.

Yes that's very true that its the right time to invest in Bitcoin as price of bitcoin is at its lowest compared to its price in last couple of months. There is no best time to invest in bitcoin other then right now. As far as saving in multiple wallets is concerned, I consider exchanges like binance as bet place to save bitcoin as chances of theft are rear in that case. I lost huge savings due to hack of my electrum wallet, since then I am saving my money in exchange. 

depend on how much the fund that we are talking here ,  because for example if we are talking about 0.001 bitcoin here? why bother splitting the amount right?  but if you are having at least 0.1 bitcoin or above?  then splitting them is best for me, and targeting multi wallet?



then I have electrum , i also have ledger wallet , and some local wallets that i keep small amount of bitcoin for emergency sake , so it is not just 2 wallets but literally multiple .

OP is asking for multiple wallets , in which that mean they are spreading their coins in safety positioning .

My Bitcoin savings isn't that big but I have split them into two hardware wallets. I have learned from my previous mistake wherein I store most of my funds in a single wallet then I forgot and lost a copy of my private key. If I would hold more then I would save it in three different wallets. I believe that's the safest and wisest way to store our funds.

I've saved 1 bitcoin in my wallet, I'm sure bitcoin will rise, right now it's very appropriate to invest in bitcoin because the price is going down, don't waste this golden opportunity to change your destiny in the future.

As your investments increase, it is a very wise decision to have it stored in two or more wallets. Just as the saying goes, don't put all your eggs in one basket. It is also important to have the keys kept outside the internet (offline). These are simple investment principles for all investors especially when your assets are appreciable.

Exactly, this applies not only to bitcoin but probably to all other valuable assets in crypto as well. When we talk about storing bitcoin or other crypto assets in multiple wallet, it will obviously be done by long term holders who have hundreds to millions of dollars in crypto. The risks of holding in one wallet are indeed greater than many, but it just depends on the preferences of the owner and how to secure the wallet.

If it was me, then having two different wallet to hold bitcoin long term would likely suffice. Of course it should be stored in a hardware wallet because the security I have is much better than the others. But if I am not a holder (only a trader) then I don't need to have multiple wallets to store my assets for the while.

Yes, they will always be smart in finding loopholes, even the slightest mistake can be used as an opportunity for them to move. Caution must always be observed, even if we consider that it is the safest place to store bitcoins. Hardware and whatever we use there are still gaps to provide opportunities for irresponsible people to enter.

Storing bitcoin on an exchange site would really be convenient if you are an active trader however the risk could provide you significant hassle in the long run. For security purposes, bitcoin wallets such as bitcoin core, electrum would be much better as it will be harder to hack. Unlike with exchange sites which you can easily encounter notification on a daily basis of someone trying to log in with your account. (Based from experience from various exchange sites especially famous ones).
Also, it is common for exchange sites to conduct maintenance and you won't be able to withdraw your funds on your account. So yes, there are most risk and inconvenience that can be encountered from exchange sites to software wallets.

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As with the OP's question, I guess having multiple wallets would be good if you have a significant amount of bitcoin (does not mean it must a high amount). I mean, if you an insignificant amount of bitcoin, you will need to shoulder the multiple transaction fees that would cause you losing funds with bitcoins.
For me, I have atleast 3 kinds of wallets where I store my bitcoin. I have local wallets for convenience, in case that I will require emergency funds or fiats to dispose with. A software wallet for saving my coins and for crypto transaction. Lastly, I store some coins including other crypto on exchange site to do some trading from time to time. However, I guess it would be better to have a physical hardware wallet instead for better security on your coins.

I guess you can do that but then the problems start arising when you lose or forget your seed phrases. That's gotta suck. I think 1 wallet is exactly the right number and maybe 1 more if you really need to feel like you would not lose two seed phrases the same way you wouldn't lose three.

You can just encrypt your seed phrase if you really need to and remember the encryption password. If you forget the seed phrase, you might be able to recover it and you would feel that nobody except you can get to the seed phrase on your other stored devices.

But that sounds a bit much, unless you have hundreds of thousands of dollars worth of BTC.