Topic: Have you saved your bitcoins in multiple wallets? - page 5. (Read 1102 times)

Yes, always. Actually, that's the idea I got from an altcoin whale. Since he had a huge amount of altcoins, he couldn't hold all his investments on a single wallet because after each transaction everyone would pay attention to his wallet so he was using multiple wallets, is the other hand we shouldn't put all the eggs in a single basket so even if the private key of one wallet were lost we didn't lose all our investments.

For security reasons, I believe in myself keeping bitcoins (long term holding) in one wallet.
Since one bitcoin address has unlimited capacity to store as many bitcoins as you can, I think one basket is enough. As PrivacyG says, it depends on how securely you store your privatekeys and how cleverly you identify scammers.

Not many people voted in the poll yet, and I wonder that the ratio and the result is going to be later. I think it's rational to diversify holdings, so that in case something happens to some of your money, you don't lose it all. And my fiat is actually quite diversified because it's often a requirement to open a bank account of a specific bank in my country when you are getting employed, and having multiple bank accounts from various banks is quite common in my country. As for BTC, I thought about diversifying, but then I figured there's a good chance I'll forget about one of the wallets or access to it, and I'll end up losing that money because of it. So to me, it's easier to focus on security of one wallet than to diversify BTC (though, of course, I do have some alts and they are stored separately in multilple places).

I think you should absolutely store your bitcoin in multiple wallets just the same as storing all of your money..you might keep your money in banks, investment accounts, precious metals etc. As a physical bitcoin collector I keep bitcoin in a multitude of cold storage wallets , hardware wallets and other sources.

well, for bitcoin, or my main asset, i don't split it. unless it's an asset I want to develop. however, what is recommended is to divide the assets in several places, but the assets that I have are not that many, so I think that keeping them in one place is enough.
it will be different if I have many assets in the future. I will probably divide it into 3 different places as an alternative form to maintain asset security. However, when you have a lot of assets, it is highly recommended to divide them in several places.

The thing is, and I'm seeing a common theme here is users instantly jump to defend their usage of custodial wallets, however I'd argue that even if you want to exchange Bitcoin quickly at some point, it only takes 10-15 minutes on average to send a transaction, and a lot of the exchanges don't even require six confirmations. So, you could pretty quickly send the Bitcoin from a non custodial wallet, which is infinitely more secure than a  custodial, and have piece of mind. I understand convenience, but even getting stung for £100 isn't great, even if you can afford to lose it.

My advice would be if you want to quickly be able to access your Bitcoin, and exchange it for fiat if something were to happen, without the problems of a offline wallet, either use a hardware wallet, which I understand isn't always justifiable for everyone or use a online wallet for a small amount that you're prepared to lose, but use a custodial wallet, which is online. It isn't the greatest security practice, but I understand that sometimes security has to be compromised for convenience, that's just the way of life.

You'll find that even the more experienced, and knowledgable users using online wallets for specific circumstances, but they're usually low amounts, so as long a you're aware of the risks, there isn't a massive problem with it. As long as the majority of your Bitcoin is in a offline wallet.

Been using Electrum for a long time and I distributed all of my Bitcoins into multiple addresses even though it's only under one seed phrase.
I also have some Bitcoins in a custodial wallet and I know that saving some Bitcoins in a custodial wallet isn't recommended, but that is the Bitcoins that I will sell in case I need some funds for something.

Storing Bitcoins in multiple wallets and in a hardware wallet are the best options. Splitting your Bitcoins in 2 or more wallets would be a safer choice than just putting all of your Bitcoin holdings in one wallet. If it isn't that big, then just putting it in one wallet is enough. Make sure as well that you know how to keep it to the point that nobody can see your seed phrase, or it will *poof* in an instant .

Yes, I have my Bitcoins in multiple wallets.
The main reason for this is to prevent theft. I know offline wallets are most secure wallets, but still dont wanna take the risk of losing the Bitcoins.
I have also some Bitcoins stored in exchanges, so if I want to trade then instantly I buy or sell their with my BTC.
Also sometimes, I need to spend some Bitcoins , and I don't want to carry my hardware wallets often with me. So in this case my secondary or online wallet helps me to make micro transactions with Bitcoins whenever necessary.
At last I would say that, keeping one or multiple wallets, completely depends on a particular user, and for the particular task he needs to do. Also this opinion of mine might vary from users to users. So excited to hear other people also.

Exactly, if you've generated all your wallets exactly the same way, i.e same password, same generation method, if they're inherently insecure it probably makes no difference if your machine were to be compromised. Ideally, not only should Bitcoin amounts be split up, but the wallets themselves should be physically compartmentalized, if not physically at the very least isolated via virtual machines. Then, you also need to make sure they don't share the same passwords, since that could equally compromise security. Also, I would wager that a lot of users are storing their seeds or private keys digitally because of the convenience, which is also a big no no. 

Got most in my hardware wallet and have some spare on other wallet.

I've been doing this for years and I can safely say that this strategy works for me. I don't have to split it all other wallets like 3 to 5 and a few would be enough for me.

It's all about the management and how you keep your private keys/seeds and if you're good at it, even you haven't split all of it that much, you're good with how you keep it.

The change hnn, that’s good if we have on going transactions or have facilities to pay with bitcoin around our region. I mean considering the fact that we don’t have much of the in store options to spend bitcoins I only keep them on my wallet and that too only one. I think splitting should be done when we have lot of money in the form of bitcoin. Otherwise there is no point in splitting the couple of thousand worth bitcoins in different wallets. Moreover everyone should set this range on their personal level, I mean for me 2 to 5k in single wallet is fine but anything more than that should get split in multiple wallets for sure.

Here is the thing.

If you have bad behaviors and you are not generating or storing a wallet safely, then I can only assume by generating five different wallets none of them will be properly generated and stored either.  In this situation, I would not say placing your eggs in the same basket is necessarily different.

Also.  I use a lot of addresses and disposable seeds and found out the more seeds, addresses et cetera you have, the more likely it is that you will forget about one of them.  It happened to me that I unintentionally threw away the wrong seed which still had some hefty change on it.

If you want to store Bitcoin properly, you want to store it so well that be it one or a hundred wallets, chances of having them compromised are close to none.

On the other hand.  Even if you have bad behaviors, there ARE a few situations in which you would be advantaged by having multiple wallets.  For one, scams.  If you are new, silly (no offense) and know nothing much about Cryptocurrencies, chances are you will fall into various scams such as giving your wallet seed to a stranger.  In this situation, you are going to lose a seed but the other wallets will continue to remain safe.  There is also the situation where you have some Bitcoin that you use more often and some that you would like to stay enclosed into cold storage.  Here, again, you are going to have some Bitcoin that you truly care a lot about sitting in cold storage and probably a hot wallet for the expenses and all.

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Regards,
PrivacyG

Since I'm not trading and I'm just buying and holding, I use a hardware wallet and I keep all my bitcoins in it.

I keep funds on exchange, because the amount is small or lets say insignificant to bother withdrawing it. This is the amount I use for fast trading decisions. If I feel like hype around altcoins has started to grow, I buy some of them.


It is my luck that not much people around me knows about cryptocurrency (they show low interest into it). That is why even if they manage to find seed phrase, I am 200% sure they dont understand what it is. Even if I will leave a piece of paper with seed phrase next to a PC with running electrum wallet, 99% this paper will be put aside, wallet minimized and 1% that someone will just call me.

Hardware wallet and then Electrum is the practice that I have been doing in the last 4 years.

Hardware for long term holder, but I guess we all know the drill here.

Electrum for trading and then online gambling, deposits and withdrawal are mostly done here.

We are lucky though that we have our local wallets that we can exchange our bitcoin->local currency so I also have that one but I don't put huge amount of money.

 
If you think that you are going to hold those coins for  as long as you could, it will be a good idea to keep a separate wallet for it.

Split them in  two. Maybe store the coins that you will just move for emergency purpose only. And another for the coins that you use for something else like betting. For me 0.5BTC is already worth moving to another wallet. Some may consider it a small amount but I don't.

Currently have my BTC in 3 paper wallets. Used to be more but now I only have three left. Two are small (less than 0.5 BTC each) while the other one has most of my bitcoin. Though I bought a little more Bitcoin recently as the price got low, currently on exchange but I'll move that to a new address to keep it separate from my old bitcoin.

In a few years whenever I next touch my big address I'll probably split that bitcoin it up into two, one that I'll probably just keep forever, another one with a few bitcoin that I might feel like spending on houses or something in the future. Just so that I have most of my Bitcoin in like cold decades-long storage that I never have to touch again.

Most software wallets gives you the ability to have a seed,a 12 words secret that you can save in a different place than where you have your wallet.The best choice is to keep your coins in a hardware wallet but personally I never felt the need for such wallet although I had Ledger hardware wallet once.I have kept and keep a relatively big amount of money in Electrum wallets and have done so from quite some many years now and nothing bad has happened to me.The only thing I am extremely fanatic is to keep using Linux as an OS and never in a network with other hosts but in my personal isolated host.

I have never been hacked but I would not recommend it to you unless you are tech savvy and computer literate at an advanced level,for other normal people I suggest the hardware wallet as the best option.Even such hardware wallets like Ledger offers you the possibility of 12 or 24 words secret that you can save in a safe or at a place which you consider the most safe place for you.

1. Trezor and ColdCard are fully open-source
2. If you don't trust any of them, you're not forced to use their own software. You can simply connect your hardware wallet to the likes of Electrum
3. The scams are concerning phishing(or social engineering in general), not problems with the hardware wallets themselves

P.S. If being open-source is a big deal for you (which is very understandable), I sure damn hope you're using Linux, not Windows or Apple.

It's good idea to split your Bitcoin holdings in multiple wallets, and this can be software wallets, hardware wallets or combination of both using something like multisig setup.
This adds extra complexity but it also increases security a lot, and this should be done if you are holding larger amount of bitcoins.
I would never hold any bitcoin on centralized exchanges, and I don't consider this to be ''wallet'' at all, they should only be used for trading.

I won't talk exact percentage and this can be different for everyone, but I would keep majority of coins in cold storage.
This can be created using software wallet on offline computer, paper wallet or by using hardware wallet that is most simple option.
You can hold rest of your holdings that you plant to spend periodically of hot wallets, and for daily transactions mobile wallets are perfect.
I would suggest that wallets you used should be verified open source and non-custodial.