Have you saved your bitcoins in multiple wallets? - page 6.

Despairo

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Quote from: ajaxtempest on May 23, 2022, 06:29:57 AM

its closed source. You trust them? and not to mention so many scams with ledger and trezor. MAke your own hardware wallet like raspberry pi 400 or pico.

You're not entirely correct, trezor is open source [1][2][3] and not all ledger version is closed source, ledger live is open source for both mobile and desktop version [4]. The scams related with ledger and trezor are because of the malicious script from the unofficial retails, so you should bought from the official store/retails. The problem about ledger is leaked of the customer information, while trezor it's still a rumor.

You can create your own hardware wallet, but it's not that easy and most people can't do the correct way. That's why it's more convenience to use trustworthy and popular centralized hardware wallet e.g. trezor or ledger.

[1] https://github.com/trezor/trezor-core/blob/master/docs/hardware.md
[2] https://github.com/trezor/trezor-firmware
[3] https://github.com/trezor/trezor-suite
[4] https://github.com/LedgerHQ

stadus

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I save it in a a different wallet, right now, my bitcoin is in my electrum and I have a different wallet just to make sure the risk are minimized. Before, when I have a large amount of bitcoin, I use a hard wallet as I intend it to hold long term, but when the time comes that I was tempted to sell, I cash it out everything and enjoyed a little profit.

For security purposes, it's good to save it in a hard wallet, the more wallets you have the better.

ajaxtempest

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Quote from: mk4 on May 23, 2022, 06:15:01 AM

Why not just use one Ledger/Trezor hardware wallet? That's ample security already. And if you want to take it one step higher, probably use multisig with multiple devices, or the shamir secret sharing scheme. A Ledger Nano S is only like $70 or something.

its closed source. You trust them? and not to mention so many scams with ledger and trezor. MAke your own hardware wallet like raspberry pi 400 or pico.

mk4

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Why not just use one Ledger/Trezor hardware wallet? That's ample security already. And if you want to take it one step higher, probably use multisig with multiple devices, or the shamir secret sharing scheme. A Ledger Nano S is only like $70 or something.

Ziskinberg

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The use of multiple wallets is only advisable if we have a huge amount of Bitcoin to store, IMO.
I only used electrum for many years and I never encounter any problems or even hacking incidents. Maybe because I was too careful in dealing with other people and was vigilant to links. What I think is that we don't need to split our funds just to add security, it all matters how we handle our seeds, keys/password.

In fact, I used a non-custodial wallet that is available in our country and still doing it well. I use 2FA just to add security and I think it was enough.

witcher_sense

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It is a very wise approach to never keep all your coins in one wallet; you should split them between different wallet implementations and also between different private keys to avoid completely or at least minimize your accidental losses and planned attacks on you. However, splitting the coins usually involves creating and storing dozens of backup files, which most people don't like to do or have no idea how to do properly. If we assume that a wallet is something you have direct access to with the keys you control, you will have five ways to split your coins:

1) between mathematically unrelated keypairs (each keypair is an independent wallet);
2) between mathematically unrelated seed phrases (each seed is an independent wallet);
3) between different passphrases (each combination of seed+passphrase results in an independent wallet https://github.com/bitcoin/bips/blob/master/bip-0039.mediawiki);
4) between mathematically related keypairs (all keys are derived from a single seed https://github.com/bitcoin/bips/blob/master/bip-0032.mediawiki);
5) between mathematically related seed phrases (one seed creates many seeds https://github.com/bitcoin/bips/blob/master/bip-0085.mediawiki).

The last two options require a minimum number of backups while providing access to thousands of wallets.

Lucius

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Quote from: bakasabo on May 23, 2022, 03:24:38 AM

I am holding Bitcoin and crypto on an online wallet, exchange, electrum.

If it's a smaller amount, then I can still understand that you use online wallets or crypto exchanges - although you should know that neither of these two methods is desirable as a storage method because you are always exposed to hacking or possible exit scam.

Quote from: bakasabo on May 23, 2022, 03:24:38 AM

I cant say that I have divided holding identically, I just keep crypto where it appears. As I mostly hold, visit practically same internet recourses from day to day, I dont bother a lot about security of my funds. I just keep seed phrases and passwords far from devices like PC, laptop or tablet computer.

You should worry more though, because some others are certainly trying to find a way to steal what you have. It makes no sense to keep your passwords and seeds as far away as possible from the device you are using, especially if you have not protected them well. Storing backups in different locations makes sense, but only if those locations are secure - otherwise you only increase the risk of someone finding them, accidentally or intentionally.

bakasabo

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I am holding Bitcoin and crypto on an online wallet, exchange, electrum. I cant say that I have divided holding identically, I just keep crypto where it appears. As I mostly hold, visit practically same internet recourses from day to day, I dont bother a lot about security of my funds. I just keep seed phrases and passwords far from devices like PC, laptop or tablet computer.

Mauser

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Yes it's better to store your crypto coins in multiple wallets than having everything in one wallet. In my opinion the security risk is too high when using only one wallet. It also depends on the size of your wallet, if you only hold a few hundred USD worth of cryptos than it might be easier to just use one. But once your wallet grows I would recommend to split into different wallet. For me I have one mobile wallet which I use for small transactions, everything less than 100 USD. And then I have one paper and one hardware wallet for long term storage. It's a little bit more work to organise multiple wallets, but like this if anything happens to your wallet you atleast don't lose everything.

Despairo

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Splitting your coins into two wallets are enough IMO, the first as a hot wallet where you carried on your cellphones, while the other as cold wallet for long term holding. Splitting into many wallets have a risk e.g. forgot where you stored, especially you're divide/spread some seeds in some hidden places.

If you want better security, make sure you have another cellphone, where the one doesn't have any Bitcoin stuffs for your daily usage.

BlackHatCoiner

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Quote from: ajaxtempest on May 23, 2022, 01:57:59 AM

As the saying goes dont keep your eggs in the same basket.

This rule doesn't apply if you've taken the necessary precautions. For example, if you've verified the binaries of Electrum on a freshly installed open-source OS, on a machine that you've removed things like WiFi antennas, then you're fine. Turn off the lights, close the curtains, generate your seed phrase, write it down on a paper, copy the master public key, and you're safe.

I don't use Bitcoin Core as a wallet. There's no reason. Stick with Electrum that's lightweight and don't make things more complicated than they already are.

nullama

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One thing that is important to point out is that the bitcoin you're storing in a hot wallet like your Bitcoin Core one shouldn't have more than a small amount. This is because it's basically not as secure as the bitcoin you're storing in a cold wallet.

I don't see the point in having multiple cold storage wallets, but it doesn't hurt as long as you keep them secure. If the amount you're storing is very large you might consider having multiple signatures for a single cold storage wallet to increase security though.

mocacinno

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I usually split between hardware wallets, and only keep pocket change in online wallets (and even then, the pocket change is spread over electrum and core).

Don Pedro Dinero

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If the amount is not that much, I wouldn't bother.

As you have more, you can have them in two wallets, but if it is a lot, if we talk about having lots of bitcoins, what people do is that they not only have them in several wallets but they use multisig systems.

ajaxtempest

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As the saying goes dont keep your eggs in the same basket. So have you saved all of your btc in mutiple wallets\software?

I like to split with electrum air gapped and bitcoin core.

Should i make it 50:50 even though bitcoin core is always online?

The amount is not that much but i am thinking that if i make it to good amount of mbtc, it will be prudent to divide the amount.

Any OGs who can give feedback?

Topic: Have you saved your bitcoins in multiple wallets? - page 6. (Read 1102 times)