Topic: How do big companies store their bitcoins? - page 3. (Read 460 times)
For me there is no big deal on where company needs to store there bitcoin, they can store in a any non custodial wallet, provided the seed phrase is safe and secured and also not accessible to anyone apart from the the person in charge of the company finance. And also the device used for storing of that wallet should be strongly protected by malware protection and antivirus to protect it from phishing attack or viruses. Apart from that the may decide to store in a cold wallet and many other.
Different companies with different approaches. One option I think all companies will use is multi sig. There will be multiple people involved in the decision making process, so there will definitely be the need to require more than one signatures to access it.
Other features will be cold storage, multiple back ups, and I believe there are some that hire third parties to handle the secure storage of their wallets.
Other features will be cold storage, multiple back ups, and I believe there are some that hire third parties to handle the secure storage of their wallets.
Maybe a bit off topic here but I was reading something on Reddit the other day that said the feds apparently found the seed phrase or whatever for one of FTX's cold wallets or something that held tens of millions of dollars. It was just written down on a scrap of paper sitting on someone's desk. Like next to a bunch of other random papers and stuff and they didnt even remember they had the wallet until the investigators were searching their offices. If thats true, it really shows how little some of these companies cared about properly securing their assets and accounts. Though I guess we already knew FTX was shady and not a serious company.
Hi guys. My question is, how do big companies store bitcoins? Which wallets are used? What is the procedure for accessing the wallet? And how they are not afraid to keep such a large number of bitcoins worth millions of dollars in their wallets. The human factor can play a very cruel joke.
You will be surprised when you see the way big companies or celebrities buy bitcoins, they never buy all bitcoins at once but they buy bitcoins at different prices at different times over different periods. If you've seen El Salvador's plan to buy bitcoins, you'll understand. El Salvador's president has announced that his country will buy one bitcoin per day. However, if you can buy Bitcoin and hold it for a long time in the DCA method, it will definitely be a significant plan of all plans. 
Hi guys. My question is, how do big companies store bitcoins? Which wallets are used? What is the procedure for accessing the wallet? And how they are not afraid to keep such a large number of bitcoins worth millions of dollars in their wallets. The human factor can play a very cruel joke.
Multisig, large custodians like Coinbase specifically meant for big companies such as Microstrategy and the likes of them. This is a question that even if Michael Saylor is asked, there will not tell you as if will possibly compromise their security.
But everything that Fatfork has answered correct.
There are different method big corporations safeguard and store their coins.
For holding they make use of hardware wallets while for day to day transactions hot wallets are used.
Well to eliminate the risk of human. Factor Multisig wallets are commonly used since access are split among different personnels.
For example most Bitcoin ETF rely on a custodian especially Coinbase to safekeep their Bitcoin
Which are stored in an hardware wallet and kept in a safe.
For holding they make use of hardware wallets while for day to day transactions hot wallets are used.
Well to eliminate the risk of human. Factor Multisig wallets are commonly used since access are split among different personnels.
For example most Bitcoin ETF rely on a custodian especially Coinbase to safekeep their Bitcoin
Which are stored in an hardware wallet and kept in a safe.
Hi guys. My question is, how do big companies store bitcoins? Which wallets are used? What is the procedure for accessing the wallet? And how they are not afraid to keep such a large number of bitcoins worth millions of dollars in their wallets. The human factor can play a very cruel joke.
Just as an addition to what fatfork already said about companies preferences in selecting which wallet that best meat their preference at a time, but primarily most companies will only use hot wallet for transactions but most definitely since most of their daily transactions will be in fiat so bitcoin won't be a big option for them so at that milti sig cold wallet is their best shot, just as fat fork said this is just an assumptions since most companies won't reveal such info. 
The image above shows how/ways businesses handles their Bitcoin reserves.
Source: https://river.com/learn/how-should-a-business-store-bitcoin/
Hi guys. My question is, how do big companies store bitcoins? Which wallets are used? What is the procedure for accessing the wallet? And how they are not afraid to keep such a large number of bitcoins worth millions of dollars in their wallets. The human factor can play a very cruel joke.
This is a rather general question and different companies handle this in different ways, but my best guess is that most reputable and well-known companies keep the majority of their funds in multisig cold wallets.
For day-to-day transactions, hot wallets could work but those tend to have hardcore security too. The specifics likely differ between companies, but I'd bet access takes jumping through multiple hoops. Like layers of authentication approvals, audits, etc.
But I'm no expert, just speculating based on what I know. The inner workings of these systems aren't something they share publicly.
Hi guys. My question is, how do big companies store bitcoins? Which wallets are used? What is the procedure for accessing the wallet? And how they are not afraid to keep such a large number of bitcoins worth millions of dollars in their wallets. The human factor can play a very cruel joke.
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