If you want your wallet to be completely secure, your private keys should be generated using a secure tool on a secure device.
One way is to use a open-source trustworthy wallet on an airgapped device and the other way is to use a good hardware wallet.
Note that's it's recommended to generate a HD wallet with a seed phrase instead of generating a single private key. Writing a seed phrase (which is series of words) is much easier than writing a private key and in this way, you can have numerous addresses all generated from a seed phrase.
Don't forget to keep multiple copies of your seed phrase (or your private key, if you want to generate a single private key for any reason) in separate safe places.
Your suggestion of using a secure tool on a secure device to generate private keys for a secure wallet is an important consideration. I appreciate your recommendations and advice.
Thank you.
1. What storage methods have you used and what has worked best for you?
Store your bitcoins on a non-custodial wallet like Electrum, Exodus wallet or blue wallet. Do not make the mistake of thinking your bitcoins is safe on exchanges, always move your bitcoins from exchanges to your wallet.
2. What security measures do you take to protect your private keys?
Everyone has their own method of storing their private keys. I’m not a fan of using complicated methods, I simply write my keys on paper.
3. What advice do you have for beginners who are just starting out with Bitcoin?
I’d appreciate if I can get more knowledge on these. Thanks in anticipation.
I would advice newbies to be consistent in their bitcoin journey. Don’t be swayed by so called crypto influencers, always do your own research before investing in any project.
[General] Bitcoin Wallets - Which, what, why? Beginners & Help Encyclopedia Thank you so much for taking your time to contribute on each questions.
They’re all valuable and helpful to me and I’m sure to many others.
1. What storage methods have you used and what has worked best for you?
You have to choose the best storage method that you can afford and that can be best for you; it's all about which one you can protect best, but a hardware wallet is one of the highly recommended ones to be used to store huge amounts of crypto. When I started, I started with storing crypto in different exchange accounts. Back then, it worked best for me. When I came to this forum and learned about #Not Your Key, Not Your Coin, I moved from a centralized exchange account to a trust wallet, which I was thinking was the best until I read a few posts and suggestions from forum members here about how it's not open source and not actually safe as the name implies. I am currently using Electrum in both mobile and desktop versions. You can also do a little research and choose the wallet you think will serve you best.
2. What security measures do you take to protect your private keys?
I store my keys and phrases offline, not even on a device connected to the internet. I have a hard drive, which I use to store important files. I typed them down there and also added extra password security to it. I also write them down on paper and store them where I can reach them when I need them, but not in the reach of others.
3. What advice do you have for beginners who are just starting out with Bitcoin?
Know when to buy, and always buy with what you won't be needing anytime soon. Avoid following social media influencers, and you need to be a very strong decision maker. Don't panic sell on every dip you see. If you want to be a long-time holder, keep that up. If you also want to be a day trader, know when to buy and also know when to sell. It's very important to know when to stop losing.
I appreciate your contributions and advice on my concerns. I promise that I don’t take them for granted and must confess you’ve given me insights on them.
Thank you!