How do you store your bitcoins? - page 69.

MWesterweele

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Quote from: bravehearth0319 on March 10, 2017, 10:01:14 PM

Quote from: yellowcat1771 on January 31, 2016, 05:53:22 AM

Hello everyone as the title says ^
Do you store your bitcoins online or on a wallet on your computer, perhaps cold storage?

Yes, I stored my bitcoin in different wallets, I have bitcoin in my Electrum wallet on my computer desktop, then I also have in multibit, and also in my android phone which is mycelium, and I have small amount of bitcoin in exchange platform amounting 0.01BTC each every week.

you have a very good idea sir, in case some of your online wallet will down and never comeback you will have another that can be the cause of your income, you have a reserve money in other options

Yatsan

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I store my bitcoin at the web wallet because the bitcoin in web wallet will be safe and the transaction will be no hassle because If you are using web wallet the sending and receiving of the bitcoin will be not a problem as long as you have a stable internet so the web wallet is the best for me.

crwth

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I store mine in my full node's wallet, because:
- it ensures that every transaction I accept and make is valid; I'm protected against dishonest miners,
- only my full node knows precisely which transaction is mine,
- making and receiving transactions using my full node contributes towards Bitcoin's economic strength (https://www.reddit.com/r/BitcoinBeginners/comments/3eq3y7/full_node_question/ctk4lnd/), and
- my full node helps to contribute towards the decentralization of the Bitcoin network

.

I do the same to and I agree with that also, it helps the bitcoin network to be stronger and we know that it needs it. I don't know if there is an incentive in running a full node but I hope there is, just even a little because it helps a lot, and I read here that I think previously there was or something.

HabBear

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Quote from: shorena on January 31, 2016, 06:20:42 AM

Just dont get goxxed. Only keep on the exchange what you would use for trading. If you dont controll the private key, they are not your coins, but a mere promise from someone you probably dont even know.

People say this a lot in regards to bitcoin, but know one se ms concerned that we all accept the same risk with our fiat being held in a bank. If you keep your fiat money in a bank, technically you don't own fiat currency! You just own an greement that the bank will pay you back. Why is this when ch a gr ater concern with bitcoin?

A few different storage options is wise but don't get carried away if you have small balances. You're not a target for theft if your balance is less than a bitcoin.

I've been keeping more of my bitcoin with freebitco.in. Their interest payments are a solid deal....4% is very fair for my risk to of not having to the private keys, it's more than i get from Coinbase or Circle!

Mumbeeptind1963

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Quote from: yellowcat1771 on January 31, 2016, 05:53:22 AM

Hello everyone as the title says ^
Do you store your bitcoins online or on a wallet on your computer, perhaps cold storage?

im storing it in my online wallet. although it has a fee but its a bit secured. many people in our country uses it, and so far there are no problems within it. take a research too and choose what will be fit with the one that you are wanted.

loopes

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Quote from: yellowcat1771 on January 31, 2016, 05:53:22 AM

Hello everyone as the title says ^
Do you store your bitcoins online or on a wallet on your computer, perhaps cold storage?

In storing bitcoins there are several storage options such as cold storage to store bitcoins in the long term and warm storage to store in a relatively short time. We usually store in online web wallet blockchain.info because we often withdraw

Souldream

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Well since I only have an online wallet so it is my only way to store my bitcoin,
But I am planning to store it in a cold storage or in cold wallet.

Celsiuss

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I don't have too much Bitcoins, so I store them on blockchain.info's wallet. They seem very reputable and have tons of experience now. The only downside as I see it is server downtime. blockchain.info was once down when I really needed to make a transaction, which was a pain in the ass.
The main reason I don't store them locally is because I switch PC's often, and I don't want to risk them for a hard drive failure or corrupted files.

FasTroy

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Quote from: bitbunnny on April 21, 2017, 01:46:17 PM

People often think that it's not very important which wallet you choose, that desktop wallet, web wallet, hard,wallet, paper wallet are just the matter of preferences and they don't think about security and all advantages or disadvantages. My recommendation is always to choose multiple types of wallets with high security performances and never to keep all coins in just one wallet.

You are right, the problem is not which wallet we use. but it's of how we can save our bitcoin without any risk of losing it. Anyways, as you said, we can't saving your eggs in just one basket, so It's better to save it in multiple secure wallets.

Winner

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I've stated it once and I'll state it again, Multibit. I like using that client only because the whole blockchain syncing on mostly every other client out there requires a bunch of waiting and hard drive space.
The only thing that I don't like about Multibit is that the transaction fees can't be manually set unless the person sending the transaction configures the code for the Multibit Client. The transaction fee is not a real issue because the transaction could get accelerated.

bitbunnny

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People often think that it's not very important which wallet you choose, that desktop wallet, web wallet, hard,wallet, paper wallet are just the matter of preferences and they don't think about security and all advantages or disadvantages. My recommendation is always to choose multiple types of wallets with high security performances and never to keep all coins in just one wallet.

GregH37

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Quote from: enhu on April 20, 2017, 01:08:57 PM

Quote from: serjent05 on April 20, 2017, 11:19:51 AM

Quote from: MoneyIsDebt on April 20, 2017, 11:15:23 AM

yeah multiple wallets makes it very complex. for permanent storage for investment purpose you don't have to rely on online wallet. paper wallet is much more secure and you don't have to remember multiple password. i think this is the best method for long term storage.

I agree to add more, it would be good to make that paper wallet be laminated, since the purpose is to store it at a very long time, this will somehow give more resistant to wear and tear and the fading of the ink, aside from water of course.

I do store my bitcoins in different wallets, web for temporary storage and trading, local wallet as safety keep and paper wallet for savings.

I once kept my bitcoin on desktop client and when my computer crashed so are some of the bitcoin I've kept because I don't have any back up to it. What I currently do is store my coins on several exchange too. Polo is just one. This isn't recommended but I can't trust my computer to crash this time. Having them on exchanges help me feel like I can travel anywhere and liquidate whenever I want.

Yeah, I agree storing bitcoin on desktop wallets is not safe since you can lose all your private keys if it gets infected by a malware or your hard drives gets wiped, there is soothing that I really don’t understand is why people don’t like to store their coins on online wallets, what do they have against them, did something happen that we missed on them, I mean they are safe to use I have been using them for ages now and nothing bad happened, there is no chance that you could lose your coins when stored on online wallets because they are highly secured.

nizamcc

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With too much mess being created with the BU and Core as well as Segwit part, I am currently preferring to store my coins on paper wallets as well as my Trezor sticks, they are my best bets currently. I know that my coins will not get affected by this, but sometimes precaution seems a better option than going for cure.

easynote

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Bitcoin Core is a nice software to use when storing Bitcoin, downloading the software requires a bunch of waiting though.

iMaster

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I am using three flatform to store my bitcoins,blockchain for all my transaction,yobit for buying alt coins and of course electrum wallet as a desktop wallet,you should not put all your eggs in one basket,bitcoin is an investment a very good investment ,every bitcoin we have now is precious as the price could go up in the future..

enhu

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Quote from: serjent05 on April 20, 2017, 11:19:51 AM

Quote from: MoneyIsDebt on April 20, 2017, 11:15:23 AM

yeah multiple wallets makes it very complex. for permanent storage for investment purpose you don't have to rely on online wallet. paper wallet is much more secure and you don't have to remember multiple password. i think this is the best method for long term storage.

I agree to add more, it would be good to make that paper wallet be laminated, since the purpose is to store it at a very long time, this will somehow give more resistant to wear and tear and the fading of the ink, aside from water of course.

I do store my bitcoins in different wallets, web for temporary storage and trading, local wallet as safety keep and paper wallet for savings.

I once kept my bitcoin on desktop client and when my computer crashed so are some of the bitcoin I've kept because I don't have any back up to it. What I currently do is store my coins on several exchange too. Polo is just one. This isn't recommended but I can't trust my computer to crash this time. Having them on exchanges help me feel like I can travel anywhere and liquidate whenever I want.

doomistake

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Quote from: Intersan on April 19, 2017, 12:31:34 AM

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Quote from: Intersan on April 18, 2017, 02:52:35 AM

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Quote from: crazycatwoman03 on April 15, 2017, 12:10:49 AM

Quote from: yellowcat1771 on January 31, 2016, 05:53:22 AM

Hello everyone as the title says ^
Do you store your bitcoins online or on a wallet on your computer, perhaps cold storage?

I store my bitcoins on an online wallet. This wallet is where all my earnings from signature campaigns go.

I store my bitcoin in an online wallet too. I think that is what most of the people here do but I have noticed that some of them have mentioned hardware wallet. I wonder what it is?

Online wallets are a horrible way of storing your coins for various reasons. Most important reasons are that you are not the only entity with control over your coins, your coins are exposed to threats coming from the internet, plus that you rely on the service in question to stay online all the time. In order to prevent the latter situation to form a problem, always make sure that when you do happen to make use of an online wallet service, that you use one that provides you with the private keys. In case the service goes down, you'll always be able to access your coins.

Regarding hardware wallets, here is a handy link -- https://en.bitcoin.it/wiki/Hardware_wallet

Thank you for the link. I will read more about hardware wallet.

I just want to ask if you have your own experience regarding why online wallets are a horrible way to store bitcoins? You are right about the coins being exposed to security threats coming from the internet but still online wallets is still reliable for storing.

Do not put a lot of bitcoins in your online wallet because it is very risky and also very attractive to the eyes of hackers because if they see a lot of bitcoins on an online wallet then they will do a lot of attacks to you like phishing site that can get access to your account if you are not careful and your hard earned bitcoins will like a bubble which will pop out in just a few moments.

Then I guess it would be better to create multiple online wallets and divide your earnings to avoid cyberpunks. Thank you for the advise!

I agree, because, if the wallet where you stored your bitcoin will be hacked, then all of your effortsband hard work will be wasted, that is why storing your bitcoin in many wallet is a great idea. And, it is okay if you are going to put all of your bitcoins in just one wallet, if, that wallet is an offline one, because it is more safe than the online one.

Mumbeeptind1963

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Quote from: yellowcat1771 on January 31, 2016, 05:53:22 AM

Hello everyone as the title says ^
Do you store your bitcoins online or on a wallet on your computer, perhaps cold storage?

i dont even recommend it that we need to store it in computer drive, it may be lost. How? simply if your computer has a virus and tend to destroy your hard drive or when your pc crashed you may difficult to recover your coins.

serjent05

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Quote from: MoneyIsDebt on April 20, 2017, 11:15:23 AM

yeah multiple wallets makes it very complex. for permanent storage for investment purpose you don't have to rely on online wallet. paper wallet is much more secure and you don't have to remember multiple password. i think this is the best method for long term storage.

I agree to add more, it would be good to make that paper wallet be laminated, since the purpose is to store it at a very long time, this will somehow give more resistant to wear and tear and the fading of the ink, aside from water of course.

I do store my bitcoins in different wallets, web for temporary storage and trading, local wallet as safety keep and paper wallet for savings.

MoneyIsDebt

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Quote from: DoublerHunter on April 19, 2017, 02:39:03 AM