How is the safest of the 'safest ways' to store Bitcoin?

DanWalker

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Quote from: pakpahan on December 29, 2021, 08:03:01 PM

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the digital era requires us to save our money on smartphones, now more and more people are traveling with cellphones that contain digital money or even the bitcoins they buy. is there a safe way for us to stay safe from robbers when we have bitcoin assets on our smartphone, thank you

The safest way is don't save your private key to your cell phone. use a "watch only" wallet on your cell phone.
If you import your public key to your wallet and use watch only version then there is no problem if your phone gets robbed, they can't access your funds anymore.
And save your private key to a piece of paper and keep it safe somewhere else. when you want to transact, only that time use your private key, better you could make offline transaction to confirm the best security.

Gamerholic

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I think that I will not say anything new if I offer a regular cold wallet. Or two? Or three? I also think that bitcoins should not be stored in one place or one wallet because there is a banal human factor and should not be underestimated. Suffice it to recall a guy who is still looking for his old laptop beech in landfills, on which, at today's prices, there are about 220 million pounds worth of bitcoins. In order not to go crazy from such upheavals in life, it is worth thinking about safety in advance.

mardaed

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Quote from: Webetcoins on February 04, 2022, 10:16:25 AM

While I do not recommend password storage because they can steal your password.

Well, you certainly have. Point. But I think it is a must to be creative in thinking of ways on how to store passwords that is not susceptible to be stolen, whether it is online or on a personal safe space.

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As you store your PK, the simple way is the best for me. Write it down on a surface that you only understand and know.

This could be a way, having some codes or unique type of writing that you are the only one who could understand. You just have to make sure it won’t be forgotten, won’t fade or be tampered.

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Quote from: mardaed on February 04, 2022, 02:46:03 AM

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This is a good discussion and helped me to learn a lot of tips to protect my bitcoins. One should never share their private keys with anyone nomatter how if the person is your very close friend.

Glad to know you’re learning here. You are right, never ever share and entrust your private keys to anyone. Nowadays, you’ll never know the true intentions of those around you, especially if the said matter concerns and involves monetary or any type of asset. Moreover, you should also take note that safekeeping also includes the choice of wallet, password storage, secure connection, software and back up systems.

Sharing your private keys means your share your all wealth and it looks not right if this done with our friends but we can be able to do this on our own family e.g mother, father, brother, sister, son, daughter because we are related to them. It is recommended just in case bad thing can happen to you but before we get to that point lets first start on securing the btc on our own by choosing the wallet that is trusted, brands like trezor and ledger are good.

While I do not recommend password storage because they can steal your password. a secure connection means do not use public connections like wifi and lastly backing up and updating software is more important.

Strongkored

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Quote from: Jawhead999 on December 30, 2021, 12:22:55 AM

Surprisingly the victim hold his Bitcoin worth of IDR 5.8M in centralized exchanges (Binance) and not using a non custodial wallet. Well it will depends on the victim privacy, did he clicked random sites? Publishing/tell anyone about his coins? did he using public WIFI to access Binance? did Binance information breached? we all don't know about it.

IMO the solution you should have separate cellphones, the regularly you use and the one used to hold Bitcoin (air gapped wallet). Gave him some portions of your Bitcoins on your regular cellphones, while you still hold most of your coins on the other cellphone.

IDR 5.8M is about 11 BTC at the current rate, it may look big, maybe the victim has activities as a trader who needs funds always available on the exchange.
The victim did not do what you mentioned, he had a robbery and one of the robbers was a former employee who was very likely to find out that the victim owned BTC and threatened to need the victim's wife so as to provide the password from his account. Luckily the perpetrator has been caught just not explained whether BTC can return to the victim.

Quote from: Jawhead999 on December 30, 2021, 12:22:55 AM

IMO the solution you should have separate cellphones, the regularly you use and the one used to hold Bitcoin (air gapped wallet). Gave him some portions of your Bitcoins on your regular cellphones, while you still hold most of your coins on the other cellphone.

The point is always be careful with the device we use as a place to store crypto assets, Anything can happen but we can reduce the risk of loss by using tight security, although in this case account security is not the point.

mardaed

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Quote from: ?? on ??

This is a good discussion and helped me to learn a lot of tips to protect my bitcoins. One should never share their private keys with anyone nomatter how if the person is your very close friend.

Glad to know you’re learning here. You are right, never ever share and entrust your private keys to anyone. Nowadays, you’ll never know the true intentions of those around you, especially if the said matter concerns and involves monetary or any type of asset. Moreover, you should also take note that safekeeping also includes the choice of wallet, password storage, secure connection, software and back up systems.

asus09

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how to store bitcoins safely, first of all hide your identity, don't let anyone know if you have bitcoins, even you have to hide your bitcoins from your own close friends, everyone must have a separate wallet that they trust to store bitcoins, some use a wallet hard, some use hot wallets, some use cold walls, I also back up all wallet files, to be aware of computer failures.

Ultegra134

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I never actually had any significant amount of Bitcoin, thus, I mostly used online services such as Blockchain.com and BitGo, without any issues at all. After reading more about wallets and safety measures, here on the forum, I refrained from using online services and downloaded Electrum on my laptop. It's a decent choice, but not the best one nonetheless, since the computer has access to the internet, and whatever goes by it.

However, I see a lot of other people posting that they are using wallets on their smartphones, which struck me, because I don't see the reason. Phones are vulnerable to theft and phising attempts through public networks and so on.

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Quote from: Henrobakkara on January 28, 2022, 03:39:43 AM

There are a couple of things we can do and I am guessing this attack might be informed as in, someone knows the victims had Bitcoin that is worth something because I don't think it was random hence the need to keep quiet about your cryptocurrency HODLing in the first place.
Another thing is that you can have a separate smartphone you don't take around for your crypto transactions if you are going to install all the wallets and apps in there and most especially if you have such amount of Bitcoin is to store on a Hardware wallet. Though it is almost impossible if such attacks happen for you not to give out the info cos of the safety of your loved ones.

There are cases like that before where the suspects are related to the victim because they know when to attack or lets assume that is not the case but there are also robbers that are highly intelligent and they have been using bitcoin before. They have done online crimes apart from face to face crimes.

At the end of the day, bitcoins are only a kind of money that we can still be earned but not our life once it is lost. If we are on that dangerous situation, we are also going to do the same which is to surrender our bitcoins into the criminals hands and let us not worry because bad karma will still follow those people .

Henrobakkara

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Quote from: pakpahan on December 29, 2021, 08:03:01 PM

greetings to all, when I read an online news I was surprised by this news

Quote

Caucasians rob Italian citizens of money and Bitcoin in Bali with a total value of IDR 5.8 M.

Then, one of the perpetrators took the victim's six cellphones and another cellphone containing the victim's bitcoin account by asking the victim for a password.

"And if they are not notified, then the perpetrator will kill the victim's wife by sticking a knife to the victim's wife's neck. And then the victim will tell the cellphone password," he said.(english translation )

https://www.cnnindonesia.com/nasional/20211228141520-12-739596/bule-rampok-uang-dan-bitcoin-wn-italia-di-bali-senilai-total-rp58-m

the digital era requires us to save our money on smartphones, now more and more people are traveling with cellphones that contain digital money or even the bitcoins they buy. is there a safe way for us to stay safe from robbers when we have bitcoin assets on our smartphone, thank you

There are a couple of things we can do and I am guessing this attack might be informed as in, someone knows the victims had Bitcoin that is worth something because I don't think it was random hence the need to keep quiet about your cryptocurrency HODLing in the first place.
Another thing is that you can have a separate smartphone you don't take around for your crypto transactions if you are going to install all the wallets and apps in there and most especially if you have such amount of Bitcoin is to store on a Hardware wallet. Though it is almost impossible if such attacks happen for you not to give out the info cos of the safety of your loved ones.

Ararbermas

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If you want a platform that very secured to store bitcoin then you should rely with those have two factor authenticator and KYC and of course which most reliable and trustworthy nowadays such popular exchanges or wallet to ensure everything will be fine. Because to be honest there's a lot of scammers and hackers nowadays so the only way to secure our funds is to rely on those platform that has what I've mentioned above..

mrongoz_imut

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This question is very old and my answer will still be the same, I always hold my own private key, and will never tell anyone about the key I have, because if other people know about my private key, it's definitely bitcoin what I have will be easy to hack, I always use a hard wallet, because I hold bitcoin for a long time.

Gasty4

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Splitting up your coins can be done here, like, keeping half of you coin in your cellphone and the rest in a separate wallet, could be a paper or hardware wallet.
You can as well tell a member of your family you trust very well about you key's.
ADVICE:Avoid third parties,ensure all of your coins are in your wallet, they might not be of higher security as well.

Vaculin

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Quote from: Peanutswar on January 28, 2022, 01:41:49 AM

Quote from: Spacebar96 on January 20, 2022, 03:23:43 AM

All most half of bitcoin users secure their wallet on smartphone and computers which is very easy for thief to access the wallet, if not properly secured. The best way to secure your wallet is having alternative devices where you can keep you wallet safe and your private key and don't keep the devices with you maybe you can keep it in bank.

It is ideal if you are using a wallet which is the use of the full potential by the owner its not ideal to use a wallet like you cannot handle most of the transactions you made such as fees, and other security features. The alternate device you are talking about is the hardware wallet such as ledger, trezor etc. Currently, im using a trezor which is ideal to use but if you don't have a budget yet there's an application to use such as the electrum they have their executable file and apk too.

There are a lot of wallets available in the market and one of it is the hardware wallet which i think is the safest one to use. But it depends on your own preference as every user has its own set standards. You can read it here.. https://e-cryptonews.com/what-are-the-safest-ways-to-store-bitcoins-in-2021/

However, even if you have the safest wallet to store your bitcoin, if you are not responsible from making it safe and secure at all times, then you will still lose everything you have in your wallet.

Peanutswar

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Quote from: Spacebar96 on January 20, 2022, 03:23:43 AM

All most half of bitcoin users secure their wallet on smartphone and computers which is very easy for thief to access the wallet, if not properly secured. The best way to secure your wallet is having alternative devices where you can keep you wallet safe and your private key and don't keep the devices with you maybe you can keep it in bank.

It is ideal if you are using a wallet which is the use of the full potential by the owner its not ideal to use a wallet like you cannot handle most of the transactions you made such as fees, and other security features. The alternate device you are talking about is the hardware wallet such as ledger, trezor etc. Currently, im using a trezor which is ideal to use but if you don't have a budget yet there's an application to use such as the electrum they have their executable file and apk too.

pakpahan

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Quote from: so98nn on January 20, 2022, 02:51:33 AM

Now the incidence above is associated with robbery so I can tel one thing here, you just have crypto, own it and keep the mouth shut about it. That’s all.

what if it turns out that the robbery was carried out by the closest person you know, who is often a place to share your story?

Quote from: Spacebar96 on January 20, 2022, 03:23:43 AM

All most half of bitcoin users secure their wallet on smartphone and computers which is very easy for thief to access the wallet, if not properly secured. The best way to secure your wallet is having alternative devices where you can keep you wallet safe and your private key and don't keep the devices with you maybe you can keep it in bank.

not all banks provide personal vault.

Spacebar96

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All most half of bitcoin users secure their wallet on smartphone and computers which is very easy for thief to access the wallet, if not properly secured. The best way to secure your wallet is having alternative devices where you can keep you wallet safe and your private key and don't keep the devices with you maybe you can keep it in bank.

so98nn

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You can simply print the wallet if you store the crypto in cold storage wallet.

Ask me how not to loose your bitcoins or ether specially when you are storing them on hardware wallet. I have already lost my money after I lost nano ledger. I had the memonic phrase and stuff but I failed to recover the dam god money.

Forum members did help me in recovering the same via multiple ways but once you loose the key points while saving the important information then you are done forever.

Now the incidence above is associated with robbery so I can tel one thing here, you just have crypto, own it and keep the mouth shut about it. That’s all.

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Quote from: KaliLinux on January 19, 2022, 03:35:14 PM

Quote from: GreatArkansas on December 29, 2021, 09:38:30 PM

If they force you to give your keys or Bitcoin, it will be up to you.
That's why the best thing to do is stay quiet as much as possible, you don't need to tell everyone that you own Bitcoin because that will make you a target.

Another thing is even if you will use hardware wallet and you give them access to it like the private keys or your wallet seeds, you will end up getting robbed also.

You are right about that. I remember the other post about how some people now save their Crypto access info in a Nucle type security vault, I also remember my opinion to that post was just like what you said here about keeping quiet about the number of cryptocurrencies you have which I believe is the most security you need other than the other obvious of also securing your Private keys and passwords. I do believe if people don't know about your Holding you are less likely to be attacked.

This is right or actually true on which you shouldnt really be boastful on what you are owning when it comes to your crypto holdings because this would be also the reason on why people do being attacked and the rest is pretty basic when it comes to cold or hardware wallets.It is just really needing some sort of knowledge on how to make yourself be safe
on potential loss of assets but you should bare in mind about the word "safe" doesnt really exist out.

KaliLinux

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Quote from: GreatArkansas on December 29, 2021, 09:38:30 PM

If they force you to give your keys or Bitcoin, it will be up to you.
That's why the best thing to do is stay quiet as much as possible, you don't need to tell everyone that you own Bitcoin because that will make you a target.

Another thing is even if you will use hardware wallet and you give them access to it like the private keys or your wallet seeds, you will end up getting robbed also.

You are right about that. I remember the other post about how some people now save their Crypto access info in a Nucle type security vault, I also remember my opinion to that post was just like what you said here about keeping quiet about the number of cryptocurrencies you have which I believe is the most security you need other than the other obvious of also securing your Private keys and passwords. I do believe if people don't know about your Holding you are less likely to be attacked.

Topic: How is the safest of the 'safest ways' to store Bitcoin? (Read 656 times)