Topic: How is the safest of the 'safest ways' to store Bitcoin? - page 4. (Read 613 times)
If you are a millionaire then shouldn't keep your funds on the smartphone. You can keep just a small amount but it shouldn't be big. Its ways are preferable to use a cold or hardware wallet to store your Bitcoin and do not share it with anyone. So even you blackmailed they wouldn't know about your hardware wallet. They could take whatever on their smartphone. We can't prevent sudden incidents or accidents. But we can try to keep safe our funds. Should be more careful about our funds if it's in cryptocurrency. That's why privacy is quite important here and few people always hide their questions related to Bitcoin.
-snip-
the digital era requires us to save our money on smartphones
I think it's better the other way around. If there are many cases of theft of digital assets, reduce the storage of asset keys in digital devices that are often used or can be easily found by criminals. And above all, don't be a fool by attracting the attention of criminals.the digital era requires us to save our money on smartphones
My country is indeed in the trend of showing off crypto balance on social media. If the victims were in Bali long enough, I'm pretty sure they were one of the activists of the trend so they became the target of robbers.
I imagine if I become a victim then I will do the same thing, which is to give my bitcoins to the perpetrator so that my life and that of my partner are safe. Incidents like this really should be made a lesson for all of us not to store bitcoins in one wallet and not to be too indulgent around us that we have large amounts of bitcoins on our smartphones.
everyone has their own way of storing their bitcoins, some hide their real identity, some use hardware wallets, some hide themselves, and don't show other people that they have bitcoins, because they are afraid there are people who do bad things to them, but I personally store bitcoins using hardware wallets, such as ledger and trezor, to make it easier for me to access bitcoins, this is my safe way to store bitcoins, because in this way I am very sure even though hackers attack my computer, I sure the hacker can't press the button and approve the transaction.
It's true that everyone has their own way of storing Bitcoins safely. I like you choosing to store it in hardware wallets, because that's the safest way
I know right now. But another important thing so that our Bitcoins are truly safe is how we store private keys in a safe place, I usually write private keys
on a piece of paper, then I will save it in a place that is not easy to find and maybe not all my family knows about it. The less people know where we store
our private keys, the more secure it is.
For me personally, the safest storage of cryptocurrency is a cryptocurrency wallet. And for many years the funds have been safe. But I think the safest storage of cryptocurrency will be to store cryptocurrency on cryptocurrency cards, which in the near future may be with every cryptocurrency holder. And it will be very convenient for making financial transactions. And it is also very convenient to store your crypto funds on your own phones. Which you can easily use and pay for goods and services.
For starters if am going to profile these criminals, am thinking the aggregated robbers should be from a younger age group to know of bitcoin and to be stupid enough to get other peoples mobile phones which could be used to track them later on. But thinking about it where on earth would you have time to go through peoples phones during a robbery and go an extra mile to find btc wallets 
, somehow this is sounding too goo to be true. If this did happen hope they get the perpetrator.
, somehow this is sounding too goo to be true. If this did happen hope they get the perpetrator. 
everyone has their own way of storing their bitcoins, some hide their real identity, some use hardware wallets, some hide themselves, and don't show other people that they have bitcoins, because they are afraid there are people who do bad things to them, but I personally store bitcoins using hardware wallets, such as ledger and trezor, to make it easier for me to access bitcoins, this is my safe way to store bitcoins, because in this way I am very sure even though hackers attack my computer, I sure the hacker can't press the button and approve the transaction.
I think the safety and security of someone's wallet really depends on the person. Some people are just not careful. They could have a physical wallet with all the security measures and they would still give away sensitive information to third parties. My advise is, whether you use a software wallet, web wallet or physical wallet, or however you wish to store your coin, you should keep it as secret as possible. Make sure that no info about that wallet is ever connected to the outside world.
That was just merely threat and theft case I see. It's nothing related to the security of funds. Ideally the victims money is still safe in the form of bitcoin as long as they are not disclosing the wallet private keys or pass phrases. These kinda cases are happening all the time throughout the world.
One with the Australian couple was the biggest one where they also called in police and courts to claim back what was their's. However, the case got closed as there were no digital footprints left behind and they were not able to prove that its their money.
The point here is, you just earn, invest, trade or do whatever you like with bitcoin just never disclose to anyone that you are in the possession of Bitcoin. Rest is assured by bitcoin's pseudo-anonymous nature.
One with the Australian couple was the biggest one where they also called in police and courts to claim back what was their's. However, the case got closed as there were no digital footprints left behind and they were not able to prove that its their money.
The point here is, you just earn, invest, trade or do whatever you like with bitcoin just never disclose to anyone that you are in the possession of Bitcoin. Rest is assured by bitcoin's pseudo-anonymous nature.
This is the main reason I never tell anybody offline that I have Bitcoin or even a Bitcoin wallet. And I would only tell a person from online if I knew and trusted them really well,,, in fact only forum people here I trust even more than anywhere else but I would never expect them to ask me for a wallet in real life. I guess these things spill over anyway and if you had fiat it would be worse.
When the lives of your family members are at risk, it doesn't really matter how you store your coins. What are you going to do? Are you going to tell the robbers I am not giving you my coins, feel free to torture my wife and child?!
If a robber knows about Bitcoin, gets access to your phone, and finds a crypto wallet, he will try to get you to give it to him. The only way you can protect yourself is by not storing all your coins in the same wallet. Diversification is the key. Keep just a portion in a hot wallet (such as a phone), while the rest is safely stored and inaccessible. If you have to give it up, you only give the robbers the keys to your hot wallet. They can't possibly know about the rest if there is no info about it on your phone and if you haven't told someone about it.
If a robber knows about Bitcoin, gets access to your phone, and finds a crypto wallet, he will try to get you to give it to him. The only way you can protect yourself is by not storing all your coins in the same wallet. Diversification is the key. Keep just a portion in a hot wallet (such as a phone), while the rest is safely stored and inaccessible. If you have to give it up, you only give the robbers the keys to your hot wallet. They can't possibly know about the rest if there is no info about it on your phone and if you haven't told someone about it.
Storage on offline wallets such as paper wallet is one of the safest way to store it and probably writhing the recovery phrase and remove one word or two and remember it for yourself so if people also get that copy they will not be able to access the wallet but of course you should make a lot of copies of it so if someone rob your recovery phrase you have other copy as well.
You have your own choice where you must save your money on smartphones. You do not have to store your digital money like crypto on your smartphones because you have another option to store your crypto in the hardware wallets and keep it in a safe place. If you still want to store your crypto in your smartphones, you should not store it in a big-money because that can prevent criminals rob all of your funds.
People should realize this to prevent criminals from robing our money in our smartphones. We need to think wise and smart to avoid the bad things that can happen to us.
People should realize this to prevent criminals from robing our money in our smartphones. We need to think wise and smart to avoid the bad things that can happen to us.
There is nothing anyone can do to stop a physical attack! I mean you could hire bodyguards but that's about it. You could also reduce the amount you would lose in such a scenario by not carrying around all your money in your pocket! That means store your bitcoins in a cold storage stored at home instead of in your phone or even in a hardware wallet that you carry around.
Additionally you should keep your financial situation private and never broadcast it. If the thieves don't know how much money you have, you won't be targeted.
Additionally you should keep your financial situation private and never broadcast it. If the thieves don't know how much money you have, you won't be targeted.
Thank you for all the positive answers given. the conclusion that can be obtained is to remain anonymous in bitcoin ownership, the closest people may turn into a devil when they know you have bitcoin stored on your smartphone
You don't necessarily need to be 100% secretive, but you need to make absolutely damn sure only the right people know that you have bitcoin. Sometimes things can go south even with your blood relatives/family, so you need to choose the closest people that you don't think would screw you over 100%. I mean, you wouldn't want your bitcoin to just disappear if it's the case that you accidentally die or something.
The answer never changed from day one. You need to store your bitcoin a wallet you hold private keys of. (and adding 2fa is always a good thing to do)
And yes, you shouldn't tell everyone that you have bitcoin.
And yes, you shouldn't tell everyone that you have bitcoin.
Thank you for all the positive answers given. the conclusion that can be obtained is to remain anonymous in bitcoin ownership, the closest people may turn into a devil when they know you have bitcoin stored on your smartphone
The answer never changed from day one. You need to store your bitcoin a wallet you hold private keys of. (and adding 2fa is always a good thing to do)
And yes, you shouldn't tell everyone that you have bitcoin.
And yes, you shouldn't tell everyone that you have bitcoin.
The safest way is to not tell anyone that you have Bitcoin, also make sure that when you send or receive bitcoin, no one knows that you are the owner of those addresses.
The easiest and safest way to store them is a hardware wallet, but we go back to what we said before, if some gangsters know that you have a couple of Bitcoins, it is of little use to have stored them safely, they can torture you until you give them the keys.
To avoid this, you could also use a multisig, so that 2 of 3 signatures are needed to move the Bitcoins, and you only have 1 where you are. This will prevent them from taking the Bitcoin, but it may not stop them from killing you or at least beating you so badly that you have to be hospitalized.
The easiest and safest way to store them is a hardware wallet, but we go back to what we said before, if some gangsters know that you have a couple of Bitcoins, it is of little use to have stored them safely, they can torture you until you give them the keys.
To avoid this, you could also use a multisig, so that 2 of 3 signatures are needed to move the Bitcoins, and you only have 1 where you are. This will prevent them from taking the Bitcoin, but it may not stop them from killing you or at least beating you so badly that you have to be hospitalized.
This is just like hiding your money underground where nobody can easily access without your permission, of course. And that is where the rub is...your permission can be forcibly taken from you when you are under a knife or a gun is pointing at you or a family member. The only safe way here is not allowing anyone to know that you have Bitcoin or any digital asset. Having a wallet in our smartphone can be risky if there will be someone who will dare to do the unthinkable. Maybe there should be an app that will be hiding our digital wallets and will only show up if there is a command or a password that we can only use when we are doing some transactions. Hope someone will be exploring this option.
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.
Exactly if you are forced to give out keys then there is no way you can get it back.Those who have access to the keys will automatically be the owner of funds.There are many ways to safely backup your seed phrase on metal plates and hardware wallets or some other ways but if you give it yourself to someone other this could not be resolved at all.As suggested no need to show off and live low and enjoy it other ways. 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.
Jump to: