Dont keep your bitcoins in exchangers because they can anytime stole your bitcoins and disappear.
To prevent being hacked it is safer to keep your bitcoins in multiple wallets and adresses. If the hacker hacks one key he stole only 1% of your bitcoins. A paper wallet or just an offline wallet is the best method because that are the hardest to hack.
Topic: How to effectively store large number of Bitcoins? (Read 1331 times)
The best way to effectively store large number of bitcoins is to save your 12 word seed by memorizing it and storing half in two secret places. If you have a loved one that is a good way as well.
To store a large number of bitcoin, one bitcoin address is enough. Because the price of bitcoin increases or decreases at rate. So weather big or small amount, the price changes at same rate. One can think about the security of account. But it depends on the user. Because the authority provides a lot security to the users. So there's no problem about security. Just the user have to store his/her password safely.
i don't see any difference between storing all your funds inside one key versus storing them among multiple ones. maybe if you have 1000+ and don't want to be targeted or something then put them in multiple keys (distribute among multiple addresses) but that will only be for privacy purposes not really a security one.
and methods are: paper wallet or hardware wallet, or simply an offline computer that has a wallet installed.
just make sure to keep a couple of backups from any method you choose.
so true,and methods are: paper wallet or hardware wallet, or simply an offline computer that has a wallet installed.
just make sure to keep a couple of backups from any method you choose.
I a gree with you.
no need to store in some wallets because in a wallet all our assets can be safe, the most important is how we keep our wallet with some backups that make us sure about its safety
Suppose I hold lot of bitcoins in exchanges and in some wallet. To prevent the loss of bitcoins, how should one manage them?
Generate multiple new addresses. Distribute the bitcoins among these addresses. Copy the private keys of these addresses to paper wallet.
Is this the way to do it?
What are other better ways to manage large number of bitcoins?
Generate multiple new addresses. Distribute the bitcoins among these addresses. Copy the private keys of these addresses to paper wallet.
Is this the way to do it?
What are other better ways to manage large number of bitcoins?
I know the easiest and safest way of doing this.You have to download exodus/elecrum wallet both of them are great but i personally use exodus ,their fees are high but their support team is the best in the market.
You only have to transfer your bitcoins to exodus and encryprt it. and then export the private keys to you hard drive or maybe print your keys and save it somewhere secure.After that you are safe 100%.
Suppose I hold lot of bitcoins in exchanges and in some wallet. To prevent the loss of bitcoins, how should one manage them?
Generate multiple new addresses. Distribute the bitcoins among these addresses. Copy the private keys of these addresses to paper wallet.
Is this the way to do it?
What are other better ways to manage large number of bitcoins?
Generate multiple new addresses. Distribute the bitcoins among these addresses. Copy the private keys of these addresses to paper wallet.
Is this the way to do it?
What are other better ways to manage large number of bitcoins?
Having multiple wallets may be a good idea but it can cause confusion. It actually doesn't matter if you have multiple wallets if you can secure them. Better to make sure that if you are using hardware wallets don't put it in a device that you regularly use like an everyday pc. It's safer if no one can have access to it and it can't be invaded by malwares so better to have a device that you don't connect on the internet and keep it safely in a place that only you can have access to.
There are many ways to store bitcoin and different types of wallet software created by bitcoin core developers.This wallet is designed for use on desktop and laptop computers and stores the private keys in a file on the machine. The QT wallet is easy to use and is reliable software.The bitcoin QT wallet and other desktop wallets are good wallets for starters.It should not be used to store large amounts of funds due to the security implications,and backups of the wallet file should be taken.
Suppose I hold lot of bitcoins in exchanges and in some wallet. To prevent the loss of bitcoins, how should one manage them?
Generate multiple new addresses. Distribute the bitcoins among these addresses. Copy the private keys of these addresses to paper wallet.
Is this the way to do it?
What are other better ways to manage large number of bitcoins?
Generate multiple new addresses. Distribute the bitcoins among these addresses. Copy the private keys of these addresses to paper wallet.
Is this the way to do it?
What are other better ways to manage large number of bitcoins?
Definitely using paper wallets is a good idea. Be sure to store the private keys safely. I think hacking a hard copy of the private keys in a safe deposit box is a good idea.
I don’t think there is really any need to split the Bitcoins among several addresses unless you are worried about someone trying to steal the private key if it has a huge number of Bitcoins on it, or if you are worried about people tracking how much you are cashing out.
I think using paper wallets is very risky, I suggest to use the wallet that is easier to use but safe, and we can select Xapo because it is connected to the application on the smartphone so it is very safe.
Suppose I hold lot of bitcoins in exchanges and in some wallet. To prevent the loss of bitcoins, how should one manage them?
Generate multiple new addresses. Distribute the bitcoins among these addresses. Copy the private keys of these addresses to paper wallet.
Is this the way to do it?
What are other better ways to manage large number of bitcoins?
Generate multiple new addresses. Distribute the bitcoins among these addresses. Copy the private keys of these addresses to paper wallet.
Is this the way to do it?
What are other better ways to manage large number of bitcoins?
Definitely using paper wallets is a good idea. Be sure to store the private keys safely. I think hacking a hard copy of the private keys in a safe deposit box is a good idea.
I don’t think there is really any need to split the Bitcoins among several addresses unless you are worried about someone trying to steal the private key if it has a huge number of Bitcoins on it, or if you are worried about people tracking how much you are cashing out.
I think using paper wallets is very risky, I suggest to use the wallet that is easier to use but safe, and we can select Xapo because it is connected to the application on the smartphone so it is very safe.
Suppose I hold lot of bitcoins in exchanges and in some wallet. To prevent the loss of bitcoins, how should one manage them?
Generate multiple new addresses. Distribute the bitcoins among these addresses. Copy the private keys of these addresses to paper wallet.
Is this the way to do it?
What are other better ways to manage large number of bitcoins?
Generate multiple new addresses. Distribute the bitcoins among these addresses. Copy the private keys of these addresses to paper wallet.
Is this the way to do it?
What are other better ways to manage large number of bitcoins?
Definitely using paper wallets is a good idea. Be sure to store the private keys safely. I think hacking a hard copy of the private keys in a safe deposit box is a good idea.
I don’t think there is really any need to split the Bitcoins among several addresses unless you are worried about someone trying to steal the private key if it has a huge number of Bitcoins on it, or if you are worried about people tracking how much you are cashing out.
https://cryptosteel.com/
Everything else is prone to data loss as time goes by. Don't waste your money on trezor or whatnot if you want to store long term.
Well, that can be done a bit cheaper, too. Buy some thin metal business cards from ebay, buy a second hand engraver and engrave your seed yourself. I won't advice to get it engraved by professional engraver, because you won't know if he recognizes that it's a seed or not... Don't risk your hard earned coinsEverything else is prone to data loss as time goes by. Don't waste your money on trezor or whatnot if you want to store long term.
I got shit to do, I'd rather not spend my time engraving, $100 is nothing.
https://cryptosteel.com/
Everything else is prone to data loss as time goes by. Don't waste your money on trezor or whatnot if you want to store long term.
Well, that can be done a bit cheaper, too. Buy some thin metal business cards from ebay, buy a second hand engraver and engrave your seed yourself. I won't advice to get it engraved by professional engraver, because you won't know if he recognizes that it's a seed or not... Don't risk your hard earned coins Everything else is prone to data loss as time goes by. Don't waste your money on trezor or whatnot if you want to store long term.
The best way to effectively store large number of bitcoins is by educating yourself on the different ways to store Bitcoin. This will force you to learn what private and public key encryption is, as well as cryptographic digital signatures that help verify txns, etc
The easiest way to store large number of bitcoins is get hold of a good bitcoin wallet. There are hundreds of bitcoin wallets and for me, i think coinbase is the safest one as it offers to change wallet address whenever the user wants.
Hardware wallets, hardware wallets, hardware wallets. If I say it three times will people finally start getting the clue? They are so useful and great for long term storage. If you dont trust the tech, just generate a seed on them and write the seed down and use that as a paper wallet and store it. With bitcoin at 5500 now, losing that much because you dont want to buy a $70 investment is unforgivable. There was a dude who just lost 95 coins. Half a million dollars which could have been avoided.
So what's better about a hardware wallet than a paper wallet that has been generated in a safe way? I've been using paper wallets for large amounts and I personally don't see the need to invest in a hardware wallet.
I generate my paper wallets on a laptop that has never been connected to the internet and never will be connected.
Block chain technology is the most secure technology in the world. So I thing blockchain wallet which is engineered by block chain is very secure and nothing to worry about. On the other hand we can distribute our wealth in several wallet. In this way we can guard a big amount of bitcoin.
I prefer trezor and paper wallets. I don't think you craving merged trezors ... if the one you have breaks, you can reorganize your bitcoins to one more one. Just create certain you have a backup (24 words seeds) stored somewhere safely.
https://cryptosteel.com/
Everything else is prone to data loss as time goes by. Don't waste your money on trezor or whatnot if you want to store long term.
Everything else is prone to data loss as time goes by. Don't waste your money on trezor or whatnot if you want to store long term.
Suppose I hold lot of bitcoins in exchanges and in some wallet. To prevent the loss of bitcoins, how should one manage them?
Generate multiple new addresses. Distribute the bitcoins among these addresses. Copy the private keys of these addresses to paper wallet.
Is this the way to do it?
What are other better ways to manage large number of bitcoins?
Generate multiple new addresses. Distribute the bitcoins among these addresses. Copy the private keys of these addresses to paper wallet.
Is this the way to do it?
What are other better ways to manage large number of bitcoins?
If you want a cold storage then go for paper wallet with encrypted private key. That is the most secure way to store bitcoin regardless of the amount. However, if you are a frequent trader and need your bitcoins to be moved very frequently, then try some light wallet like electrum which has a feature of making multiple transactions at once by paying a single transaction fees.
However, don't forget to diversify your bitcoins in more than one wallets. Try few online wallets like blockchain and coinbase and hold a minor percentage of your bitcoins there for transactions on the go. Choose a mix of wallets to store your bitcoins so that you don't have to worry much about being hacked. You will always have some financial backup.
Suppose I hold lot of bitcoins in exchanges and in some wallet. To prevent the loss of bitcoins, how should one manage them?
Generate multiple new addresses. Distribute the bitcoins among these addresses. Copy the private keys of these addresses to paper wallet.
Is this the way to do it?
What are other better ways to manage large number of bitcoins?
Dont keep your bitcoins in exchangers because they can anytime stole your bitcoins and disappear.Generate multiple new addresses. Distribute the bitcoins among these addresses. Copy the private keys of these addresses to paper wallet.
Is this the way to do it?
What are other better ways to manage large number of bitcoins?
To prevent being hacked it is safer to keep your bitcoins in multiple wallets and adresses. If the hacker hacks one key he stole only 1% of your bitcoins. A paper wallet or just an offline wallet is the best method because that are the hardest to hack.
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