I'd go with hardware wallets and some software wallets such as Exodus and keep a small amount here and there. Also regularly selling them for cash and maybe reinvesting depending on the market. Definitely not hold them in one wallet and maybe keep them in different places or a Tresor.
I don't know how it works when a hw wallet dies but make sure to not have too large amounts in one place.
Topic: How to effectively store large number of Bitcoins? - page 2. (Read 1331 times)
First of all, don't store a big amount in any exchange. Put it in wallets that gives you your keys and keep them safe.
1. buy a new hard disk 50GB
2. install OS
3. install bitcoin-QT
4. backup wallet.dat to 10 new pendrives
5. send bitcoin to your bitcoin-QT
6. smash your hard disk into pieces or burn it with fire
2. install OS
3. install bitcoin-QT
4. backup wallet.dat to 10 new pendrives
5. send bitcoin to your bitcoin-QT
6. smash your hard disk into pieces or burn it with fire
Buy the ledger nano s. Soon they will be at everyone.
It is most safe to store a large number of bitcoins on cold storage in a purse blockchein, which has an eight-level protection. To such a purse, no one will be fit. In general, there are a lot of different purses and that have a different level of protection.
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.
If you do not limit yourself to cold storage, you can use clouds like Mega and Copy.com for private keys, with encryption on the client side. Here the main password is decent to come up and duplicate on 2-3 clouds in case someone gets covered. Of the pros - always at hand with absolutely any computer and hidden safely, no worse than offline. This is especially useful if you have a server or at least a computer connected to the network all the time. You can then synchronize all the clouds, so that the traffic was less. 
I store all my bitcoins in an offline wallet, and this is the most secure and safest way to store all my bitcoins, i have a lot of fear to store my bitcoins in coinbase or blockchain wallet.
A lot of wallets turned to scam, that is why i prefer to have them on an offline one.
And of course that if your wallet supports multi sig would be much safe, because you can distribute your btc in different addresses.
A lot of wallets turned to scam, that is why i prefer to have them on an offline one.
And of course that if your wallet supports multi sig would be much safe, because you can distribute your btc in different addresses.
indeed with the current bitcoin price rising security bitcoin wallet is a top priority to be able to anticipate the various negative possibilities that will arise to bitcoin that we have, and I also do the same with you save bitcoin in the wallet offline
I store all my bitcoins in an offline wallet, and this is the most secure and safest way to store all my bitcoins, i have a lot of fear to store my bitcoins in coinbase or blockchain wallet.
A lot of wallets turned to scam, that is why i prefer to have them on an offline one.
And of course that if your wallet supports multi sig would be much safe, because you can distribute your btc in different addresses.
A lot of wallets turned to scam, that is why i prefer to have them on an offline one.
And of course that if your wallet supports multi sig would be much safe, because you can distribute your btc in different addresses.
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?
Paper wallet, cold storage, hardware wallets should be some of your best bets. You could also store them in an offline wallet via a computer which you do (Regularly at least) use. Another simple option would be to store the wallet.dat file into several USBs, to prevent losing your .dat file by corrupt or lost devices. Online wallets are best to be avoided, especially if you do not have access to the private keys, if you are going to use one, opt for ones that support 2FA at least. 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?
It seems that someone has questions about how to effectively store large amounts in bitcoins. I would have his problems. And in fact the issue, then, as they say, you can not keep all the eggs in one purse. Therefore, it is better to keep part of the bitcoins in reserve in closed wallets, part of the stock exchange for trading, well, the rest, depending on the desire and ability.
since it's a store of bitcoins we are talking about here then he needs a good wallet and for me i can online suggest offline wallets to completely and securely save bitcoins and the onus will lie on him to keep his private keys safe from the public or intrusion. That is the only way to store huge chunks of bitcoin and not diversification.
download the wallets to your computer (but they are very heavy)
It seems that someone has questions about how to effectively store large amounts in bitcoins. I would have his problems. And in fact the issue, then, as they say, you can not keep all the eggs in one purse. Therefore, it is better to keep part of the bitcoins in reserve in closed wallets, part of the stock exchange for trading, well, the rest, depending on the desire and ability.
I use multiple wallets. If you want cold storage then use Trezor.io
I think it is not safe to put your bitcoin into multiple accounts because you can forgot the security questions or code for this. It is better if we only have 1 or 2 accounts. But I think more than 2 accounts is not safe. But I think there is no different between storing small and big amount of bitcoin it is still bitcoin but if we want to save huge amount we can converted it into fiat and save it to the bank. 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?
No, don't you store all your bitcoin on exchange site, especially if you stored for long time like 1-2 years, it's really risky. You can try popular bitcoin web wallet like blockchain.info or you can stored itself by download bitcoin core and store all your bitcoins there, it more safety though and only you that control your wallet.
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 suggest using only one address to prevent hassle. No reason to store it on multiple addresses whatsoever.
One suggestion is to make a paperwallet offline. Here's a guide on coindesk: http://www.coindesk.com/information/paper-wallet-tutorial/
What I would to though, is to buy a hardware wallet. A ledger nano S to be more specific. It's a device with a size of a USB Flash Drive. If you're interested, look up: Ledger Nano S, Trezor, and Keepkey. I'll list the websites below.
https://www.ledgerwallet.com/
https://trezor.io/
https://www.keepkey.com/
The safest and most effective method of storing large amounts of Bitcoins is by using paper wallets. Look up how to make them on Youtube. It is very simple and a foolproof way to keep your BTC safe!
That is a good method to storing Bitcoin though the only thing is how to store those paper wallets. If someone finds that paper wallet then they could cash all those Bitcoins out and all that paper wallet building process would be for nothing.Bitcoin Paper Wallets that are stored in some kind of locker would be a wise thing to do.
If i were you, i will just buy trezor and i will just send my bitcoins to that wallet and keep it for long term. Trezor is a hardware wallet which is trusted by most of the people in the world that looking for a safe place to keep their bitcoin. Trezor is the very first hardware wallet that i tried and all i can say is, it is very worth it to buy and have this kind of wallet.
Hardware wallet is good, I agree with that one supposedly divide oneself earning with three different method.
for me the solution is quite simple
- Hardware wallet
- Paper wallet
- In use wallet
But I don't have any BTC to worry about it right now.
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If i were you, i will just buy trezor and i will just send my bitcoins to that wallet and keep it for long term. Trezor is a hardware wallet which is trusted by most of the people in the world that looking for a safe place to keep their bitcoin. Trezor is the very first hardware wallet that i tried and all i can say is, it is very worth it to buy and have this kind of wallet.
Speaking solely in terms of security, you can store them all in a single address, however you should spend the entire "balance" in each address you are spending from and use change addresses when you need to spend less than the entire balance in an address you are spending from.
Great, great suggestion. This practice ensures that one can't trace payments to the address from another source AND allows you to claim the transaction was for a payment to someone else (rather than yourself).
The concern is that any address you receive payments to regularly can be linked back to you, because presumably the entity sending you the Bitcoin knows you and your address.
What may be an accounting challenge for you is a small price to pay to ensure your bitcoin balance is as safe as possible. You can't put a price on that kind of security.
which is why is better to have multiple wallet, which make impossible to link the address and you can spend freely your bitcoin as you want
i like to have multiple wallet stored in a multiple usb stick, i find it the most easy and secure choice for my usage
also with multiple wallet you can spend few amount at time without worrying about your coin that might be stolen, because at best they stole only the little amount in that wallet you loaded
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