Topic: How to effectively store large number of Bitcoins? - page 3. (Read 1329 times)
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!
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.
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 agree with this, And this kind of strategy is best with the impending August 1 event that will literally split the bitcoin community if you really want your bitcoin to be secure then store them up in an offline storage or cold storage just to be sure, but I don't have this kind of storage so I think I would just convert it to fiat just to be sure because no one really knows what can surely happen if that kind of thing occur, and even if you put all your coins to different wallet to have multiple account, it is always convenient to have just one wallet so you don't forget your private keys well that is just my opinion.
I use multiple wallets. If you want cold storage then use Trezor.io
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.
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.
Many people use hardware wallets which are deterministic meaning that many addresses (actually effectively unlimited number) for receiving btc to and for change addresses.
If you do not use a hardware wallet, you will want to use another wallet that generates addresses deterministically. You should keep at least three copies of your private keys (your see), across at least two mediums of storage and at least one being off site.
Many people use hardware wallets which are deterministic meaning that many addresses (actually effectively unlimited number) for receiving btc to and for change addresses.
If you do not use a hardware wallet, you will want to use another wallet that generates addresses deterministically. You should keep at least three copies of your private keys (your see), across at least two mediums of storage and at least one being off site.
In my view even 5 btc is something very big looking at the total value. It's our own responsibility to keep it safe as much possible using the different security features that are available in different wallets. Importantly have a separation from the one you use it regularly and the one to be used for long term holding. Save the long term holding into a cold storage and the rest in few different online wallets, because we're holding it in third party service providers.
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.
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.
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?
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