How to keep the BitCoins Safe? - page 5.

Koadharber

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Quote from: iam_aayushiJ on February 05, 2019, 05:04:50 AM

Hack and Hacks, every day I am waking up to the news of crypto exchanges getting hacked, recently a crypto exchanges founder died and he seem to have a hold of $190 million worth of BitCoins with him.
I have taken a pledge of never using a custodial exchanges, even if it is Binance, and not matter how much CZ says that he will keep the cryptos SAFU, I am not doing the mistake of keeping my money at stake.

I did a detailed study of what exchanges to use and what wallets to use -

Exchanges - Instant exchanges only, Changelly, ChangeNow, CoinSwitch etc.
Wallets - Divided into two parts - Ledger NANO S for long term investment, and keeping the funds safe, MultiCurrency wallet for trading, ex - Gaurda Wallet, Exodus Wallet

Let me know what you guys think.

Storing our Bitcoin into the Exchanges is not recommended to everyone because we cannot guarantee that it is safe there,if we want to secure our Bitcoins we need to store it into a hardware wallet and also make a two factor Authentication for our Security.

VeeraS

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Quote from: iam_aayushiJ on February 05, 2019, 05:04:50 AM

Hack and Hacks, every day I am waking up to the news of crypto exchanges getting hacked, recently a crypto exchanges founder died and he seem to have a hold of $190 million worth of BitCoins with him.
I have taken a pledge of never using a custodial exchanges, even if it is Binance, and not matter how much CZ says that he will keep the cryptos SAFU, I am not doing the mistake of keeping my money at stake.

I did a detailed study of what exchanges to use and what wallets to use -

Exchanges - Instant exchanges only, Changelly, ChangeNow, CoinSwitch etc.
Wallets - Divided into two parts - Ledger NANO S for long term investment, and keeping the funds safe, MultiCurrency wallet for trading, ex - Gaurda Wallet, Exodus Wallet

Let me know what you guys think.

So far, I have never had a bad thing that is detrimental, I trade on a stock that is truly trusted and always uses all security to make it harder to crack. especially in healthy wallet and computer security. I think that is more than enough

Kahoy01

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Quote from: iam_aayushiJ on February 05, 2019, 05:04:50 AM

Hack and Hacks, every day I am waking up to the news of crypto exchanges getting hacked, recently a crypto exchanges founder died and he seem to have a hold of $190 million worth of BitCoins with him.
I have taken a pledge of never using a custodial exchanges, even if it is Binance, and not matter how much CZ says that he will keep the cryptos SAFU, I am not doing the mistake of keeping my money at stake.

I did a detailed study of what exchanges to use and what wallets to use -

Exchanges - Instant exchanges only, Changelly, ChangeNow, CoinSwitch etc.
Wallets - Divided into two parts - Ledger NANO S for long term investment, and keeping the funds safe, MultiCurrency wallet for trading, ex - Gaurda Wallet, Exodus Wallet

Let me know what you guys think.

Exchanges are not preferable in storing bitcoins. Always note that the exchanges are more vulnerable to hackers than bitcoin wallet. We should only store our bitcoins in a safe bitcoin wallet for us to guarantee that no one can stole our bitcoins.

crossabdd

legendary

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no different from you, I personally use exchanges only to convert to fiat. besides that most of the crypto I keep in the hardware wallet. and some at multiwallet. because 90% of security is in yourself. if in exchange, I don't believe that. so, thank you, you've shared your experience in storing crypto assets.

maemunah

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depending on the person if it is trivial and does not use the trick that he uses that can be lost but if the person who loves bitcoin and does not allow bitcoin in circumstances is not safe and certain the person himself is using his method to maintain his bitco

cfif123

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Quote from: bitfocus on February 08, 2019, 02:22:11 AM

how to avoid the case you mentioned - sudden death and no way to pass those fortune to family?

keeping bitcoin depends on whether you can secure your own bitcoin or not, don't use the web or system or the application doesn't matter

creeps

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Quote from: iMark on February 08, 2019, 06:20:14 AM

Quote from: DMC_Ken on February 08, 2019, 02:29:33 AM

if you want your bitcoins to keep safe, create a trusted and safety wallet for your bitcoins, and it's on you if your token will be safe in your hand, because sometime if you press or download some files or apps in bitcoin, it have a backdoor that hackers using it.

Yeah do not carelessly download something on internet, because maybe the application contains a virus that can steal data on your computer. use an antivirus and use a safe wallet, and make sure you add additional security like sms verify, it will be much safer

Hard wallet is one of a great secured place to put your bitcoin, try to use and you will feel that security. If you die with your bitcoin, that money will be useles since no one can know your security features. Tell someone can be good but make sure you really trust that person.

kingpin4321

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How to keep your bitcoin safe?
Get a good bitcoin wallet
Transfer your bitcoin there
Protect your private key
Protect your device with 2fa

proTECH77

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Quote from: bitfocus on February 08, 2019, 02:22:11 AM

how to avoid the case you mentioned - sudden death and no way to pass those fortune to family?

Possessing all the privates keys at one reach or for keep is much detrimental than to store them in exchanges. Bea cues death is inevitable an individual who holds crypto-coins should be open to family members at least one person to be trusted for the private keys.

proTECH77

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Bisq Market Day - March 20th 2023

Quote from: Ains_sama on February 05, 2019, 06:25:16 PM

hacking really happens very often and we must be more careful in storing the bitcoins we have, and we must use multiple security to avoid hackers.

Though hacks have been carried out several times on exchanges were securities are high (with different layers) and victims of these attack are mainly those who store their coins in exchanges with the hope of safe keep but never know that such act is bad as exchanges can be penetrated by hackers. I prefer keeping my coins though in small quantity in my cold wallet suggested above.

ellehcar

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Quote from: iam_aayushiJ on February 05, 2019, 05:04:50 AM

I have taken a pledge of never using a custodial exchanges, even if it is Binance, and not matter how much CZ says that he will keep the cryptos SAFU, I am not doing the mistake of keeping my money at stake.

Yeah, you are right. We shouldn't entrust our hard-earned crypto-assets to any exchange despite good reviews from the community and the sweet promises from its CEO that they'll keep it safe, unless we are going to sell or trade. Asset not kept in our safekeeping is not safe at all. It's really very risky on our part. Afterall, whatever happens to us, it's our sole responsibility; no one's to be blamed since we each have a mind of our own. It's much safer if we'll invest in offline wallets like Ledger, and be responsible not to give your keys to anyone.

Dreamchaser21

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Quote from: bitfocus on February 08, 2019, 02:22:11 AM

how to avoid the case you mentioned - sudden death and no way to pass those fortune to family?

Create a more detailed information of your wallet or tell someone about your money. There’s still no legal way for that, so always be prepared for that. In securing your wallet, don’t just trust the links and do invest more on the security of your wallet like investing on a hard wallet.

raidarksword

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Well, with all these hacking on exchanges are saying to us it is not really safe to store crypto assets for a long period of time because hackers will always find ways to do it and i admit they are really good at that. So, it's really best to store it on hardware wallets for safe keeping.

javainn

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Quote from: iam_aayushiJ on February 05, 2019, 05:04:50 AM

Hack and Hacks, every day I am waking up to the news of crypto exchanges getting hacked, recently a crypto exchanges founder died and he seem to have a hold of $190 million worth of BitCoins with him.
I have taken a pledge of never using a custodial exchanges, even if it is Binance, and not matter how much CZ says that he will keep the cryptos SAFU, I am not doing the mistake of keeping my money at stake.

I did a detailed study of what exchanges to use and what wallets to use -

Exchanges - Instant exchanges only, Changelly, ChangeNow, CoinSwitch etc.
Wallets - Divided into two parts - Ledger NANO S for long term investment, and keeping the funds safe, MultiCurrency wallet for trading, ex - Gaurda Wallet, Exodus Wallet

Let me know what you guys think.

seeing how this happened I have thought if we have to use nano wallet to secure our assets, especially bitcoin. we can see if hackers do this because of the lack of anticipation from the coin owners and save assets in the exchange. it's very dangerous

emulsifryer

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Bet2dream.com

Quote from: Yaunfitda on February 05, 2019, 11:45:29 PM

Exchange wallets? I don't trust them.

As far as I know, ChangeNow has a scam accusations here, https://bitcointalksearch.org/topic/changenowio-evercode-lab-scam-illegally-holding-of-100-bch-11-bitcoins-4619534

Change? possible that they can steal your coins as well - https://www.reddit.com/r/Monero/comments/8bdigt/dont_use_changelly_millions_stolen/

You can just go here, https://bitcoin.org/en/choose-your-wallet and pick the best wallet that fits your need.

I don't usually put my coins in an exchange wallet as we all know there's a possibility that there will be phishing attacks and steal your coins as well. If you want to store your coins in a safe wallet make sure you can put security like 2FA authentication on it so that you are the only one who can easily access and remember don't also expose or share your keys to another person for your own privacy. Don't forget to have a backup file if ever something comes up to your keys.

iMark

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Quote from: DMC_Ken on February 08, 2019, 02:29:33 AM

if you want your bitcoins to keep safe, create a trusted and safety wallet for your bitcoins, and it's on you if your token will be safe in your hand, because sometime if you press or download some files or apps in bitcoin, it have a backdoor that hackers using it.

Yeah do not carelessly download something on internet, because maybe the application contains a virus that can steal data on your computer. use an antivirus and use a safe wallet, and make sure you add additional security like sms verify, it will be much safer

blockman

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Vave.com - Crypto Casino

I have no experience and it's first time hearing out about Guarda Wallet. Having Ledger Nano S or Trezor is the best keeping strategy that everyone must know.

Quote from: bitfocus on February 08, 2019, 02:22:11 AM

how to avoid the case you mentioned - sudden death and no way to pass those fortune to family?

You must teach your family the basics of bitcoin or cryptocurrencies and you can create a set of instruction if someone unexpected happens like death happens to us. Through those basics, they will know how to retrieve coins through the private keys / seeds that you have.

Wildwest

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if you need the best way then cold storage is the answer. Although any security I cannot provide a guarantee, but in my opinion cold storage is the best now to keep your bitcoin safe

shesheboy

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Quote from: apilpirman.bisnis on February 08, 2019, 04:01:06 AM

Which one exchange do you save and hold your asset now, maybe if save at exchange market always use google authicator for making your account is safe, you can try other way like hold and save your asset at hardware wallet like nano ledger.

thats a one good advice brader . using google authenticator can add an extra layer of security to our accounts but its no use if the hacker decides to hack the entire exchange .

Quote

you can try other way like hold and save your asset at hardware wallet like nano ledger.

thats another good advice along with authenticators but hardware wallets are a bit expensive and a little more complicated to use . its not really recomended if you dont have many assets .

tetyulfania

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Keep bitcoin safe is hold at hard ware wallet, more better than you save or holding at online exchange market wallet, how ever many exchange faced trouble with hacked and your asset will be gone if you keep on exchange wallet.

Topic: How to keep the BitCoins Safe? - page 5. (Read 17715 times)