How to keep the BitCoins Safe? - page 7.

Timmzzy

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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.

All this are really welcomed and it will definitely serve well to the newbies out there who don't know their way round on how to keep bitcoin safe, many used exchangers wallet which is really not recommended and it's not advisable.

detector

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Since you're talking into online money, there will be a way for being hacked.
All we can do is just keep the things updated and changed password regularly !

Remember, even the most secured exchange able being hack so they will be no problem to hack your wallet in the future

Reid

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Quote from: Artemis3 on February 05, 2019, 03:57:24 PM

Boot a live Linux iso, install electrum and make a wallet.
Write down (by hand) the seed words, copy the addresses: send them to you by email or print them etc.
Turn off the computer.

Congratulations, You now have an impenetrable cold wallet aka. paper wallet. That paper? Make another copy by hand of those words, store them in two physically separate and secure places, such as a bank vault or such. Send all the money you want to that wallet, monitor the inputs by using any blockchain browser online.

Now to move the funds out its almost the same:

Boot a live Linux iso, install electrum and restore a wallet.
Type back (by hand) the seed words, now move your funds to the address(es) you want
Turn off the computer.

What are you waiting for? The hardest part would be figuring out how to properly put the iso into an USB thumbdrive (or DVD if you are paranoid) and make the computer boot from that.

Merits for effort.

Yep. This is what I did. The easiest way ever. It is actually user friendly if you just know some basic computer techniques. Doesn't need a masters degree to understand it. Just little English and some part of your brain. Even just the little one.

I have three paper copies by now. 1 for me, another for my wife and 1 more just for security. I dont want the bank to keep it.
Besides, if it is robbed or I lost it who knows what the hell are those words. Only bitcoin old timers may know how to decipher it.
Why? Newbies go for exchanges to keep their bitcoins nowadays. Grin

bitbunnny

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You can't prevent Bitcoin from being hacked just like you can't prevent banks being robbed. But you can do something to protect your own coins. Avoid keeping Bitcoin on exchanges, only the sum that you want to trade at the moment, because they are extremly vulnerable. And use multiple exchanges. Choose save wallets, like hard wallets and also don't keep all your coins in just one wallet, split funds in multiple ones. Bitcoin will be always connected to the risks and that can't be changed but that is still not the reason to give up Bitcoin.

jake zyrus

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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.

Hackers are always there side by side it's better we have hard wallet or nano to secure our accounts and don't share your password or pin numbers to other people and always double check your account for multiple security.

sheenshane

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Quote from: pawanjain on February 06, 2019, 09:47:19 AM

I totally agree with you. It is not wise at all to keep your money in exchanges for a longer period of time. I have been in crypto for quite some time now.
Even the best exchanges have been hacked at least once. This shows that exchanges are not a safe place to store our coins.
I myself prefer to store it in an offline wallet and then send it to exchanges just when I need to exchange them.
My choice of wallet will be Mycelium since I have been using for a long time and never faced an issue.

There's nothing safe on a centralized exchange were you storing your Bitcoin and other cryptos asset. Most people do is to deposit on exchange and then after they've reached their profit usually they withdraw as soon as possible. But we can avoid that if we choose a reputed exchange and store our Bitcoin for a while, but not in long term. There's no safest way of storing Bitcoin on online wallets or more worst web wallets, as what they say we must prefer to used desktop nor paper wallets.

pawanjain

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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.

I totally agree with you. It is not wise at all to keep your money in exchanges for a longer period of time. I have been in crypto for quite some time now.
Even the best exchanges have been hacked at least once. This shows that exchanges are not a safe place to store our coins.
I myself prefer to store it in an offline wallet and then send it to exchanges just when I need to exchange them.
My choice of wallet will be Mycelium since I have been using for a long time and never faced an issue.

Crypto one

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If you trade sometimes then keeping a little cryptocurrency on a exchange are a risk most crypto owners are willing to take.
The majority of your cryptocurrency portfolio should be hold in your own private wallets, one or more hardware wallets are a good choice, you can also make one or more paper wallets.

ecio97

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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 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.

As for this death, I think that the founder could pass the keys to one of his relatives. At least, these keys should be material, because he could not remember them, right? But I agree that for greater security it is better to use the services without registration, which you mentioned.

amonymous

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I think the exchange wallet can never give you a definite guarantee think.It needs to be kept in mind,exchange we use for our daily routine work.keep daily trading and get profits then It was lifted with us.
so i want to tell you one think,you can use hardware wallet.It will give you many assurances in the future,and you can be sure save lot of from hackers.

kryptqnick

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

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.

I never use Changelly, because I came by negative feedback once. Take a look here, for example: https://www.trustpilot.com/review/changelly.com?languages=en&stars=1. Maybe it's some rivals writing those things on purpose, but I honestly feel more comfortable using Hitbtc. As for a wallet, why don't you trust blockchain.info and electrum? Blockchain.info is pretty reputable and I never heard of issues with them, while with Electrum I am not even sure things can go wrong at all. The downside is not a big variety of coins to hold, of course, but it does not make them untrustworthy, does it?

sfr2017

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There's many exchangers are secure and safe like Quadriga is Canadian largest cryptocurrency exchange and what happened to it this days make doubt about this but to safe your bitcoin:
There are more secure methods of keeping your Bitcoin stored. The first is a desktop wallet
-Be careful with online services
-Small amounts for everyday uses
-Use many secure locations
-Encrypt your wallet and never forget your password
-Multi-signature to protect against theft

arifteguhr

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Quote from: Kakmakr on February 06, 2019, 12:28:30 AM

Your argument is flawed, if you are a regular trader. You will have to keep bitcoins on an exchange if you want to sell your coins at a specific price on a Sell order. The better argument would be not to store large amounts of coins on an exchange and to make sure that 2FA is enabled on your account.

I also only transfer large amounts of coins onto an exchange, if I am going to sell them instantly. The rest of the time these coins are stored on cold storage. Wink

the important thing is that we must be careful of all frauds. and we can store bitcoin in a wallet or hardware that is very safe and only we know the password is used.

maemunah

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Quote from: coinwizard_ on February 06, 2019, 02:37:36 AM

The problem with instant exchanges is that they don't have much variety. Good for bitcoin, eth, and ltc but for everything else we need exchanges. CZ said his new dex will support hardware wallets so looking forward to it

It is safe for us to depend on ourselves first whether I can secure my own bitcoin and feel various ways are sure to exist to secure its own bitcoin

aoluain

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I think some people still think it is OK to store coins on an online
exchange. Just because they have a password and even 2FA enabled
with e-mail or text verification does not mean you have full control
of the funds.

The only way is Hardware wallet or Paper and devise a storage method
that suits yourself.

Exodus wallet is a desktop wallet which is actually centralised, yes
we can create/save a wallet seed but it is just not as safe as the
two options above.

For trading it is probably prudent to move your gains as you make them
to an offline wallet and use the staking funds to trade.

kucritt

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if you want to make a profit from your bitcoin (trading) so i think you will have the best decision when you save your bitocin on scahanger, because on exchanger you can buy and sell cryptocurrency by yourself, but if you want to save bitcoin in a very very long time, i think you can save your bitcoin on your wallets, its like very very long investment program.

Shiversnow

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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.

Wallet like ledger nano s and trezor is recommendable wallet to all bitcoin and cryptocurrency users because of its security where you can assure that you tokens and assets are safe and secure. I do not use any exchange as my wallet that's why I prefer to use hardware wallet.

traderethereum

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People lost their bitcoin and altcoin in many exchanges, why its happen? It's because they are too greedy for making the big profit by trading. It will not happen if you decide to move all of your coins from exchanges and save it in a ledger ( I recommend use ledger s nano or ledger x nano ). You know the risk by keeping your coins in the exchanges, and if then the exchanges got hacked, you are regret because you do not move your coins into another wallet. Realize about this. We are responsible for all of our assets. I guess no one wants to get hacked or lost the coins, but it always happens, and I am sure that in the future, there will be many exchanges gets hacked.

coinwizard_

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The problem with instant exchanges is that they don't have much variety. Good for bitcoin, eth, and ltc but for everything else we need exchanges. CZ said his new dex will support hardware wallets so looking forward to it

Pursuer

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using another centralized service instead of some other centralized service for exchanging your cryptocurrencies is hardly the best method of "keeping your bitcoins safe" as your title suggests! you are giving up one bad solution for another bad solution.

also regarding wallets, most of the "multi currency" wallets are new and still have a lot of bugs that need fixing before they can be considered as a safe way of storing your funds not to mention that many of them still don't have any easy way of setting up a cold storage. they are usually focused on being hot wallets instead.

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