Topic: How to safely store big amounts of BTC? - page 10. (Read 12101 times)
Do most ppl have 1 hardware wallet or 2?
Two should be enough in my opinion. One of storing and one for recovering in case something happens to the first device.
Don't use wallets like Jaxx and Exodus, they are not open source, you never know what's going behind the scenes and If they have access to your funds or not.
Store everything in one device, write the seed down in multiple pieces of papers and hide them in different locations. If the hardware wallet gets lose or damaged, you could use the seed to recover your coins.
Don't use wallets like Jaxx and Exodus, they are not open source, you never know what's going behind the scenes and If they have access to your funds or not.
Store everything in one device, write the seed down in multiple pieces of papers and hide them in different locations. If the hardware wallet gets lose or damaged, you could use the seed to recover your coins.
Would/could you use several, for example Trezors, and program them all with the same seed, thus being able to access the totality of your bitcoin from any of the single trezors? Assuming your six number code, and pass phrase was the same with all the Trezors, which you can do with Trezor, if you lose one of the hardware wallets you would not even need to break a sweat.
Buy a hardware wallet like ledger. It is safe to store there large amount of bitcoins. Just make sure you make multiple backups of it so you can recover your wallet. Online wallets like blockchain or coinomi are good option too. As long as the wallet supports word phrases and private keys to recover and access your bitcoin wallet it is safe to use.
If there is a need to store a large amount of cryptocurrency, you cannot think anything better than cold storage. It involves physical access to the information medium, to protect it from any attempts to access via internet.
Ways to keep your cryptocurrency safe:
1. Desktop Wallet: It offers various advantages over an online wallet. These are accessed only via your private computer, with personal security keys stored just on that machine.
2.Hardware Wallets: These are more secure than the desktop wallets. These wallets are bits of hardware, external devices like USB sticks which you can carry around. Hardware wallets are flexible to malware, and if you happen to lose your wallet, you'll be able to recover the funds using a seed phrase.
3.Physical Coins: To purchase the physical coin, you may need to pay a slight premium over the value of the Bitcoin that you're buying.
If you are looking for cryptocurrency wallet or want to know about the security of your cryptocurrency, you can refer to
https://www.altcoinsidekick.com/bitcoin-basic-blog/choosing-the-right-digital-wallet-to-store-your-cryptocurrency.
I also took my first digital wallet with the help of this blog and if you are looking to choose the right digital wallet, I believe that this article will help.
Ways to keep your cryptocurrency safe:
1. Desktop Wallet: It offers various advantages over an online wallet. These are accessed only via your private computer, with personal security keys stored just on that machine.
2.Hardware Wallets: These are more secure than the desktop wallets. These wallets are bits of hardware, external devices like USB sticks which you can carry around. Hardware wallets are flexible to malware, and if you happen to lose your wallet, you'll be able to recover the funds using a seed phrase.
3.Physical Coins: To purchase the physical coin, you may need to pay a slight premium over the value of the Bitcoin that you're buying.
If you are looking for cryptocurrency wallet or want to know about the security of your cryptocurrency, you can refer to
https://www.altcoinsidekick.com/bitcoin-basic-blog/choosing-the-right-digital-wallet-to-store-your-cryptocurrency.
I also took my first digital wallet with the help of this blog and if you are looking to choose the right digital wallet, I believe that this article will help.
It is your opinion and your choice, but you can not be sure that floods or earthquakes are not something which can not happen in your area. Maybe you can be sure if you do not have any big river near by, or you are far from the sea, but the earthquake is something that can not be predicted.
In case of hardware wallets most important thing is seed, the device itself can be stolen, but it is protected with PIN and it will wipe itself in case that wrong PIN is entered few times in the row.
We can read recently that one hardware wallet is survive fire and firefighters' intervention (lot of water), and one manufacturer is offering hardware wallet made from anodized aluminum.
In case of hardware wallets most important thing is seed, the device itself can be stolen, but it is protected with PIN and it will wipe itself in case that wrong PIN is entered few times in the row.
We can read recently that one hardware wallet is survive fire and firefighters' intervention (lot of water), and one manufacturer is offering hardware wallet made from anodized aluminum.
You got it all right. I'm far from rivers and the seaside and there hasn't been an earthquake in my area like ever. I'm not in a tectonically active spot and there are no records of it ever happening here for the last 1000 years, so I feel like I'm pretty safe. Also, stainless steel containers are pretty solid, don't rust, don't burn and are airtight.
If the seed is the most important why would I use a hardware wallet for a long time storage. I will have to hold the seed somewhere anyway (like in that steel container in the garden), so I might do that anyway and save some money.
It survived but you can never be sure if yours will. Fires aren't the same each time and depend on many factors like the size of the room, the materials inside, amount of air coming in, and so on. The temperatures can be much different each time.
Sorry to say this but what if you die. what do you think will happen to your asset. your talk about natural disaster like flood and earthquakes but since you think that has never happened in your area you think flood cannot take place in the next 20 years. What if there is climatic change. Finally, I hope the container you intend to put your paper wallet is non-biodegradable because if it is your laminated paper wallet can become unreadable in the next 20 years. despite the hard scenario surrounding the storage of huge coin, I still believe the hardware wallet is the best option for now.
If I die my wife will know where to look for it. I know it will sound selfish, but when I die I won't really care about my asset. If a few Bitcoins disappear from circulation to be found 50 years later by some treasure hunter with a metal detector, they won't be missed.
Hardware wallet are good but you can also use cold wallet or wallet that you have its private key which you must key jealously away from any person no matter who that person is to you and make sure it is write down in a place that can be easily access in case of lost of soft copy .
Using a hardware wallet is highly recommended but still depends on how good are you on keeping the pass phrase safe, so spend funds for bank vault for safekeeping, you can use two hardware wallet and also keep a small portion on Exodus in case you need money to trade.
I'm glad you see that risk which is possible to happen.
If you are not contented with 2, make it 3 wallets, the more the better and put it in different places which should be very far from your home that does not also have the same weather situation. Don't limit the possibility to fire alone, earthquake and flood could also destroy your bitcoin in your wallet.
Maybe [1] from your home, [2] from your parent's house [3] from your sibling or friends that you trust the more.
You are aiming for long term, if we take a look at the price of 10-20 BTC now, maybe we can afford to lose, but in 10 to 20 years, that would be a different story.Probably the value that time would increase and if you lose that, that would bother your lifetime since the you should be part of the big holder of bitcoins.
If you are not contented with 2, make it 3 wallets, the more the better and put it in different places which should be very far from your home that does not also have the same weather situation. Don't limit the possibility to fire alone, earthquake and flood could also destroy your bitcoin in your wallet.
Maybe [1] from your home, [2] from your parent's house [3] from your sibling or friends that you trust the more.
You are aiming for long term, if we take a look at the price of 10-20 BTC now, maybe we can afford to lose, but in 10 to 20 years, that would be a different story.Probably the value that time would increase and if you lose that, that would bother your lifetime since the you should be part of the big holder of bitcoins.
I mostly recommend buying a hardware wallet and put it the safe place that only you can access it. Don't trust anybodies computer on accessing your hardware wallet. That's all i have done in the past 2 years of owning a hardware wallet. Nothing so suspicious occurs in the 2 years run of my hardware wallet.
I think 2 or 3 wallets are the best and share them into several btc. The most important thing is how you secure this wallet, always use cold storage and not give internet access when not in use. Oh yes, don't use a wallet that is close source because you will have limitations in accessing your wallet.
Maybe this can be a reference: https://bitcoin.org/en/choose-your-wallet
Maybe this can be a reference: https://bitcoin.org/en/choose-your-wallet
OP is your desired storage restricted to only hardware Wallet's? I think you can go with two to reduce on cost and responsibility of remembering where each one is (if they will be stored separately) Unfortunately Am not so much into hardware wallets because am not convinced they are the outright answer to storing a portfolio as yours and other wallets an do a good job too.
Imo you could use a vanity segwit wallet that you can generate from a clean machine that guarantees no third party knows or has access to your private keys.
Guide on how to create a vanity segwit wallet follow link here https://bitcointalksearch.org/topic/guide-how-to-create-vanity-address-segwit-5144752
Imo you could use a vanity segwit wallet that you can generate from a clean machine that guarantees no third party knows or has access to your private keys.
Guide on how to create a vanity segwit wallet follow link here https://bitcointalksearch.org/topic/guide-how-to-create-vanity-address-segwit-5144752
You want at least 3 hardware wallets and you MUST memorise all the seed phrases, that way you don't have to write them down and they won't get lost/stolen. Even better, get them tattooed inside your eyelids. That way, only you can see them.
Seriously though, get an old iPhone, wipe it and install a local wallet on it. Remove the sim card and only turn wifi on when you want to send/receive. Fingerprint recognition to open the phone and the wallet. You can't get much more secure AND convenient than that. You could even store you pass phrase in that and fingerprint protect it. I would like to see that get hacked. You can even encrypt the iTunes backup just for extra redundancy.
Seriously though, get an old iPhone, wipe it and install a local wallet on it. Remove the sim card and only turn wifi on when you want to send/receive. Fingerprint recognition to open the phone and the wallet. You can't get much more secure AND convenient than that. You could even store you pass phrase in that and fingerprint protect it. I would like to see that get hacked. You can even encrypt the iTunes backup just for extra redundancy.
It seems to me who is best to make anonymous his person and then there will be no third parties, including interested in your information and personal data. Only if you attract interest, then your funds will certainly be under threat.
Personally, I find hardware wallets a waste of money. They are just another electronic device you have to charge and store somewhere safe and dry. If I have to remember about a hardware wallet I could as well remember about a laminated paper wallet in a safety deposit box, especially since I can have 2 or more of them and be sure that they will never get destroyed all at once. I'm all about the classics. If I wanted to store my coins for a long time, I'd put a paper wallet in a tightly closed container and bury it in the garden. I don't get floods or earthquakes in my area so I'm pretty sure it would survive for another 20 years, or more.
Sorry to say this but what if you die. what do you think will happen to your asset. your talk about natural disaster like flood and earthquakes but since you think that has never happened in your area you think flood cannot take place in the next 20 years. What if there is climatic change. Finally, I hope the container you intend to put your paper wallet is non-biodegradable because if it is your laminated paper wallet can become unreadable in the next 20 years. despite the hard scenario surrounding the storage of huge coin, I still believe the hardware wallet is the best option for now. 
3. Hardware wallets are the most secure, but there is an added cost that may exceed the value they are providing. If, for example, someone keeps $10k in a (local) online wallet but has a .5% chance of being hacked, then the cost of the hardware wallet is greater than the amount they would expect to lose on average. At that point, a decision needs to be made whether it is better to self insure or to pay to buy that extra insurance.
I would not agree with your assessment, $10k in crypto is big money at present time (at least for me), and the value in the future can be xx times higher. Some $60 for hardware wallet is a very inexpensive investment, given the security that comes with such device. Any hot wallet (desktop&mobile) can not be measured in security with hardware wallets. Even 0.5% chance of losing coins is to big, when such a thing happens, there is no way back.
Personally, I find hardware wallets a waste of money. If I wanted to store my coins for a long time, I'd put a paper wallet in a tightly closed container and bury it in the garden. I don't get floods or earthquakes in my area so I'm pretty sure it would survive for another 20 years, or more.
It is your opinion and your choice, but you can not be sure that floods or earthquakes are not something which can not happen in your area. Maybe you can be sure if you do not have any big river near by, or you are far from the sea, but the earthquake is something that can not be predicted. In case of hardware wallets most important thing is seed, the device itself can be stolen, but it is protected with PIN and it will wipe itself in case that wrong PIN is entered few times in the row.
We can read recently that one hardware wallet is survive fire and firefighters' intervention (lot of water), and one manufacturer is offering hardware wallet made from anodized aluminum.
Hardware wallet is the best choice for everyone who has a huge amount of bitcoin. Because the susceptible thing when someone has a bitcoin and he save in some exchange then he will find the security he makes will not provide a security side that is truly maintained.
Especially with the centralized exchange, beside the hacker thing which will be a frightening specter for every bitcoin user the exchange itself is decent to be suspected. I found some case that the user an exchange cannot withdraw their bitcoin to the other exchange for several reasons. This is not will happen if you use hardware wallet, you are free make your wallet is secure or not and you are free when you decide to send your coin and sell it to money fiat.
Especially with the centralized exchange, beside the hacker thing which will be a frightening specter for every bitcoin user the exchange itself is decent to be suspected. I found some case that the user an exchange cannot withdraw their bitcoin to the other exchange for several reasons. This is not will happen if you use hardware wallet, you are free make your wallet is secure or not and you are free when you decide to send your coin and sell it to money fiat.
Personally, I find hardware wallets a waste of money. They are just another electronic device you have to charge and store somewhere safe and dry. If I have to remember about a hardware wallet I could as well remember about a laminated paper wallet in a safety deposit box, especially since I can have 2 or more of them and be sure that they will never get destroyed all at once. I'm all about the classics. If I wanted to store my coins for a long time, I'd put a paper wallet in a tightly closed container and bury it in the garden. I don't get floods or earthquakes in my area so I'm pretty sure it would survive for another 20 years, or more.
To be safer, it is better to keep it in your hardware wallet, but for 15 btc ownership it would be better if you don't keep it in one wallet.
I advise you to save your bitcoin in several crypto currency wallets. Maybe you should at least use 3 crypto currency wallets. I suggest this to minimize your risk of losing all your bitcoins when you become a victim of hacking. It is one of the risk management that you must implement. Besides that, you also have to make sure all security procedures are going well. Meaning you don't have to worry about the security of each wallet you have.
Having different wallets is confusing. I think when it comes to safety, I would suggest you buy a separate laptop or computer where the only thing you do there is cryptocurrency related stuff and invest in having a hard wallet like a ledger. Just be careful so you won't lose your ledger and just always remember where you put it.
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