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Topic: How to safely store big amounts of BTC? - page 11. (Read 12105 times)

sr. member
Activity: 1078
Merit: 256
Hello,

Suppose I would expand my BTC portfolio to 10 or 15 BTC.....how would you store such a big amount of coins?

Ofcourse I would use a hardware wallet, but if I store them all on 1 wallet and I lose the wallet, or the house gets on fire and it burns, then I have lost those coins forever? Or are there still ways to get to the coins somehow in that case?

Would you advise to store let's say 15 BTC on 3 different hardware wallets (5BTC each), or would you spread it out even more? Ofcourse I'm not gonna buy more than max. 3 hardware wallets but in that case maybe 15 different laptop wallets (Electrum, Jaxx, Exodus etc.) with 1BTC each on it is safer?

I'm looking for the safest way to store a big amount of BTC and to minimize the risks of losing a big amount.

You have only 10 to 15 btc and there are people who are storing 100 btc on a single wallet. You do not need to make things complicated. More the wallets, more the private keys and it will make every thing confusing. Just keep a single hardware wallet and keep the private keys in two different places and that will be enough.


Having a deeper understanding to what you are dealing with can give you much better anticipations, if you do  use single wallet but you have a good anticipation to what possibilities to happen, you can do that without any worries about your assets.
legendary
Activity: 3486
Merit: 2287
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if in my opinion, bro.
if we have a large amount of BTC, don't keep it in one wallet. if you can save it in 3/4 of a wallet because from the experience I got at the beginning of 2018 I lost 63 BTC. because I keep it in one wallet

Can you explain a little bit more how you lost all your BTC? Because only writing this makes me think you lost your coins from hot wallets that have been hijacked?
jr. member
Activity: 168
Merit: 2
if in my opinion, bro.
if we have a large amount of BTC, don't keep it in one wallet. if you can save it in 3/4 of a wallet because from the experience I got at the beginning of 2018 I lost 63 BTC. because I keep it in one wallet
sr. member
Activity: 756
Merit: 250
Many risks to avoid the number of hackers. To anticipate, you can share your assets. If my advice is, I will divide it into several coins, for example eth. You can use MEW. Save multiple wallets on e-mail, PC or other devices.
hero member
Activity: 2436
Merit: 877
Hello,

Suppose I would expand my BTC portfolio to 10 or 15 BTC.....how would you store such a big amount of coins?

Ofcourse I would use a hardware wallet, but if I store them all on 1 wallet and I lose the wallet, or the house gets on fire and it burns, then I have lost those coins forever? Or are there still ways to get to the coins somehow in that case?

Would you advise to store let's say 15 BTC on 3 different hardware wallets (5BTC each), or would you spread it out even more? Ofcourse I'm not gonna buy more than max. 3 hardware wallets but in that case maybe 15 different laptop wallets (Electrum, Jaxx, Exodus etc.) with 1BTC each on it is safer?

I'm looking for the safest way to store a big amount of BTC and to minimize the risks of losing a big amount.

You have only 10 to 15 btc and there are people who are storing 100 btc on a single wallet. You do not need to make things complicated. More the wallets, more the private keys and it will make every thing confusing. Just keep a single hardware wallet and keep the private keys in two different places and that will be enough.

hero member
Activity: 1395
Merit: 505
1. Never put large amounts in an online wallet or on an exchange. Those are frequently hacked or stolen. That is a very common way people lose huge amounts of BTC.

2. A local online wallet is great, but is only as great as the security on your PC.  If your computer is at home, is connected through a modern router, and you use mostly web based or Steam bought applications than your chance of being hacked is somewhere between zero and very remote. Multi-signature wallets can mitigate a lot of this by requiring that multiple devices sign the transaction. That means if your PC gets hacked, it can't spend money unless your phone or other device has also been hacked. Always be sure to encrypt local wallets, and make sure you have a good quality anti-virus program installed.

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.

4. An offline PC is also very secure, but there is always the risk it might be compromised locally and generating the transaction to spend money requires extra work to copy it off the offline storage.

5. Paper wallets are very insecure, since anyone who gets access to it can spend the money without passwords or any multi-factor authentication. I don't think people fully appreciate the risk they take when they put wallet words in obvious places; homes are robbed regularly, and crooks nowadays are savvy. I believe you're safer putting wallet words in an online location that is known to be highly secured, i.e. Google products, than in a desk drawer where even a family member who knows you are into crypto could drain your wallet.

full member
Activity: 1498
Merit: 129
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.
the higher the number of time the seeds are written down and kept in multiple places, the greater the chance of losing the coin to third party. Holding such huge amount of money is like holding something that when you lose it you are going to lose your life. I have seen people keeping valuable assets in banks and other third-party. putting hardware wallet that contain such amount of money in bank is not a bad idea. Even if the owner died, I am sure his/her family will still have opportunity to make use of the asset. my own opinion though.
legendary
Activity: 2030
Merit: 1028
Don't keep all eggs in one basket so divide your coins in multiple wallets. This is the way how you can diminish the risk. Also, use hardware wallets they are still the most secure but it would be also good to combine them with offline wallets. And store your access data somwhere at really safe place where no one else could have the access.

I confimed this alot !
My friend had pas incident when he put massive amount of bits on online wallet and suddenly, the fund was moving.
He forgot to unauthorised the website before try to log out !
hero member
Activity: 2912
Merit: 556
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Hello,

Suppose I would expand my BTC portfolio to 10 or 15 BTC.....how would you store such a big amount of coins?

Ofcourse I would use a hardware wallet, but if I store them all on 1 wallet and I lose the wallet, or the house gets on fire and it burns, then I have lost those coins forever? Or are there still ways to get to the coins somehow in that case?

Would you advise to store let's say 15 BTC on 3 different hardware wallets (5BTC each), or would you spread it out even more? Ofcourse I'm not gonna buy more than max. 3 hardware wallets but in that case maybe 15 different laptop wallets (Electrum, Jaxx, Exodus etc.) with 1BTC each on it is safer?

I'm looking for the safest way to store a big amount of BTC and to minimize the risks of losing a big amount.

You can split 15 btc into 3 different hardware wallet, and in this case, I will choose Ledger S Nano or Ledger X Nano. Then for each wallet, you can send 4 btc, and you still have 3 btc left. And then you use the other wallet like Mycelium to save 2 btc and send 1 btc in the exchanges for trading, but that is only if you want to trade. But if it's not, you can save it in Mycelium and hold it for a long time.

For Mycelium wallet, you can buy 1 new mobile phone but don't insert any card to that phone and don't connect to the internet if you don't want to access the Mycelium. Remember to save all of the private keys for each wallet so if you lose one wallet or hardware wallet, and you can restore it into another hardware.
legendary
Activity: 3234
Merit: 5637
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Maybe, to tackle that problem the best solution would be write the phrase on 2 pieces of paper....divide them up into 4 parts each so I have 8 pieces of paper...1A,1B,1C,1D,2A,2B,2C and 2D and then store them all in separate locations. Would that be the best solution?

Personally, I think it is not wise to divide 24 seed words on so many small pieces, after some time it is very easy to forget correct order of such backup. If you want extra security just divide seed in two parts, keep one backup (12+12 words) at your place, and other in some other place. More backup on one hand means greater security, but it is also a double-edged sword - which means more chances to someone accidentally or intentionally finds your backup.

I am not to fond of hardware wallets for long-term storage, because they constantly need firmware upgrades and some of these upgrades can be tricky, like we saw with Ledger a while ago.  Roll Eyes    Roll Eyes

I think that's the expression constantly is exaggerated, in 3 years Ledger is have only 4 firmware update, and the vast majority of problems occurred in people who have used or still use Windows 7, this OS in not supported by Ledger, but it is still supported by Trezor. It is true that such devices can fail, but because of that we have backup (seed words), which can be used in many other wallets (mobile,desktop) for recovery.
legendary
Activity: 3542
Merit: 1965
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I am not to fond of hardware wallets for long-term storage, because they constantly need firmware upgrades and some of these upgrades can be tricky, like we saw with Ledger a while ago.  Roll Eyes    Roll Eyes

I like to store large amounts on laminated Paper wallets and I make sure I make several copies and store them in different locations. I bought a cheap computer and printer and I printed 1000s of paper wallets and then destroyed the equipment, so nobody would ever be able to recover anything from those devices.  Wink

legendary
Activity: 2912
Merit: 1068
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Don't keep all eggs in one basket so divide your coins in multiple wallets. This is the way how you can diminish the risk. Also, use hardware wallets they are still the most secure but it would be also good to combine them with offline wallets. And store your access data somwhere at really safe place where no one else could have the access.
sr. member
Activity: 1624
Merit: 267
If you have 15 bitcoin righr now and you want to seperate to different kinds of wallet you can also use mobile wallet but make sure it is very secure like using 2FA to your gmal account and also set notification to your mobile phone for accessing your wallet only.

That is huge amount of bitcoin and you will need to choose best wallet for every 5 bitcoin keep to not stole by the other people or by the hacker.
legendary
Activity: 1652
Merit: 1483
don't put everything on a hardware wallet. you should never put all your eggs in one basket. last i checked, ledger and keepkey (not sure about trezor) have partially closed source firmware. plus, i'm still of the opinion that the attack surface of hardware wallets is relatively unknown/untested.

i would generate multiple offline wallets (bitcoin core is best) so not all my coins are kept in one place, encrypt them, and store them (keeping multiple copies of each) on general purpose hardware like generic USB sticks.

that's the other thing i hate about hardware wallets.....they scream "i have crypto, steal me!"
member
Activity: 882
Merit: 13
I think it's better to use one hardware wallet because it's more convenient and less hassle, spreading it out on different wallet will just confuse you. Just make sure to keep the private key and seed phrase in a paper wallet and also engrave it in a metal and keep it in a vault so that incase of fire you will still have a way to access your wallet.
jr. member
Activity: 518
Merit: 6
If i were you used your btc wisely make at least 4 or 5 wallets for security purposes, and some of it use it to earn more by doing some trading to increase your profit, or used your BTC in some legal investment or create or start your own business, used it to gain more, for your future.
legendary
Activity: 2674
Merit: 1048
Some comments above has been enough to give you understanding how to store your bitcoin and I don't think about security you will do it. Each person has ability to make sure that the security thing is an important thing when they are store the assets. But seems like there are  other people who still ignore these way and he believes that he is the only person who knows to access the his wallet. Whilst the system is not perpect, there are still a person who will try to broke your security and make your assets stolen. So, I'll just give a little suggestion, if you know your asset is everything for you then you should know everything about the hardware wallet, find ins and out about the hardware wallet and make sure you have done everything in detail to make your wallet safe. Also, if you have a huge amount of bitcoin don't try to store your bitcoin on exchange wallet, it's really not safe.
legendary
Activity: 1596
Merit: 1011
Use a wallet that has devices, it will make yourself able to safeguard assets more safely.
Avoiding networks can make our assets avoid crime. Believe that when we store assets in large quantities we must make special treatment.
Avoid all access that is easy to guess so we will feel calm and comfortable.
member
Activity: 1021
Merit: 12
Hello,

Suppose I would expand my BTC portfolio to 10 or 15 BTC.....how would you store such a big amount of coins?

Ofcourse I would use a hardware wallet, but if I store them all on 1 wallet and I lose the wallet, or the house gets on fire and it burns, then I have lost those coins forever? Or are there still ways to get to the coins somehow in that case?

Would you advise to store let's say 15 BTC on 3 different hardware wallets (5BTC each), or would you spread it out even more? Ofcourse I'm not gonna buy more than max. 3 hardware wallets but in that case maybe 15 different laptop wallets (Electrum, Jaxx, Exodus etc.) with 1BTC each on it is safer?

I'm looking for the safest way to store a big amount of BTC and to minimize the risks of losing a big amount.

Store in your personal wallet. And keep your private key in a secret folder so no one knows it. For safer you can save in Wallet ledger. Because the hardware wallet is very secure.
legendary
Activity: 3472
Merit: 10611
Generate multiple seeds and store those offline where the biggest amount takes the biggest effort to retrieve. 

I would do the same. I don't trust hardware wallets that much and would rather have the seed engraved on a metal plate and stored somewhere in the house. Even if there's a fire it won't be able to destroy your metal seed but it will burn a hardware wallet making it impossible to use.

there is not that much issue with trusting hardware wallets since most of their firmware is already open source but there still is room for concern. i personally will never use hardware wallets because i believe people shouldn't pay for a bitcoin wallet since they can make a secure one themselves if they put enough time into it. and if you have a lot of money at stake you should spend time learning how to do it anyways.
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