Topic: How to safely store big amounts of BTC? - page 12. (Read 12101 times)
Saving Bitcoin with that amount should use one hardware wallet and one wallet to be used every day like a hot wallet. Wherever you store a Bitcoin it's better if you copy the seed then save it in a safe place this is to avoid if your laptop is damaged or lost. For hot wallet, it's best not to save too much bitcoin because the use of this wallet is very vulnerable to hacking. It might save 20-30% in the hot wallet if you don't spend money on Bitcoin too often.
Suppose I would expand my BTC portfolio to 10 or 15 BTC.....how would you store such a big amount of coins?
Sell bitcoins and buy Gold. Simple. Gold is safest investment.
For me it is good to use at two of the latest with more advanced security hardware wallet like Nano ledger x and nano s. And for the security it is good to spread the security word on any pieces of paper and keep it on different book to assure that those security words are safe for recovering you wallet again. But it is always better to remember your security identify as hard as you can because if ever someone accidentally find your security identify they could not easily get your wallet.
avoid saving your assets in the wallet exchange, if you want to save in an exchange wallet, you must save in a large exchange and use security. or you can use javvy wallet, arax wallet, samourai, and more secure you can use hard wallet.
The safety of your Bitcoin in your wallet solely depends on you the user and owner of the wallet. Using more than one wallets to store your Bitcoins does not strongly guarantee that the coins are safe and free from either getting lost or stolen. Personally, I will advise that you use one hardware wallet and keep the restoring backup very safe.
Having lots of wallets would really be just a stressful thing yet I would prefer on using up 2 wallets and same as other member said here that 1 is for long term and one if for active wallet. if you do plan to store 15 btc on hardware then use up LEdger and write the keys either on a usb or in some piece of paper that no other
can able to access or sees through it.As long those keys are safe you wouldn't mind too much if your hardware wallet would be lost or burned since you can still make some recovery.
can able to access or sees through it.As long those keys are safe you wouldn't mind too much if your hardware wallet would be lost or burned since you can still make some recovery.
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.
Don't worry about thieves as long as you don't tell people that you're holding bitcoin. Thieves are interested in money and valuables. They will rather steal your hardware wallet if they find it because they'll be able to sell it and won't look around the house for a piece of engraved metal.
Generate multiple seeds and store those offline where the biggest amount takes the biggest effort to retrieve.
It is a good idea that you have chosen to store your bitcoins on a hardware wallet but i dont think getting numerous hardware wallets is the important thing. Choose a good and secured hardware wallet and also make sure to store your seed words at a safe place. Don't forget to back up at several places both in the house and somewhere else. That way in case there is any accident like fires you funds would be safe since you can recover it at anytime.
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?
No. as long as you have the seeds, you are still good because you can recover that afterwards. The hardware wallet might get burned but you still have ways to recover it through your written seeds. So, you just won't keep the hardware wallet alone but you have to protect also your written seeds in some ways.Writing the seed phrase on multiple different pieces of paper seems a good idea. If one gets stolen the thief still cannot access my coins. However, the downside is that if I lose 1 of the 4 parts of my phrase seed, I no longer have the complete phrase and it basically means I have lost the whole phrase.
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?
What I did, I just wrote those seeds altogether and back them up with other written seeds. I place the other one on a safe place that only I knows. While the other one, it's always with me. 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?
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.
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.
I think it is not right thing to keep big amounts of BTC in a wallet. If I have a big amount BTC, I definitely use several wallets. Mostly paper wallet. I prefer paper wallets because I can't trust completely hardware ones. It seems unsecure for me.
Okay thanks a lot for all your input. I already have bought a ledger nano and will start using it.
Writing the seed phrase on multiple different pieces of paper seems a good idea. If one gets stolen the thief still cannot access my coins. However, the downside is that if I lose 1 of the 4 parts of my phrase seed, I no longer have the complete phrase and it basically means I have lost the whole phrase.
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?
Or you could just write down the seed phrase in reverse or any order that you can easily remember and then store it in different safe locations. Even if someone accidentally discovers your seed phrase, they cannot use it because the order is mixed up. Writing the seed phrase on multiple different pieces of paper seems a good idea. If one gets stolen the thief still cannot access my coins. However, the downside is that if I lose 1 of the 4 parts of my phrase seed, I no longer have the complete phrase and it basically means I have lost the whole phrase.
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?
I think 2 hardware wallets will be enough, just in case something happen with first hardware wallet and can't turn on you have second one just in case, and always backup your passphrase and write it down multiple times and store them on different location if possible but make sure no one will access it and steal your coins. If God Forbid! house burn make sure you have the passphrase saved on another place before because without it and without hardware wallet you can't acces your coins anymore.
If one wishes to keep such amount of bitcoin safe, a single hardware wallet is OK provided the recovery phrase is kept in a place where it will be safe and accessible. You can also go with the suggestion given by a user above I.e storing writing out the phrase on numerous piece of paper and keeping them in different location.
In my opinion, getting more than one hardware wallet is unnecessary. You just need to make sure your passphrase is secure and you are good to go
Okay thanks a lot for all your input. I already have bought a ledger nano and will start using it.
Writing the seed phrase on multiple different pieces of paper seems a good idea. If one gets stolen the thief still cannot access my coins. However, the downside is that if I lose 1 of the 4 parts of my phrase seed, I no longer have the complete phrase and it basically means I have lost the whole phrase.
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?
Writing the seed phrase on multiple different pieces of paper seems a good idea. If one gets stolen the thief still cannot access my coins. However, the downside is that if I lose 1 of the 4 parts of my phrase seed, I no longer have the complete phrase and it basically means I have lost the whole phrase.
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?
the only way to safely store your bitcoins is a hardware wallet such as ledger nano or trezor, according to me the paper wallets are less secure
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.
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.
Yes.That is safer.Always remember don't put all your eggs on one basket.If something something happens you lost everything.If you keep them in separate basket or place.Always use more hardware than online one.One accounts are easily got hacked by the hackers.Hardware wallet is the best thing .Put them in different locations and save that.You don't need laptops wallets.Hardware wallets are enough for you.
All the methods are well explained here: https://en.bitcoin.it/wiki/Cold_storage There is always some risk and I don't know if there is really a best method on how to do it but you can take a lot of preventive measures. I personally have been using paper wallets for some time but I stopped using them because it's not a very reliable method of safely storing your bitcoins, way too many bad things can happen to it.
1 wallet would be enough as long as you secure the pass phrase, keep it safely offline you can recover your wallet using the passphrase on a different hardware device.
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