How to safely store big amounts of BTC? - page 13.

squatter

legendary

Activity: 1666

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STOP SNITCHIN'

Quote from: TeePee on June 08, 2019, 01:09:05 PM

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?

You should have a back-up of your wallet seed in case of hardware failure. You should never depend solely on one device. Consider keeping a copy of your seed written down on a piece of paper and hidden. Also consider keeping an encrypted copy in another physical location (like a safety deposit box or your parent's house) in case your house burns down.

Quote from: TeePee on June 08, 2019, 01:09:05 PM

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 would avoid using closed source wallets like Jaxx or Exodus. I recommend Electrum and Bitcoin Core.

You might consider using multiple security models. An encrypted cold storage wallet.dat here, an encrypted cold storage Electrum wallet there. Multiple copies on different mediums (USB, disc, SSD) in case of hardware failure. Maybe a paper wallet. You never know what vulnerabilities might be discovered later -- best to spread around your risk to different models.

feryjhie

hero member

Activity: 882

Merit: 595

i think 2 wallets will be good. 1 Wallet will act as a cold wallet so you can store/hodl your coins for a long time and the other 1 will act as a hot wallet which you can use it for everyday use

Genemind

sr. member

Activity: 1596

Merit: 335

One or two would be enough as long as you could handle it responsibly. You should be mindful of your private keys and must store it in a safer place. It depends on how you secure it knowing you're holding your own funds at your own risk.

xvids

sr. member

Activity: 1176

Merit: 301

One wallet is enough just make sure that the codes or passphrase is secure.
If you lose your hardware wallet you could recover the wallet using the passphrase.
So for me one hardware wallet is enough for all of it.
Using plenty of wallet could be confusing and if you couldn't use one wallet properly then using multiple would have the same result.

OmegaStarScream

staff

Activity: 3500

Merit: 6152

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.

TeePee

member

Activity: 183

Merit: 13

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.

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