Topic: How to safely store big amounts of BTC? - page 5. (Read 12105 times)

yeah , just like the saying said " two is better than one " why risk your big amount of btc in a one wallet where you can divide it on another wallet for safety reason . however i find that useless if you will only use a wallet with poor security  . one good wallet or one hardware wallet rather is still better than the two online wallets   . for some users like me , which isnt hodling a huge amounts of cryptos , i think a good online wallet is already enough with us  .

You can have 2 wallets. 1 for long term savings and others for usage in routine. In case, you lose 1 you can recover with the other one. Make sure to note down the recovery details at several places in an encrypted format.

I am not a fan of storing your coins into multiple wallets. Tho, storing your seeds into multiple platforms are advisable because that is the only thing that you will need if you lost your wallet.

Ironically bitcoin is created on a digital platform but keeping your seeds offline is the best practice that you could do. If you lived in a first class countries where vaults are pretty common that buying that one might save both of your seeds and hardware wallets

Previous wall of text is too complicated to understand these two simple things:

Hot (wallet): Anything that is powered up. This includes computers and yes, hardware wallets.

Cold (wallet): Anything that is NOT powered up. MAY be computers and hardware wallets that are disconnected and put to storage. Or can be a piece of paper.

Keep your "spare change" in hot wallets, the absolute minimum for your daily needs.

Use the cold wallet as your "own bank" to keep your savings in a long term basis.


For the most part the seed words are the most important thing, you have to treat those with the utmost care, write them with your own hands, away from cameras, scanners, printers etc. Backing up digital files (ie. wallet.dat and friends) is redundant and even riskier than keeping the seed words. The seed words are the most important thing, let the rest disappear, with the seeds you can recreate the wallet again.

how to save their own digital currency safely, in the spirit of Satoshi Nakamoto who is truly without confidence. Cryptocurrency wallet is a digital wallet that you can use to store, send and receive various cryptocurrency. Wallet doesn't really "save" your money like a real world wallet. Instead, this saves your public and personal keys which in turn help you send and receive money. There are two storage methods that you can use to store cryptos, heat storage, and cold storage.


Heat storage
Heat storage, in simple terms, is when you store your digital currency on devices that are directly connected to the internet. This connection makes the device "hot".

You have to think about exchanging wallets, desktop clients, and cellphone wallets (any wallet on the device that will be connected to the internet) as a hot wallet. It's easy to access funds in a hot wallet, and if you live somewhere that accepts cryptos for micro payments, there's no harm in using them for daily expenses. Think of it like a fiat currency (issued by the government). You might go around with a portion of your wealth in the wallet for convenience, but most of you remain safe. Your hot wallet must behave like a real world wallet. You use it to bring a little cash for easy access. That is all. While transacting with a hot wallet is very simple, there are big losses in that. They are easily hacked. The entire crypto space has gained a lot of value recently and where there is value, crime is never far behind. Recent ransomware attacks and previous compromises from large exchanges must be an adequate beacon for newcomers.
Even though you won't save a lot of value in your hot wallet, it's important that you follow the backup steps in the recovery section of your wallet to avoid losing funds through human error. With your private key, and all the excellent phrases, you should be able to return any wallet without pain.

Excessive heat storage
-Access funds quickly.
-A large number of options, and support for various devices.
-An easy-to-use UI makes sending and receiving easy.
-Cons of heat storage

Influenced by cyber crime. Hackers, ransomware, and other sophisticated evil actors are constant threats.
Damaging the device can damage the wallet. Without carefully storing the private key, and sprinkling words you can lose your digital currency investment permanently.
You can still lose / damage / steal the restoration details.

Cold Storage
When you save a currency on a completely offline device, this is called cold storage. For those who are looking for the safest form of storage, a cold wallet is the way to go. This is best suited for long-term holders, who don't need access to their coins for months, or years at a time.
They are not without their own risk but if you follow the instructions correctly, and take every possible precaution, this is greatly minimized. Given the amount of attention that cryptocurrency has received over the past few years, unfortunately it has attracted the interest of attackers. Given that, it is a far safer choice to use cold storage as a way to save your money. San Francisco-based wallet and bitcoin exchange service CoinBase holds 97% of its coin reserves in hardware and paper wallets. What is a hardware and paper wallet? You will find out in one minute. For now, let's examine the pros and cons of cold storage:

Advantages of Cold Storage:
- A great place to store large amounts of coins for long periods of time.
-Provides a safety net against hackers and people with bad intentions because -fully offline.

Cons of Cold Storage
-It's still vulnerable to external damage, theft, and human carelessness in general.
-This is not ideal for fast and daily transactions.
Setting it up can be a little intimidating for beginners.

The safest way is not a cold wallet, but a cold wallet shuffler.

Create unlimited addresses on a cold wallet, keep sending you coins in between the addresses with a bot that changes your password and address every few seconds.

Have you ever tried paper wallets? Cheap and secure.

but i think 1 wallet is not enought. is like "dont put all your egg in one bag". for me i think we need 3 wallet for extra safety

You are right! many people buy hardware wallets from Amazon, which s a bad decision I think! Only the official source should be followed. Another thing is, buying several hardware wallets is another good decision to keeps safe big amount. Sometimes our nearest people can betray or sometimes we can lose the seed code too.

According to surveys, many users agreed that it is best to store their Bitcoin in hardware wallets, which should be new and purchased from the manufacturer, and it is best to have several hardware wallets to avoid any risks.

I'd store them on offline devices.

Yes a lot of wallet to store our btc and I am using ledger wallet. The best part when safely store btc is to always keep safe the seeds or phrase once it lost it will not recovered.

There are lots of wallets used to safely store big amount of tokens. Wallets like offline wallets and ledger just to mention a few are some of the wallets you can use to keep your tokens safe.

Electrum or btcarmory offline transactions transferred over webcams is currently what I would call the safest option of the user-friendly options for storing and spending bigger amounts of bitcoins. Hardware wallets are pretty safe too (nowadays, at least Trezor and Ledger) and they can be recommended to newbies due to their ease of use.


So long as you have your recovery seed.

i dont need many wallet to keep my coin save. what important is how to keep your wallet from various threats.
just check your site always right, of you browse about cryptocurrent. dont forget use 2fa in your wallet, email, and all stuff that relate with your crypto.

Bitcoin itself is the safest store and no one can recognize but the only thing that you need to take care of is the exchange you are going to select for the fund transfer. The safest and trustworthy the exchange then security is at your wallet.

I agree that the safest way to store large amounts of bitcoin is to use hardwallet. Besides we hold control of our assets, Hardwallet is difficult to hack by hackers. Saving bitcoin in a wallet exchanger is very risky because hackers are always targeting exchangers.

No matter how much amount of Btc you hold, you don't need more than one single hardware wallet.

If you lose it or it's been stolen, you can easily recover it from the seed words, so why bother with buying multiple hardware wallets? I would rather focus on how to keep the safest way the recovery seed, this is the most important part of keeping your funds safe.

The simplest way to protect your investment is to do the very basic, write down the phrase then keep it inside the safe vault. The same way on how you protect your physical fiat, for sure you'll not let your money be seen by someone and tempt them to do something that can harm the both of you. Keeping it off the eyes of possible threat will ensure and lessen the possible problem.

Yes of course, it is still possible to remember that words but it will still depend on your strategies on how to memorize it. Honestly, you don't need to memorize it you just need to write it down on a piece of paper and put that on a safe place. If you want to invest big money then you should put it on a hard wallet and save everything especially your private keys.