Topic: How to safely store big amounts of BTC? - page 8. (Read 12101 times)
For those with a reliable platform, bulk storage is absolutely no problem, even to be safe you can completely divide it into 2 to 3 parts in different wallets, I think the thing That is the best.
No matter what you do please realize that there will always be a risk of your stuff being stolen and you may even be kidnapped. No system is ever 100% safe and all you can do is prepare for the worst and hope for the best.
Air gap your devices and don't use them for anything (no email, no texts, chat, etc.... nothing in so there is no malware link possibility) but btc storage. On the rare occasion that you connect (to move coins in or out), use a VPN. You should already be using a VPN full time anyway.
you mean using a phone as a kind of cold storage ? well thats also a cool idea .
using vpn is also a good idea to keep your ip hidden but this does not protect your device on malwares and viruses that can potentially stole your coins , its still advisable to use an anti virus and scan the device before and after you transfer coins .
hardware wallets is a nice lternative next to cold storages and they are less hassel because they are only tiny but they are more powerful and secure .
You have only yourselves to blame if you store the coins in exchange wallets and then lose them. More than 80% of the crypto-exchanges have been hacked at some point of time, and this includes all the major ones such as BTC-e/Wex, Mt Gox and Binance. The only scenario in which I would consider storing some of my coins in an exchange wallet is if the desktop wallet for that particular altcoin is very heavy and if the net worth is lower than $100.
It could still somehow be part of the responsibility of the exchange team themselves for the maintenance or security of the site actually, although most of it would be pointed to the users themselves because it isn't really recommended to store your coins in exchange wallets. It wouldn't be just building a village and letting these invaders in that easily. The team should still need to provide the support for those who were affected by hacks. I think Binance had recovered quite okay when it was just hacked recently this year
Binance users were lucky, because the robbery was detected while it was still in progress. The staff moved in quickly and froze the wallets before a lot of the coins could be transferred to the mixers. Probably the hacker team was not large enough to steal coins from large number of wallets simultaneously. But this doesn't guarantee anything. One thing is very clear. Binance can be hacked and it has serious flaws as far as the security is concerned.
Air gap your devices and don't use them for anything (no email, no texts, chat, etc.... nothing in so there is no malware link possibility) but btc storage. On the rare occasion that you connect (to move coins in or out), use a VPN. You should already be using a VPN full time anyway.
If I only use one wallet, that is enough, but I will keep the private key of my wallet properly. If necessary, I note it in the paper book. The second is that I definitely complete my wallet with 2 Factor Authentication (2fa). I think it's safe enough to save 15 BTC.
Storing bigger amounts of BTC is surely a risky job. A slight mistake and you might lose all your coins.
While the best option to store coins would definitely be a hardware wallet, it is still risky to secure the hardware wallet.
You can still keep the seed of the hardware wallet in multiple safe locations though. Also, you can use Mycelium wallet and store your bitcoins in it.
You can then store the seed in safe locations and never worry about maintaining a hardware wallet separately.
While the best option to store coins would definitely be a hardware wallet, it is still risky to secure the hardware wallet.
You can still keep the seed of the hardware wallet in multiple safe locations though. Also, you can use Mycelium wallet and store your bitcoins in it.
You can then store the seed in safe locations and never worry about maintaining a hardware wallet separately.
I am yet to get a hardware wallet because I don't have enough bitcoin yet that will be giving me cause for concern, when I am finally ready, I will go for 2 hardware, one will be for storing for future use, which will never come online, while the other will be for intermittent sending online.
In my opinion, offline storage is the most safe, I recommend to invest in cold wallet
imo cold wallet are the best and safest option. i don't know you heard about Bitmarket which suddenly closed down, users lost all money because they had held their money on exchange...
You have only yourselves to blame if you store the coins in exchange wallets and then lose them. More than 80% of the crypto-exchanges have been hacked at some point of time, and this includes all the major ones such as BTC-e/Wex, Mt Gox and Binance. The only scenario in which I would consider storing some of my coins in an exchange wallet is if the desktop wallet for that particular altcoin is very heavy and if the net worth is lower than $100.
Use hardware wallets.Its more secure than anything.Which stores the user's private keys in a secure hardware device.
Ledger Nano X
TREZOR
Different bands different prizes.Read reviews and get what you like ..Google it.
But securing that hardware wallet is up to you.Keep that safest place
If you want to know more about hardware wallets
https://en.bitcoin.it/wiki/Hardware_wallet
Ledger Nano X
TREZOR
Different bands different prizes.Read reviews and get what you like ..Google it.
But securing that hardware wallet is up to you.Keep that safest place
If you want to know more about hardware wallets
https://en.bitcoin.it/wiki/Hardware_wallet
In my opinion, offline storage is the most safe, I recommend to invest in cold wallet
imo cold wallet are the best and safest option. i don't know you heard about Bitmarket which suddenly closed down, users lost all money because they had held their money on exchange...
In my opinion, offline storage is the most safe, I recommend to invest in cold wallet
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.
I think two should be enough because the more wallet you use it could tend to confusion, especially on code or passphrase. By the way, I like the idea of putting your coins in a different wallet in order to lessen the risk of wiping all of it in case. And much better if you will use a hardware wallet Trezor or ledger. 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.
It depends on whether or not you want to store them inline or offline. Online storage of large amount of BTC or any crypto is not advisable. You could generate multiple addresses and split it for starters using cold wallets with their details stored in a safety deposit box in a bank. Its money after all.
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.
Like lending new technology, there are loans related to digital currencies. You value the risks and make sure you do ways to protect yourself and your money.
-Here are the steps you must take to safeguard yourself.
-Always make sure the site address you are visiting is correct and not a fake site
-Use two-factor authentication in all Bitcoin wallets and your email address
-Use a password manager program
-If you use a Gmail account, do a security check
Know in depth before investing in anything. If the promised benefits sound too good to be true, chances are it's just an illusion / fraud. Also check Bad List at badbitcoin.org. If your investment company is here, that means they are fraudsters.
and another thing is Never store large amounts of Bitcoin on the Exchange website for a long time, because the wallet provided by the Exchange site is basically their wallet address especially if the wallet has a generate feature (making a new wallet) then you can be sure the Bitcoin will lost. To save a large number of Bitcoin balances and in the long term you should use a wallet from a wallet service provider.
I think if you want to safe your big amounts of btc, just use wallets that most trusted that no one can hard to hack. There are some types of wallets we can use to store but it depends on you if you choose hardware, and the other amount of your btc will put on online wallet. And its your choose if what you think is most safer wallet.
No wallet is safe if the user won't secure it properly even if they use those ones that are already trusted. If you have a large amount of btc, it's better to divide it into multiple wallets to prevent losing it in an instant. Just don't trust anyone even if your family to gain access on your wallet.
never understood the spreading of your coins between several wallets
store your coins safely in an offline wallet or a hardware wallet , dividing your coins between 2 or more wallets increases the risk of losing them , not adding to security
use a hardware wallet or a DYI hardware wallet aka old laptop with hdd hard formatted and a clean OS installed with ONLY a wallet installed and nothing else and once the coins are in , disconnect it from the web and never use for anything other storing the coins
15 bitcoins is not an amount of money to lose sleep over it is only 165.000$ , unless you compromise your device yourself or simply lose the wallet or forget the private keys you won't risk losing your bitcoins
store your coins safely in an offline wallet or a hardware wallet , dividing your coins between 2 or more wallets increases the risk of losing them , not adding to security
use a hardware wallet or a DYI hardware wallet aka old laptop with hdd hard formatted and a clean OS installed with ONLY a wallet installed and nothing else and once the coins are in , disconnect it from the web and never use for anything other storing the coins
15 bitcoins is not an amount of money to lose sleep over it is only 165.000$ , unless you compromise your device yourself or simply lose the wallet or forget the private keys you won't risk losing your bitcoins
There is such a very wise expression, when even a stick can shoot at least once in a lifetime. This proverb can also be applied to the security of a hardware wallet. Based on this, it is not necessary to store all the eggs in one basket. It is best to have several wallets and distribute all your coins into these wallets ..
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.
Of course not, I think hardware wallet is the safest device to store Bitcoin especially if you have such a large amount. Moreover, the system in the wallet hardware can also be accessed if you have a copy of the Private Key. So if you lose it you can still recover with another hardware wallet or with your computer
I have heard about credits the unique system of building a blockchain allows you to build financial services with high speed transaction processing up to 1 million per second and average speed transaction processing in 3 seconds. I think it truly opens up new opportunities to use the blockchain technology in the financial sector.
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