How to safely store big amounts of BTC? - page 9.

bitbunnny

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Quote from: puertorikosena on July 05, 2019, 07:45:26 AM

A hardware wallet will not solve the security problem of storing your funds 100 percent. But it’s still safer than storing it on a computer. Personally, I use a regular wallet. Just trying to pay more attention to safety.

Exactly, there is no solution that is 100% safe and secure and people need to be aware of that. Combination of multiple types of wallets, among other hardware wallet is good option. Still without awarness that everyone is responsible on his own for coins and that is needed to be precautious people will still lose their coins.

Dontme

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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?

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.

Your idea of storing your BTC in different wallet is the best decision to minimize risk. I think it is safer and more convenient to just use 5 different laptops to avoid confusion and to be more focused on keeping fewer laptop safe from getting destroyed, also when your house gets on fire, you won`t be carrying 15 laptops.

Vishnu.Reang

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Quote from: puertorikosena on July 05, 2019, 07:45:26 AM

A hardware wallet will not solve the security problem of storing your funds 100 percent. But it’s still safer than storing it on a computer. Personally, I use a regular wallet. Just trying to pay more attention to safety.

If you take the adequate security precautions (2FA, email authentication.etc), then an online wallet such as Blockchain.com can give as much safety as a hardware wallet like Trezor or Ledger. But one advantage with these hardware wallets is that they are also capable of holding a large number of altcoins, in addition to Bitcoin. Blockchain.com on the other hand only supports BTC, BCH, ETH and XLM.

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Quote from: killat on July 05, 2019, 09:04:45 AM

The most popular and safe method to store high amounts of Btc is a hardware wallet. (Ledger Nano S, Trezor etc.)

Another cheaper option that offers about the same security is a paper wallet, but you need to take care of where you store the "paper".

I bought a Ledger Nano S last year and I'm very happy with this investment.

^ Technically you were right if that wallet is open source then your bitcoin will be fine and safe to store and nothing to worry. Just keep your seed phrase safe including the password and write it into a piece of paper and place into a safe place. I may advise if you have a big amount of bitcoin use 2 wallets and split it into two. Why? Because I believed on sayings that "Don't put all your eggs in one basket if you don't want to lose it all". Cheesy

Nhor1011

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Always make a back up wallet for your funds. Don't put all your bitcoin in single wallet although hardware wallet is safe much better to have a paper wallet. In over all it is still depends on how you will take care of your bitcoin.

antisocial77

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i have no idea why those hardware wallets are expensive that much.if you are poor like most of us is the best way use incredible hard password and use different passwords for mail and exchange.and ofcourse 2fa.

bitcoin-shark

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the best solution for me at least would be this 3 wallet 2 hardware wallet a nano s ledger and a trezor, the third one almost never to use a paper wallet...

TastyChillySauce00

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Quote from: killat on July 05, 2019, 09:04:45 AM

The most popular and safe method to store high amounts of Btc is a hardware wallet. (Ledger Nano S, Trezor etc.)

Another cheaper option that offers about the same security is a paper wallet, but you need to take care of where you store the "paper".

I bought a Ledger Nano S last year and I'm very happy with this investment.

Hardware wallet is indeed safer than most of desktop wallet out there but if it is always connected to the internet I don't think it is any safer than paper wallet.
But if the hardware wallet is only connected as you need it and you are always taking care of your device so that it won't be infected with malware than could automatically change your address into the hackers' then it is fine.

killat

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The most popular and safe method to store high amounts of Btc is a hardware wallet. (Ledger Nano S, Trezor etc.)

Another cheaper option that offers about the same security is a paper wallet, but you need to take care of where you store the "paper".

I bought a Ledger Nano S last year and I'm very happy with this investment.

puertorikosena

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A hardware wallet will not solve the security problem of storing your funds 100 percent. But it’s still safer than storing it on a computer. Personally, I use a regular wallet. Just trying to pay more attention to safety.

Rufsilf

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In my case, I store my BTC in hardware wallet as well, I believe there are a lot of good hardware wallet to where you can store you coins it depends on what works on you. In my opinion, don’t store them in just one wallet because as what you have said what if the wallet will be gone so you can divide it and store them in different hardware wallets just make sure to choose the best one there is, ledger being one of them - it has good reviews and it’s safer.

Maxon111

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I only store cryptocurrencies on a hardware wallet. In any case, it is safer than other types of cryptocurrency wallets!
My wallet is Ledger, I like it! Good luck to all

Cloi_eth

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The safest way to store a big amount is always a hardware wallet. But still you can diversify the storage based on how offen you use(trade) those funds. Like the funds you have just holding for a long time should definitely be stored in an hardware wallet. Other funds that you generally use for trading purpose can be stored on online wallet or in other top bitcoin wallets.

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Quote from: indrakusumaindra on July 02, 2019, 09:42:00 AM

Well i do think its okay to store your coins in one wallet and the best way to make it safe is just rent a safety box from bank and i do think it will be safer but you can't freely move your coins.

I don't think it's a good idea to use a safety box inside a bank to store your private keys and whatnot. In that case you are no longer the owner of your coins, but the bank is. It's pretty much the same as when you allow an exchange to hold coins on your behalf.

Using a hardware wallet such as the Ledger Nano S is perfectly fine when it comes to storing your coins. It's small enough to hide it pretty much anywhere inside your house, and even if someone manages to find it, there is still a PIN they need. The recovery seed requires no effort to hide effectively.

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If the amount is big in terms of bitcoin the possible way to keep it secure is the usage of nano ledger hardware wallet. Recently an updated version of the same come to usage with international shipping to countries around the globe. I think it'll cost around $120-$150, spending on this will be worth considering the value of the crypto holdings.

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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?

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.

Well i do think its okay to store your coins in one wallet and the best way to make it safe is just rent a safety box from bank and i do think it will be safer but you can't freely move your coins.

Vishnu.Reang

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Quote from: Achargeturry78 on June 11, 2019, 12:03:40 AM

I mostly recommend buying a hardware wallet and put it the safe place that only you can access it. Don't trust anybodies computer on accessing your hardware wallet. That's all i have done in the past 2 years of owning a hardware wallet. Nothing so suspicious occurs in the 2 years run of my hardware wallet.

I have also considered purchasing hardware wallets in the past. But I found them very basic and overpriced. The cost of creating a hardware wallet is not more than $10 apiece. And they are selling them for 10 times that price. On top of being expensive, having a hardware wallet also makes you vulnerable to any Bitcoin seizure by the government authorities.

Austin_Lord

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This is not a big problem.. you can use 2 wallet to store a big amount of Bitcoin.. as i see one coment that one for cold wallet and one for hot wallet..

Trangtkhd2709

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I think you should keep the coin for a long time from 1 -2 years then come back, you will find the surprise with its price

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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?

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 feel that you are right it is highly risky to hold all fund in a single hardware wallet. It is good that the funds are stored in multiple wallets. Hardware wallets are the safest then the laptop wallets. I would say prefer Ledger or trezor.

Source: https://www.investopedia.com/news/bitcoin-safe-storage-cold-wallet/

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