From the few years I have been involved in this space, I have realised that I want to store my crypto the exact same as how I store my money... In several different places/wallets.
I have learnt that I don't want to have a vast majority of my holdings in the one wallet. I have various wallets that I actively hold funds in now, from exchange wallets - holding crypto I use for scalping and other trades, to a hardware wallet - for holding crypto that I just want to hold for the future and stake where possible. I personally think that is the safest way to hold crypto.
Topic: How to securely store your Bitcoin - page 3. (Read 679 times)
Hi Everyone,
Since there will be a lot of new investors coming into the crypto space in the coming weeks. I wanted to make sure I publish an article about how to properly secure your Bitcoin.
I would appreciate it if you shared this article with anyone you know who is getting into cryptocurrency for the first time. We don't want anyone to lose their funds, so security should continue to be the number one priority for educating new investors.
What Is A Crypto Wallet? How To Securely Store Bitcoin
Let me know if you have any questions or comments on the article!
Since there will be a lot of new investors coming into the crypto space in the coming weeks. I wanted to make sure I publish an article about how to properly secure your Bitcoin.
I would appreciate it if you shared this article with anyone you know who is getting into cryptocurrency for the first time. We don't want anyone to lose their funds, so security should continue to be the number one priority for educating new investors.
What Is A Crypto Wallet? How To Securely Store Bitcoin
Let me know if you have any questions or comments on the article!
I use blockchain and coinbase wallet for holding, trading and transferring bitcoin for my purposes. I try to save my documents in safer place and use 2fa code, mobile verification, backup etc. It is still safer to me. I evaluate your efforts in writing article about crypto wallet.
Phishing is user's problem, it means that they are careless, forgetful and not with high IQ when it comes to the safety of their money... But the actual problem is that exchanges suggest people to save their money on exchanges...
People are the weakest link in the entire security chain, because how do you explain giving someone a super secure cryptocurrency storage device, explaining what a backup is and how to keep it - and then he sends that same backup to a complete stranger on Telegram who promised to double the amount which has in its crypto wallet.
As for crypto exchange, again would add that the people who work there are the greatest risk, because most of the hacks are actually inside jobs - and of course crypto exchanges will not promote the idea of "not your keys, not your coins", it is not in their interest because of the liquidity they want to have.
Appreciate your efforts to share knowledge as newbies will find it useful, I have read your complete blog and it's crisp and clear. I would request you to add some more point about the importance of private keys and passphrase as if you are using wallets like blockchain and forgot your password it's impossible to retrieve password without the phrases.
First of f all to be extremely attentive before clicking some websites or services, do not keep your data, seeds and keys via email, online messenger or something like that. Do not hold all your assets in one and the only place, do not keep all assets on exchanges even in case they are trustworthy and so on and so on. Everything is really very simple.
Went through the article. At first glance I thought you were about to start talking about DeFi crap (most of them are here for scamming. Already few of them have started to exit scam!), but glad you didn't. Your article says how to "securely" store bitcoin, but looks like you started to talking about different kinds of wallets that are available. You fail to mention how some of the wallets are not secure. Like in case of hot wallet, you just say that they "lack in security". In what way? How are cold wallets more superior?
The end portion kinda felt like you were advertising for hardware wallets.
Maybe add more about how to "secure" your wallets by talking about issues with different kinds of wallets.
The end portion kinda felt like you were advertising for hardware wallets.
Maybe add more about how to "secure" your wallets by talking about issues with different kinds of wallets.
The best way to secure your bitcoins or any other cryptocurrency is with a hardware wallet.
Exchanges have their role, but keeping your coins safe is not their main business.
Leave the amount of coins necessary to operate on the exchange and keep the rest safe in a wallet.
^ It is quite safe but it is the same vulnerable from the hack, why? Because upon opening your hardware wallet, you need a wallet application that comes from your device and can be trusted to open your hardware wallet. Any wallet can be vulnerable but if you have knowledge on how to secure your bitcoin safe, then you will be fine. Nevertheless, if you know how to create a paper wallet, that is better of all. But if you are a newbie in making on it. It is very crucial for you because making a paper wallet is very sensitive. However, I appreciated the article it is a good suggestion but hopefully, OP did not shill this website. Exchanges have their role, but keeping your coins safe is not their main business.
Leave the amount of coins necessary to operate on the exchange and keep the rest safe in a wallet.
The best way to secure your bitcoins or any other cryptocurrency is with a hardware wallet.
Exchanges have their role, but keeping your coins safe is not their main business.
Leave the amount of coins necessary to operate on the exchange and keep the rest safe in a wallet.
Exchanges have their role, but keeping your coins safe is not their main business.
Leave the amount of coins necessary to operate on the exchange and keep the rest safe in a wallet.
If you have a lot of assets, you should store it in a really safe wallet, for example, trezor, because now many hackers are targeting crypto players, so the security of the wallet is very important. incidentally my assets are only a few so I only trade on the exchange and the results I immediately changed to fiat.
The article mentioned three wallets. Metamask, Ledger Wallet and Trezor. There are other two hardware wallets that I know KeepKey and Coldcard. I haven't used any of those but they're also being suggested in some websites like bitcoin.org.
Im holding my bitcoins to my trusted wallet and Im sure it safe and all the details will not see the others except to me.
Did you just said bitcoinS? you're better holding that with a hardware wallet.
Im holding my bitcoins to my trusted wallet and Im sure it safe and all the details will not see the others except to me.
but how are you sure?
you are using a wallet that to my understanding from the research i did is closed source. so you have no way whatsoever to know if your funds are safe and not being broadcasted to the wallet creators or worse.
I think it will be very interesting having such article so that it will enable people to protect their crypto without lost, hoping that the article will yield positively in bitcointalk community, especially the new users and even in general, irrespective that Scam's, hacker will also have their own method of decoding everything from their own article as we are trying to derives a way to protect or secure our wallet's due to avoid of Penetration of unknown user to access our wallet, Shall it's really a welcomed development if really it will as expected.
It is good and very helpful that you created a article about how to secure your bitcoin. We know there is a lot of hackers who wants to stole our bitcoin so we need to keep our coins to avoid losing it .
Hackers is smart they will know how the others people get the identity they use different ways to get the details of the wallet so we really needed to know what to do to our wallet , where we save it and how we can sure that our wallet is really safe.
Im holding my bitcoins to my trusted wallet and Im sure it safe and all the details will not see the others except to me.
Hackers is smart they will know how the others people get the identity they use different ways to get the details of the wallet so we really needed to know what to do to our wallet , where we save it and how we can sure that our wallet is really safe.
Im holding my bitcoins to my trusted wallet and Im sure it safe and all the details will not see the others except to me.
The general opinion is that the less safe way is to keep your coins online (online wallets, crypto exchanges) because there is always the possibility of phishing (that you enter your login details in the fake site) and of course hacking such services can happen at any time. But if we take the example of a large number of Electrum desktop users who have fallen victim to very wise phishing (via original wallet) then we confirm the fact that ignorance of what we use poses the greatest danger.
Phishing is user's problem, it means that they are careless, forgetful and not with high IQ when it comes to the safety of their money. Phishing in this case looks like paying of $150 in Abibas instead of Adidas. If you are so careless, then nothing can help you. But the actual problem is that exchanges suggest people to save their money on exchanges, for example, Binance often suggests that and people usually consider their advice. Then it happens as these exchanges get hacked and money is stolen from users accounts and in most cases they don't plan to compensate the lost money.I love the slogan: Not your keys - not your coins!
I have not used metamask wallet before, but I think it does not have any support for bitcoin? Please, correct me if wrong. If it does not have any support for bitcoin, I do not think it should be included if the title of the topic is 'How to securely store your Bitcoin', this is about bitcoin article and not about ether, ethereum classic or ERC20 tokens. I think blockchain wallet, or any other web wallet that support bitcoin will be good this as an example.
You are right, metamak has no support for bitcoin and in general metamask is a wallet for ether, maybe it is WBTC, lol. If this discussion leads to the security of Crypto assets it might be worth posting it on the altcoin discussion board. So determining the safest place for storing Bitcoin varies base on the level of user knowledge on crypto currency.
All the wisdom is actually in this sentence, because if someone does not understand some basic things, the safest crypto wallet is in vain because sooner or later they will make a cardinal mistake.
Of course, the best crypto wallet is the one where the user has full control over his private keys, which in combination with adequate knowledge protects that user from all threats that may come from the Internet. This means that they will not fall victim to phishing, that they will not store their seed or private key in an inadequate way (online, e-mail, on PC as text file, on a piece of paper on work desk), or that they will share such information at any time with anyone unknown (stranger on social network).
The general opinion is that the less safe way is to keep your coins online (online wallets, crypto exchanges) because there is always the possibility of phishing (that you enter your login details in the fake site) and of course hacking such services can happen at any time. But if we take the example of a large number of Electrum desktop users who have fallen victim to very wise phishing (via original wallet) then we confirm the fact that ignorance of what we use poses the greatest danger.
Bitcoin can be stored on various types of wallet Hardware wallets
Software wallets
bitcoins are stored in a wallet—a digital wallet. The digital wallet can be hardware-based or web-based. The wallet can also reside on a mobile device, on a computer desktop, or kept safe by printing the private keys and addresses used for access on paper. But most importantly never store your bitcoin on exchange for long and never share your private keys.
Software wallets
bitcoins are stored in a wallet—a digital wallet. The digital wallet can be hardware-based or web-based. The wallet can also reside on a mobile device, on a computer desktop, or kept safe by printing the private keys and addresses used for access on paper. But most importantly never store your bitcoin on exchange for long and never share your private keys.
There are plenty of ways to store your bitcoin. You can either store it in a hardware or software wallet.
Neither hardware nor software wallet store bitcoin. Both of them are the stuff to "say Hello" to blockchain's UTXOs relevant to private keys they hold and to control those UTXOs. Bitcoin security storage is not about the type of wallet but rather about the number of interconnections between neurons in the brain. One can lose his bitcoin even if him using a cold wallet. Such cases have already been reported here on the forum.
storing Bitcoin is good in cold wallets or in ledgers, trezors, and some other decentralized wallets, such as Metamask,
don't let you store Bitcoin in a wallet exchange, it's very high risk of losing your assets, believe me,
Oh and the article is pretty good I like it and agree with you, thank you
don't let you store Bitcoin in a wallet exchange, it's very high risk of losing your assets, believe me,
Oh and the article is pretty good I like it and agree with you, thank you
I usually agree on this kind of statement if the user has an advance knowledge on crypto security. But to be fair, there's some pros on using custodial wallet like exchange especially for newbie. It's easy to setup 2FA, SMS and Email security on exchange account rather than storing private key and using it to access non custodial wallet.
On exchange, there is insurance on funds in case exchange suffer from hacking that just ike what happened on binance and kucoin.
So determining the safest place for storing Bitcoin varies base on the level of user knowledge on crypto currency.
There are plenty of ways to store your bitcoin. You can either store it in a hardware or software wallet.
Wherever you store them just remember their private key or passphrase to access them. This is the most important thing to do, if you lost this or give this to someone else then your bitcoin can be stolen or it will be stuck there forever. I've been using wallet apps such as coinomi and electrum for the past 6yrs and so far I haven't lost any bitcoin yet without my awareness.
Wherever you store them just remember their private key or passphrase to access them. This is the most important thing to do, if you lost this or give this to someone else then your bitcoin can be stolen or it will be stuck there forever. I've been using wallet apps such as coinomi and electrum for the past 6yrs and so far I haven't lost any bitcoin yet without my awareness.
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