Is it dangerous to store all bitcoin in 1 address? - page 3.

dunfida

legendary

Activity: 3122

Merit: 1140

Quote from: ulhaq on May 23, 2017, 11:26:50 PM

Should I divide them among multiple addresses and how many?

Separate question - is this a standard practice?

Depending on the address that you have stored those bitcoins. Addresses on desktop wallets would be somehow safe since you do have the full control of your keys and if you are talking or using about web wallets then storing your bitcoins in one place is very risky that's why its always advisable to make use of hardware wallets/cold storage because this is the safest way do I think to secure up your bitcoin.

HabBear

hero member

Activity: 1106

Merit: 638

Quote from: nativehasher on May 23, 2017, 11:48:00 PM

just make a bip38 encrypted paper wallet for cold storage. Store it's pictures in email/google drive/etc

This doesn't prevent me from stealing the paper wallet, emptying the bitcoin, and leaving the OP or anyone else with nothing!

To the OP, do some reading. There's plenty of information available on this Forum and others that will help you sort through bitcoin wallet and bitcoin storage best practices.

nativehasher

member

Activity: 73

Merit: 10

just make a bip38 encrypted paper wallet for cold storage. Store it's pictures in email/google drive/etc

hajimasan

hero member

Activity: 882

Merit: 500

Quote from: ulhaq on May 23, 2017, 11:26:50 PM

Should I divide them among multiple addresses and how many?

Separate question - is this a standard practice?

In my opinion it is not risky if you already made backup of your wallet or just made the copyof the private key of your Bitcoin address .
Because this is only the Bitcoin adress private key that can help you to handle your all btc .
But you have not much better space to save your private key of your Bitcoin address then I will suggest you to have your Bitcoin in multiple places and save them in the Google drive ( with totally different email id that is never exposed by you to anyone ) .
Or just make print out of your Bitcoin private key for the save in the offline of your data .
If you will never share your Bitcoin private key and email address then no one will be able to havk your Bitcoin .
And you will remain full safe without any tension .

Immakillya

sr. member

Activity: 560

Merit: 269

What's the difference? Bitcoin cannot be store on address. Its the wallet itself. But that depends also where you are comfortable. Me, im comfortable on one wallet because im confident that its safe. My suggestion is, store it to paper wallet and duplicate the private keys and store it to safe box. That's super safe.

HabBear

hero member

Activity: 1106

Merit: 638

Yes, it's very risky to keep all of you bitcoin in one wallet. And Yes, it's standard practice to keep your entire holdings in multiple wallets.

The risk is based on the fact that if you lose access to your wallet you lose your bitcoin. So if you have all of your bitcoin in one wallet that wallet could be stolen, lost, password/private key forgotten, etc.

As for how many wallets you should have, there's no single right answer. But a test you can apply is how much of your bitcoin would you be willing to lose if you had to do to theft or lost access? This could be your threshold for how much you keep in each wallet. Further, a lot of people keep the bulk of their holdings in a more secure wallet offline while using an online wallet to facilitate transactions, given its convenience to use.

What other questions do you have?

ulhaq

sr. member

Activity: 503

Merit: 286

Should I divide them among multiple addresses and how many?

Separate question - is this a standard practice?

Topic: Is it dangerous to store all bitcoin in 1 address? - page 3. (Read 3067 times)