Topic: Looking for best way to store bitcoin wallet long term - page 2. (Read 602 times)
i dont know about hardware wallet but i suggest hardware wallet because its safer than online wallet, you can keep the hardware in your safe and it will be there if they aren't stolen. but i think the hardware wallet is high risk if you use it daily, if you use it daily it can be "meat fresh" for the robber to steal it
As someone completely new to BTC this is really helpful. I'm about to buy my first round of bitcoins from coinbase(The reason being it just seemed the most user friendly for my first time).
In looking for the best way to store bitcoin wallet in long term, just like what you've said paper wallet is the safest way to store bitcoin (for me) since you can duplicate it and place it to different safe place unlike the trezor you can only have 1 copy of it. There is a very good way in storing bitcoin wallet in long term. [/quote] The bst way to store bitcoin wallet long term is using the coin.ph. Coins.ph is an online bitcoin wallet you can store your bitcoin and your money will not be stagnant. It can grow higher and higher if you make transactions because in bitcoin you can gain interest in whatever transactions that you did.
[/quote] actually coins.ph is not the best for me. But only coins.ph is the only wallet we can use here in philippines. Best wallet is the wallet that you hold the private key. Coins hold our private key. I suggest use ledger nano.
i think if you want to store bitcoin for more than 10 years, you can use paper wallet than hardware wallet because if you store in electronic hardware, then the possibility to damage is high unless you have another safety box to store that hardware. but if you use paper wallet, you can use plastic or glass or something else to cover the surface of the paper wallet so it will safe from something that might be make the paper is dirty. then you can take the paper wallet to safety box in your bank account.
As the title says, I'm looking for best (safest) way to store my bitcoin wallet for 10+ years. After doing some reading it seems like either a hardware wallet or a paper wallet is the best way to go.
One concern I have with the hardware wallet like ledger nano or trezor is what happens if the hardware wallet fails in 10 years and the company that makes the hardware is out of business? Would I still be able to recover my wallet? Would I be better off just creating a paper wallet on https://bitcoinpaperwallet.com/ and storing a couple copies of it in secure locations, i.e. fire proof safe at my house and a copy at a family members house?
The bst way to store bitcoin wallet long term is using the coin.ph. Coins.ph is an online bitcoin wallet you can store your bitcoin and your money will not be stagnant. It can grow higher and higher if you make transactions because in bitcoin you can gain interest in whatever transactions that you did. One concern I have with the hardware wallet like ledger nano or trezor is what happens if the hardware wallet fails in 10 years and the company that makes the hardware is out of business? Would I still be able to recover my wallet? Would I be better off just creating a paper wallet on https://bitcoinpaperwallet.com/ and storing a couple copies of it in secure locations, i.e. fire proof safe at my house and a copy at a family members house?
I recommend the ledger nano s, it is much cheaper than the Trezor. Both have seed (group of simple words to temper the creation of the keys), so if you lost of the hardware wallet or gets destroyed you can recover the wallet (the private keys). The Ledger Nano S has a lot of coins and more are coming. Hardware wallet is the way to go.
Heyyyrenz is correct. Paper wallet is the best option. It may be more convenient to use another one like an exchange or hardware wallet, but paper wallet is the best imo.
Especially for not technologically savvy people. A lot of tech people are like "All you have to do is check your node 5.3 UZ drive. Upload that to your IDE. Next compile it onto your hard drive. Once you've done that then just link your IP address to your MySQL transfer data set link backup file. Save that with either .jv or .bbo extension. If that fails then just whip up a couple of proxies and all will be good."
Most of us aren't like that and don't understand all that fancy stuff, so just use a paper wallet. Generate the address, send Bitcoin to that address, and never use the private key until many many years later when Bitcoin is more safe or until you want to transfer your funds into another currency.
Put your paper wallet in a safe or somewhere safe where it won't receive any damage.
Especially for not technologically savvy people. A lot of tech people are like "All you have to do is check your node 5.3 UZ drive. Upload that to your IDE. Next compile it onto your hard drive. Once you've done that then just link your IP address to your MySQL transfer data set link backup file. Save that with either .jv or .bbo extension. If that fails then just whip up a couple of proxies and all will be good."
Most of us aren't like that and don't understand all that fancy stuff, so just use a paper wallet. Generate the address, send Bitcoin to that address, and never use the private key until many many years later when Bitcoin is more safe or until you want to transfer your funds into another currency.
Put your paper wallet in a safe or somewhere safe where it won't receive any damage.
I know ledger nano wallet is good. But what will happen if you store your coins in desktop wallets like electrum? I don't see any problem in storing your coins in such wallets as long as you have the private keys with you. But the thing is you should keep your private keys or seed words safely. So if anything happens to your desktop or laptop, you can easily recover the coins by installing the software in other computer using your seed words.
Paper wallet is the easiest way without paying or buying something like hardware wallet. But if you have some enough funds to buy that thing then that's much better as long you have the backup of your recovery things like seed/private keys offline.
Offline wallet is much safer but there are also consequences like the paper wallet might be tear, wet or damage, etc. and hardware wallet might be lost, stolen etc.
Offline wallet is much safer but there are also consequences like the paper wallet might be tear, wet or damage, etc. and hardware wallet might be lost, stolen etc.
As someone completely new to BTC this is really helpful. I'm about to buy my first round of bitcoins from coinbase(The reason being it just seemed the most user friendly for my first time).
I don't think it's necessary to worry about that. As long as bitcoin continues to appreciate, your wealth is safe. The wallet system will also be updated and upgraded periodically. It's best to use multiple wallets to store your bitcoins
As the title says, I'm looking for best (safest) way to store my bitcoin wallet for 10+ years. After doing some reading it seems like either a hardware wallet or a paper wallet is the best way to go.
almost all the cold storage methods can be the safest as long as you create them correctly and also make proper backups from them.Quote
One concern I have with the hardware wallet like ledger nano or trezor is what happens if the hardware wallet fails in 10 years and the company that makes the hardware is out of business? Would I still be able to recover my wallet?
this is a valid concern and it always exists with anything that is "hardware" they can fail. and i believe they can be susceptible to data loss in long term if not connected to a power source.
but you can make a back up from them to be able to recover in case of any kind of failure.
Quote
Would I be better off just creating a paper wallet on https://bitcoinpaperwallet.com/ and storing a couple copies of it in secure locations, i.e. fire proof safe at my house and a copy at a family members house?
the same issues will be present for paper wallets (and i suggest bitaddress.org by the way). that is taking backups and storing them safely.paper wallet is a good choice in my opinion when you don't want to touch your coins for 10 years. you can take a look at CryptoSteel: https://bitcointalksearch.org/topic/cryptosteel-the-ultimate-cold-wallet-private-key-storage-system-977486 to either buy that or just get an idea of what you can make yourself
You definitely wanna put your bitcoin in a hardware wallet especially if you're planing on holding for the long term. Don't get tempted into these online wallets, even though their easier to access = easier to hack.
Trezor. It's worked really well for me. Highly recommended.
They give you a sheet to write down your recovery seed/phrase so that in the event your Trezor is lost/not supported in 30 years/whatever, you can easily recover your wallet by entering the phrase into any popular wallet service, such as Electrum or Mycelium on your phone.
It's a good, foolproof system. But you should play around with it for a bit, exchange some coins to your own wallets, get a feel for the device, then finally move your savings to it and sleep soundly knowing that they are safe and the backup exists.
They give you a sheet to write down your recovery seed/phrase so that in the event your Trezor is lost/not supported in 30 years/whatever, you can easily recover your wallet by entering the phrase into any popular wallet service, such as Electrum or Mycelium on your phone.
It's a good, foolproof system. But you should play around with it for a bit, exchange some coins to your own wallets, get a feel for the device, then finally move your savings to it and sleep soundly knowing that they are safe and the backup exists.
Looking for best way to store bitcoin wallet long term ?
Jump to: