More secure ways of storing bitcoin?

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Quote from: fuguebtc on October 21, 2023, 03:29:53 AM

Quote from: livingfree on October 21, 2023, 02:15:17 AM

Well, I also feel like what you've said.

Even if someone says that one shouldn't keep your balances on exchanges, you may see them have some of their stash deposited there for whatever purpose they are doing. Like in interest accounts and earns passively there but they know the risk I guess.

So wherever you're keeping them, you're aware of the risk that you're taking upon keeping it on exchanges. It's not just the newbies that does it and yes also likely the ones that suggests don't keep it there.

Many people also say to stay away from centralized exchanges and only use decentralized exchanges and I don't believe what they say either. I have the feeling that many people are trying to lie to please someone to gain merit rather than telling the truth. It is true that people do not store bitcoins on centralized exchanges because everyone is aware of its risks. But those who say they do not use and do not have any accounts on centralized exchanges are blatantly lying. I bet you that people who say so are also secretly using them because they are almost a necessity in the market and that is why CEX still exists in the market.

We all use exchanges but it's a different matter when someone keeps their assets on exchanges and that's what we need to avoid.

For the sake of our Bitcoin's safety, someone probably are keeping all of his assets on a hardware wallet which is the known better storage. And there can be some that keeps only their Bitcoin and yet, most of his alts are left on exchanges for quicker liquidity.

It's okay to use them and you know the risk that you take whenever you leave huge amounts there.

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Quote from: AbuBhakar on October 22, 2023, 09:38:47 AM

Quote from: Wend on October 22, 2023, 08:51:25 AM

I think after the scandal when they intended to offer Ledger Recover service, Ledger is really not trustworthy anymore, we can't even know if they really don't store our phrases or not . So if it comes to using a hardware wallet, I will no longer use a ledger but will instead use Trezor or some other wallet with open source that will be more reliable. Electrum cannot be compared to a hardware wallet, but when you combine it with an offline device, it is just as secure as a hardware wallet.

I’m still using Ledger even with the recent commotion about seed phrase recovery because it’s still offer the standard safety feature of hardware wallet. The team is still not implemented that said plan so I will not toss my 200$ worth of ledger for now just for a minor compromise since my total holdings is still not that huge to toss away my ledger.

I believe for those whale that has tons of money or those who still didn’t buy the ledger is really not advisable to use anymore due to their future plans.

It's your decision because it's your assets, just like many people are still using centralized exchanges as storage, because it's their money, they have the right to do what they believe. But I won't be using Ledger anymore, even though they scrapped that bad idea after receiving harsh reaction from the community. But there is no guarantee to us that they do not store our seed phrase on their server. Ledger is no longer trustworthy.

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Quote from: bitnote on October 16, 2023, 01:54:41 AM

How do institutional investors store and protect their Bitcoin assets?
Institutional investors, such as hedge funds and corporations, have different ways of storing and protecting their Bitcoin assets than typical user wallets.

Based on articles shared under the OP most of them institutional investors choose a place to store crypto in the most places that are not a recommendation, for me it is not a safe choice even though it is a centralized exchange, it is likely to get a guarantee fee when hacking occurs.

In the article, Binance research shows a graph that refers to the survey results of 76 respondents.
Of the 4 storage of funds, the highest graph is in the exchange.

My knowledge is still lacking, but choosing to save in famous exchanges like binance is only easy, actually very dangerous.

fuguebtc

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Quote from: SquirrelJulietGarden on October 22, 2023, 03:33:48 AM

Quote from: fuguebtc on October 22, 2023, 03:23:12 AM

As I also mentioned above, I believe that people will not store crypto assets on centralized exchanges. I just don't believe people who say they don't have accounts on those exchanges and never use them to trade or buy, sell, or convert cryptocurrencies to fiat and vice versa. If we use them for the purpose for which they were created, it is not as scary as many people are spreading it. CEX is a place to exchange, buy, sell, trade...it is never a place for us to trust and store assets. Many investors are using it the wrong way.

The fact is opposite than what you say.

Most of Bitcoin users store their bitcoins on centralized exchanges and even in your post, you mentioned the reason. They want to speculate the price of Bitcoin, want to trade and they store their bitcoins on centralized exchanges.

You can not trade on CEX if you don't store your bitcoin there, do you?

Storing bitcoins on centralized exchanges or any type of online account is bad practice. Furthermore, by trading they will mostly lose their bitcoins with failures from trading.

Reminder: do not keep your money in online accounts.

I'm just talking about holders, but talking about day traders, what other options do they have besides CEX? Cryptocurrency is also a financial market and it has many ways to make profits and everyone will choose whichever suits them best. Just because you don't make money trading doesn't mean other people don't make money trading either. There is nothing bad about people trading every day to make profits. When it comes to trading, they have no other choice but to use CEX and that too is considered a risk in daily trading that everyone is aware of and has accepted.

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Quote from: bettercrypto on October 22, 2023, 09:05:04 PM

The best way for you to store Bitcoin depends on the needs of those investors. If you're looking for a secure place to store Bitcoin, the best thing to use is a hardwallet, as long as you're DYOR with the HD you choose.

Now, if there is no purchase of hardware wallets, there are other options that you can use, and some of them are the Electrum wallet, the Brain wallet, and the Unstoppable wallet, as long as you don't use custodial wallets because the risk level is high when you do it. on crypto exchanges. But that still depends on your choice; if you are confident, it's still up to you. as long as you are prepared for the possible consequences.

**Safety way to store your Bitcoin**

Generalizing best ways to store your bitcoin.

It is feasible with budget and devices you have to store your bitcoin. You can not say I know and want to use that storage method but it is out of my hands and budget. It's non sense thinking.

If you can recover your wallet from backups, it good enough and belongs to one of best storage ways and backup methods. Because you will need to recover your wallet from backups without too many hidden encrypted steps along the way. Sometimes you can not recover your wallet like health problems, pass away then your family members will do it. Therefore, steps to recover your wallet must be simple enough.

You only need to store your backups safely and secured.

bettercrypto

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Quote from: bitnote on October 16, 2023, 01:54:41 AM

How do institutional investors store and protect their Bitcoin assets?
Institutional investors, such as hedge funds and corporations, have different ways of storing and protecting their Bitcoin assets than typical user wallets.

The best way for you to store Bitcoin depends on the needs of those investors. If you're looking for a secure place to store Bitcoin, the best thing to use is a hardwallet, as long as you're DYOR with the HD you choose.

Now, if there is no purchase of hardware wallets, there are other options that you can use, and some of them are the Electrum wallet, the Brain wallet, and the Unstoppable wallet, as long as you don't use custodial wallets because the risk level is high when you do it. on crypto exchanges. But that still depends on your choice; if you are confident, it's still up to you. as long as you are prepared for the possible consequences.

**Safety way to store your Bitcoin**

_BlackStar

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Quote from: fuguebtc on October 22, 2023, 03:23:12 AM

Quote from: _BlackStar on October 21, 2023, 02:27:42 PM

-snip-

As I also mentioned above, I believe that people will not store crypto assets on centralized exchanges. I just don't believe people who say they don't have accounts on those exchanges and never use them to trade or buy, sell, or convert cryptocurrencies to fiat and vice versa. If we use them for the purpose for which they were created, it is not as scary as many people are spreading it. CEX is a place to exchange, buy, sell, trade...it is never a place for us to trust and store assets. Many investors are using it the wrong way.

Hmmm - yes, I understand. We don't need to care and be responsible for other people's decisions about investments and how they save them. They are free to do whatever they want - but it is always good to advise people so that they do not regret their wrong decisions.

Nobody forbids anyone from using centralized exchanges to trade or simply convert bitcoin or other crypto to fiat. But of course they have to be very careful with KYC and that they don't have to create more than one account on some centralized exchange. Use centralized exchanges as you should - they are not a safe haven for long-term investments.

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Quote from: Rap111 on October 22, 2023, 09:51:33 AM

buy a new computer. Use legder but never download anything else with that computer, you can protect it perfectly.

Then there are unforeseen calamities, such as earthquakes, wars, or fires, that result in the complete devastation of one's home and all its contents. A cascade of significant problems unfolds: not only have your physical possessions been lost, but your BTC holdings have vanished as well. There's no insurance to fall back on, and you are left with the sole responsibility of handling the loss.

It's true, there are no guarantees to ensure the safety of all our assets. However, I've started to explore ways to securely store assets online. Risks persist, and I'm prepared to bear those risks.

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Quote from: flyingcarpet on October 22, 2023, 06:22:55 AM

Ledger may not be the best hardware wallet available, but it is very popular.

It is one of the worst hardware wallets. Just read my recent response in this thread: https://bitcointalksearch.org/topic/m.63036353

Quote from: flyingcarpet on October 22, 2023, 06:22:55 AM

I don't know if there are statistics on this subject, but I wonder what percentage of investors use hardware wallets?

You can't possibly know that number due to Bitcoin being pseudonymous. Anyone who claims that they know, are either hiding you a big part of the truth (i.e., they use inaccurate data), or they lie.

Quote from: AbuBhakar on October 22, 2023, 09:38:47 AM

I’m still using Ledger even with the recent commotion about seed phrase recovery because it’s still offer the standard safety feature of hardware wallet.

Why on Earth would you use a closed-source, non-private, shitcoin-supporting piece of hardware whose central database (which kept personal info about Ledger owners) suffered data leak?

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buy a new computer. Use legder but never download anything else with that computer, you can protect it perfectly.

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Quote from: Negotiation on October 22, 2023, 09:31:26 AM

A paper wallet is a relatively secure way to store bitcoins although it requires a more advanced understanding of how digital currencies work. Create paper wallets online using any dedicated website or even offline for greater security. Paper walls are easy to store because they do not take up any space and they also provide true anonymity.

Creating a paper wallet through online is nothing different like you use a software wallet since you're connect to internet. You must run it offline and make sure the tools is open source. I doubt if it's provide true anonymity, this is related to the wallet you use and every steps when you buy and sell your coins.

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Quote from: Wend on October 22, 2023, 08:51:25 AM

I think after the scandal when they intended to offer Ledger Recover service, Ledger is really not trustworthy anymore, we can't even know if they really don't store our phrases or not . So if it comes to using a hardware wallet, I will no longer use a ledger but will instead use Trezor or some other wallet with open source that will be more reliable. Electrum cannot be compared to a hardware wallet, but when you combine it with an offline device, it is just as secure as a hardware wallet.

I’m still using Ledger even with the recent commotion about seed phrase recovery because it’s still offer the standard safety feature of hardware wallet. The team is still not implemented that said plan so I will not toss my 200$ worth of ledger for now just for a minor compromise since my total holdings is still not that huge to toss away my ledger.

I believe for those whale that has tons of money or those who still didn’t buy the ledger is really not advisable to use anymore due to their future plans.

Negotiation

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A paper wallet is a relatively secure way to store bitcoins although it requires a more advanced understanding of how digital currencies work. Create paper wallets online using any dedicated website or even offline for greater security. Paper walls are easy to store because they do not take up any space and they also provide true anonymity. These are often printed as QR codes so you can scan them and add the keys to a software wallet to quickly complete a transaction. You can store large amounts of cryptocurrency in any storage method to hold more bitcoins but it is best to store them in a cold wallet. Cold wallets are the most secure option and can store any amount of cryptocurrency for a long period of time.

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Quote from: Nrcewker on October 21, 2023, 03:12:37 AM

Always avoid online wallets, as here you don’t completely own the coins. If you are holding big amount of coins, then Ledger is the best choice, else Electrum can do the work.

Please ledger is not the best hardware wallet. It has fallen down in the picking order since the team made an announcement about introducing a seed recovery service that will be carried out by a third party. According to them, the seed phrase backup will be stored on a cloud storage which is not an ideal method of storing seed phrase as it could be hacked and stolen. So I cannot trust ledger with my funds and I would instead recommend the following hardware wallet devices like Trevor, Passport, and Coldcard.

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Quote from: Altryist on October 22, 2023, 05:52:54 AM

Quote from: Nrcewker on October 21, 2023, 03:12:37 AM

Many people like to store their coins in different forms. If you ask how a big institution stores the coins, then they might be using their own custodial wallets. But if you are an individual who wants to store these hard earned coins more securely, then hardware wallets are the right option for it. Always avoid online wallets, as here you don’t completely own the coins. If you are holding big amount of coins, then Ledger is the best choice, else Electrum can do the work.

Ledger may not be the best hardware wallet available, they have many worthy competitors.. If the investment amount is not large, then Ledger will be enough, but if the investment becomes very significant, then you should think about more reliable cold wallets. In addition, Ledger has different models, which also needs to be taken into account, but you are right that a hardware wallet will be much safer than storing coins on Electrum or other online wallets.

I think after the scandal when they intended to offer Ledger Recover service, Ledger is really not trustworthy anymore, we can't even know if they really don't store our phrases or not . So if it comes to using a hardware wallet, I will no longer use a ledger but will instead use Trezor or some other wallet with open source that will be more reliable. Electrum cannot be compared to a hardware wallet, but when you combine it with an offline device, it is just as secure as a hardware wallet.

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Quote from: fokinlipat on October 20, 2023, 11:28:07 PM

Many here are suggesting that they do not keep anything on exchanges. I doubt this. They must be having good amount on exchanges. They operate with huge amounts and must be involved in trading crypto also. It will not make much difference to their net worth even if they loose funds on one exchange due to hack. They keep the risk versus reward ratio in mind before taking such decisions. Keeping the money idle in hardware wallets or paper wallets will give them no returns at all.

It is difficult to know the Bitcoin storage conditions of corporates, but i am sure that Bitcoins stored in very large quantities will not be kept on online exchanges. Cold storage comes to mind as the most secure means of Bitcoin storage. This is because private keys stored in an internet connected wallet are vulnerable to network based theft. Cold storage solves this problem by signing the transaction with private keys in an offline environment. But there is a catch. Since bitcoins stored in cold wallets will take time to transfer to online exchanges, i think it will be difficult to buy and sell in sudden situations. For such cases, they can store bitcoins in online exchanges, albeit in small amounts, with special methods.

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Quote from: flyingcarpet on October 22, 2023, 06:22:55 AM

Quote from: Altryist on October 22, 2023, 05:52:54 AM

Quote from: Nrcewker on October 21, 2023, 03:12:37 AM

Many people like to store their coins in different forms. If you ask how a big institution stores the coins, then they might be using their own custodial wallets. But if you are an individual who wants to store these hard earned coins more securely, then hardware wallets are the right option for it. Always avoid online wallets, as here you don’t completely own the coins. If you are holding big amount of coins, then Ledger is the best choice, else Electrum can do the work.

Ledger may not be the best hardware wallet available, they have many worthy competitors.. If the investment amount is not large, then Ledger will be enough, but if the investment becomes very significant, then you should think about more reliable cold wallets. In addition, Ledger has different models, which also needs to be taken into account, but you are right that a hardware wallet will be much safer than storing coins on Electrum or other online wallets.

Ledger may not be the best hardware wallet available, but it is very popular. I think it is necessary to explain the importance of hardware wallet to people before choosing a hardware wallet. I don't know if there are statistics on this subject, but I wonder what percentage of investors use hardware wallets? I've seen estimated values in a few places, but I was curious about the exact number.

Security is everything. It is your responsibility to secure your investment. Therefore, you can make your investment safer by researching hardware wallets and choosing a hardware wallet that is safe and comfortable to use.

There is a site that show some statistics about that have a sneak peak here https://www.mordorintelligence.com/industry-reports/hardware-wallet-market

It show the possible number of usage in year 2028 and I guess that might be rise since the number of crypto users would provably rise at that time span and they would might think that hardware wallet is much safer option to have rather than grabbing those service coming from web wallet sites. But for me I will use any wallet that could give convenience and grab only that wallet once I decide to hold since sometimes acquiring those wallets cost some bucks and for now I don't need to spend on such thing since currently I'm not holding any huge volume on my personal wallet.

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Quote from: flyingcarpet on October 22, 2023, 06:22:55 AM

Quote from: Altryist on October 22, 2023, 05:52:54 AM

Quote from: Nrcewker on October 21, 2023, 03:12:37 AM

Many people like to store their coins in different forms. If you ask how a big institution stores the coins, then they might be using their own custodial wallets. But if you are an individual who wants to store these hard earned coins more securely, then hardware wallets are the right option for it. Always avoid online wallets, as here you don’t completely own the coins. If you are holding big amount of coins, then Ledger is the best choice, else Electrum can do the work.

Ledger may not be the best hardware wallet available, they have many worthy competitors.. If the investment amount is not large, then Ledger will be enough, but if the investment becomes very significant, then you should think about more reliable cold wallets. In addition, Ledger has different models, which also needs to be taken into account, but you are right that a hardware wallet will be much safer than storing coins on Electrum or other online wallets.

Ledger may not be the best hardware wallet available, but it is very popular. I think it is necessary to explain the importance of hardware wallet to people before choosing a hardware wallet. I don't know if there are statistics on this subject, but I wonder what percentage of investors use hardware wallets? I've seen estimated values in a few places, but I was curious about the exact number.

Security is everything. It is your responsibility to secure your investment. Therefore, you can make your investment safer by researching hardware wallets and choosing a hardware wallet that is safe and comfortable to use.

Besides Ledger and Trezor which are considered popular hardware wallets, do we have any other hardware wallets? and which hardware wallet is best? hardware wallets are not only used to store bitcoin, most can store many different currencies, so I think the number of investors owning hardware wallets will be very large. but to get the exact number, only the hardware wallet provider can get that exact number.

Hardware wallet is considered the most secure solution because it is an offline storage device but I think if we use airgap device then it is also a good way to store bitcoins.

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Quote from: Altryist on October 22, 2023, 05:52:54 AM

Quote from: Nrcewker on October 21, 2023, 03:12:37 AM

Many people like to store their coins in different forms. If you ask how a big institution stores the coins, then they might be using their own custodial wallets. But if you are an individual who wants to store these hard earned coins more securely, then hardware wallets are the right option for it. Always avoid online wallets, as here you don’t completely own the coins. If you are holding big amount of coins, then Ledger is the best choice, else Electrum can do the work.

Ledger may not be the best hardware wallet available, they have many worthy competitors.. If the investment amount is not large, then Ledger will be enough, but if the investment becomes very significant, then you should think about more reliable cold wallets. In addition, Ledger has different models, which also needs to be taken into account, but you are right that a hardware wallet will be much safer than storing coins on Electrum or other online wallets.

Ledger may not be the best hardware wallet available, but it is very popular. I think it is necessary to explain the importance of hardware wallet to people before choosing a hardware wallet. I don't know if there are statistics on this subject, but I wonder what percentage of investors use hardware wallets? I've seen estimated values in a few places, but I was curious about the exact number.

Security is everything. It is your responsibility to secure your investment. Therefore, you can make your investment safer by researching hardware wallets and choosing a hardware wallet that is safe and comfortable to use.

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Quote from: Nrcewker on October 21, 2023, 03:12:37 AM

Many people like to store their coins in different forms. If you ask how a big institution stores the coins, then they might be using their own custodial wallets. But if you are an individual who wants to store these hard earned coins more securely, then hardware wallets are the right option for it. Always avoid online wallets, as here you don’t completely own the coins. If you are holding big amount of coins, then Ledger is the best choice, else Electrum can do the work.

Ledger may not be the best hardware wallet available, they have many worthy competitors.. If the investment amount is not large, then Ledger will be enough, but if the investment becomes very significant, then you should think about more reliable cold wallets. In addition, Ledger has different models, which also needs to be taken into account, but you are right that a hardware wallet will be much safer than storing coins on Electrum or other online wallets.

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