Topic: prompt wallets for storing and buying cryptocurrency (Read 137 times)

Bitcoin is always present in the blockchain or stored in it and you keep the key that enables you to access those currencies.
The method of accessing these currencies determines whether you trust third parties to manage these keys (exchange platforms, governments, banks, etc.) or use a program to manage and generate these currencies (a wallet, whether it is open source or closed source)

From here you can ask your questions about how to protect and secure those keys that enable you to send bitcoins.

Bitcoin exists to prevent that third party requirement. In Bitcoin, the peer-to-peer network is responsible for keeping your money and you are the only one who can spend your funds by proving it using cryptography. You can depict bitcoins' storage as blocks that contain information such as transactions, each one connected with the previous one, hence “block chain”.

If you're new to Bitcoin and you want to somehow keep your funds safe, I'd advice you to buy a hardware wallet. It's really simple and secure for a newbie. Although, if you want to learn more about Bitcoin, visit learnmeabitcoin.com. I believe he explains everything wonderfully.

Besides the safety of the private keys and the recovery phrase, it's essential that OP keeps the pc/phone where the wallet is installed clean from viruses and malware. That should be done before the wallet is even installed. If OP is using that PC for all his online activities, which might include stuff like pirated software, torrenting, etc., the safety of his funds could be in jeopardy if he is already infected with malware. A clean reinstall of the OS is therefore recommended. We have seen many times that individuals turn their back on bitcoin because they claim they got "hacked" and that happened due to a vulnerability in the software they were using or it's a problem with bitcoin itself. In reality, it's a problem on the users' end most of the time.   

You should never store your coins on exchanges or any other custodial services because there is always a risk to lose them regardless of how trusted that service is.

As suggested above, hardware wallets like Ledger and Trezor are a good choice. They are secure, easy to use and support different cryptocurrencies but if you can't afford to buy one then there are other good and free alternatives. Personally, I would suggest Electrum (download it from the official website: electrum.org). I've been using it on mobile and desktop for years and didn't lose a single satoshi.
Using a good and reputable wallet isn't enough to keep your funds safe, what you also need to learn is how to secure your wallet and back it up properly.

It all depends on how much time and money you are interested in investing into the security of your coins as well as the type of assets you are holding. Let's assume you are only talking about bitcoin.

First of all, you aren't storing "the coins" anywhere. Bitcoins are always on the blockchain. The software you use interacts with the blockchain and stores the keys that give you access to your coins.

The safest methods of storing those private keys are in airgapped computers and paper wallet. However, these two storage methods aren't the easiest ones to use, and if not generated properly/securely, can lead to the loss of funds. And an airgapped computer means that you have a separate PC/laptop that you could use just for that purpose. Many people don't or they don't want to go through the trouble of setting it up.

Hardware wallets are the 2nd-best option. They will keep your private keys safely stored on the device and offline. By introducing a quality passphrase or a SD card (when it comes to Trezor), you are increasing your security by an additional layer. But, hardware wallets cost $50-$100 or more depending on the brand/model.

When it comes to software wallets, you can't go wrong with Bitcoin Core or Electrum. Core is a full-node client that requires you to download the entire blockchain (about 400GB of data), and Electrum is an SPV-wallet that doesn't require a prior download of the entire blockchain.

At the bottom of the pond, you will find web wallets and user accounts on cryptocurrency exchanges. Those are not recommended as mentioned by the previous members. 

Centralized exchanges are used only trading and exchanging coins/fiat and not for storing and holding any coins.
You are not holding keys for coins you have on your account, exchange is the real owner and history showed that almost all exchanges got hacked at some point of time (Binance, MtGox, etc).
If you want to hold your coins withdraw them from exchange to some open source wallets like Electrum or safer option is to use open source hardware wallets like Trezor, Coldcard or Bitbox.
Most important thing is to keep your seed words or private key offline secure and never share them with anyone or enter on some websites.

What exchange becomes dishonest?  Can you share with us here?

The above was right and I tend to agree with, a hardware wallet is the best option for storing Bitcoin in a long run.  But did you know that I'm using a different wallet now.  I have a cold storage wallet which is a hardware wallet, this wallet is intended for long-term saving/storing my Bitcoin that no one knows even my family.  The second one is they called it a hot wallet, I used Electrum for the hot wallet that every month nor weeks I've to make transaction sending it into my local wallet which is if I want to cash out my Bitcoin into fiat.

I know it sounds paranoid but will understand if you valued your crypto assets and keep them safe.

BTW, for the right link of Electrum here it is. https://electrum.org/#download

What exactly exchanges that turned out to be dishonest?

Exchanges are not a good place to store bitcoin but if you are looking for a safe place to store Bitcoin for long-term holdings only Hardware wallets are a good place to store Bitcoin.

There are many hardware wallets one of them already mention above another one is the Trezor wallet and Keepkey.

If you want a big list of hardware wallets you can find it from here https://bitcointalksearch.org/topic/--5282364


Another wallet is Electrum already mentioned above but you can use it as cold storage on an offline PC much secured compared to running it on an online PC.
Just make sure that you always have a backup copy of the seed mnemonic for future recovery(Very important).

On a hardware wallet, Ledger Nano S but there's also an available newer version of X.

--> https://www.ledger.com/

If no budget to buy hardware wallet, Electrum and Wasabi are good desktop wallets.

I am completely new to this business, but have already used some exchanges.  Many of them turned out to be dishonest.  Where do you store your bitcoins?