Topic: Safest way of long term holding - page 2. (Read 855 times)
It's good to hold but you have to be ready for the consequences and you have to keep in mind that the Bitcoin market can be anytime pumped to the sky or down to earth.
Another protocol for you to follow, my suggestion or recommendation, is to not simply store in cold storage and forget about it for 10 years, unless you are incapacitated or unconscious, is to simply look up and research the current events and keep updated.
The core website, any of the major bitcoin / crypto news websites. To keep up with news about any soft forks, hard forks, new address formats, ... I mean, it would be a good idea to switch from legacy to nested segwit, or skip directly to native segwit... and in the future there might be a new format for taproot and schnorr as that is being proposed right now.
Once a year, review your coins, and study how to transfer them to a new address safely.
Ideally, you would be contributing to your stash often enough that you can include this as part of your strategy for long term holding.
There are people out there who buy for their retirement every month. Once a year isn't too much huh?
This is in addition to doing anything to make sure the wallets are indeed cold storage, the computers or hardware you use have an air gap and all the other stuff mentioned by everyone else.
Always good knowledge coming from you, if at least one noob will start dealing with bitcoin the right way after your post, you're to be thanked! The core website, any of the major bitcoin / crypto news websites. To keep up with news about any soft forks, hard forks, new address formats, ... I mean, it would be a good idea to switch from legacy to nested segwit, or skip directly to native segwit... and in the future there might be a new format for taproot and schnorr as that is being proposed right now.
Once a year, review your coins, and study how to transfer them to a new address safely.
Ideally, you would be contributing to your stash often enough that you can include this as part of your strategy for long term holding.
There are people out there who buy for their retirement every month. Once a year isn't too much huh?
This is in addition to doing anything to make sure the wallets are indeed cold storage, the computers or hardware you use have an air gap and all the other stuff mentioned by everyone else.
Buy, forget and store securely your bitcoin has long proven to be the most effective wealth advice for new bitcoin holders. I wish I'd have been given that advice in 2010
Agree with @Dabs, don't just store your btc on a cold storage and walk away for long, occasional update yourself with latest happenings in the news about btc will help keep the person up to speed, anything can change within the time you are absent,
Between the cold wallet storage should be kept in a cool dry place with the right temperature, and always try to inspect it at intervals to ensure it is working properly.
Between the cold wallet storage should be kept in a cool dry place with the right temperature, and always try to inspect it at intervals to ensure it is working properly.
Another protocol for you to follow, my suggestion or recommendation, is to not simply store in cold storage and forget about it for 10 years, unless you are incapacitated or unconscious, is to simply look up and research the current events and keep updated.
The core website, any of the major bitcoin / crypto news websites. To keep up with news about any soft forks, hard forks, new address formats, ... I mean, it would be a good idea to switch from legacy to nested segwit, or skip directly to native segwit... and in the future there might be a new format for taproot and schnorr as that is being proposed right now.
Once a year, review your coins, and study how to transfer them to a new address safely.
Ideally, you would be contributing to your stash often enough that you can include this as part of your strategy for long term holding.
There are people out there who buy for their retirement every month. Once a year isn't too much huh?
This is in addition to doing anything to make sure the wallets are indeed cold storage, the computers or hardware you use have an air gap and all the other stuff mentioned by everyone else.
The core website, any of the major bitcoin / crypto news websites. To keep up with news about any soft forks, hard forks, new address formats, ... I mean, it would be a good idea to switch from legacy to nested segwit, or skip directly to native segwit... and in the future there might be a new format for taproot and schnorr as that is being proposed right now.
Once a year, review your coins, and study how to transfer them to a new address safely.
Ideally, you would be contributing to your stash often enough that you can include this as part of your strategy for long term holding.
There are people out there who buy for their retirement every month. Once a year isn't too much huh?
This is in addition to doing anything to make sure the wallets are indeed cold storage, the computers or hardware you use have an air gap and all the other stuff mentioned by everyone else.
~
It is not just a matter of use, damage of some kind can also occur due to some external influences such as humidity or exposure to increased temperature. When you talk about the time capsule, then it first occurs to me that you might bury the device underground in some sort of protection or you might even use concrete and hide it somewhere in your basement. At least when it comes to Ledger, I know that these are not some premium materials (at least as far as the S model is concerned), and that these devices are not made to last indefinitely.
There's no safe place to store bitcoin mate especially long term wherein even you make backups through your computer or in any device its still useless because you know there some tragedy that sometimes happen in our life without knowing.. For example those that really cause totally damage especially super typhoon. How can you assure those things where you stored your back up are really safe?.. I think its impossible..
You Don't know about Ledger wallet? FYI you can store your coins there for very long time without any trouble in Typhoon or whatsoever .Quote
Actually i saw some user here shared his idea how to save our private information on such incidents. And it was engrave in a piece of solid metal which is a good idea and yes, i believe that's the safest way what i mean is even no matter what happen because its unbreakable and its up to you where to keep it.
It is our style how to keep it safe, even in paper or in metal the same process, we need to keep out from reach of others. ~
Another one would be dusts as well upon the increased temperature as you mentioned. I guess keeping it in a really secluded container like trunk box or at least safe box would lessen the possibility of dust build-up.Mine was scrapped because it just doesn't show the colors properly anymore.
There's no safe place to store bitcoin mate especially long term wherein even you make backups through your computer or in any device its still useless because you know there some tragedy that sometimes happen in our life without knowing.. For example those that really cause totally damage especially super typhoon. How can you assure those things where you stored your back up are really safe?.. I think its impossible..
Actually i saw some user here shared his idea how to save our private information on such incidents. And it was engrave in a piece of solid metal which is a good idea and yes, i believe that's the safest way what i mean is even no matter what happen because its unbreakable and its up to you where to keep it.
Keeping the Private Key in that piece of metal is a good idea as is the metal plate that some hard wallet products provide.Actually i saw some user here shared his idea how to save our private information on such incidents. And it was engrave in a piece of solid metal which is a good idea and yes, i believe that's the safest way what i mean is even no matter what happen because its unbreakable and its up to you where to keep it.
But it also needs to be supported by the best place to store it. do not carelessly save the valuable private key. You will still need the metal canister and store it in the ground like a treasure.
legendary
Activity: 2450
Merit: 4295
eXch.cx - Automatic crypto Swap Exchange.
Keeping your asset in exchanges might be risky tho, anything which happens to the exchange affects your funds, and talking about hard wallet! I ain't used to it which makes me prefers cold wallet for keeping my assets safe.
When you say it like that, it seem exchange were an option before but since from the very begining they haven't been an option then you should go with the statement, Exchanges most especially the centralized ones are bad for the industry.
Exchanges this day have found a way to convince (actually decieving) users into trusting their funds with them. They constantly have engaging ads that'll make you want to engage with them 24/7 with your funds. They have Crowdfunding in exchange IEO, staking, Mining and the most recent which is farming.
They also present themselves as a safest way to store the variety of coins you would had picked interest in investing into them.
No way there's a safe long term investment, it always comes with a risk no matter how careful you are. However given how crazy the market is, even a useless token is a good investment. Long term holding will surely be fruitful especially now that the cryptocurrency is now being recognize around the world.
every action has a risk not all coins are not safe to invest in the long term for example ethereum everyone who holds ethereum coins in the long term they can profit a lot. My advice, if you want to hold coins in the long term choose the top 10 there is a chance that you will get a profit. 
No way there's a safe long term investment, it always comes with a risk no matter how careful you are. However given how crazy the market is, even a useless token is a good investment. Long term holding will surely be fruitful especially now that the cryptocurrency is now being recognize around the world.
There's no safe place to store bitcoin mate especially long term wherein even you make backups through your computer or in any device its still useless because you know there some tragedy that sometimes happen in our life without knowing.. For example those that really cause totally damage especially super typhoon. How can you assure those things where you stored your back up are really safe?.. I think its impossible..
Actually i saw some user here shared his idea how to save our private information on such incidents. And it was engrave in a piece of solid metal which is a good idea and yes, i believe that's the safest way what i mean is even no matter what happen because its unbreakable and its up to you where to keep it.
Actually i saw some user here shared his idea how to save our private information on such incidents. And it was engrave in a piece of solid metal which is a good idea and yes, i believe that's the safest way what i mean is even no matter what happen because its unbreakable and its up to you where to keep it.
For me I think the best way to invest and keep bitcoin safe is storing in a cold wallet, and by doing this you really need to keep your keys safe, I know some people will be like what if i misplace my keys! Well I think what is very important to us we shouldn't play with it or keep it carelessly, even if it warrant you storing it in multiple places. Keeping your asset in exchanges might be risky tho, anything which happens to the exchange affects your funds, and talking about hard wallet! I ain't used to it which makes me prefers cold wallet for keeping my assets safe.
It wouldn't break down if you rarely use it, we still have a television in my home that is around 6 years already so I think that a HW will last that much longer. Maybe I will worry about the other things about storage when I already have it in my table but right now, I think saving some bitcoin is top priority.
It is not just a matter of use, damage of some kind can also occur due to some external influences such as humidity or exposure to increased temperature. When you talk about the time capsule, then it first occurs to me that you might bury the device underground in some sort of protection or you might even use concrete and hide it somewhere in your basement. At least when it comes to Ledger, I know that these are not some premium materials (at least as far as the S model is concerned), and that these devices are not made to last indefinitely.
As for other devices, I also have a TV that still works - it's over 15 years old, and who knows how much longer would have lasted if the digital age hadn't sent it into a well-deserved retirement.
~
Maybe it would be good to read all the posts from the beginning, there are some good observations on the topic of hardware wallets that would be worth considering. As much as HW has advantages, you should also take into account the fact that these are electronic devices that can break down at any time - and then only backup can save you. Consequently, if you already have an idea to store something in a time capsule, it could simply be a backup (seed) generated in a safe environment using Electrum.
Any advice?
so what are you waiting for mate? Buy bitcoin now and start holding in your storage before its too late and the value climbs up to 100k soon.
Talking about the safe way of storing your Bitcoins that is where hardware wallets take part because it is away from the internet so there's a less chance for it to get hack and stolen by anyone unlike web and mobile wallets. However, since it is a hardware wallet is it more prone to physical damage that is why you must take care of it and placed it where does anyone doesn't know and away from the place where it can be easily destroyed. Another way of holding your stash is to diversify your BTC in a different wallet so that even if one of them got destroy or hacked, the loss wouldn't be that much.
Probably that's the best by far, I plan to buy one this year and fill it with bitcoins and leave it on a time capsule and let it stay there for five years and if the prices do go up in the future then lucky for me because I will get a lot of profit.
Maybe it would be good to read all the posts from the beginning, there are some good observations on the topic of hardware wallets that would be worth considering. As much as HW has advantages, you should also take into account the fact that these are electronic devices that can break down at any time - and then only backup can save you. Consequently, if you already have an idea to store something in a time capsule, it could simply be a backup (seed) generated in a safe environment using Electrum.
hardware wallets such as the nano ledger or trezzor are the best for you. I as a nano ledger user for 2 years feel safe and there is no loss at all it makes our assets safe
Probably that's the best by far, I plan to buy one this year and fill it with bitcoins and leave it on a time capsule and let it stay there for five years and if the prices do go up in the future then lucky for me because I will get a lot of profit.
The safest way of holding for the long term is using a cold wallet or hardware wallet, when we are planning to hold huge money for the long term then we should secure it by using the safest crypto wallet and that is a hardware wallet, those people who are holding huge amount of BTC are sreuly using a hardware wallet as well because there is no possibility that it can be hacked because there is no need an internet to access it, just make sure that you will place your wallet to the safest place where it cannot be burnt out and get wet.
Jump to: