Topic: Safest way to store your bitcoins? (Read 10599 times)
Offline wallet are the safe way to store bitcoin because nobody know than your ownself.
You can store bitcoins safely in many wasy.
Some of them im mentioning below.
1- On a USB Drive or other data storage Medium
2- On a paper wallet
3- On a bearer item such as physical bitcoin wallet
4- Bitcoin Hardware Wallet
Many more other ways may be there to store bitcoin safely. But i knew these four.
Else you can safely invest your bitcoins in altcoins.
Some of them im mentioning below.
1- On a USB Drive or other data storage Medium
2- On a paper wallet
3- On a bearer item such as physical bitcoin wallet
4- Bitcoin Hardware Wallet
Many more other ways may be there to store bitcoin safely. But i knew these four.
Else you can safely invest your bitcoins in altcoins.
Im relatively new to crytocurrency. I have read in manys sources that the safest place to store bitcoins is in a offline wallet. Why are offline wallets the safest? What are your recommendations?
Having offline wallets are much safer than storing your Bitcoin in online wallets. Storing your Bitcoins or other currency in your own wallet means that you are in control of the currency you have. You will not worry about running with your coin. Not unless the wallet you are storing become corrupted.
Now, storing online can cause you less security with your money. In the sense that if you deposited that money in a company which is not legitimate, they can close anytime and run with your money. Or, you can be a victim of Phishing and they can take away you hard earned coin. But, legitimate online wallet are safe in keeping your Bitcoins as they offer multi level of security. Just need to have some time finding legitimate wallet to store your Coins.
Isn't it kind of risky to hold, let's say, $1,000,000 USD in BTC on an piece of paper? I think I would rather risk getting key logged by a hacker, or company giving up my private keys.
I would suggest electrum. Electrum is a great wallet that is highly versatile and secure. It offers cold storage and refund abilities. I use it and I will definitely recommend it to you.
Offline wallet are good too but when your about to send you need to connect it from internet i suggest too not to use any phones wallets how if you lose your phone mostly of people we put all important things via phones how if its lost? Also the safest one to use is desktop wallet or the wallet that has cold wallet.
My safest way of storing the bitcoins is desktop wallet Electrum, as it is very easy to use and very light weight and just passphrase needed to rebuild the wallet.
In storing bitcoin for safe keeping it is the best to keep it free off internet connection hence the offline wallet is the best option, This will not be accessed by anyone wishing to force and take your bitcoin
Im relatively new to crytocurrency. I have read in manys sources that the safest place to store bitcoins is in a offline wallet. Why are offline wallets the safest? What are your recommendations?
The safest way to store the bitcoins are Cold wallets, store the coins in the cold wallets and dont ever connect to internet until you use it again.
Guys in earlier posts are right. My 2 cents - never keep crypto on an exchanges
Offline bitcon storage is the best because if someone does rob your house they not looking for your bitcoins they looking for your TV or phone PC and jewelry. Online stuff is safe for offline storage. It's online storage you must look out for. When you transferring Bitcoin and using private keys make sure you safe on a safe network and sufficient protection. Esspecially if you don't leave a trace it should work well and be very safe. Offline is also generally for long-term storage because of this.
Im relatively new to crytocurrency. I have read in manys sources that the safest place to store bitcoins is in a offline wallet. Why are offline wallets the safest? What are your recommendations?
The safest way to store the bitcoins are Cold wallets, store the coins in the cold wallets and dont ever connect to internet until you use it again.
I am using Desktop Wallet Electrum which is very good and strong only passphrass is enough to store the wallet and when ever you want you can restore the wallet using this passphrase only. Only you have to check that the computer which you are using should not be affected by any virus
Im relatively new to crytocurrency. I have read in manys sources that the safest place to store bitcoins is in a offline wallet. Why are offline wallets the safest? What are your recommendations?
Offline wallet means if you're not need to connect your computer to the network if you're trying to checking your amount on your wallet. That means you can try to check them everytime with just clicking the icon on your dekstop. I will give you a recomendation to use hardware wallet and offline wallet. The hardware can be intergrated with offline wallet. Hopefully i can apply it
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I think hardware wallet is the safest way to store your coins. Check https://www.ledgerwallet.com/products/ledger-nano-s and https://trezor.io. I use the first one and absolutely in love with it.
No Arguments off line wallet are the safest wallets. this is because the system that holds them are more closer to you. When you keep your wallet information offline your worries reduce down to just two things
1.) The security of the pepper, hard drive or were ever you keep the wallet information off line which depend totally on ( you are in control)
2.) The security of bitcoin itself (block chain) which if you don't trust in first place we should not be talking about this because you would not have consider putting your money there.
On the other hand having an online wallet on exchanges or were ever adds at least two more worries.
1.)your network node (computer, smart phone etc ..) can be hacked since it is connected to the internet. recent ransomeware attacks shows how nodes can be hacked
2.) The exchange site you are storing your wallet on can be hacked for example bitfonix was hacked and many btc wallets were lost
if you leave your wallet at a bitcoin exchange technically speaking it does not belongs to you
1.) The security of the pepper, hard drive or were ever you keep the wallet information off line which depend totally on ( you are in control)
2.) The security of bitcoin itself (block chain) which if you don't trust in first place we should not be talking about this because you would not have consider putting your money there.
On the other hand having an online wallet on exchanges or were ever adds at least two more worries.
1.)your network node (computer, smart phone etc ..) can be hacked since it is connected to the internet. recent ransomeware attacks shows how nodes can be hacked
2.) The exchange site you are storing your wallet on can be hacked for example bitfonix was hacked and many btc wallets were lost
if you leave your wallet at a bitcoin exchange technically speaking it does not belongs to you
Offline wallet, and don't forget to backup the keys.
I have a wallet trezor for me is the best way to save my bitcoin
Coldstorage (paperwallet, hardware wallet) is always the better option regarding security. However I today saw on steemit that making a transaction on a trezor wallet had a very high fee so I'm not sure what's going on there.
Thanks for very useful info. I start thinking of making offline wallet or even buying trezor...
hardware wallet
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