Secure on holding my btc on electrum

Hamphser

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Quote from: goodbed on December 09, 2023, 02:06:57 PM

feeling cool,

Came back here after few days to share that I added some btc to my wallet on electum 4.4.6, I'm thinking to keep on and adding more further.
Is it good to store for a long term ?

tnx

I've been using up Electrum since 2017 and i dont have any problems, just make it sure that you dont really be exposing those seed phrases or private key then you should really be just that fine.
Usually people would really be messing up on the time that they would really be able to expose their keys and this is something that must avoid in the first place.
Also, keep your application updated to make it sure that security is really that being patched and it would really be usually be shown or notify you that it would be needed up to be updated.
I dont see any problems on making use of this one but you can also have some options too like purchasing up some hardware wallet or making use of other non custodial
wallets but honestly i could already say that Electrum should really be just that enough when it comes to this manner as long you do make yourself that responsible.

Gladitorcomeback

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Quote from: goodbed on December 09, 2023, 02:06:57 PM

feeling cool,

Came back here after few days to share that I added some btc to my wallet on electum 4.4.6, I'm thinking to keep on and adding more further.
Is it good to store for a long term ?

Electrum itself is good wallet and considered most secure hot wallet for storing btc. The reason of security is it's open source code. As you have decided to hold btc for long time and using 4.4.6 version then I have some tips for you which will help you to remain secure.

First of all you should assure that your device (where your Electrum installed) are free of malware. I recommend to use smartphone for it and hence you already installed then you should be careful with it because so many reports comes from member where fund has been stolen.

Don't save your phrase/private key online anywhere.

Sometimes hacker got access to older version so I will recommended to constantly update your wallet after some months.

tjtonmoy

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To be honest, electrum is the best software wallet out there for storing Bitcoin but as it is a softer wallet, it is not immune to hack. Being the best one out there does not mean that it is perfect. It is good out of every existing wallet out there. With a little bit of investment or modifying little things, you can actually have a decent wallet for Bitcoin storing.
Something I learned recently and that is air gapped devices.

You can buy a cheap desktop PC or laptop (desktop PC is recommended) in order to create this. After buying it you will have to install everything from the scratch including the OS. Take out any component that connects you to the internet. You can also disable services that connect to the internet from the settings. When everything is done, you need to install wallet that lets you set up offline. Then you can easily store Bitcoin in that wallet without any hesitation as long as you keep your key safe.
Just remember one thing, never connect that device to the internet. If you don't like all this, you can simply buy a hardware wallet which is the best in the business.

BABY SHOES

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Electrum's software wallet is safe as long as your PC is protected from viruses and other attacks, but we never know when that might happen so it's better to use a hardware wallet if you want to store more BTC, especially for the long term, it's better to spend $50-$100 on hardware and your assets will be safe than storing in a hot wallet.

Use Electrum for your daily transactions, it's much better and it's not really your problem to store in an Electrum wallet but I don't want you to suffer a bad fate because of your own carelessness.

Then learn what others are sharing and it will help you understand how to store long term assets.

Richbased

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Quote from: Kelward on December 13, 2023, 06:33:45 AM

Quote from: Bitcoin_Arena on December 10, 2023, 06:38:27 PM

Quote from: goodbed on December 09, 2023, 02:06:57 PM

Is it good to store for a long term ?

It's all good so long as the device in which the wallet software is installed is secure, airgapped, and you have good seed phrase back up practices like avoiding copying and pasting the seed, avoiding cloud storage etc. You won't even see the need to buy a hardware wallet.

Although I don't use electrum wallet, but it comes highly recommended as one of the trusted wallets that has many features, and i haven't heard any negative remarks from it's users that I know. Considering the advice that you've given, I think that it'll be safe to hold your Bitcoin, on the long term in an electrum wallet.

Though I use electrum wallet to store my bitcoins but since you said you've not used it before and considering the facts that you liked it based on remarks from others but I advice that if someone recommend you on something or gives a remark about something, you give it a try on your own to be sure if actually it works the way they recommended it so that you can be more confident when referring it to others or when giving credits to such assertion.

Lucius

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If someone, for whatever reason, does not have the possibility to buy a hardware wallet or does not have the possibility to make an airgapped wallet, and plans to store a large amount of BTC in Electrum, I would advise the following.

First, make sure that there is no virus/malware on the computer by scanning it with a good AV.
Then following the instructions that have already been posted in previous posts, download Electrum from the official site and verify it before installation.
As a third step, go offline and install Electrum following the necessary steps, noting that you can add an additional word (passphrase) to the 12-word seed and enter a strong unique password of at least 10+ characters.
Then we will find something called extended public key (xpub) with which we will create something called watch only wallet, which has all the functionality of your main wallet, but without the possibility of outgoing transactions.
When you are sure that you have saved the seed and password safely (as well as the passphrase if you decide to use it), you can delete your main wallet.
Now you can use your watch only wallet for all incoming transactions without fear that someone will hack you, which is ideal for all those who want to invest in the long term.

https://electrum.readthedocs.io/en/latest/index.html

Awaklara

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Quote from: goodbed on December 09, 2023, 02:06:57 PM

feeling cool,

Came back here after few days to share that I added some btc to my wallet on electum 4.4.6, I'm thinking to keep on and adding more further.
Is it good to store for a long term ?

tnx

In the long term, it might be more advisable to use a hardware wallet. although Electrum for me is also wallet software that I have used for years and have had no problems.
But it all also comes back to how you protect your wallet. In many cases, it is the user's fault.
and for the use of Electrum to hold Bitcoin in the long term I personally have no problem.

livingfree

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Quote from: goodbed on December 09, 2023, 02:06:57 PM

Is it good to store for a long term ?

Yes.

I think that not just me but many have done it that they've used Electrum as their cold storage for so long when just like me don't have a hardware wallet yet before.

It did fine and I might still do it if given the time that I just want to use my old laptop for it. As long as you have the latest version and actual wallet itself from Electrum because a lot of fake and copycats are there.

But having that option this and hardware wallet, take a hardware wallet when you can afford.

Jawhead999

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If you use it properly by verifying the signature, it's already safe enough even though you're use it as a hot wallet, at least it's the most safest among other wallets. But if you plan to hold more than $500 or long term, you can grab a hardware wallet.

Why did this thread posted in Trading Discussion? move to Beginners & Help.

bettercrypto

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Quote from: goodbed on December 09, 2023, 02:06:57 PM

feeling cool,

Came back here after few days to share that I added some btc to my wallet on electum 4.4.6, I'm thinking to keep on and adding more further.
Is it good to store for a long term ?

tnx

Congratulations, then. Continue the good decision you have started here with Bitcoin in terms of saving through DACA. And as you accumulate, feed yourself to delve deeper into the concept that Bitcoin has and don't stop learning it.

And it's also right that you chose to use Electrum because it's one of the main tested software wallets that can hide our bitcoins, as long as you always keep updated on the version that will appear in that wallet.

BRINIRHA

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Quote from: goodbed on December 09, 2023, 02:06:57 PM

feeling cool,

Came back here after few days to share that I added some btc to my wallet on electum 4.4.6, I'm thinking to keep on and adding more further.
Is it good to store for a long term ?

tnx

Well that would be fine as long as you can keep your own wallet safe. It would be better if you just copy the seed phrase manually, such as writing it on special paper or something similar and storing it in a safe place. I even tried to remember my wallet seed Phrase. Even though it's easy to remember. But a few weeks later I forgot some of it again. So I prefer the classic method of writing it manually from then on.

And my advice is that not many people know that you have a lot of assets in your wallet. Even if it's your best friend. Because I think it's very rare for people to be trusted nowadays.

Fuso.hp

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Among all mobile wallets, Electrum wallet has more security, so if you plan to buy bitcoins in your Electrum wallet and hold them for a long time, your bitcoins will definitely be safe. One of the most important things an investor can do before investing is to choose a more secure wallet. If the wallet is not secure, no matter how many bitcoins you buy there, there is a high chance that those bitcoins will be lost. Choosing a wallet first before investing is more important and investors who choose a wallet with more security first before investing are very wise. You have chosen Electrum wallet to hold your investment for a long time, I think it is a right decision for you.

leonair

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Quote from: goodbed on December 09, 2023, 02:06:57 PM

feeling cool,

Came back here after few days to share that I added some btc to my wallet on electum 4.4.6, I'm thinking to keep on and adding more further.
Is it good to store for a long term ?

tnx

Electrum software is one of the best wallets among non-custodial wallets so of course you can hold your bitcoins here without any hesitation. Because you can hold thousands of dollars here, hopefully there will be no problem. But if you plan to hold millions of dollars in the field, you must use a hardware wallet for your greater safety. As software wallets are internet based and if someone gets your private key then he can access your wallet. But hardware wallets don't have this fear

yhiaali3

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Of course time is still good, it would be very good to add more whenever you have the opportunity. I started the DCA strategy a while ago and I will continue with it until after the next Bitcoin halving.

Although the price has risen well over the past few days, I believe that it is still possible to collect more. It is not wise to sell at the present time despite the rise in prices, because selling now will miss a great opportunity to double your money.

So you have to keep holding on.

Kelward

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Quote from: Bitcoin_Arena on December 10, 2023, 06:38:27 PM

Quote from: goodbed on December 09, 2023, 02:06:57 PM

Is it good to store for a long term ?

It's all good so long as the device in which the wallet software is installed is secure, airgapped, and you have good seed phrase back up practices like avoiding copying and pasting the seed, avoiding cloud storage etc. You won't even see the need to buy a hardware wallet.

Although I don't use electrum wallet, but it comes highly recommended as one of the trusted wallets that has many features, and i haven't heard any negative remarks from it's users that I know. Considering the advice that you've given, I think that it'll be safe to hold your Bitcoin, on the long term in an electrum wallet.

rat03gopoh

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Quote from: Catenaccio on December 10, 2023, 09:26:22 PM

~

Added some tips on securing seed phrase/privkey:
https://bitcointalksearch.org/topic/how-best-to-secure-your-private-keys-andor-seed-phrase-5211880
https://bitcointalksearch.org/topic/--5278839

Electrum supports your BTC management needs technically, the rest depends on how you secure your device and your private key/seed phrase. If this all leaks out or hacked, even electrum can't do anything.

OcTradism

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Quote from: Assface16678 on December 11, 2023, 12:54:54 AM

Well, Electrum has a high number of application reviews, and so far the application or wallet has been secured and proven secure

In depth reviews on Electrum wallet from reproducible tests.
https://walletscrutiny.com/android/org.electrum.electrum/

It can be different from version to version. Electrum wallet was exploited in the past if you did not know.
Electrum vulnerability allows arbitrary messages, phishing.

Since 2018, no technical accident from Electrum wallet.

Quote

but the security of your asset will also depend on you and how you will keep your wallet.

It depends on security of the device you use to install Electrum wallet, password for the wallet, and how you use that device, offline, airgap or online.

Many things can affect safety of your bitcoin and only a wallet software is not enough to secure your bitcoin.
Security and Privacy Encylopedia

Assface16678

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Well, Electrum has a high number of application reviews, and so far the application or wallet has been secured and proven secure, but the security of your asset will also depend on you and how you will keep your wallet. And from the looks of it, you are doing DCA and accumulating BTC bit by bit. There is no problem with that; just be careful on what price or position you will bring a bitcoin. For example, if you visit a chart for bitcoin, the price drops rapidly and instantly, so that is a good time to bring more bitcoin and wait for the long term. I think this movement is part of the upcoming bull run of bitcoin, and that's a good opportunity to buy BTC. So you better watch out when you are buying your holdings, as of now BTC is doing a lot of market movements.

FinneysTrueVision

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Electrum is normally used as a hot wallet. In that scenario its security depends on the device it's installed on and how well you protect the recovery phrase and password. For extra security you can purchase a hardware wallet and use Electrum as the interface. A hardware wallet is especially recommended if you hold a large amount of Bitcoin. You could also use multisig or install it on an air-gapped device. If you follow best practices, use common sense, and read the guides in the previous comment you won't really have much reason to worry.

Catenaccio

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Quote from: goodbed on December 09, 2023, 02:06:57 PM

Came back here after few days to share that I added some btc to my wallet on electum 4.4.6, I'm thinking to keep on and adding more further.
Is it good to store for a long term

It depends on your practice.

If you download a fake Electrum wallet, you will lose your bitcoin. So verify your Electrum wallet.
[GUIDE] How to Safely Download and Verify Electrum

When you create your wallet, you will have to set up a password for it. Use a strong password.
[GUIDE] How to Create a Strong/Secure Password
Are your passwords in the green

Hot wallets are more vulnerable to hacks than multisig wallets, cold storage wallets
Creating a multisig wallet[
Creating a cold storage wallet

Bitcoin_Arena

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Quote from: goodbed on December 09, 2023, 02:06:57 PM

Is it good to store for a long term ?

It's all good so long as the device in which the wallet software is installed is secure, airgapped, and you have good seed phrase back up practices like avoiding copying and pasting the seed, avoiding cloud storage etc. You won't even see the need to buy a hardware wallet.

Zaguru12

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Electrum is actually one of the best software wallets, so for online storage it is fair but considering how you’re planning to hold for long then the best advice is to use a cold storage method. Electrum can also be use as an offline wallet if you use an airgap device. Here is a link on how to set up electrum cold storage

You need to be careful when setting this up so you don’t make mistake, if you’re planning to use an old PC then you should remove the Bluetooth and Wi-Fi and then reformat the hardware and install a new OS. Or better still get a hardware wallet like passport or Trezor

goodbed

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feeling cool,

Came back here after few days to share that I added some btc to my wallet on electum 4.4.6, I'm thinking to keep on and adding more further.
Is it good to store for a long term ?

tnx

Topic: Secure on holding my btc on electrum (Read 199 times)