Topic: Selecting a proper way to store my Bitcoins (Read 274 times)

Seed is generated on the device itself, that's the point of the whole procedure - in case your computer is infected with a virus/malware, backup will not be compromised (seed words). It is important that you never enter this seed anywhere except in the Trezor itself in case you are doing a wallet recovery. Due to the physical hacking of the device, which is possible in case someone steals it from you, or you lose it, it is necessary to install additional protection called passphrase.

Take a look at this video tutorial, I think everything is very well and explained in detail -> Trezor Model T Guide & Review

Appreciate it!

Check the appropriate section for Trezor/Hardware wallet questions.

--> https://bitcointalk.org/index.php?board=261.0

To crown it up, it is important to note that, of all the credible security measures or systems provide/available out there, the ways to its compromise begins and ends with you not excluding when exchanges are used which is not advised. Exchanges are more loosed as they are non custodial wallets and have no private key or seed phrase. So its more susceptible to hacks than using wallets.
You been the beginning and end of a possible compromise on your security is you not being cautious of your activities. Being too hasty and not verifying apps, sites and platforms before giving of vital details, including clicking suspicious links.
Avoid them and your squarely safe.

Thank you for the heads up, from what I have seen on youtube it seems like once you click the "generate the recovery seed" button on their website, the site comes up with a random key I suppose.. Any Trezor users that can confirm?

Yes, that's the official website for trezor.

I haven't used a trezor but if the generation of recovery seeds is just the same as the nano, make sure that you're the one generating those seeds.

If there's already a printed one, reset it and make a new one.

In the end, I have decided to go with a hardware wallet. Hopefully, Trezor.io, is the official site lol, from here on, I will make sure that before I plug it into my computer, the computer will be malware-free so no coins will be stolen and the device won't be compromised. Thank you, guys!

About wallets, i won't recommended any at the moment as a few best have been recommended above already and it's a necessity that you do your own private research on each individual wallet before picking any and never to forget that, you are your own best security so, it is important you do all you can to stay private about your seed phrase, private key and even your password.

On the other hand, to send bitcoin to your wallet, you've just got to look out for the deposit address, copy it and paste it for whom or the deposit section of where you intend to be getting your bitcoin from.

Its also important to confirm the address after pasting, possibly by placing the addresses side by side using whatever means avail to you because, there are malwares with the capacity of switching the address and you never can be so sure. In one wrong instance, the address goes wrong and the deposit goes sideways. If its important to you, always have a means to confirm your address before processing.

The most convenient wallet to use are mobile wallets, they are secured too but not as secured as hardware wallets but for convenience I'd go for mobile wallet, all you got to do is safeguard your recovery seed and you would be fine, trust wallet seem cool

Did you use a reshipper though to ship it to PO Box or not?  I assume you got a PO Box at your local USPS assuming you are in the US?  Is that best option for the US if you want to order this?


But is there no point if you already ordered a nano ledger s previously from ledger since you are already in their database?

I've ordered a lot of things to my PO box, hardware wallet included. Reshipper are companies which takes your mails parcels and ship them to you after or lets you collect it somewhere. It creates another hop in the shipping process.

Hardware wallets are the way to go.

(tip)Make sure you purchase from the official website, as in the Manufacturer

(tip)Make sure to record and secure the private seed for the wallet.

I use both Trezor and Ledger.

I use the Trezor for my long term holding and the ledger for more regular
movement of crypto. I do this with my smartphone with the Ledger app
installed and an OTG cable.

To move your coins off the exchange all you need is an address from
the hardware wallet.

Topic: [General] Bitcoin Wallets - Which, what, why?  (Read 127172 times)

All the above explanations are good, I will add just my experience with the hardware wallets. I have been using a Ledger for a couple of years and can say they are durable and reliable. Hardware wallets may be the best option and with Ledger, Trezor is also a good recommendation. Online wallets are just transitional and if you intend on being in this for the long haul, you will need something that can last and be more secure. Don't wait, get a better wallet ASAP.

The way that you store the bitcoins is based on how much activity you have with your wallet.

1.-If you have a Hot Wallet:
If you receive and send transactions daily, you need to install the wallet software like Electrum or use a web wallet, but this second option isn't secure at all.

2.-If you have  a Cold Wallet:
For users who only want to save their coins and wait for a long time a paper wallet or a hardware wallet is a good option, the paper wallet for me is the most secure way, but remember to save it in a safe and secure place.

The important thing about the wallets is to have a backup of your private key, that way you own the addy and can change to almost any other wallet you want at any time.

A reshipper is a person or a business that accepts products ordered at their address and delivers them to you. It may cost you $10 or more, and it could take several days, but in this way you can keep your privacy.

Have you ordered a hardware wallet and sent it to a PO box?  What do you mean by a reshipper?  Thats interesting because if you do it that way, then well your address won't be on the nano ledger s database.

One thing that you need to know that it would be best not to use web wallets at all. Together with exchanges, it's least safe place to keep your coins. But if you decide to use it, at least choose wallet which gives you full control of coins - give you recovery seed or private keys and don't require things like KYC.
Software wallets isn't bad choise. But you should be careful with phishing apps. Also, if your device got virus, it's big risk that you'll lose your coins.
Paper wallet is safe, but not convenient choice. If you're planning to hold your coins for long time without touching it, it's good option. But if you transfer coins often, it will be not convenient to use. Also, paper wallet is vulnerable thing, you should protect it well.
Hardware wallet is probably safest option. Yes, it costs some money, but I think it's not big investment in order to secure your coins. It's important not to buy hardware wallet from unofficial resellers and protect your recovery seed.

Among all the types of wallet listed above with their various characteristics, you should be careful when performing installation in your device because of some phishing links and malwares, if you are considering hardware wallet, do not fail to download through their website, searching directly from playstore may result to you downloading the fake and wrong wallet.
Also saving the 12/24 mnemonic seed phrases generated during software and wallet creation is an important and necessary priority as long as you consider long term holding, web wallet is not preferable and should be considered as best wallet.

This thread, [General] Bitcoin Wallets - Which, what, why? that was pinned post on this board, it might be good if you read this carefully and understand very well before using and storing your Bitcoin in a secure wallet.  It gives information and ideas on how to have security and the best convenient Bitcoin wallet.

Transfer your Bitcoin into a safe wallet and has the strong security that you choose.
There's an article from Binance that explained very well on How do I Deposit/Withdraw Cryptocurrency.  That might will help you.

For some devil point purpose, there might potential scammers who read your post and be careful if there's someone sending you a PM, they might offer their help, don't disclose any of your important credentials and login information in your account.  Just publicly ask in here and anyone will help you.

I will answer my opinion from your quote, pick the desired wallet as you want.

Software wallet: If you choose noncustodial wallet software, means full control of your funds on your hands. But there is still a risk of getting hack by device hacking. A custodial wallet means the fund isn't fully under the control of you and hacking possibility more than a noncustodial wallet.

Hardware wallet: Fully secured, just need to make sure your wallet credentials like seeds are safe. Hardware wallets hide your private keys, so even your device is hacked, the hackers can't see the private key and can't spend the funds. Always need to sign transactions from the device. Make sure to backup your wallet seed and both (wallet and seed) stored in a secure place.

Paper wallet: I wouldn't agree to use the paper wallet to handle your funds anyway. There is a high risk during generating and importing your private keys especially phishing attempts. Also, there are a few issues during spending like change address which would lead to losing your funds.

Web wallets: Web wallets are really not a wallet. It's just an algorithm. Because there are not true funds, they store your bitcoin under control of them because it's a custodial wallet. When you make a withdrawal, they just send that funds from their hot/cold wallet. I won't recommend it to use to store your funds.

Exchange isn't really safe to store your funds unless you want to trade there. For me, storing your funds on a hardware wallet is quite safer than another wallet. If the amount is bigger then perhaps you would choose a cold wallet as well. Depends on you now which wallet suits you. Please always make sure the address when you are copy pasting.