Topic: The right way to store Bitcoin for long term (Read 537 times)

Get a cold card and setup a multi sig wallet with it. Then store the cold card in a separate location. Also it has the option to add a time delay from when you enter your pin until you can send funds.

Holding Bitcoin for a long period can be done with any wallet provided that you have the private keys to penetrate into the wallet, see, from my points of views I seems that to store Bitcoin for long time based on decision making and determination and is not determined by the kind of wallet used to stored it.

Seems that you have already idea about what you are asking because you even know what Ledger nano or trezor
Means and that is one good implication that you know what you are doing here.

That is the safest way storing your bitcoin even that is small amount. Because surely in time adding funds is what
You will need to do.
But make sure to keep safe your seed and key because it will be harder to claim your funds if those are mistakenly loss.

You're just getting started. It's a must to know that you should be the one holding your coins with the private keys. Knowing such information will make you aware of what wallets to avoid and to use.
After all of those suggestions, which wallet do you reckon to use as your cold storage?

The current news revolving around Bitcoin being lost revolves around this Hardware wallets like this ledgers and yes, they really are secure because there can only be a limited number of tries to open it and you really need to remember your initial input password if you want to access your own money. Another thing that you can do is convert it whenever you need it but you can just HODL it in some local wallet that you have because this companies will surely stick forever.

If you are low in money you can use paper wallet, just do not lose it and do not save in visible places. If you have more than 1 BTC then use a hardware wallet. It is considered a hot and cold wallet with numerous safety features built in that comes with a recovery phrase in case it gets damaged. Probably it is the most secure solution to store your BTC and keep them safe even if your computer is infected (hacked).

Great, thank you guys, I've got a lot of response to my thread, which I highly appreciate, and plenty of advice on how to store bitcoins.

I do think this is something that will need improvement for accessibility for 'n00bs' to BTC, as it's a fundamental need for all who adopt for the end goal of a decentralized currency, rather than holding just for the gainz.

Investment is important of the bitcoins. Bitcoin is good opportunity for future savings. Bitcoin day by day increasing the price. So this right time to invest in Bitcoin. Hold the bitcoins long time. Then you get more profits.

The best way to store bitcoin is to either use a hardware wallet, a multisignature wallet or a cold storage wallet. Have your wallet create a seed phrase, write it down on paper and store it in a safe place (or several safe places, as backups). Ideally the wallet should be backed by your own full node

Holding your coins for a long term in an exchange is not a good idea, you should know how to use hardware wallets.

It is really hard to risk your coins into an exchange because hackers can have an access to your coins when these platforms have an error or weakened its security.

Storing bitcoin for a long term purposes needs to have a higher security and comfortability so that you will not worry that much on losing your coins. Just try to buy a hardware wallet because it is also for a long term use and it is worth it to have that if you're a bitcoin holder, try to use Ledger Nano.

For me Nano Ledger or Trezor wallet are the best to use if you are planning to hold it for a long term.
The app that you need is the app that would allow you to access the hardware wallet that you would use I think it is a google chrome extensions.
When I am accumulating BTC I only buy from trading site or from my friends that I trust and send it to my hardware wallet.

1. Yeah, hardware wallets like Trezor should work fine as a cold storage.

2. App for what?


If you are using hardware wallets, make sure you make proper backups in case your hardware wallet gets damaged, lost or stolen. For long term holding, just make sure you take proper security measures and once again don't forget to BACKUP your wallets!

For using a hot wallet? No, lol. You don't need to buy a laptop for just using wallets. You can use your current laptop as long as it is secured, free from any malwares and you "know what you are doing and what links you visit/click online". But, if you are being extremely paranoid, for your own good, maybe get a new laptop for just using crypto currencies. Don't remember when was the last time my computer got infect/hijacked. If you are using wallets like trezor, as far as I know, you wallets will still be safe even if you connect it to an infected computer (do your own research!).

VPN for what? Privacy? Sure.

Number one is the right method for safe bitcoin. I think you can buy one of the hardware wallets recommended to store your bitcoin. You don't have to always check or connect the hardware to the other devices if you don't want to sell at the current price. If you want to store for the long term, you don't have to worry about the price.

Number two will not be necessary if you already have a hardware wallet, but you can use apps to store a small amount of bitcoin and use it for another purpose besides storing the bitcoin. Trading will be a good method to accumulating more bitcoin, but you should have the skills to make a profit.

You don't have to buy a laptop if you already have a desktop PC because you already have a hardware wallets such as Nano or Trezor to your PC. Using VPN will not be a problem, as long as you know what website you visit, so there is no need to worry.

You can use a small amount of bitcoin to trade on the exchange so that you can make a profit from trading. But you should have skills to trade because, without skills, you will not be able to make a profit.

You don't need an application to store your bitcoin. Your bitcoin address on which you store your bitcoin, is created from a private key. If you own a private key, you can retrieve your bitcoin with a wallet that support it.

It is true that you need an application (wallet software) to create your bitcoin private key or mnemonic seed.

Electrum wallet is good and if you are careful, you can create a multi signature wallet.
https://bitcoinelectrum.com/creating-a-multisig-wallet/

Good idea, no problem if you have more money for that.

trezor has developed trezor suite to avoid phishing website. better to use suite than a website.

I just worry about the meaning of storage here, I don't recommend electrum for storage.

The best way to store Bitcoin securely is in a hardware wallet, because you keep the private keys yourself. Because that is the only access to your
Bitcoin, I have been using Nano Ledger for a long time and have never experienced any problems. My Bitcoin is very safe from hackers, I am also
more at ease collecting Bitcoin. Especially if you are planning to hold Bitcoin for the long term, better avoid saving it on exchanges. Since many
exchanges have been hacked, so if you want to store Bitcoin on exchanges only use it for trading. I recommend saving the rest in a hardware wallet
such as Nano Ledger or Trezor.

The cheapest, easiest, most secure way is a paper wallet.

Bad Ways:
1. The worst way would be keeping it on an online exchange.

2. Keeping it in your own hot wallet is better because hackers aren't actively trying to break into your system all the time like they are with exchanges.  As long as you don't accidentally get malware designed to steal crypto downloaded on your computer this is fine. But obviously there is no reason to store long term crypto in a hot wallet of any kind, so again this is a very bad way to store any crypto you plan to hold for a while as it exposes you to risks for no reason.

3. Storing your crypto keys on an air-gapped computer or device is fine, as long as your computer never crashes or breaks or whatever. So again no reason to expose yourself to this risk even though the risk is lower.


Good Way:
Hardware wallet keeps your crypto offline and behind strong hardware security. I am not too familiar with how hardware wallets work in detail, but we've all heard stories of people forgetting their password for the hardware wallet and not being able to access their crypto anymore. And I assume if you lose your hardware wallet you can buy a new one and just put in your password or something to get access to you keys with a new hardware wallet device. But this still holds risks, though they are lower than the "Bad Ways" above. Plus you have to shell out money for a hardware wallet and there is really not reason to do that.


Best Way:
Paper Wallet. This is free, easy, and the most secure way to store Bitcoin. Right down your private and public keys on several pieces of paper. Keep one or two for yourself, give the others to several family members or friends that you trust to store it and not lose it. This way even if something happens to your copy or another copy you have several copies left over (I personally keep one copy and gave three copies to family members). The key here is to encrypt your private key on the paper. Can be as simple as replacing some characters with certain other characters. Just do some encryption scheme that is easy for you to remember, and now this is the only thing you have to remember to access your crypto. This way whoever you give the extra paper wallet copies to can't access them, plus if somehow someone stole a copy of the paper wallet they wouldn't be able to do anything with it.
The likelihood of someone even getting your paper wallet is extremely low, and since you have encrypted the private key on the paper wallet as well it is completely worthless to anybody but you, plus you have several backups so you never run into the problem of losing your keys. Personally I would never use anything besides paper wallet, not even hardware wallets, to store long term bitcoin. It also doesn't have to be physically paper, just as long as it is some sort of physical storage - like the one person in here who mentioned engraving it on metal, that's even better than paper though I guess would cost a little bit of money to do the engraving. But the point is using a physical (paper or whatever) wallet plus encrypting the key itself on there.
Ultimate combo of security, accessibility, and loss prevention.

Nano Ledger or Trezor wallet are the best in the town. Those hardware wallets are super secure since they can protect your money even when your computer has trouble. Multiple coins can be stored in a single wallet so basically it is very convenient. However, you need to be highly responsible because once you lose your private key, password, there will be no chance for you to claim back the money

I also consider using web wallet such as coinbase is a good option for starter like you. Coinbase is a centralized wallet aka third party wallet which developed in a friendly environment. Once you have understand the concept of cryptocurrency, you can move your coins to your hardware or pc wallet

I would suggest to use hardware wallet like a trezor, ledger nano. Both are secured and trustable . You should  sfely store your private key or password. You can use electrium app also

over the years i have found that the answer to your question is different for different people. usually people prefer to buy a hardware wallet and be done with it by relying on it to be secure. nowadays that they support some altcoins too, they have taken the market and have sold a lot of it to many people looking to secure their bitcoins for long term.

i personally prefer to do it myself without relying on any company and their product so i always stick to what i know, which is paper wallet for long term storage, an offline computer for my cold storage that i can access and a hot desktop wallet for day to day use with small amounts.

the only thing i can add here is to tell you to not be afraid of trying multiple different methods before you see which one you like.