Topic: The right way to store Bitcoin for long term - page 2. (Read 543 times)
Your motive is really very admirable. This is really good news if you want to store many more bitcoins in the future. Now I think you should save your precious bitcoin using Ledger Nano or Trezor. You can rest assured.
Always use a reliable wallet such as a ledger, trezor, or cold wallet. It is important to save your private key for recovery in case something happened to your laptop or mobile. You can also use the Electrium app for storage.
As long as you can access and save the private key I think it will be fine in the long term, because even if you change devices, but if you have and keep the private key it will be restored when you reinstall the application on a new device. Whatever has to do with accessing the wallet as long as we keep it well I'm sure it will be safe for the long term, because even if you use a reliable application but you are careless in storing passwords, private keys etc., it still won't keep you safe even if you have used reliable application.
Safety should be our priority in terms of our assets in cryptocurrency industry so it is also an investment. I think the best way to store Bitcoins for long term purposes is by keeping it out of the internet like paper wallets, hardware wallets or anything that can be weather proof.
This is the fact, but I will prefer to use open source because I can know the codes my wallet is using, I will prefer hardware wallet. There are lists of ole source hardware wallets in some topics. Open Source Hardware wallets
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I will prefer Trezor it is common and safe to use
Hi guys,
I've been trying to learn about how to cold store securely my small bitcoin holding, and where I can move to as I buy more. I expect to be picking up more and more over the coming weeks and months.
1) Is something like a Nano Ledger or a Trezor the right method?
2) What app should be used?
Is there another more definitive, secure method of accumulating BTC for long term holding?
Thanks!
I've been trying to learn about how to cold store securely my small bitcoin holding, and where I can move to as I buy more. I expect to be picking up more and more over the coming weeks and months.
1) Is something like a Nano Ledger or a Trezor the right method?
2) What app should be used?
Is there another more definitive, secure method of accumulating BTC for long term holding?
Thanks!
Safety should be our priority in terms of our assets in cryptocurrency industry so it is also an investment. I think the best way to store Bitcoins for long term purposes is by keeping it out of the internet like paper wallets, hardware wallets or anything that can be weather proof.
2. In Ledger, you need Ledger Live. In trezor, I don't know because I haven't used it but you check their website - https://wallet.trezor.io/#/
You can use ledger live to operate ledger nano, but electrum wallet is also built as hardware wallet extension, you can operate your hardware wallets on electrum, be it trezor, ledger nano and many others. Electrum is all in all wallet. Is there another more definitive, secure method of accumulating BTC for long term holding?
For accumulation, cold wallet storage will be good. Electrum cold wallet storage is fine while another device needed for watch-only, you can have a paper wallet, and some ways to create airgapped wallets like hard drive wallets. But for ease of use, cold electrum wallet used with watch-only electrum wallet and hardware wallets are recommendable. Just use a wallet that you hold the private keys like Electrum.
Hi guys,
I've been trying to learn about how to cold store securely my small bitcoin holding, and where I can move to as I buy more. I expect to be picking up more and more over the coming weeks and months.
1) Is something like a Nano Ledger or a Trezor the right method?
2) What app should be used?
1. Is a yes. Ledger and Trezor are both trusted hardware wallet manufacturers.I've been trying to learn about how to cold store securely my small bitcoin holding, and where I can move to as I buy more. I expect to be picking up more and more over the coming weeks and months.
1) Is something like a Nano Ledger or a Trezor the right method?
2) What app should be used?
2. In Ledger, you need Ledger Live. In trezor, I don't know because I haven't used it but you check their website - https://wallet.trezor.io/#/
Is there another more definitive, secure method of accumulating BTC for long term holding?
Thanks!
Just use a wallet that you hold the private keys like Electrum. Thanks!
Yes, a Hardware wallet is the best way to store your bitcoin safe but always bookmark the link from where you open the hardware wallet. Personally, I am using Trezor wallet and did not face any issue or problem to date so I advised everyone to use a hardware wallet to store your precious coins.
The best way you can go is definitely a hardware wallet with a display on which you can confirm transactions. You should always have the recovery seed securely stored somewhere when you use a hardware wallet, in case your device breaks or is lost. You can then easily recover the entire wallet with al l the previously stored coins on it.
Why is a wallet with hardware better than a wallet with paper? You need to trust the interface you are using when you spend it out of a paper wallet as you give it your private key. It becomes unsafe after using a paper wallet, and you need to transfer your coins to a new wallet. with a hardware wallet, this will not happen, as all operations are done on it, and only the outcome is sent back to the interface.
Why is a wallet with hardware better than a wallet with paper? You need to trust the interface you are using when you spend it out of a paper wallet as you give it your private key. It becomes unsafe after using a paper wallet, and you need to transfer your coins to a new wallet. with a hardware wallet, this will not happen, as all operations are done on it, and only the outcome is sent back to the interface.
Hardware wallets like trezor and ledger nano are recommended, I will also recommend you to use electrum as the app you will use to operate the hardware wallet, you can download it from electrum.org.
I agree, these hardware wallets that are existing will make you confident and have a full access with your bitcoins only.
You will not worry online when you think that your bitcoins are not safe. But if you lose your hardware wallet then that's your fault that's why you still need to secure it in your place.
But, irrespective of the wallet you are using, you need to operate the device in a clean internet environment in such a way the device used to operate it should contain no malware.
Don't click unknown links when spending time in the internet because when you are accessing many platforms there are a lot of hacks and scams that might fool you and steal your bitcoins.
Be mindful and aware in the internet and also don't let other people have access on your devices.
The two methods mentioned by you OP is commonly used by everyone tbh.
These are the best ways in order to securely store your BTC.
But if you don’t have a huge amount of BTC to store, then you can store at exchanges or popular wallets online.
Though you still have option to save the coins in your hardware wallet and hardware wallet is more secured, still many people store their BTCs in online wallet.
Nevertheless we can’t say anything to anyone’s decision. So there are many methods to store the BTCs securely.
These are the best ways in order to securely store your BTC.
But if you don’t have a huge amount of BTC to store, then you can store at exchanges or popular wallets online.
Though you still have option to save the coins in your hardware wallet and hardware wallet is more secured, still many people store their BTCs in online wallet.
Nevertheless we can’t say anything to anyone’s decision. So there are many methods to store the BTCs securely.
What ever wallet you use as long as you set all the security that need to do and your details is very secure your bitcoin is safe and no one can hack it , also make sure your private key is in the safe place or you will better to keep it offline also or write it down to the paper and keep it safe because that is problem of the investors who forgot their private key and they lost millions of dollars by forgetting it.
I think the Nano ledger is a smarter choice to store all of your BTC. It is way more safer and secure.
Electrum on an airgapped LUKS-encrypted PC or hardware wallets. I prefer the former as it's fully customizable (hardware components, operating system, storage space etc). There are DIYs for Trezor if you're interested in creating a coin storage device by yourself.
No matter what you do, be extra paranoid especially when you're planning something for the long term. Is that password good enough? Does that airgapped PC really not have any wireless modules in it such as WiFi or Bluetooth? Is the Electrum version audited and verified? and so on. Little mistakes make for big losses here, so a few more minutes spent per each step will maybe end up as a waste of time but better safe than sorry.
No matter what you do, be extra paranoid especially when you're planning something for the long term. Is that password good enough? Does that airgapped PC really not have any wireless modules in it such as WiFi or Bluetooth? Is the Electrum version audited and verified? and so on. Little mistakes make for big losses here, so a few more minutes spent per each step will maybe end up as a waste of time but better safe than sorry.
The best way is to invest it into trading or hold it in a secure exchange, so you can sell it later when the BTC price pumped.
This is a wrong perspective; It is very unsafe to keep your long term investment token on an exchange; because it is not the safest or most secure. The safest place to store your funds is on your cold storage or your paper key and you have to make sure not to compromise your private keys
Hi guys,
I've been trying to learn about how to cold store securely my small bitcoin holding, and where I can move to as I buy more. I expect to be picking up more and more over the coming weeks and months.
1) Is something like a Nano Ledger or a Trezor the right method?
2) What app should be used?
Is there another more definitive, secure method of accumulating BTC for long term holding?
Thanks!
I've been trying to learn about how to cold store securely my small bitcoin holding, and where I can move to as I buy more. I expect to be picking up more and more over the coming weeks and months.
1) Is something like a Nano Ledger or a Trezor the right method?
2) What app should be used?
Is there another more definitive, secure method of accumulating BTC for long term holding?
Thanks!
Hardware wallet is the safest method to store your BTCs where you have the full custody of your private keys (unless if you're so dumb in revealing them to anyone). No central authority or government could stop or freeze your funds with the non-custodial hardware wallets like Ledger Nano S and Trezor.
The best way is to invest it into trading or hold it in a secure exchange, so you can sell it later when the BTC price pumped.
Hi guys,
I've been trying to learn about how to cold store securely my small bitcoin holding, and where I can move to as I buy more. I expect to be picking up more and more over the coming weeks and months.
1) Is something like a Nano Ledger or a Trezor the right method?
2) What app should be used?
Is there another more definitive, secure method of accumulating BTC for long term holding?
Thanks!
I've been trying to learn about how to cold store securely my small bitcoin holding, and where I can move to as I buy more. I expect to be picking up more and more over the coming weeks and months.
1) Is something like a Nano Ledger or a Trezor the right method?
2) What app should be used?
Is there another more definitive, secure method of accumulating BTC for long term holding?
Thanks!
I'm more orthodox and old school. I cannot trust hardware for 10+ years without checking it regularly.
For my cold wallet, I bought an engraving machine from eBay and engraved the private key on four metal placed then placed in different places.
Simply..
Since you will store big amounts, use a hardware wallet so you can confirm the transactions from it. Also make sure to save your wallet seed in a safe place and also try to memorize it!
About the app/wallet. Use a computer and avoid mobiles. Use electrum for example. Download it from the official site and always check the addresses when you send transactions.
Since you will store big amounts, use a hardware wallet so you can confirm the transactions from it. Also make sure to save your wallet seed in a safe place and also try to memorize it!
About the app/wallet. Use a computer and avoid mobiles. Use electrum for example. Download it from the official site and always check the addresses when you send transactions.
Hi guys,
I've been trying to learn about how to cold store securely my small bitcoin holding, and where I can move to as I buy more. I expect to be picking up more and more over the coming weeks and months.
1) Is something like a Nano Ledger or a Trezor the right method?
2) What app should be used?
Is there another more definitive, secure method of accumulating BTC for long term holding?
Thanks!
I've been trying to learn about how to cold store securely my small bitcoin holding, and where I can move to as I buy more. I expect to be picking up more and more over the coming weeks and months.
1) Is something like a Nano Ledger or a Trezor the right method?
2) What app should be used?
Is there another more definitive, secure method of accumulating BTC for long term holding?
Thanks!
I'm more orthodox and old school. I cannot trust hardware for 10+ years without checking it regularly.
For my cold wallet, I bought an engraving machine from eBay and engraved the private key on four metal placed then placed in different places.
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