Selecting the best wallet is a major concern for any crypto trader. A wallet is what makes sure your money stays secure and you can easily carry out the transaction. An extremely important factor in crypto trading is a decent wallet. As bitcoin is the biggest and most famous cryptocurrency, hundreds of wallets are available.
If you're only using the wallet to hold bitcoins or HODLing for longer term investment, then that's a cold wallet. Cold wallets are kept off line in a safe place where no one can access them and are therefore safer than hot online wallets.
Using a paper wallet is the simple option, allowing you to print a wallet and key that can be stored in a safe or secure deposit box. When you ultimately want to spend, you can read the key into many different hot wallets.
Topic: -what are the best Bitcoin wallets? - page 2. (Read 587 times)
I'd strongly recommend Trezor for storing big amounts of crypto and Ownr wallet for keeping small number of coins.
Sometimes I wonder how is that even possible that in 2021 people still don't get the difference of what is a wallet, what is an exchange, what is a private key and so forth.
Exchange ≠ wallet: never forget this unless you to find yourself a king without a kingdom
(thanks for it Lucius)
Exchange ≠ wallet: never forget this unless you to find yourself a king without a kingdom
(thanks for it Lucius)
Binance is truly outstanding and most secure trades yet it's as yet a trade, not a wallet. You should utilize it to exchange not to store your coins as long as possible. On the off chance that you are not an informal investor, at that point, I recommend you pull out your assets to a non-custodial wallet.
Can't say enough about Electrum. You may always end up wanting to go hardware eventually. Trezor and the like as Charles-Tim points out are open source and in good standing reputation-wise, but learn as much as possible from a wallet like Electrum first -- lightweight and yet robust, advanced coin control, native segwit and now even Lightning features. Really doesn't get much better than that for a free and mature piece of software.
I kept my Bitcoin on Binance since 2017 and I feel pretty safe. Pretty dumb move but so far have not been hacked. However, the new bullrun is approaching and anything can be expected to happen.
Mightiest have fallen before, so I'd like to play it safe.
what Bitcoin wallets would you recommend for storage? or any other viable solutions?
Mightiest have fallen before, so I'd like to play it safe.
what Bitcoin wallets would you recommend for storage? or any other viable solutions?
It is good you agreed and realised that it is a pretty dumb move, hence looking for a way to correct it. The truth that has been said here a number of times is that, no exchange is safe when it comes to storing your cryptocurrencies, they can be hacked and at least the one of Kucoin also reminded people of that, therefore you need to take your security of assets very seriously. However, the best form of wallet is hardware wallets like Trezor, but if you are trader and want something easily accessible then mobile wallets can also come handy, such as Trust wallet, Coinomi etc can also be used, thus whichever you chose, the overall viable solution is to keep assets off exchanges rather to a personal wallet. Also, learn a very important thing and that is, safeguard your private keys and mnemonic words very well.
what Bitcoin wallets would you recommend for storage? or any other viable solutions?
There are many different Bitcoin wallets and at this point it's best to know the pros and cons of each. My personal choice is the Trezor hardware wallet. Not only do they have a gorgeous design but you can manage Bitcoin with a hardware device that protects your private keys from unauthorized use which is great for security reasons.
If you don't want to invest in a hardware wallet at the moment, the next popular solution is a paper wallet for long-term storage or a desktop or mobile version of the Electrum wallet for frequent use.
I guarantee you that a Ledger Nano will also help you to secure your private keys.
I only use mobile wallets before but I think that I'm not that confident in holding my bitcoins only in a digital wallet because it might get hacked.
That's the advantages of having a hardware wallet because you are the only one who can access it and if you made a mistake with it then that's your fault.
Binance is one of the best and most secure exchanges but it's still an exchange not a wallet. You should use it to trade not to store your coins for long term.
Exchange wallet is for trade and not for storage. You store your bitcoin, crypto on exchange, in exchange wallets for temporary purposes, and for trading. If you hold crypto and plan to wait for months to take profit, let's move them to your own non custodial wallets.Binance has a good service and their reputation is good as they compensated customers in past hack. They might compensate for future hacks but they also might not. Bet your life on exchange even it is Binance is not good.
Store crypto in your own non custodial wallets require you to manage all risks and sometimes, for some people, exchange wallets are better. I could be wrong but I think if a person has an infected device and bad behavior, exchange wallet is better as exchange has multiple layers of protection.
Binance is one of the best and most secure exchanges but it's still an exchange not a wallet. You should use it to trade not to store your coins for long term.
If you are not a day trader, then I suggest you withdraw your funds to a non-custodial wallet.
A good hardware wallet costs $50-$100 so it's not that expensive. If you can't afford to buy one, then you can try Electrum which is one of the most popular bitcoin wallets.
If you are not a day trader, then I suggest you withdraw your funds to a non-custodial wallet.
A good hardware wallet costs $50-$100 so it's not that expensive. If you can't afford to buy one, then you can try Electrum which is one of the most popular bitcoin wallets.
I kept my Bitcoin on Binance since 2017 and I feel pretty safe. Pretty dumb move but so far have not been hacked. However, the new bullrun is approaching and anything can be expected to happen.
Mightiest have fallen before, so I'd like to play it safe.
what Bitcoin wallets would you recommend for storage? or any other viable solutions?
I have been using mobile wallets such as Mycelium, Coinomi and Electrum without any problem. I don't recommend storing Bitcoins on exchanges because your funds might be compromised anytime. Mightiest have fallen before, so I'd like to play it safe.
what Bitcoin wallets would you recommend for storage? or any other viable solutions?
But I think they have pretty damn good security measures that the chances of this happening are almost non-existent.
Probably, and I definitely hope so. Binance getting hacked would be a total DISASTER. Probably even something even bigger than MtGox(don't quote me on this).
With that said, let's not forget that people deemed exchanges like MtGox and Bitfinex as "very secure" years ago. We all know what happened.
I kept my Bitcoin on Binance since 2017 and I feel pretty safe. Pretty dumb move but so far have not been hacked. However, the new bullrun is approaching and anything can be expected to happen.
Mightiest have fallen before, so I'd like to play it safe.
what Bitcoin wallets would you recommend for storage? or any other viable solutions?
Mightiest have fallen before, so I'd like to play it safe.
what Bitcoin wallets would you recommend for storage? or any other viable solutions?
Binance is a centralized exchange. As long it's not your keys, not your coins as well. Binance is recommended for day trading, not for long-term holding or storage. I suggest you keep your coins in a hardware wallet like Ledger Nano S and Trezor. You will have the full custody of your Bitcoins because you own the private keys and no interference from third parties.
Many wallets have been suggested by other users. Keep in mind, when your funds on a centralized exchange mean funds aren't in your custody. It's been controlled by the exchange, they could freeze it for any reason like money Laundering or suspicious activities. The best option is buying a hardware wallet, but remember always, just buy a hardware wallet or use a noncustodial wallet doesn't mean you are fully safe if you can't protect your seeds and private keys properly. It's quite important when you are going to hoke your funds in your own custody. Always verify the source before using wallet software. Because many phishing sites would lead you to a hack attempt.
I kept my Bitcoin on Binance since 2017 and I feel pretty safe. Pretty dumb move but so far have not been hacked. However, the new bullrun is approaching and anything can be expected to happen.
Mightiest have fallen before, so I'd like to play it safe.
what Bitcoin wallets would you recommend for storage? or any other viable solutions?
Mightiest have fallen before, so I'd like to play it safe.
what Bitcoin wallets would you recommend for storage? or any other viable solutions?
Don't keep your funds like bitcoin in any crypto exchange, that is not safe. You need to secure your bitcoin in a secured bitcoin wallet like electrum or other off line wallet. In our country I only use local bitcoin wallet which is safe and easy to convert and cash out in fiat money if I needed. But I also use Electrum, it was a good bitcoin wallet I already tried using.
I recall that. They did compensate everyone who lost their assets tho which was nice
Yes, and it's because only a small number of accounts have been compromised. Though they seem to be taking security seriously, and though the chances of their cold wallets getting hacked is highly unlikely, it's still non-zero. If their cold wallet does get hacked, then they wouldn't be able to compensate anything.
Yes, Binance is allocating 10% of its total trading fees to an insurance fund and has paid out $ 40 million from that fund to affected users of the last hack.
I'm not sure how deep that insurance fund is, but I doubt it will cover the cost of one global hacking of the entire platform. But I think they have pretty damn good security measures that the chances of this happening are almost non-existent.
I recall that. They did compensate everyone who lost their assets tho which was nice
Yes, and it's because only a small number of accounts have been compromised. Though they seem to be taking security seriously, and though the chances of their cold wallets getting hacked is highly unlikely, it's still non-zero. If their cold wallet does get hacked, then they wouldn't be able to compensate anything.
I kept my Bitcoin on Binance since 2017 and I feel pretty safe. Pretty dumb move but so far have not been hacked. However, the new bullrun is approaching and anything can be expected to happen.
Mightiest have fallen before, so I'd like to play it safe.
what Bitcoin wallets would you recommend for storage? or any other viable solutions?
Shouldn't have used an exchange to store any cryptocurrencies, far too risky. Not judging, since I've also done it myself. Kept both Bitcoin and cash on my Bitstamp account, which was then left inactive for at least 2 years. Mightiest have fallen before, so I'd like to play it safe.
what Bitcoin wallets would you recommend for storage? or any other viable solutions?
I've only used online wallets till now, I've always used BitGo and the Blockchain online wallet and had no issues so far. Recently, I downloaded and installed Electrum on my computer.
IIRC binance was hacked on 2 years ago, gladly your funds still there until now.
But even though you think your coins in binance is safe since you hold it since 2017 that's doesn't mean your coins will be safe in future.
If you had high amount money in binance and never do any transaction from 2017, it's possible Binance will ask you to provide KYC to make sure you're the real owner and prevent from money laundering.
As has been said above, use hardware wallet or at least electrum to hold your funds safely.
But even though you think your coins in binance is safe since you hold it since 2017 that's doesn't mean your coins will be safe in future.
If you had high amount money in binance and never do any transaction from 2017, it's possible Binance will ask you to provide KYC to make sure you're the real owner and prevent from money laundering.
As has been said above, use hardware wallet or at least electrum to hold your funds safely.
I recall that. They did compensate everyone who lost their assets tho which was nice
IIRC binance was hacked on 2 years ago, gladly your funds still there until now.
But even though you think your coins in binance is safe since you hold it since 2017 that's doesn't mean your coins will be safe in future.
If you had high amount money in binance and never do any transaction from 2017, it's possible Binance will ask you to provide KYC to make sure you're the real owner and prevent from money laundering.
As has been said above, use hardware wallet or at least electrum to hold your funds safely.
But even though you think your coins in binance is safe since you hold it since 2017 that's doesn't mean your coins will be safe in future.
If you had high amount money in binance and never do any transaction from 2017, it's possible Binance will ask you to provide KYC to make sure you're the real owner and prevent from money laundering.
As has been said above, use hardware wallet or at least electrum to hold your funds safely.
i am using nano ledger since 2018 and until now it is safe. You have to do this to keep your assets from being hacked because currently only hardware wallets can help you to secure your assets.
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