Binance is a good exchange and you can trust it. For your lifespan, you need custodial wallets to store your bitcoin. The same way whales, institutes move their bitcoin from exchanges to their wallets (cold wallets maybe).
https://electrum.org/#download
https://bitcoin.org/en/bitcoin-core/
Electrum is lighter and does not require huge data space to store the blockchain data on your computer. With bitcoin core, you can use prune node if you don't have enough data space but prune node has its flaws (resync wallet from genesis block).
If you only need a wallet to store, send, receive bitcoin, has issues with storage space, and don't have need to use Coin Join transactions, Electrum is a wallet to go.
Off topic but your username is email address that is bad. You can send request to theymos to change your username. I know one user weeks ago got acceptance to change username (from email address to a new one).
Good topics on security and privacy. You will get some topics for wallets, backups, how to make transactions safely, privacy, and more.
Topic: -what are the best Bitcoin wallets? - page 3. (Read 606 times)
You're lucky to still have your bitcoin through Binance despite that it's been hacked in the past because there's a tendency that they won't refund affected users although, they did. And that proved them to be one of the best exchanges that we have.
But they'll remain as an exchange and not for keeping your bitcoin safe. Do you have an allocated budget that you're good with to purchase a Ledger wallet? the old version is Nano S and the newest is the Nano X.
The price of Nano X is x2 compare to the old version, Nano S but it has more features and more supported coins. I haven't used a Nano X and I'm still okay using the old version which so far so good and never experienced any problem holding my own bitcoin on it.
Thus, if you don't like purchasing one. These wallets below are the best candidates.
But they'll remain as an exchange and not for keeping your bitcoin safe. Do you have an allocated budget that you're good with to purchase a Ledger wallet? the old version is Nano S and the newest is the Nano X.
The price of Nano X is x2 compare to the old version, Nano S but it has more features and more supported coins. I haven't used a Nano X and I'm still okay using the old version which so far so good and never experienced any problem holding my own bitcoin on it.
Thus, if you don't like purchasing one. These wallets below are the best candidates.
Electrum and Wasabi
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.
The risk of storing cryptocurrencies on online wallets/exchanges is great, not only because such platforms are always exposed to hacking, but also because any user can become a victim of phishing or theft of login data in some other way. The advantage of non-custodial wallets (hardware, desktop, mobile) is that the user has full control over his private keys and during outgoing transactions he can determine how much fee he wants to pay. The best crypto wallet is the one that the user really knows how to use in the right way, so even the best wallet in the wrong hands is worth nothing.
dejankralj101, until you are 100% sure what is what, and how it works - you better leave everything as it is now, otherwise you could become a king without a kingdom
dejankralj101, until you are 100% sure what is what, and how it works - you better leave everything as it is now, otherwise you could become a king without a kingdom
That just made my day m8
If I had some merit I would merit you. But best I can do is thank you.
Cheers!
The risk of storing cryptocurrencies on online wallets/exchanges is great, not only because such platforms are always exposed to hacking, but also because any user can become a victim of phishing or theft of login data in some other way. The advantage of non-custodial wallets (hardware, desktop, mobile) is that the user has full control over his private keys and during outgoing transactions he can determine how much fee he wants to pay. The best crypto wallet is the one that the user really knows how to use in the right way, so even the best wallet in the wrong hands is worth nothing.
dejankralj101, until you are 100% sure what is what, and how it works - you better leave everything as it is now, otherwise you could become a king without a kingdom
dejankralj101, until you are 100% sure what is what, and how it works - you better leave everything as it is now, otherwise you could become a king without a kingdom
So far you are safe with Binance because they are one of the largest crypto exchanges and the most reputable one, so probably you're safe for a while. They also promised their user to have a SAFU service. But it doesn't mean that you are safe forever and I don't think it is good to hold Bitcoin on an exchange where you didn't hold the private key.
This has been always reminded on the forum, "Not your keys, Not your Coin". Better to choose an open-source wallet that supported not only Bitcoin but also altcoin in one wallet.
Heads to this [BIG LIST] Hardware wallets (80+) and do research on your own, and if you wanted to use the Custodial vs. Non Custodial Wallets - "Not your keys, not your coin" Explained you might also know the pros and cons, its better safe than to say sorry.
This has been always reminded on the forum, "Not your keys, Not your Coin". Better to choose an open-source wallet that supported not only Bitcoin but also altcoin in one wallet.
Heads to this [BIG LIST] Hardware wallets (80+) and do research on your own, and if you wanted to use the Custodial vs. Non Custodial Wallets - "Not your keys, not your coin" Explained you might also know the pros and cons, its better safe than to say sorry.
Assuming you have a sizeable amount of bitcoin and if you don't know(and are not confident) in securely creating yourself your own air-gapped device, then I would recommend pickup up a(or a few, if you can afford testing them all yourself) reputable hardware wallet.
Coldcard[1]: arguably the best in terms of security and privacy, but user experience is quite bad and it's more for intermediate users imo.
Ledger[2] and Trezor[3]: Privacy downsides if you use their official software, but you can always use these with wallets like Electrum and Wasabi. Probably the best option for beginners.
[1] https://coldcardwallet.com/
[2] https://ledger.com/
[3] https://trezor.io/
Coldcard[1]: arguably the best in terms of security and privacy, but user experience is quite bad and it's more for intermediate users imo.
Ledger[2] and Trezor[3]: Privacy downsides if you use their official software, but you can always use these with wallets like Electrum and Wasabi. Probably the best option for beginners.
[1] https://coldcardwallet.com/
[2] https://ledger.com/
[3] https://trezor.io/
For holding high amount of bitcoin, hardware wallest like trezor, ledger nano, Keepkey or Coldcard are good, but amount all, trezor and ledger nano are one of the most common. But, know that ledger nano is a closed source wallet, that is why I prefer the open source ones like trezor.
You can also use electrum, it is open source and good, you will need to read more about it as you can use it as normal wallet, 2fa wallet, multisig and as cold wallet, depending on which option you will like. For storing higher amount, you can also use electrum as cold wallet, but you will need two device for that. One as watch-only wallet an the other as cold wallet which will remain offline permanently.
Mycelium is also a good wallet, but it is a mobile wallet and not supporting desktop, unlike electrum that support all devices, it is open source too but it is online/hot wallet and can not be good for storing high amount.
You can also use electrum, it is open source and good, you will need to read more about it as you can use it as normal wallet, 2fa wallet, multisig and as cold wallet, depending on which option you will like. For storing higher amount, you can also use electrum as cold wallet, but you will need two device for that. One as watch-only wallet an the other as cold wallet which will remain offline permanently.
Mycelium is also a good wallet, but it is a mobile wallet and not supporting desktop, unlike electrum that support all devices, it is open source too but it is online/hot wallet and can not be good for storing high amount.
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?
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