What are the easy ways to store your bitcoins and alt-crypto in a offline mode

akram143

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Quote from: michellee on September 11, 2020, 03:45:41 AM

I am trying to store some of my coins on the unused mobile phone, which I don't carry anywhere except at home. I don't connect that phone to the internet unless I want to send some coins to the exchanges.

It is better to convert that unused mobile phone into a cold storage so it could be more secured than connecting to internet only when you need it.

Here is the procedure to convert an unused mobile into cold storage and access the funds from other device:

Quote from: nc50lc on April 03, 2020, 07:18:18 AM

Okay, here's the procedure to create a cold-storage mobile Electrum wallet:

1. Install Electrum on both devices, and create a standard wallet on the "cold storage" device, that will be your main wallet that contains all the keys and shouldn't be connected to the internet even once (a newly formatted device/new device is better).
Make sure that the seed was saved in a physical backup like a piece of paper.
2. Click the wallet's name on top of the screen and click "Master Public key" twice to open the QR code.
3. On the online phone, create a new wallet using the option "Standard Wallet->Use a master key", then click the camera icon to scan the cold-storage wallet's QR code.
This will create a watch-only wallet version of your cold-storage wallet.
4. Confirm if the address in the receive tab is the same.

Now to use those wallets:

You just have to create a transaction using the online watch-only wallet using the send tab.
Fill out the recipient, amount, etc. then, click pay (select if you want to opt-in RBF, yes) and click the QR code icon below.
In the cold-storage wallet, go to send tab and click the camera icon on the right side and scan the other device's QR code.
The transaction will be imported to the cold-storage wallet, now click option->sign (enter your pin) and it will be marked as "signed" above.
Click the QR code icon, then scan this using your online watch-only wallet and the signed transaction will be imported and now you can use options->broadcast button to send it to the network.

If you're not familiar with Electrum's defaut bitcoin denomination, you can change it from mBTC to BTC in the settings->denomination.

michellee

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A hardware wallet such as Ledger or Trezor will be the best choice to store crypto on that wallet. Besides that hardware wallet, you can also save it on your computer, which is not always connected to the internet to prevent malware, virus, or other unknown software. I am trying to store some of my coins on the unused mobile phone, which I don't carry anywhere except at home. I don't connect that phone to the internet unless I want to send some coins to the exchanges.

lifeinmountain

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the easiest way to store your crypto is a hardware wallet example: trezor and ledger wallet. they are much secure than paper wallets or any other exchange wallets because they are offline and you have 24 words phrases. in some hardware wallets, you can access your hardware wallet directly to your mobile with help of Bluetooth. but most of the hardware wallet support USB, you just need to plugin your PC or laptop.

pakhitheboss

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The best option is always to use a hardware wallet but, I prefer using my desktop computer as I do not own large quantity of crypto assets.

As I am only holding Bitcoin I keep them safe in the wasabi wallet which is installed on my desktop computer. I generally do not use it for getting connected to the internet as I prefer my laptop for that. Therefore I consider it to be my cold wallet.

There are still risk involved but I have created a backup of my wallet and if anything happen to my desktop I still can get access to my wallet using the backup phrases.

P.S - If you are planning to store a good amount of multicryptocurrencies for the long run then always use a hardware wallet.

akram143

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Quote from: undeadbitcoiner on September 09, 2020, 02:33:51 PM

And 10-20% of my crypto in Exchange wallet of my choice.

If the user has no intention of trading his crypto assets in near future then there is no point of storing the funds in the exchange's wallet which are highly risky and prone to hacks.So keeping a wallet as I mentioned above is the better choice.

undeadbitcoiner

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I will go with Trezor Wallet, Even Ledger claims itself Hardware wallet but it's not open source so I prefer hodling all my crypto in Trezor. And 10-20% of my crypto in Exchange wallet of my choice.

akram143

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Paper wallet is the safest of all other kind of wallets for long time storage of crypto assets but if someone is going to store multiple cryptos then its better to go for hardware wallets like ledger or Trezor but for easy access of our funds it is important to keep small part in light weight wallets like electrum so user can access from smartphones or laptops in case of emergency needs from remote places.

pawanjain

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It's obvious that the best method to store your bitcoins is to store it in a hardware wallet but not everybody can afford it.
Also, if you are not holding a huge amount of bitcoins then it's not wise to BUY a hardware wallet just for that.
I hold a decent amount of coins and it's not much but yeah, I don't own a hardware wallet.
We can use a paper wallet and it's very easy to make one and use it but keeping it securely is the tough task.
Another option is to store the coins in an offline computer and never connect it to the internet.
Also we can use a virtual machine(VMware/Virtualbox) and then store the coins in it disabling the access to internet but we have to be cautious about what we are doing.

In my opinion the best thing would be
1. Hold your bitcoins in a hardware wallet if the amount is huge
2. Hold your bitcoins in paper wallet/offline computer if its not a huge amount

P.S: We all are wise enough to decide what's a huge amount so no debates on the speculation

Melloiga

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I think the easiest method that I'd choose for storing Bitcoins in a cold storage wallet would be to download and install Electrum on a computer that either stays offline or is air-gapped and then take back up of its seed and keep it someplace safe and then install watch-only Electrum wallet on an online computer. So that I can access my funds easily when I need to and keep them safe from hacks and thefts. But if I have big sum of Bitcoins then I'd invest in some hardware wallet.

HiringYou

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I will definitely prefer a hardware wallet like TREZOR or Ledger because they are more secure. While setting up our device,we need to create a pin code which is then required during every transaction we make. If someone has stolen our device then he/she cannot use it without entering this particular pin code.In case of Ledger Nano S, if some one tries to enter the pin code then after three invalid attempts the device is reset and we will have to recover it by using a 24 word backup seed which is another very important feature of these wallets. In case we have lost or damaged our device then we can get a new one and use this backup seed to recover our accounts.Moreover they are not much expensive. Two important things that you should keep in mind if you want to use a hardware wallet -:

Never buy it from third party websites just because your getting some offers.Always go for official websites.
Keep your 24 word backup seed safe.Never share it with anyone or he/she can have an access to your account

lordquanta

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Hello,
From time to time, it has been proven that storing cryptos in a hot-wallet is dangerous. As of now there are three to four ways to store the coins offline aka cold-storage of crypto. There is
1. paperwallet (more information is available in this forum)
2. warpwallet: this is a hardware-based storage option, TREZOR is a well known example.
3. Last but not least there is a hotkay option, which is nothing but a bootable USB linux distro, designed for the crypto storage.

If you tend to use cold-storage methods then what is your favorite option to store crypto? And why?

Topic: What are the easy ways to store your bitcoins and alt-crypto in a offline mode (Read 188 times)