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Topic: What is better? Using one storage option or using several methods? - Bitcoin. - page 2. (Read 337 times)

Juggy777

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Quote from: Kakmakr on July 28, 2019, 11:22:15 AM

In our last Bitcoin meetup we discussed this as one of the proposed topics. Would you risk losing all your coins by storing it in one storage method or would you risk losing less coins more frequently by storing it in multiple methods.

I think it is not wise storing coins with 3rd party services, so I avoid them at all cost. Some scenarios like buying and selling coins on an exchange, would necessitate a scenario where you have to leave coins on their platform to execute a buy or sell order, so it is unavoidable.

I would rather split my storage into long-term and short-term storage and store large amount of coins in hardware wallets and paper wallets for the long-term and then having small amounts of coins stored on online wallets or exchanges for daily use.

How are you spreading your coins to reduce the risk of losing coins and still being able to use it daily?

This is an interesting topic earlier I used to store all my coins on coinbase, and then I came to know that exchanges get hacked very easily hence I stopped storing my coins on exchanges. Then I started storing my coins on Electrum wallet, and I have never looked back as it’s secured and super easy to use. I don’t use my coins daily but since I’m using Electrum I can buy or sell anytime I wish, if that’s what you’re asking.

hatshepsut93

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Re: What is better? Using one storage option or using several methods? - Bitcoin.

July 28, 2019, 12:45:22 PM

#7

I keep my coins in multiple offline Electrum wallets, to avoid putting all eggs into one basket, just in case there's something wrong with a wallet. As for copies, I use multiple methods of storing the seeds, which should mitigate some of the flaws of each medium (for example, flash memory degrades over time if it spends too much time unpowered). Ideally I would keep my backups in different places, but I haven't found any place that I can trust yet.

When you are thinking about safety and security of your coins, you should first think about what dangers can happen. A $5 wrench attack can defeat any encryption or hiding of your wallets, housefire or flood can destroy paper wallets and USB sticks, robbers can take coins from unencrypted wallets.

avikz

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Re: What is better? Using one storage option or using several methods? - Bitcoin.

July 28, 2019, 12:35:57 PM

#6

Quote from: Kakmakr on July 28, 2019, 12:05:25 PM
Quote from: Swingle on July 28, 2019, 11:40:58 AM
I feel the best option to yo store the BTC in various storage device. You can't be too careful so as to lose all your assets through a mistake that can never be reverse. But having it on various storage devices give an assurance that sould hin case a device was compromise, another is there to sustain one.

The question is :

Are you less likely to lose coins, if you use one storage method or are you more prone to losses if you use multiple methods. We frequently hear about some service finding some kind of exploit in their code or some human error, causing people to lose coins.

Would you rather risk losing all your coins by storing everything with one method or would you distribute the risk by using multiple methods and continuously losing small amounts of coins?

I think avoiding 3rd party services, decrease your chances of losing coins.

I genuinely think that it makes sense to store coins in multiple methods including 3rd party services for quick transactional requirement! It's all about distributing risks in small plates so that you don't loose all your coins in one go if anything goes wrong!

I personally don't prefer bitcoin core wallet because of the blockchain size but I prefer to use a mix of 3rd party services like Electrum, Greenwallet, coinbase etc. The way we use more than one bank accounts, same applies to crypto world as well!

Kakmakr

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Re: What is better? Using one storage option or using several methods? - Bitcoin.

July 28, 2019, 12:05:25 PM

#5

Quote from: Swingle on July 28, 2019, 11:40:58 AM
I feel the best option to yo store the BTC in various storage device. You can't be too careful so as to lose all your assets through a mistake that can never be reverse. But having it on various storage devices give an assurance that sould hin case a device was compromise, another is there to sustain one.

The question is :

Are you less likely to lose coins, if you use one storage method or are you more prone to losses if you use multiple methods. We frequently hear about some service finding some kind of exploit in their code or some human error, causing people to lose coins.

Would you rather risk losing all your coins by storing everything with one method or would you distribute the risk by using multiple methods and continuously losing small amounts of coins?

I think avoiding 3rd party services, decrease your chances of losing coins.

OROBTC

legendary

Activity: 2912

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Re: What is better? Using one storage option or using several methods? - Bitcoin.

July 28, 2019, 12:02:39 PM

#4

...

Once you reach a point that your BTC are worth more than what you would like to lose......

So I store my BTC on both hardware wallets (85%, for longer-term HODL and just 15% for shorter term ease of spending in online wallets & flexibility).

The online wallets offer a nice flexibility when traveling, you do not need to carry a HW device.

Swingle

jr. member

Activity: 42

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Re: What is better? Using one storage option or using several methods? - Bitcoin.

July 28, 2019, 11:40:58 AM

#3

I feel the best option to yo store the BTC in various storage device. You can't be too careful so as to lose all your assets through a mistake that can never be reverse. But having it on various storage devices give an assurance that sould hin case a device was compromise, another is there to sustain one.

fiulpro

hero member

Activity: 1862

Merit: 830

Re: What is better? Using one storage option or using several methods? - Bitcoin.

July 28, 2019, 11:33:30 AM

#2

It depends on the amount of bitcoins you are storing.
I don't myself have that much to store at different places but if you do have a lot of bitcoins you should think about storing using different things and different wallets or paper wallets and such , because you might not know it but sometimes even though you are thorough with your safety procedures regarding the online crime anything might happen .
If you loose one wallet you will loose a part , not all.
You should know that no option is perfect everything does have a downside.

Kakmakr

legendary

Activity: 3514

Merit: 1963

Leading Crypto Sports Betting & Casino Platform

Re: What is better? Using one storage option or using several methods? - Bitcoin.

July 28, 2019, 11:22:15 AM

#1

In our last Bitcoin meetup we discussed this as one of the proposed topics. Would you risk losing all your coins by storing it in one storage method or would you risk losing less coins more frequently by storing it in multiple methods.

I think it is not wise storing coins with 3rd party services, so I avoid them at all cost. Some scenarios like buying and selling coins on an exchange, would necessitate a scenario where you have to leave coins on their platform to execute a buy or sell order, so it is unavoidable.

I would rather split my storage into long-term and short-term storage and store large amount of coins in hardware wallets and paper wallets for the long-term and then having small amounts of coins stored on online wallets or exchanges for daily use.

How are you spreading your coins to reduce the risk of losing coins and still being able to use it daily?