What is the best (safest) way to store BitCoin for the longer term?

bug.lady

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Quote from: Shermand100 on March 09, 2018, 09:19:38 AM

Wow, that does sound like a Web of passwords. I can see your intention but that seems a little excessive withe encrypted RAR files.

I was using the Truecrypt example as it's a reasonably user friendly method that is free and works for all coins/wallets.

Hardware wallets are deffinatly the best for usability however not every coin is supported yet. I'm looking out for when someone makes one that supports Monero (I don't think they're far off ). It's deffinatly easier to spend coins using a ledger or treezor, but if you just hodl then Truecrypt will do.

Yes Monero is not supported but it is on the Ledger Todo list, so hopefully it will be too.

You know, I needed three levels of passwords because I was the guardian of bitcoins for a number of siblings and I wanted to distribute the passwords so no group of them could cheat me

but on the other hand, if something happened to me, I wanted them to be able to retrieve founds.

Now I think that it was totally useless and excessive

PX-Z

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Quote from: Bluehouse on September 04, 2017, 05:59:58 AM

So that I can start researching in the right area, I plan to buy BitCoin here and there as I can afford it, and I do not plan to sell or use it. Is there a way to move it offline, either by printing something, a card, or something else that would make it super super secure (provided the physical info is in a safe place). I read so many posts about people having stuff stolen over the years, or exchanges getting hacked or going broke, and since I don't plan to use or sell it, what would be the uber-safest solution? I don't mind if it's complicated, or a harder thing to do, once I know it's the right option, I will take the time to learn how to do it.

Thanks in advance!

You can use a hardware wallet to store your cryptocurrencies, this is the best and safest wallet that you may use to store you crytos specially bitcoin, and also the most recommended of all long term holders. It's quite expensive, but it's worth it and you will not regret of choosing this wallet.

Shermand100

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Wow, that does sound like a Web of passwords. I can see your intention but that seems a little excessive withe encrypted RAR files.

I was using the Truecrypt example as it's a reasonably user friendly method that is free and works for all coins/wallets.

Hardware wallets are deffinatly the best for usability however not every coin is supported yet. I'm looking out for when someone makes one that supports Monero (I don't think they're far off ). It's deffinatly easier to spend coins using a ledger or treezor, but if you just hodl then Truecrypt will do.

bug.lady

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Quote from: Shermand100 on September 04, 2017, 10:17:56 AM

Another option is to use a trusted program like "Veracrypt" (it's the new maintained version of Truecrypt) to create encrypted containers.

It basically makes a virtual disk drive of a user defined size, the contents of which is encrypted with AES-256. To quote https://veracrypt.codeplex.com/wikipage?title=AES

"In June 2003, after the NSA (US National Security Agency) conducted a review and analysis of AES, the U.S. CNSS (Committee on National Security Systems) announced in [1] that the design and strength of AES-256 (and AES-192) are sufficient to protect classified information up to the Top Secret level."

For example make a 20Mb encrypted container, secure it with a strong password, and put your backups in it. You can then email this file to yourself, keep it in your google drive, or keep it on a USB stick.

The encryption is good enough that the computer power required to break it would be better off mining blocks themselves for the 12.5 reward.

Yes it is a good option too, but beware that the more complicated you will make it, the higher the chance you made a simple mistake that will render your founds irretrievable! (as an example, I was really paranoid at the time and I created a multilevel structure of a passphrase protected wallets inside the password protected RAR archives inside the password protected hidden TrueCrypt volumes; I distributed the passwords to different levels to different family members. I was sooooo scared when I was untangling this mess).

In my opinion, currently the best option is a hardware wallet, it is simple, easy to use, very secure, and human-mistake proof.

AlenDel

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hikaru_11

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Send to some stranger on the internet with username containing "HODL". They are pretty much safe there Wink

He/she eventually uses Trezor or BIP38 encrypted paperwallets.

flippener

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Best option is a hardware wallet like Ledger, with a backup copy of the private keys on paper.

nightxglow

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The safest way to store bitcoin for long term i think it's hardware wallet. My brother has it and it surely has high security. You don't really need to worry that you will lose your bitcoin because it's hacked or something, because it has some kind of double security or something, i don't really understand that can keep your bitcoin very very safe.
But online wallet is great enough for me, but it might be a bit risky, especially if you're careless enough to let people know your password or private key. But as long as you can be careful, then it won't be a problem.

AlexanderAnthony

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eternalgloom

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Quote from: AniviaBtc on October 25, 2017, 06:17:35 AM

The majority of people are saying that a more secure wallet is that you place your wallet because they've experienced how secure you are to their proposal. I'm absolutely sure that the coinbase is secure as well because my bitcoins are not missing and I often use an ether wallet and what most people suggest is that I'm also safer because they have the experience they are using.

I have no doubt that Coinbase is probably one of the most secure exchanges out there, but the argument you make (my bitcoins have always been safe there) is a shaky one.
It'll always be safer to be in control of your own coins, preferably by using a hardware wallet.

Exchanges can always disappear or get into legal trouble, however low the chances may be.

AlenDel

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mitchel_am

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You just need a wallet and as long as you make sure you don't loose the password of the wallet everything should be fine with hodling

AlenDel

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whitemacna

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Yeah, been keeping my Bitcoins here for a long time now I think that hardware wallets are the best. Otherwise, you can store your bitcoin in a random wallet and save your private key in somewhere that no one can find. It will make your bitcoin safer than ever because no one can access without private key.As suggested by other users, you should try hardware wallets as it is the safest way to protect your bitcoins.

AniviaBtc

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The majority of people are saying that a more secure wallet is that you place your wallet because they've experienced how secure you are to their proposal. I'm absolutely sure that the coinbase is secure as well because my bitcoins are not missing and I often use an ether wallet and what most people suggest is that I'm also safer because they have the experience they are using.

Awnar

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The safest way for me in keeping bitcoins is think like you're keeping a valuable item and must always keep it secure. That includes the device where you keep your bitcoins, to have it stolen will spell a great loss on your end. Also avoid providing information which is also associated to your bitcoin account. Also the best option is to keep quiet about having bitcoins. It’s a sure fool proof way of hiding anything valuable that you have.

catvantuong

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I should add this is the single greatest thing from getting folks to buy in.
Years ago I dabbled, kept my money on an exchange but when mount GOX happened I panicked. I had my stuff held on a Canadian exchange but that scared me badly.
If I buy in again I want to be able to pull funds onto a USB key. Anyone do that?

KourtneyK

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Hardware wallet would be the safest to store bitcoin for the longest time in my opinion because you get to manipulate and keep your private keys and only you would know them.

franco123

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I actually do not know as I only know and familiar with one wallet. Which is the coins.ph. And I think there are a lot more wallets out there that I need to try because a lot of my friends are telling me about it. But what I liked about coins.ph as aside from being a wallet, I can easily convert my Bitcoins to pesos and use that to pay for the bills from coins.ph itself. Also, it has different ways on how to cash out money, my favorite one is through bank transfer.

matuson

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I'm not saying that I am the ultimate truth, but it seems to me that the people themselves create problems. Any physical media can break or get lost. Then you won't be able to access their bitcoin. I think it is safer to keep money at trusted electronic wallets parts.

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