What is the best way to store your bitcoins? - page 2.

andthereyou

full member

Activity: 616

Merit: 102

Quote from: silent17 on October 28, 2017, 06:12:00 PM

Quote from: richan on October 24, 2017, 12:12:49 AM

Storing your BTC on an exchange is the common way most traders save their coins. But is it the best method? Cold storage to me look expensive, since it is costive to purchase hardware.

If you dont want a cold storage because of its cost and also doesn't wanted it in some exchange, you can also use online wallet like blockchain and coinbase, i also hear someone using freebitco.in to store there BTC because everyday he will received an interest by simply storing his bitcoin their which i think its a good idea, because if your not gonna use it, its better to stock it on a website where you can gain interest by simple storing it

I think coinbase is an exchange with bad reputation. Coinbase is not secure because it's an exchange. I read one thread in this forum that a lot of customers account got hacked.
For free and secure wallet use online wallets with keys.

darklus123

hero member

Activity: 1246

Merit: 588

The best way for it to do so is to have a mind set. A very strong mindset actually to do it. Why? Yes maybe yoy have the mindset but if it is not strong enough then everything will be useless when have already changed your mind. Saying that you will always be saving amounts in your storage is really easy but it is really hard to do so if you dont have a strong mindset

rodel caling

full member

Activity: 952

Merit: 104

stored your bitcoin in the multifull wallet and put the hard privatekeys to secured your bitcoin from the hackers, storing in the different wallet is the best idea to secured your bitcoin if one of your wallet hack you have one more wallet for your bitcoin if store in one wallet all your bitcoin have possibility lost your all investment if your wallet got hack.

silent17

full member

Activity: 420

Merit: 119

Quote from: richan on October 24, 2017, 12:12:49 AM

Storing your BTC on an exchange is the common way most traders save their coins. But is it the best method? Cold storage to me look expensive, since it is costive to purchase hardware.

If you dont want a cold storage because of its cost and also doesn't wanted it in some exchange, you can also use online wallet like blockchain and coinbase, i also hear someone using freebitco.in to store there BTC because everyday he will received an interest by simply storing his bitcoin their which i think its a good idea, because if your not gonna use it, its better to stock it on a website where you can gain interest by simple storing it

HarryKPeters

hero member

Activity: 896

Merit: 1000

Live Stars - Adult Streaming Platform

Quote from: Fireblade on October 28, 2017, 05:37:11 PM

Quote from: di.ako.toh on October 26, 2017, 07:58:14 PM

I think the best way is to hold it in your bitcoin wallet and make at least a monitoring of exchange rate in buying and selling. Just holding the bitcoin can have a higher returns if it sell in a higher price.

The best to store my bitcoin is blockchain wallet because I do not trust any other wallet due to the security and authentication. For me only blockchain is trustable and reliable. Keep your bitocins in blockchain wallet and swait for some time and do not use or spend them if you do not need and when the price go up more then you can use or sell your bitcoin using your blockchain wallet.

Any wallet where you hold your own keys is secure.

However cold wallet strorage is by fare the safest way to store your bitcoins. If you don't need them for trading i can recommend this.

Fireblade

hero member

Activity: 770

Merit: 500

Quote from: di.ako.toh on October 26, 2017, 07:58:14 PM

I think the best way is to hold it in your bitcoin wallet and make at least a monitoring of exchange rate in buying and selling. Just holding the bitcoin can have a higher returns if it sell in a higher price.

The best to store my bitcoin is blockchain wallet because I do not trust any other wallet due to the security and authentication. For me only blockchain is trustable and reliable. Keep your bitocins in blockchain wallet and swait for some time and do not use or spend them if you do not need and when the price go up more then you can use or sell your bitcoin using your blockchain wallet.

Spendulus

legendary

Activity: 2926

Merit: 1386

Quote from: Arumi.Bilqis on October 24, 2017, 05:56:35 AM

I keep bitcoin in my wallet online and this I do because .....

Please correct this problem.

StockBet.com

sr. member

Activity: 322

Merit: 250

Make A Bet on WORKING SOFTWARE

Electrum offline wallet.

di.ako.toh

full member

Activity: 154

Merit: 121

I think the best way is to hold it in your bitcoin wallet and make at least a monitoring of exchange rate in buying and selling. Just holding the bitcoin can have a higher returns if it sell in a higher price.

jekjekman

sr. member

Activity: 378

Merit: 250

Quote from: richan on October 24, 2017, 12:12:49 AM

Storing your BTC on an exchange is the common way most traders save their coins. But is it the best method? Cold storage to me look expensive, since it is costive to purchase hardware.

This is also one of the question that I have, I'm wondering if I can just print the seed to a paper and delete my computer wallet every
time I am not using it to be safe. I heard of a hardware wallet but wondering if what will happen to it when you lost the hardware
itself or what if it is broken is it possible to retrieve the wallet back? Paper wallet might be the best wallet to have since it is a hard
copy as long as you keep the paper it is impossible to steal it from you.

kkent

member

Activity: 98

Merit: 10

Quote from: richan on October 24, 2017, 12:12:49 AM

Storing your BTC on an exchange is the common way most traders save their coins. But is it the best method? Cold storage to me look expensive, since it is costive to purchase hardware.

Cold storage doesn't always require purchasing hardware. If you make a "paper wallet" you can do it for fairly cheap, you could then laminate it and stick it in a safety deposit box. You could also make a more "substantial" wallet if you have access to an air-gapped laser cutter. You could engrave it into a metal sheet and then place it in a folder to prevent other people from seeing it and then place that whole packet into a safety deposit box. This method would also allow for a bit more durability and general survivability. The odds of a bank robbery are incredibly low, but you could also disguise your key in a method of your choosing before recording it. For example, a typed page that looks innocuous unless you know how many words to count over on could hide your key from even someone who is staring at the page AND knows that your key is hidden in the writing.

JayJuanGee

legendary

Activity: 3892

Merit: 11105

Self-Custody is a right. Say no to"Non-custodial"

Quote from: admissions on October 24, 2017, 06:13:26 AM

blockchain.info or any web wallet isn't the way to go. You are relying on a website to stay up and if it goes down then you could potentially be screwed. Use desktop wallets at the very least and if you can afford a Trezor do it. It will be the best investment you make.

I agree with your point that all coins should not be stored on blockchain.info, but not really for the reasons that you state.

Blockchain.info does not have your private keys, so you are able to save a backup of your wallet, in case you need to get access to your blockchain.info coins through another service. Blockchain.info is currently using the 12 word seed for such alternative access.

I usually keep a small amount on blockchain.info in order to be able to quickly and easily transact with anyone or even to have emergency funds that I could access if I am out and about and I can get the coins through the blockchain.info app on my phone. Recently, I have been limiting my amount to less than .5 BTC; however, I am thinking that with recent price rises, I may have to lower my "carry around" limit even more. Maybe .2BTC would be sufficient - but if I am going on a trip, it may be better to have up to .5BTC to be able to access... These are ongoing questions that can come about with changes in prices and changes in security features that are contained in various wallet options (including the ability to hide some of your balance by archiving some of the addresses).

admissions

member

Activity: 107

Merit: 12

blockchain.info or any web wallet isn't the way to go. You are relying on a website to stay up and if it goes down then you could potentially be screwed. Use desktop wallets at the very least and if you can afford a Trezor do it. It will be the best investment you make.

1Referee

legendary

Activity: 2170

Merit: 1427

Quote from: Arumi.Bilqis on October 24, 2017, 05:56:35 AM

I keep bitcoin in my wallet online and this I do because sure security is guaranteed

Who told you that? As long as you aren't the sole owner of your private keys, which means that you allow someone else to take care of them, your coins can never be secure. It's quite shocking that people actually think like this, it isn't only dangerous, but it also shows the stupidity of the general person here in this forum.

Quote from: Arumi.Bilqis on October 24, 2017, 05:56:35 AM

the most important thing is to be careful in the confidentiality of the pin and if after opening it or after the transaction we have to clean everything we do on the computer and also do not let anyone know about pin us.

No matter how much effort you put into trying to work as secure as possible, you still depend on a third party to take care of your coins, and that's exactly where a problem forms. You don't know how that party is storing your coins, you don't know what happens if someone of their employees, or perhaps the operator himself acts when he has financial problems, etc. After the dangers from inside, there are the regular external dangers such as hacks. Do something to understand what it actually means to have a third party have full control over your coins.

romec1701

full member

Activity: 157

Merit: 100

The main thing is always to have possession of your private keys and never give them to anyone.
Exchanges dont give you this control for the most part, also online wallets have varying degrees of security. Some are multi-sig which means you have control but many aren't.

Personally I felt that the cost of a hardware wallet was justifiable for the additional security it gives.

Arumi.Bilqis

sr. member

Activity: 457

Merit: 250

I keep bitcoin in my wallet online and this I do because sure security is guaranteed the most important thing is to be careful in the confidentiality of the pin and if after opening it or after the transaction we have to clean everything we do on the computer and also do not let anyone know about pin us.

Nisharawal

member

Activity: 336

Merit: 11

I am no stable coin. to the mooonn.. and back

Storing your bitcoin in an exchange, isn't it everybody likes to do, but what if the website gets hacks or what if our data gets stolen for any reason. I think storing your bitcoin in an exchange is highly risky than storing it in your hardware wallet. Why i prefer hardware wallets like Trezor or Ledger nano s, because they are highly secured and they are easy to execute and operate from anywhere by anyone. If you need to spend few dollars for your hardware wallets then please go for it, your paying one time fee for your long term benefits.

Nakakapagpabagabag

full member

Activity: 350

Merit: 100

BITDEPOSITARY - Make ICO's , More Secure

Quote from: richan on October 24, 2017, 12:12:49 AM

Storing your BTC on an exchange is the common way most traders save their coins. But is it the best method? Cold storage to me look expensive, since it is costive to purchase hardware.

I am just storing my bitcoins in my online wallet and as of now, it is the best method that I know. I tried storing bitcoins before on exchanges but after that I moved all my bitcoins into online wallet. It is good because, I paid my credit card bills and utility bills using that wallet. Just store them wherever you want. Just keep in my mind to not share your password or pin to anyone and to always log out.

Redanim

newbie

Activity: 56

Merit: 0

I think the best way is having a Bitcoin wallet on your PC. To protect this wallet is necessary encrypt it with a reliable password, this makes it more difficult to hack, but does not give 100% protection, and it is also important to create a backup of the entire wallet, and also there are bitcoins services in which u can use multi-signature operates.

Yurio

newbie

Activity: 12

Merit: 0

The exchange is a bad option for storing your money, because it can close at any time ... For example, I use an online wallet on the service apibtc.com, since there is no commission for personal use, instantaneous transactions and problems have never occurred to me. And for the API, commission only 0.5%

Topic: What is the best way to store your bitcoins? - page 2. (Read 849 times)