What is the best way to store your bitcoins? - page 3.

mocacinno

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Quote from: syarifudin on October 24, 2017, 04:43:31 AM

maybe for now I still keep bitcoin in online wallet, but so far have never experienced problem with wallet, and maybe later i will try to save it in hardware.

If you wait untill you have a problem, it's usually to late Wink

I'd recommand to at least switch to a desktop wallet on a properly secured/clean pc, at least you'll be in controll of your own private keys, so you have nobody to blame but yourself if you mess up...

syarifudin

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maybe for now I still keep bitcoin in online wallet, but so far have never experienced problem with wallet, and maybe later i will try to save it in hardware.

whoisyourking

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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 using paper wallet but my method in storing bitcoin in a website or in mobile app in our country is creating multiple accounts and separate my coins these will prevent to lose all your wallet in one time in case something happens.

Exister

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Hardware wallet is best for a combination of safety and convenience and they are priced reasonably.

The problem is that many altcoins do not have support on a hardware wallet. particularly if they are using their own protocol and need support to be explicitly added by the manufacturer.

Put em on an encrypted usb drive. u get the airgap and and encryption so only you can use it.

Quote from: mocacinno on October 24, 2017, 03:45:14 AM

Quote from: yasukata on October 24, 2017, 03:33:38 AM

Although it can not be said to be the best method for exchanges, there is a guarantee at major exchange, so it can be relieved a little.

What kind of a guarantee?
MtGox was a big exchange, people are still trying to get any recompensation from them...
Bittrex is just locking accounts and keeping funds hostage...
Yobit simply disables wallets and doesn't answer tickets for weeks...
There are many big exchanges that have screwed over their users in the past. Don't think that your funds are safe just because the echange is big.

This is agreed. You can only take a haircut at best and it is unhealthy to create a false expectation.

mocacinno

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Quote from: yasukata on October 24, 2017, 03:33:38 AM

Although it can not be said to be the best method for exchanges, there is a guarantee at major exchange, so it can be relieved a little.

What kind of a guarantee?
MtGox was a big exchange, people are still trying to get any recompensation from them...
Bittrex is just locking accounts and keeping funds hostage...
Yobit simply disables wallets and doesn't answer tickets for weeks...
There are many big exchanges that have screwed over their users in the past. Don't think that your funds are safe just because the echange is big.

yasukata

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Although it can not be said to be the best method for exchanges, there is a guarantee at major exchange, so it can be relieved a little.

Svelto

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I don’t think storing BTC on exchanges is the most common way to save coin and it is definitely not the best method. The wallets exchanges don’t belong to you. The best method is to store BTC in paper wallet, desktop wallet (Private key controlled by you) or hardware wallet.
Hardware wallet is not too expensive, it cost less than $100 which is a good investment to safeguard your coins.

Red Fish

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You can use largest online wallets, like Blockchain wallet. But if you want to get precise info, you can check links - https://99bitcoins.com/best-bitcoin-wallet-comparison-review/ and https://www.cryptocompare.com/wallets/#/overview, there are a lot of information. Blockchain online wallet of course is largest one. Wink

Timoteus

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creator.ai

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Quote from: mocacinno on October 24, 2017, 01:20:30 AM

Quote from: Kakmakr on October 24, 2017, 01:15:10 AM

Making your own paper wallets might be your most inexpensive method, but you have to know what you doing or it will be your worst nightmare. There are a lot of advice on this forum on creating your own secure paper wallets, so you have to do some research before you attempt this.

Buying a hardware wallet will be a bit more expensive, but it is a lot easier and it gives you easier access to your coins. The other methods < Desktop wallets and online wallets > are the least secure, but the easiest method to store bitcoins.

I got a mail from trezor yesterday, they seem to have dropped their shipping fees within the EU, so a hardware wallet does cost less than $100, wether it be a trezor or a ledger nano S.

That being said, my own view on the topic:

Safest:

hardware wallet: both reasonably cheap and easy to use
airgapped pc: expensive and a little bit harder to use (you always have to transfer unsigned/signed transactions between an online and offline machine)
Paper wallet: very cheap and very secure if generated in the correct way, but hard to use (you have to sweep and discard the paper wallet each time you use it, then transfer the remaining value to a new paper wallet)

Medium:

Desktop wallet: free, but you need a clean PC and you NEED to encrypt your wallet (using a strong passphrase). Virusscanners/firewall are a must have

Unsafe-ish:

Android/Ios wallets: I call these ones unsafe because it's harder to verify the wallet's signatures, many people know less about their phone's OS than they know about their desktop's OS, and phones can easily get stolen/lost

Unsafe:

Any wallet where you're not the (only) one in controll of your private keys. This includes exchanges and online wallets

Agree that's a good list, hardware wallet seems to be the most secure, however you can achieve very good degree of security with certain desktop wallet including Bitcoin Core.

tora

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It depends upon what you want to do with them. If you want to hold them then keep them in your own wallett with key access. If you want to trade or lend,I lend on Bitfinex, then you need to hold in an exchange.

Herbert2020

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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.

not really, traders only keep the funds they want to trade with on exchanges. newbies who don't know what trading is are keeping more amounts on exchanges.

and most people don't trade with all they have. most of them have some funds in cold storage and only trade with smaller portion of those funds and that is kept on exchanges and only for as long as they are trading with them. if a trader stops trading for any reason like price being stable, they withdraw their bitcoin immediately back to cold storage.

as for cold storage cost, you should know that cold storage is not only hardware wallets but hardware wallets are only a sub category of cold storage. if you don't want to spend money they use paper wallet.

mocacinno

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Quote from: Kakmakr on October 24, 2017, 01:15:10 AM

Making your own paper wallets might be your most inexpensive method, but you have to know what you doing or it will be your worst nightmare. There are a lot of advice on this forum on creating your own secure paper wallets, so you have to do some research before you attempt this.

Buying a hardware wallet will be a bit more expensive, but it is a lot easier and it gives you easier access to your coins. The other methods < Desktop wallets and online wallets > are the least secure, but the easiest method to store bitcoins.

I got a mail from trezor yesterday, they seem to have dropped their shipping fees within the EU, so a hardware wallet does cost less than $100, wether it be a trezor or a ledger nano S.

That being said, my own view on the topic:

Safest:

hardware wallet: both reasonably cheap and easy to use
airgapped pc: expensive and a little bit harder to use (you always have to transfer unsigned/signed transactions between an online and offline machine)
Paper wallet: very cheap and very secure if generated in the correct way, but hard to use (you have to sweep and discard the paper wallet each time you use it, then transfer the remaining value to a new paper wallet)

Medium:

Desktop wallet: free, but you need a clean PC and you NEED to encrypt your wallet (using a strong passphrase). Virusscanners/firewall are a must have

Unsafe-ish:

Android/Ios wallets: I call these ones unsafe because it's harder to verify the wallet's signatures, many people know less about their phone's OS than they know about their desktop's OS, and phones can easily get stolen/lost

Unsafe:

Any wallet where you're not the (only) one in controll of your private keys. This includes exchanges and online wallets

Kakmakr

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Making your own paper wallets might be your most inexpensive method, but you have to know what you doing or it will be your worst nightmare. There are a lot of advice on this forum on creating your own secure paper wallets, so you have to do some research before you attempt this.

Buying a hardware wallet will be a bit more expensive, but it is a lot easier and it gives you easier access to your coins. The other methods < Desktop wallets and online wallets > are the least secure, but the easiest method to store bitcoins.

TheGodson

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paper wallet > hardware wallet > exchange

Paper wallets can not be hacked since they aren't stored on a computer. This is the best option, especially if you aren't a technology wizard like a lot of people on here are. Paper wallets always get the coins from a hardfork too. Just make sure to keep them in a safe or another safe place.

richan

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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.

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