If you want to start with a software wallet, you should prefer the time-proven and open-source ones like Electrum or Sparrow. Try to use a spare computer with Linux as OS and don't do your daily computer shit on it. This way you minimize daily handling risks and exposure to bad stuff via the Internet. It depends on how computer and security savvy you are.
Always download software wallets from the official sites and verify your downloads thoroughly. There are threads here in this forum that describe the verification step-by-step. Don't skip the verification, it's important to be sure your get and execute the real and untampered software wallet.
When your stash grows, consider to buy a decent hardware wallet (no, that is not a Ledger, period!). A hardware wallet protects your wallet and your private keys from a potentially unsecure computer. Malware can't gain access to your private keys and can't tamper with your transactions as long as you carefully inspect every transaction that is presented to your hardware wallet to sign it. Don't skip the thorough verification of every transaction to be signed on your hardware wallets display only. Don't trust your computer or mobile device, only trust your hardware wallet's display.
Topic: What Wallet Do You Store Your Bitcoin? - page 3. (Read 595 times)
Nexo is offering this because they offer loans to their customers, there are threads here that talk about Nexo's interest from these 2 threads below, and most of the responses don't agree to put your assets in a centralized exchange because you no longer have full control of your assets.
- https://bitcointalksearch.org/topic/nexo-anyone-got-any-experience-with-them-5380007
- https://bitcointalksearch.org/topic/nexo-earn-8-dividend-a-year-with-no-risks-5160150
That's a pretty bad idea than holding them to non-custodial wallets unless you are willing to lose your investment. Remember high returns is always risky it would be best if you hold BTC in your wallet that you fully control and let the value makes you profit.
- https://bitcointalksearch.org/topic/nexo-anyone-got-any-experience-with-them-5380007
- https://bitcointalksearch.org/topic/nexo-earn-8-dividend-a-year-with-no-risks-5160150
That's a pretty bad idea than holding them to non-custodial wallets unless you are willing to lose your investment. Remember high returns is always risky it would be best if you hold BTC in your wallet that you fully control and let the value makes you profit.
I'm new to Cryptocurrency and instead of learning the in and outs of trading, I decided to buy BTC and hold. The reason being, is because of the dozen websites I've visited they all claim BTC will skyrocket in the upcoming years. People tell me that if I buy BTC on Coinbase, then I should transfer the BTC to a Cryptowallet.
Wouldn't it be best to store the BTC in a wallet that pays high interest?
Nexo: Nexo pays its customers high-interest rates on crypto, stablecoins, and standard currencies such as USD, EUR and GBP. Storing crypto or stable coins on Nexo will earn interest back in those coins at a rate of between 8% and 12%. Nexo pays interest of 12% on standard currencies such as the U.S. dollar and the euro, far more than any typical bank pays.
But there are other crypto wallets that pay high interest.
If someone was to buy and hold, why would they get a wallet that doesn't pay interest?
Because BTC wallets are created for only one function - storage. The percentages that such services promise, like Nexo, are not taken out of thin air, and no one will just hand out these percentages. This means that Nexo wants to get something in return, and this will be that you will give control of your assets into the hands of this service. Is it worth risking 100% of your assets for that 8-12% extra interest? I think these are inconsistent values.Wouldn't it be best to store the BTC in a wallet that pays high interest?
Nexo: Nexo pays its customers high-interest rates on crypto, stablecoins, and standard currencies such as USD, EUR and GBP. Storing crypto or stable coins on Nexo will earn interest back in those coins at a rate of between 8% and 12%. Nexo pays interest of 12% on standard currencies such as the U.S. dollar and the euro, far more than any typical bank pays.
But there are other crypto wallets that pay high interest.
If someone was to buy and hold, why would they get a wallet that doesn't pay interest?
BTC should not be stored in a wallet with a high interest rate, but in the safest wallet. Everything else is unnecessary risk.
Nexo: Nexo pays its customers high-interest rates on crypto, stablecoins, and standard currencies such as USD, EUR and GBP. Storing crypto or stable coins on Nexo will earn interest back in those coins at a rate of between 8% and 12%. Nexo pays interest of 12% on standard currencies such as the U.S. dollar and the euro, far more than any typical bank pays.
I don't believe in any Bitcoin or cryptocurrency wallet that promises to pay interest while saving my Bitcoin in their wallet; this proves to me that they have control of my Bitcoin because they can offer me more than what I invested in there, implying that they are using my Bitcoin for their personal business.Quote
But there are other crypto wallets that pay high interest.
If someone was to buy and hold, why would they get a wallet that doesn't pay interest?
For easy access, use an open source wallet like electrum because it is highly recommended due to security concern.If someone was to buy and hold, why would they get a wallet that doesn't pay interest?
It is always advisable to avoid offers from wallets that guarantee any sort of interest because they are not secure and could go away with your investment at any point.
Let your priority when selecting a Bitcoin wallet be more of safety rather than interest, the aim of you holding Bitcoin already is because you are optimistic that it would be able rise and give you returns on investment so why worry about interest.
You can buy Bitcoin from other exchanges not just the one you were recommended, you can choose from decentralized or centralized exchange, I use the former. Or also you have the option of peer to peer but be safe use an escrow.
To your question,I make use of electrum wallet to save my Bitcoin, you can also try out cold storage wallet that keeps your Bitcoin offline.
You can buy Bitcoin from other exchanges not just the one you were recommended, you can choose from decentralized or centralized exchange, I use the former. Or also you have the option of peer to peer but be safe use an escrow.
To your question,I make use of electrum wallet to save my Bitcoin, you can also try out cold storage wallet that keeps your Bitcoin offline.
If someone was to buy and hold, why would they get a wallet that doesn't pay interest?
I am more likely to prefer just a return from the volatility of the bitcoin price in the wallet that gives me custody than to expect a return of interest + price volatility from those who are in full custody of my assets. Remember, not your keys, not your bitcoins. This is the shortest lecture to tell you that when you do not have full custody of your assets then you are not the full owner of the assets. 
Any open source self-custodial wallet will be a better option.
“Self custodian wallet”…I guess that’s another way to put it. Sounds strange to me as I’m used to calling it non custodian wallet.
@OP, i would recommend Electrum wallet for you for a non custodian wallet or you could use Mycelium. Virtually a wallet that gives you a private key or seed phrase would be cool.
You could as well get hardware wallets or store in air gapped wallets (wallets that haven’t gone online by any chance). You’ve got a good number of options and ensure the safety of your keys or seed phrase, it’s your only chance of recovery.
I'm new to Cryptocurrency and instead of learning the in and outs of trading, I decided to buy BTC and hold. The reason being, is because of the dozen websites I've visited they all claim BTC will skyrocket in the upcoming years. People tell me that if I buy BTC on Coinbase, then I should transfer the BTC to a Cryptowallet.
Wouldn't it be best to store the BTC in a wallet that pays high interest?
Nexo: Nexo pays its customers high-interest rates on crypto, stablecoins, and standard currencies such as USD, EUR and GBP. Storing crypto or stable coins on Nexo will earn interest back in those coins at a rate of between 8% and 12%. Nexo pays interest of 12% on standard currencies such as the U.S. dollar and the euro, far more than any typical bank pays.
But there are other crypto wallets that pay high interest.
If someone was to buy and hold, why would they get a wallet that doesn't pay interest?
Wouldn't it be best to store the BTC in a wallet that pays high interest?
Nexo: Nexo pays its customers high-interest rates on crypto, stablecoins, and standard currencies such as USD, EUR and GBP. Storing crypto or stable coins on Nexo will earn interest back in those coins at a rate of between 8% and 12%. Nexo pays interest of 12% on standard currencies such as the U.S. dollar and the euro, far more than any typical bank pays.
But there are other crypto wallets that pay high interest.
If someone was to buy and hold, why would they get a wallet that doesn't pay interest?
depends if you trust Nexo. there used to be a lot of these platforms that pays interest like Blockfi. they filed for bankcruptcy afaik in the early days of this current bear market. It's surprising Nexo survived after Luna.
if it's a wallet that you meant, there is no wallet that pays interest. BTC price itself grows in the bullrun. be reminded that when you send your coins in Nexo, its not your coins anymore.
Is 8-12% worth it knowing that the custodial that holds your bitcoin could end up getting hacked or end up going insolvent? I don't think so. Bitcoin's price appreciation alone is more than enough for me; the extra yield poses too much unnecessary risk.
https://chainsec.io/exchange-hacks
https://chainsec.io/exchange-hacks
If someone was to buy and hold, why would they get a wallet that doesn't pay interest?
That's because when you're using such a service, you're giving them full control over your funds. So if they ever go down (hacked, funds stolen, etc.) your funds will be gone forever.
And if you think that no such a thing can happen because the company is too big to fail, then you should know that we've had multiple incidents where millions of dollars were lost in the last year or so, with services similar to Nexo: BlockFi, Voyager, Celsius network, etc.
Any open source self-custodial wallet will be a better option.
Why in search for crypto wallet to use, I will advice you select open source wallet. Electrum are one of the highly recommend wallet since it's easy to use and it's both mobile and desktop supported.
If you Bitcoin is worth enough for you to spay some few dollars in purchasing hardware wallet then I will recommend you check out the below list.
list of Open Source Hardware Wallets
Why in search for crypto wallet to use, I will advice you select open source wallet. Electrum are one of the highly recommend wallet since it's easy to use and it's both mobile and desktop supported.
If you Bitcoin is worth enough for you to spay some few dollars in purchasing hardware wallet then I will recommend you check out the below list.
list of Open Source Hardware Wallets
I'm new to Cryptocurrency and instead of learning the in and outs of trading, I decided to buy BTC and hold. The reason being, is because of the dozen websites I've visited they all claim BTC will skyrocket in the upcoming years. People tell me that if I buy BTC on Coinbase, then I should transfer the BTC to a Cryptowallet.
Wouldn't it be best to store the BTC in a wallet that pays high interest?
Nexo: Nexo pays its customers high-interest rates on crypto, stablecoins, and standard currencies such as USD, EUR and GBP. Storing crypto or stable coins on Nexo will earn interest back in those coins at a rate of between 8% and 12%. Nexo pays interest of 12% on standard currencies such as the U.S. dollar and the euro, far more than any typical bank pays.
But there are other crypto wallets that pay high interest.
If someone was to buy and hold, why would they get a wallet that doesn't pay interest?
Wouldn't it be best to store the BTC in a wallet that pays high interest?
Nexo: Nexo pays its customers high-interest rates on crypto, stablecoins, and standard currencies such as USD, EUR and GBP. Storing crypto or stable coins on Nexo will earn interest back in those coins at a rate of between 8% and 12%. Nexo pays interest of 12% on standard currencies such as the U.S. dollar and the euro, far more than any typical bank pays.
But there are other crypto wallets that pay high interest.
If someone was to buy and hold, why would they get a wallet that doesn't pay interest?
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