Topic: What Wallet Do You Store Your Bitcoin? (Read 659 times)

Just because something is easy, it doesn't mean that it's good or better than the more challenging alternatives. In fact, it's often the other way around. It's easier to register on a CEX, login in with your username and password, and store your coins with them. That's easier than having to set up your own wallet, generate the seed securely, and making multiple physical backups on paper or metal that you will keep in different geographical locations. But the quicker option here isn't safer and thus not better.

Blockchain is a buggy wallet that works today and doesn't work tomorrow. People have reported all kinds of weird problems with it that have created difficulties for them to work with their coins. Because of that, I see no reason to use something that may or may not work. Better software wallets are available both for desktop and mobile devices than Blockchain.   

Using the mobile version of Bluewallet has more features compared to Electrum (mobile), such as cost settings and coin control like the Android I use.
The mobile version of Electrum doesn't have as many features as the features in the mobile version of Bluewallet.
Regarding security and so on in wallets, it depends on each individual and this is not intended to compare Bluewallet with Electrum.

You can try using the mobile version of bluewallet. You will get the difference in convenience.

Before deciding to use a wallet as a place to store BTC, there are several factors studied. After going through all the research, the decision made is quite good — it includes all the factors you mentioned, namely how to use it and how to secure it.

How do intend to use Blockchain wallet like a bridge, a bridge to what? Take note that even if you need an online wallet for spending on the go, blockchain wallet is not a recommended one, it is a web wallet and their users always complain of bugs and different other problems, Electrum is easy to use and is great as an online wallet for spending on the go, BlueWallet is another option. To store the bulk of your money, you can then run Electrum on an airgapped device or use a hardware wallet.

I think we allways ended up in the same results, but for me first off all the hardware/software analysis over wallets and wich its better and why, we have to split the discussion into two things.

• Hardware/Software concern.
• Personal use and interest.

And the part of personal use and interest its very important, because its not the same to save a few bucks tahn  a large ammount, its not the same being a guy who travel all the time and sometimes without your laptop and you need a fast and good wallet on your phone.

Its not the same the strategy of anyone on who split his saves, in one wallet, two, one for spends, and one for savings, etc. And i thinkw e allways discuss so much about the tecnological section and not the most common human being.

For example here its like a bad word having a hot web wallet like Blockchain, but for me if you use that wallet like a bridge or for spend its a very easy way to use and start for people.

That depends on many factors:
- How you created the wallet and generated its keys.
- How you stored those keys.
- What type of wallet you used. A custodial wallet differs significantly from a non-custodial one if we are talking about control of the keys.
- And if you took all the precautions to ensure the wallet is recoverable if and when needed.

I combine Electrum for desktops with my hardware wallets, but I wouldn't use the mobile version as my go to mobile wallet. As Z-tight explained, it lacks important features that Electrum's desktop and Blue Wallet possess. I have tried Electrum on my Android and it never felt right. It feels like such a hurried release that doesn't work properly. It's not unsafe, though.

I suggest you download and install both applications and create test wallets. After that, see for yourself. You will notice why Blue Wallet should be the better choice. At least, for me it is. 

I think it is because Electrum on Android lacks some features that are present in the desktop version, take note that this is not about the safety of your funds or keys, because both Android and Desktop Electrum are safe, if you follow the required safety precautions. But Electrum on Android lacks features like coin control, you cannot select a particular UTXO to spend, you have to combine all your UTXO's which is bad for privacy, Android Electrum also lacks the feature of fee customization, you only have a fee slider on Android, but you can't customize your fee, you can't also sign a message using Electrum on Android, etc.

So you are clearly saying that it is better to use BlueWallet for storing Bitcoin compared to Electrum using mobile apps? Can I know dude, why? For now, it's okay for me to use Electrum mobile apps. Although it cannot be denied that I feel more comfortable using Electrum on the desktop,

I haven't tried the bluewallet yet, but I'll check it, and maybe later I'll shift to using it on mobile instead of Electrum, because I've read a lot like that in the forum. Maybe, I'll just log out my Electrum accounts using mobile to be safe.

The reason given to buy BTC and then hold it is true.
Bitcoin which is used as an investment asset by people will experience a high price increase, usually people often call it ATH.

Saving Bitcoin is not like saving money in a bank. The bank chosen to save money will provide monthly interest and annual interest with a percentage multiplication in accordance with the amount of money saved.
Storing bitcoin in a trusted wallet for a certain period of time can also make a profit.

The first advantage, the BTC stored in the wallet is only us who control. Very much different from the bank that makes the money played for other purposes outside of our knowledge because the status has become the property of the bank as long as we do not pull it back.
The second advantage, we will get a percentage of selling when prices reach high prices.

I have decided to use Electrum as a wallet to store BTC.

I use Electrum as a main wallet, but you always needs to check your requeriments and also how much BTC youa re gonna have or hold.

Like the other persons in this thread already said to you i think its better to avoid all that web wallets who offers you X% for rely your BTC with them. If you want to run that risk, please put not all your BTC on that, and be very carefull.

If you want a wallet where you can safely store your coins and keep them in your custody and control, you will have to forget about earning interest. Interest is earned on coins that aren't being stored, but are "moving around" between partner services. You don't know what's happening with them or where they are. Recent history has shown that it can quickly go wrong.

I would never consider NEXOs 5%, 10%, or 20%, regardless of how tempting it might seem at first. The risk isn't worth it.
And when Bitcoin starts its next bull run, it will earn holders much more than what NEXO and similar custodian gamblers offer their clients.

The use of the mobile version of Electrum is not that good in the sense that Electrum is not bad, but the use of Electrum on the desktop version is very good.
In my opinion, the mobile version of the bitcoin wallet that is easier to use is BlueWallet. Many features available.
Still in the context of the desktop version, I would like to say that the preferred use of the desktop version of the wallet is Electrum and it is a software wallet that I recommend to anyone who wants to use it on a desktop.

Electrum is a good BTC wallet, it is open source and a self custody wallet, but it is a hot wallet and should not be used to store a large amount of BTC, Electrum should only be used in place of a hardware wallet or other cold storage solutions if it is run in an air-gapped device. Setting up an air-gapped wallet may be difficult for a newbie, but it is a cold storage solution for people who know how to set it up and probably can't get a hardware wallet. Take note that even if a wallet gives you your seed phrase and private key, it doesn't simply mean that it is safe to store any amount of BTC in it.

Yes, if you are holding the wallet where you have access to the private key then for sure you are better than keeping your coins on exchanges or any other wallet where they do not give you access by username and password.

However, still, you need to choose the best wallet like in my point of view, electrum is my favorite wallet and I don't trust the Trust wallet and here both of these wallets give you access to private keys.

If for any reason you do not have a hardware wallet, I will only prefer the Electrum desktop version to store my bitcoins BTC

I don't think it is that easy with Lightning Network fees as you put it. And as Lightning Network is still in much more development than the main layer, I'd be careful to lock a lot of money in Lightning Network. When you don't want or can't manage your own channels then most Lightning Network wallets are custodial e.g. like Wallet of Satoshi. There are of course non-custodial solutions e.g. like Phoenix which have some semi-automatic channel management by the wallet's provider (in case of Phoenix it's ACINQ).

But if fees on main layer grow substantially this will also have an impact on Lightning Network, too. And routing nodes can't go much around this when they have to open and close channels from time to time. Added cost there will have to be compensated somehow by an appropriate routing fee level. Sooner or later it will impact every Lightning Network participant.

I don't believe that routing fees in Lightning Network can stay low due to competion when in parallel main layer transaction fees grow higher than what we see currently. Routing fees will have to follow slowly the trend on main layer, maybe not to the same extend but the trend will be the same.

One more aspect.

Storing coins at individual addresses is a short-sighted solution.
The more popular Bitcoin becomes, the more people will want to transact.
The greater the demand for transactions, the higher the competition for space in a block.
The higher the competition for block space, the higher the fee.

And since banks, central banks, and governments are pushing more and more people towards Bitcoin through their actions, sooner or later each of us will face the situation where we'll have to assign a fee for transferring coins from our address that we simply can't afford. It makes sense, as long as this hasn't happened yet, to move your coins into Lightning Network payment channels. There, fees don't increase as the network grows. In fact, quite the opposite:
the more nodes, the more routing paths, and the more competition among nodes to participate in routing;
and the higher the competition, the lower the routing nodes’ fees.

online is not a good choice

The main message is that Trezor is using zkSNACKs coordinator to run their CoinJoin, and we all know that zkSNACKs coordinator is pro-censorship because they partner with blockchain surveillance companies to blacklist certain UTXO from their CoinJoin feature. Meaning that there is no privacy for people that will use CoinJoin on Trezor because the fee they pay would be used to fund the company that will first of all spy on their UTXO, before they would either be allowed or rejected from using the CoinJoin service.

You can read some of it here: https://blog.trezor.io/coinjoin-privacy-for-bitcoin-11aaf291f23

The declining recommendations on both Hardware wallets Trezor and Ledger did give a bad rating to both.
But Ledger is the worst at the moment with its Recovery feature that even it is widely opposed by crypto users.
 
About Wasabi's implementation on Trezor, I haven't studied it in detail and still have little knowledge about it.

Ledger is currently Close Source and Trezor is Open Source.
It is just a matter of choosing which one to use and there are many more Hardware wallets to choose from.

Source: https://thebitcoinhole.com/

I also use the Electrum Mobile Wallet and it's still working well.
I also used Blue Wallet at first, but I found Electrum more convenient so I left Blue Wallet (everyone has different experiences).
Blue Wallet also closed the LN Channel.

I keep on the desktop version of Electrum
on Mobile I use Blue Wallet.

It is no better to be concerned with privacy security than to be concerned with the interest paid.
This is not a bank where we save fiat money.
It's safe to get profits because holding for a certain period of time is more effective than getting high interest payments but risking asset security.

To add to that, the fact that the word "wallet" refers to at least two different things may confuse even experienced people. You can read more about this in "Mastering Bitcoin" by Andreas Antonopolous, but in a nutshel, we have "wallet" - application for managing keys and "wallet" - internal structure that allows for this management.

In this case you are talking about second meaning, however structure is very simple since it consists of a single private key.

It is not productive to spend time on something like manual transaction signing, it may take days, weeks, or even months.

Many people misunderstood the meaning of Bitcoin wallet (because they are familiar with the exchange and consider the same with bank account)

I have to tell you if a real Bitcoin wallet is actually just storing your key. A wallet is not like a bank account which the sign does not by yourself.

In this case, we don't need that (wallet) if we can keep it offline.  so, if we can sign the transaction using pen and paper, better to do that (don't spend your money to buy hardware wallet).
do not worry about broadcast (where need it online), because we can use Explorer where an open service to out raw transactions in hex format.

Sometimes you can easily earn 12% and more in a single trade. You could easily buy bitcoins on exchange when BlackRock filed for a bitcoin exchange-traded fund and profit from it, then you could easily exchange your bitcoins into Ripple immediately when SEC announced that Ripple was not a security and double your coins. Do you see how easily you could double your money recently? Who cares about Nexo's 12% yearly interest.
By the way, it's very simple to understand why people don't leave their coins on exchanges and wallets, it's simply because if you don't manage the keys of your wallet, then the stored coins aren't actually yours. If you see the ToS of exchanges, for example ToS of Coinbase, you'll clearly see that Coinbase has right to block your account and/or seize your funds at any time, for any reason and they don't have to explain things to you.

So, who cares about some yearly interest when there is such a big threat on the other side? Always prioritize your wallet's safety!

I think Trezor and Ledger were never considered as the safest option out there. they were the most recommended BTC hardware wallets because they are one of the old ones, have good marketing and are easy to use while offering a lot of altcoins. I think that's the only reason.

Trezor and Ledger used to be the most recommended BTC hardware wallets, but after Ledger implemented their recovery service and Trezor are implementing CoinJoin, but they are using Wasabi for it, who are working with a blockchain analysis company to blacklist certain UTXO, the recommendations on these two hardware devices has decreased. For users who may already have the devices, it may be okay to use it without opting in for their recent additions, but i think if someone wants to buy a new hardware wallet they should go for options like Passport, BitBox02, and other recommended open source hardware wallets.

A centralized service would be a way to take away all property rights because developers have control over the wallets we use.
They have the keys and can easily freeze assets.
Or it could be a place for hackers to hack the wallet easily due to some bugs that may be available.

Wallet options like Passport 2, Open Source, and water-graphed can be a good choice.
But now Trezor seems to be the recommended hardware wallet and electrum mobile wallet is also my choice.
And maybe you can make an exception for Ledger.

Nexo and other similar services that offer   interest payments  to users of their wallets are all centralized services.

This  means they have the potential  to exercise control over bitcoins stored in those wallets.

Therefore, in my opinion, storing bitcoins in such wallets would pose a risk for me.

I would not want to limit my stash by accepting any terms and conditions imposed by centralized services like Nexo.

My only choice is Passport 2, open source,  airgapped hardware wallet.

If cryptocurrency is based on proof of stake, you can get a percentage for each address you own based on how saking work in that crypto, but that percentage increases as the number of coins you buy increases, and the reason you get some return is that you venture to invest in that currency.

some POS blockchain need min amount of coins like 32 ETH and other need to have address with balance like ADA.

So yes, there are methods for staking in from a non custodial wallet
Can you staking bitcoins from a non custodial wallet? No, because Bitcoin works based on proof of work. Here you will need a third party to benefit from your bitcoins and share the profit with you.

I'll focus on Bitcoin as does the OP. To generate interest your coins need to do some kind of work. You won't get interest simply by hodling in your own custody, at least not without doing something with them. Any other service that offers interest for your coins also has to do something with them and that's been pointed out here already. Usually you have to give up custody for your coins, let some service do something with your coins and pay you some interest for that risk. This all could go right but also the opposite could happen as shown by some examples from the past.

It should be clear by now that you don't get any interest for free.

If you strictly want to hodl in your own custody, it's your obligation to setup a secure environment, a secure computer for your wallet(s) that isn't used for everyday internet shit.
If you're not comfortable to maintain such a secure environment, a decent hardware wallet is recommended (Passport from Foundation Devices, BitBox02 from Shiftcrypto, Coldcard from Coinkite, ... (and no Ledger closed-source crap in my opinion) pay attention to transparancy of the hardware wallet manufacturer, closed-source firmware and wallets are a no-go for me and should be for you, too).

If you insist on safe self-custody and still want to explore the option to gain some interest from your hodled coins, Joinmarket could be an option which I consider rather safe. You can boost privacy of your coins if you understand the concept and you can earn some interest by offering your coins for coinjoins as a market maker in Joinmarket. I watch the Joinmarket project for a long time, understand the concept but I haven't used it yet as a market maker, simply because I have no coins to spare for it yet.
So, I can't tell from first hand experience how much the yield could be. You won't get rich for sure, but it could be better than getting nothing. And I consider it safe because you don't give up self-custody. A secure device is mandatory and I would say it's not an option for newbies. You need a good amount of understanding of basic concepts of Bitcoin.

To learn basics and more head over to https://learnmeabitcoin.com and work yourself through the pages. It's worth the efford!

My advice to you, it's better to just buy a hardware wallet if you have something to buy, rather than the wallet apps you mention which are under regulation. Or if you don't have anything to buy, it's better to try using a Sparrow wallet or Electrum wallet, it's both okay, just choose.

Because if you use a wallet in the exchange, the risk is a bit high, although it's okay as long as you don't enter too high an amount into the centralized exchange platform, that's all.

Wallets if they are good, should an open sourced and non custodial. What does non custodial mean?

It means you own private keys and your bitcoin is only owned by you, in that wallet. The wallet software company does have access to your bitcoin as they don't own private keys. So if they don't have your bitcoins, how do they get money to pay interest for bitcoin amount you stores in your wallet?

Logically no ways to have such interest from a non custodial wallet.

If you see a wallet that provide interest, it is custodial and you have risk. You have to see what is the interest rate they promise to pay? If it is too good, higher than banks, big red flag. That wallet provider is like running a scam to steal your bitcoin or a Ponzi.

Terra, UST and Anchor provided very high APYs and they were burned.
Breaking down Anchor's 20% APY on UST
Terra APY

It is considered good as long as the assets in the wallet are safe and it will be a regret when the stored assets are lost and so on.
Don't joke with wallets as a place to store Bitcoin.

Expecting profit when storing is not more important than security, privacy, control.
It's better to expect a return on the price than to expect a return on the interest paid.

Yeah, and they definitely offer another depository scheme where you can passively multiply bitcoins. The way a centralized wallet works is always as profitable as it sounds (sounds like you fell in love with it). A fully decentralized, security-oriented wallet has never offered anything like this, or even talked about a future price.

From the rate of return they offer, they're actually managing the bitcoins you deposit (or you can call it "holding") in a way they won't explain. They risk your money on the businesses they're involved in.

That's also my thinking before when I was still quite new to this market. But OP soon you'll understand why it is important that everyone here will tell you that it's best to hold your Bitcoin with the wallet that you're holding the private keys. Especially if the amount you've got is already a lot and already a life savings of yours. You know that these exchanges are vulnerable to dynamic changes and policies that's why you can't trust them wholly with your funds thus, the worst comes and they get hacked and you have no assurance you'll receive a full refund.

I'm not saying that what others say is right or wrong, I guess my point is that you should buy Bitcoin based on your belief and decision and not because of what others have told you. Because it seems like you're just putting your Bitcoin at risk in reality.

Then if you want your Bitcoin to be really safe, it's better to keep it hidden in a wallet where only you really have access and not the one you think you have access to but the truth is that it's not really. It's still better to put Bitcoin in a Hardware wallet or Electrum than to put a large amount of Bitcoin in Coinbase, or any centralized based platform that we know we don't have 100% access to because for example if there's a problem that's for sure you will have a problem there.

No, that's not important at all or called "the best".
The best purpose of storing your coin is to have better security for your valuable asset and always remember the golden rule of crypto space "Not your keys, Not your coin".  When using a custodial wallet, you are relying on the wallet provider to securely manage and protect your funds. You don't have direct control over your private keys, which means you are placing trust in the custodian to act in your best interest.

It's very risky to deal with this action if your sole purpose is to get interest while you are holding, it seems like the same concept as storing your money in traditional banks.  You let them have full control over your money, what's the purpose of Bitcoin being here and the word of having decentralized nature?

I wanted to provide some clarity as to how these custodial wallet providers like Nexo actually get the rewards they pay out to their customers as interests for being the custodian of their crypto. It's pretty simple actually, they give your Bitcoins out to lenders and in turn, you get to earn from the proceeds. But that's not always the case and you might end up actually losing both your Bitcoins and the supposed interest.

Here's a link to the SEC filing against Gemini: https://www.sec.gov/news/press-release/2023-7

FYOR, this is a similar product offering to Nexo. The best and primary way to store and hold crypto is self-custody. Afterall, the best way to get something done is to do it yourself. The same applies for taking responsibility for the security of your Bitcoin.

@OP, some members here have given good advice,  only you can decide which one you want to follow. Personally, for me, I don't see any reason to keep my assets in a centralised wallet for just some little interest in which my assets are not 100% secure (just what @MK4 said). Although it's your choice to make, I have suggested that if you are using Mobile , then you should use Bluewallet, but if it's on Windows, then you can go with Electrum wallet. Perhaps, if you have enough funds to purchase a hardware wallet, that would also be the best.


Cheers 🥂, Dr.Bitcoin_Strange 👺👺

Because they want total control of there funds that is why they prefer the self custodian to wallets. Nexo and its likes act like traditional banks, they hold on to your funds and loan them out to borrowers with the promise of a percentage which is not worth the risk of leaving funds there. Most of these entities end up running into bankruptcy and that is the end for you funds and the so called percentage. So my advice will be like the rest, just keep your funds on self custodian wallets. The volatility of bitcoin it self is a better percentage if you hold for long and buy at the right time/price.

But if you’re to earn more aside holding, then it would be preferable to learn about bitcoin trading. Trading is risky but at least you can have custody of your funds all the time.

Yea, I do call it a none-custodial wallet until I came across a comment by JayJuanGee (if I could remember correctly) where the reason why it should also be called self-custodial was given: "stating that the user who owns and holds the wallet has full control over it, and when one owns something and that belongs to the person alone, that's self-property". So the same is applicable to a non-custodial wallet, which could also be referred to as "self-custodial" since the owner is fully responsible for their own security.


In this day and age, information like ratings and recommendations gotten online regarding anything related to finance should not be taken too seriously, for anyone can now pay people to give a nice review and recommendations over their app. But deep down, there are things going on that we don't know about. That's why I always recommend people come to this forum to search and ask questions regarding any particular wallet, for there will always be opinions from people who have used the wallet and will share their review based on direct experience.
 

No! If your wallet earns interest on the funds you hold, it means that it is a custodial wallet, and you are not the true owner of your coins; instead, you have entrusted them to the wallet provider for safekeeping. A recommended method for storing your coins is by using a self-custody, open-source wallet, such as Electrum or Bitcoin Core.

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.

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.

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.

BTC should not be stored in a wallet with a high interest rate, but in the safest wallet. Everything else is unnecessary risk.

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.

For easy access, use an open source wallet like electrum because it is highly recommended due to security concern.

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.

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.

“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.

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

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

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?