Where is it safe to store money? - page 2.

bitllionaire

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Quote from: BillyBobZorton on July 06, 2017, 11:12:52 AM

Quote from: universalresonance on July 05, 2017, 09:02:06 AM

Hi,

Just wondering , is it safer to keep money at an exchange like place poloniex or kraken what not or a wallet like Electrum?

It is very neat to have it all in one place like an exchange, for example, I currently mine and use their address to deposit my earnings for bitcoin I used to give my Electrum address but now I'm thinking it's better to just keep them at one spot?

Pros and cons of one vs another?

TIA

Never trust any exchange. You don't know who you are dealing with. Numerous exchanges have fallen with their owners running with the money. This is why im also reticent to give them my real data. I dont know who is getting my data and what are they going to do with it. Given the precedents I just try to use fake names and VPN to not give them any data about me because bitcoin exchanges aren't properly regulated so it can be a mistake to give them your details along with the risk of losing your BTC.

Just buy the coins then put them in your wallet.

yes that is right i also do not trust on any exchange, to me i keep my bitcoins safe in online wallet, and luckily do not find anything wrong there, i will like to continue keeping my bitcoins in online wallets.

BillyBobZorton

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Quote from: universalresonance on July 05, 2017, 09:02:06 AM

Hi,

Just wondering , is it safer to keep money at an exchange like place poloniex or kraken what not or a wallet like Electrum?

It is very neat to have it all in one place like an exchange, for example, I currently mine and use their address to deposit my earnings for bitcoin I used to give my Electrum address but now I'm thinking it's better to just keep them at one spot?

Pros and cons of one vs another?

TIA

Never trust any exchange. You don't know who you are dealing with. Numerous exchanges have fallen with their owners running with the money. This is why im also reticent to give them my real data. I dont know who is getting my data and what are they going to do with it. Given the precedents I just try to use fake names and VPN to not give them any data about me because bitcoin exchanges aren't properly regulated so it can be a mistake to give them your details along with the risk of losing your BTC.

Just buy the coins then put them in your wallet.

DoublerHunter

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If you are talking about fiat then if i were you, i will just buy some bitcoins with my money to preserve my wealth and also get the chance to make money while i am just securing my money from the banks which is very low in interest. Bitcoin is a good way to store your money as long as you know how to secure your account.

junkozane

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Storing money is good decision and i will recommend Bitcoin wallets. All said that wallets will be risky and hacked, it is foolish. Bitcoin is developed under decentralised secure system.

Tamilson

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Quote from: UCHCHILD on July 06, 2017, 12:44:02 AM

So far i am just usinh online wallet since I do not know how to use offline but I really want to use it since I guess it is more safer than having it on online as some stated and I believe to them too since there are lots of cons if we are using online. But for me I can easily access bitcoin in online wallet anywhere and anytime I want and even when I am.just using my phone so as long as I am connected in internet I can access to my money easily especially a local online wallet which is use only in your country

It's alright then like storing your coins at your own risk. We all know that storing all your coins in an online wallet is a risky thing. You never know when the hackers can attack you and when its get hack there's no turning back of yout coins. Well then its all up to you mate, hope over time you'll learn storing your coins offline if you like to sleep soundly at night. Grin

Reid

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Why not stay on using Electrum? It is the best application for me that is really secured.
Seeds are better than having an Email address and password which can be easily hacked.
You will just have to keep the copy of your seeds in a safe place.
Poloniex could have some problems with their website and that is the risk of keeping it there.

highlandknight

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Bitcoin is safe to store your money. Not only strong purpose, you can do transactions, exchange money and purchase things. There are a lot of advantages with the bitcoin and wallets.

Kakmakr

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If I were you, I would invest in a hardware wallet to give you accessibility to store coins and to have it accessible when you want to trade it on an exchange. I will never store large quantities of bitcoins on any exchange. You can watch the markets and when you are ready to trade, you can then quickly transfer coins onto the exchange. < this is not ideal, because you might miss some good trades, if the confirmation takes a bit long, but it is the safest option >

Bitcoin exchanges are prime targets for hackers, because their software sucks. ^grrrrrrr^

RedditMaster

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You are going to want to store your Bitcoins on a paper wallet for 100% security, otherwise you risk losing them. Even a paper wallet must be kept safe, because it is just like cash. If you lose it, it is gone forever and you can never get it back.

BCTalkaccountforsale

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Quote from: universalresonance on July 05, 2017, 09:02:06 AM

Hi,

Just wondering , is it safer to keep money at an exchange like place poloniex or kraken what not or a wallet like Electrum?

It is very neat to have it all in one place like an exchange, for example, I currently mine and use their address to deposit my earnings for bitcoin I used to give my Electrum address but now I'm thinking it's better to just keep them at one spot?

Pros and cons of one vs another?

TIA

I keep the bitcoin in my wallet and I feel it is quite safe, I will keep it until I feel no longer safe or the bitcoin price increases, I will sell all the bitscoin I have.

Pursuer

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Quote from: meliodas on July 05, 2017, 11:11:11 PM

Quote from: bitllionaire on July 05, 2017, 07:14:27 PM

Quote from: ArnoldChippy on July 05, 2017, 06:17:47 PM

Quote from: swogerino on July 05, 2017, 03:58:33 PM

I keep my bitcoins in my wallet , Electrum and so far I have not encountered any problem with it. If you leave your coins in online wallets or exchanges there is always a risk to them, exchanges may get hacked while online wallets maybe attacked and flooded with DDOS.

that is what i also have the same case. i am also using onlne wallet for my bitcoins and for every time i really found it reliable and never feel any risk there. therefore i will like to continue with the same point.

i also like to store my bitcoin mostly in my online wallet , but in fact for security reason i have distributed my bitcoins in different wallet so that now one can take my all bitcoin in one time.

Yeah same as you. Don't want to put all my eggs in one basket so I distributed my coins in like 4 to 5 different wallets. Better be sure than sorry. My distribution depends on my necessity like one wallet for my everyday transactions and some are for safe keeping and savings.

it is an unnecessary hassle that you are putting yourself through. securing 5 different wallets and maintaining this security is not an easy task that you can simply do, it takes time.
best option is just using one offline wallet for everything. you just boot it up and sign a transaction and then just sent it on your online wallet.
the worst case scenario you need only 2 maximum wallets, 1 cold storage and one your phone to have some pocket change with you all times.

UCHCHILD

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So far i am just usinh online wallet since I do not know how to use offline but I really want to use it since I guess it is more safer than having it on online as some stated and I believe to them too since there are lots of cons if we are using online. But for me I can easily access bitcoin in online wallet anywhere and anytime I want and even when I am.just using my phone so as long as I am connected in internet I can access to my money easily especially a local online wallet which is use only in your country

Yuhee

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Quote from: meliodas on July 05, 2017, 11:11:11 PM

Quote from: bitllionaire on July 05, 2017, 07:14:27 PM

Quote from: ArnoldChippy on July 05, 2017, 06:17:47 PM

Quote from: swogerino on July 05, 2017, 03:58:33 PM

I keep my bitcoins in my wallet , Electrum and so far I have not encountered any problem with it. If you leave your coins in online wallets or exchanges there is always a risk to them, exchanges may get hacked while online wallets maybe attacked and flooded with DDOS.

that is what i also have the same case. i am also using onlne wallet for my bitcoins and for every time i really found it reliable and never feel any risk there. therefore i will like to continue with the same point.

i also like to store my bitcoin mostly in my online wallet , but in fact for security reason i have distributed my bitcoins in different wallet so that now one can take my all bitcoin in one time.

Yeah same as you. Don't want to put all my eggs in one basket so I distributed my coins in like 4 to 5 different wallets. Better be sure than sorry. My distribution depends on my necessity like one wallet for my everyday transactions and some are for safe keeping and savings.

Well as i learned through time i store my money offline and there is a pump or dump thats the only time i will use exchange sites. Then after trade i will send it back to my offline wallet. And probably i do small trades so no worries for me. So different stories for big time traders. I do sometimes encounter cons of exchange sites but i think that is just normal amd it is one of its purpose. So its a risk that everyone can take but not all can benefit from it.

ASHLIUSZ

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You can trust exchange websites that won't steal your funds, because only through you and me they gain profit as well the good reputation gets them more business. At the same there are several cases were the exchange goes out of use or other bankruptcy happens. It's good to hold your funds in offline wallets and hold in exchange the fund that you wish to do trading.

meliodas

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Quote from: bitllionaire on July 05, 2017, 07:14:27 PM

Quote from: ArnoldChippy on July 05, 2017, 06:17:47 PM

Quote from: swogerino on July 05, 2017, 03:58:33 PM

I keep my bitcoins in my wallet , Electrum and so far I have not encountered any problem with it. If you leave your coins in online wallets or exchanges there is always a risk to them, exchanges may get hacked while online wallets maybe attacked and flooded with DDOS.

that is what i also have the same case. i am also using onlne wallet for my bitcoins and for every time i really found it reliable and never feel any risk there. therefore i will like to continue with the same point.

i also like to store my bitcoin mostly in my online wallet , but in fact for security reason i have distributed my bitcoins in different wallet so that now one can take my all bitcoin in one time.

Yeah same as you. Don't want to put all my eggs in one basket so I distributed my coins in like 4 to 5 different wallets. Better be sure than sorry. My distribution depends on my necessity like one wallet for my everyday transactions and some are for safe keeping and savings.

YOYOY

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Just save it on your offline wallets because in that way it is much safer than you store it on a online wallet not much if you are a trader and you will be opening it every time you want to trade something. If you store in on an online wallets there are many risk you will encountered just like it will be access by the owner of that site, or else if the site get lost or become a scammed site you wouldn't get it back.

Russlenat

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I trust my local bitcoin wallet provider like coins[.]ph and I have my bitcoin there for a long time, I also have myetherwallet and livecoin, but it is also depend on you on who you trust most of you bitcoin wallet provider then to insure the safe of your money.

iamTom123

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Just like in investing, the best advice is never put all of your baskets in one egg...errr...should it be the other way around? Okay, I know you get what I mean. All things online no matter how established or fortified as they claim to be are all carrying risks. It is better to put your online wealth in different wallets though yes it can really be inconvenient at times.

These days the only secured are sites and wallets which can not be accessed online. As long as it is online, then the chance for it to be hacked is always there. When there is money inside, you can be sure that dark elements can smell them from afar. Inconvenience is nothing compared to losing some of your money. But then it is your call...nothing is guaranteed in this world that even if you diversify your wallets you can not be a victim anymore.

Sniper44

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it depends on how much you are receiving each time and can you make each go up like by asking the one paying you.

if it is small amounts and the withdrawal fee of the exchange is not that high, then in my opinion it is a good idea specially if you are a trade. for example you get deposits of <0.001BTC in there so your wallet doesn't get filled with a lot of dust and you won't be forced to pay a high fee. and at the same time you can use that small amount to trade and maybe make some profit on it.

but if it is larger payments or when it accumulates to a bigger amount then it becomes risky to continue keeping it there. as others also mentioned.

i am currently doing this for small dust payments, then buy an altcoin like LTC and cash it out as my investment.

ufaiz50

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Quote from: Doms on July 05, 2017, 09:37:27 PM

If you own a huge amount of bitcoin, then it is really worth the effort of securing it to the maximum level. But if you are just starting out and only have a small amount, I think online wallets are still ok, just for the sake of convenience. But as others have mentioned, the safety of your bitcoins depend on how much your online wallet provider takes care of their security.

and depending on how the owner keeps his account like ignoring his email which is likely to be phishing or any other suspicious matter. for huge bitcoin is not recommended for online wallet or wallet in exchanger.

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