Topic: Where is it safe to store money? - page 3. (Read 2250 times)
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.
If I'm away from my computer, how do I access my Electrum? it's linked only to my desktop right?
It is better to just deposit it in one account, for more control and with the best security caracteristics that can offer the vitual wallet you are saving your bitcoins.
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
Well pros for wallet like Electrum is mainly security. When you use Electrum and hardware wallets, you have access to all your private keys, your seed and thus your Bitcoin. Online wallets like coinbase, coinjar...etc, have access to your keys and your Bitcoin is literally part of their entire Bitcoin fund. It is like a bank for Bitcoin. The same with exchanges. They are prone to hacking - check out the Bitfinex hack - and can easily freeze and steal your funds.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
But of course, exchanges are better when it comes to convenience. But you are sacrificing security for convenience. If you are keeping/storing money, use a trusted hardware or offline wallet like Ledger Nano or electrum. You are much safer that way.
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
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
Storing your money on an exchange will probably not be very safe, since the owners of the sites have your private keys, which means they could possibly steal all your Bitcoin from you. It won't be safe after the hard fork also
If you are always moving your Bitcoin and have a lot of it, I would recommend purchasing a ledger wallet or trezor, which is a hardware wallet that has all your private keys accessible to you and also very secure.
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 just had DGB BTC Zec Monero -some of them I've never even heard of to stay at Poloniex.
I'm a newbie at mining and I am not earning 100k yet but just enough to get my RIG pay for itself. To my wonder everything started falling in downward trajectory since I started mining lol , so I thought if I keep it on the exchange at the least I'd be able to get a idea of the value every day and eventually when they rise I can change them into BTC or USD
I am not using that money, just a place to park until value bounces up.
You guys talk about exchange falling like it's nothing, I'm not doubting it but this whole world is very new to me and even the possibility of that happening makes me doubt everything. In Stock trading (nasdaq and all) if a broker had even a remote possibility of crashing, it would have zero clients. Here I thought Poloniex and Kraken were the top dawgs.
I guess, I'll make individual wallets for DGB ZEC and already have BTC
btw if I install Electrum on a different computer I won't be able to access my BTC right? so anytime I need btc I'd have to open electrum from my home based desktop?
I'm a newbie at mining and I am not earning 100k yet but just enough to get my RIG pay for itself. To my wonder everything started falling in downward trajectory since I started mining lol , so I thought if I keep it on the exchange at the least I'd be able to get a idea of the value every day and eventually when they rise I can change them into BTC or USD
I am not using that money, just a place to park until value bounces up.
You guys talk about exchange falling like it's nothing, I'm not doubting it but this whole world is very new to me and even the possibility of that happening makes me doubt everything. In Stock trading (nasdaq and all) if a broker had even a remote possibility of crashing, it would have zero clients. Here I thought Poloniex and Kraken were the top dawgs.
I guess, I'll make individual wallets for DGB ZEC and already have BTC
btw if I install Electrum on a different computer I won't be able to access my BTC right? so anytime I need btc I'd have to open electrum from my home based desktop?
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. 
The safest are Trezor and Ledger hardware wallets. If you don't mind the fees, you could store the bulk of your coins on the hardware wallet and continue to use Electrum to send back and forth coins to be sold on the exchanges. But you will be trading safety for convenience though. It's all up to you 
It's not only about the fees. Hardware wallets don't grow on trees, you know Anyway, I agree that it's a good idea to buy one if you move your coins often. If you just want to store and are prepared to be doing it for a year or more, don't buy a hardware wallet. You'll pay money for a gadget that you don't need and by the time you start using your coins there will be new, better versions available.
Of course a hardware wallet is advised or why not store on your pc offline, if that is the case.
It is not safe to store your currency on exchange for long period of time. Don't put all eggs in one basket, to save all your funds at one place is the worst idea. There are many exchanges which are got hacked in the past, so try to put your coins in different places not on exchange.
i think you do not remember that what happen to bitfinex when it hacked and alot of the people money was lost to me i think it good to nvest your money in blockchain wher eyou can get additional security to your bitcoins. Hi,
Just wondering , is it safer to keep money at an exchange like place poloniex or kraken what not or a wallet like Electrum?
Just wondering , is it safer to keep money at an exchange like place poloniex or kraken what not or a wallet like Electrum?
I want also to put it all on an exchange but on a local ones. But it's advisable to keep your bitcoin before this fork on an offline wallet.
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
Pros and cons of one vs another?
TIA
I know what you are trying to explain, if your bitcoin is in the exchange you can use it immediately but the only bad thing about it, is that you don't hold private keys or seed. And if the exchange collapses you can't recover your coins that's why offline/desktop wallet is better.
The safest are Trezor and Ledger hardware wallets. If you don't mind the fees, you could store the bulk of your coins on the hardware wallet and continue to use Electrum to send back and forth coins to be sold on the exchanges. But you will be trading safety for convenience though. It's all up to you
Store on a exchanger ? Definitely big no , too much risk my personal opinion is getting hardware wallet such a ledger nano and trezor , both are reputable hardware wallet put there i think its safest because you store it securely on your own and you can bring it anywhere anytime 
Store your Bitcoins on a paper wallet always. Alternatively, if you don't want to have them on paper, but more liquid so you can spend them, then download a client like MultiBT where you will be able to store them safely (as long as your computer doesn't have viruses). 
Keeping them on exchanges for what? they're not banks to keep your coins safe forever, I always deposit do my trades and withdraw when I'm done, keeping coins as a wallet in online services is the most idiotic thing one can do IMO.
The most safest ways are the offline wallets. This might be a hardware wallet, a piece of paper, memorizing etc. Whatever works for you. Personally, I am fine with paper wallets.
The relatively safe ways are desktop wallets wallets like electrum, core client etc. Those are only as safe as your computer. If your computer is infected, and you don't have any password protection on your wallets you are unprotected. Even if you set passwords, there are copy/paste viruses. Most people didn't even realize that they were sending their bitcoins to the hacker's address. Unless you are a cautious person, you are still unprotected.
The most unsafe way is holding your coins on exchanges. Avoid. Not joking. Some exchanges may even lock your account if you stay inactive for a long time.
The relatively safe ways are desktop wallets wallets like electrum, core client etc. Those are only as safe as your computer. If your computer is infected, and you don't have any password protection on your wallets you are unprotected. Even if you set passwords, there are copy/paste viruses. Most people didn't even realize that they were sending their bitcoins to the hacker's address. Unless you are a cautious person, you are still unprotected.
The most unsafe way is holding your coins on exchanges. Avoid. Not joking. Some exchanges may even lock your account if you stay inactive for a long time.
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.
I keep all my bitcoins in an online wallet at different sites. All the sites just will not run. It certainly creates some inconveniences due to the large price transactions, but first I'm not wasting my coins and maybe in the future I'm going to use large transactions, and secondly after August 1 was going to solve the issue. Wait and see.
It is not safe to store your currency on exchange for long period of time. Don't put all eggs in one basket, to save all your funds at one place is the worst idea. There are many exchanges which are got hacked in the past, so try to put your coins in different places not on exchange.
Jump to: