Where should I keep my bitcoins? - page 2.

rnssol

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Quote from: sukhdeep singh on August 31, 2018, 07:00:27 AM

many ways to keep our Bitcoin safe.

- On a USB drive or other data storage medium in a safe place (e.g. safe deposit box, safe)

- On a paper wallet.

- On a bearer item such as a physical bitcoin.

- Use a offline Bitcoin Hardware wallet.

Okay so these are probably all the types of wallets that might exist. And these have their own levels of security for each kind.

sukhdeep singh

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many ways to keep our Bitcoin safe.

- On a USB drive or other data storage medium in a safe place (e.g. safe deposit box, safe)

- On a paper wallet.

- On a bearer item such as a physical bitcoin.

- Use a offline Bitcoin Hardware wallet.

rnssol

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Activity: 56

Merit: 1

Quote from: Velkro on August 29, 2018, 02:19:15 PM

Quote from: rnssol on August 17, 2018, 04:53:26 AM

To make any transaction we still need to get access to internet.

That is actually not true. You can sign it offline, and just send it without danger online

Bitcoin is smarter in design than you think. It only needs a little study how to do it

Okay so this is possible. We always thought it won't be possible to complete a transaction offline. Thank you for this piece of knowledge.

rnssol

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Quote from: Badu1 on August 29, 2018, 02:31:39 AM

I personally keep my bitcoins at the exchange site so that it becomes easily tradable for me.

Do exchange sites have their own wallet systems? Or it works some other way?

rnssol

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Quote from: Evelyne Kayonna on August 29, 2018, 02:22:38 AM

Quote from: burky155 on August 17, 2018, 05:02:50 AM

There are many ways to keep our Bitcoin safe.

- On a USB drive or other data storage medium in a safe place (e.g. safe deposit box, safe)

- On a paper wallet.

- On a bearer item such as a physical bitcoin.

- Use a offline Bitcoin Hardware wallet.

But i am keeping my Bitcoins in the local Exchange website, connected with the mail, phone message and Google autanticator. So with this 4 security option i think my Bitcoins sleeping so safe. All i want to say you should have at least 3 security options..

Yes, right, with the security of 3 options is a good step, in essence, never visit a web system that is phishing, keep your wallet from hackers.

So we are secure once we are keeping our coins in 3 different wallets? Will it not be infeasible to keep your money in 3 different accounts?

ompoetra

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In trading Bitcoin we must have a goal so as not to be confused, because sometimes beginners especially Bitcoiner Idealis are often confused about having to collect Bitcoin or even pursue profit in selling Bitcoin. If you have decided to become a Bitcoin Trader then sorry you have to bury your Idealist Bitcoiner soul deeply. Remember we are here collecting rupiah from the difference between selling and buying not goods in the form of Bitcoin

Positive market conditions mean there is a tendency for Bitcoin prices to continue to rise throughout the day. For example this morning the price is 3,700,000, a few hours later 3,800,000 next 4,100,000 and so on. In this condition Bitcoin trading tends to be easy. Why ? because you just buy at a cheap price and sell it at a price that is slightly higher than the purchase price. Just enjoy the profit until the market increase is finally saturated, then you have to stop buying and wait for the price to fall again.

Velkro

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Quote from: rnssol on August 17, 2018, 04:53:26 AM

To make any transaction we still need to get access to internet.

That is actually not true. You can sign it offline, and just send it without danger online

Bitcoin is smarter in design than you think. It only needs a little study how to do it

MegUsta

newbie

Activity: 24

Merit: 0

Quote from: RustyBits on August 29, 2018, 12:57:09 PM

Quote from: Lucius on August 17, 2018, 07:43:55 AM

- Hardware wallets : An excellent way to store coins, private keys are always stored inside the device, for me best option.

- Paper wallets : Good choice for long term storage, need to be created in safe environment/paper need to be stored in safe place (fire, water, etc..)

This is where I am coming from. I've heard several people say that paper wallets are the safest or most secure option. I suppose they are the least hackable since they are not electronic - but don't they run a higher risk of accidental destruction (whether by fire or water damage)? I use a Trezor and have my recovery seed stored in a padlocked steel wallet, covered in vacuum sealed plastic.

The answer might be to use steel not paper

SteelWallet is a private key cold storage wallet to securely backup the mnemonic seed phrase of your bitcoin hardware wallets (compatible with Ledger Nano S, Trezor, KeepKey...)

https://www.amazon.com/Cryptocurrency-Indestructible-Private-compatible-hardware/dp/B07F2ZMTD2?SubscriptionId=AKIAILSHYYTFIVPWUY6Q&tag=duckduckgo-d-20&linkCode=xm2&camp=2025&creative=165953&creativeASIN=B07F2ZMTD2

RustyBits

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Quote from: Lucius on August 17, 2018, 07:43:55 AM

- Hardware wallets : An excellent way to store coins, private keys are always stored inside the device, for me best option.

- Paper wallets : Good choice for long term storage, need to be created in safe environment/paper need to be stored in safe place (fire, water, etc..)

This is where I am coming from. I've heard several people say that paper wallets are the safest or most secure option. I suppose they are the least hackable since they are not electronic - but don't they run a higher risk of accidental destruction (whether by fire or water damage)? I use a Trezor and have my recovery seed stored in a padlocked steel wallet, covered in vacuum sealed plastic.

MegUsta

newbie

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Quote from: Badu1 on August 29, 2018, 02:31:39 AM

I personally keep my bitcoins at the exchange site so that it becomes easily tradable for me.

I heard you should only keep a percentage of your bitcoin on an exchange and keep the rest in a safe place such as a hardware wallet.

Badu1

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I personally keep my bitcoins at the exchange site so that it becomes easily tradable for me.

Evelyne Kayonna

newbie

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Quote from: burky155 on August 17, 2018, 05:02:50 AM

There are many ways to keep our Bitcoin safe.

- On a USB drive or other data storage medium in a safe place (e.g. safe deposit box, safe)

- On a paper wallet.

- On a bearer item such as a physical bitcoin.

- Use a offline Bitcoin Hardware wallet.

But i am keeping my Bitcoins in the local Exchange website, connected with the mail, phone message and Google autanticator. So with this 4 security option i think my Bitcoins sleeping so safe. All i want to say you should have at least 3 security options..

Yes, right, with the security of 3 options is a good step, in essence, never visit a web system that is phishing, keep your wallet from hackers.

rnssol

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Activity: 56

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Quote from: DALVIRSINGH5353 on August 28, 2018, 12:22:22 PM

There are many ways to keep our Bitcoin safe.

- On a USB drive or other data storage medium in a safe place (e.g. safe deposit box, safe)

- On a paper wallet.

- On a bearer item such as a physical bitcoin.

- Use a offline Bitcoin Hardware wallet.

Okay. So yes you have plenty of ways to securely store your bitcoins.

MegUsta

newbie

Activity: 24

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Quote from: BitBustah on August 17, 2018, 07:33:35 AM

Always use a hardware wallet for safe storage and safe spending. Trezor and Nano Ledger are the two most trusted wallets to use. Never leave a large amount of cryptocurrency on exchanges because they have a high chance of being hacked because they are a really juicy target for thieves.

I would also set up some type of inheritance method to your family or loved ones in case of death. Leave them instructions about how to access your cryptocurrency funds.

This sounds like a very good advice. Thank you.
I would merit you but don't have any merits to spend...

DALVIRSINGH5353

newbie

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There are many ways to keep our Bitcoin safe.

- On a USB drive or other data storage medium in a safe place (e.g. safe deposit box, safe)

- On a paper wallet.

- On a bearer item such as a physical bitcoin.

- Use a offline Bitcoin Hardware wallet.

rnssol

jr. member

Activity: 56

Merit: 1

Quote from: Mycrypto1222 on August 28, 2018, 07:59:01 AM

Just like everyone posting above, You should create your own wallet or buy hardware wallet, this is the safest option to store some coins.
If you are interested in How to store cryptocurrencies? read our article.

Cheers

Well thank you for the link. This is a really informative one. It is of great help

Mycrypto1222

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Just like everyone posting above, You should create your own wallet or buy hardware wallet, this is the safest option to store some coins.
If you are interested in How to store cryptocurrencies? read our article.

Cheers

rnssol

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Activity: 56

Merit: 1

Quote from: boyptc on August 22, 2018, 08:09:08 AM

Quote from: ShamoKe on August 22, 2018, 08:06:24 AM

If you are a daily trader, you should choose a secure trading platform to save. If you need to save for a long time, then "cold wallet" is your best choice!

Being a day trader isn't an exception you only have to deposit the amount that you afford to lose to an exchange.

You can't be sure of anything there because you can't tell what's about to come with these exchange since hackings are very much popular today.

Yes hackers and scams are the real night mares for any bitcoin wallet we suppose. There should be a way out.

rnssol

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Quote from: Sabertoothboth on August 21, 2018, 08:00:18 PM

Ledger Nano S works best for me. Highly recommended.
Don't worry about going online with it Cool

Okay. So how does it exactly work? Does it not have any chances of being scam ?

rnssol

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Quote from: Labonikhatun on August 18, 2018, 10:10:49 AM

Quote from: rnssol on August 17, 2018, 04:53:26 AM

I am confused on how cold wallets and hot wallets differ. To make any transaction we still need to get access to internet. Then how are they different?
Being connected to the internet makes the wallet hot and every wallet needs to connect to the internet for any transactions.

I think you the safest keep bitcoins option is a hardware wallet which you keep offline, in a secure place. Because there are several different types of wallets you can use to store and manage your digital assets. Method of cold storage include keeping bitcoins. On a USB drive or other storage media. On a paper wallet . Use a offline bitcoin hardware wallet is the best bitcoin wallet.

Yup! Offline wallets are better for keeping and storing your money for a long term.

Topic: Where should I keep my bitcoins? - page 2. (Read 758 times)