Best option is to keep them in hardware wallet or on paperwallet. Never put your coins on exhcnage wallets.
Yes this surely will be the safest and convenient form of securing ones bitcoins. 
Topic: Where should I keep my bitcoins? - page 3. (Read 758 times)
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.
Being connected to the internet makes the wallet hot and every wallet needs to connect to the internet for any transactions.
Cold wallet. Hot wallet. Offline wallet. Hardware wallet. How many kinds of bitcoin wallet are there?
The main difference between hot and cold wallet is that hot wallet is connected to the internet constantly while the cold wallet is not. Therefore hot wallet is more vulnerable to theft. If you want to store vast majority of your savings in a safe place, cold wallet is the best choice. At the same time, you can also put a little amount into a hot wallet in case you need to use it.
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.
A cold wallet (Ledger Nano S or Trezor) is the safest option to keep your Bitcoins.
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!
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.
Being connected to the internet makes the wallet hot and every wallet needs to connect to the internet for any transactions.
When you have cold wallet (no internet), no one can steal your coins via digital world. Most common way is paper wallet in this way.(Wallet is not synched, but it can be done anytime by using private key import + internet.
Hot wallet is the one which have access to internet.
If the exchange is very powerful you can put it directly on the exchange. Or what you need is a long-term investment you can put in your own wallet.
I think hardware wallets are the safest place to keep your Bitcoins. Every time you want to perform a transaction it requires you to digitally sign the transaction using the usb device. I personally use the Ledger Nano S because of it's design and easy to use interface. I heard Trezor is also another good choice for storing bitcoins and other cryptocurrencies.
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.
Being connected to the internet makes the wallet hot and every wallet needs to connect to the internet for any transactions.
COLD WALLETS: Are not permanently connected to a network (the internet).
HOT WALLETS: Always connected to the internet.
The delineation is the ability to be able to remove the Crypto from the internet.
We have a detailed explanation of wallets and their advantages/disadvantages here:
https://midcrypto.com/pages/cryptopedia
Ledger Nano S works best for me. Highly recommended.
Don't worry about going online with it
Don't worry about going online with it
Personally, I used blockchain.info. It's been safe so far. You might want to try it too.
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.
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.
Best option is to keep them in hardware wallet or on paperwallet. Never put your coins on exhcnage wallets.
What about etherium light wallets like imToken? Is it a form of hot wallet or another kind of wallet? Im confused as to how many wallets are available.
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.
Being connected to the internet makes the wallet hot and every wallet needs to connect to the internet for any transactions.
Cold wallet. Hot wallet. Offline wallet. Hardware wallet. How many kinds of bitcoin wallet are there?
Yup but internet it self can be a danger to bitcoin storage. We might store our coins on an online wallet or an offline wallet but end up loosing our coins if the system is hacked or fails.
There is no 100% safe way to store your coins, any option has its advantages and disadvantages, so you should study every possibility and then decide what suits you best. I'll give you some examples :
- Online wallets : Most insecure way for storing your coins, user have no control over their private keys/exchange is exposed to hacking or phishing.
- Desktop wallets : Quite a safe way to store and transfer coins, but only in case your device is clean and well-protected (AV, Firewall, Antimalware).
- 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..)
Whatever you use, using of common sense is always advisable, even a best way of protection can not protect you from the mistake caused by the human factor.
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.
Yes I understand. But can it be the case that instead of keeping all my coin in a single wallet I dividedly place them in different wallets? And would that be any secure?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.
There are many ways to keep your bitcoin safe such as using paper wallet, using offline hardware wallet or using USB drive and so on. For me, I select to keep my bitcoin in basically hardware wallet due to it is more secure.
In the status of the Bitcoin market, the price is falling heavily, I just store Bitcoin and no spending it. So, I choose to send all of my Bitcoin to paper wallet. It is really cheap and safe. Because you just have to keep your private key safely, you don't need to worry someone can intrude your BItcoin.
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