Topic: Where should I keep my bitcoins? (Read 762 times)

Can be understood simply as the hot wallet is the form in which you or an investor uses a wallet address that you can use to spend money on any selling rain activity, any transaction, at all times. and you must always connect your wallet to the internet so that you can maintain a Bitcoin network connection or other electronic money networks.
Trezor: This is the opposite of the hot wallet, which means you use a cold wallet when you do not plan to use the electronic money to spend regularly, but you can still get money. send from other people from any time of the day even when you are not connected to the internet. Once the protection is not connected to the internet, hackers can not steal money from your wallet.

Are they safe because when you make a transaction, they ask you to confirm each one by pressing a button on the device and are pretty much hacker-proof?

At present, the safest wallet is the "cold wallet". This is an indisputable fact because it is an independent wallet (no need to link to the Internet at all times)!

Yes these might be very safe but making transactions there is a bit more difficult.

As well as TREZOR, Ledger is the purse for cold storage intended for the users needing additional safety. The purse represents the physical device which is connected to your computer and works as an additional source of protection. It means that you can't send Bitcoins from the purse without existence of the physical device.

I've read this thread with great interest. Heaps of information and I came across a great article too. Which I've saved for later. Meanwhile, I've been exploring the net and I found this post which might be interesting for some readers. Probably the information is much the same as what we've already read here. But each article you read on a subject tends to give you a different take on it. Which adds to our overall knowledge of the subject.

I recommend using cold wallets when you keep large amounts of coins, they are very safe very suitable to hold long term

Bitcoin transaction needs internet, the cold wallets and hardware wallets are just safer to use compared to the online wallets. For security sake, it is better to keep your hard earned bitcoin in the  hardware wallets.

It's like the difference between a display case and a refrigerator. The "hot wallet" is similar to a display case. It can be seen by all people, and hackers can track it, while the "cold wallet" is sealed, only you can directly observe and turn on!

I use software ones. Surely we'll try it your way!

What wallet do you store your bitcoin with? Try storing your bitcoin with hardware. I use hardware to store the bitcoin that I have and I don't have the problem that you have. So try the way I do.

Don't they have any risks of theft or viruses?

This is a very helpful suggestion. And we surely need simple wallets that are easily manageable.

I recommend a paper wallet that you make yourself without a network connection, it is the best place to have your BTC. You could keep your paper wallet in a safe place in your house and you will not have a problem or if you want I could take care of it (is a joke)

Is coin base completely a hot wallet?

But I would still prefer coinbase as it is one of the most reliable wallets to store BTC.

Oh so this can be really efficient to store cryptos in steel made wallets.

So surely it would be better to go for the less mobile but more safer in any case. We want our bitcoins to be in a safer place even if it is not much mobile.

Cold wallet is more safer but less mobile.
Hot wallet is more mobile but less safer.
This is the main difference from hot and cold wallets.
Make a choice that is more important to you...

Yes we possibly can. But I guess we need more stable and secure kinds of wallets.

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

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

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

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?

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.

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

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

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.

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.

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

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.

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

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

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.

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

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 

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

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

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

Yes this surely will be the safest and convenient form of securing ones bitcoins.

Well here are a number of different wallets. All differ based on their types, forms and security.

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.

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!

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.

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

Personally, I used blockchain.info. It's been safe so far. You might want to try it too.

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.

Cold wallet. Hot wallet. Offline wallet. Hardware wallet. How many kinds of bitcoin wallet are there?

Okay understood. thank you for the detailed explanation regarding possible kinds of wallets.

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?

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.

Keeping Bitcoin safely is one of the most realities for everyone. I think you should choose the cold wallet because cold wallet is only needed to sign the transaction. When you send Bitcoin in cold wallets, you will stay online safely transfer with an USB stick that transaction to the cold wallet compute.

Cold wallet is the best way to store any crypto currency..  As wellas bitcoin.. Just use hard wallets or paper wallets which are not connected to any network. And voila.. Your account is safe with your bitcoin

Ledger Nano S goes no for around 80 euros and it is the best hardware wallet I know of. If you think about safety seriously than this is the way to go.

I usually have them in a my hardware wallet, its highly secure and can use or transfer them whenever required and I would recommend you the same.

I don't understand what you ask, but I know, that there are several types of wallets. for example, wallet online with an offline wallet.
if we talk about security, offline wallet is the choice, it doesn't mean that online wallet is not safe, but to safer offline wallets.

actually this is easy, you can buy hardware as a long investment wallet choice. or other wallets are all safe too. security level I think you have to create it especially to avoid such hacking phishing due to self-neglect. or you can look for other recommendations that friends make during this discussion.

Thumbs up!

there are many wallets for bitcoin, so we can keep Britain in any platform, for example, is an online wallet, so we will create the online wallet for saving or bitcoin, and the popular right now is the hardware wallet, that we can save our bitcoin and other cryptocurrencies in the hardware like the USB

Nowadays, there are many safeguarded secrets of BTC, however, you should use more secure application of your account, not with private wallet without high security.

For me, paper wallet and hardware wallet is my choice, Because when trading i only use ETH and Altcoin to trade. I I use not too much, save bitcoin on wallet and sometime, i use to convert to ETH or Altcoin.

The most safest way of storing BTC is on a cold wallet. There are instances that we enters in a phishing site without knowing that the hackers are getting information about us and stealing our btc. But if we used cold storage, we can assure that our assets are in safe and away from potential hackers.

There are lot of wallets you choose to respective wallets that you want to keep you coins, you can use a offline Bitcoin Hardware wallet, put in a paper wallet, USB drive or other data storage medium in a safe place or else you will ask people who really know about wallets to bitcoin or make a research.

The safest way to keep bitcoins safe is to store them on Hardware WALLET.A wallet that is specifically built to hold cryptocurrency and keep it secure. This includes USB devices. These devices can go online to make transactions and get data and then can be taken offline for transportation and security.You can trust it because proven and tested.

There are lots of stuff to use to keep your bitcoins safely according to the comments of this thread but first of all make yourself knowledgeable about this matter don't just simply believe on what they recommend do some research and studies about the things they recommended for you.

I think that you should keep btc in the hard wallet rather than using some online services but it is better to read the reviews about the safety methods beforehand, otherwise, it won't bring you success

There are multiple ways to secure your Bitcoins, depends on what level of safety do you need. Let me list a few in order, from the least safe to the safest, in my opinion:
- online exchanges, like Coinbase, Kraken etc. These are very handy if you want to trade, but you don't own the coins, they are held by the exchange, in your name. If they go bankrupt or they are hacked, you could lose your coins.

- Software wallets, like Electrum or Jaxx. These are applications that you run on your device that keep the private keys in your name. They are safer than an online exchange, because you hold the private keys, but if your device gets infected, the malware can exfiltrate your private keys. And the owner of the private key is the owner of the coins.

- Hardware wallets, like Trezor or Ledger. These are devices that look like a USB memory stick, that hold the private keys in a chip on their motherboard and the private key never leaves the device. You can use it with infected PCs, because the PC will never know the private key.

- Paper Wallet. You can keep your private key printed on a piece of paper. They are impervious to online hacks, but a thief can get them to you the old way, by stealing the paper on which the private key is printed.

- Brain Wallet. This is a recovery seed comprised of 12-24 words that can be used to get your private key back. Because they are words they are easy to remember and you don't have to write them anywhere. Of course there is still an issue if you forget the words, because you will lose access to all of your funds, but it's your risk to mitigate.

i think that you should keep your btc in the hard wallet and you will be able to protect them from the hack of any kind, i mean from hackers who are looking for btc and other coins which they can get

With cold wallet, your coins will be safer because it is independent from internet when you store them, it's also harder to be hacked and safe from malware, keylogs.

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.

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.

to save the counter, indeed in the wallet there are many wallets depending on which one you want, all will definitely be connected to the internet because for transactions and avoid fraud and people who are not responsible ..

Ahan! so it not only depends on the safety but also on the number of coins we hold. For a greater number of coins we should prefer keeping them in a cold wallet but if the coin holding is not very high then it is easier to keep the coins in on online wallet.

Until now, my bitcoin has been saved in an online wallet ... because I think it's more comfortable to hire me .........


and the second cause ... I only have a small amount of bitcoin ... so I am more comfortable storing my bitcoin in an online wallet

So until we need to make any transactions the best place to keep our coins would be a paper wallet and it would be best for when we only want to hold our coins and not transact them.

Just using paper wallet or hardware wallet to safe your own bitcoin. That are safe place to keep bitcoin as far as I knew. But, yeah you still need internet connection to transfer them.

Yes, that's for sure, because crypto is basically required to be connected to the internet, there is no bitcoin wallet that is not connected to the internet.

Sure. Thank you.

use a hardware wallet

Yeah we get it now. And so we can concluded that we should use cold wallets instead of hot wallets. Thank you for your interest. 

Cold wallet is for storing your bitcoins in offline mode..It prevents unauthorized access and also from hacking when you have more number of bitcoins !!

Okay so before deciding the type of wallet we need, we should see the value of coins in hand. So this is another point to remember before choosing a wallet.

Yes, but if that "local exchange website" has a bug, is facing a hack/theft, goes bankrupt or so, your money is gone.
If your phone is stolen, the thief will access your 2FA and your e-mail and obviously your phone so your money is, again not safe.
Of course, the safety levels you need depend on the amount of money we talk about.

So if we use 3 security options then we will need to verify the transaction on all three platforms to complete that transaction?

Ah I see. So basically hard wallets would be more secure than any online applications or software.

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..

Cold wallet is only needed to sign the transaction.

For example you generate the transaction on a view-only wallet (based on the address, not on private key), which stays online safely, transfer with an USB stick that transaction to the cold wallet (offline) computer, sign it, go back to the online computer and dispatch it.

However, if you only store your Bitcoin and don't plan to spend, (safely generated!) paper wallet is cheap and pretty safe. And you can always send more Bitcoin to that, you can always check the balance safely online and, as long as you keep your private key safely and privately on a piece of paper nobody else can spend your coins until you import the private key into a wallet.

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.