Topic: Which is safest wallet for bitcoin long term holding? (Read 294 times)
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Since you want to hold your Bitcoin for a long time, I suggest you just buy a hardware wallet, which is the safest wallet to use and hold your Bitcoin for a long time. If you are going to be using an electrum wallet, then you will need to create an new wallet address on an AirGap device, just as CT has stated. Electrum is a very safe Bitcoin wallet and has been highly recommended by some members here. After generating your wallet on the Air Gap, it is better toonly keep the address in your watch but also make sure you are not logging in to the wallet on a device that you are always using to carry out some online stuff.
Any non-custodial wallet is good and safe for holding bitcoins.
No. You should avoid close-source non-custodial wallets even for holding small amount of bitcoin.For example, trustwallet is non-custodial and gives you access to your private keys. But it's close-source and there is no way to know how the keys are generated and whether the user is only one who has access to the keys or not.
Hello guys with several wallets out there, I want to be sure make the right choice, because I have seen posts were members of this forum are complaining about some wallets and exchanges because of their unprofessional behavior.
So my question is, apart from electrum wallet which other wallet is the safest for long term holding of bitcoin?.
So my question is, apart from electrum wallet which other wallet is the safest for long term holding of bitcoin?.
Any non-custodial wallet is good and safe for holding bitcoins. But if there is a very large amount like 0.5-1 BTC or more then it is best to use a hardware wallet. Hardware wallets always provide users with extra security compared to other wallets. So it depends on how much money an investor will put into Bitcoin. Electrum, Coinbase, Trezor, Coinomi, Trustwallet. These wallets are not bad if you want to hold small amounts of bitcoins. But they are a bit risky when you go to hold large amount of bitcoins
I would say for safety purposes you should buy hardware wallet if you plan to secure your funds without even having mindset of selling the coins or trading purposes as well.If you can spend few amounts over them like Passport wallet would cost you around $200 but depends on the country as well so if you have more amount in bitcoin to store then definitely it's a good option with fully air gapped and being open source as well.
Hot or Cold wallets are depend on people's opinions. For me, because Electrum wallet I often do use it offline, (where I can create and sign transactions offline), I assume that Electrum wallet is a kind of cold wallet, such as a hardware wallet. You can use Electrum wallet also on air gaped devices where never connected on the internet. So it's a different situation like another hot wallet such as blockchain.com, coibase wallet, or exchange wallet where if we want to use it we must connect to the internet.
Hot and cold wallets must be set up manually by a user so security of a wallet depends on how a person sets it up and uses it later.Cold wallets are safer than hot wallets but with two different practices, good and bad, results from using a hot and a cold wallet will be different too.
Basic rule is don't store your main capital in a hot wallet that is more vulnerable to hack than a cold wallet.
Electrum wallet can be used as a hot or a cold storage wallet, depends on how you set it up. It can be used on computer and mobile devices, very convenient. You can set up a multisig hot wallet with Electrum.
Creating a cold storage wallet in Electrum
Creating a multisig wallet
So my question is, apart from electrum wallet which other wallet is the safest for long term holding of bitcoin?.
Electrum is a hot wallet, so if you are using electrum default hot wallet, then it isn't safe for long term holding. The safest wallet for hodling Bitcoin for the long term is wallets that are offline, wallets like hardware wallets or air-gapped wallets (of which you can create with electrum).
The answer is relative to those who use each wallet. As you can see, each person suggests a different wallet because it is based on their own experience. It will make you confused because you get lots of references about which wallet is the safest.
All the recommended wallets on bitcoin.org are safe, but it depends on the use of each person. If that person can't guard or doesn't know how to secure his wallet, it will be useless.
I choose Electrum, Trezor, Passport, and Ledger Nano S. After you know other people's advice, it's time to choose which wallet you think is safe. Happy choosing.
All the recommended wallets on bitcoin.org are safe, but it depends on the use of each person. If that person can't guard or doesn't know how to secure his wallet, it will be useless.
I choose Electrum, Trezor, Passport, and Ledger Nano S. After you know other people's advice, it's time to choose which wallet you think is safe. Happy choosing.
So my question is, apart from electrum wallet which other wallet is the safest for long term holding of bitcoin?.
Many have already mentioned that the most likely safest solution for long-term Bitcoin storage typically involves using a hardware wallet. However, I would like to add that if it is truly for the long term, in that case, you may not even need a wallet. Keeping your seed phrase in a safe and secure location (preferably in multiple copies) could suffice. Just make sure to generate the wallet on a clean and air-gapped device, write down the seed phrase (or even engrave it on a metal plate), export the public addresses that you will use for deposits, and then erase all digital traces of the wallet. Optionally, you can export xPub (or zPub) keys to external media to create a watch-only wallet on an online connected device if needed.
So my question is, apart from electrum wallet which other wallet is the safest for long term holding of bitcoin?.
Best option for most people to hold Bitcoin long term is good open source hardware wallet, something like Passport and Jade are good because they are airgapped, but Bitbox and Trezor are also acceptable.If you don't want to spend money on hardware wallets, you can always use your old smartphone (or laptop) and turn it into cold storage without internet/mobile connection.
Whatever wallet you use it is more important that you make sure seed words backup is offline written on paper or metal, and in safe place.
So my question is, apart from electrum wallet which other wallet is the safest for long term holding of bitcoin?.
Maybe here you will find the answer. Reminder: do not keep your money in online accountsWith the current reduction of price in Bitcoin, is it the best time to buy bitcoin or should I still wait for the dip?.
Though I have seen some post talking about "buy now or wait for the dip" but the debating answers got me confused, so I need the final clarity from you guys.
Hopefully we can all reap maximum profits after the halving. Indeed, many people debate when talking about bitcoin, when is the right time to buy it and when the price rises. But believe me, bitcoin will reach a new ATH after Halving, let's not get busy arguing, but forget to buy bitcoin. It's better to buy bitcoin now and hold it, don't regret it later.
With the current reduction of price in Bitcoin, is it the best time to buy bitcoin or should I still wait for the dip?.
Though I have seen some post talking about "buy now or wait for the dip" but the debating answers got me confused, so I need the final clarity from you guys.
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You have already received good answer in this regard, you should also consider the price of the hardware wallet I.e if you’re going for one and also the amount that you want to invest in your bitcoin, and if you won’t be able to afford a hardware wallet then you should look for a way to create an airgapped wallet it will give you the same security as a hardware wallet.
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With the current reduction of price in Bitcoin, is it the best time to buy bitcoin or should I still wait for the dip?.
Though I have seen some post talking about "buy now or wait for the dip" but the debating answers got me confused, so I need the final clarity from you guys.
Though I have seen some post talking about "buy now or wait for the dip" but the debating answers got me confused, so I need the final clarity from you guys.
To be on a safer side, I’d advise that you practice DCA because right now you really can’t tell if the price will continue to deep or rise so just make plans to be purchasing a fixed amount of coins every week or twice in a month that way you’ll be able to purchase your coins at different rates and when averaged it will give you a nice amount. It requires dedication and discipline to achieve.
Electrum wallet is still good for new crypto investors if they can't afford an open-source hardware wallet like Trezor but a hardware wallet is still better and more secured than every other wallets available, I have an Electrum wallet that I still use since 2016 and till today I still use it to move my Bitcoin around.
I will like to warn you though, do not keep a lot of money on any wallet apart from hardware wallets, if you can afford to invest a thousand dollars on Bitcoin you can afford a hardware wallet easily.
Keep this in mind and make sure it's part of your plan in the neartes future, as many people somehow feel relaxed after using mobile wallets for a while, thinking nothing can go wrong with the wallet.
I will like to warn you though, do not keep a lot of money on any wallet apart from hardware wallets, if you can afford to invest a thousand dollars on Bitcoin you can afford a hardware wallet easily.
Keep this in mind and make sure it's part of your plan in the neartes future, as many people somehow feel relaxed after using mobile wallets for a while, thinking nothing can go wrong with the wallet.
So my question is, apart from electrum wallet which other wallet is the safest for long term holding of bitcoin?.
Hardware wallet preferable like Trezor. You can also use cold storage wallet on an airgap device.With the current reduction of price in Bitcoin, is it the best time to buy bitcoin or should I still wait for the dip?.
Though I have seen some post talking about "buy now or wait for the dip" but the debating answers got me confused, so I need the final clarity from you guys.
Nobody knows how dip the price of bitcoin will be but I believe that bitcoin price has a good discount now and you shouldn't miss this opportunity of buying because who knows if the price will pump from here. Don't wait and feel that we will see a lower price from this one. Though I have seen some post talking about "buy now or wait for the dip" but the debating answers got me confused, so I need the final clarity from you guys.
So my question is, apart from electrum wallet which other wallet is the safest for long term holding of bitcoin?.
Any non-custodial, open-sourced wallet is good for storing bitcoins whether it is long-term or short-term.For PC: Sparrow wallet (Mac/windows/linux)
Download: https://sparrowwallet.com/download/
Github: https://github.com/sparrowwallet/sparrow
For Android and IOS: Blue wallet
Download: https://bluewallet.io/
Github: https://github.com/bluewallet/bluewallet
If you are looking better wallet for multiple crypto storage then Unstoppable wallet is good choice
URL: https://unstoppable.money/
Github: https://github.com/horizontalsystems
With the current reduction of price in Bitcoin, is it the best time to buy bitcoin or should I still wait for the dip?.
Though I have seen some post talking about "buy now or wait for the dip" but the debating answers got me confused, so I need the final clarity from you guys.
No one can predict the future but my opinion just buy now since you mentioned long-term holding small dumps further doesn't matter if you look at the expected price at the next bull run which maybe over 100K or even 150K. Though I have seen some post talking about "buy now or wait for the dip" but the debating answers got me confused, so I need the final clarity from you guys.
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A hardware wallet is the safest one.
A hardware wallet is the safest one.
When you express yourself in this way, then I can say that it is definitely not good advice, because it turns out that every hardware wallet is equally secure, which is simply not true. We are witnessing that what we considered safe yesterday becomes unsafe overnight, so we need to choose carefully which HW we will choose.
I, for one, cannot say that a good HW is one that has the possibility to share the user's seed with third parties, but I cannot say that a good HW is one that has an irreparable vulnerability that, if not properly patched by the user, allows possible attackers to extract the seed for less than 5 minutes in case he gets physical access to the device.
So my question is, apart from electrum wallet which other wallet is the safest for long term holding of bitcoin?.
It may worth mentioning that electrum can give you complete security, only if you run it on an airgepped device.If you run electrum on an online device, there's always the chance of getting hacked.
If you want to be completely secure and you can't have an airgapped device for any reason, you should go for a good hardware wallet.
Beside Electrum wallet, you can use Bitcoin Core, full node if you want best privacy with Tor connection, or prune node if you are not serious about privacy.
Whether you a run a prune node or you keep the entire blockchain, it has nothing to do with level of privacy. Even if you run a prune node, you can still broadcast your transactions by yourself without relying on any third party.
Choosing a safe wallet for long-term Bitcoin holding is crucial. Anyway, the safest wallet for long-term holding of Bitcoin is a hardware wallet like Ledger Nano S, Trezor Model One and Coldcard. And some other highly reputable wallets for long-term storage such as Paper Wallets, Cold Storage Wallets and Multisignature Wallets. And aside from electrum software wallet, there is also Mycelium and Green Wallet.
Best time to buy Bitcoin? Well, it's challenging to predict price movements accurately.
For a long-term investment, I would prefer dollar-cost averaging (DCA). A strategy that involves buying a fixed amount of Bitcoin at regular intervals regardless of price fluctuations. I avoid trying to time the market and benefit from both highs and lows over time. I think the current price may be a good entry point.
Best time to buy Bitcoin? Well, it's challenging to predict price movements accurately.
For a long-term investment, I would prefer dollar-cost averaging (DCA). A strategy that involves buying a fixed amount of Bitcoin at regular intervals regardless of price fluctuations. I avoid trying to time the market and benefit from both highs and lows over time. I think the current price may be a good entry point.
You may be asking yourself what price you would be interested in buying at. But you must understand that the longer you wait for a profitable offer, the more time you lose if you prefer to invest using the DCA method. Check the history to make sure that even if you make a mistake with the price now, bitcoin will still grow over time. Therefore, if you have an amount that you do not need for some period of time, feel free to buy, but do not give up on any price fluctuation. We say investing is risky; however, with the correct calculation of your funds, you can always return them, even with some pluses.
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