Which is the best cold wallet? - page 2.

bitmover

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Quote from: bob123 on April 24, 2020, 06:03:15 AM

@OP
What kind of cold wallet do you want? How frequently do you transact?
Do you want the private keys to be stored on an offline computer? Or is a paper wallet a better option for you?

I think that if the OP is asking for information about which wallet should him use, he is not experienced enough to make a proper paper wallet.

There are so many reports of users losing their funds because they didn't make a paper wallet properly.

The best wallets for newbies and intermediate users is a hardware wallet, in my opinion.

I will suggest Ledger Nano or Trezor. They are the best hardware wallets out there and both are pretty safe.
You will not lose your funds and you will spend less than 100 usd. Instructions are pretty straight forward.

bob123

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Quote from: Lucius on April 24, 2020, 04:53:52 AM

Quote from: https://en.bitcoin.it/wiki/Cold_storage

Cold storage in the context of Bitcoin refers to storing Bitcoins offline and spending without the private keys controlling them ever being online. This resists theft by hackers and malware, and is often a necessary security precaution especially dealing with large amounts of Bitcoin.

Consequently, any hardware wallet that comes into contact with the Internet can no longer be considered cold wallet.

According to your definition, a hardware wallet IS a cold wallet.
The private keys never touch an online device. They are isolated in a secure element (speaking about ledger). The MCU gets in touch with an online device. This theoretically makes a ledger nano a cold wallet, but not a trezor.

But i know what you mean.. I wouldn't call a hardware wallet a cold wallet. But its not a hot wallet either.
IMO that is a mixed form between a hot- and a cold wallet and has its own category.

@OP
What kind of cold wallet do you want? How frequently do you transact?
Do you want the private keys to be stored on an offline computer? Or is a paper wallet a better option for you?

Those are questions you have to answer for yourself.

Cratoon

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Quote from: RohanNRam on April 24, 2020, 12:27:38 AM

Which is the best cold wallet?

I've been using Atomic for the last 3 years with no issues.

I have been using Jaxx and some others before, but I like Atomic the best as it seems the most reliable, updated and feature rich.

Lucius

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We should not mix the term "cold wallet" with hardware wallets, as such devices do not fall into this category if used in the normal way. By definition, cold wallet is :

Quote from: https://en.bitcoin.it/wiki/Cold_storage

Cold storage in the context of Bitcoin refers to storing Bitcoins offline and spending without the private keys controlling them ever being online. This resists theft by hackers and malware, and is often a necessary security precaution especially dealing with large amounts of Bitcoin.

Consequently, any hardware wallet that comes into contact with the Internet can no longer be considered cold wallet. The only correct way is an airgapped device that houses the main wallet with its own private keys that allow you to create a transaction, and an online device that will broadcast those transactions.

As with any wallet, the weak point is of course seed/private key backup, which should be properly protected. Because even the best made cold storage does not have any purpose if the backup is saved in email, cloud or plain text on your computer.

NeuroticFish

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OP, it depends on your computer skills. If you can safely generate a paper wallet, that's the cheapest. Also if the idea is to store for long period of time, cryptosteel can be an option.
If you want to spend now and then or the computer skills are not so much reliable, go for hardware wallet - Ledger and Trezor are the typical options. (make sure you write down the seed onto a PAPER, not a FILE).

mk4

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If you don't want to spend some money, you can create a wallet on an air-gapped device[1]. If you don't want to do too much technical stuff though, and you just want things to be easy, probably grab a Ledger hardware wallet[2].

[1] https://bitcointalksearch.org/topic/guide-secure-air-gapped-crypto-wallet-storage-method-2828437
[2] https://ledger.com/

RohanNRam

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I have some bitcoin and I wanted to store it in a cold wallet as it is much safer. There are many cold wallets but I don't know which one to use. Please suggest the best cold wallet giving safety the main importance.

Topic: Which is the best cold wallet? - page 2. (Read 487 times)