Which wallet for a long term storage? - page 2.

bitmover

legendary

Activity: 2212

Merit: 5622

Non-custodial BTC Wallet

Quote from: rdluffy on March 05, 2020, 02:24:13 PM

Thank you all guys, I'll think about what you said

Hardware wallets are not an option because it´s not a lot of money, let's say I'll give a small amount of 100 USD dollars in BTC to my niece, and she will open and can spend in some years
This is a gift for her birthday and maybe it will draw attention to her into BTC and in the future this 100 USD can worth a lot if BTC reachs 50k or even 100k USD

Don't you have a hardware wallet for yourself?
Just reset it , generate a new key, note it down on a paper, and give this paper to whoever you want to send the gift.

It is a paper wallet, just the seed noted down on a paper.

You can also generate this seed in your smartphone using samourai or coinomi or whatever wallet you wish. I wouldn't use electrum because it doesn't generate bip39 seeds

rdluffy

legendary

Activity: 2226

Merit: 1304

Thank you all guys, I'll think about what you said

Hardware wallets are not an option because it´s not a lot of money, let's say I'll give a small amount of 100 USD dollars in BTC to my niece, and she will open and can spend in some years
This is a gift for her birthday and maybe it will draw attention to her into BTC and in the future this 100 USD can worth a lot if BTC reachs 50k or even 100k USD

mk4

legendary

Activity: 2716

Merit: 3817

Paldo.io 🤖

I'd say purchase a hardware wallet and store the coins yourself for them instead. I personally really wouldn't trust my family members to have a recovery seed or a paper wallet backup and still have it in 5-8 years LOL; especially if it's not a good amount of money. 5-10 years later after they realize that bitcoin rose so much in price they'll be like "oh shit where did I put that paper backup again?". I can almost guarantee it.

bitmover

legendary

Activity: 2212

Merit: 5622

Non-custodial BTC Wallet

I strongly recommend that you DON'T use paper wallets.

You want to keep your btc safe for years? You need to generate the seed in a very secure environment. The best way to do so is to use a hardware wallet.

Ledger and trezor are very reliable and tested
Just note down the seed and you will have a paper wallet, 99.99% safe.

You don't need trezor or ledger support to recover your coins in any wallet, like electrum. You don't even need the device.

o_e_l_e_o

legendary

Activity: 2268

Merit: 18509

I would agree that a paper wallet is the best option for storing bitcoin untouched for 5-8 years, but creating and loading up paper wallets to hand out to family members who are otherwise unfamiliar with bitcoin isn't great advice. First of all, it makes them trust you unequivocally. They have to fully trust that you created the paper wallet in a secure method and left no traces of the private key on any device, and they have to fully trust that you don't have a back-up or another copy of the private key stored somewhere that either you could access in the future or could be stolen. It leaves them with zero knowledge about basic security practices, and also zero knowledge about what the string of digits or QR code you have handed them is or means.

I would suggest guiding them through the steps to create their own wallet, and then sending coins to them. It doesn't necessarily have to be a "paper wallet" in the classical sense - as long as they have the seed phrase written down on paper and stored securely, they will always be able to recover their coins from it.

CounterEntropy

full member

Activity: 214

Merit: 277

Quote from: rdluffy on March 05, 2020, 09:13:01 AM

Which wallet do I need to use to keep BTC for some years, without need to worry about lack of support?
I'm afraid to chose a wallet and for example, this wallet stops to be developed
I'm talking about 5 to 8 years of storage in this case

Use Paper Wallet. Below is a step by step way to securely generate a paper wallet and move fund as and when required...

1. Download BitAddress.org JS code from https://github.com/pointbiz/bitaddress.org.

2. Run it in an offline computer and generate Address + Private Key.

3. Copy the Address in a text file and write down the Private Key by hand in your notebook.

4. Write the Private Key from your notebook to the text file by typing and run it through BitAddress.org JS code to see whether it generates back the same Address in the text file.

5. Now remove all traces of the Private Key, save the text file with Address and wipe out the temporary cache from your browser.

6. Download Coinb.in JS code from https://github.com/OutCast3k/coinbin/ and use it to sweep fund received at the generated Address.

nc50lc

legendary

Activity: 2394

Merit: 5531

Self-proclaimed Genius

So, you're not going to spend it within that 5-8 years? If so, just create a "Paper Wallet" and keep it safe.
It's not something you can download or purchase,
basically, it's a private key and address from an offline generated wallet written on a piece of paper.

Quote from: rdluffy on March 05, 2020, 09:13:01 AM

Which wallet do I need to use to keep BTC for some years, without need to worry about lack of support?
I'm afraid to chose a wallet and for example, this wallet stops to be developed

Worrying about that is unnecessary, you can always export the keys from famous wallets like Electrum and export it to other wallets.
Some BIP39 compliant wallets, Mycelium for example have a "seed phrase" that can be imported to other wallets.

You might need to know that Bitcoins aren't stored in the wallet, just the keys and it can be exported unless it's a "custodial wallet".

DaveF

legendary

Activity: 3458

Merit: 6231

Crypto Swap Exchange

Depends.
You can give them an opendime: https://opendime.com/
But it's not a "wallet" per say, it's just a stick with the private key locked away until you open it. Think of it as a piggybank.

You can also just do a paper wallet.

The private key that comes from either of the above is a standard that will always be able to be imported into whatever wallets exist in a few years.

There are also time lock transactions that can be generated, but if you are a self admitted newbie (nothing wrong with that) then you will probably be asking someone for help, which means you are going to have to trust them a lot.

-Dave

rdluffy

legendary

Activity: 2226

Merit: 1304

Guys, I'm not a total newbie about wallets, but I'm planning to give someone of my family some BTC as a gift, and this person will be allowed to use in a few years, so my doubt is:

Which wallet do I need to use to keep BTC for some years, without need to worry about lack of support?
I'm afraid to chose a wallet and for example, this wallet stops to be developed
I'm talking about 5 to 8 years of storage in this case

Thanks

Topic: Which wallet for a long term storage? - page 2. (Read 367 times)