Topic: Which wallet is safe for long term Bitcoin storage? (Read 410 times)

Keeping your crypto or Bitcoin on an exchange means that your assets are not under the control of you, but are owned by that exchange. Therefore, it is important to always keep your Bitcoin in a personal wallet. Trust wallet is also a good wallet but I personally don't use this wallet for a lot of assets, because it often has hacking risks.​I personally find Hard Wallet to be safe for storing my assets.


Well, there are various hard wallets in the market which you can buy online from the official website. One thing to keep in mind is never to buy hard wallets from any online app but use the official website. I use safe pal wallet to store my Bitcoin and other crypto currencies for long term. You can find other brands and they all have different prices but Safe Pal is the cheapest wallet in my opinion. You can transfer your crypto currencies from these wallets to your exchange whenever you want and they are safe wallets for your Bitcoin.
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Yes non-custodial wallets like Ledger, Trezor, ColdCard are popular hardware wallets. Any of then are fine to use. Make some research on the internet and read their individual feature to decide which one is best suits you.

If you want to use a wallet with an iPhone, then Ledger Nano X should be your first choice because it has Bluetooth built in so it can connect to an iPhone.

If you have a preference on open source wallets then you can use Linux x Electrum.

There are a lot of pros and cons about extracting such seed phrases. This feature is actually undesirable for users who don't want their wallet to be owned by someone else and is also quite vulnerable.
But those who agree to the feature can activate it but have to pay a few dollars just for a month. Ledger was initially the best-selling and most-chosen hardware wallet device, but when the seed phrase recovery feature appeared, that all changed.

DYOR and do not blindly depend on news articles without verifying if the information they posted is right, wrong or obsolete. To be fair there are quite a lot of users who have a ledger hardware wallet, some of them bought it a long time before Ledger's flaws were exposed, flaws such as their inability to safeguard their customers' data and also lying that it was impossible for their customers seed phrases to be extracted from the secure element. A company that does things like these cannot produce one of the best Bitcoin hardware wallets, so you should DYOR and not believe what 'investopedia' says.

You really believe everyone, and it is obvious that it is enough for someone to write something on the internet and it is automatically considered the truth.

Does that article mention the fact that the Ledger database of their users has been hacked and there are hundreds of thousands of users whose data has been posted online? Does he perhaps mention that Ledger, which for years claimed that seed/private keys cannot be extracted from their devices, now admits that it is possible and also offers some kind of service where the user pays $9.99 per month to have his seed shared with as many as three companies that will take care of it?

Hardware wallet are good bitcoin wallet to store Bitcoin safely.


It is not advisable to keep your Bitcoin on centralized exchanges, it is always preached that "Not your keys, Not your coins".  There is a tendency that centralized exchanges might deny anyone access so better to do things to avoid such scenario and store your Bitcoin to a non-custodial wallet which means you have the private key to access them.



According to investopedia, Ledger Nano is one of the best Bitcoin wallets and it is their pick as the best among the Bitcoin wallets available.[1]

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[1] https://www.investopedia.com/best-bitcoin-wallets-5070283

But for such cases, it is important to have a backup seed saved safely.  You can simply restore the wallet on another device.

OP, you shouldn't just start asking anybody about bitcoin and how to store your coins because most people out there don't know the difference between an exchange and a wallet. Exchange is an account and when you keep your coins in an exchange, it is no longer yours and that is why everyone has already advised your to use a noncustodial wallet where only you have access to your keys because your keys are what keep your funds save in your wallet which only you should have.

If you want to keep small amount of bitcoin, you can use a hot wallet like electrum and blue wallet. If you want to store a large amount of bitcoin, it is better you go for a hard ware wallet or use a cold storage wallet where you are to generate the keys in an air-gap device.i.e a computer has will never be connected to the internet and create an online watch wallet that will enable you to monitor, sign transaction and broadcast transactions too.

It has been confirmed by experts in the forum that ledger Nano is not a secured hard wallet after Betnomi scammed some forum members. Passport is a good hardware wallet that guarantee the safety of your coins but not 100%..

Trust wallet is not safe as I have read of when users  bitcoin was stolen from their trust wallet but the owner took responsibility of paying back the customers what was stolen from them to build the trust more.

In my opinion, trust wallet is more secure than Binance and Kucoin because they can hack it at any time and you can lose your coin in it, but if you get wallet, no one can hack it unless you share your private key with someone who has access to it. You can get more details about trust wallet in Google just try and get more ideas on it but some will give you another objection but that is the places I save mind and is still there currently and nothing will happen to it except someone got my private key if you open trust wallet simply find a better place and kept your private keys that no one can see don't trust anyone since scammers are all over the internet now.

You can see why many people don't like saving their coins in Binance and Kucoin because they are just for exchange and you can't be confident that your coin is safe there because you don't have control over it. However, if you have your own wallet, you will have full control over it and can save your funds without worry, It is also more secure than centralized exchange.

I've done that in the past when I've got an old laptop that I am not using anymore, installed Electrum there and just opened it when the bull run came.
My worry is that my laptop could just fail or break without even using it. Because being stuck could make it happen but opening it once in a while could do the job.

No, trust wallet isn't fine, quite a lot of people thought the same of Atomic wallet, but look what happened and how so many of their users lost their assets without Atomic wallet announcing any specific reason why it happened. Trust wallet may be good for hodling altcoins but it should not be used for hodling Bitcoins, because there are so many alternatives that are better by a country mile, so why risk your Bitcoin by using a close source wallet that is owned by a shady exchange (Binance).

I looked at the official list of resellers and they are not listed there, while previously the official reseller was Links. Protis has a physical store in ZG, but as far as I can see, they don't have Passport in stock, but only order if someone wants to buy. Anyway, thanks for the info.

Binance and KuCoin are exchanges and are centralised for that matter, keeping your assets in them is very risky. But Trust wallet is a good one for it's a non-custodial wallet with an open source.

My candid opinion is for you to find non-custodial wallets with an open source, you may Google it and find lots of them. Also, DYOR on the ones you want to use eventually. But nothing is 100% secure on the internet, hacking could happen to the supposedly secured ones and your keeping of your wallets matters so much.

Nevertheless, it's arguably better if you can use the hardware wallet, its arrangement keeps it less porous to the internet. However, you would have to part ways with some costs and have to have a reasonable amount to store before this can be an economically good option for you.

Afaik, only one store in our coutry sells Passport, and its an online store (Protis). I am on the lookout for a new hardware wallet and at the moment Passport is my first choice but I would prefer if I can buy it in a physical store.


That doesn't have to be the case. I know a few people that have money stuck on both Celsius and FTX yet they still have coniderable amount of crypto on centralzied exchanges (mainly Binance) so majorify of people simply don't learn anything even from their own mistakes, let alone others.

I think you asked newbies because only newbie can prefer these wallet. The first two are centralize exchange which means you have no control over your fund. You have no phrase and any misshapen with exchange or your account will lead to lost of fund. Trustwallet is although safe wallet than cex because you will have access to private key but still risk is found because Trustwallet is not open source wallet.


You can do it until exchange work well but you are in high risk because anytime exchange face serious issue like Mt gox and FTX. so better not to use these wallet for safety.


If your fund is high then Multisig is best option. Another safe option is cold wallet and at the last I will prefer Electrum which is open source and I am also using it.

Exchanges make me kinda nervous 'cause they've got all your coins and could get hacked whenever.  Electrum's probably the most popular desktop wallet out there.  But If you really wanna play it safe, you can run Electrum on an offline machine, like an old laptop or something.  Or you could simply buy a hardware wallet like others mentioned too.

Bitcoin is a unique cryptocurrency that is very different from Fiat currency. Before you use Bitcoin for any transaction, you must first equip yourself about the place where Bitcoin is stored which is considered the safest. Choosing the right and safe wallet depends entirely on each individual, there are many types of bitcoin wallets that you can use, but I try to recommend a Hardware Wallet for you.

There are several advantages of hardware wallets compared to other wallets. The hardware wallet is resistant to viruses, the level of security is higher because the private key is stored on the hardware and is not connected to the software. The software used in its operation is also open source which makes it possible for users to validate all operations of the device. To make it easier for you to know what a hardware wallet is and its types, you can search using the keyword "Hardware Wallet"

Don't store your assets in a wallet available on the Exchange, there is no guarantee of security there because there have been many Exchange hacks in the past and it is possible that your assets could be taken away if at any time the Exchange where you store your assets goes bankrupt.
Remember, as long as you cannot control the private key, the assets contained in it do not belong to you.

I think electrum and bitcoin core are the best wallets for PC devices, but if you want even more security then I suggest you use a Hardware wallet like trezor. Wallets on exchanges are very dangerous because we don't hold our keys, the exchange has complete control over all our assets there and they can also freeze our wallets whenever they want. The FTX case in my opinion is a lesson in how wallet exchanges can be very dangerous in certain cases. We recommend that you only use exchange wallets to trade and store bitcoins in wallets to which you have full access

Absolutely not, none of those you listed would be anywhere near the top of a list for safest, most trustworthy wallets. Others have said but cold storage should be your first choice method. Trezor would be the number one choice, please buy from the official website only www.trezor.io

Non custodial wallet is the definition that you own Bitcoin and not a balance on a platform that controls your money. Therefore, you must have access to the private key in order to own your money. The nature of your use will determine the appropriate type of wallet. If you use Bitcoin periodically, it is better to buy a hardware wallet, otherwise an airgapped wallet is suitable, if that is configured. A computer that has not and will not connect to the Internet and download a wallet such as Electrum and/or Sparrow or purchase an airgapped HW wallet
If you do not know what to do, it is better to learn and then buy Bitcoin and not keep it in BINANCE.