Best way to store coins : Bitcoin

So with a lot of new people getting into crypto, I figured it wouldn’t be a bad idea for the people who have been around for a while to give a little advice on how to keep your crypto safe, whether you are buying, selling, holding, or sending. This isn’t like regular fiat, if you mess up and lose it, there is no way to get it back. So here is my list, please feel free to contribute your own ideas.

Don’t ever keep a large amount of coins on an exchange, you never know if they could go under completely or just lock your account. Always store your coins in a wallet that you have the private key to, that way you and only you have control over your coins.

When creating a new wallet, don’t store your private key on your computer.

Write it down on a note card or piece of paper instead.

Then copy it to 1 or two other note cards.

What is the best way to store your bitcoin? I would like to take mine off coinbase but I’m not sure how.

Get a hardware wallet (trezor $?? or a ledger for $60).

Backup the 24 seed words.

Those are like your internet banking login details.

beware of writing or printing it on paper.

paper can burn or fade over time.

The safest is to engrave it onto metal.

If your hardware wallet goes missing or breaks you can still access your bitcoin using a new hardware wallet (or compatible software wallet) with your original 24 seed words.

If you don’t want to spend $60 on a hardware wallet, then go the software route.

download Electrum bitcoin wallet (ONLY from electrum.org).

set it up and about the 24 seed words, follow Gandalf’s advice : Keep it safe, Keep it secret.

beware of paper wallets. they are a hassle to set up if you want to do it right.

So with a lot of new people getting into crypto, I figured it wouldn’t be a bad idea for the people who have been around for a while to give a little advice on how to keep your crypto safe, whether you are buying, selling, holding, or sending. This isn’t like regular fiat, if you mess up and lose it, there is no way to get it back. So here is my list, please feel free to contribute your own ideas.

Don’t ever keep a large amount of coins on an exchange, you never know if they could go under completely or just lock your account. Always store your coins in a wallet that you have the private key to, that way you and only you have control over your coins.

When creating a new wallet, don’t store your private key on your computer.

Write it down on a note card or piece of paper instead.

Then copy it to 1 or two other note cards.

For all of you newcomers to Bitcoin, I wanted to share my flow so you can understand how to protect your crypto currency.

I personally use GDAX** (https://www.gdax.com) as my exchange of choice, but I do not store many coins with them. I have a policy, that if my exchange wallet funds top $2000 USD, I transfer them to an offline hardware wallet.

My hardware wallet of choice is the Ledger Nano S (LNS) (https://www.ledgerwallet.com/products/ledger-nano-s) (https://trezor.io/ is another reputable option). For those of you that are considering a LNS, when setting it up, I urge you to test your seed prior to any major coin transfer. When I originally purchased the LNS, I set it up and recorded my 24 word seed.

I then moved a small amount (~5 USD) of coin to the LNS.

Once it was completely received and verified, I reset the device and rebuilt it using the seed words.

As the title says, I’m looking for best (safest) way to store my bitcoin wallet for 10+ years. After doing some reading it seems like either a hardware wallet or a paper wallet is the best way to go.

One concern I have with the hardware wallet like ledger nano or trezor is what happens if the hardware wallet fails in 10 years and the company that makes the hardware is out of business? Would I still be able to recover my wallet? Would I be better off just creating a paper wallet on https://bitcoinpaperwallet.com/ and storing a couple copies of it in secure locations, i.e.

Sorry for the noob question.

Anyhow, I’m new to investing, and will soon be holding some ETH and LTC. What’s the best way for me to securely store it off of coinbase? thanks 🙂

Exchanges for trading among various other coins and you can keep them there, though that is usually regarded as unsafe as they have been hacked in the past. Bittrex, Kraken and Poloniex are popular exchanges.

Buying services like Coinbase or Localbitcoins, again they can be hacked.

I believe a good hardware wallet like a Trezor or Ledger are incredibly important for anyone with a significant amount of crypto. Especially if you intend to spend it, because there are examples of Coinbase shutting down accounts for buying from the ‘wrong’ vendor.

Always order directly from the original manufacturer’s website. Ledger and Trezor have authorized resellers but why even chance it?

Your seed should NEVER EVER be converted into any digital form ever. It should never be entered into the computer for any reason, even restoring the wallet (use the ‘advanced’ method where you use the hardware wallet itself to enter the key). Ideally don’t even make a photo copy of the key, because some printers/scanners actually store the image in it’s memory for a while.

Well, with increasing online threats and scams, it has become essential to secure our cryptocurrencies by keeping them in a safe digital wallet.

As there are many options available, it could be hard to decide which one to choose. Which one is your preference?

According to this article, we should store our private keys offline along with storing them in our smartphones.

https://medium.com/@odeskpawan1/are-smartphones-the-smartest-way-to-secure-cryptocurrency-42712eece99d

Absolutely no. Deep cold storage is the smartest way to secure crypt I currencies.

Cold storage is your bank.

Hot wallets are your pocket money.

Spend, replace, repeat.

I agree.

But smartphones have stepped in this realm, and might have a high success rate. 🙂

The most secure solution is a hardware wallet – Ledger or Trezor.

Hey, I’ve got a few coins (btc, Ada, dgb and enj being the main ones) and currently store them on few couple exchanges (coinbase, Binance, etoro etc).

I recently decided a wallet was needed so downloaded the Exodus wallet on my laptop but after some more research think that a higher level of security may be needed.

Anyway my question is basically if you think that a cold wallet, such as the ledger S, is necessary or is a desktop wallet such as the Exodus wallet sufficient?

It has to be economically interesting though. For 50$ you don’t have to buy a 50$ hardware thing.

The usual reply will be “depends how much you have”.

I bought a ledger s when I acquired $1000 of crypto.

Some people are okay with leaving that amount on exchanges and desktop wallets.

A hardware wallet is a convenient way of getting good security.

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