Bitcoin Forum

N00b here,

Simple question I think... where is the best place to park bitcoin?

From an outsider perspective with a n00b lense, there's some tags that clout cryptocurrency. Amongst them, volatility and fraud.

I believe in bitcoin despite the mediums I and most people tune into though. So... is there a place / process where I can buy bitcoin, forget about it, and come back to in 10 years when it hits 10,000 usd per coin? Reputable sources / sites etc?

I may be missing the point as I'm home grown on centralized currencies... I'm not too sure. Im just hoping to know the safest place i can store coins and forget ablut it (I dont mind the current extreme volatility, just mostly about thieves)

One of the biggest suggestions is cold storage.   With this it keeps it away from internet and allows you to use it only when you need it.

Most common are paper wallets, and usb wallets.   By not having them on a everyday computer, and stored away safely you have a good system.   I would suggest making a few copies in case usb goes bad.

Just avoid hot wallets for long term.

Yeah cold wallets are the way forward, there are plenty of guides on the forum on how to make them so it shouldn't be too much hassle. Personally I'd go for a hardware wallet like this bad boi:

https://media.coindesk.com/2014/10/trezor-confirm1.jpg

There are a few alternatives:

http://techcrunch.com/2015/05/04/case-is-an-insanely-secure-hardware-bitcoin-wallet/
https://tctechcrunch2011.files.wordpress.com/2015/05/case-bitcoin-wallet.jpg?w=738

https://www.ledgerwallet.com/

keep it offline like paper wallet

There are a few ways to do that.
First you can go to bitaddress.org to generate an address private key pair, copy it to a paper or print it out then send bitcoins there. When you want to spend it just input the private key to Bitcoin Core or sweep it using various of apps available.
Second you can use a trusted online wallet, like blockchain.info. They give you an address, and you can send the coins from that address anytime you want.

Make a secure enough environment and generate on it a bunch of paper wallets. Print them all.
A piece of paper with all public and private keys would do. And keep only a file with the list of public keys.
Pick one of them and start parking bitcoin there. When the amount looks good / big enough, move on to another paper wallet.
You can check your amounts at any time on the block chain related website you like more (blockchain.info, chain.so/BTC, ..)
Whenever you'll want to access your savings, you just redeem one or more of your paper wallets.

Obviously, store the paper wallets somewhere safe.

Background:
1. (Online) computers are easier and more susceptible to break in than your house, for example.
2. If you don't write "here are my valuable bitcoin paper wallets with shitload of money on them" a thief will see them as a piece of paper with strange writings on it, so you are safe :)

Don't keep it on a website that's for sure. You could go with a hardware wallet but I wouldn't bother and just keep your wallets backed up off line on a couple of usb sticks or a some cds/dvds. You could also just write or copy the private keys down.

To control a bitcoin address (start transactions) you need the public key and private key, which make up your wallet. There are several solutions:

A paper wallets which has both a public and private key on it. They usually show a QR code. While generating a paper wallet make sure you are not connected to the internet and that your device is clean from virus. To protect it from damage, you could print the wallet on a hard surface or put plastic on it. I am certain that in 10 years this will be available, they do not require any computer ports etc.  

A hardware wallet such as Trezor, Ledger.  Make sure the device lasts 10 years. A small list of hardware wallets can be found here: https://en.bitcoin.it/wiki/Hardware_wallet (https://en.bitcoin.it/wiki/Hardware_wallet)  

The trezor no doubt is a very good device.  I have yet to use one but all the material makes it sound very good.

I would be intrestined to hear is anyone is using one of the comparable wallets on a cold usb storage - http://doc.satoshilabs.com/trezor-faq/overview.html#how-does-trezor-work    .   And if they combine the cold usb wallet with trezor.     I had never thought about it but if you could combine cold storage with trezor seems like would be a heck of a storage system.

Read this topic if you want to secure save your coins.
https://bitcointalk.org/index.php?topic=871213.0 (https://bitcointalk.org/index.php?topic=871213.0)