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Title: Keeping funds on an exchange site or in wallet? Post by: Teleshot on June 17, 2011, 09:31:27 PM Hey, I was just wondering if you guys think its a better idea to keep your funds/BTC stored on an exchange site account rather than in your wallet. I was thinking this because I've seen a few topics/stories about people getting hacked and having their wallet stolen!
Any opinions on this? Thanks Title: Re: Keeping funds on an exchange site or in wallet? Post by: opticbit on June 17, 2011, 09:35:44 PM diversify
some in a local wallet, some in a cloud wallet (mybitcoin or instawallet, and other sites like witcoin or youtipit) and some on an exchange. see the article about setting up a secure btc savings wallet with truecrypt. Title: Re: Keeping funds on an exchange site or in wallet? Post by: Teleshot on June 17, 2011, 09:38:37 PM diversify some in a local wallet, some in a cloud wallet (mybitcoin or instawallet, and other sites like witcoin or youtipit) and some on an exchange. see the article about setting up a secure btc savings wallet with truecrypt. Good idea tbh, I suppose doing it that way prevents you from losing everything if you do get your wallet stolen or account hacked. Already got my wallet encrypted just in case though ;) Title: Re: Keeping funds on an exchange site or in wallet? Post by: defacen on June 17, 2011, 09:55:43 PM diversify some in a local wallet, some in a cloud wallet (mybitcoin or instawallet, and other sites like witcoin or youtipit) and some on an exchange. see the article about setting up a secure btc savings wallet with truecrypt. Good idea tbh, I suppose doing it that way prevents you from losing everything if you do get your wallet stolen or account hacked. Already got my wallet encrypted just in case though ;) Going to follow this idea too, thanks. Title: Re: Keeping funds on an exchange site or in wallet? Post by: theriveriswide on June 17, 2011, 10:12:54 PM I like the idea of keeping my own wallet secure, using a separate savings wallet similar to the method posted here.
http://forum.bitcoin.org/index.php?topic=17240.0 As for third party services, why trust anyone but yourself? For example, thieves rob banks, even sometimes being bank employees themselves. Most people trust banks because their money earns interest and in the US it is insured by the FDIC. But if you're not particularly trusting of banks (and as a result are pursuing your financial dreams in cryptocurrency) why trust ANYONE else with your money? Title: Re: Keeping funds on an exchange site or in wallet? Post by: JohnnyScience on June 17, 2011, 11:37:53 PM Is keeping in on a thumb drive a better idea?
Title: Re: Keeping funds on an exchange site or in wallet? Post by: gfaust on June 17, 2011, 11:49:47 PM how about some in an small wallet for everyday use and some in a "savings" wallet maybe on a usb stick or some other offline media, encrypted, multiple copies, etc...
Title: Re: Keeping funds on an exchange site or in wallet? Post by: Desu on June 17, 2011, 11:57:44 PM Hey, I was just wondering if you guys think its a better idea to keep your funds/BTC stored on an exchange site account rather than in your wallet. I was thinking this because I've seen a few topics/stories about people getting hacked and having their wallet stolen! My friends and I all have ours in multiple locations, including several online, and two on offline locations. like a savings wallet usb.Any opinions on this? Thanks Title: Re: Keeping funds on an exchange site or in wallet? Post by: RodeoX on June 18, 2011, 12:02:24 AM I vote for mixing it up. Keep your motherload on a USB stick in a vault or whatever. Then keep a few in an online wallet for access from anywhere.
Title: Re: Keeping funds on an exchange site or in wallet? Post by: syllogyst on June 18, 2011, 12:31:33 AM Another idea is you can keep BTC liquid by exchanging it to USD once you get a few. And then keep the USD you make from that in a savings account. That is, unless you feel strongly that BTC is going to shoot up one day to $50 or beyond.
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