Bitcoin Forum

Suppose I hold lot of bitcoins in exchanges and in some wallet. To prevent the loss of bitcoins, how should one manage them?

Generate multiple new addresses. Distribute the bitcoins among these addresses. Copy the private keys of these addresses to paper wallet.
Is this the way to do it?

What are other better ways to manage large number of bitcoins?

i don't see any difference between storing all your funds inside one key versus storing them among multiple ones. maybe if you have 1000+ and don't want to be targeted or something then put them in multiple keys (distribute among multiple addresses) but that will only be for privacy purposes not really a security one.

and methods are: paper wallet or hardware wallet, or simply an offline computer that has a wallet installed.
just make sure to keep a couple of backups from any method you choose.

In my view even 5 btc is something very big looking at the total value. It's our own responsibility to keep it safe as much possible using the different security features that are available in different wallets. Importantly have a separation from the one you use it regularly and the one to be used for long term holding. Save the long term holding into a cold storage and the rest in few different online wallets, because we're holding it in third party service providers.

Speaking solely in terms of security, you can store them all in a single address, however you should spend the entire "balance" in each address you are spending from and use change addresses when you need to spend less than the entire balance in an address you are spending from.   

Many people use hardware wallets which are deterministic meaning that many addresses (actually effectively unlimited number) for receiving btc to and for change addresses.

If you do not use a hardware wallet, you will want to use another wallet that generates addresses deterministically. You should keep at least three copies of your private keys (your see), across at least two mediums of storage and at least one being off site.

Great, great suggestion. This practice ensures that one can't trace payments to the address from another source AND allows you to claim the transaction was for a payment to someone else (rather than yourself).

The concern is that any address you receive payments to regularly can be linked back to you, because presumably the entity sending you the Bitcoin knows you and your address.

What may be an accounting challenge for you is a small price to pay to ensure your bitcoin balance is as safe as possible. You can't put a price on that kind of security.

I use multiple wallets. If you want cold storage then use Trezor.io

I agree with this, And this kind of strategy is best with the impending August 1 event that will literally split the bitcoin community if you really want your bitcoin to be secure then store them up in an offline storage or cold storage just to be sure, but I don't have this kind of storage so I think I would just convert it to fiat just to be sure because no one really knows what can surely happen if that kind of thing occur, and even if you put all your coins to different wallet to have multiple account, it is always convenient to have just one wallet so you don't forget your private keys well that is just my opinion.

The safest and most effective method of storing large amounts of Bitcoins is by using paper wallets. Look up how to make them on Youtube. It is very simple and a foolproof way to keep your BTC safe!

which is why is better to have multiple wallet, which make impossible to link the address and you can spend freely your bitcoin as you want

i like to have multiple wallet stored in a multiple usb stick, i find it the most easy and secure choice for my usage

also with multiple wallet you can spend few amount at time without worrying about your coin that might be stolen, because at best they stole only the little amount in that wallet you loaded

If i were you, i will just buy trezor and i will just send my bitcoins to that wallet and keep it for long term. Trezor is a hardware wallet which is trusted by most of the people in the world that looking for a safe place to keep their bitcoin. Trezor is the very first hardware wallet that i tried and all i can say is, it is very worth it to buy and have this kind of wallet.

Hardware wallet is good, I agree with that one supposedly divide oneself earning with three different method.
for me the solution is quite simple

• Hardware wallet
• Paper wallet
• In use wallet

But I don't have any BTC to worry about it right now.  ;D[/list]

That is a good method to storing Bitcoin though the only thing is how to store those paper wallets. If someone finds that paper wallet then they could cash all those Bitcoins out and all that paper wallet building process would be for nothing.

Bitcoin Paper Wallets that are stored in some kind of locker would be a wise thing to do.

I suggest using only one address to prevent hassle. No reason to store it on multiple addresses whatsoever.

One suggestion is to make a paperwallet offline. Here's a guide on coindesk: http://www.coindesk.com/information/paper-wallet-tutorial/

What I would to though, is to buy a hardware wallet. A ledger nano S to be more specific. It's a device with a size of a USB Flash Drive. If you're interested, look up: Ledger Nano S, Trezor, and Keepkey. I'll list the websites below.

https://www.ledgerwallet.com/
https://trezor.io/
https://www.keepkey.com/

No, don't you store all your bitcoin on exchange site, especially if you stored for long time like 1-2 years, it's really risky. You can try popular bitcoin web wallet like blockchain.info or you can stored itself by download bitcoin core and store all your bitcoins there, it more safety though and only you that control your wallet.

I think it is not safe to put your bitcoin into multiple accounts because you can forgot the security questions or code for this. It is better if we only have 1 or 2 accounts. But I think more than 2 accounts is not safe. But I think there is no different between storing small and big amount of bitcoin it is still bitcoin but if we want to save huge amount we can converted it into fiat and save it to the bank.

It seems that someone has questions about how to effectively store large amounts in bitcoins. I would have his problems. And in fact the issue, then, as they say, you can not keep all the eggs in one purse. Therefore, it is better to keep part of the bitcoins in reserve in closed wallets, part of the stock exchange for trading, well, the rest, depending on the desire and ability.

download the wallets to your computer (but they are very heavy)

since it's a store of bitcoins we are talking about here then he needs a good wallet and for me i can online suggest offline wallets to completely and securely save bitcoins and the onus will lie on him to keep his private keys safe from the public or intrusion. That is the only way to store huge chunks of bitcoin and not diversification.

Paper wallet, cold storage, hardware wallets should be some of your best bets. You could also store them in an offline wallet via a computer which you do (Regularly at least) use. Another simple option would be to store the wallet.dat file into several USBs, to prevent losing your .dat file by corrupt or lost devices. Online wallets are best to be avoided, especially if you do not have access to the private keys, if you are going to use one, opt for ones that support 2FA at least.

I store all my bitcoins in an offline wallet, and this is the most secure and safest way to store all my bitcoins, i have a lot of fear to store my bitcoins in coinbase or blockchain wallet.
A lot of wallets turned to scam, that is why i prefer to have them on an offline one.
And of course that if your wallet supports multi sig would be much safe, because you can distribute your btc in different addresses.

indeed with the current bitcoin price rising security bitcoin wallet is a top priority to be able to anticipate the various negative possibilities that will arise to bitcoin that we have, and I also do the same with you save bitcoin in the wallet offline

If you do not limit yourself to cold storage, you can use clouds like Mega and Copy.com for private keys, with encryption on the client side. Here the main password is decent to come up and duplicate on 2-3 clouds in case someone gets covered. Of the pros - always at hand with absolutely any computer and hidden safely, no worse than offline. This is especially useful if you have a server or at least a computer connected to the network all the time. You can then synchronize all the clouds, so that the traffic was less. ???

Hardware wallets, hardware wallets, hardware wallets. If I say it three times will people finally start getting the clue? They are so useful and great for long term storage. If you dont trust the tech, just generate a seed on them and write the seed down and use that as a paper wallet and store it. With bitcoin at 5500 now, losing that much because you dont want to buy a $70 investment is unforgivable. There was a dude who just lost 95 coins. Half a million dollars which could have been avoided.

It is most safe to store a large number of bitcoins on cold storage in a purse blockchein, which has an eight-level protection. To such a purse, no one will be fit. In general, there are a lot of different purses and that have a different level of protection.

Buy the ledger nano s. Soon they will be at everyone.

1. buy a new hard disk 50GB
2. install OS
3. install bitcoin-QT
4. backup wallet.dat to 10 new pendrives
5. send bitcoin to your bitcoin-QT
6. smash your hard disk into pieces or burn it with fire

First of all, don't store a big amount in any exchange. Put it in wallets that gives you your keys and keep them safe.

I'd go with hardware wallets and some software wallets such as Exodus and keep a small amount here and there. Also regularly selling them for cash and maybe reinvesting depending on the market. Definitely not hold them in one wallet and maybe keep them in different places or a Tresor.

I don't know how it works when a hw wallet dies but make sure to not have too large amounts in one place.

if you have too much amount of alts and btc, it will be better to buy trezor. You can access it online or offline,just always keep it safe and protect your keys.

If you want a cold storage then go for paper wallet with encrypted private key. That is the most secure way to store bitcoin regardless of the amount. However, if you are a frequent trader and need your bitcoins to be moved very frequently, then try some light wallet like electrum which has a feature of making multiple transactions at once by paying a single transaction fees.

However, don't forget to diversify your bitcoins in more than one wallets. Try few online wallets like blockchain and coinbase and hold a minor percentage of your bitcoins there for transactions on the go. Choose a mix of wallets to store your bitcoins so that you don't have to worry much about being hacked. You will always have some financial backup.

https://cryptosteel.com/
Everything else is prone to data loss as time goes by. Don't waste your money on trezor or whatnot if you want to store long term.

I prefer trezor and paper wallets. I don't think you craving merged trezors ... if the one you have breaks, you can reorganize your bitcoins to one more one. Just create certain you have a backup (24 words seeds) stored somewhere safely.

Block chain technology is the most secure technology in the world. So I thing blockchain wallet which is engineered by block chain is very secure and nothing to worry about. On the other hand we can distribute our wealth in several wallet. In this way we can guard a big amount of bitcoin.

So what's better about a hardware wallet than a paper wallet that has been generated in a safe way?
I've been using paper wallets for large amounts and I personally don't see the need to invest in a hardware wallet.

I generate my paper wallets on a laptop that has never been connected to the internet and never will be connected.

The easiest way to store large number of bitcoins is get hold of a good bitcoin wallet. There are hundreds of bitcoin wallets and for me, i think coinbase is the safest one as it offers to change wallet address whenever the user wants.

The best way to effectively store large number of bitcoins is by educating yourself on the different ways to store Bitcoin. This will force you to learn what private and public key encryption is, as well as cryptographic digital signatures that help verify txns, etc

Well, that can be done a bit cheaper, too. Buy some thin metal business cards from ebay, buy a second hand engraver and engrave your seed yourself. I won't advice to get it engraved by professional engraver, because you won't know if he recognizes that it's a seed or not...  Don't risk your hard earned coins

I got shit to do, I'd rather not spend my time engraving, $100 is nothing.

Definitely using paper wallets is a good idea. Be sure to store the private keys safely. I think hacking a hard copy of the private keys in a safe deposit box is a good idea.

I don’t think there is really any need to split the Bitcoins among several addresses unless you are worried about someone trying to steal the private key if it has a huge number of Bitcoins on it, or if you are worried about people tracking how much you are cashing out.

I think using paper wallets is very risky, I suggest to use the wallet that is easier to use but safe, and we can select Xapo because it is connected to the application on the smartphone so it is very safe.

There are many ways to store bitcoin and different types of wallet software created by  bitcoin core developers.This wallet is designed for use on desktop and laptop computers and stores the private keys in a file on the machine. The QT wallet is easy to use and is reliable software.The bitcoin QT wallet and other desktop wallets are good wallets for starters.It should not be used to store large amounts of funds due to the security implications,and backups of the wallet file should be taken.

Having multiple wallets may be a good idea but it can cause confusion. It actually doesn't matter if you have multiple wallets if you can secure them. Better to make sure that if you are using hardware wallets don't put it in a device that you regularly use like an everyday pc. It's safer if no one can have access to it and it can't be invaded by malwares so better to have a device that you don't connect on the internet and keep it safely in a place that only you can have access to.

I know the easiest and safest way of doing this.You have to download exodus/elecrum wallet both of them are great but i personally use exodus ,their fees are high but their support team is the best in the market.
You only have to transfer your bitcoins to exodus and encryprt it. and then export the private keys to you hard drive or maybe print your keys and save it somewhere secure.After that you are safe 100%.

so true,
  I a gree with you.
no need to store in some wallets because in a wallet all our assets can be safe, the most important is how we keep our wallet with some backups that make us sure about its safety

To store a large number of bitcoin, one bitcoin address is enough. Because the price of bitcoin increases or decreases at rate. So weather big or small amount, the price changes at same rate. One can think about the security of account. But it depends on the user. Because the authority provides a lot security to the users. So there's no problem about security. Just the user have to store his/her password safely.

The best way to effectively store large number of bitcoins is to save your 12 word seed by memorizing it and storing half in two secret places. If you have a loved one that is a good way as well.

Dont keep your bitcoins in exchangers because they can anytime stole your bitcoins and disappear.
To prevent being hacked it is safer to keep your bitcoins in multiple wallets and adresses. If the hacker hacks one key he stole only 1% of your bitcoins. A paper wallet or just an offline wallet is the best method because that are the hardest to hack.