Bitcoin Forum

I am fairly new to cryptocurrency and I'm learning a lot as I go. I use the Exodus wallet for my main coins but I recently decided to purchase some altcoins using Bittrex. I got that figured out but now I'm not sure of the best way to store them. I know that you're not supposed to use exchanges to store coins for long term. Each of the altcoins that I purchased has a desktop wallet.

Question 1. Do I really need to install a desktop wallet for each coin to keep them safe?
Question 2. Once I send the coins from Bittrex to the desktop wallet address, can I just close it and not open it for a while?

1. No , you can use online wallets especially if it provide you the private keys, it is safe and secured as well.

2. Yes, you can close your wallet, the transaction will be done and hosted in the blockchain, and when confirmed you will get your coins received into your wallet.

As previous reply mentioned, it is not necessary to withdraw every altcoin to your hardware wallet, but it is much safer to do so, Bittrex/Polo could be hacked, or go down, although this is highly unlikely..
Exodus is a pretty good wallet for this purpose, and so is jaxx, although i heard jaxx had some security issues lately?

2, yes. but depending on your wallet, it could sometimes take a while to be updated again, since you need to update/ download/ sync with the blockchain of that altcoin.

Can we run wallets for different coins on our computer ok without them interfering with each other in some way?  I'm worried one will somehow overwrite the other and i'll lose the first ones coins.

So, if there's no online wallet advertised, it's safe to say that I would need to install their desktop wallet?

Exodus does seem to be a good wallet even though it's the only one I've used. The problem is that it only supports 10 different coins at this time. I wish there was one wallet that could hold everything, but I'm sure that's too complicated.

Thank you!

Keep in mind some of the smaller, shadier coins could have viruses embedded in their wallets.

If you are running Windows 10 Pro, you should look into virtualization, and run a different OS for each wallet.

It is the most reliable and safe way to manage coins but for more security you can use a virtual machine to contain any possible threats.

Yes , but as mentionned above, sometimes the wallets of the smallest coins include virsues, so just take care before downloading it.

If you're going to be delving into the shittier coins, which are going to be the ones in the ANNOUNCEMENT sections on here with small amounts of replies and a small amount of information about the coin itself, I'd probably just go with an exchange to be holding the currency so you don't have to trust using their wallet -- I know above people say to use Windows 10 Pro and virtualizaton, but this seems to be a little too much for the average user when an exchange should be fine (given they don't run off in the meantime, as the chance is slim to none if you pick a good one)

You could also use Exodus, I think they have around 8 altcoins on their ONE desktop wallet which I think is pretty cool and it works nice as well.

There are some good multi-coins wallets like Exodus, Coinomi, Jaxx, which gives control of private keys.
For other coins you will have to install official wallet of every coin. But as other said, be careful with new unknown coins. There can be risk to download wallet for such coin. Hold that coin on exchange, until it will be clear that coin desktop wallet is safe to use.

Thank you, So good to know as I am new to this

Hi,

Everybody here recommend Exodus and Jaxx for long term holding. I dont understand this.

1. jaxx has already some issues and problems

2. ... so exodus as an online Wallet cant go down or be hacked as Bittrex for example? What the difference in safety because i still dont understand. My coins are still hold somwhere in the clouds and dont have control of them

For me to keep altcoins safe for long term investment is:

3. Download each wallet for every coin from dedicated project site to my desktop. Make a copy of this wallet to your external harddrive. Can i do something like this or no? In case the desktop wallet crash on my desktop so i can recover it from my hardrive?? Possible scenario or no?

4. Store your altcoins on hardware wallets as Trezor or Ledger. Do these wallets support each and every altcoin and token or just some? What if the hardware wallet brakes, what can i do then?

So is there a 100% secure way to store altcoins for long term? I want to invest almost 25 000 euro this year in different altcoins and i need as much security as possible. What is the best way, please tell me.!

Jaxx is my recomendation. I'm using it without any issues for some time.

I can't guaranteed using jaxx i heard many issue about the jaxx wallet if you want to hold almost all of your altcoin much better to install the wallet 1 by 1 in your pc than you are transferring your altcoin to not safe place that you can be regret in the end if you lose it all in 1 place.. so moving them to your desktop wallet separated it can be decreases the risk of your coins  to be hack or gone..

Yes i know this already but please answer my question... Can i make a back up of my desktop wallets some way? For example copy the wallet to my external harddrive in case somethin happen to my desktop wallet. Is it safe to keep coins on desktop wallet for 1-2 years investment? What if my laptop brakes and my hardrive burnes. What then?

That's optional. You don't need to install desktop wallets on your computer bust to keep your altcoins. The exchange itself will provide it for you. Every altcoin on a particular exchange has its built in wallet. So you don't need to install wallets to keep them. But if you want it more secured. I suggest keep it on a wallet. Use multiple wallet like jaxx wallet. I think you can store different altcoins there. But i recommend it only for long term trade.