Bitcoin Forum

Saving Bitcoin in a wallet for a long time is there any risk? while for long-term investment I have to keep it in my wallet. Please advise...

which wallet do you use?

It is good when you save your bitcoin in your wallet like I stored it to coins.pH and anytime i need to withdraw in case of emergency I convert it to peso and transfer to my bank account.

For storing Bitcoin long term, it is recommended to store in a paper or hardware wallet. It is not so safe to store in exchanges and online wallets. The reason is because you don’t control the private key account. If anything happen to the exchanges or online wallet, you will lose your coins. Better be safe than sorry.

+1 to use hardware or paper wallet for long term storing.

It'll be fine if your wallet is set up enough 2 factor authenticator. But for long term investment I think you should keep your Bitcoin in cold storage wallet like trezor or ledger nano s, they are the safest wallet at the moment.

Bitcoin is stable for long time. This is one of the best cryptocurrency. In future many altcoins are developed in market. So Bitcoin value is fall or raise whatever will happen in market. You should save your money in wallet is okay. But you should exchange or sell in right time. Because it goes in complete fall you may suffer.

make sure your wallet is secure

Saving bitcoin in wallet is a good advice but which wallet you are telling is not clear. If you are saving the bitcoins in online web wallet then it is not secure as You dont have private key for the web wallets, so it is better to use desktop wallet like Electrum where you are in control of the private key of all address. And electrum is very easy to use, it is very lite and secure to use it.

thanks for the suggestion, yes i agree with the save in the paper or hardware wallet, but is it later when there is damage in this wallet is there any way to overcome it? because the paper is more vulnerable damaged .. please advice again Thanks

Everyone say different things in these days so I don't give advice you but I think Bitcoin will never end There always will be crypto money because Internet is in everywhere and we work in internet so we need btc or some crypto money.

   What kind of wallet you mean? If you mean online wallet, better go for blockchain.com, but if you want to get more security for your private key, which lets to manage your coins, then go for hardware. I prefer to use Bitcoin Core node at offline laptop. There are many different options by the way, Ledger/Trazor wallets seems to be the most secure but it costs. As an alternative you may run bitcoin node on external hard drive or use a paper wallet, all depends from your aims

I a gree with you. better keep it in a safe place like a hardware wallet. many possibilities can occur if saving with long time in exchanges. to make sure it's safer, true what's said @Svelto

hardware wallet is a must if you want to store your BTC for long time, like everyone already told you, you don't own your BTC unless are stored in a wallet where you own the private key.
Just don't be like couple of guys i've read on this forum who lost his passphrase/password and whatever is needed to get access to your wallet, you will lose everything if you forget your password and it's hardly recoverable.
paper wallet, if properly stored and covered in plastic paper are safe but have to be kept in a safe place waterproof/fireproof because, all in all it's still paper.

In my opinion, it is ok to save bitcoin on a wallet but not for too long like for a 3 to 4 weeks or more because your money would be idle or wasted instead of earning interest or investing it in Bitcoin trading. Just wait for the perfect timing to buy Bitcoin and read the forecast so that you can make plans. :)

Saving Bitcoin in a wallet is a good decision..because if you keep the bitcoin it will increase with the increase of value of bitcoin...but it shold be remember that it should be keep into paper or hardware wallet..because you don't carry the private key..

Saving and investing for long term with bitcoin and just save in the crypto wallet it depends upon the wallet you I strongly recommend that use hardware wallet or white paper wallet to store your bitcoin and don't give your secret key to other to avoid scam.

It is good when you are earning profit and then save them in your wallet but f you just buy bitcoin and wait for the price to increase its risk because some of traders are selling their coins and wait for the price to dump and buy again if you dfollow the flow maybe you will get another profit from there but the transaction fee is a little awful but when you trade it into alternative xoins and esrning then saving is really good

We people have fear on long term trading specially this reason. Well, for you to long term your investment, you must check your wallet accordingly. So that you can see how it goes inside your wallet. Whether it still there or not. Making sure of possibilities is the key for this.

So far I haven't heard any news about on-line wallets taking savings that are idle for a long period so I guess it is safe if you want to keep your bitcoins in your wallet just pick the best wallet that you truly trust. You can also try to get some paper wallet with that you cab have an assurance that your bitcoin will not be gone and stole by someone it's quite expensive but it's worth it.

If you have saved it in your wallet then there is no risk. Once in your wallet, it will be there safely. Who can get the coin stored in your wallet? so please rest assured

I would advise to use the strategy of 50:50 method. If you are doubting and still undecided that you are wanted to take risk or not, this 50:50 method could help you. This is how it is, saved 50% on your own wallet and 50% to for investment this both is for a long time period that you are really wanted. We all know that the result is at the end, when you gained income to your long term investment be glad and feel blessed BUT if your money wont back even your 50% investment still be thankful because you still have 50% money left at your wallet.

As long as it is an offline wallet or paper wallet where you hold the private keys, I don’t see how there can be any risk. If you have the public and private keys and no one else has them, your Bitcoins will always be secure. There’s almost no way for someone to just guess your private key unless you don’t secure it properly. I would keep the private keys in a safe deposit box as a hard copy.

You should understand the different types of services designed to save your money online. Many online redpads and wallets have experienced security leaks in the past. In general they still do not provide certainty and security adequate to be used as a means of storage like a bank. We recommend you use other Bitcoin wallet services. If not, you should choose this type of service more carefully. In addition, it is strongly recommended to choose a service that uses two-factor authentication

I just assume that it will depend on the kind of wallet that you use, its very rare that wallet developers can just decide to shutdown their operations and go away with people's investments. However, I guess you just have to ensure that the wallet is secure enough and you have control of your private keys. I personally think that there is too much risk if you will be storing your bitcoin on an online wallet for long term. If you are willing to hold on to your bitcoin for long term, rather buy yourself a hardware wallet or rather use a desktop wallet instead.

Yes it will be risky if you will store them in some of the centralized bitcoin wallet like coinbase and xapo.

Either use paper wallet or hardware wallet like trezor, ledger to store your bitcoin for long term, we have seen many scam bitcoin web wallets before so be careful when choosing web wallets to use as hot wallet.

Yes, there are risks when you store your BTC in an online wallet, third party wallet and exchanges. The account might be hacked or the exchanges close down and run away with your coins.

It is better to use a paper wallet or hardware wallet. In this case, you really own the coins since You own the private key.

When it is for a long term store, it is more advisable to use a hardware or paper wallets, where you are in full control of the activities done. If it's an online wallet, it can't be fully trusted cause you are not fully in control of your coins.

it's a bigg risk i think . i just say don't have to save any online wallet your bitcoin .it will be harmful for you.thank you.

It is good saving your bitcoin in your wallet,  it is like saving your money in a bank whenever you want it you go and withdraw it, so your wallet is like that too. But do not expose it.

For long term a hardware or paper wallet is the best options. For any other activities, a wallet like Electrum, which gave you total control of your private keys and the ability to adjust fees plus the security you can have is most trusted. It good to store a few bitcoin in a trading exchange, but just for your trading purposes only and don't put everything in there.

You simply can forget your logins and passwords with time or just loose it. In the case if you plan to hold your coins for long I advice you to take care about all those staf to get the wallet and your founds available to you. That is my advice.

I don't not see much risk in saving your bitcoins in a wallet for longer term unless there is a hacker attack. But try not to keep the bitcoins in an online wallet like coinbase or blockchain. Their policies keep changing and you may to be aware of such policy change if you are planning to keep your bitcoins for longer term. Instead try to use offline wallet like Electrum. Just download and install the wallet. You don't need to download the entire blockchain with electrum wallet as it is connected to a central server where blockchain is being downloaded. So whenever you open that wallet, it connects to the blockchain and whenever you close it, it gets disconnected from the online server. It's safe and you will have access to your private key as well. My recommendation is Electrum wallet.  

first thing is security.as long as your wallet is secured there will be no problem with your bitcoin.you can hold as long as you want.but you need to aware of your security issue and the phishing issue.

I picked up a Ledger Nano S for this purpose. Heard good things about it and it is able to hold BTC and many other altcoins as well.

steady ,,,,,, thanks for the suggestion i will try to learn it. while this I just know some kind of wallet only and that too do not know the advantages and disadvantages where ... I will try to learn from what friends have to say.

Yeah it is good that the Philippines made an online wallet like coins.ph that accepting bitcoin and convert bitcoin into our money country. It is one og the most trusted wallets in our country. And like you said if you have emergency it is a less hassle because the coins.ph is enough to convert the bitcoin into our money country

All you need is single line of private key and you can store your BTC for as long as you want. Use BitAddress to generate paper wallet.
https://www.bitaddress.org
And send Bitcoins to public address as generated, that's it.
You will be credited with all future forks happpen during your holding time. With zero risk, you can redeem Bitcoins whenever you desire.

It is a good innovation because then we can exchange and also withdraw easily. but it must be questioned whether the place is safe to store the Bitcoin we have. because I think a safe wallet is a wallet that has private keys. a local exchange company is quite trustworthy, but what if there is a hacking of the website. it could be that all bitcoins from all registered users can disappear easily. I may still give some options that is when we want to store Bitcoin in large quantities then the offline wallet can be an option and when we want to do exchange and transfer with high mobility then web wallet can be an option.

So far wallet are good place to keep our bitcoin, if it is properly encrypted I don't anyone can hack your wallet and steel your bitcoins but if you have many bitcoin now I suggest you buy an offline wallet because this is surely a safe place you ca also try investing in other alts so you can maximize your earnings and may have a chance to become an instant millionaire if you are lucky with trading.

which wallet that you use for saving your bitcoin, if your bitcoin saved at online wallet i think it have a risk because there are in their server(online wallet developer) and it have a chance to hacked by them, if you save your bitcoin offline in hardware i think it will be save than online wallet

If you are planning to hold for long term you have to use the safest wallet. Avoid online wallet and exchange and try to use cold storage.

Saving bitcoin to the wallet its ok like coins.ph because you can witdraw anytime you want and also your bitcoin is safe to coins.ph you  just always keep your password to anyone,if i want to witdraw my bitcoin i just open my wallet then i convert to peso to witdaw i used only cebuana because this is instant payout you just only wait 30 minutes or 1hrs after that i just already received my money.

But their is some safer side also to save and hold the bitcoin.Even I was using some site for long period.Coinbase is the one of the best one to hold your Bitcoin for a longer period.You can save bitcoin in coin base ,I gave assurance for that.

I think it is great idea  to saving Bitcoin in a wallet.  We know Bitcoin is the greatest online currency of online Market place. It is used many different ways. We exchange coin many different ways.. I think it is not save on online wallet. Because you do not control it.. If anything happens of online wallet,you loss all coin.. so everyone should be save Bitcoin

A lot of people are talking about online wallets not being safe because you don't have the control over the private key, but BlockChain lets you get your private key and use it offline, so for me i always ask myself which is safer storing my bitcoin in an online wallet where it is secured by a high level of security and in a server runed by profissonal, or on my hard drive on my computrer that is vaurnable to key logs and hacks and can easily stop working at some point without being able to back it up, and as far as i know i never heard of online wallets either shutting down without a warning or scaming people and taking thier coins.

Yes, saving Bitcoin in your own wallet is the best choice for long term investments. Keep away from exchanges and online wallets and use reliable desktop wallets (for example Electrum), hardware wallets (Trezor) or even paper wallets.

the advice is so good in my opinion, everyone will do this save bitcoin in the wallet for the sake of its security.

Bitcoin is the outstanding amongst other digital currency. In future, numerous altcoins are produced in the showcase. So Bitcoin esteem is fall or brings whatever will occur up in advertising. You should spare your cash in the wallet is alright. In any case, you should trade or offer inopportune time. Since it goes into total fall you may endure.

Welcome to Bitcoin.

Safe isn't based on the wallet, it's based on your ability to protect your bitcoin. In this world you become yoir own bank.

What walkets are you considering? It matters.

Also, you shouldn't just put Bitcoin in a wallet, forget about it for 20 years and assume all will be good. You need to be an active participant in the protection of your hatd earned bitcoin.

I would advise to use the strategy of 50:50 method. If you are doubting and still undecided that you are wanted to take risk or not, this 50:50 method could help you.