Bitcoin Forum

Hi Guys,

Thinking of getting really involved in mining now that i got a new GTX 1080 Ti but am going to use nicehash most of the part, I have the following wallet:
https://www.myetherwallet.com/#view-wallet-info

is it safe enough ? or should i get something safer to maintain my investment and not lose it like a total noob ?? :D

Secondly, i need to buy 543$ worth of BTC as a small investment for the future, is this something bad to do ?? Am usign BitPay (Android App) to safe my bitcoins but i think i need something more secure than an android app, what do u recommend and why ?...

Thanks,

I prefer to use the full node wallets for long-term storage. Take full responsibility for your own wallets by having a local copy of the blockchain and control over your private keys.

The next best thing, for those that don't want to deal with syncing or storing the blockchain, is Electrum or other lightweight clients that allow you to retain control over your private keys.

If you leave coins in an exchange or any web-based wallet service that controls the private keys, you do not own the coins. You essentially own an IOU that entitles you to some amount of coins, so claims the service. The extent to which you can trust that IOU varies by the service and who you ask, but make no mistake, without exclusive control over the private keys, the coins are not yours.

Every wallet is vulnerable to being hacked or lost. The safest wallet is one that you control the private key to, and that is not connected to the internet. This is called a cold wallet. There are a few different ways that you can run a cold wallet.

the safest wallet is a hard ware wallet ..... but all of them can be hacked anything computer can be hacked ....

https://www.amazon.com/dp/B01J66NF46/_encoding=UTF8?coliid=I38IBVYZON3E3E&colid=3JTZSPDAOY0T6&psc=0

depending on were in the world you live you might be able to get it cheater .. to many greedy ass holes in the US .

Default Bitcoin wallet should be good enough as long as you add a strong password and backup your wallet to a USB drive.

If you want even better security you could always buy a ledger hardware wallet.

https://www.ledgerwallet.com/ (https://www.ledgerwallet.com/)

Can you recommend a cold wallet and does it behave the same just like any other wallet (ie. send and receive money..?) from my understandings my money is on the blockchain itself NOT actually stored on my wallet itself and the only risk is losing the Private Key (then i will no longer be able to locate my wallet/BTC ever! or even losing the pass-phrase) did i get it right ?...

Cold wallet sounds like a great idea if that's the case is being hacked is another threat am worried about, is this one of them ?
https://bitcoin.org/en/full-node#windows-7

Another question regarding this one, it doesn't seem too secure is it ??...

sorry for being noob about it but am using android app called bitpay and it wont allow me to send 15$ worth of BTC saying the transaction fees are the same of the amount being send !...

If you are buying a hardware wallet, make sure you are buying directly from the company. Not via any reseller/third party. Otherwise there is a risk that it would be tampered with like what happened to this man (https://news.bitcoin.com/mans-life-savings-stolen-from-hardware-wallet-supplied-by-a-reseller/?utm_source=Bitcoin.com+Subscribers&utm_campaign=cd644227fd-Daily+Newsletter&utm_medium=email&utm_term=0_ea978414cb-cd644227fd-216374477&goal=0_ea978414cb-cd644227fd-216374477&mc_cid=cd644227fd&mc_eid=f41e2a44a5).

For safety go with a hardware wallet like the Ledger Nano S, Its about a hundred dollars but it is money well spent. It is necessary as all these on computer wallets are vulnerable. Be Safe.

Thank you, i think it is the safest option myself too !...