Bitcoin Forum

Hi, I have 0.0112 bitcoin. I'm hodling never selling started today.(A bit late but never look back) Should i keep on binance? Which wallet do you suggest? Except cold wallets. Cuz i cant pay for these sticks. Only pay for bitcoin after today.

No.

I guess that by "sticks" you mean hardware wallets? Yes, it isn't necessary to buy them if you want to hodl. This is my suggestion for you:

• Download electrum (https://electrum.org/). (On an offline machine preferably)
• Generate a seed phrase.
• Write that seed phrase on a piece of paper and hide it. Whoever has it, has access to your bitcoins.
• Send your bitcoins to one of those receiving addresses you can see ^{(View -> Show Addresses)}.

You probably haven't understood the way it works and thus, I'd also recommend you to start reading:  How does Bitcoin work? (https://learnmeabitcoin.com/)

I can't sent those addresses. It says Invalid format.

You're using Binance, don't you? You probably can't send on Native Segwit addresses (starting with bc1).

File -> New/Restore -> Name your wallet -> Standard Wallet -> I already have a seed -> Write the seed you previously generated -> Options -> Check “BIP39 Seed” -> Select p2sh-segwit -> Next.

You now have Nested segwit addresses starting with “3” that can be used to spend funds from your Binance. Just remember that procedure once you want to recover the wallet in the future.

Please, I do not get this, someone can send bitcoin to any generated address? Irrespective of the address he is using or that is generated from electrum, he will still be able to withdraw the bitcoin on binance.

If you want to withdraw from binance (in case of OP)
He can withdraw to any address, he can withdraw to legacy, compatible (nested segwit) or native segwit address. But the best is for the OP to make use of native segwit which is electrum default address wallet type in version 4.1.1 and 4.1.2, to be able to use low fee on electrum during transaction.

If he wants to send bitcoin to binance
Binance only support legacy (address that start with 1) and segwit (bc1 type). Binance is not supporting compatible addresses (nested segwit which starts with 3).

OP for your sake and for the sake of other people that don't know how risky it is to put your bitcoins on an exchange if your plan is to hold it for long term, you're putting your bitcoin at risk.

Aside from Electrum which is really the most recommended desktop wallet for bitcoin.

There's wasabi wallet that has an address that starts with bc1. --> https://wasabiwallet.io/

The most important part whatever wallet that you'll choose that will give you the private keys or phrases, you should keep that and create a back up for it.

I don't know what are your problems.

Do you store your Bitcoin on Binance?

If you store it on Binance, you can send your Bitcoin to any Bitcoin address type because Binance support all of three Bitcoin address types for your withdrawal. You have to be careful if you withdraw your Bitcoin to another exchange. Not all exchanges do support Bech32 (bc1) address type for deposit.

You can check the adoption of Bech32 addresss from two websites:
- WhenSegwit.com (https://whensegwit.com/)
- Bitcoin.it - Bech32 adoption (https://en.bitcoin.it/wiki/Bech32_adoption#Web_Wallets)

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Electrum wallet
- The current version: 4.1.2. Download it there: https://bitcointalk.org/index.php?topic=5327892.msg56694915#msg56694915
- Since the version 4.1.0 this wallet has Bech32 address type as a default type when you create a wallet. The option to choose address type (Legacy, Nested segwit, native segwit) was disabled.
- You can get older versions there: https://download.electrum.org/
- Wallet release notes: https://github.com/spesmilo/electrum/blob/master/RELEASE-NOTES

[GUIDE] How to Safely Download and Verify Electrum [Guide] (https://bitcointalk.org/index.php?topic=5240594.msg54223763#msg54223763)

And verify your download!
https://bitcoinelectrum.com/how-to-verify-your-electrum-download/

While this would work, it isn't really recommended. You are taking an Electrum seed phrase which has a version built in to it, telling Electrum to treat it as a BIP39 seed phrase and to generate a different type of address than it was generated for, and telling Electrum to ignore the failed checksum. All of this will add up to headaches and potentially lost coins in the future when trying to restore this wallet. Much better to use an actual BIP39 seed phrase if you want to generate a BIP39 P2SH wallet.

There is no good reason to download an older version of Electrum, and indeed, doing so could put your coins at risk. If you really want to create a legacy wallet, much better to download the latest version and use the command line.

The latest version of Electrum creates native segwit wallets by default and, afaik, Binance supports all addresses formats (legacy, nested and native segwit).
Are you sure you the address you copy-pasted is correct? Did you copy it from the list of addresses on the receiving tab or did you click on request and copied the whole line (URI)?

It is true that latest electrum which is 4.1.2 will create segwit wellet by default, but binance on the other hand does not support nested segwit, binance only support legacy and native segwit. But this should not be the talk because you can withdraw from binance to any address of your choice, I do not think it should be a problem. As for the OP, he is not getting something right, this should just be the abc part of bitcoin that all bitcoin users do know.

Keep your Bitcoin always in your personal wallet, which should be non custodial and preferably not connected to the internet. I would recommend you a mobile wallet and a hardware wallet to store your Bitcoin. A mobile wallet for small day to day transaction and a hardware wallet for long term hold. Never keep your assets on an exchange wallet.

Binance doesn't create a nested SegWit address for you in your Binance wallet account if that's what you mean. They just create a P2PKH and P2WPKH addresses. But you can withdraw your bitcoins to any address type.
In fact the nature of a nested SegWit address (starting with 3 and is called P2SH-P2WPKH or P2SH-P2WSH) is that the payer can not see any difference between them and legacy addresses starting with 3. Hence the backward compatibility.

It's not recommended to store your bitcoins with the binance it's better if you use the electrum mostly of here recommend the use of this also once you already created an account its good to store your seed phrase into a piece of paper literally make a lot of copy so you won't regret if you lose those seed.

https://i.imgur.com/yRcAO49.png
Some warnings/reminders on electrum.

That's still recommended for me but it depends on the time frame that OP wanted to hold, if that isn't all about weeks or months of holding, it seems to be good using Electrum wallet but might better among them just to purchase a hardware wallet which is the most safer way of storing your Bitcoin.  Binance still reputable enough to hold your 0.0112 Bitcoin in just a matter of weeks or months.

Otherwise, just purchase a hardware wallet from your 0.0112 Bitcoin.  This is highly recommended if you wanted to hold for about a year or a decade.

Yeah right, keeping the seed and a private key is the most important, before sending your Bitcoin on Electrum, just conduct a test first, try to uninstall, and recover it via seeds.  If it is successful, it means your Electrum wallet is ready to keep your Bitcoin for a long period of time.

for long-term hold i think bluewallet is good enough to keep your Bitcoin ^{(you can also use Electrum or exodus as an alternative to imo)}.  i'm actively using Bluewallet, Bluewallet is very user friendly than other wallets like Electrum and Exodus imo.

There are many different types of wallets, so choosing the right wallet depends on the preferences of the users, and the type of different transactions they want to perform, you can choose the most popular wallets such as blockchain, payeer, trust and other popular wallets.

Popular doesn't mean good or safe.

Blockchain and Payeer are web wallets, and therefore inherently insecure. Blockchain in particular is a truly terrible wallet, with awful policies, awful customer support, and frequent problems and security issues. Payeer is also custodial, which is even worse, meaning Payeer have complete access to all your coins. Trust wallet is closed source and therefore you have no idea how safe or otherwise it is.

All of these wallets require you to put complete trust in the complete strangers who built them, and put your coins at risk. Choose a non-web based, open source wallet instead.

You should download electrum on the correct site which is provided in the previous post in this thread. You have to store your bitcoin on the wallet electrum where you can have full access on what you will do with your bitcoin if you decide to sell or hodl more. Using a wallet which you have the private key or mnemonic phrase is the safer than custodial wallet.

For long term hold it is advised to keep your Bitcoin in a hardware wallet. Hardware wallet are not free you need to buy them. If you are not interested in buying a wallet then you can download a desktop wallet for free. You need to ensure that your desktop is not being used to connect to the internet. I wouldn't recommend you a wallet name as there are many good one in the market but insure that the wallet you use should be non custodial wallet.

From my own experience, paper wallets, or exporting the private key to a text file that is not stored anywhere online are my two favorite ways of storing bitcoin long term.  As others have already said, Exchanges come and go and you also have to rely on the good nature of others guarding those sites.  Hardware can become faulty in rare occasions.  Hopefully, you'll find a solution that's fit for your purposes.

I wouldn't recommend this, especially not for newbies. First of all, storing individual private keys is inferior to storing a seed phrase for a number of reasons. It's harder to work with, easier to make errors, harder to copy, doesn't have a checksum, won't generate change addresses, worse for privacy, and the list goes on. Secondly, backing up seed phrases or private keys electronically is generally very risky. In a fully airgapped environment it might be relatively safe, but most newbies do not know how to do this properly and will end up exposing their seed phrase or private key to the internet.

Hardware, as with hardware wallets, can surely break after some time (as with any other electronic). But there's a reason why the 12-24 word recovery seed is heavily recommended to be only stored offline on a piece of paper. .txt files are simply too righ risk especially for your typical non-expert user.

I do not recommend Binance even if they secured our funds, you can lose it in some other way, I recommend ledger wallets and desktop wallets like Exodus or Greenwallet, another question that you should address is how to secure your wallet after you find a good wallet, it's not only the wallet but it's more on how good you are on securing your coins.

The wallet you recommended is good for long time safe keeping but I still use binance as they are a good exchange which offer good security. Although I understand the risk brought up by inputting my balance on binance but the last hacking incident make me impress and trust them about further attacks since they assure that the funds of their users are safe.

I suppose you can put your money in Binance's hands, but bear in mind that Binance is primarily an exchange platform. There is no need to keep money there if you do not intend to use it for trading.

Since the OP said that he has no intention of selling Bitcoin, offline storage is unquestionably preferable to any custodial service. Not your keys...

There are several staking options on Binance for those who keep funds there but currently don't trade.

They assure that your funds are safe, right up until they don't. Who's to say the next hack doesn't make them insolvent and everyone loses their coins? They are not too big to fail. They also will only cover hacks against their own wallets. They will not cover you if your wallet is hacked, brute forced, phished, password reset, etc. They can also lock your account at any time and seize your coins.

Storing your coins long term with a third party negates the entire point of a decentralized cryptocurrency.

If the exchanges get hacked, and that's not a so rare thing in crypto world, you might lose your coins Binance and Coinbase are big and trustworthy exchange but it can happen to anyone at anytime.

To put it short, its always advised not to store or keep your bitcoin on any wallet that doesn’t come with a private key or a seed phrase.

In any of those instance that these aren't available, it simply means that, the coins on those wallets aren't entirely yours. You might think it's yours but in the real sense, it isn't. As, anything that affects the company would also affect you. Should the company be scammed or seize operation, its your coin that is gone.

I owned a few tokens on Initial Model Offering (IMO) sometimes last year. After a few ups and down, I changed my device and upon trying to gain access to the site or download there app, it was no where to be found. Up to this moment,  I've got nothing on them so, its all gone. Having your funds or coins stored on any platform isn't the best of ideas, avoid it.