Bitcoin Forum

As the saying goes dont keep your eggs in the same basket. So have you saved all of your btc in mutiple wallets\software?

I like to split with electrum air gapped and bitcoin core.

Should i make it 50:50 even though bitcoin core is always online?

The amount is not that much but i am thinking that if i make it to good amount of mbtc, it will be prudent to divide the amount.

Any OGs who can give feedback?

If the amount is not that much, I wouldn't bother.

As you have more, you can have them in two wallets, but if it is a lot, if we talk about having lots of bitcoins, what people do is that they not only have them in several wallets but they use multisig systems.

I usually split between hardware wallets, and only keep pocket change in online wallets (and even then, the pocket change is spread over electrum and core).

One thing that is important to point out is that the bitcoin you're storing in a hot wallet like your Bitcoin Core one shouldn't have more than a small amount. This is because it's basically not as secure as the bitcoin you're storing in a cold wallet.

I don't see the point in having multiple cold storage wallets, but it doesn't hurt as long as you keep them secure. If the amount you're storing is very large you might consider having multiple signatures for a single cold storage wallet to increase security though.

This rule doesn't apply if you've taken the necessary precautions. For example, if you've verified the binaries of Electrum on a freshly installed open-source OS, on a machine that you've removed things like WiFi antennas, then you're fine. Turn off the lights, close the curtains, generate your seed phrase, write it down on a paper, copy the master public key, and you're safe.

I don't use Bitcoin Core as a wallet. There's no reason. Stick with Electrum that's lightweight and don't make things more complicated than they already are.

Splitting your coins into two wallets are enough IMO, the first as a hot wallet where you carried on your cellphones, while the other as cold wallet for long term holding. Splitting into many wallets have a risk e.g. forgot where you stored, especially you're divide/spread some seeds in some hidden places.

If you want better security, make sure you have another cellphone, where the one doesn't have any Bitcoin stuffs for your daily usage.

Yes it's better to store your crypto coins in multiple wallets than having everything in one wallet. In my opinion the security risk is too high when using only one wallet. It also depends on the size of your wallet, if you only hold a few hundred USD worth of cryptos than it might be easier to just use one. But once your wallet grows I would recommend to split into different wallet. For me I have one mobile wallet which I use for small transactions, everything less than 100 USD. And then I have one paper and one hardware wallet for long term storage. It's a little bit more work to organise multiple wallets, but like this if anything happens to your wallet you atleast don't lose everything.

I am holding Bitcoin and crypto on an online wallet, exchange, electrum. I cant say that I have divided holding identically, I just keep crypto where it appears. As I mostly hold, visit practically same internet recourses from day to day, I dont bother a lot about security of my funds. I just keep seed phrases and passwords far from devices like PC, laptop or tablet computer.

If it's a smaller amount, then I can still understand that you use online wallets or crypto exchanges - although you should know that neither of these two methods is desirable as a storage method because you are always exposed to hacking or possible exit scam.


You should worry more though, because some others are certainly trying to find a way to steal what you have. It makes no sense to keep your passwords and seeds as far away as possible from the device you are using, especially if you have not protected them well. Storing backups in different locations makes sense, but only if those locations are secure - otherwise you only increase the risk of someone finding them, accidentally or intentionally.

It is a very wise approach to never keep all your coins in one wallet; you should split them between different wallet implementations and also between different private keys to avoid completely or at least minimize your accidental losses and planned attacks on you. However, splitting the coins usually involves creating and storing dozens of backup files, which most people don't like to do or have no idea how to do properly. If we assume that a wallet is something you have direct access to with the keys you control, you will have five ways to split your coins:

1) between mathematically unrelated keypairs (each keypair is an independent wallet);
2) between mathematically unrelated seed phrases (each seed is an independent wallet);
3) between different passphrases (each combination of seed+passphrase results in an independent wallet https://github.com/bitcoin/bips/blob/master/bip-0039.mediawiki);
4) between mathematically related keypairs (all keys are derived from a single seed https://github.com/bitcoin/bips/blob/master/bip-0032.mediawiki);
5) between mathematically related seed phrases (one seed creates many seeds https://github.com/bitcoin/bips/blob/master/bip-0085.mediawiki).

The last two options require a minimum number of backups while providing access to thousands of wallets.

The use of multiple wallets is only advisable if we have a huge amount of Bitcoin to store, IMO.
I only used electrum for many years and I never encounter any problems or even hacking incidents. Maybe because I was too careful in dealing with other people and was vigilant to links. What I think is that we don't need to split our funds just to add security, it all matters how we handle our seeds, keys/password.


In fact, I used a non-custodial wallet that is available in our country and still doing it well. I use 2FA just to add security and I think it was enough.

Why not just use one Ledger/Trezor hardware wallet? That's ample security already. And if you want to take it one step higher, probably use multisig with multiple devices, or the shamir secret sharing scheme. A Ledger Nano S is only like $70 or something.

its closed source. You trust them? and not to mention so many scams with ledger and trezor. MAke your own hardware wallet like raspberry pi 400 or pico.

I save it in a a different wallet, right now, my bitcoin is in my electrum and I have a different wallet just to make sure the risk are minimized. Before, when I have a large amount of bitcoin, I use a hard wallet as I intend it to hold long term, but when the time comes that I was tempted to sell, I cash it out everything and enjoyed a little profit.

For security purposes, it's good to save it in a hard wallet, the more wallets you have the better.

You're not entirely correct, trezor is open source [1][2][3] and not all ledger version is closed source, ledger live is open source for both mobile and desktop version [4]. The scams related with ledger and trezor are because of the malicious script from the unofficial retails, so you should bought from the official store/retails. The problem about ledger is leaked of the customer information, while trezor it's still a rumor.

You can create your own hardware wallet, but it's not that easy and most people can't do the correct way. That's why it's more convenience to use trustworthy and popular centralized hardware wallet e.g. trezor or ledger.

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[1] https://github.com/trezor/trezor-core/blob/master/docs/hardware.md
[2] https://github.com/trezor/trezor-firmware
[3] https://github.com/trezor/trezor-suite
[4] https://github.com/LedgerHQ

It's good idea to split your Bitcoin holdings in multiple wallets, and this can be software wallets, hardware wallets or combination of both using something like multisig setup.
This adds extra complexity but it also increases security a lot, and this should be done if you are holding larger amount of bitcoins.
I would never hold any bitcoin on centralized exchanges, and I don't consider this to be ''wallet'' at all, they should only be used for trading.

I won't talk exact percentage and this can be different for everyone, but I would keep majority of coins in cold storage.
This can be created using software wallet on offline computer, paper wallet or by using hardware wallet that is most simple option.
You can hold rest of your holdings that you plant to spend periodically of hot wallets, and for daily transactions mobile wallets are perfect.
I would suggest that wallets you used should be verified open source and non-custodial.

1. Trezor and ColdCard are fully open-source
2. If you don't trust any of them, you're not forced to use their own software. You can simply connect your hardware wallet to the likes of Electrum
3. The scams are concerning phishing(or social engineering in general), not problems with the hardware wallets themselves

P.S. If being open-source is a big deal for you (which is very understandable), I sure damn hope you're using Linux, not Windows or Apple.

Most software wallets gives you the ability to have a seed,a 12 words secret that you can save in a different place than where you have your wallet.The best choice is to keep your coins in a hardware wallet but personally I never felt the need for such wallet although I had Ledger hardware wallet once.I have kept and keep a relatively big amount of money in Electrum wallets and have done so from quite some many years now and nothing bad has happened to me.The only thing I am extremely fanatic is to keep using Linux as an OS and never in a network with other hosts but in my personal isolated host.

I have never been hacked but I would not recommend it to you unless you are tech savvy and computer literate at an advanced level,for other normal people I suggest the hardware wallet as the best option.Even such hardware wallets like Ledger offers you the possibility of 12 or 24 words secret that you can save in a safe or at a place which you consider the most safe place for you.

Currently have my BTC in 3 paper wallets. Used to be more but now I only have three left. Two are small (less than 0.5 BTC each) while the other one has most of my bitcoin. Though I bought a little more Bitcoin recently as the price got low, currently on exchange but I'll move that to a new address to keep it separate from my old bitcoin.

In a few years whenever I next touch my big address I'll probably split that bitcoin it up into two, one that I'll probably just keep forever, another one with a few bitcoin that I might feel like spending on houses or something in the future. Just so that I have most of my Bitcoin in like cold decades-long storage that I never have to touch again.

 
If you think that you are going to hold those coins for  as long as you could, it will be a good idea to keep a separate wallet for it.

Split them in  two. Maybe store the coins that you will just move for emergency purpose only. And another for the coins that you use for something else like betting. For me 0.5BTC is already worth moving to another wallet. Some may consider it a small amount but I don't.

Hardware wallet and then Electrum is the practice that I have been doing in the last 4 years.

Hardware for long term holder, but I guess we all know the drill here.

Electrum for trading and then online gambling, deposits and withdrawal are mostly done here.

We are lucky though that we have our local wallets that we can exchange our bitcoin->local currency so I also have that one but I don't put huge amount of money.

I keep funds on exchange, because the amount is small or lets say insignificant to bother withdrawing it. This is the amount I use for fast trading decisions. If I feel like hype around altcoins has started to grow, I buy some of them.


It is my luck that not much people around me knows about cryptocurrency (they show low interest into it). That is why even if they manage to find seed phrase, I am 200% sure they dont understand what it is. Even if I will leave a piece of paper with seed phrase next to a PC with running electrum wallet, 99% this paper will be put aside, wallet minimized and 1% that someone will just call me.

Since I'm not trading and I'm just buying and holding, I use a hardware wallet and I keep all my bitcoins in it.

Here is the thing.

If you have bad behaviors and you are not generating or storing a wallet safely, then I can only assume by generating five different wallets none of them will be properly generated and stored either.  In this situation, I would not say placing your eggs in the same basket is necessarily different.

Also.  I use a lot of addresses and disposable seeds and found out the more seeds, addresses et cetera you have, the more likely it is that you will forget about one of them.  It happened to me that I unintentionally threw away the wrong seed which still had some hefty change on it.

If you want to store Bitcoin properly, you want to store it so well that be it one or a hundred wallets, chances of having them compromised are close to none.

On the other hand.  Even if you have bad behaviors, there ARE a few situations in which you would be advantaged by having multiple wallets.  For one, scams.  If you are new, silly (no offense) and know nothing much about Cryptocurrencies, chances are you will fall into various scams such as giving your wallet seed to a stranger.  In this situation, you are going to lose a seed but the other wallets will continue to remain safe.  There is also the situation where you have some Bitcoin that you use more often and some that you would like to stay enclosed into cold storage.  Here, again, you are going to have some Bitcoin that you truly care a lot about sitting in cold storage and probably a hot wallet for the expenses and all.

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Regards,
PrivacyG

The change hnn, that’s good if we have on going transactions or have facilities to pay with bitcoin around our region. I mean considering the fact that we don’t have much of the in store options to spend bitcoins I only keep them on my wallet and that too only one. I think splitting should be done when we have lot of money in the form of bitcoin. Otherwise there is no point in splitting the couple of thousand worth bitcoins in different wallets. Moreover everyone should set this range on their personal level, I mean for me 2 to 5k in single wallet is fine but anything more than that should get split in multiple wallets for sure.

Got most in my hardware wallet and have some spare on other wallet.

I've been doing this for years and I can safely say that this strategy works for me. I don't have to split it all other wallets like 3 to 5 and a few would be enough for me.

It's all about the management and how you keep your private keys/seeds and if you're good at it, even you haven't split all of it that much, you're good with how you keep it.

Exactly, if you've generated all your wallets exactly the same way, i.e same password, same generation method, if they're inherently insecure it probably makes no difference if your machine were to be compromised. Ideally, not only should Bitcoin amounts be split up, but the wallets themselves should be physically compartmentalized, if not physically at the very least isolated via virtual machines. Then, you also need to make sure they don't share the same passwords, since that could equally compromise security. Also, I would wager that a lot of users are storing their seeds or private keys digitally because of the convenience, which is also a big no no. 

Yes, I have my Bitcoins in multiple wallets.
The main reason for this is to prevent theft. I know offline wallets are most secure wallets, but still dont wanna take the risk of losing the Bitcoins.
I have also some Bitcoins stored in exchanges, so if I want to trade then instantly I buy or sell their with my BTC.
Also sometimes, I need to spend some Bitcoins , and I don't want to carry my hardware wallets often with me. So in this case my secondary or online wallet helps me to make micro transactions with Bitcoins whenever necessary.
At last I would say that, keeping one or multiple wallets, completely depends on a particular user, and for the particular task he needs to do. Also this opinion of mine might vary from users to users. So excited to hear other people also.

Been using Electrum for a long time and I distributed all of my Bitcoins into multiple addresses even though it's only under one seed phrase.
I also have some Bitcoins in a custodial wallet and I know that saving some Bitcoins in a custodial wallet isn't recommended, but that is the Bitcoins that I will sell in case I need some funds for something.

Storing Bitcoins in multiple wallets and in a hardware wallet are the best options. Splitting your Bitcoins in 2 or more wallets would be a safer choice than just putting all of your Bitcoin holdings in one wallet. If it isn't that big, then just putting it in one wallet is enough. Make sure as well that you know how to keep it to the point that nobody can see your seed phrase, or it will *poof* in an instant :D.

The thing is, and I'm seeing a common theme here is users instantly jump to defend their usage of custodial wallets, however I'd argue that even if you want to exchange Bitcoin quickly at some point, it only takes 10-15 minutes on average to send a transaction, and a lot of the exchanges don't even require six confirmations. So, you could pretty quickly send the Bitcoin from a non custodial wallet, which is infinitely more secure than a  custodial, and have piece of mind. I understand convenience, but even getting stung for £100 isn't great, even if you can afford to lose it.

My advice would be if you want to quickly be able to access your Bitcoin, and exchange it for fiat if something were to happen, without the problems of a offline wallet, either use a hardware wallet, which I understand isn't always justifiable for everyone or use a online wallet for a small amount that you're prepared to lose, but use a custodial wallet, which is online. It isn't the greatest security practice, but I understand that sometimes security has to be compromised for convenience, that's just the way of life.

You'll find that even the more experienced, and knowledgable users using online wallets for specific circumstances, but they're usually low amounts, so as long a you're aware of the risks, there isn't a massive problem with it. As long as the majority of your Bitcoin is in a offline wallet.

well, for bitcoin, or my main asset, i don't split it. unless it's an asset I want to develop. however, what is recommended is to divide the assets in several places, but the assets that I have are not that many, so I think that keeping them in one place is enough.
it will be different if I have many assets in the future. I will probably divide it into 3 different places as an alternative form to maintain asset security. However, when you have a lot of assets, it is highly recommended to divide them in several places.

I think you should absolutely store your bitcoin in multiple wallets just the same as storing all of your money..you might keep your money in banks, investment accounts, precious metals etc. As a physical bitcoin collector I keep bitcoin in a multitude of cold storage wallets , hardware wallets and other sources.

Not many people voted in the poll yet, and I wonder that the ratio and the result is going to be later. I think it's rational to diversify holdings, so that in case something happens to some of your money, you don't lose it all. And my fiat is actually quite diversified because it's often a requirement to open a bank account of a specific bank in my country when you are getting employed, and having multiple bank accounts from various banks is quite common in my country. As for BTC, I thought about diversifying, but then I figured there's a good chance I'll forget about one of the wallets or access to it, and I'll end up losing that money because of it. So to me, it's easier to focus on security of one wallet than to diversify BTC (though, of course, I do have some alts and they are stored separately in multilple places).

For security reasons, I believe in myself keeping bitcoins (long term holding) in one wallet.
Since one bitcoin address has unlimited capacity to store as many bitcoins as you can, I think one basket is enough. As PrivacyG says, it depends on how securely you store your privatekeys and how cleverly you identify scammers.

Yes, always. Actually, that's the idea I got from an altcoin whale. Since he had a huge amount of altcoins, he couldn't hold all his investments on a single wallet because after each transaction everyone would pay attention to his wallet so he was using multiple wallets, is the other hand we shouldn't put all the eggs in a single basket so even if the private key of one wallet were lost we didn't lose all our investments.

I didn't think of having 2 wallets for bitcoin because I am not a bitcoin trader type, just save and hold until I get a profit, I think 1 wallet is enough for my core wallet, the rest I use a wallet exchange  to transact bitcoin

I would like to know if the multibitcore wallet is a valid wallet? Does anyone know how to inform?multibitwallet.com

It's really a personal choice. If you have a lot of bitcoins then for sure the safest thing to do is split them in different wallets, and eventually place those wallets in different places if we're talking about Ledger etc. You say you're amount is not that much, you are the only one to know what "not that much" means because depending on the country you live in and you salary for some people $1k could be a lot of money and for others $100k could be nothing special.

If this one doesnt talk millions of dollars then i wont really be bother on having multiple wallets which there's a tendency that you might forget some of those storage/address compared when you do only have one.
Less worries since storing up its PK would really be just one for you to mind off and wont really be that making yourself put in hassle on protecting PK's every wallet that you had made.
Not really that bad on being that too paranoid when it comes to your wallet security but there are things which do make things no too complicated for someone to do so.

I think you miss understanding with don't keep your eggs in the same basket, actually don't all in your money on the same assets like bitcoin and separated your investment on several altcoin kinds. I think about holding or saving bitcoin better hold on exchange account like Binance, easy access when something bad happening to you than save on hard ware wallet. I use ans hold several assets on different exchange and have some assets on metamask wallet for keep hold on long term investment.

I suppose physical security is something that should be considered. Especially if you're holding onto a lot of Bitcoin. As the saying goes, if physical access is given, assume your device has been compromised. I do believe there has been issues in the past with hardware wallets being compromised physically.

Obviously, if you're going into the expense or time to get multiple wallets, they shouldn't be stored in the same place, that's quite obvious I hope. Although, the poll reflects what I would expect, most users don't actually need to have multiple wallets, and it all depends on your own personal threat model. Most of us don't have the amount of Bitcoin where setting up multiple wallets is worth it. Plus, most users aren't invested completely into Bitcoin, but rather have a small amount of their net worth invested.

Is not necessary to save your bitcoin for different wallet, is your choice but it is not matter of insecurity or security purposes. If you want to save all your Bitcoin in one wallet. This wallet is secured and it will be difficult before somebody can remove your bitcoin without knowing your seed phrase. So below is recommendable

(1) trust wallet
(2) electrum wallet.
(3) coinomi.

definitely it is encouraged but one thing that must be ensured is that having multiple wallets addresses where your bitcoin can be accessed through does not guaranteed maximum protection against an attack on your coins, there's urgent need to secure the wallet keys and sensitive informations by not redering it to vulnerable attack, when you're security concious then it lower the ability to operate an attack on your wallet especially the keys to access your coins on the blockchain must not be taken on a levity hand or accessed by a third party, it is also good enough to make use of a decentralized exchange than a centralized exchanges whereby you don't own your keys which is another vulnerability on itself.

That's not true. There are definitely security benefits of separating funds. Even with hardware wallets which I pointed out above. Although, some are a little more hardened than others. The point is the vast majority probably don't have enough to justify going through these additional steps to secure their Bitcoin.

If you've got a completely offline wallet, then you could argue there's no risk of losing it. However, that entirely depends on how you're storing the back up. Separating these doesn't necessarily mean you'll keep the second copy any more secure than the other.

However, there are definitely certain circumstances which separating funds will prove to be beneficial from a security stand point.

I think it is a necessary action not only for bitcoin but we should use two or more wallets to store crypto assets, this will help us limit the situation of property theft, if we lose we only lose part of our property instead of all.

Storing on multiple wallets takes time and requires more room for us to store phrases, so if you have a large amount of bitcoins you should use it, if the amount of bitcoins is insignificant then I think it is not so necessary.

Keeping a large amount of Bitcoin in a single wallet can attract potential criminals. Most criminals are familiar with cryptocurrencies and accessing multiple wallets might be more difficult than a single wallet. And when they access a single wallet and see lots of funds, the wallet owner becomes a prime target. But when Bitcoins are splinted into different wallets, the amount in each one might be insignificant to criminals.
Splitting up huge crypto funds can also enhance privacy because smaller transactions draw lesser attention than larger ones. It also helps to protect the Bitcoin market from unnecessary panic. Although, the identity of individuals involved in a Bitcoin transactions might be anonymous but activities in wallets is easily accessible. Hence, investors can see when a large quantity of Bitcoin is been transacted, this action can cause a spark panic among investors. Many investors out of fear might begin to dump their Bitcoin and this can impact on the entire Bitcoin market drastically. But when different wallets are used to move large funds, the impact might be mild. In summary, storing Bitcoin in a  single wallet  (https://www.investopedia.com/news/why-storing-bitcoin-single-wallet-bad-idea/) might be convenient, but is not a very good idea.

It's a good idea to diversify your holdings in multiple wallets but according to me we should do that only if we hold lots of bitcoins.
I personally hold less than 1 BTC and so it's better for me to hold it in a single wallet. We should acknowledge the risks involved in holding bitcoins in multiple wallets.
The more number of wallets the higher chances of those particular bitcoins getting stolen.

Depending if not active using trustwallet for an exchange like pancakeswap and mever approved any dusting attack coin I think keep secure when saving bitcoin assets there, bit have good priority for saving assets between exchange market or hard ware wallet. Second option are saving place if OP want keep secure his assest keep safety what ever long or short term holding. But I like saving bitcoin and several altcoin assets on exchange market, easy for selling when price suddenly pump witjout have to move exchange account when trading.

Well, potential criminals probably wouldn't know since you could effectively use multiple addresses. Plus, it entirely depends on how you're using the wallet in the first place. Broadcasting that you have any significant amount of money probably isn't the best idea, hence why reusing addresses isn't recommended. Although, we all pretty much do it out of laziness/convenience.

Even then though, that's opening you up to what I would consider unnecessary risk. Instead, you could just have a wallet Electrum, Bitcoin Core or whatever one you own the coins on, have it online with the same amount you're willing to risk, and transfer it to the exchange when need be. It would take like 10-15 minutes more, and a small fee. However, that additional time/cost will benefit security.

Well, for me, since i doesn't have more savings with me, I prefer to have 1 wallet but if you have plenty of savings and bitcoin with you and you prefer to have more wallet address?Then it is your choice. Whatever makes you comfortable will do.

I think splitting your bitcoin in a multiple wallet is a nice idea, but I believe if you don't really have much bitcoin I don't really think is necessary. For me now have been holding bitcoin for few years now and have been holding in just a single account, actually am still buying more bitcoin with the extral cash am having because I believe I don't really have enough bitcoin yet, but maybe later whenever am satisfied with the amount of bitcoin am having I can now split it into multiple accounts or maybe I will split in very soon.

This is convenient if you are an active trader, but there are definitely additional risks that can be avoided. Even if we are talking about an amount that is not a pity to lose, it can still be a loss of funds, which we do not need. You won't spend much time moving coins from wallet to exchange if needed, but it can save you money.

The adage is true, so it's best not to keep it in just one wallet unless you don't have a lot of bitcoin.

I don't have a lot of bitcoin, so there's no need to store them in many different wallets. But if I have 1, 2 or more bitcoin then I think storing them in some offline wallet is a good choice. So far the hardware wallet is the recommended storage wallet for those of you who have large amount of bitcoin, don't ignore it and the most important thing is to backup seeds and private key offline.

For now I have saved my Bitcoin in the hardware wallet. But since I have more than one hardware wallet, I am planning to save it to another one in case I have accumulated a decent or big amount of it. And yes I agree that we should never put all of our eggs in one basket, even if it’s a hardware wallet. We should be always prepared for any circumstances later regarding our BTCs.

That is the thing we are supposed to do as we don't know if we are the next target of these hackers. A sort of market anticipation and fund security seems to be our top priority just to give no way of these hackers to succeed in their evil works that actually become rampant nowadays. But I think this was not just the thing we do, we also have to be more careful in using our PC/laptop when accessing our hardware wallet, we leave no trace for these people as every single mistake we made, that will be their chance.

I guess you can do that but then the problems start arising when you lose or forget your seed phrases. That's gotta suck. I think 1 wallet is exactly the right number and maybe 1 more if you really need to feel like you would not lose two seed phrases the same way you wouldn't lose three.

You can just encrypt your seed phrase if you really need to and remember the encryption password. If you forget the seed phrase, you might be able to recover it and you would feel that nobody except you can get to the seed phrase on your other stored devices.

But that sounds a bit much, unless you have hundreds of thousands of dollars worth of BTC.

Storing bitcoin on an exchange site would really be convenient if you are an active trader however the risk could provide you significant hassle in the long run. For security purposes, bitcoin wallets such as bitcoin core, electrum would be much better as it will be harder to hack. Unlike with exchange sites which you can easily encounter notification on a daily basis of someone trying to log in with your account. (Based from experience from various exchange sites especially famous ones).
Also, it is common for exchange sites to conduct maintenance and you won't be able to withdraw your funds on your account. So yes, there are most risk and inconvenience that can be encountered from exchange sites to software wallets.

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As with the OP's question, I guess having multiple wallets would be good if you have a significant amount of bitcoin (does not mean it must a high amount). I mean, if you an insignificant amount of bitcoin, you will need to shoulder the multiple transaction fees that would cause you losing funds with bitcoins.
For me, I have atleast 3 kinds of wallets where I store my bitcoin. I have local wallets for convenience, in case that I will require emergency funds or fiats to dispose with. A software wallet for saving my coins and for crypto transaction. Lastly, I store some coins including other crypto on exchange site to do some trading from time to time. However, I guess it would be better to have a physical hardware wallet instead for better security on your coins.

Yes, they will always be smart in finding loopholes, even the slightest mistake can be used as an opportunity for them to move. Caution must always be observed, even if we consider that it is the safest place to store bitcoins. Hardware and whatever we use there are still gaps to provide opportunities for irresponsible people to enter.

Exactly, this applies not only to bitcoin but probably to all other valuable assets in crypto as well. When we talk about storing bitcoin or other crypto assets in multiple wallet, it will obviously be done by long term holders who have hundreds to millions of dollars in crypto. The risks of holding in one wallet are indeed greater than many, but it just depends on the preferences of the owner and how to secure the wallet.

If it was me, then having two different wallet to hold bitcoin long term would likely suffice. Of course it should be stored in a hardware wallet because the security I have is much better than the others. But if I am not a holder (only a trader) then I don't need to have multiple wallets to store my assets for the while.

As your investments increase, it is a very wise decision to have it stored in two or more wallets. Just as the saying goes, don't put all your eggs in one basket. It is also important to have the keys kept outside the internet (offline). These are simple investment principles for all investors especially when your assets are appreciable.

I've saved 1 bitcoin in my wallet, I'm sure bitcoin will rise, right now it's very appropriate to invest in bitcoin because the price is going down, don't waste this golden opportunity to change your destiny in the future.

My Bitcoin savings isn't that big but I have split them into two hardware wallets. I have learned from my previous mistake wherein I store most of my funds in a single wallet then I forgot and lost a copy of my private key. If I would hold more then I would save it in three different wallets. I believe that's the safest and wisest way to store our funds.

depend on how much the fund that we are talking here ,  because for example if we are talking about 0.001 bitcoin here? why bother splitting the amount right?  but if you are having at least 0.1 bitcoin or above?  then splitting them is best for me, and targeting multi wallet?



then I have electrum , i also have ledger wallet , and some local wallets that i keep small amount of bitcoin for emergency sake , so it is not just 2 wallets but literally multiple .

OP is asking for multiple wallets , in which that mean they are spreading their coins in safety positioning .

Yes that's very true that its the right time to invest in Bitcoin as price of bitcoin is at its lowest compared to its price in last couple of months. There is no best time to invest in bitcoin other then right now. As far as saving in multiple wallets is concerned, I consider exchanges like binance as bet place to save bitcoin as chances of theft are rear in that case. I lost huge savings due to hack of my electrum wallet, since then I am saving my money in exchange. 

Splitting your funds makse sense not only as a way to protect yourself from losing your coins due to your own forgetfulness, doing so also offers protection against hackers, because if one of your wallets get compromised at least there is a chance that you will not lose everything as the rest of your coins may still be secure, still it is important to keep backups of all our wallets just in case the hardware wallet were to fail due some manufacturing defect.

Can electrum wallets be hacked? someone who has a dead electrum wallet and the assets in the wallet can't be opened because they don't have a key if they can be hacked then the asset can be taken by his wife and children, I am very sure that the electrum wallet cannot be hacked unless holding the key carelessly.

Actually he hacked my PC. I lost it since hacker use hacking techniques along with social engineering. Thats how I lost my huge savings stored in one electrum wallet. Since then I prefer to store my savings in centralized exchanges since that frees me from the worry of its security. If you have complete control over your coins then separate wallets are good choice.

That is supposed to do in order to enhance safety and could assure that we don't lose all of our Bitcoin when hackers attacked us.
In fact, for me, I'd save some in Electrum (on PC)while the others are in mobile wallet. Even though we could think that there is no 100% guaranteed assurance but at least we are doing something that could help to protect our funds. But most important is we know how to manage our keys/passwords that nobody knows it.

We can use a paper wallet, Electrum, and hardware wallets. But for me, I've preferred Electrum wallet which I could make access so easily.

imo one hardware wallet is enough rather than splitting in different wallet, the only important thing is save the keys in more than one place in case of loss or any unforeseen circumstance. Having btc split in different wallet with different keys can be a little too complicated in terms of keeping keys safe and well protected. just get a very secure hardware wallet, store your btc and then save your recovery keys in multiple places (highly secured places) and that's it.

Yes, it is a golden opportunity for those who want to buy Bitcoin, as it is just above 30k but 55% still down from its all-time high. and the people who bought bitcoin at 26k are in a very good position.

It is a bad idea to hold your bitcoins on an exchange. Because if someday that exchange gets hacked then you'll lose your crypto.

This term is usually used for altcoins that we should not put all the money in a single altcoin, but rather divide our portfolio in different altcoins.
Usually, people do not think to keep single crypto like bitcoin in multiple wallets. People usually have one wallet containing all their bitcoins and those who have a large quantity of bitcoin have only one hardware wallet to store the bitcoins.

Since the bitcoin is valuable and its price is increasing, we should consider dividing our bitcoins in different wallets. So in case, a private key of one wallet is compromised, we do not lose all our money. Let's suppose you have one bitcoin. Better two put 0.5 BTC in one wallet and 0.5 BTC in another wallet to be on the safe side.

No its never been safe yet we are aware about those exchange hacks and possible fund hold ups or lock when there's something wrong on the platform we've been using which is something
thats why its never been a suggestable thing for you to store up your assets on a platform no matter how reputable or known it is just to play safe.Its better to be safe than sorry.
We do have lots of wallets which you could make use to store up your funds and you are owning the PK's of those one which do really even give assurance unlike
on platforms which you cant possible  do such thing.

Yuppp so do i.

Split my bitcoin saving in :

1 Hardware wallet
Multiple exchange up to 3 exchanger
Multiple online wallet up to 5 software wallet

Aaaand guess what , when i hold more than 6 bitcoin back in 2014 ... i take out piece by piece all of those bitcoin savings and ended up with nearly zero now lol.

I only have one wallet with me to keep all of my investment. And to be honest, i doesn't have much with it so most probably be having one wallet at a time. Since i wi not be needing any.

But given a chance to have more money, i prefer to have atleast more wallet to ensure my investment will be divided in different wallets to avoid any difficulties.

Anytime is a good time to invest in bitcoin. It's just a matter of being consistent or not to invest in bitcoin. If you are investing long term then you need to save frequently. Use TA and FA to enter and exit the Bitcoin market.

Wherever you store your bitcoin assets there will still be dangers that can lurk. If you have saved in electrum and lost, it is your own fault. Because I also have bitcoins in my electrum wallet and I rarely open them. make sure your device and connection is secure and never give the private key to anyone else, keep it safe

Well, yeah physical isolation is always best. Although, you can achieve some reasonable security with virtual isolation, although it definitely isn't recommended when comparing physical isolation to virtual. For example, and I have starting to feel like a shill for this operating system, but Qubes OS does provide some pretty niffy features that would benefit a lot of Bitcoin users. You could effectively, have the inconvenience of a hot wallet, but in a offline wallet. So, easy copying addresses etc.

Although, that's not to say that Qubes OS is the way to go forward. If you're serious about being your own bank, you should absolutely be using multiple wallets, stored in different locations. It's pretty simple, it increases your redundancy just in case one of your machines gets compromised. Honestly, offline wallets, and hardware wallets are likely most vulnerable to physical attacks, so you should be looking at that, and how to protect from physical threats.

I am using a specific account to collect Bitcoin.I saved my bitcoin in that particular wallet.Maybe different people have left their bitcoins in different wallets but I have saved my bitcoin in one account.I kept my wallet very secure. My wallet is unlikely to be hacked.I saved my bitcoin by hardware account.

Maybe long term holder or real investor will save bitcoin on hard ware wallet but I use exchange wallet for saving bitcoin because take benefit for selling when bitcoin reaching higher price and buy back later when price drop. Secure when saving assets on hardware wallet because not any potential to be scam except with exchange, always have chance with the owner of exchange run away like Cryptopia and we can get back with our bitcoin assets.

I only use electrum because I'm already comfortable with it. Although, yes, it's good to have different wallets so that if ever things go bad on the other such as having a system maintenance or something much worse such as being infiltrated or hacked, your assets won't be all at risk. That way, you also have a back up.

But as for me, one storage of bitcoin is enough because I've made it sure that it's already secure and won't be in any way be touched or bypassed by anyone. I've stored my seedphrase in a good platform and at the same time, I have my personal copy written down. As long as I make sure that everything is up to date and maintained well, I'm confident with where I am storing it.

for now, I keep my bitcoins in 1 wallet, even the altcoins I have are like that. maybe it is quite risky, but when you are an investor, or a trader, then you need fast access to make transactions with the assets you have, especially if you are an investor.
what I'm talking about is an asset for investment and I develop it, while for savings, I keep it in a different place. however, it is not good to keep everything in one place. In addition, in the future, I plan to divide the assets I own in several places.

I have not seen any reason why i will split my bitcoin as investor, i have seen other users and people who is lamenting seriously that your bitcoin wallet you are to have it differently and keep your bitcoin, my question is while? My altcoins is same thing. If we are afraid of our coin not to be stolen, the place to keep it safe is not by creating different wallet to save bitcoin, the we are to Doug will still reach our way if their is any needful

I also have different cryptocurrencies on different wallets :)

You wont really be having any choice but to have different wallets specially if you do own different cryptocurrency which does have different blockchain which is understandable.
But if you do own only one coin then there's no point on having multiple wallet specially if its a non custodial ones.Having only one wallet would really be enough or sufficient
but if you dont mind about spending fees on active transactions then go ahead or its your choice but if you dont like hassle then having one would be enough
but if you are paranoid with security then having multiples would lessen up the risk on losing all of your assets incase you do get hacked.

If we are talking about multiple Bitcoins then certainly splitting up is a good choice but don't overdo it because then keeping the seed will become bigger task then so just use few to split or even one can be better when you know you have the private keys safer and not exposed to only or intruders.

I tried saving my BTCs in multiple addresses but in the end, I still sent them to our local exchange where it can be easily converted to cash, where the latter can be used for various payment of services or products. The only downside is, there are lots of KYC documents that are needed to be passed in order to avail these feature as this is considered the local exchange in our countries.

Generally, it is advisable to save your BTCs in multiple wallets in order to scatter and divide the risks but it is better to save them inside a hardware wallet for maximum security.

Bitcoin Core, paper wallets & Trezor would be my advice to be honest. Split your stash up between those three methods & you won’t go far wrong. Obviously keeping your seed & encryption passphrase is your responsibility though.

I doubt that it could. I mean technologically speaking there could be some method that we do not know, but that would require a ton of stuff and I doubt that it would happen that way. I believe that we should be focusing a bit more towards reaching something personal in a level where exchanges could be trusted, and be individually solid for all of us and our family could get it if anything happens to us.

Like if anything happens to me, my wife could open my laptop and get all of my coins, wouldn't really be a problem at all. Would take a while for her to figure it out, or maybe she won't even do it I don't know, but if she wanted to, it wouldn't take that much time, would take like 10 minutes max to figure it out.

I used to have my Bitcoin distributed 50:50. Half of it was stored in an exchange in order to be used for trading purposes, while the other half was stored at the online wallet I used to use. Currently, I've switched to Electrum and hold all my funds there, without actively trading. If you're planning to hold, having your Bitcoin in wallets is fine, but it's not convenient if you're a trader.

Splitting your Bitcoin to a different wallet isn't bad actually. But it doesn't necessary if you can handle it properly. You may use your wallet on different devices and split simply. But I am not a fan of that. I hold my assets in Ledger those are for a long time. For a short time or trading, just use the exchange. That means I already split my funds. So better use a hardware wallet which is secure than wallet software. Even you don't need to split if you can secure your device and seeds.

Yes I am using multiple wallets to hold bitcoin. I am using Binance Exchange account especially for keeping bitcoin I also kept Bitcoin in the trust wallet.These two wallets seem to me much better for holding bitcoins. I can convert Bitcoin to USDT from here when Bitcoin is planned to be dumped.This is a very good thing for me so I kept Bitcoin using a Binance Exchange account.

Depends on each person, If you are not sure about only storing it in one bitcoin wallet then it's not a bad thing to store bitcoins in several wallets.  Maybe for those who plan to store bitcoins for a long time.  The important thing is that the phrase seed is stored in a safe place.

I have multiple wallets , together with my local wallet in which my basis for daily using .

and it has been told for long that we must not save our funds in single wallet that is very risky and proven to be the main reason why there are hard hacking when it happens.

Maybe if we will put our funds safer this will be prevented .

I have multiple Exchange account and multiple personal wallet. Which wallet i use for different work in different time. I have some bitcoins in all my wallets.  Although the amount of bitcoin is very small. However, if the price of Bitcoin goes up a lot, I will get a bigger account if I combine all those Bitcoins.This is a capital of my future he he

I was not so much concern about the multiple wallets but after reading so many replies in the favor to store bitcoins to store multiple accounts, i have decided to store my bitcoin in 3 to 5 wallets, dividing my bitcoin in each of them.
Though i do not posses one full bitcoin but still i think the amount which i have will be worth a lot more in future.

The main thing in this case is to be confident in this wallet. Otherwise, the result may be unpleasantly surprising, and then it will be more difficult to avoid losses.

There is no problem storing bitcoins and altcoins in one wallet, as long as you protect it from threats. Using an extra wallet to split assets is a great idea because if we have an unexpected problem like a hacker attack or accidentally reveal our private key, we will minimize the loss. Using multiple wallets for storage also requires us to have multiple places to store our private keys. so how many wallets to use for storage depends on the usage of each individual.

dividing space and anticipating what needs to be secured is an alternative.
the internet is not always safe and under control. we can find out the dangers of intruders and do security faster so that it doesn't widen and wide. a lot of wallets would also be better if given double protection with hardwhare wallets with existing manufacturers. of course many choices.
that's right, the op chose the cold wallet, although I keep it in the hot wallet for a timely transaction.
all users have reasons for the future, savings and long term.
but i get paid signature to trade in the market and make a profit.

There are still several people here that install all their coins in single wallet in which we are campaigning for long time to learn and understand the danger of having Only single wallet , even if this is In Ledger or in other secure wallets because there is a small chance that we may lose our passphrase or keys that may lead us to lose all funds.
so why need to put all in single wallet when we can safely install in multiple wallets?
even if you are confident still it is not safe to have single storage, make it at least 3 or 4? depend on the amount of Bitcoin you are holding .

yes one must save in multiple wallets , thats the best practice , in case of mishappening atleast one could be saved, and also in my opinion , one should share password with someone in family as previously many cases have been reported where people lost most of the funds when the person holding the crypto have been no more, or have gone through certain unrecoverable disease..

When talking about investment, it is very appropriate and you should place one place/one Wallet, because what I have learned from most investors do this method to speed up work.

However, if it is applied for savings or savings, it is better to store it in several wallets and this will be safer, I personally don't use other Bitcoin Altcoins I also use this method to save, because I know that it is not very good to store in one wallet, so it's better in several wallets and maybe if I get more assets I will add more wallets in the future.

In my opinion, keeping assets in one place is very risky, I always keep in several places including Exchanges and now I keep my bitcoin in some wallets such as Coinbase, Binance, FTX and Mexc, Trust Wallet. This is because a lot of hack cases occur so that it makes us have to always save in several places.

Exchanges aren't even safe in the first place. Those you have mentioned is always susceptible to cyber attacks/hack. Exchanges could also freeze your asset if for some reason they are suspecting you. At least use decentralized wallets like Electrum or to make it much safer than these options, use hardware wallets. That also depends on the amount of Bitcoin you possess, coz when you only have like 0.01 there is no point in spreading your asset throughout 3-4 wallets lol.

There is no exchange with 100% security guarantee, you could never be safe in any exchange without any doubt of problems, of course all exchanges have that. However, regular pc, or ledger nano, or anything else that a regular person would have not 100% guaranteed neither.

Even if a hacker can't manage to scam you directly, they could very well find a way to social hack you, meaning they could make you GIVE your money to them somehow, basically by talking to you, that is how scams work in most cases. This is why you shouldn't really be trusting anything if that is the path we are going with. Exchanges at least have higher security than our computers.

It is relative, if you only have bitcoin for hodl you should rely on having only one wallet, it is safe.

Now, if you are one of those who mobilizes bitcoins, then you would have at least 2 (...3,4...), one cold wallet and one for daily use, it is actually a very individual response that must be adapted to our needs.

You don't save or store bitcoin in your wallet. They're on the blockchain. You only use a GUI like a wallet to access them. You can delete keys from all your wallets and they'll still be on the blockchain and you will still be able to access them if you insert the previously saved seed phrase into a hardware wallet like tresor, ledger, etc.

I don't have many bitcoins that I hold, so I only keep it on just one wallet...

I keep it (bitcoin that I make long-term investment) in bluewallet. So far, I haven't had any problems and believe that bluewallet is a very secure bitcoin wallet and the chances of being hacked are very small (dwyor).

Yes I have save my bitcoin in different wallets because the amount is kinda huge a little bit, I think it's best doing it in that way if you have huge amount of bitcoin because you never can tell the unexpected might just have, if it's not too much I don't think it's needed to split it because of tx fee

It is good to save your bitcoin in one wallet, this will help you protect your bitcoin and money from hackers. It will also be easier for you to keep track of your Bitcoin and transactions will be made easier.

^ I don't know if this is the right how to keep your BTC safe at all.
Even probably how many wallets that you wanted to store them all as long as your wallet is not safe that is nothing we can do. I prefer to store my BTC in one wallet but it has a security feature like a hardware wallet is a very safe wallet when it comes to storing BTC. Because it is good if you will own your private key and keep it safe than splitting your coins which possible of losing them because handling more private keys will lead you to lose them because you will confuse about where to hide them all.

I think is servings of Bitcoin in different wallet will make you to lose some of them if your wallet is not strong enough and again that is someone wallet that what, keeping cryptocurrency and it is day long I'm nobody only hack your wallet account so splitting your Bitcoin in different wallet is good but the problem is that the disadvantage they cannot remember some of day secret code of the wallet

Maybe the reason why he did that for the addifional safety of his asset. I hope that the wallet is used is legitimate and he did not invested to mlm or any hyip because it might be the reason why he has so many wallets right now. Or maybe because he don't want to make KYC? There's a certain amount in every wallet for us not to do kyc.

There's no other reason on why some people do consider out on storing their coins in different wallets but non other but in terms of security which is something very common but of course storing its key for specific

wallets is also one of your main concern on where you do store it out because if you dont put up seriously and losing it then say goodbye into your coins.We can make wallets as much as we want but for me

having only one would be enough and you should separate wallet which is for active trading or transaction and one for long term prospect.

I prefer using other few terms like splitting bitcoins into different addresses (P Keys) rather than calling them as different wallets as it's always possible to gather all the addresses containing bitcoins and put them all in one wallet. Unless someone is willing to use a variety of custodial and non custodial clients.

There are some reasons why some people do that. Based from my experience, there are some unseen circumstances that need this kind of decision.
Like for example, suddenly your bitcoincore wallet has errors upon synchronizing and you badly need the funds.
Remember, if you happen not to sync the core wallet for long time, it will take time to sync your wallet.
Whereas, if you are using electrum, syncing is quite fast. So you can easily access your funds.
This is why for me, it is understandable if you would want to split some of your coins in different wallets.
You will never know what potential problems you may encounter in one wallet, at least you have a fall back in case the need arises.

Please avoid using exchanges to store your savings in  bitcoins or other alts, either it's centralized or decentralized ones. Giving the permission to third part entities to monitor your funds is somehow riskier than holding your keys in some unsafe places with duplicated copies.