Bitcoin Forum

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Hello, I have some spare cash with me which I want to invest in crypto. BTC is king anyway so I will need your suggestions for best way to store it for long term - cold storage preferred for investment and also some way I can spend it without using banks while I travel abroad. Please help this noob.

Thank you

Have a nice day  ::)
 

Cold storage means you don't make your wallet online and don't sign your transaction online, don't leak your private key online.

Creating a cold storage wallet with Electrum (https://bitcoinelectrum.com/creating-a-cold-storage-wallet-in-electrum/)
[Guide] Verify and download Electrum wallet (https://bitcointalk.org/index.php?topic=5240594.0)
The paranoid user's security guide for using Electrum safely. (https://bitcointalk.org/index.php?topic=5456886.0)

If you want a hardware wallet, you need to understand about hardware wallet and buy it rightly.
[GUIDE] How to buy a Hardware Wallet the right way (https://bitcointalk.org/index.php?topic=5288201.0)
Open source hardware wallets. (https://bitcointalk.org/index.php?topic=5288971.0)

thanks bro

Although technically not cold storage, a Trezor hardware wallet is probably the easiest way to get started. It's a good trade-off between convenience and security.

The main "problem" will be finding merchants who accept Bitcoin. You could sell Bitcoin P2P, but there's risks involved in the physical trade, especially when you're in an unfamiliar country.
Depending on how much you plan to bring with you, a mobile wallet (for instance Electrum or Mycelium) is easy to use. But it's a hot wallet, so only add what you can afford to lose.

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It's worth learning and testing a bit before going "big": learn how to store Bitcoin, think about a secure backup location for your seed words, and read up on the potential risk factors. To start: How to lose your Bitcoins with CTRL-C CTRL-V (https://bitcointalk.org/index.php?topic=5190776.0). Some healty paranoia helps: assume know people are out to get your Bitcoins (and don't give them the chance).

Other member already provide good link/suggestion. But what are your criteria to determine best way to store Bitcoin long term? Durability? Easy to use?


The common approach is using mobile wallet. But you shouldn't store too much Bitcoin on it, since there's higher risk your mobile device could get stolen or hacked. If you want to use Bitcoin on place which doesn't accept Bitcoin, you either need to sell it as needed or use Bitcoin debit card which convert deposited Bitcoin into fiat.

To use abroad without banks you could try some visa cards. There is a big list by NotATether here:

https://bitcointalk.org/index.php?topic=5473572.msg63133596#msg63133596

But the best to spend abroad would be just to sell for fiat currency and use it. Imo

Although he asked for cold storage specifically, which is great, I think that we do not put enough emphasis on the fact that, for newbies and especially if they are not going to hold much money, the best approach would be to install an App in their smartphones or a Desktop wallet and learn how to operate. This is obviously the least safe option to store your coins, but the most convenient by far.

Trezor, mentioned above, like Ledger and other hw, is really great and not expensive, but not all newbies are willing to make this little investment to secure little funds.

The case of the OP seems different as far as he "believes" and wants to store it long term, so I guess that he is willing to make a considerable investment and wants to store it securely. Although he also says that he wants to spend it abroad, which sounds contradictory.

So, OP, if I was you I would store most of the funds in a hardware wallet, or Electrum if I didn't want to spend money on it, but also carry some funds with me in my smartphone, just the amount I would be willing to spend. But don't forget that "being your own bank" comes at a cost: the risk to lose your funds if you are not careful with them.

He can consider airgap device for his wallet too and can consider to use Tail OS on USB Flash drive if he can not have a personal computer. It is like very last option because using a public computer to connect your wallet and sign a transaction is very dangerous.

[Guide] Secure air-gapped crypto wallet storage method (https://bitcointalk.org/index.php?topic=2828437.0)
How to Install Tails OS on USB flash drive for Wallet Purpose (https://bitcointalk.org/index.php?topic=5228801.0)

Learn to use Bitcoin before making any big moves.  The easiest and least risky way to learn how bitcoin works, and to test various wallets is by using testnet.  You can learn how to make transactions from hot wallets, cold wallets, and even hardware wallets using testnet, and not risk losing any real bitcoin.

I guess you already know about bitcoin so all that's left for you is to choose what wallet to use when storing bitcoin. If you don't want to spend money for a wallet then there's electrum wallet which many forum members have been using and it is also the most recommended wallet by bitcointalk forum members. If you can spare some money for wallet then you should buy a hardware wallet which is more secure than other wallets available although as I have explained, it Will cost you.

Easy and simple way you can do this is by using good open source hardware wallet like Trezor or Passport, but it's more important how you are storing your seed words.
Satochip is offering cheap and interesting option of encrypting seed words in format of credit cards with Seedkeeper and this can be used in combination Satochip hardware wallet.
You can also do it for free using Electrum wallet on offline laptop, but there are a lot of steps you need to do, and I don't recommend newbies doing this.

I know that you have two educative and informative topics on hardware wallets.
[LIST] Open Source Hardware Wallets (https://bitcointalk.org/index.php?topic=5288971.0)
[GUIDE] How to buy a Hardware Wallet the right way (https://bitcointalk.org/index.php?topic=5288201.0)

The cryptocurrency scam book has its section on most common hardware wallet scams.
Scam book (https://chainsec.io/scams/)

Spending Bitcoin as it is maybe hard but possible depends on which country you're talking about but crypto debit cards can work it will help you to spend your Bitcoin at any store where credit cards are accepted and you can buy one easily from lot of providers of you are not concerned about KYC but buying now KYC crypto debit card is difficult these days.

BTW, pinging @Jet Cash who is been an expert in this field cause he is also been to exploring in his minivan so he could share us his experience and better suggestions for you.

Spending bitcoin is more easier than buying it because if you already know where to buy, and actually did your Bitcoin purchases, you surely know where and how to sell your bitcoin.

At least selling your bitcoins, will reduce a lot of fear in your mind. Nowadays with bigger and better adoption on Bitcoin, you have many ways to spend your bitcoin. The rest is do you like KYC or dislike KYC, and will you prioritize centralized exchanges or decentralized exchanges, say no with KYC or not.

Spend Bitcoin. (https://bitcoin.org/en/spend-bitcoin)
Find products for sale online (https://bitcoin.org/en/spend-bitcoin#products-online)
Global local and online business search (https://bitcoin.org/en/spend-bitcoin#business-search)
Navigate a business directory (https://bitcoin.org/en/spend-bitcoin#directory)
Find local businesses (https://bitcoin.org/en/spend-bitcoin#map)
Coin ATM Radar (https://coinatmradar.com/)

Find no KYC platforms.
https://kycnot.me/

You might be a noob by the rank on this forum however you are still better than those boomers who are clearly rejecting the historical growth of Bitcoin, people like Peter Schiff. They knew about Bitcoin when it was like $100, still rejected to adopt it and missed millions of dollars in profit because of their ego. You are doing better, Cheers!

Great suggestions.

Thank you all members for your support. My dream is 1 BTC = 1M USD or even higher. Looks like a dream, but I am a dreamer like the legendary Satoshi himself and hal finney too. Let the banks get fucked.

It's obvious that the OP being a noob is just on his forum rank here. His contemptuous courage is applauding enough and I hope he'd actualize a great goal with his move on investing on bitcoin. Even if he's one of the Peter Schiff but as much he has reconciled with his resilience is a potential great move for him while those ignorant to the opportunity would keep on counting their regrets as mistakes would keep getting missed out.

That depends on what country you are in, some countries have local exchanges where you can transfer your bitcoin in it and use it for payments in most stores that accepts QR code scanning just like in my place.
But for a single wallet to that job, it's not possible that much in a country/place where bitcoin is not fully grasp and accepted, using it for payment is unfortunate.

If you have enough money to invest then you can invest. If you don't like the market at the moment then you can continue using the DCA method because investing in the DCA method will give you a better investment method and you will have a higher chance of success. But you can use electum wallet or trust wallet to hold the investment but the wallet seed must be kept very safe.

I have been using trustwallet for quite some time but to be honest, it is not the most recommended wallet for newbies and even for those who are no longer a newbie. Electrum should be the best choice between the two that you have recommended to OP which is much more safe than trustwallet and it is not close source. Ways of acquiring BTC like DCA would be a good decision to make if you don't have lots of money but wanted to buy more once you have money.

I wouldn't recommend Trustwallet.
https://bitcointalk.org/index.php?topic=5420819.msg61284073#msg61284073
A thread that showed Trustwallet isn't open source nor really decentralized ever since it was acquired by Binance.

I'm surprised you still use it despite knowing its closed sourced or maybe it's used for Pocket change
Still don't see how that is any different from using CEX.

What I mean is I did use it for quite some time. I don't know how long but I remember I used it for months or more than a year K think and never experienced any problems or issues but in my opinion, it is better than storing your crypto in a custodial wallet or in an exchange platform. Anyway, that was before when I still use trustwallet but after that is I am using electrum wallet.

The first smart thing you did is asking for help before going all in.

Now the next smart thing you should do is AVOID Shit Coins and Altcoins generally.  For a long time or entirely.  They are the reason a lot of people often get their Investment screwed.

Other wise, I think you received a lot of good advice here.  Stick to Bitcoin, Dollar Cost Average and roll with it.  Paying abroad with Bitcoin only will be a burden, unless you plan a Bitcoin only vacation very well and thoroughly research in advance to check where exactly you can pay with it.

I don't know why many respond recommended using wallet because the beginner or noob need to purchase bitcoin firstly from market, I think need to guide the beginner how to purchase bitcoin from local market depend on OP come from before recommending them save their bitcoin assets on wallet or exchange wallet.
Need to give educate for the beginner if want make investment in bitcoin how to make deposit their own local currency to buy bitcoin before holding it for longer term in wallet or exchange wallet.

Firstly, for OP you need talk about which country you come from and looking opportunity which best exchange market already for depositing local currency to buy bitcoin. Then depend on your self withdrawing bitcoin assets to wallet or keep holding it at the exchange wallet to make easily for selling or scalping.