Bitcoin Forum

Hello,
I am considering using Xapo cold storage and multisig wallet.
Can anyone share their experience?
N

Better keep your Bitcoins on your local computer, it's much safer.
Or buy Rasberry Pi, install there Ubuntu with bitcoin wallet and store on this mini pc.

From my opinion its best answer , or if you want use wallet like a xapo i think better you use the blockchain.
Sorry for my bad english

Depends what you're looking for.

If you're actually looking for good security, it's never a good idea to hold your coins with a third party service.  There could be any number of problems with their services, but if you have proper cold storage like a paper wallet, airgapped PC or hardware wallet and you store the seed or backup in several highly secure locations it's extremely unlikely that your coins would be stolen.

If you particularly need the convenience of an online wallet, there's no point using Xapo's "vault" feature anyway.  IMO these "vault" systems within online wallets (Coinbase and Xapo in particular) are mainly just for people who have no idea how to store their coins themselves.

i think web based wallet is safe too, because im using it from 2014 and i dont have any problem


hmm, its a good idea to save inmini computer (raspberry) thanks i will try it if i have a chance to buy raspberry pi

I would highly suggest a hardware wallet over xapo and the multisig option. Even a simple paper wallet personally is better if I want to hold something for the long term and not have to worry about it getting stolen.

No storing your bitcoins on your local computer isn't safe enough. If you couldn't afford to purchase a hardware wallet(trezor, ledger nano, keepkey), which are around 65USD; atleast it's better to store your wallets on a encrypted and unrooted android device. Significantly safer compared to a Windows computer in my opinion. A good solution would to use a paper wallet. Heres a guide for you: Tutorial by Coindesk (https://www.coindesk.com/information/paper-wallet-tutorial/)

The only reason why I would be using Xapo, would be to transfer multiple micro payments to people I know. The off-chain

payments are instantaneous and virtually free. The "Vault" is for newbies and I would never suggest long-term storage to

people who wants control over their own finances. These services are prone to hacks and insiders working with these people

to steal people's money. {not saying it will happen at Xapo, but it does happen}  ???

yes, blockchain is good. but if it's a security issue I'd rather agree to using an offline wallet. because with an offline wallet, only we can access it. so the security is really guaranteed.

Using Xapo for more than two years now, if you use it for it's purpose, it's good.
I'm using the online wallet and the debit card attached to the online wallet. I tried vault also, but then I started to use cold storage instead of vault, because it's safer if you have your coins at hand and not at a third party service provider. Xapo is OK now, but who knows what will be the future... In the online wallet, you can store an amount of bitcoin that you're OK to risk (service outage, hacking, war, etc...)
Physical cold storage is defenately safer, if you can afford it, you can buy hardware wallets (ledger, keepkey, trezor).

Xapo was okay at first but I stopped using it because of its huge amount of transactions fees. I'd rather suggest you to have a hardwallet to store your coins like Ledger Nano or Trezor, that's more safer.

It won't make a big difference xapo claims that generally they store their funds in cold storage the vault just has little extra features if you are sure you won't require these funds then use it and also remember it will take upto 5 business days to clear your funds. Even coinbase has a vault if you want you can try their vault it is much more simpler and faster.

I tried it and the experience was good. Looks like safe but hardware wallets like Ledger nano s are safest.

I think it is a very bad idea to use xapo as a cold storage wallet to store your bitcoins as you can't customize the transaction fees using their wallet, I would recommend you to spend some money to purchase either a Ledger Nano S or Trezor hardware wallet to store your bitcoins offline.

Yesterday I had a transaction from the Xapo web wallet, and the tranascion fees are really strange. The first strange thing was that when I have checked the transaction on blockchain.info, I saw that the transaction had my output, the fee output and another output. It seems that they combine outgoing transactions. The second strange thing was, that I was also able to check the fee on blockchain.info, and it was half of the fee I have been charged by Xapo... I was not really happy... I can understand that they provide free transactions inside Xapo system, but the fees of the outgoing transactions are much higher than the miner fee. I know they have costs to run their system, and they need to cover those costs somehow, but anyway....

That's exactly my point, really strange and I don't understand why they charge such huge fees. I'm not sure right now since bitcoin's price had pumped but the last time I checked my Xapo account the fee was around 150k sats. That's the reason why I also stopped using this wallet too, I don't understand their system now because at first it was really okay.

Not a good idea right now to use xapo and many complain about their service these days about the fees and pending transaction.
If you really care about your bitcoin and you want to be fully control about bitcoin better to transfer it in electrum instead and you can backup your wallet address for safety and you can change the fee that fits to your needs.
Its not really safe right now to use online wallet base on my experience because already bad experience with xapo and coinbase i'll stik using electrum and mycelium for mobile..

So basically since you mentioned cold storage, you are looking for long term holding? If that is a case better choose a wallet where you can keep your private keys rather than online as a basic way to keep your bitcoin safe.

Online web wallets have an advantage too but for storing purposes it's not recommended. Just use their services. Honestly, their cold storage and multisig wallet isa  good feature and I know that coins are secured there BUT still don't take chances as any online wallets can be fraud even how legit they are today.

I'm using XAPO wallet for more than two years for converting my bitcoins to cash using their card but never really stored any coins in their Xapo cold storage and multisig wallet. Because I like to store my long term coins on my desktop instead any other service provider. I'm not sure whether they provide any option to recover your multisig coins in case their service close down.

i like also xapo wallet because here in philippines we have wallet called coins.ph ,they same easy to transaction and trusted wallet that i used but i dont think its for long term because here in philippines we experience some problem in coins.ph and xapo wallet also in hold there bitcoin,they hold like 0.11 bitcoin at that time in coins.ph but the coins.ph block the account then the user go personally in there address to know the answer why they block the account,i think xapo is like coins.ph that all i can say

If you just want to use xapo as cold storage nothing wrong with it, no worries about the fees because you'll be storing there bigger amount of bitcoins, for sure. But be aware that you don't hold the private keys, why not try to consider a local desktop that is dedicated as your wallet? or just buy a laptop that you'll be keeping only for storing your bitcoins? This what I've done to my old laptop, it serves now as my wallet/cold storage.

If I were you I wouldn't consider a third party that will managed your bitcoin. I haven't used Xapo though, but the reviews I have read is not good about them. Some claim that they are charging fees a high as $7 which is reall quite high. if you really want to used cold storage for your bitcoin, then why not get a secured one like Trezor or Nano? Not that expensive plus you get your funds very secure for long time if you are thinking of holding your bitcoin long term. Or go to Electrum or Bitcoin Core as alternatives? There are a lot of better wallets out there that will let you have full control of your funds because you hold the private keys. Its better safe than sorry mate. So I advise you not to used Xapo as cold storage.

your English could be dad but your suggestion is not bad at all it is good to use the blockchain for this purpose and still a lot of wallets are there such as I would like to suggest u to use the hardware wallet over xapo and paper wallets are also being use for the need of security so it is good to think about your bitcoin security and blockchain, hardware wallet, paper wallets are best for the bitcoin savings.

I transferred some USD funds to my xapo wallet and then transferred them to my BTC wallet. Many hours later, their system still wont allow me to withdraw the funds. I will NEVER use this web wallet ever again !!

For a long time to store the best option is paper wallet than hardware wallets unless if you want to use your bitcoins on a regular basis safely then hardware wallets are good. Also, if you want to save some altcoins along with Bitcoins safely at one place all them then these hardware wallets are good but you need to check those sites for what are the coins they are supporting.