Bitcoin Forum

I know people have a nano ledger s or hardware wallet like trezor if they have btc.  Now if you have bitcoin, i know you should keep it in hardware wallet for safety.  Now what i like to know is if your are a holder and not trader, ,should you ever keep any coins in an exchange or that coin's own wallet if you already have a nano ledger s?  I read that it now supports a lot of coins which back then it did not support.  I recalled watching a video where they talked about bitcoin safety and one person on cnbc mentioned you should not keep everything in one place.  However, he said something like have a trezor and said how if you keep coins in an exchange, keep it in several so if one gets hacked or whatnot, you only lose 20 percent of what you have as oppose to everything.   That makes sense but why wouldn't he suggest either put it in hardware wallet or a wallet specifically for that coin?  I assume he means if you do trading right.


Now let say you do trading and daytrade.  If you do that, then aren't a good portion of your btc or altcoin going to be on an exchange?  And let say you use bittrex and binance.  Well isn't that pretty safe already because those are the top exchanges out there?  But if someone trades full time and keeps all their coins in an exchange, you can't really blame them right?  I can't imagine someone transferring their coins everyday from their bittrex or binance account and then back to their nano ledger s when they are done trading.  Only to send it back to the exchange the next day.  Obviously this person could have a good amount of coins in their nano ledger s and smaller portion in the exchange.  But thoughts on this?


Now if the nano ledger supports a coin you have and you do not trade this coin and basically hold it, is it 100% foolish to keep it in that wallet as oppose to the nano ledger s?  Example coins like coss and funfair... i don't have these coins but wanted to list a few of them.  If you are not trading it and holding it in its own wallet such as COSS Wallet or Funfair Wallet,  you should 100% send it to your nano ledger s and store it there?  If you do it there, you basically are storing everything in that nano ledger s you have.  But that is still better than its own wallet right? 


But what if that wallet gives you rewards etc.  Do you still get them putting it in nano ledger s as oppose to that wallet.  I believe certain coins if you keep it in wallet you get airdrops?


Now what about this?  In that cnbc segment i saw, that person mentioned how you could have a few trezors... so imagine like buying 2 or 3 nano ledger s.  Does anyone here do this or recommend it?  Because if you do that, well you have a percentage of your coins in each device as oppose to everything on one device.  I imagine the only reason to do this would be if you have more than 18 altcoins or whatever is the max nano ledger s allows?  How many coins does it even allow now?  But the negative would be you have to have more 24 word seeds.  But do people who have a lot of cryptocurrency own more than 1 of these?  Is it even smart to do that?


So curious what people here say.  Obviously it depends on if you are holder or a trader who trades few times and of course daytrader.

You already answered your question. It is obviously depends if you are a trader or a holder. If you are a holder, the best thing to secure your coins is on hard wallets. If you are a trader, just store it on trusted exchange so that you can easily trade it when needed. Just make sure that you activate the highest security of your account such as 2FA.

keeping any coins on exchanges unless you are actively trading them is a terrible idea and should be avoided at all costs.
as for using multiple hardware wallets, i think it is an overkill. you only need one hardware wallet but you should learn how to use that one. learn things such as how to make a back up (write down your seed for instance) and keep your ear to the ground for finding out if there is a vulnerability in their hardware that is found.
but you can also use multiple methods. for example keeping the long term investment in a paper wallet that you don't touch and only keeping coins you want to spend (like altcoins you want to keep longer but you still want to be able to dump as fast as possible) in the hardware wallet.

I don't know what you really want to say. A lot of this and that when it's obviously don't know what to do and which wallet should be use.

1. If you're a fan of airdrop, then just leave it to MEW.
2. If you're planning to hold your coins long term then choose hardware wallet.
3. Doing day trade? Then just leave some in exchange sites that you think you can afford to lose when sites get compromise.

You can do all of these, just determine which coin is for long term and which for short term and for day trading as well. Simple, isn't it?

thinking an exchange is safe just because they haven't yet scammed you is such a naïve way of thinking in my experience. even the biggest exchanges that seem completely legit can scam you or at the very least they can get hacked, declare bankruptcy and in this process you are the one who really loses money.
the funny thing is that in your post you mention Bittrex as a "pretty safe" exchange while they scammed thousands of users not so long ago!

as for the coins that give you "reward" like the PoS coins or the coins with master node,... you have to decide how much risk you want to take. obviously keeping coins in cold storage is always safer than keeping them in a wallet connected to the internet. and also you should consider the risk of price dumps which is pretty common and inevitable for altcoins. then if you are ok with that kind of risk then use the online desktop wallets for the tiny rewards.

Withdrawing your assets from an exchange daily to deposit it next day looks stressful and would cost you a bit of transaction fees.

But it's a strategy I would suggest. No exchange is totally safe, not even those that haven't been breached, and no level of security us too much to protect your interest.

If I am able to afford hardwallets like trezor or Nano Ledger, I would rather prefer to keep all my coins in it since it is far safer. The only condition I would leave any coin in an exchange is when I have a trade order limit which I am waiting for.

Think of it as you try to save your money, it's not so much different from paper money.
The only difference between trading platforms and banks is that banks guarantee you your money "number rather than the value" but the platforms do not give you any guarantee.
It is not very different between paper and cryptos; you need to save it in a safe place and learn how to restore it.

"Do not keep all eggs in one basket, learn before earn."

Whether you are a regular trader of crypto currencies or a holder, it was never safe to store all your coins in exchange.
But if you are only a holder, then you should prefer hardware wallets where you control private keys, that means you can keep them with you wherever you go

I agree. Don’t keep all your eggs in one basket. Try to diversify your wallets, perhaps? I know it sounds tedious but for now, it’s the best way to keep your investments safe. How I wish there were better security features for our wallets and exchanges, huh? I wonder when we can have peace of mind…

Like everybody said, don't put in all in one basket. I think that's the usual thing that people do. What I do with my BTC is just keep it in cold storage, which is in my old laptop (still working btw). What wallet are you talking about anyway? That gives out rewards? Airdrop wallets? I think that's a great thing just keeping it in a wallet like that, but it's certainly not secure.

It's like making savings in a bank, don't you want it to be moving for you, or making money for you? That's just the concept if you're going to risk your money or not.

These five methods dramatically reduce the risk of theft:
- paper wallets
- encrypted paper wallets
- offline transaction signature (no internet connection)
- fragmented secret keys
- multi-signature wallets
- hardware wallets.
I'm sure that there are no other methods.

I get your point and it confuses you because you are following someone's advice which you think is good on national tv. What you have said on all those points are correct. Since the exchange part has been given and commented by others, I'll go with buying 2-3 more hardware wallets. Well, this depends on what's your keeping strategy. If you aren't confident of having 1 nano/trezor then buy another one just to make it say that you aren't keeping it to one place and to satisfy yourself. There's nothing wrong having only 1 hardware wallet, a two or three.

That's a strategy I'm using. I'm really scared of the scammers. They always attack the wallets of people with a lot of money and I do not want to give up much of my efforts in this market. I have so many altcoins in my hard purses and the goal is to hold up to 2020 and only use $ 3k to trade.

The best way is to store the tokens in hardware wallets if you want to hold the tokens for a long time. If you want to trade then go to exchanges and store there for easy usage and easy digital transactions to avoid moving the tokens here and there.Finally ,if u want just airdrops leave them in MEW and wait for the prices to rise to sell them accordingly.I myself follow the same for organised usage in daily life.

Even though multiple hardware wallets for different exchanges might be seen as overkill, it might be better if you could do that, because you do not want all your money on exchanges be linked to one hardware wallet. It just makes it easier for people to see how much money you have, once they link all these tx's to one hardware wallet.

Yes, a hardware wallet generate different addresses, but it could just happen that you re-use the same address on other exchanges and that they link your addresses together.  ::)

The idea is actually an essential one for the investors. If the money stays in different places, then the risk of losing it suppresses and of course it is a wonderful way to stay relaxed from the fear of the scammers. Also, keeping money in different sites might also find out the competence of the specifics and their reliability.

I personally wouldn't store all my coins in an exchange,whatever exchange it might be, it just isn't a safe bet for me, I'm always kinda sceptical about exchanges, like a sudden mishap is about to happen, I definitely would go with multiple hardware wallets,that way I get to store my coins all in a hardware wallet and at the same time ensure they aren't stored at a single place..
So in case of a breach I'll have something to definitely fall back upon

This cryptocurrency sphere is really a delicate one, trying everyday to stay away from SCammers,who are trying so hard to get to you...

It depend on who are you in the market? holder or trader? if you are a holder keep coin in hardware wallet, and exchange wallet is the best choice if you are an inventor

Only traders or holders is not enough options. Every day a project takes the SWAP decision. I know the tokens that it has SWAP'ed and forget the wallet. So it is trash now.

See keeping your coins in hardware or in some exchange depends on the amount you have whether you use it in day trading or long term trading.And generally I am a day trader of few coins so I keep them in trustworthy exchange and rest in hardware wallet.

Even if you are day trading you should never leave your coins in the exchange, after all at some point you are going to stop trading for the day, whether this is because you have to sleep or because you have something else to do, but whatever the reason you are going to stop trading at some point and it is way better to just withdraw your coins from the exchange, it is true that you have to pay fees to transfer your coins back and forth several times but if you are not producing enough profits with your day trading just to pay the transaction cost then you should probably review your strategy, doing this may seem as doing too much to some people but when the exchange gets hacked and your coins are safely stored in your wallet that is when you are going to appreciate going through all of that trouble.

I like the idea of paper wallets. You can simply put it to safe or bank cell and be sure your crypto won't be stolen.

in my opinion, saving all the coins in an exchange wallet is not a good choice. I see that it will provoke hackers to steal your assets, investors or holders are better save their assets in hard wallets, like ledger.  and if you are a trader, then you better put a little coin in exchange wallet for capital.

I don't know why you talk too much!!
You could ask all those questions in 2 or 3 lines.
You can use a hardware wallet ( because it is safer) if you have money to buy one, but you can download a trusted wallet on your PC or smart phone.
If you are a trader, just keep the coins you want to trade on the exchange wallet.
That's all I can say.

in my opinion it depends on you whether you want to hold or sell. if you want to hold you have to save it on the hardware so it is safe from hackers. if you want to sell just keep it in the wallet.

If a person uses a trading strategy to earn money on cryptocurrency, it is much more convenient for him to keep his coins on the exchange. But it is safer, of course, to store them in a secure wallet.

I know a few cases where coins were stolen directly from the stock exchange. Therefore, it is better to avoid storing your coins on the exchange and concentrate them as much as possible in the wallet, preferably in a cold wallet.

If you are using a long term investment or simply are not going to sell your coins soon, then you should keep your coins only in your wallet. So you will protect yourself from hackers. And of course, keep your keys and passwords in a safe place.

Please bear in mind that exchanges are the target of hackers and they can be successfully attacked, meaning all your coins are gone. You can only leave a very small portion there if you trade regularly. Otherwise, hardware wallet is the choice if you intend to hold your coin for long.

Hacking is not the only problem you can have if you leave your coins in an exchange. Sometimes, the exchanges change their policies all of a sudden, they may require new verification levels and ask you for documentation while they freeze your funds.

One hardware wallet is enough for me, but I only store the ones I invested on long term basis. On the other hand I let my  alt coins stay for minimum of a month and if things go rough I sell them. Things we expect might not happen so in case theirs a big dump we must be ready at any cost.

Well if you're actively trading though, it makes sense to leave coins in an exchange. You have to consider the transaction fees that you have to pay to move your coins back and forth. We all are aware that for long term investments, of course your own wallet is the safest place to keep your coins but i think it's ok to put your moving coins in an exchange.

You have written so much that your question is not understandable. What is your point/question ?
I ll anyway answer what I understood.

1. A person should only buy a hardware wallet if he wants to hold the coins in there for a long term. The hardware wallets are created to keep the coins offline and secure.You should not be using it if you want to trade coins on a regular wallet.
2. If a particular wallet offers you any kind of rewards then it depends on your preferences whether to use that particular wallet or a hardware wallet. The hardware wallet will provide you safety and no rewards whereas the other wallet will provide you rewards but no safety.

Fairy tales are not fairy tales, but bitcoin was and, I think, is still very popular among criminals... It is easy to understand for even just a quick glance to visit some forums.

I have heard that some people scatter their cryptocurrency in different cheap wallets like mew and this can be a way to avoid loosing all your coins at once, incase there is hacking. If you can afford hardware wallet, you can use it to secure your coins if you don't want to use them regularly.

Already, and 2FA does not always save, if the exchange is hacked, there could be no protection. Having a hardware wallet we protect ourselves very well. The main thing is not to lose a piece of paper from the Ledger with passphrases for recovery.

2fa's , hardware wallets , strong passwords , etc all of them are the same . when i say the same id say all of them is still useless because no matter how you secure your wallet/account it can still be hacked and you cannot avoid it becuase hackers are verry smart . so overall , the best thing that we can do is to avoid putting huge amount of cash in your wallets/accounts online so that you can avoid unecessary problems that may occur on the future .

just want to note that the convenience of storage and payment, do not need other wallets. this is achieved by the flexibility of payment anywhere

If the trading activity of a trader is not enough to pay for a few dollars each day in transaction costs then it is better that person stops trading because he has a capital that is too small or because he is not getting enough profits in trading, I know that is more practical to keep your coins in the exchange and it is easier but when it comes to cryptocurrencies the easiest path is not always the best, because as we know hackers can steal your coins from the exchange.

Or as it was pointed out the exchanges could change their policies overnight without any previous notice and they could require more information about you and where you got your money and even if you are not doing anything illegal you have a right of privacy that is being violated by those actions.

It's no longer a matter of being able to afford a hardware wallet since they aren't expensive at all. People not willing to buy a hardware wallet are mostly cheapskates thinking they can take care of storing without buying hardware.

Technically you can do that by using a paper wallet, but that's not safe at all. What if you want to use your coins? You have to import your private key into a client you don't know of if it's safe or not.

Hardware wallets are multifunctional. It's not just a piece of hardware that allows you to safely store your crypto currencies, but it's also one that provides the safest possible way to transact with the outside world.

Paper wallets won't ever be able to provide that. Just think about it, will you rather "lose" $100 that you pay for a hardware wallet, or lose $10,000 worth of crypto due to a hack because you didn't want to get a hardware wallet.

Easy choice.

So it means almost every person will have same answer, separate it in some wallet online whether it's an exchange or an online wallet. Because if we loss 1 ( hope no one loss in hacked thing ) we still have money in other places.

I would go for both ways! All we are doing these things to secure our funds. So, As a long-term holder, I will hold coins in a hardware wallet and as a trader, i have to keep some coins on exchanges too! So, you are right!

Thats true, thats why its better to separate your funds for HOLD and funds for trading. A hardware wallet is good for long term Hols in my opinion as you are not moving the funds from time to time. You can keep some funds for trading for daily trade but be sure its a legit trading site with 2FA as additional security.

wallet is a place to store all assets and this is very important for all crypro holders. crypto spreads on many wallets is safer than centralized but the drawback is the number of transfer fees for each crypto if it needs to be traded or stored

Yes, as we all know that crypto industry is all about self-responsibility and hence one should hold himself responsible for the consequences of occurring due to his actions. I am holding my most of the funds in hardware and paper wallets but at the same time, I keep some amount on exchanges and web wallet considering the requirement of liquidity (with the risk of losing entire funds kept online).

the more difficult they are hidden, the longer they will lie, because it does not allow to bring them at any time)

Actually topic answers already you given this, basically in my opinion if you are holders then you can choice hardware wallet it help you good safety'' and if you are trader then you can choice Exchanger wallet and use 2FA high security.so discussion on your mind what you want him.

Almost of the wallet and exchange are using two factor authentication. if it is not secure your account, I can say that you are not good in securing privates keys of your account. Using authenticator can give satisfying security and secure your accounts and no need for hardware wallets. It is about how you keep important information about your accounts.

I think it will be very necessary if your assets are numerous and will be very useful for the security of your wallet, because wallet security is the main priority for people who jump in the crypto world, so I really agree with this.

If you can afford to buy hardware wallet, then, I think it would be better if you store all your coins in it. When it comes to money, everyone changes. So for the safety of all your assets, I prefer hardware wallets. Better be safe than sorry.

I think it really depends on your plan on crypto,
If you want to hold it for a very long time then keep it on your hardware wallet to be sure that it is properly secure .
But if you just want some quick profit then just go with the exchanges so you could easily sell your coins or token when you want to get your money back.

yes, I agree with you, of course in crypto asset storage we have the safest thing is to use hardware, besides that one of the most important things is never to tell others about the private key that we have because it will causing hacking.

This is something many seem to struggle to understand, it seems people want to have all the rights that come from a completely free currency but they do not want any of the responsibilities and that is simply impossible, how many times we have seen in the forum cases of people that lost all their coins and then they ask how they can get them back as if they did not knew that once your coins are not in your wallet then you have no control over them and no one can do anything about it.

When we take this into account then it is easy to see why a hardware wallet is the best way to store your coins, not only it makes it almost impossible to get hacked but you also get good functionality out of it.

No exchange sitr is ever secute and no hardware wallet or paper wallet are ever safe this why I agreed with what Bitcoinhunt3r said cause split ones coins are the best way to be. However, setting up a 2fa is just for your account on exchange not to be vunlerable and it does not guarantee ones safety because the first safety come from the holder of wallet and account by avoiding human error.

For me, i prefer to using single wallet but very secure like hardwallet than using many exchange / other wallets.
Using wallet on the exchange will not make your coins more secure, there were some problems in several exchanges too.
Use hardwallet, but never expose it's key or seed, and buy it from the most reliable seller.

Leaving your coins on the exchanges makes you vulnerable to attacks of the hackers. Hardware wallet is the best to secure your wallet. If you can't afford a hardware wallet, I suggest you you should use more than one wallet so that you won't lose all your coins at once if there is any attack.

If we talk about security, it is best suited hardware wallet. So your assets will definitely be safe. On the exchange, you can only hold funds if you are engaged in trading. It can be dangerous to leave them there for a long time.

Hard wallet is an offline USB thumb drive that stores confidential information similar to a wallet and can be plugged into a computer when needed. With a wallet on the safety level because when you make a transaction, the wallet asks you to confirm the transaction by pressing a button on your device. One thing that hackers also have to bother. I am quite happy with it

Putting all our coin in one place is very risky. Hard wallet is good and safe but if we lost it, its will be a problem. Better we store our coin in different place and keep our private key safe

Right mate ,never in my life that i consider leaving my coin#in any exchangers and even if i actively trading still i make sure that before i rest for my trading  all my coins return to my wallet

Because we all know how the hackers targeting the exchaners and other platforms that has having cryptocurrency..so before this never consider putting your coins to this platforms for your own safety

Thats what you should do, do diversity so the risk is not too big. imagine if one wallet you have hacked with someone, of course all your money will be lost. so it's true to save in many places, some percent are held in wallet hardware, the rest is in some exchanges, I think that's a good idea..

If you are a holder and no plans of spending or moving your Coins anywhere, its better to keep your Coins in a hardware wallet. But, if you are a trader or at least you plan to move your coins from time to time and exchange it to fiat, I would put that Coins in an exchange site that uses top of the line site security and offers 2FA. Moving your coins from hardware wallet to an exchange site sometimes are troublesome and may cost you money for the fees.

If you don’t trade on the stock exchange, then you should not keep your savings there. Any exchange with time may be subject to attack by hackers, its management may steal your funds, or you will lose access to your account. It is better to use your own separate hardware or software wallet for savings.

Yes, that is what should be done by the people but there are times when some are just too lazy to separate their coins because it is bothersome for them to access different wallets so in the end they would regret not putting their coins in different wallets when their wallet is hacked.

We know that it is very risky to just put your coins in one wallet or exchange perhaps and if I have to choose between putting my coins in a hardware wallet or exchange then I would choose the previous one because it is much safer since I am the only one that has access to that wallet.

How you keep your coins depends on you. Hardware wallet is the best option to avoid being hacked. On the other hand, if you trade cryptocurrency quite often, you will need to keep your coins on exchanges for a period of time. Make sure you do not leave your coins on the exchanges for long. 

its upto your choice but definately hardware wallet is best and also you can store your coins in multiple online wallet and exchange wallet.