How do I make sure I don't collect dust in my wallet?

You are probably talking about coin control, and consolidating all your inputs into one utxo so that your transaction takes up less space in the blockchain.

Only a few Bitcoin wallets allow you to do this: Electrum and Bitamp are such examples.

Fair point, but only because of the current situation with mempool:) AND because BTC is priced so crazy high:)

Oh and you'd be surprised by how many people accept Lightning Network now, by the way. You should google LN stats and networks now;)

What is a safe way to store the 12-24 word recovery phrase (seed) for the wallet holding the majority of your digital assets/tokens?

Personally, I think the safest way is to keep those seeds offline, and never to store them in any way digitally unless that digital device is never allowed to connect to the internet.

People have come up with creative ways to do this. Paper is good but it’s prone to damage so think of more hardy physical ways like etching on stone or metal.

I’d back it up with committing it to memory as well;)

Quora requested us to answer this question: What are the best digital wallets for cryptocurrency?

We said:

It’s always down to your needs and requirements. If you want secure storage for crypto you won’t touch and just want to save, you want offline physical storage and hardware wallets like Trezor and Ledger.

If you want to buy coffee every day with crypto, send and spend daily and easily, you want a hot wallet that’s easy to access from mobile yet secure enough and non-custodial. Electrum and Bitamp are perfect for this.

What's the best way to keep your crypto wallet hidden?

That’s actually something really important people forget to think about when using wallets, especially now that it’s really easy to pay with crypto in physical locations.

Doesn’t matter how secure your wallet is, if you use it in public, with all the attention on crypto now, thieves will immediately know you’re using a Trezor or Ledger out in the open.

Which is why hot wallets can be very useful here. A simple throwaway Electrum or Bitamp wallet can be accessed on the go, and discarded after use. Store your savings at home, use a hot wallet on mobile;)

Which wallet is the safest for crypto?

It’s all down to what you need and what you want, and the way you use Bitcoin.

If you’re just concerned about storing and see it as an investment, then you really want cold storage hardware wallets.
If you’re a power user and actually use it on a daily basis, to spend and pay people, then you want something just as secure but easy to use on the go, like from a mobile.

In the latter case, Electrum or Bitamp are perfect for that, and both can give you single use throwaway addresses offline, in a few clicks, while still giving you complete privacy and own custody:)

What happens if we don't store Bitcoin in any type of wallet?

Want to be surprised? Actually a lot of people have Bitcoin just like this, not in any real type of wallet but residing on an account inside some app or company platform.

Paypal is one such “wallet”. You can own Bitcoin there, but can’t actually send it out or transfer it out. Only sell it.

What happens if PayPal decides to freeze your balance or lock you out?
Get a real Bitcoin wallet like Bitamp, Electrum or many other non-custodial types. You won’t regret it!

What are the hidden fees for a Bitcoin wallet?

There shouldn’t be any hidden charges in any wallet — if you’re using a non-custodial wallet that only you control, all you ever pay are miner fees which go directly to miners who confirm your transaction. That’s the beauty of wallets like Electrum or Bitamp — you pay exactly what you need or want to.

This is different from a custodial wallet like Coinbase or even an exchange wallet like Binance where you pay a fee THEY set, and still have no control over how much of that is precisely used to pay the fee for your transaction.

Very good points. ToS are seldom customer friendly and almost every centralized service has legal points in their TOS that make it virtually possible for them to seize anything on any arbitrary season. Watch out for "we reserve the rights to" and "at our own discretion".

Bitamp wallet, use it at your own convenience, use our code if you want! We won't and can't stop you!

What's the difference between a crypto exchange and a crypto wallet?

They actually both have a completely different purpose — while an exchange does also have a function to store crypto, you give up the most unique benefit of owning crypto: financial sovereignty.

Using an exchange to keep your crypto is no different from keeping your money in a bank or in a service like PayPal. You may very well need an exchange service but if you want full guarantee that you and only you control your funds, leave storage to a proper non-custodial crypto wallet like Electrum or Bitamp.

How do I buy Bitcoin from PayPal?

It should be quite apparent to you on your Paypal dashboard if it’s enabled for you. If it isn’t, then your jurisdiction or account (more likely the former) isn’t allowed to buy it yet.

But here’s the thing: buying Bitcoin on Paypal or most other types of services doesn’t actually put any REAL Bitcoin in your ownership.
Why not try downloading an actual Bitcoin wallet like Electrum or Bitamp, and then go localbitcoins or some other p2p and buy REAL BTC?

Can you stake Bitcoin?

These days, there are plenty of Bitcoin staking apps that allow you to “stake” your BTC in order to earn some kind of other incentives.

Technically though, you are only putting it up as collateral. Bitcoin network works on a Proof-of-Work algorithm, not a Proof-of-Stake algo which many altcoins including Ethereum are now transforming into.

What's the easiest and fastest way to store Bitcoin?

Get your own wallet. That really is the easiest! With Bitamp, you can get your own non-custodial Bitcoin wallet in seconds — no one else can access it, and anyone anywhere it the world can start using it instantly. Sovereign money, it’s a great concept!

Why are they called Bitcoin miners?

Actually mining wasn’t the original term given to it, but because the process of securing the network, and validating and verifying transactions needs computer work, the network decided to reward these nodes/validators with new coins generated as rewards for every new block found.
In other words, they were mining new units of bitcoin. Might not be called miners once 21M is nearly reached;)

Can I deposit ANY crypto into Coinbase?

No. A Coinbase wallet is actually a specific crypto wallet belonging to a company called Coinbase. If it has a Bitcoin wallet, then you can deposit Bitcoin. If it doesn’t have a particular wallet for a particular network, then you can’t deposit it.
Learn to use your own non-custodial crypto wallet! Be safe in the knowledge that only you can access your own funds and they can never be taken away from you.

Start with Electrum or Bitamp for Bitcoin and experience financial sovereignty as it was meant to be:)

My funds manager denied me access to my wallet and has changed my password, please how can I recover my Ethereum and bitcoins?

This is why you always need to follow the principle of self responsibility in crypto. Crypto for the first time allowed us to be solely in charge of our monies. Many crypto users don’t realize that they’re giving control of their funds to companies and exchanges and brokers when they sign up and store crypto on website services.

By all means use a funds manager, but always keep your BTC on your own wallet like Electrum and Bitamp, and cold storage for significant funds if you don’t need to use them.

What kind of Coinbase account should a business set up to start accepting Bitcoin?


Why not take control of your own destiny and set up a free account to accept Bitcoin on your own, setting your fees and everything on your own. Take a look at open source BTCPayServer — just like owning Bitcoin, you should always control your keys.
Not your keys, not your coins!

People say that having your crypto in exchange wallets isn't safe, however if you use a crypto wallet app and the company deletes the app don't you also lose your crypto?

The full story is: don’t store your crypto in a service that you need to trust and rely on and this includes apps that control your crypto.
A non-custodial wallet or app is the correct solution, so only you control the private keys. Electrum and Bitamp are two examples. Even if Electrum is never developed again or Bitamp website closes down, you can always access your BTC with the private keys you generate from either wallet.

This all presumes you're using exchanges that will conduct your transactions soon after you submit it. Binance probably does it very fast if not almost instantly from the hot wallet but still, you can't control how much they'll actually pay as a real fee for your transaction. It's happened often enough in the past that exchanges use too low fees not even equal to what they charge you.

Someone requested our answer to this question on Quora.

How do I use a paper wallet to store keys? Do I have to store separate keys each time I buy more coins?

Just as you would a regular digital wallet. Paper simply means it’s stored — literally, on a piece of paper. The idea is, keeping the keys away from a digital presence so hackers won’t be able to get to them.
You never need the keys for more coins, just the public key (address). Each wallet has many addresses you can use, and giving those out won’t jeopardise your keys.