Currency storage suggestions

[gubyy]

I'm fairly comfortable with cryptocurrencies, but have just recently really started investing/trading and have a question. I've set up myself a portfolio that I plan on adding to and changing over time. Right now I have only about $1200 invested, spread out anywhere from $100-$300 between about 7 coins. All my holdings are on trading platforms like Poloniex, Bittrex, and Coinbase. Would you guys suggest keeping my holdings on those sites or moving them to offline wallets? I know its safer to do it that way but since my shares are still fairly small I wasn't sure if it was worth it. Should I download a wallet for each coin or look into something like a Trezor or Ledger to hold them? Or is there an offline wallet that supports multiple currencies that you would recommend. Any suggestions/help is greatly appreciated.

[HabBear]

gubyy,

Welcome to the forum and the world created from Bitcoin. First thing to know, you're going to find a ton of different opinions here. From "yes" to "no" to everything in between...for every question you ask. Take each opinion in do some of your own thinking to make the best decision possible.

What percentage is this $1200 of your total savings? if it's 10% or greater you should consider offline storage. The risk is low that you'll lose your coins from Coinbase or the other major exchanges, but it has happened once in the past to a major exchange and therefore everyone is skittish.

You'll hear the phrase "if you don't own your private keys, you don't own bitcoin." This is true. But it's no different than the cash you leave in your local bank.

The reality is that if someone steals your coins it's nearly impossible to get them back and this is why most people use offline storage for the bulk of their savings. So you need to think about what amount of money are you willing to lose. If this $1200 is all of your savings, protect it as best you can.

Here's a list of several different wallets based on what you're looking for: https://bitcoin.org/en/choose-your-wallet

Good luck to you!

[kolloh]

A hardware wallet like the Trezor or Ledger would be the ideal solution. Those allow you to store a number of altcoins as well and would be the safest method for storing your coins especially if you aren't actively trading them.

You are probably fine leaving them on exchanges as long as you trust the exchange, but if anything were to happen to the exchange, you might not be able to recover your coins. ( Mt Gox for example ).

[gubyy]

gubyy,

Welcome to the forum and the world created from Bitcoin. First thing to know, you're going to find a ton of different opinions here. From "yes" to "no" to everything in between...for every question you ask. Take each opinion in do some of your own thinking to make the best decision possible.

What percentage is this $1200 of your total savings? if it's 10% or greater you should consider offline storage. The risk is low that you'll lose your coins from Coinbase or the other major exchanges, but it has happened once in the past to a major exchange and therefore everyone is skittish.

You'll hear the phrase "if you don't own your private keys, you don't own bitcoin." This is true. But it's no different than the cash you leave in your local bank.

The reality is that if someone steals your coins it's nearly impossible to get them back and this is why most people use offline storage for the bulk of their savings. So you need to think about what amount of money are you willing to lose. If this $1200 is all of your savings, protect it as best you can.

Here's a list of several different wallets based on what you're looking for: https://bitcoin.org/en/choose-your-wallet

Good luck to you!

A hardware wallet like the Trezor or Ledger would be the ideal solution. Those allow you to store a number of altcoins as well and would be the safest method for storing your coins especially if you aren't actively trading them.

You are probably fine leaving them on exchanges as long as you trust the exchange, but if anything were to happen to the exchange, you might not be able to recover your coins. ( Mt Gox for example ).

Great thanks for your input, these are all things I will consider. Glad to be a part of the community

[MostHigh]

gubyy,

Welcome to the forum and the world created from Bitcoin. First thing to know, you're going to find a ton of different opinions here. From "yes" to "no" to everything in between...for every question you ask. Take each opinion in do some of your own thinking to make the best decision possible.

What percentage is this $1200 of your total savings? if it's 10% or greater you should consider offline storage. The risk is low that you'll lose your coins from Coinbase or the other major exchanges, but it has happened once in the past to a major exchange and therefore everyone is skittish.

You'll hear the phrase "if you don't own your private keys, you don't own bitcoin." This is true. But it's no different than the cash you leave in your local bank.

The reality is that if someone steals your coins it's nearly impossible to get them back and this is why most people use offline storage for the bulk of their savings. So you need to think about what amount of money are you willing to lose. If this $1200 is all of your savings, protect it as best you can.

Here's a list of several different wallets based on what you're looking for: https://bitcoin.org/en/choose-your-wallet

Good luck to you!

i found this really insightful. But my deduction from this is bitcoin is as safe as offline storage. Thank you

[honestis.network]

I'm fairly comfortable with cryptocurrencies, but have just recently really started investing/trading and have a question. I've set up myself a portfolio that I plan on adding to and changing over time. Right now I have only about $1200 invested, spread out anywhere from $100-$300 between about 7 coins. All my holdings are on trading platforms like Poloniex, Bittrex, and Coinbase. Would you guys suggest keeping my holdings on those sites or moving them to offline wallets? I know its safer to do it that way but since my shares are still fairly small I wasn't sure if it was worth it. Should I download a wallet for each coin or look into something like a Trezor or Ledger to hold them? Or is there an offline wallet that supports multiple currencies that you would recommend. Any suggestions/help is greatly appreciated.

It is better to start with small amount of money to get good security habits.
If make mistakes like loosing keys to wallets it is better with small amount of money.

Most of trading platforms or exchanges are protected like any other internet service, they have totally different security features and risks than cryptocurrencies.
They are also hacked in different way.

[SHAWN-MIDWAYS]

For the sake of not losing your investment holding coins on an exchange for a long time has its own flaws, funds might get locked up without notice because of new compliances or your might get hacked and wallets swept clean,
Your best choice should be cold storage or a desktop wallet that gives to access to the private keys of the wallet or try out jaxx a multicoin wallet.

[swogerino]

You can try to store the coins which you will hold for long term in a hardware wallet or in a second device preferably an old laptop. You can use Electrum desktop wallet for this purpose and you have everything explained in the Electrum wallet website, you need to go www.electrum.org and click the tab Documentation. It is very easy and very convenient. Also try this wallet for day to day use as is one with the least flaws compared to other wallets.

[Deluzi]

I recommend you to use paper wallets... Eazy to use, cold storage, allmost every cryptocurrency have it. Go on google, and typefor example, Digibyte paper wallet generator, and you should find the site,

the safest way to make paper wallet, is to have a linux, a printer direct connection with computer and go on website that generates paperwallets/adresses, and unplug from network, generate and print...