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Author Topic: What is the safest and simplest way to keep bitcoins?  (Read 7638 times)
Lanpenn
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August 30, 2015, 12:05:44 PM
 #1

First my greetings to the forum on bitcoins because I am interested in currency, including already have registered my blockchain with only $ 4 ...

However, what is the safest way to store them? Is there a way to deliver them in paper money, or some kind of title? I am the IT area, and I think it will be a lot of work having to do several portfolios. And I have no other internet without computer or a printer, to remember.


I appreciate everyone's attention,
Lanpenn
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rekinthis
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August 30, 2015, 12:24:48 PM
 #2

for small money as 4 dollars online wallets are ok as it wouldnt be too big of a loss, though the safest free way of keeping it is creating a paper wallet offline

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August 30, 2015, 12:40:16 PM
 #3

First my greetings to the forum on bitcoins because I am interested in currency, including already have registered my blockchain with only $ 4 ...

However, what is the safest way to store them? Is there a way to deliver them in paper money, or some kind of title? I am the IT area, and I think it will be a lot of work having to do several portfolios. And I have no other internet without computer or a printer, to remember.


I appreciate everyone's attention,
Lanpenn

4 USD is really a small amount , people won't even bother them selfs to try to hack you or anything , Blockchain.info should be fine with such a small amounts , for what comes to Bitcoin you can print them as Paper Using Bitadress.org however never show it to anyone because the private key is printed there and with private key people could do anything with your money , keep it somewhere safe .

Lanpenn
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August 30, 2015, 12:54:11 PM
 #4

Except that if I want to save a considerable amount of money, but in bitcoins.
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August 30, 2015, 12:58:34 PM
 #5

Except that if I want to save a considerable amount of money, but in bitcoins.

Then print a paper wallet, put it into a safe place and move your bitcoins there.
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August 30, 2015, 01:28:44 PM
 #6

Except that if I want to save a considerable amount of money, but in bitcoins.
there are hardware wallets you should check them as they are the safest
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August 30, 2015, 01:34:17 PM
 #7

First my greetings to the forum on bitcoins because I am interested in currency, including already have registered my blockchain with only $ 4 ...

However, what is the safest way to store them? Is there a way to deliver them in paper money, or some kind of title? I am the IT area, and I think it will be a lot of work having to do several portfolios. And I have no other internet without computer or a printer, to remember.


I appreciate everyone's attention,
Lanpenn

 for me you should earn more bitcoin... and then invest it in a gambling site.
it is the wisest way. but watch out for scammers... so its all up to you..
goodluck... lets meet to the moon.. Tongue


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BitcoinBarrel
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August 30, 2015, 01:36:48 PM
 #8

Paper wallets are by far the safest.

Use a reputable service like BitAddress.org

1. Use an incognito/private window to visit the site.
2. Unplug your internet connection
3. Generate Bitcoin addresses
4. Print out
5. Send funds
6. Store paper wallet somewhere safe



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Jeremycoin
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August 30, 2015, 01:47:48 PM
 #9

Don't just use 1 wallet, use at least 3 wallets or just use multisig adresses wallet. Smiley

Solange
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August 30, 2015, 01:55:30 PM
 #10

Make sure you set up 2-factor on your blockchain.info account. You can also back them up or send them to a paper wallet I believe directly on the site.

First my greetings to the forum on bitcoins because I am interested in currency, including already have registered my blockchain with only $ 4 ...

However, what is the safest way to store them? Is there a way to deliver them in paper money, or some kind of title? I am the IT area, and I think it will be a lot of work having to do several portfolios. And I have no other internet without computer or a printer, to remember.


I appreciate everyone's attention,
Lanpenn

4 USD is really a small amount , people won't even bother them selfs to try to hack you or anything ,

Not true. If he gets malware it will take whatever coins he has whether its a satoshi or 1000btc.
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August 30, 2015, 01:57:06 PM
 #11

Make sure you set up 2-factor on your blockchain.info account. You can also back them up or send them to a paper wallet I believe directly on the site.

First my greetings to the forum on bitcoins because I am interested in currency, including already have registered my blockchain with only $ 4 ...

However, what is the safest way to store them? Is there a way to deliver them in paper money, or some kind of title? I am the IT area, and I think it will be a lot of work having to do several portfolios. And I have no other internet without computer or a printer, to remember.


I appreciate everyone's attention,
Lanpenn

4 USD is really a small amount , people won't even bother them selfs to try to hack you or anything ,

Not true. If he gets malware it will take whatever coins he has whether its a satoshi or 1000btc.
i guess you are right though 4 dollars are not worth the effort creating the wallets i guess
RustyNomad
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August 30, 2015, 02:08:02 PM
 #12

Depend on the amount involved and whether you are willing to spend money on security. Will also depend on whether you plan to access the funds on a frequent basis and or whether you plan on putting it away for a longer period.

If you do not want to spend anything and you are saving it for the long run then paper wallets are the way to go. Make sure you follow the instructions on doing this right, just search the forum for details.

If you do not want to spend anything but want to have access to the funds then install Electrum, Multibit or similar and make sure that you make a proper backup of the seed while setting it up. Keep this backup offline i.e. write it down and put it in a safe, do not email it to yourself and or keep it on your computer.

You can up the security by making sure you use a secure password and you can also enable 2 factor authentication. Make sure your computer is not compromised by running something like MalwareBytes and make sure your anti-virus is up to date. Added to this do not do anything that will compromise your computer.


If you are willing to spend some money then look at one of the hardware wallets like Ledger, Trezor etc.. There is a thread with reviews on most of these. Prices range from around $15 to $200.


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August 30, 2015, 02:12:52 PM
 #13

Earlier I used to store my coins in Blockchain.info wallets. But decided against it, when I noticed a number of posts here in Bitcointalk, claiming of wallet hacks occurring in that site. Now I am storing my coins in paper wallets and USBs. I have a total of 6 wallets, and each of these wallets are having four backup files (kept at different places).

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August 30, 2015, 02:25:16 PM
 #14

the best is only one for newbie, not paper wallet or trezor or fancy stuff, but a simple used laptop(if you don't want to spend much) which is completely dedicated to you bitcoin client and nothing else, you treat it as it is your bank account

with this way you can spend easily your bitcoin, while remaining 100% secure, no hacker can hack a computer if you don't download crap rndom things and browse internet at all
keepdoing
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August 30, 2015, 02:26:34 PM
 #15

First my greetings to the forum on bitcoins because I am interested in currency, including already have registered my blockchain with only $ 4 ...

However, what is the safest way to store them? Is there a way to deliver them in paper money, or some kind of title? I am the IT area, and I think it will be a lot of work having to do several portfolios. And I have no other internet without computer or a printer, to remember.

I appreciate everyone's attention,
Lanpenn
Safe, Simple, Usable - seems to sum up what you are looking for.

Go open up an account with Coinbase.com or Circle.com.   Think of these as the Future of Banking and offer the following in regards to your concerns.....


SAFE: These banks are funded and run by some of the same people that run the current financial systems.  Circle has huge investments from Goldman Sachs and is run by a former JP Morgan Exec.  Coinbase is similar plus has the distinction of having millions of customers.  As far back as 2013 they had reportedly over 650,000.  So they have experience, a track record, funding, proven stable leaders.  Coinbase also offers "Cold Storage".  Both offer 2 factor security.  They also offer INSURANCE for your deposits.  It isn't Govt nsurance like FDIC, but they do maintain private policies protecting against any loss of your Bitcoins based on security flaws on their end.

SIMPLE:  It's basically about the same as a Paypal account.  Basically the same general process, series of steps to setup.  Very simple and easy to use Wallets.  Also, Bitcoin in the US is treated basically the same as Gold/Silver from a taxable standpoint.  They do all the work and issue you a Profit/Loss Tax Statement at end of year.  If you are a business entity that will be using your bitcoin for business purposes, this also helps you to maintain an expense record verifiable enough for tax writeoff purposes.

USABLE: Use an App on Mobile, or use your laptop.  Their online interface wallets are about as simple as it gets.  Not sure about Coinbase, but Circle will soon be releasing the ability to hold actual Dollars also.  It really will be acting as a bank then.  With that will come the ability to have a linked debit card that you can spend your Bitcoins with.  RIGHT NOW - a 2nd part of the step might be for you to look into a 3rd Party Wallet like Xapo.com.  They offer what is basically a "Debit Card".  For example, you buy your bitcoins and store them in Coinbase or Circle - then once your Xapo Wallet is set up, in a matter of seconds you can send to Xapo and have it available for use through a Debit Card.  The card operates through a Visa plaform, so it is accepted pretty much everywhere.  A little known fact about the Board of Directors of Xapo is that it includes Larry Summers (former Federal Reserve Chief), the founder of VISA, and a former Citibank CEO.  And they offer Cold Storage in an underground Swiss Bunker, and have mirror sites across the globe.  But in the near future I think a company like Circle will offer you a one source for this as well - but for right now a 2-Party Solution like Circle-Xapo really does make your life as simple, safe, and useable in the real world as anything out there, more actually.

SIDE COMMENTS:  Exchanges Like Circle and Coinbase are basically the New Internet Banks that deal in Bitcoin, but also allow you to transfer money easily to and from from your existing Bank.  Funded and run by the same people that run the existing banking system - they are the most stable way to get into Bitcoin.  Also, in the event of a catastrophic Global Finanacial meltdown in which people may run to Bitcoin as a safe haven, you can bet that these big players won't be leaving anything to chance that THEIR money/bitcoin won't be protected, and if your is sitting next to theirs - then you get the same protection.

DOWNSIDE NOTES:  These types of Exchange Accounts have a paper trail.  They are subject to Gov't Audit just like a regular bank account.  So if you are an entity that deals in "Quiet Cash", then this probably isn't for you.  That includes terrorists, drug money launderers, arms dealers, child traffickers, and the rest of the various scum on the planet.  If that defines you - then you need to go get a dark wallet or something more anonymous.  Or if you want to evade your share of taxes - then also this isn't for you.  However, if the price goes down, this way you can write it off as a loss.  

PERSONAL COMMENT/OPINION: I would and have followed my own advice.  But I'd also squirrel some Bitcoin away in a Paper Wallet or in a Dark Wallet.   I have no plans for doing anything illegal or for evading taxes, BUT it is never a good thing to place all your trust into the governments and corporations of the world.  They are utterly evil in my opinion, and it is only a matter of time in which I expect to see even average citizens wishing to partake in "underground" activities (probably best to hold a bit of physical gold/silver also).  But for the next few years at least - best to just survive normally, safely, simply - hidden in the giant mass of sheep that is humanity.  

Everyone should have at least one bitcoin in an exchange account.  And you should tell anyone you love this fact also.  Strange days ahead.  Things are going to change faster than event the last 7 years.  Get a jump on the change and you will find you are much better prepared to survive in the new financial world.
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August 30, 2015, 02:27:52 PM
 #16

Maybe if you have like under 100 coins then TREZOR should work fine ,
other than that if you are holding more than that then go for hardware wallet.
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August 30, 2015, 04:21:23 PM
 #17

First my greetings to the forum on bitcoins because I am interested in currency, including already have registered my blockchain with only $ 4 ...

However, what is the safest way to store them? Is there a way to deliver them in paper money, or some kind of title? I am the IT area, and I think it will be a lot of work having to do several portfolios. And I have no other internet without computer or a printer, to remember.

I appreciate everyone's attention,
Lanpenn
Safe, Simple, Usable - seems to sum up what you are looking for.

Go open up an account with Coinbase.com or Circle.com.   Think of these as the Future of Banking and offer the following in regards to your concerns.....


SAFE: These banks are funded and run by some of the same people that run the current financial systems.  Circle has huge investments from Goldman Sachs and is run by a former JP Morgan Exec.  Coinbase is similar plus has the distinction of having millions of customers.  As far back as 2013 they had reportedly over 650,000.  So they have experience, a track record, funding, proven stable leaders.  Coinbase also offers "Cold Storage".  Both offer 2 factor security.  They also offer INSURANCE for your deposits.  It isn't Govt nsurance like FDIC, but they do maintain private policies protecting against any loss of your Bitcoins based on security flaws on their end.

SIMPLE:  It's basically about the same as a Paypal account.  Basically the same general process, series of steps to setup.  Very simple and easy to use Wallets.  Also, Bitcoin in the US is treated basically the same as Gold/Silver from a taxable standpoint.  They do all the work and issue you a Profit/Loss Tax Statement at end of year.  If you are a business entity that will be using your bitcoin for business purposes, this also helps you to maintain an expense record verifiable enough for tax writeoff purposes.

USABLE: Use an App on Mobile, or use your laptop.  Their online interface wallets are about as simple as it gets.  Not sure about Coinbase, but Circle will soon be releasing the ability to hold actual Dollars also.  It really will be acting as a bank then.  With that will come the ability to have a linked debit card that you can spend your Bitcoins with.  RIGHT NOW - a 2nd part of the step might be for you to look into a 3rd Party Wallet like Xapo.com.  They offer what is basically a "Debit Card".  For example, you buy your bitcoins and store them in Coinbase or Circle - then once your Xapo Wallet is set up, in a matter of seconds you can send to Xapo and have it available for use through a Debit Card.  The card operates through a Visa plaform, so it is accepted pretty much everywhere.  A little known fact about the Board of Directors of Xapo is that it includes Larry Summers (former Federal Reserve Chief), the founder of VISA, and a former Citibank CEO.  And they offer Cold Storage in an underground Swiss Bunker, and have mirror sites across the globe.  But in the near future I think a company like Circle will offer you a one source for this as well - but for right now a 2-Party Solution like Circle-Xapo really does make your life as simple, safe, and useable in the real world as anything out there, more actually.

SIDE COMMENTS:  Exchanges Like Circle and Coinbase are basically the New Internet Banks that deal in Bitcoin, but also allow you to transfer money easily to and from from your existing Bank.  Funded and run by the same people that run the existing banking system - they are the most stable way to get into Bitcoin.  Also, in the event of a catastrophic Global Finanacial meltdown in which people may run to Bitcoin as a safe haven, you can bet that these big players won't be leaving anything to chance that THEIR money/bitcoin won't be protected, and if your is sitting next to theirs - then you get the same protection.

DOWNSIDE NOTES:  These types of Exchange Accounts have a paper trail.  They are subject to Gov't Audit just like a regular bank account.  So if you are an entity that deals in "Quiet Cash", then this probably isn't for you.  That includes terrorists, drug money launderers, arms dealers, child traffickers, and the rest of the various scum on the planet.  If that defines you - then you need to go get a dark wallet or something more anonymous.  Or if you want to evade your share of taxes - then also this isn't for you.  However, if the price goes down, this way you can write it off as a loss.  

PERSONAL COMMENT/OPINION: I would and have followed my own advice.  But I'd also squirrel some Bitcoin away in a Paper Wallet or in a Dark Wallet.   I have no plans for doing anything illegal or for evading taxes, BUT it is never a good thing to place all your trust into the governments and corporations of the world.  They are utterly evil in my opinion, and it is only a matter of time in which I expect to see even average citizens wishing to partake in "underground" activities (probably best to hold a bit of physical gold/silver also).  But for the next few years at least - best to just survive normally, safely, simply - hidden in the giant mass of sheep that is humanity.  

Everyone should have at least one bitcoin in an exchange account.  And you should tell anyone you love this fact also.  Strange days ahead.  Things are going to change faster than event the last 7 years.  Get a jump on the change and you will find you are much better prepared to survive in the new financial world.

Hello to the OP, welcome to the Bitcoin community. If I was you, I would not use Coinbase or Circle or any other online wallet. With these services, you will never be in a sole possession of your private keys and that's a whole point of the Bitcoin, to be your own bank. Don't trust other people with your money when you can do it yourself. You never know what future brings, look at the Greece and capital controls. Who guarantees you that Circle or Coinbase won't do that in the future!

As for the advice, follow the instructions of the user RustyNomad above. He has given you perfect advices!

Good luck!
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August 30, 2015, 06:28:45 PM
 #18

First my greetings to the forum on bitcoins because I am interested in currency, including already have registered my blockchain with only $ 4 ...

However, what is the safest way to store them? Is there a way to deliver them in paper money, or some kind of title? I am the IT area, and I think it will be a lot of work having to do several portfolios. And I have no other internet without computer or a printer, to remember.

I appreciate everyone's attention,
Lanpenn
Safe, Simple, Usable - seems to sum up what you are looking for.

Go open up an account with Coinbase.com or Circle.com.   Think of these as the Future of Banking and offer the following in regards to your concerns.....


SAFE: These banks are funded and run by some of the same people that run the current financial systems.  Circle has huge investments from Goldman Sachs and is run by a former JP Morgan Exec.  Coinbase is similar plus has the distinction of having millions of customers.  As far back as 2013 they had reportedly over 650,000.  So they have experience, a track record, funding, proven stable leaders.  Coinbase also offers "Cold Storage".  Both offer 2 factor security.  They also offer INSURANCE for your deposits.  It isn't Govt nsurance like FDIC, but they do maintain private policies protecting against any loss of your Bitcoins based on security flaws on their end.

SIMPLE:  It's basically about the same as a Paypal account.  Basically the same general process, series of steps to setup.  Very simple and easy to use Wallets.  Also, Bitcoin in the US is treated basically the same as Gold/Silver from a taxable standpoint.  They do all the work and issue you a Profit/Loss Tax Statement at end of year.  If you are a business entity that will be using your bitcoin for business purposes, this also helps you to maintain an expense record verifiable enough for tax writeoff purposes.

USABLE: Use an App on Mobile, or use your laptop.  Their online interface wallets are about as simple as it gets.  Not sure about Coinbase, but Circle will soon be releasing the ability to hold actual Dollars also.  It really will be acting as a bank then.  With that will come the ability to have a linked debit card that you can spend your Bitcoins with.  RIGHT NOW - a 2nd part of the step might be for you to look into a 3rd Party Wallet like Xapo.com.  They offer what is basically a "Debit Card".  For example, you buy your bitcoins and store them in Coinbase or Circle - then once your Xapo Wallet is set up, in a matter of seconds you can send to Xapo and have it available for use through a Debit Card.  The card operates through a Visa plaform, so it is accepted pretty much everywhere.  A little known fact about the Board of Directors of Xapo is that it includes Larry Summers (former Federal Reserve Chief), the founder of VISA, and a former Citibank CEO.  And they offer Cold Storage in an underground Swiss Bunker, and have mirror sites across the globe.  But in the near future I think a company like Circle will offer you a one source for this as well - but for right now a 2-Party Solution like Circle-Xapo really does make your life as simple, safe, and useable in the real world as anything out there, more actually.

SIDE COMMENTS:  Exchanges Like Circle and Coinbase are basically the New Internet Banks that deal in Bitcoin, but also allow you to transfer money easily to and from from your existing Bank.  Funded and run by the same people that run the existing banking system - they are the most stable way to get into Bitcoin.  Also, in the event of a catastrophic Global Finanacial meltdown in which people may run to Bitcoin as a safe haven, you can bet that these big players won't be leaving anything to chance that THEIR money/bitcoin won't be protected, and if your is sitting next to theirs - then you get the same protection.

DOWNSIDE NOTES:  These types of Exchange Accounts have a paper trail.  They are subject to Gov't Audit just like a regular bank account.  So if you are an entity that deals in "Quiet Cash", then this probably isn't for you.  That includes terrorists, drug money launderers, arms dealers, child traffickers, and the rest of the various scum on the planet.  If that defines you - then you need to go get a dark wallet or something more anonymous.  Or if you want to evade your share of taxes - then also this isn't for you.  However, if the price goes down, this way you can write it off as a loss.  

PERSONAL COMMENT/OPINION: I would and have followed my own advice.  But I'd also squirrel some Bitcoin away in a Paper Wallet or in a Dark Wallet.   I have no plans for doing anything illegal or for evading taxes, BUT it is never a good thing to place all your trust into the governments and corporations of the world.  They are utterly evil in my opinion, and it is only a matter of time in which I expect to see even average citizens wishing to partake in "underground" activities (probably best to hold a bit of physical gold/silver also).  But for the next few years at least - best to just survive normally, safely, simply - hidden in the giant mass of sheep that is humanity.  

Everyone should have at least one bitcoin in an exchange account.  And you should tell anyone you love this fact also.  Strange days ahead.  Things are going to change faster than event the last 7 years.  Get a jump on the change and you will find you are much better prepared to survive in the new financial world.

Hello to the OP, welcome to the Bitcoin community. If I was you, I would not use Coinbase or Circle or any other online wallet. With these services, you will never be in a sole possession of your private keys and that's a whole point of the Bitcoin, to be your own bank. Don't trust other people with your money when you can do it yourself. You never know what future brings, look at the Greece and capital controls. Who guarantees you that Circle or Coinbase won't do that in the future!

As for the advice, follow the instructions of the user RustyNomad above. He has given you perfect advices!

Good luck!
My guess is this fellow giving you advice - also has a bank account, where he has no physical possession of his money.  Be careful of idealistic hypocrites on this board.  Every last one of them either has a normal bank account, or they are living in mommies basement with no job and a lot of time to post theoretical philosophy on chatroom boards.  And yet, they are screaming in panic about you putting your bitcoin into a similar "bank account".

Look - there are NO guarantees of anything in this world.  Put your cash under your mattress, and your house may burn down and the cash with it.  Bury your gold and someone might find it, or even kidnap and torture its location out of you.  Buy bitcoin and put it in an Exchange, a dark wallet, or a paper wallet - and it could still go to Zero. ...or their could be a manipulative control grab hard fork that ended up with your bitcoin being unusable.  Keep it in a fiat bank and a "bank holiday" could freeze your monies, locked away while you helplessly watch it devalue.

As far as a Currency/Financial meltdown - I think that is actually a reason TO put your money in an established bitcoin exchange.  I AGREE that their may be runs on banks, fiat currency destruction, etc.  But people will be running FROM Fiat - and TO Bitcoin.  When this mass migration occurs - I assure you that a bunch of web based tech weenies thumping their chests on bitcointalk won't be the one's making the decisions.  BILLION$ of Dollars are going into the preparations for this financial shift. 

Unfortunately - Fiat runs the world.  That isn't going to change.  It'll just be Fiat Bitcoin, or Fiat Fedcoin, or something else.  But as I said.... diversify.  A little Gold, A little in Dark Wallets - but the bulk of your living expenses / operating Bitcoin - into a Bitcoin Bank - and those are exchanges like Coinbase and Circle.
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August 30, 2015, 06:50:07 PM
 #19

First my greetings to the forum on bitcoins because I am interested in currency, including already have registered my blockchain with only $ 4 ...

However, what is the safest way to store them? Is there a way to deliver them in paper money, or some kind of title? I am the IT area, and I think it will be a lot of work having to do several portfolios. And I have no other internet without computer or a printer, to remember.

I appreciate everyone's attention,
Lanpenn
Safe, Simple, Usable - seems to sum up what you are looking for.

Go open up an account with Coinbase.com or Circle.com.   Think of these as the Future of Banking and offer the following in regards to your concerns.....


SAFE: These banks are funded and run by some of the same people that run the current financial systems.  Circle has huge investments from Goldman Sachs and is run by a former JP Morgan Exec.  Coinbase is similar plus has the distinction of having millions of customers.  As far back as 2013 they had reportedly over 650,000.  So they have experience, a track record, funding, proven stable leaders.  Coinbase also offers "Cold Storage".  Both offer 2 factor security.  They also offer INSURANCE for your deposits.  It isn't Govt nsurance like FDIC, but they do maintain private policies protecting against any loss of your Bitcoins based on security flaws on their end.

SIMPLE:  It's basically about the same as a Paypal account.  Basically the same general process, series of steps to setup.  Very simple and easy to use Wallets.  Also, Bitcoin in the US is treated basically the same as Gold/Silver from a taxable standpoint.  They do all the work and issue you a Profit/Loss Tax Statement at end of year.  If you are a business entity that will be using your bitcoin for business purposes, this also helps you to maintain an expense record verifiable enough for tax writeoff purposes.

USABLE: Use an App on Mobile, or use your laptop.  Their online interface wallets are about as simple as it gets.  Not sure about Coinbase, but Circle will soon be releasing the ability to hold actual Dollars also.  It really will be acting as a bank then.  With that will come the ability to have a linked debit card that you can spend your Bitcoins with.  RIGHT NOW - a 2nd part of the step might be for you to look into a 3rd Party Wallet like Xapo.com.  They offer what is basically a "Debit Card".  For example, you buy your bitcoins and store them in Coinbase or Circle - then once your Xapo Wallet is set up, in a matter of seconds you can send to Xapo and have it available for use through a Debit Card.  The card operates through a Visa plaform, so it is accepted pretty much everywhere.  A little known fact about the Board of Directors of Xapo is that it includes Larry Summers (former Federal Reserve Chief), the founder of VISA, and a former Citibank CEO.  And they offer Cold Storage in an underground Swiss Bunker, and have mirror sites across the globe.  But in the near future I think a company like Circle will offer you a one source for this as well - but for right now a 2-Party Solution like Circle-Xapo really does make your life as simple, safe, and useable in the real world as anything out there, more actually.

SIDE COMMENTS:  Exchanges Like Circle and Coinbase are basically the New Internet Banks that deal in Bitcoin, but also allow you to transfer money easily to and from from your existing Bank.  Funded and run by the same people that run the existing banking system - they are the most stable way to get into Bitcoin.  Also, in the event of a catastrophic Global Finanacial meltdown in which people may run to Bitcoin as a safe haven, you can bet that these big players won't be leaving anything to chance that THEIR money/bitcoin won't be protected, and if your is sitting next to theirs - then you get the same protection.

DOWNSIDE NOTES:  These types of Exchange Accounts have a paper trail.  They are subject to Gov't Audit just like a regular bank account.  So if you are an entity that deals in "Quiet Cash", then this probably isn't for you.  That includes terrorists, drug money launderers, arms dealers, child traffickers, and the rest of the various scum on the planet.  If that defines you - then you need to go get a dark wallet or something more anonymous.  Or if you want to evade your share of taxes - then also this isn't for you.  However, if the price goes down, this way you can write it off as a loss. 

PERSONAL COMMENT/OPINION: I would and have followed my own advice.  But I'd also squirrel some Bitcoin away in a Paper Wallet or in a Dark Wallet.   I have no plans for doing anything illegal or for evading taxes, BUT it is never a good thing to place all your trust into the governments and corporations of the world.  They are utterly evil in my opinion, and it is only a matter of time in which I expect to see even average citizens wishing to partake in "underground" activities (probably best to hold a bit of physical gold/silver also)But for the next few years at least - best to just survive normally, safely, simply - hidden in the giant mass of sheep that is humanity. 

Everyone should have at least one bitcoin in an exchange account.  And you should tell anyone you love this fact also.  Strange days ahead.  Things are going to change faster than event the last 7 years.  Get a jump on the change and you will find you are much better prepared to survive in the new financial world.

Hello to the OP, welcome to the Bitcoin community. If I was you, I would not use Coinbase or Circle or any other online wallet. With these services, you will never be in a sole possession of your private keys and that's a whole point of the Bitcoin, to be your own bank. Don't trust other people with your money when you can do it yourself. You never know what future brings, look at the Greece and capital controls. Who guarantees you that Circle or Coinbase won't do that in the future!

As for the advice, follow the instructions of the user RustyNomad above. He has given you perfect advices!

Good luck!
My guess is this fellow giving you advice - also has a bank account, where he has no physical possession of his money.  Be careful of idealistic hypocrites on this board.  Every last one of them either has a normal bank account, or they are living in mommies basement with no job and a lot of time to post theoretical philosophy on chatroom boards.  And yet, they are screaming in panic about you putting your bitcoin into a similar "bank account".

Look - there are NO guarantees of anything in this world.  Put your cash under your mattress, and your house may burn down and the cash with it.  Bury your gold and someone might find it, or even kidnap and torture its location out of you.  Buy bitcoin and put it in an Exchange, a dark wallet, or a paper wallet - and it could still go to Zero. ...or their could be a manipulative control grab hard fork that ended up with your bitcoin being unusable.  Keep it in a fiat bank and a "bank holiday" could freeze your monies, locked away while you helplessly watch it devalue.

As far as a Currency/Financial meltdown - I think that is actually a reason TO put your money in an established bitcoin exchange.  I AGREE that their may be runs on banks, fiat currency destruction, etc.  But people will be running FROM Fiat - and TO Bitcoin.  When this mass migration occurs - I assure you that a bunch of web based tech weenies thumping their chests on bitcointalk won't be the one's making the decisions.  BILLION$ of Dollars are going into the preparations for this financial shift. 

Unfortunately - Fiat runs the world.  That isn't going to change.  It'll just be Fiat Bitcoin, or Fiat Fedcoin, or something else.  But as I said.... diversify.  A little Gold, A little in Dark Wallets - but the bulk of your living expenses / operating Bitcoin - into a Bitcoin Bank - and those are exchanges like Coinbase and Circle.

This is so, so accurate. And for those that don't know, cash doesn't exist in its entirety. The entire U.S. (maybe world?) banking system works off around a 15% reserve (meaning 85% of the money we "have" is only available in digital form). So not only are you entrusting someone else to hold your money, but even the physical dollars you hold only have theoretical value.


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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August 30, 2015, 07:05:49 PM
 #20

the cheapest and the simplest way to keep your bitcoins safe is definitely a paper wallet, it is really easy to make it and its safe if you create it correctly
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