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Author Topic: What is the safest and simplest way to keep bitcoins?  (Read 7638 times)
rz20
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October 04, 2015, 12:03:53 PM

There is also xapo which is a great wallet not to mention that u can also have a debit card associated with your wallet although charges may apply when using it as well ans an annual fee

IMO storing your bitcoins in an online site specially in those you wont have control over your private keys is very risky. it is better to use blockchain.info instead of xapo if you dont own a desktop computer or maybe use mycelium if you have mobile so you have full control over your private keys
Blockchain.info is bad to store bitcoins, the best + secure way, is running mycelium on android or electrum in your pc.

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October 04, 2015, 05:27:28 PM

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

The only way to store bitcoins or other cryptocurrencies is to have their corresponding wallets. I would recommend as a wallet for bitcoin coinbase. It is an very good wallet, very credible, very secure and for more pay them all the fees that must be paid when is the need to send bitcoin to someone or to buy something. Or anyway to move bitcoin from your wallet. I am not sure about this but this option is offered only by this wallet.

What? You recommended bitcoin wallet with 3rd-party who have controlled your private key, they have lack security to store bitcoin for long term: https://bitcoin.org/en/choose-your-wallet look at coinbase part on web tab, they only have 'Basic Privacy' security features.
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October 04, 2015, 08:13:37 PM

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

The only way to store bitcoins or other cryptocurrencies is to have their corresponding wallets. I would recommend as a wallet for bitcoin coinbase. It is an very good wallet, very credible, very secure and for more pay them all the fees that must be paid when is the need to send bitcoin to someone or to buy something. Or anyway to move bitcoin from your wallet. I am not sure about this but this option is offered only by this wallet.

What? You recommended bitcoin wallet with 3rd-party who have controlled your private key, they have lack security to store bitcoin for long term: https://bitcoin.org/en/choose-your-wallet look at coinbase part on web tab, they only have 'Basic Privacy' security features.

Coinbase is insured, though, which means if something happens, funds should be reimbursed. I'd think that trumps the privacy concerns.


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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October 06, 2015, 01:39:48 PM

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

The only way to store bitcoins or other cryptocurrencies is to have their corresponding wallets. I would recommend as a wallet for bitcoin coinbase. It is an very good wallet, very credible, very secure and for more pay them all the fees that must be paid when is the need to send bitcoin to someone or to buy something. Or anyway to move bitcoin from your wallet. I am not sure about this but this option is offered only by this wallet.

What? You recommended bitcoin wallet with 3rd-party who have controlled your private key, they have lack security to store bitcoin for long term: https://bitcoin.org/en/choose-your-wallet look at coinbase part on web tab, they only have 'Basic Privacy' security features.

Coinbase is insured, though, which means if something happens, funds should be reimbursed. I'd think that trumps the privacy concerns.

Paper wallet in a well respected trezor Tongue

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October 06, 2015, 01:54:23 PM

Coinbase is insured, though, which means if something happens, funds should be reimbursed. I'd think that trumps the privacy concerns.
But you relay in coinbase, what happens if they close your account or they have a downtime and you want to use the bitcoins? That is not a smart way.

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October 06, 2015, 07:12:46 PM

Coinbase is insured, though, which means if something happens, funds should be reimbursed. I'd think that trumps the privacy concerns.
But you relay in coinbase, what happens if they close your account or they have a downtime and you want to use the bitcoins? That is not a smart way.


They do not close accounts for no reason. They have to remain legal so they are not considered a money laundering service, they have spent tons to stay legal or become legal.   

Most of the closed accounts I think I've read about (and its been a while since one I saw) were people who bought BTC then went straight to localbitcoins trying to sell it for higher, and repeating this action over and over... many times.   

As far as downtime you would be able to do nothing.  But you will not find a lot of downtime.  I remain with my statment it's a good service for a non-technical person.   If someone is not capable of safely storing private key then it's a good option.

Obviously some users are much more experienced, and can handle having private key.
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October 06, 2015, 08:47:51 PM

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

The safest and simplest way to store and keep your bitcoins? I can only  recommend not to store it on any online and web based wallets. Just store it on a desktop bitcoin wallet or maybe on a hardware wallet if possible

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October 06, 2015, 10:26:44 PM

Coinbase is insured, though, which means if something happens, funds should be reimbursed. I'd think that trumps the privacy concerns.
But you relay in coinbase, what happens if they close your account or they have a downtime and you want to use the bitcoins? That is not a smart way.


They do not close accounts for no reason. They have to remain legal so they are not considered a money laundering service, they have spent tons to stay legal or become legal.   

Most of the closed accounts I think I've read about (and its been a while since one I saw) were people who bought BTC then went straight to localbitcoins trying to sell it for higher, and repeating this action over and over... many times.   

As far as downtime you would be able to do nothing.  But you will not find a lot of downtime.  I remain with my statment it's a good service for a non-technical person.   If someone is not capable of safely storing private key then it's a good option.

Obviously some users are much more experienced, and can handle having private key.

I also want to point out that Coinbase is backed by tens of millions in investment dollars. I'm sure their investors wouldn't like it if they started arbitrarily screwing over their members. The investment is a long-term play, not a short one. And they're one of the few that are fully licensed for LEGAL transacting.


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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October 07, 2015, 12:02:55 AM

Coinbase is insured, though, which means if something happens, funds should be reimbursed. I'd think that trumps the privacy concerns.
But you relay in coinbase, what happens if they close your account or they have a downtime and you want to use the bitcoins? That is not a smart way.


They do not close accounts for no reason. They have to remain legal so they are not considered a money laundering service, they have spent tons to stay legal or become legal.   

Most of the closed accounts I think I've read about (and its been a while since one I saw) were people who bought BTC then went straight to localbitcoins trying to sell it for higher, and repeating this action over and over... many times.   

As far as downtime you would be able to do nothing.  But you will not find a lot of downtime.  I remain with my statment it's a good service for a non-technical person.   If someone is not capable of safely storing private key then it's a good option.

Obviously some users are much more experienced, and can handle having private key.

I also want to point out that Coinbase is backed by tens of millions in investment dollars. I'm sure their investors wouldn't like it if they started arbitrarily screwing over their members. The investment is a long-term play, not a short one. And they're one of the few that are fully licensed for LEGAL transacting.

As far as us it's pretty safe to say they are the number one exchange at the current time.   And you are right they are backed by big money.  You could argue they have done the most to be legal as far as US exchanges.  Yes it changes on what country you are in which works best for you.

But I suggest everyone read their insurance.  It is pretty impressive on the amount it covers.  Make sure to use 2FA. But if you have to keep a hot wallet it is not bad.
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October 08, 2015, 04:41:48 AM

Coinbase is insured, though, which means if something happens, funds should be reimbursed. I'd think that trumps the privacy concerns.
But you relay in coinbase, what happens if they close your account or they have a downtime and you want to use the bitcoins? That is not a smart way.


They do not close accounts for no reason. They have to remain legal so they are not considered a money laundering service, they have spent tons to stay legal or become legal.   

Most of the closed accounts I think I've read about (and its been a while since one I saw) were people who bought BTC then went straight to localbitcoins trying to sell it for higher, and repeating this action over and over... many times.   

As far as downtime you would be able to do nothing.  But you will not find a lot of downtime.  I remain with my statment it's a good service for a non-technical person.   If someone is not capable of safely storing private key then it's a good option.

Obviously some users are much more experienced, and can handle having private key.

I also want to point out that Coinbase is backed by tens of millions in investment dollars. I'm sure their investors wouldn't like it if they started arbitrarily screwing over their members. The investment is a long-term play, not a short one. And they're one of the few that are fully licensed for LEGAL transacting.

As far as us it's pretty safe to say they are the number one exchange at the current time.   And you are right they are backed by big money.  You could argue they have done the most to be legal as far as US exchanges.  Yes it changes on what country you are in which works best for you.

But I suggest everyone read their insurance.  It is pretty impressive on the amount it covers.  Make sure to use 2FA. But if you have to keep a hot wallet it is not bad.

Not sure if it's the same now as I haven't had an issue, but wondering if they still have the massive delay on some transactions. I sent one in 2013 that took almost 48 hours to finally hit the network.


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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October 08, 2015, 06:13:12 AM

Keeping bitcoin within your control is the safe way. Other people gain access of your bitcoin by stealing private keys. So password protection is mandatory.
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October 08, 2015, 06:47:12 AM

snip
I also want to point out that Coinbase is backed by tens of millions in investment dollars. I'm sure their investors wouldn't like it if they started arbitrarily screwing over their members. The investment is a long-term play, not a short one. And they're one of the few that are fully licensed for LEGAL transacting.

As far as us it's pretty safe to say they are the number one exchange at the current time.   And you are right they are backed by big money.  You could argue they have done the most to be legal as far as US exchanges.  Yes it changes on what country you are in which works best for you.

But I suggest everyone read their insurance.  It is pretty impressive on the amount it covers.  Make sure to use 2FA. But if you have to keep a hot wallet it is not bad.

Not sure if it's the same now as I haven't had an issue, but wondering if they still have the massive delay on some transactions. I sent one in 2013 that took almost 48 hours to finally hit the network.

Anymore I do a lot more mining then buying.  But I did not have problems with them that I remember.  

Only thing I remember being a pain was gaining levels there.  For activity and money the more the higher the level.  At one point you can get instant for a certain amount.   Others you wait days which is no fun but understandable.
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October 08, 2015, 06:57:46 AM

snip
I also want to point out that Coinbase is backed by tens of millions in investment dollars. I'm sure their investors wouldn't like it if they started arbitrarily screwing over their members. The investment is a long-term play, not a short one. And they're one of the few that are fully licensed for LEGAL transacting.

As far as us it's pretty safe to say they are the number one exchange at the current time.   And you are right they are backed by big money.  You could argue they have done the most to be legal as far as US exchanges.  Yes it changes on what country you are in which works best for you.

But I suggest everyone read their insurance.  It is pretty impressive on the amount it covers.  Make sure to use 2FA. But if you have to keep a hot wallet it is not bad.

Not sure if it's the same now as I haven't had an issue, but wondering if they still have the massive delay on some transactions. I sent one in 2013 that took almost 48 hours to finally hit the network.

Anymore I do a lot more mining then buying.  But I did not have problems with them that I remember. 

Only thing I remember being a pain was gaining levels there.  For activity and money the more the higher the level.  At one point you can get instant for a certain amount.   Others you wait days which is no fun but understandable.

There are stock brokers that will allow you to purchase instantly, and I'd think that's along the lines of Bitcoin (i.e., once they have the stocks, they can't necessarily liquidate them at the cost they bought them for). Circle allows instant purchases, I believe.


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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CanIHazBitcoin777
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October 08, 2015, 05:46:13 PM

I dont know exactly but you could use a combo of hardware and software wallet.

Keep 30% on hot wallets ready to spend and the rest of them in cold storage safely, probably on hardware wallet that you trust.
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November 28, 2015, 01:03:45 PM

Use the paper wallet.
It is secured.
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November 28, 2015, 01:10:26 PM

Use the paper wallet.
It is secured.

I agree that paper wallet is the safest, I don't know if it is most simple. From the physical aspect paper alone could be dangerous. It needs to be covered in plastic to avoid damage.

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November 28, 2015, 01:15:55 PM

Use the paper wallet.
It is secured.

I agree that paper wallet is the safest, I don't know if it is most simple. From the physical aspect paper alone could be dangerous. It needs to be covered in plastic to avoid damage.

Yup, lamination can help. But, you need to keep multiple backups for redundancy.

A safe and cost effective wallet is a paper wallet but you need a clean android phone to scan qr code and spend it. If you want cheap but very secure storage, get raspberry pi and install electrum on it. Download raw transaction on online computer and sign it on the offline raspberry pi.


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loreykyutt05
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November 28, 2015, 01:20:58 PM

I usually stored bitcoin on a cold wallet when taking care of large sum of it , specifically I used paper wallet and store it where it can be safe.

zodiac3011
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November 28, 2015, 02:51:18 PM

I myself use electrum and I think that this is the safest and simplest. No worries about big blockchain data, 2FA to secured your account and more important it's on your PC Grin so I trust this guy
Mr.Postman
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November 28, 2015, 07:27:56 PM

I'm not very familiar with other wallet types but I use blockchain too. IP restriction, strong pass and cold wallet is enough, I guess?
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