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Author Topic: What is the safest and simplest way to keep bitcoins?  (Read 7525 times)
Mickeyb
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August 30, 2015, 07:08:55 PM
 #21

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.

Look, you wrote much nonsense in your reply so I am not even gonna try and have a discussion with you. I mean just by giving advice to someone to store their coins on the Coinbase, an online wallet and the same Coinbase from which every serious bitcoiner runs away tells me everything.

P.S. Yes I have a bank account, just like you and even Satoshi, I am sure of it. If this makes me a hypocrite than ok. I am done here, I gave my opinion to the OP and that's it, you don't need to bother replying.
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August 30, 2015, 08:13:03 PM
 #22

Sure, the paper wallet is the safest option, but how? For example, suppose I wanted to save a considerable amount of money in bitcoins (in my case I will take the example of R $ 100), so I have to let it all just in this paper wallet?
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August 30, 2015, 08:16:37 PM
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Sure, the paper wallet is the safest option, but how? For example, suppose I wanted to save a considerable amount of money in bitcoins (in my case I will take the example of R $ 100), so I have to let it all just in this paper wallet?

"Paper wallet" doesn't necessarily mean paper. Paper wallets also include "brain wallets," where you use a password nobody can guess/crack and use that anytime you need to generate the proper address. In this case, only you know the information, and you're not relying on paper. On top of this, you're remembering a password, rather than a long address.


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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August 30, 2015, 10:21:36 PM
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And... exists actually some video teaching about how to make a paper wallet?
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August 30, 2015, 11:34:27 PM
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i had a couple of questions. say ive made my paper address from bitaddress.org and I,ve deposited 1btc into it. then i want to send the money to someone, how do i go about doing that.
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August 31, 2015, 03:07:36 AM
 #26

Sure, the paper wallet is the safest option, but how? For example, suppose I wanted to save a considerable amount of money in bitcoins (in my case I will take the example of R $ 100), so I have to let it all just in this paper wallet?

"Paper wallet" doesn't necessarily mean paper. Paper wallets also include "brain wallets," where you use a password nobody can guess/crack and use that anytime you need to generate the proper address. In this case, only you know the information, and you're not relying on paper. On top of this, you're remembering a password, rather than a long address.
i think "paper wallet" is easy to crack, if the password or phrase you're is so easy..
so you should be careful if you want to choose a word that is in use, should consist of some combination
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August 31, 2015, 03:35:42 AM
 #27

Sure, the paper wallet is the safest option, but how? For example, suppose I wanted to save a considerable amount of money in bitcoins (in my case I will take the example of R $ 100), so I have to let it all just in this paper wallet?

"Paper wallet" doesn't necessarily mean paper. Paper wallets also include "brain wallets," where you use a password nobody can guess/crack and use that anytime you need to generate the proper address. In this case, only you know the information, and you're not relying on paper. On top of this, you're remembering a password, rather than a long address.
i think "paper wallet" is easy to crack, if the password or phrase you're is so easy..
so you should be careful if you want to choose a word that is in use, should consist of some combination

You don't use a word, you use a phrase. Like "I'll bet you could never figure out why the zebra humps purple rhino xylophones" -- the chance of someone cracking that is almost nil.


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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August 31, 2015, 11:38:09 AM
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Sure, the paper wallet is the safest option, but how? For example, suppose I wanted to save a considerable amount of money in bitcoins (in my case I will take the example of R $ 100), so I have to let it all just in this paper wallet?
Paper wallets are a great form of storing BTC. The main security risk here is when you are creating them. If you are creating them on your daily used computer, it have a high chance of getting hacked as malwares can get your private key when you print it. Many people say linux is a better choice however, I think even windows would work fine if it is a not pirated. Do wipe your computer first before creating.

Trezor/raspberry pi is definitely safer than paper wallets as you can create a transaction offline from the raspberry pi and broadcast it from another computer without much hassle. Trezor isn't much of a worry since it doesn't have any widespread virus yet.














 

 

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ikydesu
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August 31, 2015, 06:23:26 PM
 #29

Sure, the paper wallet is the safest option, but how? For example, suppose I wanted to save a considerable amount of money in bitcoins (in my case I will take the example of R $ 100), so I have to let it all just in this paper wallet?

Check this out:
https://en.bitcoin.it/wiki/Paper_wallet

If you want to store your amount on paper wallet is not problem, paper wallet is secure and cheap for safe your bitcoin.
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August 31, 2015, 08:17:11 PM
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What is wrong with blockchain?

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August 31, 2015, 08:22:56 PM
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What is wrong with blockchain?

It's a "hot" wallet.  Cold wallets such as paper wallet are normally best security if done properly.

For safest I would pick cold wallet.  It might not be simplest though. Hardware wallet such as trezor is going to be more simple.
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August 31, 2015, 08:27:07 PM
 #32

The safest and simplest way for me was to buy a ledger wallet, around 50 euro. I used a live disc of linux distro and set up the wallet cleanly now I feel very safe holding any amount and using the wallet on any computer including malware exposed Tongue If you have more than $4 I would go that route, if not I would not worry to much and carry on using web wallet for ease of use etc
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September 02, 2015, 12:24:41 AM
 #33

So I can use the paper wallet that will be completely safe from hackers on the Internet, among others theft?
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September 02, 2015, 12:59:55 AM
 #34

And... exists actually some video teaching about how to make a paper wallet?

i was actually about to ask the same thing.

theres no actual legit videos on youtube providing you a step by step, and what not to do...
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September 03, 2015, 01:47:22 AM
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i had a couple of questions. say ive made my paper address from bitaddress.org and I,ve deposited 1btc into it. then i want to send the money to someone, how do i go about doing that.

Just make sure you have a passphrase thats hard to remember, and then copy and paste on a note pad.

And the upload it on google docs and you should be fine if youre ever going to touch the bigger balance.
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September 03, 2015, 08:33:42 AM
 #36

for me the safest and simplest method to store my bitcoins is a paperwallet.yes it is the best think when securing my funds i will always keep it safe and yes I can trust myself when the point is for the security
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September 21, 2015, 02:06:12 AM
 #37

for me the safest and simplest method to store my bitcoins is a paperwallet.yes it is the best think when securing my funds i will always keep it safe and yes I can trust myself when the point is for the security

Brain wallets are even safer. Then you aren't even worried about people stealing the paper or finding it accidentally. The only way people can get the private key is by forcing you to tell them.


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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September 21, 2015, 02:46:08 AM
 #38

for me the safest and simplest method to store my bitcoins is a paperwallet.yes it is the best think when securing my funds i will always keep it safe and yes I can trust myself when the point is for the security

Brain wallets are even safer. Then you aren't even worried about people stealing the paper or finding it accidentally. The only way people can get the private key is by forcing you to tell them.

I agree that brain wallets are safer, only if you know the phrase to access the wallet. If your phrase is only made up of simple words that could be easily guessed by a computer, then you're doomed and your funds are doomed, too.

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September 21, 2015, 02:55:48 AM
 #39

for me the safest and simplest method to store my bitcoins is a paperwallet.yes it is the best think when securing my funds i will always keep it safe and yes I can trust myself when the point is for the security

Brain wallets are even safer. Then you aren't even worried about people stealing the paper or finding it accidentally. The only way people can get the private key is by forcing you to tell them.

I agree that brain wallets are safer, only if you know the phrase to access the wallet. If your phrase is only made up of simple words that could be easily guessed by a computer, then you're doomed and your funds are doomed, too.

Actually I'm just using blockchain for my wallet. What's the example of brain wallet ? Is it easy to use ?

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September 21, 2015, 03:32:45 AM
 #40

for me the safest and simplest method to store my bitcoins is a paperwallet.yes it is the best think when securing my funds i will always keep it safe and yes I can trust myself when the point is for the security

Brain wallets are even safer. Then you aren't even worried about people stealing the paper or finding it accidentally. The only way people can get the private key is by forcing you to tell them.

I agree that brain wallets are safer, only if you know the phrase to access the wallet. If your phrase is only made up of simple words that could be easily guessed by a computer, then you're doomed and your funds are doomed, too.

Actually I'm just using blockchain for my wallet. What's the example of brain wallet ? Is it easy to use ?

Online wallets are known to be less secure than those wallets who you actually have full control to--be it a SPV wallet or the Core wallet. Brainwallet is a concept in which a user remembers a certain string of randomized words which he/she will use as a passphrase. For more info, refer to this one: https://en.bitcoin.it/wiki/Brainwallet

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