Guys... I'm having this feeling again

[Mickeyb]

tl;dr :- Don't keep your hard earned bitcoins in an exchange, no matter how trustworthy it seems, keep them safe in a cold storage where no one else has access to them but you.

I don't own much of them (which I plan to sell them as soon as the price takes off (about $10.000 ). I store them in Blockchain since it has 2FA. I guess it is pretty secure.
I would like that local wallets could have 2FA as well.
 

No, they're not secure, it's just an illusion of security, you're keeping them in an online wallet which is NOT SAFE, I don't know many times this needs to be told. With cold storage wallet you wouldn't need 2fa.

I'll second that. There have been so many screwups lately by Blockchain that it's just painful hearing anyone still has their bitcoins there.

Why anyone still uses Blockchain's website to store their coins is beyond me. With so many other options to use, why? Some people say they use it for just small transactions or just to get it out there. They charge you a TX fee that is high just for those small transactions to go out anyways. Just use xapo where they don't charge you and it is faster. That is one option right there.

I am pretty sure more and more people will switch from blockchain.info after all of the problems that they have in the last several weeks.

I already see more and more threads in the begginers&help and in the service discussion of people being fed up with blockchain.info and looking for ways of changing their wallets.

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[medUSA]

Why anyone still uses Blockchain's website to store their coins is beyond me. With so many other options to use, why? Some people say they use it for just small transactions or just to get it out there. They charge you a TX fee that is high just for those small transactions to go out anyways. Just use xapo where they don't charge you and it is faster. That is one option right there.

I use both Blockchain.info wallet and Xapo. In my view, Blockchain.info wallet is a lot safer than Xapo. At least I have the private keys to my addresses at Blockchain.info, and I have none at Xapo. I believe no transaction fees at Xapo is a real plus and stability of Blockchain.info wallet is worrying. However, I don't believe Blockchain.info wallet service has been made completely redundant.

[NUFCrichard]

How do we feel about electrum with 2FA and a strong password?

[Denker]

I don't own much of them (which I plan to sell them as soon as the price takes off (about $10.000 ). I store them in Blockchain since it has 2FA. I guess it is pretty secure.
I would like that local wallets could have 2FA as well.
 

Never ever trust any online wallets is my advice.
Bitcoin will make the $10k one day. But not tomorrow or next week.This will take several years. You can't be sure if Blockchain will still exist. In the meantime many incidents could happen.Get your coins out there and hold them in cold storage.Paper wallets or offline backups.
I saw many people crying here who believed and acted like you.

[Bitcoiner2015]

I don't own much of them (which I plan to sell them as soon as the price takes off (about $10.000 ). I store them in Blockchain since it has 2FA. I guess it is pretty secure.
I would like that local wallets could have 2FA as well.
 

Never ever trust any online wallets is my advice.
Bitcoin will make the $10k one day. But not tomorrow or next week.This will take several years. You can't be sure if Blockchain will still exist. In the meantime many incidents could happen.Get your coins out there and hold them in cold storage.Paper wallets or offline backups.
I saw many people crying here who believed and acted like you.

Agreed, storing decent amounts of money in an online wallet is asking for trouble.  Unless you are actively trading, I would get them offline asap.

[Amph]

How do we feel about electrum with 2FA and a strong password?

i would like to have it in core to be honest, i'm not a fan of spv client

it could help people to trust more bitcoin for sure

[neoneros]

So it is time to stuff some of my coins into cold storage for when the bus will get to a nice busstop and I will get a nice return on my busfare?

Is a paperwallet prefered as cold storage or a coldstorage device? I think the paper version will be less error prone compared to the storage devices.. maybe both, make a paperwallet of my storage device?

[RustyNomad]

First rule of bitcoin - Trust no one.

It has been said hundreds of times on this forum already but it still amazes me how many people have their btc in online wallets where they do not control the private keys. I can understand if the online wallet is just a 'hot wallet' and also if its one where you have the private keys but those where you do not have control over the private keys is a big NO NO in my books.

If you do not have the private keys you have nothing. Like with gold, if you do not have physical possession of it you have nothing.

Your private keys determine ownership, if you do not have it (them) you also do not have ownership, end of story.

[xDan]

As a matter of fact, the only 2 times I've felt it for reals in the last 3 years have been when I met this amazing girl and the first time I stumbled upon bitcoin

We are literally in love with Bitcoin. Fugg.

[tiggytomb]

Yes indeed, have all of your coins in your local wallet, when Bitcoin starts going to the moon the exchanges may be more prone to "get hacked" if you know what I mean. I already have most of my stuff on my Core wallet, only have my 2 other alt investments in an exchange, hoping I make some gains when the big BTC tsunami starts. I just hope the low price stays for a longer while so I can keep stacking cheap coins.

Yeah there is always the possibility of these exchanges all of a sudden getting hacked and then losing everyone's coins when the price goes big, but then you would think that some of them would like to be sticking around and continue taking the fees and become big players in the BTC world.

[everaja]

I felt in Love with the girl in 2013(Late after it went to Decay) , an d i drive my Bus .
....and It was really a good thread to discuss upon.

[zoneout]

1) Life economies
 
2) multiples wallets

3) no bank account

4) i drive my bus

This is gold!

[Yerm]

Keeping coins in cold storage is great security. Always encrypt your wallet and, if possible, the drive the wallet resides on. Only keep the coins you plan to use to buy and sell on an exchange. I don't trust any online wallets either. Better safe than sorry.

i dont understand, if i have a paper wallet its not safe enough to have the private key in WIF, why do i need to encrypt it.

[Bitcoininspace]

I felt in Love with the girl in 2013(Late after it went to Decay) , an d i drive my Bus .
....and It was really a good thread to discuss upon.

hehe, yeah didn't expect this thread to blow up the way it did. Just wanted everyone to stay safe in the future and not let anyone gox you.

I felt really sorry reading reddit through the gox days, watching screenshots of peoples gox accounts with thousands of bitcoins being on hold. It was a sad day for everyone. :/

[Q7]

Nicely put. Well I always have all the precautions taken to protect what I treasure most. I don't mind investing in reliable hardware just to secure the coins and another part of it, I've been constantly reading about what are the best ways to maintain security including encryption. I hope the other backpackers are choosing to use the same currency that I have in my wallet.

[AtheistAKASaneBrain]

At the very least their is a strong incentive to Hold for a bit longer
Until it breaks out or it does it last six month pattern
Six weeks of strong trend analysis is good enough for me to share that sentiment with you and wake me up a bit to monitor what is occurring.

It will eventually not work out (the selling because it has happened before). Past performance doesn't predict future performance, which means you should hold till the moon and beyond because the only thing we now is: limited supply, shrinking supply, increasing development of never seen before technology. Hold till you can retire is the only name of the game.

[Bitcoininspace]

At the very least their is a strong incentive to Hold for a bit longer
Until it breaks out or it does it last six month pattern
Six weeks of strong trend analysis is good enough for me to share that sentiment with you and wake me up a bit to monitor what is occurring.

It will eventually not work out (the selling because it has happened before). Past performance doesn't predict future performance, which means you should hold till the moon and beyond because the only thing we now is: limited supply, shrinking supply, increasing development of never seen before technology. Hold till you can retire is the only name of the game.

Yeah, it's a long con on this one. Hold til you can't hold no more is my advice I have to give people.

Also reading some replies here, people who go like "when it hits 10k$ I'm selling everything". Why though? Why would you rather have cash and fiat that's constantly losing value over time instead of the money of the future.

I'm never selling, no point really. If prices ever go to 10k$ there isn't going to be a point to exchange to fiat unless you wanna bath with cash in a bathtub, haha.

[ebliever]

There are two possibilities when bitcoin goes to the moon:

1. Bitcoin goes to the moon because it is a raging success and catches on in the mainstream, finding major financial niches where it becomes the standard, but without displacing fiat in other niches. Fiat and bitcoin co-exist going forward.

2. Bitcoin goes to the moon as fiat collapses and people desperately seek safety by buying bitcoin (and gold, etc.).

I can understand people trading their bitcoin back in for fiat at some point in scenario #1. But in scenario #2, you'd actually be making the worst possible decision if you sold out. You'd be trading a valuable commodity for one that is quickly becoming worthless.

For example, imagine someone selling their BTC for $10,000 apiece. They think they've got a great deal. But a month later when hyperinflation hits and that $10,000 only buys a loaf of bread, they are going to feel awfully foolish.

And note that #1 could actually transition to #2. Fiat currencies are already in a shaky state, still weak from the 2008 financial crisis when central banks used every tool at their disposal to prevent economic collapse. They haven't managed to reload much of their ammo from that crisis. So something like a large rise in the price of BTC could begin to feed on itself; if fiat begins to collapse then more people will flee to bitcoin, which will collapse fiat still further, creating a vicious circle.

So long as bitcoin just has a few billion dollars market cap this isn't a risk. But if it grows 10 or 100-fold, think twice about selling out for a pile of fiat. You might just wind up with nothing more than a lot of toilet paper.

[LiteCoinGuy]

Yes indeed, have all of your coins in your local wallet, when Bitcoin starts going to the moon the exchanges may be more prone to "get hacked" if you know what I mean. I already have most of my stuff on my Core wallet, only have my 2 other alt investments in an exchange, hoping I make some gains when the big BTC tsunami starts. I just hope the low price stays for a longer while so I can keep stacking cheap coins.

good luck with that   - crypsy?

sorry do disrupt this party but nothing will go to the moon in the next weeks or months 

[Realpra]

I have 2 factor authentication on my paper wallets: They are encrypted and kept locked up