How to store an extremely high amount of money in Bitcoin safely ?

[lolxxxx]

First of all deposit your bitcoins to an online wallet or offline wallet .
Backup your entire wallet , not only one address or two make a backup of entire wallet.
Use a complicated password and save it somewhere so you don't forget it .
Keep backing up your wallet . Make backup online to your email but email is not safe too . Make a backup in your Stick.
Use offline wallet they are popular as cold storage they provides the highest level of security for savings. It involves storing a wallet in a secured place that is not connected to the network. When done properly, it can offer a very good protection against computer vulnerabilities.

[TKeenan]

It seems to be way more secure than an ordinary Cold Storage as my private key and everything would be stored in a safety deposit box which you must have to be able sending funds out from the wallet. So basically, without that box you can do nothing to the coins being inside my wallet.

This is completely silly.  It shows you don't understand security at all.  With this, all you've done is reduce the remarkable security of a private key down to a stupid physical hunk of metal key (the unsafe deposit box).  Obviously, you think a deposit box is high security - when in fact it is very low security.  Now you propose putting your key behind that terrible system.  Wow!  That is the same as taking your SLR and putting Toyota body panels all over it.  Not smart.

[SLRman]

Isn't there a wallet which offers SMS-verification for each requested transaction before proceeding on top of the 2-FA and multisig signatures ?
It would be also a great thing if the wallet could send an email as well on top of this everything in order to proceed the requested transaction.

This seems pretty safe for me as in the case I get hacked, the hacker will have no access to my phone to receive the text message verification code!

[SLRman]

Isn't there a wallet which offers sending me an SMS-verification for each requested transaction before proceeding it ? Obviously on top of the 2-FA and multi-signatures ?
It would also be a great thing to have an email sent to my email address as well with a confirmation link in it in order to confirm the transaction's genuine.

This seems pretty safe for me as in the case I get hacked, the hacker will have no access to my phone to receive the text message verification code! Maybe he can verify the email and everything else but not the Text-Message code that is being sent via an SMS to my phone!
So basically he can do nothing to my funds.

[Amph]

What physical wallet to go with ? Which is the safest ?

i'm using simple usb stick, sandisk, you don't need fancy usb to have your coin secured, the true security is the IQ of the owner not anything else

[avw1982]

i believe the best thing to do would be to create an offline paper wallet and deposit the funds there and hide the wallet somewhere safe at least thats what i did with my bitcoins

Yeah paper and hardware wallets better for High amount. In windows Electrum is good for saving and handling huge in a single or multiple wallet as well. Online wallets have a number of pros and cons I don’t recommend storing any bitcoins accessible on computers connected to the internet:)

[BitcoinNewsMagazine]

I've been reading about  Deep Cold Storages on wikipedia here: https://en.bitcoin.it/wiki/Cold_storage

It seems to be way more secure than an ordinary Cold Storage as my private key and everything would be stored in a safety deposit box which you must have to be able sending funds out from the wallet. So basically, without that box you can do nothing to the coins being inside my wallet.

I'm looking forward for the safest solution(money doesn't matter) as I need to store serious money safely there.

Thanks for your help...

Consider buying two Trezor bitcoin hardware wallets, one to use and one as a spare in case of loss. When you set up your Trezor you will be given a list of 24 words (order is important) called your seed. Trezor gives you a nice card to write your seed down on. Don't print it or save to your computer in any way. You will also be prompted to set up PIN protection. Unless you have a very good memory store the PIN and any passphrases in the safety deposit box also. Paper wallets are another option but bitcoin paper wallets are not safer than hardware wallets.

[Nimbulan]

there are a lot of shops online that sell such things that are called hardware wallet it is the safest wallet that you can find in my opinion so the best idea would be to buy that wallet and then deposit all your bitcoins into it this way you could be sure that nothing bad will ever happen to your bitcoins

[helloeverybody]

there are a lot of shops online that sell such things that are called hardware wallet it is the safest wallet that you can find in my opinion so the best idea would be to buy that wallet and then deposit all your bitcoins into it this way you could be sure that nothing bad will ever happen to your bitcoins

Even though hardware wallets are relatively safe i still cant see them being safer than a correctly created paper wallet and whats more is a paper wallet is many times cheaper than a hardware wallet. The only downside is its not quite as convenient when you want top spend some of those coins.

[Chris_Sabian]

Try multiple addresses.  Depending on the amount of money / coins, I would say between 5 - 20.  That way, in the event that something happens to 1 key, you still have your coins.

[Yakamoto]

I would say that the best way to hold a large amount of Bitcoin safely would to divide it up among multiple, multi signature wallets, and put them into offline storage, on something like a usb or an HDD, and then store it in one of the safest places you can think of. Whenever you want to bring it back out again, you can simply hook it up to a computer and then send the Bitcoins to wherever.

I would probably place most of my coins into multiple wallets if I had a large amount hidden away somewhere, but I don't have large amounts sitting around so I'm not sure what I would do.

[helloeverybody]

I wouldn't really trust an offline USB wallet.  I've had too many usbs fail for no reason whatsoever.  If that's was to happen then day goodbye to your btc. A properly stored paper wallet / multiple paper wallets you can't go wrong.

[Altynbekova]

If you don't like the paper wallet, there is a wallet that is also good like TREZOR me personally I haven't use it, but they are some good review with it and good experience. This good if you just want to hold or do other things with it.
But with online wallet with big amount of bitcoin just make more than just 1 online wallet.

[asa.convex]

I've been reading about  Deep Cold Storages on wikipedia here: https://en.bitcoin.it/wiki/Cold_storage

It seems to be way more secure than an ordinary Cold Storage as my private key and everything would be stored in a safety deposit box which you must have to be able sending funds out from the wallet. So basically, without that box you can do nothing to the coins being inside my wallet.

I'm looking forward for the safest solution(money doesn't matter) as I need to store serious money safely there.

Thanks for your help...

Probably a physical wallet... Paper wallet or coins with private keys stamped on them.

[wadili89]

I've been reading about  Deep Cold Storages on wikipedia here: https://en.bitcoin.it/wiki/Cold_storage

for me the safest solution to store bitcoins is paper wallet as they have nothing to do with any electricity device and also internet so when they are not on internet they are safe from hackers but they can be stolen so keep them safe in your bank locker after laminating them

[bearex]

It is probably safe enough to use any desktop wallet and keep your computer malware free.

[SLRman]

Guys!!!

Isn't there a wallet that sends SMS verification to my phone number before proceeding the requested transactions ?
As in this way nothing can happen to my coins as hackers have no access to my phone to confirm the numbers they've sent me in order to proceed the requested transaction(s).

[LFC_Bitcoin]

A mixture of paper wallets, Trezor & Core is good enough for me.

[ranochigo]

I've been reading about  Deep Cold Storages on wikipedia here: https://en.bitcoin.it/wiki/Cold_storage

for me the safest solution to store bitcoins is paper wallet as they have nothing to do with any electricity device and also internet so when they are not on internet they are safe from hackers but they can be stolen so keep them safe in your bank locker after laminating them

An electronic medium is required to spend them. Most commonly used medium is a phone to send transactions. When generating a paper wallet, you need to ensure that the computer is safe and the RNG is not flawed. It would still be exposed to the internet and is hence quite an unsafe option.

Guys!!!

Isn't there a wallet that sends SMS verification to my phone number before proceeding the requested transactions ?
As in this way nothing can happen to my coins as hackers have no access to my phone to confirm the numbers they've sent me in order to proceed the requested transaction(s).

That's basically 2FA, using a password and another OTP. Currently, there is no implementation in protocol level. You need to trust a third party to keep the funds safe. An example is coinbase.

But, there is another option. Multisignature addresses. Multi signature addresses basically needs at least n of m signatures for the transaction for it to valid. With 2 of 2 multisig, users have one key while a third party controls another. Only when the OTP is true, the transaction will be signed by the third party key.

With 2 of 3 multisig, the user have access to 2 keys while the server have access to one. Everything basically works like the above but the user can restore access even if the third party do not want to sign the TX. You would still have to keep the keys safe. An example is Electrum's 2FA option.

[SLRman]

You think Electrum's 2FA is enough to keep safe ~200 bitcoins for me ?