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Author Topic: Looking for proper site to buy and then store bitcoin  (Read 1902 times)
jc350402
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January 21, 2016, 03:03:40 PM
 #1

Any advice would be helpful. I have read multiple posts, but none directly answer my question.

If I want to buy 4-5 bitcoins and store them for 20-30 years, what is the best method?

Paper wallet or offline/cold storage?

Would a site like Xapo or itBit be a smart place to buy? If then bought, what is the best cold storage device to use, a ledger or trazor? Do you just buy one and then follow the directions to store the coins?

I am using bitcoin as a part of my portfolio, not the whole thing or for everyday trading.

Thanks everyone.
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January 21, 2016, 03:17:13 PM
 #2

many will advice for paper wallet, but i actually like the simple way of multiple usb stick or an hardware wallet like the nao, or in alternative a dedicated desktop

may appear a bit overkill, but you can see it as your personal bank server, obviously you need to run only the client there and nothing else
jc350402
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January 21, 2016, 03:39:18 PM
 #3

I am not a computer programmer by any means.

Can I simply buy, for example, the Ledger Nano, buy bitcoins from a site like itBit and then just store them on Ledger Nano. Can it be that easy? Then just place them in my safety storage?

I feel like if you are not computer saavy, then buy and safely securing a bitcoin its rather difficult. So much information with no clear answers for just long-term investing only.
elite3000
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January 21, 2016, 03:41:20 PM
 #4

I see no other option than paper wallet, you don't know if all the storage devices will be obsolete in 30 years.

You also must take extra precautions to ensure that your private keys will indeed survive for decades

jc350402
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January 21, 2016, 04:24:09 PM
 #5

Is there a dummy guide to buying and storing bitcoins via paper wallet?
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January 21, 2016, 06:47:50 PM
 #6

Well, the best method is hardware storage but it is only recommend for professionals. The second best option is paper wallet indeed.

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January 21, 2016, 07:14:22 PM
 #7

Is there a dummy guide to buying and storing bitcoins via paper wallet?

Yes, google is your friend;
https://en.bitcoin.it/wiki/Paper_wallet

Now there is nothing wrong with using a hardware wallet, but its not cold storage which properly done give you 100% protection, short of getting your thing physically stolen, or you kidnapped. This is where encryption comes in handy i guess.

Anyways, unless you're storage a fortune in BTC, a hardware wallet would be fine. Or a wallet on an offline computer could work too.

Edit: I dont really think this would get rid of spammers. But it would reduce the spam here about the bot not working all the time.
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January 22, 2016, 06:13:08 PM
 #8

paper wallet is a good option for an amount like this.
but make sure that you have more than one copy for this wallet and hide each copy in a secure place so if you lost a paper, you can use the other one
you can also write your private key in one of your favorite book in several lines. no one will know it is a priv key
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January 22, 2016, 08:08:45 PM
 #9

paper wallet is a good option for an amount like this.
but make sure that you have more than one copy for this wallet and hide each copy in a secure place so if you lost a paper, you can use the other one
you can also write your private key in one of your favorite book in several lines. no one will know it is a priv key

Yobit has a good user interface for buying and selling, also providing good value. You can have a try. Also search for relating sites and conclude for purchase in which you are satisfied with trader after interaction regarding your purchase Smiley For storing have a paper wallet and blockchain wallet which is morethan enough for secure and scheduled transaction.

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January 22, 2016, 09:02:40 PM
 #10

You can buy bitcoin from cex.io.You can use a visa or mastercard to buy safe bitcoins.
Also you can keep your bitcoin in a pc wallet for security.

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January 22, 2016, 11:04:55 PM
 #11

Well, the best method is hardware storage but it is only recommend for professionals. The second best option is paper wallet indeed.

Paper wallet is a valid option just make sure you do it right, if not you can be compromised from when you made it.   Make sure to keep it somewhere secure.

On hardware use one the the well known ones.  And the important thing is to store the seed words somewhere secure.  Normally you write them down and store in a safe place, safety deposit boxes are great for this.

But seed words are just like having a private key if you have then from a hardware wallet.
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January 23, 2016, 04:34:41 AM
 #12

I am not a computer programmer by any means.

Can I simply buy, for example, the Ledger Nano, buy bitcoins from a site like itBit and then just store them on Ledger Nano. Can it be that easy? Then just place them in my safety storage?

I feel like if you are not computer saavy, then buy and safely securing a bitcoin its rather difficult. So much information with no clear answers for just long-term investing only.
can you define to me about "safety" and "not safety" as you think?i just wondering why are you so worry about choose bitcoin wallet or storage,do you will store so many bitcoins?if that true,you can divide some amount of your bitcoin to some wallet,i am sure all popular wallet that mentioned here,is safe.
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January 23, 2016, 04:50:12 AM
 #13

If I want to buy 4-5 bitcoins and store them for 20-30 years, what is the best method?

too long to wait until 20-30 years and only store 4-5 bitcoin, you have to save more. or you can grow it while walking for 20-30 years.
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January 23, 2016, 05:23:55 AM
 #14

Although I would recommend getting started by buying from either Circle or Coinbase, I generally do not recommend that you store your Bitcoin on sites. Coinbase does offer a multi-sig vault, but buying, moving, and storing Bitcoin is not hard. I wrote a website, Incorporating Bitcoin, and it has several tutorials that can get you started in Bitcoin.

Founder: Incorporating Bitcoin. Bitrated user: subcypher.
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January 23, 2016, 06:14:46 AM
 #15

keep in mind that paper wallet is only safe if it is created in the correct way.

two important factors to pay attention to:
1) using safe code/app: it means downloading the code/app from its legit place not some random place on the internet and checking if it was downloaded correctly (like MD5 signature)
2) creating the paper wallet in safe environment: on an offline computer which is "clean"

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January 23, 2016, 01:25:40 PM
 #16

Coinbase or Xapo are good choice for buying bitcoins as well as for storing them for some long period.
But I always suggest for going with desktop wallets for storing your bitcoins, or paper wallets are better.

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January 23, 2016, 02:01:55 PM
 #17

I personally use coinbase cold storage but I would not use it for 100's of bitcoin.

https://www.coinbase.com/join/TheBitcoinMiner

I am heating a 1600 sq ft house W/ 4 Antminr s7 integrated into my heating and air system. https://www.youtube.com/c/TheBitcoinMiner

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February 29, 2016, 08:41:20 PM
 #18

I use localbitcoin plenty, works very well. And ofcoarse a cold wallet Smiley

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February 29, 2016, 08:56:53 PM
 #19

paper wallet will be the best thing just print the private key and leminate it and place it one of your book and just forget tge coins
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February 29, 2016, 08:58:28 PM
 #20

I use localbitcoin plenty, works very well. And ofcoarse a cold wallet Smiley

LBC you are going to pay a higher rate then say coinbase.  Yes some love it due to them not having to turn in anything proving who they are/or link to bank account.   But overall coinbase is much cheaper.  I use coinbase I have nothing to hide as far as my bitcoins go.

But if you really wanting more anonymous... yes you can pay higher prices on LBC.  I figure if you ever want to use it for goods or services... good chance linked to you.  So not really that perfect unless you plan on not using the BTC.
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