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Author Topic: Looking for proper site to buy and then store bitcoin  (Read 1902 times)
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March 01, 2016, 02:39:30 AM
 #21

Don't store bitcoins on website. Use desktop wallet/paper wallet, its good advice i promise Smiley

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March 01, 2016, 02:46:12 AM
 #22

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.

I advice you to use paper wallet for stored your bitcoins 20-30 years. But are you sure you want wait 20-30 years ? it's really long time and we don't know is bitcoins still exist or not on that years.
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March 01, 2016, 02:54:24 AM
 #23

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.

I advice you to use paper wallet for stored your bitcoins 20-30 years. But are you sure you want wait 20-30 years ? it's really long time and we don't know is bitcoins still exist or not on that years.

He's looking to diversify his portfolio.
Your logic could be applied to companies as well, are you sure they will be around in 30 years?

@OP, it is as simple as buying off a site and storing them on a hardware wallet.

DO NOT store your coins on a site, store them on something only you control.

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March 01, 2016, 03:21:09 AM
 #24

Op, where are you from? If you are looking for good place to buy bitcoin then it varies. If you are located in US then you have huge variety of options.
BitStamp, Kraken, Gemini, Coinbase, to name the few. Don't store your coins online for extended periods of time. Coins stored online are not fully under your control.


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March 01, 2016, 05:22:00 AM
 #25

Op, where are you from? If you are looking for good place to buy bitcoin then it varies. If you are located in US then you have huge variety of options.
BitStamp, Kraken, Gemini, Coinbase, to name the few. Don't store your coins online for extended periods of time. Coins stored online are not fully under your control.
Coinbase is the good way to buy bitcoin, it's easy unfortunately not all countries are supported, if you country is suported then buy through this site, just suggest

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March 01, 2016, 05:32:26 AM
 #26

You can try the ledger and buy the bitcoins from circle.com until you get that 4-5 bitcoin with the 200 usd limit per week, or use the currency exchange to buy the bitcoins and then store them on your ledger and then keep it away. Initialize it on an offline computer after downloading the chrome app and then format that computer for maximum safety without connecting it to the internet until you erase everything and properly flush the ram (the computer is restarted)
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March 01, 2016, 07:57:50 AM
 #27

You can try the ledger and buy the bitcoins from circle.com until you get that 4-5 bitcoin with the 200 usd limit per week, or use the currency exchange to buy the bitcoins and then store them on your ledger and then keep it away. Initialize it on an offline computer after downloading the chrome app and then format that computer for maximum safety without connecting it to the internet until you erase everything and properly flush the ram (the computer is restarted)
I think there's a way to don't format our laptop or computer use virtual machine or install os in vmware so that you have fresh install os in virtual machine and install everything as offline and then store your bitcoin there 100% safe because you are the one and only can access to your os unless you set and on the connection for internet in VMware...


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March 01, 2016, 10:51:35 AM
 #28

Considering to buy, you can buy it through localbitcoins site. It has got good trading network along with trust rate which makes your buying easy. Also for storing Blockchain is good than other wallets.

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March 03, 2016, 03:51:05 PM
 #29

Considering to buy, you can buy it through localbitcoins site. It has got good trading network along with trust rate which makes your buying easy. Also for storing Blockchain is good than other wallets.

Using blockchain is not safe. Keeping bitcoins in online third party services is not safe.
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March 03, 2016, 04:04:16 PM
 #30

Considering to buy, you can buy it through localbitcoins site. It has got good trading network along with trust rate which makes your buying easy. Also for storing Blockchain is good than other wallets.

Using blockchain is not safe. Keeping bitcoins in online third party services is not safe.

Yes your buying option is good. You can use offline wallets like Ethereum to increase the safety of your bitcoins.


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March 03, 2016, 07:03:02 PM
 #31

Considering to buy, you can buy it through localbitcoins site. It has got good trading network along with trust rate which makes your buying easy. Also for storing Blockchain is good than other wallets.

Using blockchain is not safe. Keeping bitcoins in online third party services is not safe.

Yes your buying option is good. You can use offline wallets like Ethereum to increase the safety of your bitcoins.

Also hardware wallets are a really good options if you need use of coins.  It allows you to be protected even if used on a compromised computer on most.  Such as Trezor it is really a great tool.

I still see future where more and more use hardware wallets.
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March 04, 2016, 05:38:21 AM
 #32

Considering to buy, you can buy it through localbitcoins site. It has got good trading network along with trust rate which makes your buying easy. Also for storing Blockchain is good than other wallets.

Using blockchain is not safe. Keeping bitcoins in online third party services is not safe.

Yes your buying option is good. You can use offline wallets like Ethereum to increase the safety of your bitcoins.

Also hardware wallets are a really good options if you need use of coins.  It allows you to be protected even if used on a compromised computer on most.  Such as Trezor it is really a great tool.

I still see future where more and more use hardware wallets.

yes, trezor is good but it also is expensive. so it makes it not for everybody.

people like me who are just planning on holding their bitcoin in a cold storage, add to it from time to time and also have the option to sell if the price went up should use other offline wallets especially if you don't have like 1000BTC

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March 04, 2016, 06:37:32 AM
 #33

If you want to buy Btc through fiat currency then i think you can go with localbitcoins.com site where you will get good rates with escrow service so that you should not get scammed , and if you are living in the place where their are local sellers of btc then you can deal with them but take precautions before dealing, and to store you can use desktop software like electrum or online web wallets like coinbase this are some storing bitcoins which are good in my knowledge.
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March 04, 2016, 07:07:01 AM
 #34

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March 04, 2016, 11:29:46 AM
 #35

If you want to buy Btc through fiat currency then i think you can go with localbitcoins.com site where you will get good rates with escrow service so that you should not get scammed , and if you are living in the place where their are local sellers of btc then you can deal with them but take precautions before dealing, and to store you can use desktop software like electrum or online web wallets like coinbase this are some storing bitcoins which are good in my knowledge.

Buying is made simple with the use of localbitcoins.com. It has got most security feature for making trade and has got convenience. The nearest trader can be found and trading can be done. Only after transaction of money the bitcoin transaction can be done.

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March 04, 2016, 10:23:33 PM
 #36

Considering to buy, you can buy it through localbitcoins site. It has got good trading network along with trust rate which makes your buying easy. Also for storing Blockchain is good than other wallets.

Using blockchain is not safe. Keeping bitcoins in online third party services is not safe.

Yes your buying option is good. You can use offline wallets like Ethereum to increase the safety of your bitcoins.

Also hardware wallets are a really good options if you need use of coins.  It allows you to be protected even if used on a compromised computer on most.  Such as Trezor it is really a great tool.

I still see future where more and more use hardware wallets.

yes, trezor is good but it also is expensive. so it makes it not for everybody.

people like me who are just planning on holding their bitcoin in a cold storage, add to it from time to time and also have the option to sell if the price went up should use other offline wallets especially if you don't have like 1000BTC

Expensive all depends on how much you are storing.... I don't look at 100 dollars as a expensive item to keep my active wallet secure.  If you were holding a single bitcoin then yes that would be considered expensive.

So all relative to how many coins you will be using it to secure.
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March 04, 2016, 10:26:18 PM
 #37

With buying them, I have seen many use these exchanges to buy and then trade them. But you don't need to use them for that.
You can just have them hold those bitcoins for you in their exchange wallets.

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March 05, 2016, 12:17:59 AM
 #38

Both have downsides. Using a paper wallet, the paper could become waterlogged and become useless, or the hardware wallet could become watterlogged and become useless. Considering our normal lives, I would buy a hardware wallet and put one of those fancy little wifi trackers on that you can monitor on your phone if it ever gets lost or stolen.
Hardware wallets, at least some, can "hide" transactions, but eventually a transaction will be broadcast and be on a website.
Do not ever use an exchange to hold btc. You know the mt.gox scare, and an exchange could shutdown anytime and steal your btc.
I would suggest a hardware wallet with a tracker stuck on to monitor its position, but its up to you.














 

 

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March 05, 2016, 10:15:44 PM
 #39

Both have downsides. Using a paper wallet, the paper could become waterlogged and become useless, or the hardware wallet could become watterlogged and become useless. Considering our normal lives, I would buy a hardware wallet and put one of those fancy little wifi trackers on that you can monitor on your phone if it ever gets lost or stolen.
Hardware wallets, at least some, can "hide" transactions, but eventually a transaction will be broadcast and be on a website.
Do not ever use an exchange to hold btc. You know the mt.gox scare, and an exchange could shutdown anytime and steal your btc.
I would suggest a hardware wallet with a tracker stuck on to monitor its position, but its up to you.

Yes but hardware wallets you have seed words..... so if it is broken or "waterlogged" you could always recover.  I suggest putting seed words in a safty deposit box.  If ever a problem with hardware wallet not working, or unusable you can use the seed words.

So still very secure and very usable on hardware wallets.  Only barrier is price for some.
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