Question about saving a large amount of coins

[mrlegoface]

You will then have to put it into a thing like bitcoincore? and i can use it to transfer the coins to a wallet?

Bitcoin Core is a wallet. You have to import the private key into a wallet (not necessarily Bitcoin Core) in order to spend the Bitcoin associated with it.

is armory good to use? i

Yes. There is some confusion about Armory due to the change in leadership. The official website is https://btcarmory.com

Thanks for all the help i think i understand how to keep my bitcoins safe.
if im buying and sending bitcoins to my public address is it ok to use the same one again and a again or should i get a new one?
which one would you personally suggest they all seem pretty equal?
i think im gonna aim to get a mac and download and run the software get my public key and send the bitcoins to that from another pc.

[achow101]

Thanks for all the help i think i understand how to keep my bitcoins safe.
if im buying and sending bitcoins to my public address is it ok to use the same one again and a again or should i get a new one?

It's generally advised to use different addresses for your payments. This helps with privacy, security, and organization. By using different addresses people that you send to and receive from won't necessarily know how much Bitcoin you have.

Also, if ECDSA (the signing algorithm) is broken at some point in the future, your Bitcoin is still protected because of the hashing done to the public key for receiving. If you send, then the public key is revealed. If you receive again at that address then it is possible (but very unlikely now) that the private key be extracted from the revealed public key and your Bitcoin stolen.

Using different addresses also helps you keep track of all of your payments.

Whichever wallet you use will always use newly generated addresses. They will use new ones for change and you will get a new address every time you go to get an address for receiving Bitcoin.

which one would you personally suggest they all seem pretty equal?
i think im gonna aim to get a mac and download and run the software get my public key and send the bitcoins to that from another pc.

I suggest you use Electrum.

[electronicash]

what is the safest way to save a large amount of coins, is it paper ? if so can paper coins be transferred to any wallet?

also web wallets what are some of the most respected ones, is blockchain.info a good wallet, if it goes down can i redeem my bitcoins on another site?

also with blockchain do i have to re backup my coins every time i spend some?

If you really want to save large amount of coins , try to trade it into another crypto currency it will help you out while you are trading your coins are going bigger and bigger until you gonna sell it for high price real cash don't really help us to save money it helps us to spend it.

This is a way but honestly i do not trust any of the altcoins and its a risky holding other coins than bitcoin for a long term because there is no surety of them,their price can be doubled  but also their price can be halfed or even become really low so can face a large loss because of that,try to hold in a paper wallet will be best and safest.

Its true. If you are to save money just stick to bitcoin and earn as much as possible as its value will soon grow. If you want to invest to some other altcoin,  buy these altcoin when it starts to get to be known.

[dunfida]

what is the safest way to save a large amount of coins, is it paper ? if so can paper coins be transferred to any wallet?

To store coins long term (i.e. cold storage), paper wallets are usually the recommended method. This is only if you don't plan on spending those coins.

also web wallets what are some of the most respected ones, is blockchain.info a good wallet, if it goes down can i redeem my bitcoins on another site?

Blockchain.info is not really a good web wallet. In fact, basically every single web wallet is pretty bad. Most of them don't allow you to access the private keys, so if they do go down, then there is no way for you to recover your Bitcoin.

also with blockchain do i have to re backup my coins every time i spend some?

With their new wallets which are BIP32 HD wallets, no you will only need to backup once.


I highly recommend that you use a desktop wallet such as Electrum or Bitcoin Core, especially if you are dealing with a lot of coins.

I agree with this if  you have  large amount of bitcoin then its somewhat safe if you store it on electrum or bitcoin core since you could  have private keys  incase of emergency and also you could make use of hardware wallets as long you keep it on a safe place.

[mrlegoface]

Thanks for all the help i think i understand how to keep my bitcoins safe.
if im buying and sending bitcoins to my public address is it ok to use the same one again and a again or should i get a new one?

It's generally advised to use different addresses for your payments. This helps with privacy, security, and organization. By using different addresses people that you send to and receive from won't necessarily know how much Bitcoin you have.

Also, if ECDSA (the signing algorithm) is broken at some point in the future, your Bitcoin is still protected because of the hashing done to the public key for receiving. If you send, then the public key is revealed. If you receive again at that address then it is possible (but very unlikely now) that the private key be extracted from the revealed public key and your Bitcoin stolen.

Using different addresses also helps you keep track of all of your payments.

Whichever wallet you use will always use newly generated addresses. They will use new ones for change and you will get a new address every time you go to get an address for receiving Bitcoin.

which one would you personally suggest they all seem pretty equal?
i think im gonna aim to get a mac and download and run the software get my public key and send the bitcoins to that from another pc.

I suggest you use Electrum.

ok so when ever i spend or try and send a coin from electrum i need to log in and if i forget my pass i can just recover with a printed back up which is a load of words?
and if i lose my pc along as i got them words or remember my pass i dont need to know my private key i just can use them words on any computer?

[jak3]

bitcoin is the best method/money processing system to save a large or small amount of your coins. no its not the paper because paper coins are controled by banks and they can do whatever they want and no you can not transfer them on any wallet but you can exchange them for bitcoin.yes bloclchain.info is a good and respected wallet but if you want then can download any other sutable wallet.if you put your private key on any other wallet then you can access your bitcoin from that wallet too.no you just have to keep your private key secure

[achow101]

ok so when ever i spend or try and send a coin from electrum i need to log in and if i forget my pass i can just recover with a printed back up which is a load of words?
and if i lose my pc along as i got them words or remember my pass i dont need to know my private key i just can use them words on any computer?

Basically yes.

[Ardenyham]

what is the safest way to save a large amount of coins, is it paper ? if so can paper coins be transferred to any wallet?

also web wallets what are some of the most respected ones, is blockchain.info a good wallet, if it goes down can i redeem my bitcoins on another site?

also with blockchain do i have to re backup my coins every time i spend some?

paper wallet are safe. but it depends on the private key of the wallwt. if you keep the private key safe. your fund will be safe too. and if you lost it or someone else stole that then your coins will not remain safe.

using blockchain or any web wallet is not recommend for large amount of coins. as they are not enough.

you can transfer all your balance from blockchain to any wallet if you have private keys. but new version of blockchain won't give  private keys. (or I don't know)

[socks435]

I think it is safe if you use a virtual os in virtual box.. install os there windows 7 and install bitcoin core there.. and fully sync it after that you can get the backup of the os and make it rar with password that you can remember or put it in notes and save it for safety..
like .ova file that i back up all my files.. its more safe i think than the other thing that you save it in usb that can damage if we dont use usb for a long time..

[Fraxinus]

Save them on a paper wallet-it's really convenient and as long as you don't lose the wallet,it's all good and it's super safe.

[mrhelpful]

The easiest for a newb to get into this space is just follow what people are saying with the hardware cold wallets.

Not the paper ones - only cause people who are less technical have more of a grasp of something physical at the same time like trezor and the other ones that out there.

[PeRo]

I would keep my huge Bitcoin pile on paper wallets, ot os the safest method and you can swipe the Bitcoins from the wallet at any time. Just keep it on a safe place. I would not recommend using web (online) wallets though, do not trust any site because if they own your private key, you lost your Bitcoins. Use some wallets with a small setup or if you have time, download the Bitcoin Core wallet (60gb download). I personally use a phone wallet and it works okay with any amount of Bitcoins in it.

[xht]

Paper wallet is a good choice but you could pick a better ie hardware wallet and it's much safer as additional security, you can open the wallet, only on one computer.

[23dzmaz]

Offline wallet should be good for keeping all your coins, but if you want more easier, you can stored all your coins on online bitcoin wallet, blockchain. It's the saffest for stored your bitcoin imo.

[emezh10]

I think you shouldn't use online wallets and create paper one instead

[Hellacopter]

If you have secured and safe wallet which you have the private keys, you can safely store and hold your bitcoins into it , even if you have the plan to save a large amount of bitcoins, there is no issue usually.

[nejibens]

There is no problem about storing your large amount of Bitcoin into your secured wallet, especially if you re using Blockchain wallet, or some pc wallet, just avoid using the online and exchanger's wallets.

[junder]

Hardware wallet is a good option too to stored your bitcoin
like trezor, it is very safe to use it.

[maku]

Hardware wallet is a good option too to stored your bitcoin
like trezor, it is very safe to use it.

But you can achieve same level of security for free using freeware open source software wallet while cheapest hardware Trezor Wallet costs $99.
If op is so concerned about security then Armory is the best choice. It's most versatile and secure desktop bitcoin wallet around.

[pooya87]

Hardware wallet is a good option too to stored your bitcoin
like trezor, it is very safe to use it.

But you can achieve same level of security for free using freeware open source software wallet while cheapest hardware Trezor Wallet costs $99.
If op is so concerned about security then Armory is the best choice. It's most versatile and secure desktop bitcoin wallet around.

the thing is that not everybody is able or even willing to spend time to learn how to secure their wallet. it is a huge hassle for some people to go for a linux operating system offline, learn how to use it, transfer the code (like a wallet or something like bitadresses,..) and make the offline cold storage and the rest of all that. so they choose the easy way of paying.