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Author Topic: Keeping funds on an exchange site or in wallet?  (Read 760 times)
Teleshot
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June 17, 2011, 09:31:27 PM
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Hey, I was just wondering if you guys think its a better idea to keep your funds/BTC stored on an exchange site account rather than in your wallet. I was thinking this because I've seen a few topics/stories about people getting hacked and having their wallet stolen!

Any opinions on this?

Thanks
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opticbit
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June 17, 2011, 09:35:44 PM
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diversify


some in a local wallet, some in a cloud wallet (mybitcoin or instawallet, and other sites like witcoin or youtipit) and some on an exchange.

see the article about setting up a secure btc savings wallet with truecrypt.

Set up the same thing..
http://bit.ly/btcrefs
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Teleshot
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June 17, 2011, 09:38:37 PM
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diversify


some in a local wallet, some in a cloud wallet (mybitcoin or instawallet, and other sites like witcoin or youtipit) and some on an exchange.

see the article about setting up a secure btc savings wallet with truecrypt.

Good idea tbh, I suppose doing it that way prevents you from losing everything if you do get your wallet stolen or account hacked. Already got my wallet encrypted just in case though Wink
defacen
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June 17, 2011, 09:55:43 PM
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diversify


some in a local wallet, some in a cloud wallet (mybitcoin or instawallet, and other sites like witcoin or youtipit) and some on an exchange.

see the article about setting up a secure btc savings wallet with truecrypt.

Good idea tbh, I suppose doing it that way prevents you from losing everything if you do get your wallet stolen or account hacked. Already got my wallet encrypted just in case though Wink

Going to follow this idea too, thanks.
theriveriswide
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June 17, 2011, 10:12:54 PM
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I like the idea of keeping my own wallet secure, using a separate savings wallet similar to the method posted here.

http://forum.bitcoin.org/index.php?topic=17240.0

As for third party services, why trust anyone but yourself? 

For example, thieves rob banks, even sometimes being bank employees themselves.  Most people trust banks because their money earns interest and in the US it is insured by the FDIC. 

But if you're not particularly trusting of banks (and as a result are pursuing your financial dreams in cryptocurrency) why trust ANYONE else with your money?
JohnnyScience
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June 17, 2011, 11:37:53 PM
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Is keeping in on a thumb drive a better idea?
gfaust
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June 17, 2011, 11:49:47 PM
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how about some in an small wallet for everyday use and some in a "savings" wallet maybe on a usb stick or some other offline media, encrypted, multiple copies, etc...
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June 17, 2011, 11:57:44 PM
 #8

Hey, I was just wondering if you guys think its a better idea to keep your funds/BTC stored on an exchange site account rather than in your wallet. I was thinking this because I've seen a few topics/stories about people getting hacked and having their wallet stolen!

Any opinions on this?

Thanks
My friends and I all have ours in multiple locations, including several online, and two on offline locations. like a savings wallet usb.

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June 18, 2011, 12:02:24 AM
 #9

I vote for mixing it up. Keep your motherload on a USB stick in a vault or whatever. Then keep a few in an online wallet for access from anywhere.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

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syllogyst
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June 18, 2011, 12:31:33 AM
 #10

Another idea is you can keep BTC liquid by exchanging it to USD once you get a few.  And then keep the USD you make from that in a savings account.  That is, unless you feel strongly that BTC is going to shoot up one day to $50 or beyond.

“The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it.” -Thomas Sowell
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