Newbie help please

[Davidwd]

Hi everyone,

I am completely new to cryptocurrency but have bought precious metals before and I have just bought some BTC through Bitpanda.

They are currently stored in my wallet with Bitpanda but are they secure there?  Should they be moved to something like a Tezor device or another company, I am learning slowly but it is quite complicated

Many thanks I am sure you get asked these sorts of questions all the time.

D

[Velkro]

Hello,
Welcome in Bitcoin community

They are currently stored in my wallet with Bitpanda but are they secure there?  Should they be moved to something like a Tezor device[...]

They are not secure there. Move it asap. Your bitcoins are secure only when YOU control them not some online wallet, exchange etc.
Trezor is a solution but its expensive solution, you can also download software wallet like electrum/multibit/bitcoin core (slower than previous two) and safely store your bitcoin on your computer.
You can create paper wallet, that didn't touched internet ever. Its most secure to online theft, but is not secure to physical theft.

Choose whatever you will choose, but don't store your bitcoin on online wallets/exchanges EVER.

[trubadix]

It's always better to save your BTC on your own wallet than on an exchange or any other online services.

Number one someone might gain access to your account and run away with your money.

Number two, the exchange may experience some ddos or other type of downtime when anything might happen. From you not being to access your money when you need them urgently, to losing your money altogether.

Number three the exchange might decide to do an exit scam and just take everyone's BTC, shut down and run away.

Better safe than sorry.

you can also download software wallet like electrum/multibit/bitcoin core (slower than previous two) and safely store your bitcoin on your computer.

And if you do that, don't forget to back everything up somewhere, cause you know...computers.

[MMysterious]

Hi and welcome to the world of cryptocurrencies, and to answer your question if it makes you feel very secure and you have a lump sum amount of BTC then by all means put it in a hard wallet like Trezor.

[Davidwd]

Thank you for all your help,

 I think I will store it on a paper wallet.  Is there some instructions anywhere on how to do this please?

Thank you

[RodeoX]

This link leads to many threads about how to do a paper wallet. It may be different depending on the wallet you use.
https://bitcointalk.org/index.php?action=search2

The most important thing is to think in terms of theory. In bitcoin there are public keys for receiving payment and private keys for spending. If you do not have complete, exclusive control of your private keys then you simply do not have bitcoin, IMO.

Online wallets typically are running a wallet for you. Of course if they are hacked, or dishonest, or get wiped out in a tornado then your money is gone with no hope of recovery. In bitcoin you must do all the work. You are the CEO, the security team, etc. There is nobody superior to your authority. So be careful.

What I do is store most bitcoin offline in cold storage in a bank vault (banks are still good for some things). I also keep a small amount on my phone using an online wallet system. Even though that money is more vulnerable, it is so convenient that it is worth the risk to me.
You may want to develop your own policy, but if at all possible... trust no one.