How to effectively store large number of Bitcoins?

[AniketBhadane]

Suppose I hold lot of bitcoins in exchanges and in some wallet. To prevent the loss of bitcoins, how should one manage them?

Generate multiple new addresses. Distribute the bitcoins among these addresses. Copy the private keys of these addresses to paper wallet.
Is this the way to do it?

What are other better ways to manage large number of bitcoins?

[pooya87]

i don't see any difference between storing all your funds inside one key versus storing them among multiple ones. maybe if you have 1000+ and don't want to be targeted or something then put them in multiple keys (distribute among multiple addresses) but that will only be for privacy purposes not really a security one.

and methods are: paper wallet or hardware wallet, or simply an offline computer that has a wallet installed.
just make sure to keep a couple of backups from any method you choose.

[ASHLIUSZ]

In my view even 5 btc is something very big looking at the total value. It's our own responsibility to keep it safe as much possible using the different security features that are available in different wallets. Importantly have a separation from the one you use it regularly and the one to be used for long term holding. Save the long term holding into a cold storage and the rest in few different online wallets, because we're holding it in third party service providers.

[Quickseller]

Speaking solely in terms of security, you can store them all in a single address, however you should spend the entire "balance" in each address you are spending from and use change addresses when you need to spend less than the entire balance in an address you are spending from.   

Many people use hardware wallets which are deterministic meaning that many addresses (actually effectively unlimited number) for receiving btc to and for change addresses.

If you do not use a hardware wallet, you will want to use another wallet that generates addresses deterministically. You should keep at least three copies of your private keys (your see), across at least two mediums of storage and at least one being off site.

[HabBear]

Speaking solely in terms of security, you can store them all in a single address, however you should spend the entire "balance" in each address you are spending from and use change addresses when you need to spend less than the entire balance in an address you are spending from.   

Great, great suggestion. This practice ensures that one can't trace payments to the address from another source AND allows you to claim the transaction was for a payment to someone else (rather than yourself).

The concern is that any address you receive payments to regularly can be linked back to you, because presumably the entity sending you the Bitcoin knows you and your address.

What may be an accounting challenge for you is a small price to pay to ensure your bitcoin balance is as safe as possible. You can't put a price on that kind of security.

[sumit513]

I use multiple wallets. If you want cold storage then use Trezor.io

[YuginKadoya]

i don't see any difference between storing all your funds inside one key versus storing them among multiple ones. maybe if you have 1000+ and don't want to be targeted or something then put them in multiple keys (distribute among multiple addresses) but that will only be for privacy purposes not really a security one.

and methods are: paper wallet or hardware wallet, or simply an offline computer that has a wallet installed.
just make sure to keep a couple of backups from any method you choose.

I agree with this, And this kind of strategy is best with the impending August 1 event that will literally split the bitcoin community if you really want your bitcoin to be secure then store them up in an offline storage or cold storage just to be sure, but I don't have this kind of storage so I think I would just convert it to fiat just to be sure because no one really knows what can surely happen if that kind of thing occur, and even if you put all your coins to different wallet to have multiple account, it is always convenient to have just one wallet so you don't forget your private keys well that is just my opinion.

[BitcoinBallerina]

The safest and most effective method of storing large amounts of Bitcoins is by using paper wallets. Look up how to make them on Youtube. It is very simple and a foolproof way to keep your BTC safe!

[Amph]

Speaking solely in terms of security, you can store them all in a single address, however you should spend the entire "balance" in each address you are spending from and use change addresses when you need to spend less than the entire balance in an address you are spending from.   

Great, great suggestion. This practice ensures that one can't trace payments to the address from another source AND allows you to claim the transaction was for a payment to someone else (rather than yourself).

The concern is that any address you receive payments to regularly can be linked back to you, because presumably the entity sending you the Bitcoin knows you and your address.

What may be an accounting challenge for you is a small price to pay to ensure your bitcoin balance is as safe as possible. You can't put a price on that kind of security.

which is why is better to have multiple wallet, which make impossible to link the address and you can spend freely your bitcoin as you want

i like to have multiple wallet stored in a multiple usb stick, i find it the most easy and secure choice for my usage

also with multiple wallet you can spend few amount at time without worrying about your coin that might be stolen, because at best they stole only the little amount in that wallet you loaded

[DoublerHunter]

If i were you, i will just buy trezor and i will just send my bitcoins to that wallet and keep it for long term. Trezor is a hardware wallet which is trusted by most of the people in the world that looking for a safe place to keep their bitcoin. Trezor is the very first hardware wallet that i tried and all i can say is, it is very worth it to buy and have this kind of wallet.

[Cobalt9317]

If i were you, i will just buy trezor and i will just send my bitcoins to that wallet and keep it for long term. Trezor is a hardware wallet which is trusted by most of the people in the world that looking for a safe place to keep their bitcoin. Trezor is the very first hardware wallet that i tried and all i can say is, it is very worth it to buy and have this kind of wallet.

Hardware wallet is good, I agree with that one supposedly divide oneself earning with three different method.
for me the solution is quite simple

• Hardware wallet
• Paper wallet
• In use wallet

But I don't have any BTC to worry about it right now.  [/list]

[jayc89]

The safest and most effective method of storing large amounts of Bitcoins is by using paper wallets. Look up how to make them on Youtube. It is very simple and a foolproof way to keep your BTC safe!

That is a good method to storing Bitcoin though the only thing is how to store those paper wallets. If someone finds that paper wallet then they could cash all those Bitcoins out and all that paper wallet building process would be for nothing.

Bitcoin Paper Wallets that are stored in some kind of locker would be a wise thing to do.

[mk4]

Suppose I hold lot of bitcoins in exchanges and in some wallet. To prevent the loss of bitcoins, how should one manage them?

Generate multiple new addresses. Distribute the bitcoins among these addresses. Copy the private keys of these addresses to paper wallet.
Is this the way to do it?

What are other better ways to manage large number of bitcoins?

I suggest using only one address to prevent hassle. No reason to store it on multiple addresses whatsoever.

One suggestion is to make a paperwallet offline. Here's a guide on coindesk: http://www.coindesk.com/information/paper-wallet-tutorial/

What I would to though, is to buy a hardware wallet. A ledger nano S to be more specific. It's a device with a size of a USB Flash Drive. If you're interested, look up: Ledger Nano S, Trezor, and Keepkey. I'll list the websites below.

https://www.ledgerwallet.com/
https://trezor.io/
https://www.keepkey.com/

[jualidbitmixer]

Suppose I hold lot of bitcoins in exchanges and in some wallet. To prevent the loss of bitcoins, how should one manage them?

Generate multiple new addresses. Distribute the bitcoins among these addresses. Copy the private keys of these addresses to paper wallet.
Is this the way to do it?

What are other better ways to manage large number of bitcoins?

No, don't you store all your bitcoin on exchange site, especially if you stored for long time like 1-2 years, it's really risky. You can try popular bitcoin web wallet like blockchain.info or you can stored itself by download bitcoin core and store all your bitcoins there, it more safety though and only you that control your wallet.

[eann014]

I use multiple wallets. If you want cold storage then use Trezor.io

I think it is not safe to put your bitcoin into multiple accounts because you can forgot the security questions or code for this. It is better if we only have 1 or 2 accounts. But I think more than 2 accounts is not safe. But I think there is no different between storing small and big amount of bitcoin it is still bitcoin but if we want to save huge amount we can converted it into fiat and save it to the bank.

[senin]

It seems that someone has questions about how to effectively store large amounts in bitcoins. I would have his problems. And in fact the issue, then, as they say, you can not keep all the eggs in one purse. Therefore, it is better to keep part of the bitcoins in reserve in closed wallets, part of the stock exchange for trading, well, the rest, depending on the desire and ability.

[Gloria_16]

download the wallets to your computer (but they are very heavy)

[megynacuna]

It seems that someone has questions about how to effectively store large amounts in bitcoins. I would have his problems. And in fact the issue, then, as they say, you can not keep all the eggs in one purse. Therefore, it is better to keep part of the bitcoins in reserve in closed wallets, part of the stock exchange for trading, well, the rest, depending on the desire and ability.

since it's a store of bitcoins we are talking about here then he needs a good wallet and for me i can online suggest offline wallets to completely and securely save bitcoins and the onus will lie on him to keep his private keys safe from the public or intrusion. That is the only way to store huge chunks of bitcoin and not diversification.

[Ultegra134]

Suppose I hold lot of bitcoins in exchanges and in some wallet. To prevent the loss of bitcoins, how should one manage them?

Generate multiple new addresses. Distribute the bitcoins among these addresses. Copy the private keys of these addresses to paper wallet.
Is this the way to do it?

What are other better ways to manage large number of bitcoins?

Paper wallet, cold storage, hardware wallets should be some of your best bets. You could also store them in an offline wallet via a computer which you do (Regularly at least) use. Another simple option would be to store the wallet.dat file into several USBs, to prevent losing your .dat file by corrupt or lost devices. Online wallets are best to be avoided, especially if you do not have access to the private keys, if you are going to use one, opt for ones that support 2FA at least.

[GreatOrchid]

I store all my bitcoins in an offline wallet, and this is the most secure and safest way to store all my bitcoins, i have a lot of fear to store my bitcoins in coinbase or blockchain wallet.
A lot of wallets turned to scam, that is why i prefer to have them on an offline one.
And of course that if your wallet supports multi sig would be much safe, because you can distribute your btc in different addresses.