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Author Topic: What is the best (safest) way to store BitCoin for the longer term?  (Read 720 times)
Bluehouse
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September 04, 2017, 09:59:58 AM
 #1

So that I can start researching in the right area, I plan to buy BitCoin here and there as I can afford it, and I do not plan to sell or use it.   Is there a way to move it offline, either by printing something, a card, or something else that would make it super super secure (provided the physical info is in a safe place).  I read so many posts about people having stuff stolen over the years, or exchanges getting hacked or going broke, and since I don't plan to use or sell it, what would be the uber-safest solution?  I don't mind if it's complicated, or a harder thing to do, once I know it's the right option, I will take the time to learn how to do it.


Thanks in advance! 
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September 04, 2017, 10:07:33 AM
 #2

you should consider paper wallet and hardware. both seem a good option to save your coins

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September 04, 2017, 10:15:16 AM
 #3

maybe you can use a cold storage method like paper wallet usb storage that would become your safe deposit,,

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September 04, 2017, 10:16:38 AM
 #4

How about Electrum wallet? I'm planning to use, is it safe to save my bitcoin here and hold it for longer term, just like the thread starter i just want to  know if it is really good on saving my coins offline.

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September 04, 2017, 10:19:09 AM
 #5

How about Electrum wallet? I'm planning to use, is it safe to save my bitcoin here and hold it for longer term, just like the thread starter i just want to  know if it is really good on saving my coins offline.

Electrum wallet is the best and safest place to keep your bitcoins safe as I am using it from the day I came to know about bitcoins and never saw any coins missing from my wallet and your coins will be intact if you follow the basic steps to store them and it won't be easy for anyone to hack your wallet and steal your coins.

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September 04, 2017, 10:36:37 AM
 #6

How about Electrum wallet? I'm planning to use, is it safe to save my bitcoin here and hold it for longer term, just like the thread starter i just want to  know if it is really good on saving my coins offline.

Electrum wallet is the best and safest place to keep your bitcoins safe as I am using it from the day I came to know about bitcoins and never saw any coins missing from my wallet and your coins will be intact if you follow the basic steps to store them and it won't be easy for anyone to hack your wallet and steal your coins.

Yeah, been keeping my Bitcoins here for a long time now. I wrote my private key in my favorite place so I can't forget where I put it. I just use my bitcoin wallet exchanger when I will be converting some of my bitcoin into fiat. But I think this depends on how you will be taking care of your bitcoin and it don't really depend on what kind of wallet you use.

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September 04, 2017, 10:37:36 AM
 #7

I think that hardware wallets are the best. Otherwise, you can store your bitcoin in a random wallet and save your private key in somewhere that no one can find. It will make your bitcoin safer than ever because no one can access without private key. If you use hardware wallets, I recommend you to use ledger and trezor. They are best in developing these things

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September 04, 2017, 11:01:07 AM
 #8

Ledger nano s/ Trezor are good options

I prefer to live a day like a wolf than a hundred years as a lamb.

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September 04, 2017, 11:44:01 AM
 #9

I would recommend having at least 1 or 2 hardware wallets, or you can also store your bitcoin on a paper wallet.
Just make sure that you keep these hardware wallets or paper wallets in a secured place.
The only risk I see in keeping your bitcoins using these wallets it that, since its a hardware, it might be stolen if not placed in a secured place.
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September 04, 2017, 11:47:46 AM
 #10

I distribute my bitcoin in blockchain wallet, hardware wallet and paper wallet.

1. I've been using blockchain wallet for few years, and I find this wallet to be safe and has no rules as to your part as the owner of the wallet

2. Hardware wallet such as trezor or ledger is now widely use by bitcoin and cryptocurrency enthusiast. So far these are the most trusted and well-known hardware wallets used nowadays

3. Paper wallet is literally a paper wallet. So just like hardware wallet, you have to keep it on a secured vault.
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September 04, 2017, 11:53:01 AM
 #11

As suggested by other users, you should try hardware wallets as it is the safest way to protect your bitcoins. You can hold the bitcoins for longer time without any fear of theft.

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Bluehouse
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September 04, 2017, 01:20:05 PM
 #12

What an amazing forum!  This was my first question on here, and so many helpful replies.  Thanks so much everybody!   Having a forum like this is priceless when researching topics, especially ones like this.   So glad I joined!   Smiley
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September 04, 2017, 01:29:33 PM
 #13

As an upgrade from paper, you can make your own metal backup so it's Water/Fire-proof. Should last a lot longer. Just just posted about this yesterday and made a short guide whilst experimenting over the weekend:

https://pinode.weebly.com/hardened-cold-storage.html



Good fun and easy to do if you like afternoon projects.


Commercialy products like "cryptosteel" exist in the US

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September 04, 2017, 01:46:51 PM
 #14

Besides the suggested Hardware Wallets and software, you can have either an old laptop or a Raspberry Pi disconnected from the network with Electrum or Armory and use either USB, a camera or the audio ports to copy the transaction to the offline computer for signing and copying it back again for broadcasting.

As an upgrade from paper, you can make your own metal backup so it's Water/Fire-proof. Should last a lot longer. Just just posted about this yesterday and made a short guide whilst experimenting over the weekend:

https://pinode.weebly.com/hardened-cold-storage.html



Good fun and easy to do if you like afternoon projects.


Commercialy products like "cryptosteel" exist in the US

Interesting project, thanks for sharing! Does indeed look like Cryptosteel.
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September 04, 2017, 01:47:15 PM
 #15

As an upgrade from paper, you can make your own metal backup so it's Water/Fire-proof. Should last a lot longer. Just just posted about this yesterday and made a short guide whilst experimenting over the weekend:

https://pinode.weebly.com/hardened-cold-storage.html



Good fun and easy to do if you like afternoon projects.


Commercialy products like "cryptosteel" exist in the US

Only if you're not good enough to keep the paper wallet safely but this looks like an amazing idea. The fact that one puts in time to make a backup like this tells so much about the person and their safety concerns. Either ways this is a good way to backup the paper wallet.

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September 04, 2017, 01:58:50 PM
 #16

So that I can start researching in the right area, I plan to buy BitCoin here and there as I can afford it, and I do not plan to sell or use it.   Is there a way to move it offline, either by printing something, a card, or something else that would make it super super secure (provided the physical info is in a safe place).  I read so many posts about people having stuff stolen over the years, or exchanges getting hacked or going broke, and since I don't plan to use or sell it, what would be the uber-safest solution?  I don't mind if it's complicated, or a harder thing to do, once I know it's the right option, I will take the time to learn how to do it.


Thanks in advance! 
Cold storage is the best way to store bitcoin for a long term and is the safest way because your the only one who can access it, you can keep your bitcoins in a usb drive or other data storage medium in a safe place or put your paper wallet in a safe box so no one can steal it.

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September 04, 2017, 02:17:56 PM
 #17

Another option is to use a trusted program like "Veracrypt" (it's the new maintained version of Truecrypt) to create encrypted containers.

It basically makes a virtual disk drive of a user defined size, the contents of which is encrypted with AES-256. To quote https://veracrypt.codeplex.com/wikipage?title=AES

"In June 2003, after the NSA (US National Security Agency) conducted a review and analysis of AES, the U.S. CNSS (Committee on National Security Systems) announced in [1] that the design and strength of AES-256 (and AES-192) are sufficient to protect classified information up to the Top Secret level."

For example make a 20Mb encrypted container, secure it with a strong password, and put your backups in it. You can then email this file to yourself, keep it in your google drive, or keep it on a USB stick.

The encryption is good enough that the computer power required to break it would be better off mining blocks themselves for the 12.5 reward.

http://pinode.co.uk How to Guide Library for Nodes
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September 04, 2017, 02:44:12 PM
 #18

Desktop/hardware wallet is best solution for you.You can store your bitcoin into your desktop/hardware wallet,its safe and secure instead of on-line or other wallet. You can see here: https://bitcoin.org/en/choose-your-wallet you will get all of wallet details there.just read them and chose which one you want.

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BarbieCasino
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September 05, 2017, 11:20:04 AM
 #19

As suggested by other users, you should try hardware wallets as it is the safest way to protect your bitcoins. You can hold the bitcoins for longer time without any fear of theft.
bitcoin is very secure and save to use because a lot of online and off line wallet are now invented that if we will put our bitcoin in those wallet it will provide safety for pour bitcoin it is suggested by the majority to use hardware wallets to put your bitcoin in. blockchain is also being use by people it will provide you password and the key of your wallet never ever share it with anyone and save your bitcoin for years to years and it will make you earn a lot of money as well.

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Shermand100
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September 05, 2017, 01:18:06 PM
 #20

... I do not plan to sell or use it.   Is there a way to move it offline, either by printing something, a card, or something else that would make it super super secure (provided the physical info is in a safe place)...

Back to OP, for cost effectiveness I wouldn't recommend a hardware wallet. Yes they are great, but they are great for regular user interaction, for people needing a secure way to spend your funds without exposing keys/passwords. This is not the case the OP is asking, he/she wants a way to store keys and deposit funds only.

Once a wallet has been created and the Private key backed up somewhere (using any of the methods suggested by other users) he/she will only need the address to keep sending funds to that wallet and increase the balance. Online exchanges and merchants usually have an address book feature to make repeat payments.

A hardware wallet in this case is an unnecessary expense (they're not cheap). An encrypted container on a USB stick would serve the same purpose on a $5 USB drive, keys stored on the drive, address kept in the address book of where ever you'r buying them from, (I assume an online wallet/exchange).

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