What is the best (safest) way to store BitCoin for the longer term?

[Scorpion]

The way I secure my Bitcoin almost ensure only I, and my family members know how to unlock my funds. I create a my own Bitcoin address and print it out as a paper wallet. I print three or four copies of it and laminate them. I have different spots that I trust and I know are secure and safe and store these paper wallets at these locations.

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[Chanock]

Maybe storing bitcoin for a long period of time is a good idea and you are securing your future. The advantage of storing bitcoin for a long period is bitcoin is simultaneously increasing it's value. There a fluctuation of value but the rising of it's value is time to time.

[matuson]

I'm not saying that I am the ultimate truth, but it seems to me that the people themselves create problems. Any physical media can break or get lost. Then you won't be able to access their bitcoin. I think it is safer to keep money at trusted electronic wallets parts.

[franco123]

I actually do not know as I only know and familiar with one wallet. Which is the coins.ph. And I think there are a lot more wallets out there that I need to try because a lot of my friends are telling me about it. But what I liked about coins.ph as aside from being a wallet, I can easily convert my Bitcoins to pesos and use that to pay for the bills from coins.ph itself. Also, it has different ways on how to cash out money, my favorite one is through bank transfer.

[KourtneyK]

Hardware wallet would be the safest to store bitcoin for the longest time in my opinion because you get to manipulate and keep your private keys and only you would know them.

[catvantuong]

I should add this is the single greatest thing from getting folks to buy in.
Years ago I dabbled, kept my money on an exchange but when mount GOX happened I panicked. I had my stuff held on a Canadian exchange but that scared me badly.
If I buy in again I want to be able to pull funds onto a USB key. Anyone do that?

[Awnar]

The safest way for me in keeping bitcoins is think like you're keeping a valuable item and must always keep it secure. That includes the device where you keep your bitcoins, to have it stolen will spell a great loss on your end. Also avoid providing information which is also associated to your bitcoin account. Also the best option is to keep quiet about having bitcoins. It’s a sure fool proof way of hiding anything valuable that you have.

[AniviaBtc]

The majority of people are saying that a more secure wallet is that you place your wallet because they've experienced how secure you are to their proposal. I'm absolutely sure that the coinbase is secure as well because my bitcoins are not missing and I often use an ether wallet and what most people suggest is that I'm also safer because they have the experience they are using.

[whitemacna]

Yeah, been keeping my Bitcoins here for a long time now 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.As suggested by other users, you should try hardware wallets as it is the safest way to protect your bitcoins.

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[mitchel_am]

You just need a wallet and as long as you make sure you don't loose the password of the wallet everything should be fine with hodling

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[eternalgloom]

The majority of people are saying that a more secure wallet is that you place your wallet because they've experienced how secure you are to their proposal. I'm absolutely sure that the coinbase is secure as well because my bitcoins are not missing and I often use an ether wallet and what most people suggest is that I'm also safer because they have the experience they are using.

I have no doubt that Coinbase is probably one of the most secure exchanges out there, but the argument you make (my bitcoins have always been safe there) is a shaky one.
It'll always be safer to be in control of your own coins, preferably by using a hardware wallet.

Exchanges can always disappear or get into legal trouble, however low the chances may be.

[AlexanderAnthony]

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[nightxglow]

The safest way to store bitcoin for long term i think it's hardware wallet. My brother has it and it surely has high security. You don't really need to worry that you will lose your bitcoin because it's hacked or something, because it has some kind of double security or something, i don't really understand that can keep your bitcoin very very safe.
But online wallet is great enough for me, but it might be a bit risky, especially if you're careless enough to let people know your password or private key. But as long as you can be careful, then it won't be a problem.

[flippener]

Best option is a hardware wallet like Ledger, with a backup copy of the private keys on paper.

[hikaru_11]

Send to some stranger on the internet with username containing "HODL". They are pretty much safe there

He/she eventually uses Trezor or BIP38 encrypted paperwallets.

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[bug.lady]

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.

Yes it is a good option too, but beware that the more complicated you will make it, the higher the chance you made a simple mistake that will render your founds irretrievable! (as an example, I was really paranoid at the time and I created a multilevel structure of a passphrase protected wallets inside the password protected RAR archives inside the password protected hidden TrueCrypt volumes; I distributed the passwords to different levels to different family members. I was sooooo scared when I was untangling this mess).

In my opinion, currently the best option is a hardware wallet, it is simple, easy to use, very secure, and human-mistake proof.

[Shermand100]

Wow, that does sound like a Web of passwords. I can see your intention but that seems a little excessive withe encrypted RAR files.

I was using the Truecrypt example as it's a reasonably user friendly method that is free and works for all coins/wallets.

Hardware wallets are deffinatly the best for usability however not every coin is supported yet. I'm looking out for when someone makes one that supports Monero (I don't think they're far off ). It's deffinatly easier to spend coins using a ledger or treezor, but if you just hodl then Truecrypt will do.