Best way to hold coins?

[Convington]

Hey guys,

I've read around a bit, googled, but I know many are active traders - so I'll ask here:

Background:  I have about 6 coins currently (not much) and 1 ICO (in it's own wallet, of course). Some of these are active trades, some for hold.  Currently I have 1 in a Cryptopia Wallet (unsure if this will be hold or active yet) and 5 in Bittrex Wallets.  I also have Exodus and mine ETH and DCR to those wallets.

What is the preference?  

• Have my own PC-based wallet and back it up?
• Use a hard-wallet? (thinking like Trezor)
• Other?

Thanks.  Just trying to figure this all out

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[kolesozw]

Hey guys,

I've read around a bit, googled, but I know many are active traders - so I'll ask here:

Background:  I have about 6 coins currently (not much) and 1 ICO (in it's own wallet, of course). Some of these are active trades, some for hold.  Currently I have 1 in a Cryptopia Wallet (unsure if this will be hold or active yet) and 5 in Bittrex Wallets.  I also have Exodus and mine ETH and DCR to those wallets.

What is the preference?  

• Have my own PC-based wallet and back it up?
• Use a hard-wallet? (thinking like Trezor)
• Other?

Thanks.  Just trying to figure this all out

I own Trezor. But I'm using it only for long-term hodl. My daily needs are on local/online wallets. But only small amounts.
Never use Cryptopia or any other exchange as long-term wallet. Exchanges are... exchanges. To exchange coins and withdraw.

[Convington]

I own Trezor. But I'm using it only for long-term hodl. My daily needs are on local/online wallets. But only small amounts.
Never use Cryptopia or any other exchange as long-term wallet. Exchanges are... exchanges. To exchange coins and withdraw.

Trezor - ok, I will look more deeply into that although my only thought was that it is limited on what currencies it can hold, correct?

Exchange Wallets - When I transfer out of an exchange (haven't done except from Coinbase for BTC purchase to Bittrex for purchasing other currencies), wouldn't I get a fee for transfer to my wallet?  If so - why not continue to keep it in the exchange with multi-factor auth enabled?

[BillyBobZorton]

Hey guys,

I've read around a bit, googled, but I know many are active traders - so I'll ask here:

Background:  I have about 6 coins currently (not much) and 1 ICO (in it's own wallet, of course). Some of these are active trades, some for hold.  Currently I have 1 in a Cryptopia Wallet (unsure if this will be hold or active yet) and 5 in Bittrex Wallets.  I also have Exodus and mine ETH and DCR to those wallets.

What is the preference?  

• Have my own PC-based wallet and back it up?
• Use a hard-wallet? (thinking like Trezor)
• Other?

Thanks.  Just trying to figure this all out

The problem of why altcoins in general are an annoyance and why in the long term Bitcoin will keep getting bigger and bigger, is precisely because of the fact that it takes a lot of stress in order to keep local wallets for each single token. This added stress is nonsense once we have sidechains and you can hold different tokens by just holding BTC.

My advice is that if you want to keep an altcoin long term, get a local wallet, or at least an SPV wallet (so an equivalent of Electrum for your altcoin would do).


Keeping it at an exchange is always high risk, even if it's tempting if you are lazy (and I am), it's better to get the annoying things done before and then forget about it and be safe.

[ahmedjamal1998]

First of all I have to tell you that what you're doing right now is so risky and dangerous.

You should that much amount of money exchanges ? Do you know that exchanges get hacked and funds disappear ?
Even some exchanges have shut down in the past and ran away with all the money of the users.

I guess you're not willing to lose 25 grand that easy !

If you want to hold the coins for a long amount of time then the best would be using a hardware wallet as I'd consider it the safest.
But right now you need to take action. Use multibit/electrum or any other spv wallet. , get an address and transfer your coins there.

Ofcourse don't forget to backup and print out all your private keys/passwords and backup wallet files.

Only deposit money on an exchange when you're actually gonna trade or buy some altcoins. But I'm positive you won't put that amount of money in anything other than bitcoins.

Good Luck

EDIT: What a coincidence ! A person just posted that an exchanged locked him off his account with no response.
https://bitcointalk.org/index.php?topic=2214456.0

That's exactly what I'm talking about.

[Red-Apple]

best way of holding bitcoin and a couple of other altcoins worth holding such as litecion is to use a cold storage. a paper wallet or an always offline computer or if you are willing to pay, a hardware wallet are examples.

the best way to hold other altcoins is in an exchange inside a stop loss order open and ready to be dumped before you lose money when the dark days of dumping starts unavoidably for all of the altcoins.

[adam1230]

Ledger-Trezor is best option to hold coins.
If you don't want to buy ledger you can create a paper wallet then never store secret key on pc thats the other safe way.

[Convington]

Just making sure I understand here... because it is all way over-confusing to start:

AltCoins - I can only store these (long-term) in their own wallets, correct?  

Electrum seems to be only a bitcoin wallet, so this would be after a trade if I wanted to not trade anymore and store the BTC?

I do use Exodus, so I have some others stored there, but it's not like there are a ton of altcoin options there either.



So that leaves...

Altcoins - Longterm - Store in their own wallet, then?
Altcoins - Short Term - store in exchange with limit order?
BTC - remove the amount from the exchanges that I'm not actively trading with?

Safety - use paper wallet or Ledger/Trezor.


Trying to cover all my bases here.  I think I'm understanding some of this.

[MV7]

Hey guys,

I've read around a bit, googled, but I know many are active traders - so I'll ask here:

Background:  I have about 6 coins currently (not much) and 1 ICO (in it's own wallet, of course). Some of these are active trades, some for hold.  Currently I have 1 in a Cryptopia Wallet (unsure if this will be hold or active yet) and 5 in Bittrex Wallets.  I also have Exodus and mine ETH and DCR to those wallets.

What is the preference?  

• Have my own PC-based wallet and back it up?
• Use a hard-wallet? (thinking like Trezor)
• Other?

Thanks.  Just trying to figure this all out

It largely depends on how much funds you have. If you have a small to medium amount, a pc-based wallet should probably be fine. If you have large amounts, definitely better to have a hard-wallet. Also, for any funds on exchanges, make sure you have 2fa enabled.

[asriloni]

Just making sure I understand here... because it is all way over-confusing to start:

AltCoins - I can only store these (long-term) in their own wallets, correct?  

Electrum seems to be only a bitcoin wallet, so this would be after a trade if I wanted to not trade anymore and store the BTC?

I do use Exodus, so I have some others stored there, but it's not like there are a ton of altcoin options there either.



So that leaves...

Altcoins - Longterm - Store in their own wallet, then?
Altcoins - Short Term - store in exchange with limit order?
BTC - remove the amount from the exchanges that I'm not actively trading with?

Safety - use paper wallet or Ledger/Trezor.


Trying to cover all my bases here.  I think I'm understanding some of this.

One more, you need to know that token which use ethereum smart contract also exist, will simply require you MyEtherWallet compatible for hardware wallet just like trezor and you can store all those token in just one wallet securely.
Frankly, these tokens are now dominating the market.
For holding a coin, it'll worth than keeping those altcoins which have their own wallet with low safety.

[Bytem3]

If your portfolio is worth more then $ is worth more then $2k then you should think about buying a hardware wallet... because if you hold only $100 then it doesn't make sense to buy a hardware wallet cos it costs ~$100. There are 6 hardware wallets out there I think atm, you can find reviews for each of them here: https://besthardwarewallets.com/. Also depends which coins you hold because these hardware wallets don't support that many, just the bigger ones.

[neinnein125]

I think it is best to use original wallets in your isolated computer. This could be clean linux distribution if they allow etc. You can only download chain and store coins in it. And no other operations, no java flash no malware bringing applications..

[Ratters]

I think that the best way to hold your free tokens on your own wallets not on the markets, because it's not safely.

[Razmirraz]

ETH is more convincing than any altcoin available. As well as in my opinion, more profitable and promising in the future. And it's worth for our investment.

[100degrees]

Find your favorite wallet, then use it as much as possible.

[AschPlatform]

I think the best way to persuade yourself to lock your coin is to forge, there are many coins supporting forge, such as XAS, Lisk, Oxy, DCT and so on. This not  only help you hold you coins, but also increase the quantity of you coin. Coins support forging are usually promising ones that will boom in the future.

[scottish_xander]

I would like to run this through you guys for some feedback

Lenovo X200 with hdd and wifi card removed

Tails with persistent volume long complex password enabled

Install all the wallets that you like and generate five to twenty addresses on each one depending upon investment size in respective coin.

Also create a file on persistent volume with all your passwords and secret keys for every trading site that you use.

Also create a set of instructions for your loved ones to use in the event that you die.

Clone the drive and send it to three different locations, one location (location 2) which is not far from home location one

Give the Tails persistent volume password to those who you trust.

Rather than sign transactions offline, just burn the many addresses for each coin, as and when you like.

Continue to alter the wallets or add new the wallets in tails location one and add additional wallets and keep back up clone in nearby location two.

Whenever the investment addresses are significantly different, then send a clone to location three and four.

[styca]

Long term holds - have your own wallet
Short term stuff - exchanges

For small amounts, I don't think it's worth the hassle to download loads and loads of wallets, so this can be kept on exchanges.

Everyone has their own preference though

[hdtqisg]

You hold your coin by only you hold Private key! Other, the same you can not hold your coin

[hodlftw]

Think you should go with hardware wallets. They are the most secure and you are in control of your private keys the whole time! Compare that to an exchange where they own your keys. This iis bad for several reasons

mainly being they own your tokens or coins. Lest we forget to mention an exchange gets hacked, also bad. Lastly if any coin or token is airdropped on those coins in an exchange you are not eligible for those neither. Too

many reasons to get hardware wallet, I suggest you get one ASAP if serious about cryptocurrencies.

[Maveth13]

Best way to hold coins? Use hard wallets. No matter how small the amount you have, never leave it in an exchange for a day or even hours. None of them is going to help you when they get hacked - which happens more often than you'd think - and lose funds.

[Convington]

ok.  Looking into hard wallets.  I already got the long-holds off Bittrex.  It's a step in the right direction, it seems.

[shirackjs]

If you intend to hold your coins for long term, a hardware wallet is a good choice.
Don’t hold your coins in exchanges for long term, you don’t have control over your coins and anything can happen.

[bhobafett]

The best way to hold your coin is when it reach your expected price then get ready to release it. Just to avoid certain regrets if you sell it in a low price.

[tylerik1]

You should store your coins in a cold wallet like Trezor or something. You shouldnt use online wallets, because you dont know who is the owner of the server. Maybe he is going to scam you one day..

[kryptqnick]

Hey guys,

I've read around a bit, googled, but I know many are active traders - so I'll ask here:

Background:  I have about 6 coins currently (not much) and 1 ICO (in it's own wallet, of course). Some of these are active trades, some for hold.  Currently I have 1 in a Cryptopia Wallet (unsure if this will be hold or active yet) and 5 in Bittrex Wallets.  I also have Exodus and mine ETH and DCR to those wallets.

What is the preference?  

• Have my own PC-based wallet and back it up?
• Use a hard-wallet? (thinking like Trezor)
• Other?

Thanks.  Just trying to figure this all out

If you hold the currencies short-term then bittrex is quite all right. If all the currencies are for long-term holding then I would advice myetherwallet for eth, blockchain.info for ethereum and in general just choose the most recommended wallet for each currency. Yet of course the safest way to keep currencies is an so-called paper wallet with none of your access keys on your computer. Surely thus you risk to lose the damn piece of paper and coins along with it.

[verifyas]

Exodus works really well, and supports a bunch of different coins (ETH, BTC, OMG, LTC, etc..)

[chalkboard17]

Holding on your computer is the best way. It is not very hard to download and learn how to use a pc wallet. You just need to know how to read and some knowledge about computer

[MarioLuck990]

Lykke wallet, its almost as secure as an offline wallet! Personally I think is equally secure because company offers protection is case that they stole your money, full refund!

[3kpk3]

Hey guys,

I've read around a bit, googled, but I know many are active traders - so I'll ask here:

Background:  I have about 6 coins currently (not much) and 1 ICO (in it's own wallet, of course). Some of these are active trades, some for hold.  Currently I have 1 in a Cryptopia Wallet (unsure if this will be hold or active yet) and 5 in Bittrex Wallets.  I also have Exodus and mine ETH and DCR to those wallets.

What is the preference?  

• Have my own PC-based wallet and back it up?
• Use a hard-wallet? (thinking like Trezor)
• Other?

Thanks.  Just trying to figure this all out

I believe that the best way to store bitcoins would be to use paper wallets or hardware wallets(Trezor). These methods are way better than other methods and chances of losing our coins are rare to none.

[rathaha10]

You should store your coins in a cold wallet like Trezor or something. You shouldnt use online wallets, because you dont know who is the owner of the server. Maybe he is going to scam you one day..

You can buy that thing, but it cost money like 100 dollars. You should use some online wallets, but only trusted wallets like Blockchain everyone i know are using it. So i assume that it is safe, because many people are using it.

I am using coinpot and blockchain to hold my bitcoins. I can also add litecoin and dogecoin to my coinpot account so its handy.

[Convington]

No worries.. I already downloaded several wallets, have paper copies of my keys, and transferred the long-term holds from Bittrex.  I appreciate the help and support, it wasn't terribly difficult once I started.  I already had Exodus as mentioned in one of the initial posts (I think) - so some of my coin, including my mined coin are with that wallet.  Now it is just watching and waiting for the transfer back and the sell once they near the mark I'm looking for.

Thanks! 

[danny0201]

Hardware wallets are safest. But if you don't have huge investments then install a clean windows on a VM and install the wallets on there. Make a backup on a usb or external hd. And have 1 extra copy at a relatives house in case of a fire or something. And have the wallets and files password protected.

[BTCGOLD]

Hardware wallets are safest. But if you don't have huge investments then install a clean windows on a VM and install the wallets on there. Make a backup on a usb or external hd. And have 1 extra copy at a relatives house in case of a fire or something. And have the wallets and files password protected.

My business partner by the lack of any portfolio security has lost a lot. We often have to deal with hacker attacks. Unfortunately, many different forms of protection of the wallet have to be paid, but I think if someone comes to business seriously should take care of it. Too much to lose.

[rgm108]

I use a hardware wallet, the Nano Ledger S.

Great bit of kit.

[AdamCooper]

I use myetherwallet for ether and erc29 tokens. I fins it very handy for keeping lots of different tokens in 1 place. Beware of phishing scams, never click on links or log in if someone emailing you tells you that you need to.

[Mihaylovic]

I bought a very cheap brand new notebook. I have been using it only for my wallets since beginning. I did not download anything to that computer. I didnt surf or do anything except using my wallets. I believe it is enough safe for me.

[wolfracer]

I think the best way to save coins is with a hardware wallet since this way you avoid hacking problems, I attach a thread of btc talk  where an user lost the equivalent of $ 500K apparently connected to an infected wifi network.

https://bitcointalk.org/index.php?topic=2224214.0

I guess I don't need to add more details to know which is the best option

[asadul]

best way of holding bitcoin and a couple of other altcoins worth holding such as litecion is to use a cold storage. a paper wallet or an always offline computer or if you are willing to pay, a hardware wallet are examples.
the best way to hold other altcoins is in an exchange inside a stop loss order open and ready to be dumped before you lose money when the dark days of dumping starts unavoidably for all of the altcoins.

[Nalbo]

For long term storage, I'm planning to back up private keys and save them to two different storage. An USB and an external hard disk. With wallet of each coins in my desktop.

[danherbias07]

Hey guys,

I've read around a bit, googled, but I know many are active traders - so I'll ask here:

Background:  I have about 6 coins currently (not much) and 1 ICO (in it's own wallet, of course). Some of these are active trades, some for hold.  Currently I have 1 in a Cryptopia Wallet (unsure if this will be hold or active yet) and 5 in Bittrex Wallets.  I also have Exodus and mine ETH and DCR to those wallets.

What is the preference?  

• Have my own PC-based wallet and back it up?
• Use a hard-wallet? (thinking like Trezor)
• Other?

Thanks.  Just trying to figure this all out

I own Trezor. But I'm using it only for long-term hodl. My daily needs are on local/online wallets. But only small amounts.
Never use Cryptopia or any other exchange as long-term wallet. Exchanges are... exchanges. To exchange coins and withdraw.

He already answered the basics.
Stop using exchanges as a wallet or you are risking to much that way.
I know we want a faster way to exchange our coins if a certain increase in price is happening but at what expense?
Use Trezor if you want or use the wallets provided by those coins. Some of them offers that or have a preferred wallet.

[bayong]

For me I used trusted wallet provider because they are legit and running for a long time like blockchain.info, myetherwallet.com and waveswallet.io and we also have here on our local the coins.ph.

I also have hardwallet but I would transfer this account soon to exchange site because I can't guarantee the safety for it now because I have aged laptop.

[banake]

There are many ways to hold coins: online wallet,  coin wallet, exchange...
But the safest one is put them on hard wallet: Keepkey, Trezor, Legend S
You only need keep security words. Even you lost hard wallet, you still can recover your balance

[lunnatic]

Hey guys,

I've read around a bit, googled, but I know many are active traders - so I'll ask here:

Background:  I have about 6 coins currently (not much) and 1 ICO (in it's own wallet, of course). Some of these are active trades, some for hold.  Currently I have 1 in a Cryptopia Wallet (unsure if this will be hold or active yet) and 5 in Bittrex Wallets.  I also have Exodus and mine ETH and DCR to those wallets.

What is the preference?  

• Have my own PC-based wallet and back it up?
• Use a hard-wallet? (thinking like Trezor)
• Other?

Thanks.  Just trying to figure this all out

Whatever the trusted wallet you use as long as you can keep it that's good but not using exchange wallet (not recommended). For me i just using online wallet like MEW and also offline wallet or PC wallet.

[omnik]

Hey guys,

I've read around a bit, googled, but I know many are active traders - so I'll ask here:

Background:  I have about 6 coins currently (not much) and 1 ICO (in it's own wallet, of course). Some of these are active trades, some for hold.  Currently I have 1 in a Cryptopia Wallet (unsure if this will be hold or active yet) and 5 in Bittrex Wallets.  I also have Exodus and mine ETH and DCR to those wallets.

What is the preference?  

• Have my own PC-based wallet and back it up?
• Use a hard-wallet? (thinking like Trezor)
• Other?

Thanks.  Just trying to figure this all out

Whatever the trusted wallet you use as long as you can keep it that's good but not using exchange wallet (not recommended). For me i just using online wallet like MEW and also offline wallet or PC wallet.

There is a lot of hacked case related to the mew wallet, as far as i understand the paper wallet should be the best wallet in my opinion. The only reason your wallet got hacked caused by yourself.

[agus_purno]

Hey guys,

I've read around a bit, googled, but I know many are active traders - so I'll ask here:

Background:  I have about 6 coins currently (not much) and 1 ICO (in it's own wallet, of course). Some of these are active trades, some for hold.  Currently I have 1 in a Cryptopia Wallet (unsure if this will be hold or active yet) and 5 in Bittrex Wallets.  I also have Exodus and mine ETH and DCR to those wallets.

What is the preference?  

• Have my own PC-based wallet and back it up?
• Use a hard-wallet? (thinking like Trezor)
• Other?

Thanks.  Just trying to figure this all out

Whatever the trusted wallet you use as long as you can keep it that's good but not using exchange wallet (not recommended). For me i just using online wallet like MEW and also offline wallet or PC wallet.

There is a lot of hacked case related to the mew wallet, as far as i understand the paper wallet should be the best wallet in my opinion. The only reason your wallet got hacked caused by yourself.

indeed hacking happens is not entirely a hacker fault but also our fault for not being careful but it all does not require to stop using mew because in my opinion the offline wallet also has shortcomings

[dewanaga]

Hey guys,

I've read around a bit, googled, but I know many are active traders - so I'll ask here:

Background:  I have about 6 coins currently (not much) and 1 ICO (in it's own wallet, of course). Some of these are active trades, some for hold.  Currently I have 1 in a Cryptopia Wallet (unsure if this will be hold or active yet) and 5 in Bittrex Wallets.  I also have Exodus and mine ETH and DCR to those wallets.

What is the preference?  

• Have my own PC-based wallet and back it up?
• Use a hard-wallet? (thinking like Trezor)
• Other?

Thanks.  Just trying to figure this all out

Whatever the trusted wallet you use as long as you can keep it that's good but not using exchange wallet (not recommended). For me i just using online wallet like MEW and also offline wallet or PC wallet.

There is a lot of hacked case related to the mew wallet, as far as i understand the paper wallet should be the best wallet in my opinion. The only reason your wallet got hacked caused by yourself.

indeed hacking happens is not entirely a hacker fault but also our fault for not being careful but it all does not require to stop using mew because in my opinion the offline wallet also has shortcomings

if I alone to hold a good coin that is ethereum, I am sure will rise in price and ethereum
 will be the best coin after bitcoin

[NelfiNovita]

easy and simple way using ledger nano s, I am sure the money I save will be safe. or you can also save it in your own wallet not in the market this way much safer and you can directly use it when you need without having to sell it first.