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Author Topic: Paper wallet / Cold Wallet  (Read 882 times)
tinochan412
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November 16, 2017, 03:16:25 PM
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Hi guys, i'm really curious I store my btc in coins.ph where the prices change based on the current exchange rate. PHP-> BTC and BTC->PHP. I just store it there for a long time. Now i've been hearing that I shouldn't maintain my btc in a trade wallet or exchange wallet. So anyway, Could anyone define to me what are those wallets and what is the difference between a paper wallet and cold wallet?
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November 16, 2017, 03:33:22 PM
 #2

Hi guys, i'm really curious I store my btc in coins.ph where the prices change based on the current exchange rate. PHP-> BTC and BTC->PHP. I just store it there for a long time. Now i've been hearing that I shouldn't maintain my btc in a trade wallet or exchange wallet. So anyway, Could anyone define to me what are those wallets and what is the difference between a paper wallet and cold wallet?

Storing private keys online is not safe, if the exchange gets compromised, you are basically fucked.
What you should do is download Electrum, create a new wallet ,and transfer the funds from the exchange to your new wallet.
Electrum is a safe and easy to use cold wallet.
Paper wallet is physically printing out or writing down the private keys and public keys to paper material.
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November 16, 2017, 03:35:41 PM
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cold wallet its mean-you have your own privatekeys,you also can generate privatekeys or as regular get from blockchain for example

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November 16, 2017, 03:39:33 PM
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Hi guys, i'm really curious I store my btc in coins.ph where the prices change based on the current exchange rate. PHP-> BTC and BTC->PHP. I just store it there for a long time. Now i've been hearing that I shouldn't maintain my btc in a trade wallet or exchange wallet. So anyway, Could anyone define to me what are those wallets and what is the difference between a paper wallet and cold wallet?
All I know is cold wallet, in this wallet you got to get private key for your wallet. As we all know, private key are great source of defense of a wallet. You should maintain that.

I am a Filipino and coins.ph is a reliable wallet in Philippines. But it is better if you store a maximum of 2 bitcoins in there. Because some accounts were held by coins because of having many bitcoins and they are holding accounts to make sure where that money came from.

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November 16, 2017, 03:42:36 PM
 #5

Since the previous answers were not accurate...A cold storage wallet is a wallet which is offline (not connected to the internet) so a paper wallet is considered as cold storage too and It's simply your address and private keys printed in paper. Yes, It's not recommended to store your bitcoins at exchange as they can be hacked, or scam exit etc. If you use your coins on a daily basis, then use Electrum, If you have large amounts then a hardware wallet or paper wallet If you want to forget about them and not use them for a few years.

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November 16, 2017, 03:44:02 PM
 #6

Hi guys, i'm really curious I store my btc in coins.ph where the prices change based on the current exchange rate. PHP-> BTC and BTC->PHP. I just store it there for a long time. Now i've been hearing that I shouldn't maintain my btc in a trade wallet or exchange wallet. So anyway, Could anyone define to me what are those wallets and what is the difference between a paper wallet and cold wallet?
All I know is cold wallet, in this wallet you got to get private key for your wallet. As we all know, private key are great source of defense of a wallet. You should maintain that.

I am a Filipino and coins.ph is a reliable wallet in Philippines. But it is better if you store a maximum of 2 bitcoins in there. Because some accounts were held by coins because of having many bitcoins and they are holding accounts to make sure where that money came from.

Wow, this actually helped me. The OP has the same question as mine. I've been meaning to find out the difference and where to find the best wallet. I'm from the Philippines also and I use coins.ph. It's good to know that it's reliable. Thank you
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November 16, 2017, 03:44:42 PM
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HI, that's what I understand. Simple analysis is that the paper purse is a light purse, and it's easy to open it, just remember your password and don't need any other equipment. But it's possible to leak passwords and be exploited by hackers. Cold wallet is a kind of wallet that relies on hardware to log in. As long as you don't connect to the network, your password is stored in the cold wallet, no one can open it, and from the security analysis, of course, choose the cold wallet. In addition, the cold purse generally needs to be purchased. Smiley

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November 16, 2017, 03:58:04 PM
 #8

Hi guys, i'm really curious I store my btc in coins.ph where the prices change based on the current exchange rate. PHP-> BTC and BTC->PHP. I just store it there for a long time. Now i've been hearing that I shouldn't maintain my btc in a trade wallet or exchange wallet. So anyway, Could anyone define to me what are those wallets and what is the difference between a paper wallet and cold wallet?
All I know is cold wallet, in this wallet you got to get private key for your wallet. As we all know, private key are great source of defense of a wallet. You should maintain that.

I am a Filipino and coins.ph is a reliable wallet in Philippines. But it is better if you store a maximum of 2 bitcoins in there. Because some accounts were held by coins because of having many bitcoins and they are holding accounts to make sure where that money came from.

Wow, this actually helped me. The OP has the same question as mine. I've been meaning to find out the difference and where to find the best wallet. I'm from the Philippines also and I use coins.ph. It's good to know that it's reliable. Thank you

No hot wallet is ever safe no matter how reliable you think it is. Mt.Gox is a good example of that.
Better stick to cold or hardware wallet if you have considerable amount.
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November 16, 2017, 04:56:14 PM
 #9

Could anyone define to me what are those wallets and what is the difference between a paper wallet and cold wallet?
A cold wallet is a wallet which is not connected to the Internet.  The main purpose of this is that for a thief to take your coins, they would have to physically be there to steal your private keys or seed.

A paper wallet is a variant of cold storage which involves writing down your private keys or seed on a piece of paper.  When you want to take your coins out of cold storage, you would then have to connect to the Internet and sweep your wallet in order to do so.
Now i've been hearing that I shouldn't maintain my btc in a trade wallet or exchange wallet.
Most wallets are more secure than exchange "wallets", not just cold storage.

What's most important is that you, and only you, have access to your private keys.  If you don't, you are having to trust a third party service to keep your funds safe.
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November 16, 2017, 05:55:40 PM
 #10

Glad that you making the move from online wallet to a safe wallet like paper wallet and cold storage.

I second the choice of using a hardware wallet, it is really convenient, secure and cost less than $100. It is a small amount to pay for a peace of mind.


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November 16, 2017, 06:02:23 PM
 #11

Hi guys, i'm really curious I store my btc in coins.ph where the prices change based on the current exchange rate. PHP-> BTC and BTC->PHP. I just store it there for a long time. Now i've been hearing that I shouldn't maintain my btc in a trade wallet or exchange wallet. So anyway, Could anyone define to me what are those wallets and what is the difference between a paper wallet and cold wallet?

Storing private keys online is not safe, if the exchange gets compromised, you are basically fucked.
What you should do is download Electrum, create a new wallet ,and transfer the funds from the exchange to your new wallet.
Electrum is a safe and easy to use cold wallet.
Paper wallet is physically printing out or writing down the private keys and public keys to paper material.


Sure, but is it worth the hassle if you’ve investing small amounts — not really.
Cold storage wallets, whether hardware or paper, is reasonable for either long term investing (years) or large sums. Otherwise, the hassle can get tricky and tedious. You can always store small amounts on multiple exchanges if you’d like to ... for quicker access.

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November 16, 2017, 06:07:29 PM
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Cold storages are good, but one has to choose the hardware correctly, most of them break easily. I really stick into paper.
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November 16, 2017, 07:15:32 PM
 #13

Hi guys, i'm really curious I store my btc in coins.ph where the prices change based on the current exchange rate. PHP-> BTC and BTC->PHP. I just store it there for a long time. Now i've been hearing that I shouldn't maintain my btc in a trade wallet or exchange wallet. So anyway, Could anyone define to me what are those wallets and what is the difference between a paper wallet and cold wallet?

Storing private keys online is not safe, if the exchange gets compromised, you are basically fucked.
What you should do is download Electrum, create a new wallet ,and transfer the funds from the exchange to your new wallet.
Electrum is a safe and easy to use cold wallet.
Paper wallet is physically printing out or writing down the private keys and public keys to paper material.


Sure, but is it worth the hassle if you’ve investing small amounts — not really.
Cold storage wallets, whether hardware or paper, is reasonable for either long term investing (years) or large sums. Otherwise, the hassle can get tricky and tedious. You can always store small amounts on multiple exchanges if you’d like to ... for quicker access.

Well, tell that to former Mt. Gox customers. A lot of people invested just small amount like 100$(50-1000BTC) in 2011, if they had moved their BTC to a cold wallet back in 2011, they would have profited enormously today.

Really, is no hassle at all. Why spread small amount on multiple exchanges? Isn't the BTC fee high enough already?
For example with Electrum, easy to setup and use. If you want a cold wallet, just disconnect from the internet then create a wallet, and that's it.
 
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November 16, 2017, 07:23:26 PM
 #14

all post above me is right, but i just want to add something. cold or paper wallet is safe but if you forget where you keep it youll doomed too. i suggest if you just want to hold it for super long time, you need a deposit box at bank or soemething. a place where you cant forget and never can get burn or drown by water

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November 16, 2017, 07:24:54 PM
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https://en.bitcoin.it/wiki/How_to_set_up_a_secure_offline_savings_wallet

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November 16, 2017, 08:00:05 PM
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Paper wallets and cold storage have both advantages and disadvantages that are written above. you just have to decide for yourself what is the best solution for you, and the information on the Internet thank God are enough.

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November 16, 2017, 08:15:10 PM
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I don't know what is the best.if anyone knows about it give us some suggesion.it will awsome for us.thank you.
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November 16, 2017, 08:23:55 PM
 #18

Glad that you making the move from online wallet to a safe wallet like paper wallet and cold storage.

I second the choice of using a hardware wallet, it is really convenient, secure and cost less than $100. It is a small amount to pay for a peace of mind.
That's the point I would like to emphasize as well.
As soon as someone has managed to gather some portion of BTC (0.1 or above) to spend $100 for the hardware wallet should not be a question (or to spend $1 on a paper wallet, if you want to accumulate only, and to HODL for years). Hardware wallet is useful to someone who want to manage actively his/her bitcoins, do transactions frequenty from different computers or from mobile phone... For HODLing, paper wallets are just fine, just make sure you have several copies in different locations, hidden... It's always better to be safe than sorry...

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November 16, 2017, 08:26:10 PM
 #19

Just buy a ledger nano, it is one of the most safest ways to protect your bitcoins because you are never going to get your bitcoins compromised by anyone because there is no way to hack those offline wallets yet.
It is expensive, yes, but it is worth it, because if you are going to hold more than one bitcoin, then just paying $70 for a single wallet isn't anything compared to the whole security that you are going to receive inthere.
A paper wallet is a shit, and maybe you lose the paper and then your private key is lost too, it is not recommended to use one of those.

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November 16, 2017, 08:40:34 PM
 #20

Just buy a ledger nano, it is one of the most safest ways to protect your bitcoins because you are never going to get your bitcoins compromised by anyone because there is no way to hack those offline wallets yet.
It is expensive, yes, but it is worth it, because if you are going to hold more than one bitcoin, then just paying $70 for a single wallet isn't anything compared to the whole security that you are going to receive inthere.
A paper wallet is a shit, and maybe you lose the paper and then your private key is lost too, it is not recommended to use one of those.


Just to add to it, You can use the Ledger Nano S to store ETH, ETC, Dash, Ripple, Stratis, ZCash, Litecoin, and a few other alt currencies (Not just BTC).
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