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Author Topic: Safe way to store many bitcoins?  (Read 575 times)
leomaida
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November 23, 2017, 04:29:56 PM
 #1

Hello everyone, I wanted to leave this question: What is the safest way to save a large amount of bitcoins? I mean a large sum of money. Take the necessary measures to avoid hacks, what kind of wallet to use. Also use a notebook dedicated only to that, what steps must be followed.

With the issue of transfers, do I have to give the same shipping address or to receive? xq if one has a large amount of money and all that is tracked, how do I take care of that?
I read but I understood very little about the wallets or hd addresses, can it be?

I hope someone can help me in this doubt. thank you very much.

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AdolfinWolf
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November 23, 2017, 04:35:14 PM
 #2

Hello everyone, I wanted to leave this question: What is the safest way to save a large amount of bitcoins? I mean a large sum of money. Take the necessary measures to avoid hacks, what kind of wallet to use. Also use a notebook dedicated only to that, what steps must be followed.

With the issue of transfers, do I have to give the same shipping address or to receive? xq if one has a large amount of money and all that is tracked, how do I take care of that?
I read but I understood very little about the wallets or hd addresses, can it be?

I hope someone can help me in this doubt. thank you very much.



Generate an offline / paper wallet and sent the bitcoin to there.

Use either a Paper wallet:

https://www.bitaddress.org/bitaddress.org-v2.3-SHA1-1d067dc4f3103622ca9de332c3c86fc57d76ec83.html

Quote
These wallets are generated using a random seed. They should be printed on an archive-quality paper and kept in a safe.

Or a brain wallet:

Quote
These wallets are created offline from a passphrase. The wallet can be constructed from the the same passphrase whenever the owner wants to make a transaction. Whoever guesses - or bruteforce attacks - the passphrase, has the wallet.

https://www.coindesk.com/how-to-create-a-brain-wallet/


Although bitadress is open source, i would still advise you to disconnect yourself from the internet before generating an adress.


If you're looking for a more accessible wallet, you might want to buy a hardware wallet such as a trezor / Nano ledger S.

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November 23, 2017, 04:37:43 PM
 #3

What you should NOT do, is use 3rd party services to store them, like for example blockchain.info
Instead, you should store your coins on your own computer, or even in a USB Stick.
Just google this, you will find how to do it.

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November 23, 2017, 05:17:40 PM
 #4

Hello everyone, I wanted to leave this question: What is the safest way to save a large amount of bitcoins? I mean a large sum of money. Take the necessary measures to avoid hacks, what kind of wallet to use. Also use a notebook dedicated only to that, what steps must be followed.

With the issue of transfers, do I have to give the same shipping address or to receive? xq if one has a large amount of money and all that is tracked, how do I take care of that?
I read but I understood very little about the wallets or hd addresses, can it be?

I hope someone can help me in this doubt. thank you very much.



Generate an offline / paper wallet and sent the bitcoin to there.

Use either a Paper wallet:

https://www.bitaddress.org/bitaddress.org-v2.3-SHA1-1d067dc4f3103622ca9de332c3c86fc57d76ec83.html
.....

That program was not intended to be used online. The concept was that a user would download the javascript, then turn his internet off, then run the script.
AdolfinWolf
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November 23, 2017, 09:10:28 PM
 #5

Hello everyone, I wanted to leave this question: What is the safest way to save a large amount of bitcoins? I mean a large sum of money. Take the necessary measures to avoid hacks, what kind of wallet to use. Also use a notebook dedicated only to that, what steps must be followed.

With the issue of transfers, do I have to give the same shipping address or to receive? xq if one has a large amount of money and all that is tracked, how do I take care of that?
I read but I understood very little about the wallets or hd addresses, can it be?

I hope someone can help me in this doubt. thank you very much.



Generate an offline / paper wallet and sent the bitcoin to there.

Use either a Paper wallet:

https://www.bitaddress.org/bitaddress.org-v2.3-SHA1-1d067dc4f3103622ca9de332c3c86fc57d76ec83.html
.....

That program was not intended to be used online. The concept was that a user would download the javascript, then turn his internet off, then run the script.

Exactly, that was why i stated that you should turn your internet off before using/generating a wallet. I'd never generate one there while online if you're going to use it for offline storage.

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November 24, 2017, 06:53:11 AM
 #6

Every One say What is the safest way for bitcoin account? for more secure bitcoin account it can be connected to our gmail id for security
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November 24, 2017, 07:47:32 AM
 #7

Hello everyone, I wanted to leave this question: What is the safest way to save a large amount of bitcoins? I mean a large sum of money. Take the necessary measures to avoid hacks, what kind of wallet to use. Also use a notebook dedicated only to that, what steps must be followed.

With the issue of transfers, do I have to give the same shipping address or to receive? xq if one has a large amount of money and all that is tracked, how do I take care of that?
I read but I understood very little about the wallets or hd addresses, can it be?

I hope someone can help me in this doubt. thank you very much.



Generate an offline / paper wallet and sent the bitcoin to there.

Use either a Paper wallet:

https://www.bitaddress.org/bitaddress.org-v2.3-SHA1-1d067dc4f3103622ca9de332c3c86fc57d76ec83.html
.....

That program was not intended to be used online. The concept was that a user would download the javascript, then turn his internet off, then run the script.

You should consider taking further precautions, than just running the Javascript offline and then later going online again. Some hackers are targeting offline content too. <logs> If you want to make 100% sure that you want to store these bitcoins, without people getting to it, then I would advise you to buy a old second hand computer & printer <low specs> just for this purpose.

You fire it up, copy the JavaScript from a online computer to the second hand pc & printer <offline> and generate & print as much paper wallets as needed. <Never go online with that computer again>

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November 24, 2017, 08:50:36 AM
 #8

Every One say What is the safest way for bitcoin account? for more secure bitcoin account it can be connected to our gmail id for security
And when your Gmail got hacked your wallet goes down too Cheesy

For best security you can generate paper wallet, store your coins there and put that wallet into Bank Safety Deposit Box. Otherwise, buy hardware wallet and never connect it to internet.

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November 24, 2017, 10:14:21 AM
 #9

Maintain use of your computer to yourself and to your trusted love ones and family you could try cashing out your bitcoin if you think it can be stolen or got hacked by someone regardless you reset your proxy serves set it your most comfortable one and make sure you download security programs which you think is not someone creates solely for the purpose of sneaking to your account.
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November 24, 2017, 10:49:41 AM
 #10

Paper wallet.... the only safe way.

I also use a paper wallet for large amounts and put them in my bank safe.
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November 24, 2017, 10:51:51 AM
 #11

Paper wallet.... the only safe way.

I also use a paper wallet for large amounts and put them in my bank safe.
Steel beats paper, paper is easily destroyed, write down your private key in steel https://cryptosteel.com/

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November 24, 2017, 10:54:04 AM
 #12

i would seriously discourage the use of brain wallets... The human brain is a terrible source of entropy.

To store a large amount of BTC, there are 3 good options:
  • a paper wallet (as discussed before): if generated correctly, great for longterm storage, not so good for dayly transactions
  • a hardware wallet: sets you back between $50 and $150, but very secure and easy to use on a daily basis
  • a wallet on an airgapped PC: very secure, little harder to use, and requires a spare pc... There are some linux distro's available to help you with setting up an offline (airgapped) wallet

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November 24, 2017, 11:46:24 AM
 #13

i would seriously discourage the use of brain wallets... The human brain is a terrible source of entropy.

To store a large amount of BTC, there are 3 good options:
  • a paper wallet (as discussed before): if generated correctly, great for longterm storage, not so good for dayly transactions
  • a hardware wallet: sets you back between $50 and $150, but very secure and easy to use on a daily basis
  • a wallet on an airgapped PC: very secure, little harder to use, and requires a spare pc... There are some linux distro's available to help you with setting up an offline (airgapped) wallet


This is perfect advice, well written. I completely agree concerning brain wallets. I'd only use one in a highly volatile situation (eg needing to take your wealth out of a country where there's been a collapse/revolution). Just make sure you follow the steps very carefully. Whichever method you use, make sure you have a backup of your seed words or paper wallet in a geographically separate second secure place just in case your house catches fire etc.

Vires in Numeris
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November 24, 2017, 11:47:09 AM
 #14

Hello everyone, I wanted to leave this question: What is the safest way to save a large amount of bitcoins? I mean a large sum of money. Take the necessary measures to avoid hacks, what kind of wallet to use. Also use a notebook dedicated only to that, what steps must be followed.

With the issue of transfers, do I have to give the same shipping address or to receive? xq if one has a large amount of money and all that is tracked, how do I take care of that?
I read but I understood very little about the wallets or hd addresses, can it be?

I hope someone can help me in this doubt. thank you very much.



Try out physical wallet ledger nano, best reviews on the internet as may be the best way to store your coins.

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November 24, 2017, 12:10:48 PM
 #15

Paper wallet.... the only safe way.

I also use a paper wallet for large amounts and put them in my bank safe.
Steel beats paper, paper is easily destroyed, write down your private key in steel https://cryptosteel.com/

If you are going to use the company that you have linked you are spending $79 minimum to engrave on a piece of steel, when that is fairly basis to do. All you have to do is go to your nearest scrap yard and buy it off them for a few dollars and write it yourself. Although, a paper wallet if stored correctly is more than enough and doesn't require any investment at all.

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November 24, 2017, 12:23:01 PM
 #16

Paper wallet.... the only safe way.

I also use a paper wallet for large amounts and put them in my bank safe.
Steel beats paper, paper is easily destroyed, write down your private key in steel https://cryptosteel.com/

If you are going to use the company that you have linked you are spending $79 minimum to engrave on a piece of steel, when that is fairly basis to do. All you have to do is go to your nearest scrap yard and buy it off them for a few dollars and write it yourself. Although, a paper wallet if stored correctly is more than enough and doesn't require any investment at all.
I don't know about you but $80 is really nothing for me, I got better things to do with my time than to spend hours if not days engraving hundreds of little steel tiles.

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November 24, 2017, 12:30:35 PM
 #17

Paper wallet.... the only safe way.

I also use a paper wallet for large amounts and put them in my bank safe.
Steel beats paper, paper is easily destroyed, write down your private key in steel https://cryptosteel.com/

If you are going to use the company that you have linked you are spending $79 minimum to engrave on a piece of steel, when that is fairly basis to do. All you have to do is go to your nearest scrap yard and buy it off them for a few dollars and write it yourself. Although, a paper wallet if stored correctly is more than enough and doesn't require any investment at all.
I don't know about you but $80 is really nothing for me, I got better things to do with my time than to spend hours if not days engraving hundreds of little steel tiles.

For that money you might as well get a hardware wallet it has more functionality and is just as safe. In fact you can still use it online but as soon as you use the private key off that bit of steel it could be compromised.  

That website probably doesn't sell a lot of those as it's effectively a paper wallet with extra expenses.

Veritas Mining

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November 24, 2017, 12:55:09 PM
 #18

Paper wallet.... the only safe way.

I also use a paper wallet for large amounts and put them in my bank safe.
Steel beats paper, paper is easily destroyed, write down your private key in steel https://cryptosteel.com/

If you are going to use the company that you have linked you are spending $79 minimum to engrave on a piece of steel, when that is fairly basis to do. All you have to do is go to your nearest scrap yard and buy it off them for a few dollars and write it yourself. Although, a paper wallet if stored correctly is more than enough and doesn't require any investment at all.
I don't know about you but $80 is really nothing for me, I got better things to do with my time than to spend hours if not days engraving hundreds of little steel tiles.

For that money you might as well get a hardware wallet it has more functionality and is just as safe. In fact you can still use it online but as soon as you use the private key off that bit of steel it could be compromised.  

That website probably doesn't sell a lot of those as it's effectively a paper wallet with extra expenses.
Steel would outlast any hardware wallet, they're also prone to breaking and environmental hazards (fires, floods, boating accidents?), you can also lock the steel wallet or even use encryption to write down your seed.

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November 25, 2017, 07:57:25 AM
 #19

The paper wallet information was very helpful.  Thank you.
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November 25, 2017, 08:43:22 AM
 #20

Get paper wallets through offline methods, write down the private keys of each on one single paper as well as divide your stash into small parts and send each part to each paper wallet depending on how many you choose to have. That's the best way because having just one paper wallet could easily end up into making you bankrupt (in case of Bitcoins) if there's water or fire that destroys it, but having a small or big lot of paper wallets and writing down all the private keys into one and putting that one in your real wallet is what makes it secure for you as even if one or two paper wallets get destroyed, you will still have the key with you. If you are concerned about being tracked of your transactions, you can use VPNs before doing any transaction to safeguard your information that's sent by your ISP.

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