cuenzy
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Activity: 532
Merit: 103
Fast, Smart, Trustworthy
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November 26, 2017, 04:47:23 PM |
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Hardware wallets are the straigtforward option but you should take into consideration the amount you store. Also you need to have backups for your private keys that are offline or encrypted online. Right now I couldnt suggest one. but in case you would like to access if anywhere and anytime I think this is a good way and like they said never ever store it in online exchanges.
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Remember that Bitcoin is still beta software. Don't put all of your money into BTC!
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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Boseda
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November 26, 2017, 04:58:21 PM |
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I'm buying BTC from an investment point of view to keep it for a few years. In this scenario, what would you advise and will storing the coins at the exhange be wise or should I store them somewhere else.
The best way is to store your Bitcoins in a safe wallets never connected on the Internet. Something like a hardware wallet or maybe Electrum put on a USB stick. Paper wallets could be good options too... instead storing your coins on exchanges is very risky! Please avoid doing it! |
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yeezycheezy
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Activity: 476
Merit: 10
Cryptoknowmics - World's First Decentralized Media
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November 26, 2017, 05:58:06 PM |
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for me im using coins.ph but i still dont have bitcoins . they say its safe there in coins.ph because theyre popular but dont take my advice serioously im just a newbie but for me coins.ph
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p3rplexamous
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November 26, 2017, 06:12:07 PM |
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Never store long term on an exchange. Is it convenient? yes, especially with all the forks and whatnot. But under no circumstances would I ever leave on an exchange. Lots of new people here dont remember what it was like to lose money on Mt Gox, or even BTC-E, so I say it again, DO NOT STORE YOUR MONEY ON AN EXCHANGE. Buy a hardware wallet, learn how to use it, and keep it in a safe place. I suggest Ledgers Nano S, and right now they even have a deal for 21% off because of Black Friday. Check it out. https://www.ledgerwallet.com/products/ledger-nano-s |
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godfredmanu
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November 26, 2017, 06:56:36 PM |
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Use cold storage to store your btc if your aim is to invest in the longer term. Keeping your money online is very risky. What if the exchange go out of business.
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Dudeperfect
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November 27, 2017, 05:54:08 AM |
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I would never advise you storing on any exchange even if you are getting any interest for it because irrespective of your security precautions, there is a chance of compromisation of the database at the server side so you can either use a securely generate paper wallet (don't forget to maintain backup copies at various places) or you can buy reputed hardware wallets like Trezor wallet (again, you must maintain backup copies of seed key). Keeping your funds offline helps you to avoid hacking attempts.
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kelvinyong
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November 27, 2017, 07:39:33 AM |
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What are the disadvantages and threats of storing your cryptos in exchanges?
Btw, does wallet like nano ledger accept any amount of cryptos without having transaction fees?
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olehgol260
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November 27, 2017, 08:49:19 AM |
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What are the disadvantages and threats of storing your cryptos in exchanges?
Btw, does wallet like nano ledger accept any amount of cryptos without having transaction fees?
The first question was already answered here: OP asked for a long-term storage and exchanges are more likely to close/be hacked/whatever what may lead to losing the money, as exchanges store your private keys. The answer to the second question I would like to know as well. |
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digimarketblockchain
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November 27, 2017, 09:05:21 AM |
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Cheapest - Paper wallet, store them carefully
safest - hardware wallet
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thinkpad99
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November 29, 2017, 10:10:34 PM |
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What are the disadvantages and threats of storing your cryptos in exchanges?
Btw, does wallet like nano ledger accept any amount of cryptos without having transaction fees?
The first question was already answered here: OP asked for a long-term storage and exchanges are more likely to close/be hacked/whatever what may lead to losing the money, as exchanges store your private keys. The answer to the second question I would like to know as well. This is the most common problem for new users. They protect their wallets badly, and the savings have quite a lot. You do not need a good hacker to steal all the mediums if the protection is what it is. |
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mikey08
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November 30, 2017, 09:40:30 AM |
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I am new to crypto.
I have money to invest not a lot.
I want to do long term trading as well as short term. Most of my funds would be tied up in several like btc, eth, etc but a few dollars amount i want to tied up in swing and day.
I guess the online exchanges would be the best bet, right, vs a hardware, I am looking to compound my money. so I heard average of day or swing is about 1 percent . That would be lot of money in the future
I have not traded anything yet, because I am having problems getting verified at coinbase ( only 50 dollars the max) limit and few others seem like they dont want to take me.
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TaKlarPH
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November 30, 2017, 11:14:35 AM |
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asicvault.io Just searched for this at google weeks ago because the internet of today when it comes to cyprtocurrency hacking is here. So heah we need to be aware of this so I suggest you go to Google or ask at different forums that you think can help you about diiferent undercover USB wallet to store your bitcoins.
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popeye95
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November 30, 2017, 12:24:14 PM |
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Should be a method that require an encrypted wallet, then encrypted it again by software and save in to USB and online upload file.
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trumpnoimee
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November 30, 2017, 01:50:45 PM |
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aizen10
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November 30, 2017, 02:46:15 PM |
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I'm buying BTC from an investment point of view to keep it for a few years. In this scenario, what would you advise and will storing the coins at the exhange be wise or should I store them somewhere else.
i strongly recommend you to use hardware wallet for more safety, but if you cant afford to purchase hardware wallet for now you can use offline wallet too, like electrum bitcoin wallet, this wallet has a cold storage feature for more safety of your bitcoin than the other web wallets out there. i use this wallet for almost 1 year so i strongly recommend this electrum wallet, but its up to you if theres any other bitcoin wallets that suits to your needs. |
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liuka
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November 30, 2017, 03:16:40 PM |
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there are many wallet you can use it like blockchain.info (online wallet) or electrum ( hardwhare wallet)
Is it safe at the moment.
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Mike Mayor
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November 30, 2017, 05:09:24 PM |
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Make paper backs ups and store them in t :Dhe safe or somewhere like that. Paper Backus are best and should have your private keys written or printed on them. What are the disadvantages and threats of storing your cryptos in exchanges?
Btw, does wallet like nano ledger accept any amount of cryptos without having transaction fees?
The exchange could close down or run. It's ok for short periods of time but don't leave it there for days or weeks on end. I am new to crypto.
I have money to invest not a lot.
I want to do long term trading as well as short term. Most of my funds would be tied up in several like btc, eth, etc but a few dollars amount i want to tied up in swing and day.
I guess the online exchanges would be the best bet, right, vs a hardware, I am looking to compound my money. so I heard average of day or swing is about 1 percent . That would be lot of money in the future
I have not traded anything yet, because I am having problems getting verified at coinbase ( only 50 dollars the max) limit and few others seem like they dont want to take me.
Where are you hearing about 1%/day investments? Sounds like a scam/Ponzi be careful. |
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