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crypto-bit
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April 18, 2018, 01:25:51 PM
 #1

I just wondering why some people don't use paper wallet to secure their bitcoin, Some of them are just putting to the exchanger and trust their funds that no assurance of safety.I don't understand why they did not use the most secure way to keep their bitcoins.

Any Thoughts?
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April 19, 2018, 01:29:20 PM
 #2

I just wondering why some people don't use paper wallet to secure their bitcoin, Some of them are just putting to the exchanger and trust their funds that no assurance of safety.I don't understand why they did not use the most secure way to keep their bitcoins.

Any Thoughts?
Paper wallets are safe but they are messy: you can lose your paper wallet or you may make a lot of copies but then you might unintentionally reveal one of the copies to somebody.

However, what data do you have to back up your claim that it is not used? I am sure some people use paper wallets.
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April 19, 2018, 01:33:07 PM
 #3

People leave their funds on exchanges as so that they can be traded easily and to prevent moving funds from one wallet to another; not knowing the risks of leaving funds on exchanges. Though paper wallets are pretty easy to make, they aren't easy to make in a secure manner in my opinion. So my suggestion would always to purchase a hardware wallet like the Trezor[1] or the Ledger Nano S[2] instead. Hardware wallets are simply more noob-friendly.


[1] https://trezor.io/
[2] https://ledgerwallet.com/

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April 19, 2018, 01:37:04 PM
 #4

I don't use a paper wallet either. I divide coins into many pieces which are stored on different resources. This makes storage safer. Paper wallet is very inconvenient. The transaction price in December was very high. The transaction confirmation time was also very long. This makes it uncomfortable for traders to use a paper wallet.
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April 19, 2018, 01:44:14 PM
 #5

I just wondering why some people don't use paper wallet to secure their bitcoin, Some of them are just putting to the exchanger and trust their funds that no assurance of safety.I don't understand why they did not use the most secure way to keep their bitcoins.

Any Thoughts?

If we are long term holders and we hold a huge amount of bitcoin then it is good to place our bitcoin on paper wallet. But to traders and small time holders we need to place them on exchanges so we can trade them and earn some profit. We can only keep our bitcoin at the paper wallet if we have more excess bitcoin.
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April 19, 2018, 01:51:49 PM
 #6

I think it's more secure when your money is digital rather than fiat because we all know how digital money is very convenient and less mass if you have it, you will just be needing a trusted wallet for your money. Also fiat money is very complicated when you are buying something and your cash is big, so your change would be many fiat money including coins but if you pay using digital the you only payment directly from your digital wallet and fix digit is deducter to it no more change and many coins.

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April 19, 2018, 02:00:05 PM
 #7

It depends on the use case. If you want to use your bitcoins daily, then it would not be practical to store bitcoins on paper

wallets. Paper wallets are more suitable for long-term cold storage, because it is quite a process to store and sweep coins onto

paper wallets and back. You use web wallets and hardware wallets for more flexibility.  Wink

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April 19, 2018, 02:05:49 PM
 #8

I just wondering why some people don't use paper wallet to secure their bitcoin, Some of them are just putting to the exchanger and trust their funds that no assurance of safety.I don't understand why they did not use the most secure way to keep their bitcoins.

Any Thoughts?

Most of the people in crypto did not use paper wallet, they putting their funds in exchanger because in traded you can easily use the funds.

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April 19, 2018, 02:14:15 PM
 #9

I just wondering why some people don't use paper wallet to secure their bitcoin, Some of them are just putting to the exchanger and trust their funds that no assurance of safety.I don't understand why they did not use the most secure way to keep their bitcoins.

Any Thoughts?

If really depends on you. If you are going to be a long term bag holder then its much better to secure it using paper wallet. As for putting funds in exchanger, the most logical reason is that for trading purposes only.

But the problem lies on people keeping too much funds on a exchange and in a likelihood of a hack or a inside job, all your coins vanished in thin air. You can try using a paper wallet here: https://github.com/pointbiz/bitaddress.org



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April 19, 2018, 04:02:46 PM
 #10

I just wondering why some people don't use paper wallet to secure their bitcoin, Some of them are just putting to the exchanger and trust their funds that no assurance of safety.I don't understand why they did not use the most secure way. So I think the paper wallet evrybody should be used.
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April 19, 2018, 11:16:57 PM
 #11

It depends on the use case. If you want to use your bitcoins daily, then it would not be practical to store bitcoins on paper

wallets. Paper wallets are more suitable for long-term cold storage, because it is quite a process to store and sweep coins onto

paper wallets and back. You use web wallets and hardware wallets for more flexibility.  Wink

But then some of the investors is not using the most secure way to hold their Bitcoin,I know that fact that they just store their Bitcoin into the exchangers even though they are not using it for daily transaction.The funny things is,some of them don't know how to use the paper wallet
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April 19, 2018, 11:30:26 PM
 #12

Actually, if the paper wallet is more suitable for those investors who invest long-term, and most who put their bitcoin on the exchange are those who trade fast.

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April 20, 2018, 01:51:15 AM
 #13

I don't think paper wallet is advisable for the storage of bitcoin, because paper wallet it might end up loosing and misplaced it and also it is wasting of paper. It is pretty much good if you don't have trust to online wallets that we are using now, hardware wallets are available. At least you can keep it with you all the time and it's like a flash drive.
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April 20, 2018, 06:47:36 AM
 #14

I just wondering why some people don't use paper wallet to secure their bitcoin, Some of them are just putting to the exchanger and trust their funds that no assurance of safety.I don't understand why they did not use the most secure way to keep their bitcoins.

Any Thoughts?
People have their own different ways to secure their Bitcoin, some uses cold storage like hardware and paper wallets because they will hold it for long term investment, while some uses hot wallets because they do trading but of course this cannot be considered as secured as you are trusting them to have full control of your funds, the other reason why people store their Bitcoins on exchanges because they want to get rid of transaction fees and be able to trade easily whenever they want to buy altcoins at the dip. Paper wallets are one of the safest way to secure your Bitcoins but not all people have knowledge to create one, you also have to be careful on which software you will use to create one.

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April 20, 2018, 06:54:03 AM
 #15

Maybe its due to certain reasons they have just like when transacting Bitcoin which is so slow sometimes that’s why they just leave their funds on exchanges. And offline paper wallet also is risky if not backed-up by a file in computer just like be eaten by termites or soak with water.

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April 20, 2018, 06:56:34 AM
 #16

Everything comes with a responsibility.
Paper is a good idea. I have always been looking to save info on that.
BUT
Once the paper is lost it will be a hell for you.

Maybe Paper plus USB device.

So we have 2 places to secure data.
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April 20, 2018, 07:03:46 AM
 #17

Case to case basis. If one would rather hold their Bitcoin long term and forget about it then comback after a year or two, then paper wallet would be one of the safest. But if someone who held their investment actively, like trading, its better store it in an exchange for easy access.

Paper and cold wallets has its own risks as well. Misplaced, Natural disaster , and any kind of incident that causes it to be lost.

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April 20, 2018, 07:28:52 AM
 #18

I just wondering why some people don't use paper wallet to secure their bitcoin, Some of them are just putting to the exchanger and trust their funds that no assurance of safety.I don't understand why they did not use the most secure way to keep their bitcoins.

Any Thoughts?
why some people dont use paper wallet? I think they dont you paper money because paper money is tiny and easy o loose and misplaced, better to use paper money if you have a huge amount of bitcoin and if you want to hold it for long time.

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April 20, 2018, 07:33:44 AM
 #19

I just wondering why some people don't use paper wallet to secure their bitcoin, Some of them are just putting to the exchanger and trust their funds that no assurance of safety.I don't understand why they did not use the most secure way to keep their bitcoins.

Any Thoughts?

people often use comfort of exchanges where it takes almost no efforts to store and trade their cryptos. But yes, paper wallet is a good old school option and it's safe if you know where to hide it Smiley

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April 20, 2018, 07:50:01 AM
 #20

some of them are traders which means they have to store their funds on exchanges while they are trading. and trading is not something you do one day and give up doing the other, your funds need to be active constantly from one order to another and sometimes you need to have an open order on exchanges so you keep some funds there eventually.

anyone who does it for any other reason is taking an unnecessary risk and they need to transfer it out to a cold storage (only one form of cold storage is paper wallet).

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