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Author Topic: Best way to store Bitcoin safely ?  (Read 2280 times)
artamon
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July 13, 2018, 10:16:58 AM
 #701

Even after all precautions your BTC can be hacked. One big demerit to crypto investment in my opinion.
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Adam Waters
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July 13, 2018, 10:34:07 AM
 #702

The best way would be:

1. Boot your computer up with Ubuntu Live CD

2. Create a wallet, encrypt it using a strong password (What is your way to create good passwords that can actually be remembered?). Make sure you do not forget the password.

3. Back up the wallet multiple times (e.g. email+Dropbox).

4. Practice its decryption using Spaced repetition

5. Finally, transfer the bitcoins to the wallet.
Charles Warren
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July 13, 2018, 10:38:21 AM
 #703

For the best security, you require cold storage. Cold storage in the blockchain realm simply means a device that is disconnected from the Internet. This is the toughest security measure possible to safeguard any crypto-investment from the prying interests of hackers.
wiik
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July 13, 2018, 11:10:04 AM
 #704

Nice guide . You could also use the hardware wallets . They are safer for they are stored in a stick and you can carry them anyware . Tho its kinda risky since you could easily lose that thingy and lose everything you have . There has been a story here about someone who lost his private key or something and let a hacker do the trick for him . He's lucky in his case , in wont be the case on most of the people tho . So yea , there is always a downside on every other wallet . Beware .

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iammrash
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July 13, 2018, 11:13:10 AM
 #705

Just use Nano ledger..  And Other hardware wallets. Never use exchange wallets as you safe store of your own fund. Because in exchanges you don't control the coins ownership as you doesn't have the private key.
KimmyF
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July 13, 2018, 11:16:09 AM
 #706

Well, since I am a Bitcoin user, where I am really proud of, I am using an online wallet that my country where I belong support crypto currency and especially made a certain wallet. For me, I am storing all my Bitcoin inside of this online wallet which for me is very safe, convenient and easy to use.


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lehuyaxib1
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July 13, 2018, 11:18:23 AM
 #707

I think you are right
Bitcoinnumberone
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July 13, 2018, 11:20:11 AM
 #708

Hi guys
I know this might sound like a newbie question, but Ive not had enough bitcoin to think about putting any in cold storage since Cryptsy ripped me off when they went down Sad
But just lately ive built myself back up a bit, and just need to check my understanding of a creating a cold wallet is correct ? This is what I think was the best way but im not sure Huh

1. Download latest BTC client
2. move to a pc not connected to the internet.
3. Create an address on that PC without internet.
4. Send fund to address created on PC with no internet access.
5. Save keys in safe place Smiley

Also I was wondering if there are any 100% safe third party wallets that enable quick access if needed ?

Sorry if my question has been covered many times, but I just don't want to make a big mistake.

Thanks
Rick
You should do research it depends in what is your country. It's good you have a right guide, I do i have an password in my laptop and cellphone to protect my account to other people. Here in the philippines we use coins.ph legit bitcoin wallet.

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esatceza
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July 13, 2018, 11:30:20 AM
 #709

I think any wallet has its advantages and disadvantages. So if you store Bitcoin on a cold wallet will give you access to it at any time without the need of the Internet. However, it is easy to be stolen or lost. If you store them on the internet, you can access it anytime, anywhere if there is internet.

Jesusghergo
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July 13, 2018, 11:37:21 AM
 #710

Well better way to store your Bitcoin is to a safe wallet. I am a proud Bitcoin user and currently I am using coins.ph wallet since my country supports crypto currencies, our own country have this kind of wallet that is very easy to use, also safe, and convenient as we ca easily convert our Bitcoin into some other currencies like Bitcoin into Ethereum and vice versa or into our country currency.
swabelang
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July 13, 2018, 11:39:35 AM
 #711

There are many ways to store bitcoin safely. Just like In Ledger Nano S, this is the one i bet, it is a hardware wallet that has a safety features. If we consider about storing, you can store cryptographic assets. And also in security, you can secure digital payments and It connects to any computer. The other one is the coins.ph wallet, it is the other wallet which is easy and safe to use.
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