Where should I keep my bitcoins?

[rnssol]

I am confused on how cold wallets and hot wallets differ. To make any transaction we still need to get access to internet. Then how are they different?
Being connected to the internet makes the wallet hot and every wallet needs to connect to the internet for any transactions.

[1714158010]

1714158010

[NeuroticFish]

I am confused on how cold wallets and hot wallets differ. To make any transaction we still need to get access to internet. Then how are they different?
Being connected to the internet makes the wallet hot and every wallet needs to connect to the internet for any transactions.

Cold wallet is only needed to sign the transaction.

For example you generate the transaction on a view-only wallet (based on the address, not on private key), which stays online safely, transfer with an USB stick that transaction to the cold wallet (offline) computer, sign it, go back to the online computer and dispatch it.

However, if you only store your Bitcoin and don't plan to spend, (safely generated!) paper wallet is cheap and pretty safe. And you can always send more Bitcoin to that, you can always check the balance safely online and, as long as you keep your private key safely and privately on a piece of paper nobody else can spend your coins until you import the private key into a wallet.

[burky155]

There are many ways to keep our Bitcoin safe.

- On a USB drive or other data storage medium in a safe place (e.g. safe deposit box, safe)

- On a paper wallet.

- On a bearer item such as a physical bitcoin.

- Use a offline Bitcoin Hardware wallet.

But i am keeping my Bitcoins in the local Exchange website, connected with the mail, phone message and Google autanticator. So with this 4 security option i think my Bitcoins sleeping so safe. All i want to say you should have at least 3 security options..

[rnssol]

I am confused on how cold wallets and hot wallets differ. To make any transaction we still need to get access to internet. Then how are they different?
Being connected to the internet makes the wallet hot and every wallet needs to connect to the internet for any transactions.

Cold wallet is only needed to sign the transaction.

For example you generate the transaction on a view-only wallet (based on the address, not on private key), which stays online safely, transfer with an USB stick that transaction to the cold wallet (offline) computer, sign it, go back to the online computer and dispatch it.

However, if you only store your Bitcoin and don't plan to spend, (safely generated!) paper wallet is cheap and pretty safe. And you can always send more Bitcoin to that, you can always check the balance safely online and, as long as you keep your private key safely and privately on a piece of paper nobody else can spend your coins until you import the private key into a wallet.

Ah I see. So basically hard wallets would be more secure than any online applications or software.

[rnssol]

There are many ways to keep our Bitcoin safe.

- On a USB drive or other data storage medium in a safe place (e.g. safe deposit box, safe)

- On a paper wallet.

- On a bearer item such as a physical bitcoin.

- Use a offline Bitcoin Hardware wallet.

But i am keeping my Bitcoins in the local Exchange website, connected with the mail, phone message and Google autanticator. So with this 4 security option i think my Bitcoins sleeping so safe. All i want to say you should have at least 3 security options..

So if we use 3 security options then we will need to verify the transaction on all three platforms to complete that transaction?

[NeuroticFish]

There are many ways to keep our Bitcoin safe.

- On a USB drive or other data storage medium in a safe place (e.g. safe deposit box, safe)

- On a paper wallet.

- On a bearer item such as a physical bitcoin.

- Use a offline Bitcoin Hardware wallet.

But i am keeping my Bitcoins in the local Exchange website, connected with the mail, phone message and Google autanticator. So with this 4 security option i think my Bitcoins sleeping so safe. All i want to say you should have at least 3 security options..

So if we use 3 security options then we will need to verify the transaction on all three platforms to complete that transaction?

Yes, but if that "local exchange website" has a bug, is facing a hack/theft, goes bankrupt or so, your money is gone.
If your phone is stolen, the thief will access your 2FA and your e-mail and obviously your phone so your money is, again not safe.
Of course, the safety levels you need depend on the amount of money we talk about.

[rnssol]

There are many ways to keep our Bitcoin safe.

- On a USB drive or other data storage medium in a safe place (e.g. safe deposit box, safe)

- On a paper wallet.

- On a bearer item such as a physical bitcoin.

- Use a offline Bitcoin Hardware wallet.

But i am keeping my Bitcoins in the local Exchange website, connected with the mail, phone message and Google autanticator. So with this 4 security option i think my Bitcoins sleeping so safe. All i want to say you should have at least 3 security options..

So if we use 3 security options then we will need to verify the transaction on all three platforms to complete that transaction?

Yes, but if that "local exchange website" has a bug, is facing a hack/theft, goes bankrupt or so, your money is gone.
If your phone is stolen, the thief will access your 2FA and your e-mail and obviously your phone so your money is, again not safe.
Of course, the safety levels you need depend on the amount of money we talk about.

Okay so before deciding the type of wallet we need, we should see the value of coins in hand. So this is another point to remember before choosing a wallet.

[rnssol]

I am confused on how cold wallets and hot wallets differ. To make any transaction we still need to get access to internet. Then how are they different?
Being connected to the internet makes the wallet hot and every wallet needs to connect to the internet for any transactions.

Cold wallet is for storing your bitcoins in offline mode..It prevents unauthorized access and also from hacking when you have more number of bitcoins !!

Yeah we get it now. And so we can concluded that we should use cold wallets instead of hot wallets. Thank you for your interest. 

[chomli]

use a hardware wallet

[rnssol]

use a hardware wallet

Sure. Thank you.

[Cinamon]

Yes, that's for sure, because crypto is basically required to be connected to the internet, there is no bitcoin wallet that is not connected to the internet.

[asayoyaasa]

Just using paper wallet or hardware wallet to safe your own bitcoin. That are safe place to keep bitcoin as far as I knew. But, yeah you still need internet connection to transfer them.

[rnssol]

Just using paper wallet or hardware wallet to safe your own bitcoin. That are safe place to keep bitcoin as far as I knew. But, yeah you still need internet connection to transfer them.

So until we need to make any transactions the best place to keep our coins would be a paper wallet and it would be best for when we only want to hold our coins and not transact them.

[balonkuning]

Until now, my bitcoin has been saved in an online wallet ... because I think it's more comfortable to hire me .........


and the second cause ... I only have a small amount of bitcoin ... so I am more comfortable storing my bitcoin in an online wallet

[rnssol]

Until now, my bitcoin has been saved in an online wallet ... because I think it's more comfortable to hire me .........


and the second cause ... I only have a small amount of bitcoin ... so I am more comfortable storing my bitcoin in an online wallet

Ahan! so it not only depends on the safety but also on the number of coins we hold. For a greater number of coins we should prefer keeping them in a cold wallet but if the coin holding is not very high then it is easier to keep the coins in on online wallet.

[rnssol]

to save the counter, indeed in the wallet there are many wallets depending on which one you want, all will definitely be connected to the internet because for transactions and avoid fraud and people who are not responsible ..

Yup but internet it self can be a danger to bitcoin storage. We might store our coins on an online wallet or an offline wallet but end up loosing our coins if the system is hacked or fails.

[BitBustah]

Always use a hardware wallet for safe storage and safe spending.  Trezor and Nano Ledger are the two most trusted wallets to use.  Never leave a large amount of cryptocurrency on exchanges because they have a high chance of being hacked because they are a really juicy target for thieves.

I would also set up some type of inheritance method to your family or loved ones in case of death.  Leave them instructions about how to access your cryptocurrency funds.

[Lucius]

Yup but internet it self can be a danger to bitcoin storage. We might store our coins on an online wallet or an offline wallet but end up loosing our coins if the system is hacked or fails.

There is no 100% safe way to store your coins, any option has its advantages and disadvantages, so you should study every possibility and then decide what suits you best. I'll give you some examples :

- Online wallets : Most insecure way for storing your coins, user have no control over their private keys/exchange is exposed to hacking or phishing.

- Desktop wallets : Quite a safe way to store and transfer coins, but only in case your device is clean and well-protected (AV, Firewall, Antimalware).

- Hardware wallets : An excellent way to store coins, private keys are always stored inside the device, for me best option.

- Paper wallets : Good choice for long term storage, need to be created in safe environment/paper need to be stored in safe place (fire, water, etc..)

Whatever you use, using of common sense is always advisable, even a best way of protection can not protect you from the mistake caused by the human factor.

[tungaqhd]

I am confused on how cold wallets and hot wallets differ. To make any transaction we still need to get access to internet. Then how are they different?
Being connected to the internet makes the wallet hot and every wallet needs to connect to the internet for any transactions.

With cold wallet, your coins will be safer because it is independent from internet when you store them, it's also harder to be hacked and safe from malware, keylogs.

[Jackolantern]

i think that you should keep your btc in the hard wallet and you will be able to protect them from the hack of any kind, i mean from hackers who are looking for btc and other coins which they can get