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Author Topic: What are some of the options for safely storing ETH somewhere at home?  (Read 186 times)
project3k
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December 12, 2018, 12:47:37 AM
 #1

I would like to hear my options.
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December 12, 2018, 01:05:51 AM
Merited by dbshck (2), Kemarit (1), o_e_l_e_o (1)
 #2

The best way is by use of Hardware wallets... if the Ether you have is a lot then it worth buying a hardware wallet
Most commonly used are
- Ledger nano
- Trezor
Make sure you purchase the wallets from the official Websites and not a third party seller as you may end up buying a fake wallet

The other cheaper means is by creating paper wallets
Look into this article to clearly understand how you can make one
How To Make an Ethereum Paper Wallet in 5 Easy Steps

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December 12, 2018, 02:30:16 AM
 #3

The best way is by use of Hardware wallets... if the Ether you have is a lot then it worth buying a hardware wallet
Most commonly used are
- Ledger nano
- Trezor
Make sure you purchase the wallets from the official Websites and not a third party seller as you may end up buying a fake wallet

The other cheaper means is by creating paper wallets
Look into this article to clearly understand how you can make one
How To Make an Ethereum Paper Wallet in 5 Easy Steps

If you want to go with the most tried and tested method of storing your crypto this is possibly the best option to seek out. Paper wallets are a great and cheap option to hold coins long-term without using them but if you plan on actively using your crypto while they are stored on a Hardware device it is best to purchase either a Ledger or Trezor.
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December 12, 2018, 11:01:12 AM
 #4

I think that if the value of the currency is not very large, you can use the cold wallet. I am using it this way.

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December 12, 2018, 12:31:46 PM
 #5

You can store it safely on meta mask, MEW, and other online ERC20 compatible wallets. But, for the safety you must not done to access it often for some could phished you out when you are online and the wallets are being hi-jack so this could be a problem. So, just store your ETH in a certain wallet and leave it there and access only when it is needed.

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December 12, 2018, 12:44:52 PM
 #6

Using a hardware wallet is the most secure option, no doubt about that. If your ETH is worth 100s or 1000s of $ it makes sense storing it in a hardware wallet like the Ledger. Ledger currently has a 30% discount for the Nano S so this would be a good time to buy if you decide to do so.

Using a paper wallet, like some users suggested, is also a good option but take into consideration that it makes very little sense to have a paper wallet if you are planning to move your assets back and forth for trading or acquiring other assets. Paper wallets should be used as an option for long term investments.

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December 12, 2018, 02:42:55 PM
 #7

Yes, hardware wallets are best. Hardware wallets may cost you money but worth to buy especially trezor or ledger nano and it is used most of people that want their coins safety and secured. Other ways to keep your eth safe is use metamask, you can also migrate MEW to metamask.

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December 12, 2018, 03:14:31 PM
 #8

Ethereum is a cryptocurrency and it's really not a physical commodity like most global currency.

It's can not be store at home but rather it is stored in an ethereum acceptable wallet. You would have to be the owner of the wallet which is on your device and its your duty to keep your password or private key to the wallet safe
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December 12, 2018, 03:18:52 PM
 #9

The best way is a hardware wallet on which seed you can add an extraword for more protection. I use a ledger nano s and i'm content with, i never had any problem and not lost any coins. The only thing is that i wish to have more space so i can install more wallets and not to uninstall a wallet and install another so i can access some coins.

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December 12, 2018, 05:06:35 PM
Merited by dbshck (3)
 #10

<…>
Apparently, the small allocated memory on the ledger device is kind of deliberate, limited to 320 KBs, making it impenetrable to any sort of virus or malware (see "Ledger Nano S" review and guide - One of the great hardware wallet).

In order not to lose track of the different types of assets on the Ledger Nano S, I note them down (names of assets), so I can at least remember what Ledger Nano S actually protect, and the required ledger Apps. The Ledger Life software kind of eases this now, since you can add all the accounts to the portfolio, and even see (not manage) the TXs from Ledger Life without having to connect the Ledger Device.

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December 12, 2018, 08:31:41 PM
 #11

The best way is actually a brain wallet, people can find your cold storage, people can't unlock your brain and hack it.
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December 12, 2018, 08:40:58 PM
Merited by suchmoon (4), dbshck (3)
 #12

Export your private keys, AES encrypt them with a secure passphrase (use base64 or ascii armor encoding so that you can write it down), save in text file on your computer + in usb/phone/safe cloud storage/email attachment and print out the encrypted string and keep in wallet/drawer/safe.

You can AES encrypt text files with GPG: https://steemit.com/privacy/@retprogramisto/how-to-use-symmetric-password-encryption-with-gpg

Dont save your private keys anywhere unless they are encrypted.

If you have a large amount its better to store it in multiple addresses so that if one private key is compromised the others could be safe.

You could also use hardware wallet such as Trezor or Ledger, but still backup your encrypted private keys somewhere else in case the hardware breaks or you lose it or it is stolen.

Brain wallet is insecure, dont use it.

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December 12, 2018, 08:56:29 PM
 #13

The best way is actually a brain wallet, people can find your cold storage, people can't unlock your brain and hack it.
What exactly is a  brain wallet and how exactly does it work Huh Grin
Storing your assets in your brain sounds funny to me, it's not even possible to store your private keys,passwords,even the assets stored in a particular wallet on your brain without a mix up sometime or the other..

I'll advice the OP to take the other advice he's been getting and purchase a hardware wallet,and let his brain take care of other duties  Grin
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December 12, 2018, 09:19:15 PM
 #14

Ledgers are good,
Metamask on a small old laptop without much internet connection is also good too.

Some people are very careless with there wallets and internet connections

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December 13, 2018, 07:40:21 AM
Merited by dbshck (2)
 #15

The best way is actually a brain wallet, people can find your cold storage, people can't unlock your brain and hack it.

I'd advise against this idea. While some people might do it the right way -- picking a well-randomized, high entropy combination of words -- most people will choose a memorable phrase that is predictable by hackers.

For a newbie, a hardware wallet like Trezor or Ledger is probably the best route for the sake of usability. Otherwise, this is a good how-to for using MEW offline and creating an encrypted wallet for storage.

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