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Author Topic: How to safely store big amounts of BTC?  (Read 11857 times)
pixie85
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June 08, 2019, 10:19:39 PM
 #21

Generate multiple seeds and store those offline where the biggest amount takes the biggest effort to retrieve. 

I would do the same. I don't trust hardware wallets that much and would rather have the seed engraved on a metal plate and stored somewhere in the house. Even if there's a fire it won't be able to destroy your metal seed but it will burn a hardware wallet making it impossible to use.

Don't worry about thieves as long as you don't tell people that you're holding bitcoin. Thieves are interested in money and valuables. They will rather steal your hardware wallet if they find it because they'll be able to sell it and won't look around the house for a piece of engraved metal.

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June 08, 2019, 10:41:44 PM
 #22

Having lots of wallets would really be just a stressful thing yet I would prefer on using up 2 wallets and same as other member said here that 1 is for long term and one if for active wallet. if you do plan to store 15 btc on hardware then use up LEdger and write the keys either on a usb or in some piece of paper that no other
can able to access or sees through it.As long those keys are safe you wouldn't mind too much if your hardware wallet would be lost or burned since you can still make some recovery.
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June 08, 2019, 10:44:29 PM
 #23

The safety of your Bitcoin in your wallet solely depends on you the user and owner of the wallet. Using more than one wallets to store your Bitcoins does not strongly guarantee that the coins are safe and free from either getting lost or stolen. Personally, I will advise that you use one hardware wallet and keep the restoring backup very safe.  
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June 08, 2019, 10:49:48 PM
 #24

avoid saving your assets in the wallet exchange, if you want to save in an exchange wallet, you must save in a large exchange and use security.  or you can use javvy wallet, arax wallet, samourai, and more secure you can use hard wallet.

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June 08, 2019, 11:26:23 PM
 #25

For me it is good to use at two of the latest with more advanced security hardware wallet like Nano ledger x and nano s. And for the security it is good to spread the security word on any pieces of paper and keep it on different book to assure that those security words are safe for recovering you wallet again. But it is always better to remember your security identify as hard as you can because if ever someone accidentally find your security identify they could not easily get your wallet. 

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June 08, 2019, 11:47:54 PM
 #26

Suppose I would expand my BTC portfolio to 10 or 15 BTC.....how would you store such a big amount of coins?

Sell bitcoins and buy Gold. Simple. Gold is safest investment.
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June 08, 2019, 11:53:55 PM
 #27

Saving Bitcoin with that amount should use one hardware wallet and one wallet to be used every day like a hot wallet. Wherever you store a Bitcoin it's better if you copy the seed then save it in a safe place this is to avoid if your laptop is damaged or lost. For hot wallet, it's best not to save too much bitcoin because the use of this wallet is very vulnerable to hacking. It might save 20-30% in the hot wallet if you don't spend money on Bitcoin too often.
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June 09, 2019, 02:37:45 AM
 #28

Generate multiple seeds and store those offline where the biggest amount takes the biggest effort to retrieve. 

I would do the same. I don't trust hardware wallets that much and would rather have the seed engraved on a metal plate and stored somewhere in the house. Even if there's a fire it won't be able to destroy your metal seed but it will burn a hardware wallet making it impossible to use.

there is not that much issue with trusting hardware wallets since most of their firmware is already open source but there still is room for concern. i personally will never use hardware wallets because i believe people shouldn't pay for a bitcoin wallet since they can make a secure one themselves if they put enough time into it. and if you have a lot of money at stake you should spend time learning how to do it anyways.

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June 09, 2019, 02:43:13 AM
 #29

Hello,

Suppose I would expand my BTC portfolio to 10 or 15 BTC.....how would you store such a big amount of coins?

Ofcourse I would use a hardware wallet, but if I store them all on 1 wallet and I lose the wallet, or the house gets on fire and it burns, then I have lost those coins forever? Or are there still ways to get to the coins somehow in that case?

Would you advise to store let's say 15 BTC on 3 different hardware wallets (5BTC each), or would you spread it out even more? Ofcourse I'm not gonna buy more than max. 3 hardware wallets but in that case maybe 15 different laptop wallets (Electrum, Jaxx, Exodus etc.) with 1BTC each on it is safer?

I'm looking for the safest way to store a big amount of BTC and to minimize the risks of losing a big amount.

Store in your personal wallet. And keep your private key in a secret folder so no one knows it. For safer you can save in Wallet ledger. Because the hardware wallet is very secure.

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June 09, 2019, 03:06:36 AM
 #30

Use a wallet that has devices, it will make yourself able to safeguard assets more safely.
Avoiding networks can make our assets avoid crime. Believe that when we store assets in large quantities we must make special treatment.
Avoid all access that is easy to guess so we will feel calm and comfortable.
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June 09, 2019, 03:08:55 AM
 #31

Some comments above has been enough to give you understanding how to store your bitcoin and I don't think about security you will do it. Each person has ability to make sure that the security thing is an important thing when they are store the assets. But seems like there are  other people who still ignore these way and he believes that he is the only person who knows to access the his wallet. Whilst the system is not perpect, there are still a person who will try to broke your security and make your assets stolen. So, I'll just give a little suggestion, if you know your asset is everything for you then you should know everything about the hardware wallet, find ins and out about the hardware wallet and make sure you have done everything in detail to make your wallet safe. Also, if you have a huge amount of bitcoin don't try to store your bitcoin on exchange wallet, it's really not safe.
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June 09, 2019, 04:35:26 AM
 #32

If i were you used your btc wisely make at least 4 or 5 wallets for security purposes, and some of it use it to earn more by doing some trading to increase your profit, or used your BTC in some legal investment or create or start your own business, used it to gain more, for your future.
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June 09, 2019, 05:05:54 AM
 #33

I think it's better to use one hardware wallet because it's more convenient and less hassle, spreading it out on different wallet will just confuse you. Just make sure to keep the private key and seed phrase in a paper wallet and also engrave it in a metal and keep it in a vault so that incase of fire you will still have a way to access your wallet.

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June 09, 2019, 05:10:16 AM
 #34

don't put everything on a hardware wallet. you should never put all your eggs in one basket. last i checked, ledger and keepkey (not sure about trezor) have partially closed source firmware. plus, i'm still of the opinion that the attack surface of hardware wallets is relatively unknown/untested.

i would generate multiple offline wallets (bitcoin core is best) so not all my coins are kept in one place, encrypt them, and store them (keeping multiple copies of each) on general purpose hardware like generic USB sticks.

that's the other thing i hate about hardware wallets.....they scream "i have crypto, steal me!"

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June 09, 2019, 06:37:56 AM
 #35

If you have 15 bitcoin righr now and you want to seperate to different kinds of wallet you can also use mobile wallet but make sure it is very secure like using 2FA to your gmal account and also set notification to your mobile phone for accessing your wallet only.

That is huge amount of bitcoin and you will need to choose best wallet for every 5 bitcoin keep to not stole by the other people or by the hacker.


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June 09, 2019, 07:12:54 AM
 #36

Don't keep all eggs in one basket so divide your coins in multiple wallets. This is the way how you can diminish the risk. Also, use hardware wallets they are still the most secure but it would be also good to combine them with offline wallets. And store your access data somwhere at really safe place where no one else could have the access.

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June 09, 2019, 07:45:16 AM
 #37

I am not to fond of hardware wallets for long-term storage, because they constantly need firmware upgrades and some of these upgrades can be tricky, like we saw with Ledger a while ago.  Roll Eyes  <Devices can also fail, it is a clever toaster>  Roll Eyes

I like to store large amounts on laminated Paper wallets and I make sure I make several copies and store them in different locations. I bought a cheap computer and printer and I printed 1000s of paper wallets and then destroyed the equipment, so nobody would ever be able to recover anything from those devices.  Wink


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June 09, 2019, 12:07:36 PM
 #38

Maybe, to tackle that problem the best solution would be write the phrase on 2 pieces of paper....divide them up into 4 parts each so I have 8 pieces of paper...1A,1B,1C,1D,2A,2B,2C and 2D and then store them all in separate locations. Would that be the best solution?

Personally, I think it is not wise to divide 24 seed words on so many small pieces, after some time it is very easy to forget correct order of such backup. If you want extra security just divide seed in two parts, keep one backup (12+12 words) at your place, and other in some other place. More backup on one hand means greater security, but it is also a double-edged sword - which means more chances to someone accidentally or intentionally finds your backup.

I am not to fond of hardware wallets for long-term storage, because they constantly need firmware upgrades and some of these upgrades can be tricky, like we saw with Ledger a while ago.  Roll Eyes  <Devices can also fail, it is a clever toaster>  Roll Eyes

I think that's the expression constantly is exaggerated, in 3 years Ledger is have only 4 firmware update, and the vast majority of problems occurred in people who have used or still use Windows 7, this OS in not supported by Ledger, but it is still supported by Trezor. It is true that such devices can fail, but because of that we have backup (seed words), which can be used in many other wallets (mobile,desktop) for recovery.

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June 09, 2019, 12:35:04 PM
 #39

Hello,

Suppose I would expand my BTC portfolio to 10 or 15 BTC.....how would you store such a big amount of coins?

Ofcourse I would use a hardware wallet, but if I store them all on 1 wallet and I lose the wallet, or the house gets on fire and it burns, then I have lost those coins forever? Or are there still ways to get to the coins somehow in that case?

Would you advise to store let's say 15 BTC on 3 different hardware wallets (5BTC each), or would you spread it out even more? Ofcourse I'm not gonna buy more than max. 3 hardware wallets but in that case maybe 15 different laptop wallets (Electrum, Jaxx, Exodus etc.) with 1BTC each on it is safer?

I'm looking for the safest way to store a big amount of BTC and to minimize the risks of losing a big amount.

You can split 15 btc into 3 different hardware wallet, and in this case, I will choose Ledger S Nano or Ledger X Nano. Then for each wallet, you can send 4 btc, and you still have 3 btc left. And then you use the other wallet like Mycelium to save 2 btc and send 1 btc in the exchanges for trading, but that is only if you want to trade. But if it's not, you can save it in Mycelium and hold it for a long time.

For Mycelium wallet, you can buy 1 new mobile phone but don't insert any card to that phone and don't connect to the internet if you don't want to access the Mycelium. Remember to save all of the private keys for each wallet so if you lose one wallet or hardware wallet, and you can restore it into another hardware.

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June 09, 2019, 12:57:38 PM
 #40

Don't keep all eggs in one basket so divide your coins in multiple wallets. This is the way how you can diminish the risk. Also, use hardware wallets they are still the most secure but it would be also good to combine them with offline wallets. And store your access data somwhere at really safe place where no one else could have the access.

I confimed this alot !
My friend had pas incident when he put massive amount of bits on online wallet and suddenly, the fund was moving.
He forgot to unauthorised the website before try to log out !

Smiley
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