TeePee (OP)
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June 08, 2019, 06:09:05 PM |
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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.
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Bitcoin addresses contain a checksum, so it is very unlikely that mistyping an address will cause you to lose money.
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OmegaStarScream
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June 08, 2019, 06:26:28 PM Merited by gentlemand (1) |
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Two should be enough in my opinion. One of storing and one for recovering in case something happens to the first device.
Don't use wallets like Jaxx and Exodus, they are not open source, you never know what's going behind the scenes and If they have access to your funds or not.
Store everything in one device, write the seed down in multiple pieces of papers and hide them in different locations. If the hardware wallet gets lose or damaged, you could use the seed to recover your coins.
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xvids
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June 08, 2019, 06:31:28 PM |
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One wallet is enough just make sure that the codes or passphrase is secure.
If you lose your hardware wallet you could recover the wallet using the passphrase.
So for me one hardware wallet is enough for all of it.
Using plenty of wallet could be confusing and if you couldn't use one wallet properly then using multiple would have the same result.
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Genemind
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June 08, 2019, 06:51:31 PM |
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One or two would be enough as long as you could handle it responsibly. You should be mindful of your private keys and must store it in a safer place. It depends on how you secure it knowing you're holding your own funds at your own risk.
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feryjhie
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June 08, 2019, 07:04:21 PM |
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i think 2 wallets will be good. 1 Wallet will act as a cold wallet so you can store/hodl your coins for a long time and the other 1 will act as a hot wallet which you can use it for everyday use
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squatter
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STOP SNITCHIN'
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June 08, 2019, 07:13:32 PM |
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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? You should have a back-up of your wallet seed in case of hardware failure. You should never depend solely on one device. Consider keeping a copy of your seed written down on a piece of paper and hidden. Also consider keeping an encrypted copy in another physical location (like a safety deposit box or your parent's house) in case your house burns down. 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.
I would avoid using closed source wallets like Jaxx or Exodus. I recommend Electrum and Bitcoin Core. You might consider using multiple security models. An encrypted cold storage wallet.dat here, an encrypted cold storage Electrum wallet there. Multiple copies on different mediums (USB, disc, SSD) in case of hardware failure. Maybe a paper wallet. You never know what vulnerabilities might be discovered later -- best to spread around your risk to different models. |
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Ailmand
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June 08, 2019, 07:24:01 PM |
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1 wallet would be enough as long as you secure the pass phrase, keep it safely offline you can recover your wallet using the passphrase on a different hardware device.
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XinXan
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June 08, 2019, 07:54:44 PM |
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All the methods are well explained here: https://en.bitcoin.it/wiki/Cold_storage There is always some risk and I don't know if there is really a best method on how to do it but you can take a lot of preventive measures. I personally have been using paper wallets for some time but I stopped using them because it's not a very reliable method of safely storing your bitcoins, way too many bad things can happen to it. |
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clair508
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June 08, 2019, 08:01:27 PM |
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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.
Yes.That is safer.Always remember don't put all your eggs on one basket.If something something happens you lost everything.If you keep them in separate basket or place.Always use more hardware than online one.One accounts are easily got hacked by the hackers.Hardware wallet is the best thing .Put them in different locations and save that.You don't need laptops wallets.Hardware wallets are enough for you. |
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mr.robot8
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June 08, 2019, 08:06:21 PM |
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the only way to safely store your bitcoins is a hardware wallet such as ledger nano or trezor, according to me the paper wallets are less secure
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TeePee (OP)
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June 08, 2019, 08:36:51 PM |
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Okay thanks a lot for all your input. I already have bought a ledger nano and will start using it.
Writing the seed phrase on multiple different pieces of paper seems a good idea. If one gets stolen the thief still cannot access my coins. However, the downside is that if I lose 1 of the 4 parts of my phrase seed, I no longer have the complete phrase and it basically means I have lost the whole phrase.
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?
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Payme21
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June 08, 2019, 08:54:43 PM |
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In my opinion, getting more than one hardware wallet is unnecessary. You just need to make sure your passphrase is secure and you are good to go
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Fred3030
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June 08, 2019, 08:57:11 PM |
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If one wishes to keep such amount of bitcoin safe, a single hardware wallet is OK provided the recovery phrase is kept in a place where it will be safe and accessible. You can also go with the suggestion given by a user above I.e storing writing out the phrase on numerous piece of paper and keeping them in different location.
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Adriano2010
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June 08, 2019, 09:10:15 PM |
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I think 2 hardware wallets will be enough, just in case something happen with first hardware wallet and can't turn on you have second one just in case, and always backup your passphrase and write it down multiple times and store them on different location if possible but make sure no one will access it and steal your coins. If God Forbid! house burn make sure you have the passphrase saved on another place before because without it and without hardware wallet you can't acces your coins anymore.
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jakelyson
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June 08, 2019, 09:15:37 PM |
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Okay thanks a lot for all your input. I already have bought a ledger nano and will start using it.
Writing the seed phrase on multiple different pieces of paper seems a good idea. If one gets stolen the thief still cannot access my coins. However, the downside is that if I lose 1 of the 4 parts of my phrase seed, I no longer have the complete phrase and it basically means I have lost the whole phrase.
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?
Or you could just write down the seed phrase in reverse or any order that you can easily remember and then store it in different safe locations. Even if someone accidentally discovers your seed phrase, they cannot use it because the order is mixed up. |
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Nadziratel
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June 08, 2019, 09:25:25 PM |
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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.
I think it is not right thing to keep big amounts of BTC in a wallet. If I have a big amount BTC, I definitely use several wallets. Mostly paper wallet. I prefer paper wallets because I can't trust completely hardware ones. It seems unsecure for me. |
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blockman
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June 08, 2019, 09:27:37 PM |
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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?
No. as long as you have the seeds, you are still good because you can recover that afterwards. The hardware wallet might get burned but you still have ways to recover it through your written seeds. So, you just won't keep the hardware wallet alone but you have to protect also your written seeds in some ways. Writing the seed phrase on multiple different pieces of paper seems a good idea. If one gets stolen the thief still cannot access my coins. However, the downside is that if I lose 1 of the 4 parts of my phrase seed, I no longer have the complete phrase and it basically means I have lost the whole phrase.
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?
What I did, I just wrote those seeds altogether and back them up with other written seeds. I place the other one on a safe place that only I knows. While the other one, it's always with me. |
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hahahafr
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June 08, 2019, 09:31:03 PM |
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It is a good idea that you have chosen to store your bitcoins on a hardware wallet but i dont think getting numerous hardware wallets is the important thing. Choose a good and secured hardware wallet and also make sure to store your seed words at a safe place. Don't forget to back up at several places both in the house and somewhere else. That way in case there is any accident like fires you funds would be safe since you can recover it at anytime.
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klaaas
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June 08, 2019, 09:32:54 PM |
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Generate multiple seeds and store those offline where the biggest amount takes the biggest effort to retrieve.
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pixie85
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June 08, 2019, 10:19:39 PM |
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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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