Whats the safest way to protect youre bitcoin?

[Kryptozukunft]

@ mjglqw

Sure, the fact, that an exchange havent been hacked for X years isnt a warranty, that it wont be hacked in the next Y years, but: Bitcoin.de is a german exchange and theyve got really ingenious security mechanisms, its not comparison to MtGox, its way stronger. I dont say, that its save, but it will be way harder to hack as other exchanges.

@ all

And the security of exchanges isnt 0%! Some people arent able to categorize percentages correctly, in their world there is only 0% or 100%. I dont care about people with such exaggerated opinions.

I said, that the safty of bitcoin.de is approcimately 50% for 5 years. If I would bet 1000 €, that bitcoin.de wont be hacked in the next five years, what would youre bet be? 100000000 Euro? Because you think, that bitcoin.de  has 0% safety, than you could bet as much as you want, right?

What would youre bet be? 10.000 Euro? So if I win, Ill get 10.000 Euro from you and if you win, youll get 1000 Euro from me? Then you would go out of 10% safty of bitcoin.de.

So please mention !realistic! percentes, no 0% or 100%.

[pooya87]

you are talking about storing funds there and not for short time for a long time (5 years) and for storage the security is 0%. for usage, yes everything you said is correct. bitcoin.de is secure as an exchange and has been around for a long time and has been working fine and it is safe to use them as an exchange to go there and trade bitcoin. but when you are done trading you must withdraw to an actually secure wallet.
remember that it is not about bitcoin.de getting hacked, it may not even be hacked ever (although unlikely) but it is about YOUR ACCOUNT getting hacked!

additionally security is about you having control not a third party. when you use an exchange you are giving up that control to that third party. the whole point of bitcoin was no longer need them.

[CryptoInsights]

With the rate at which the industry is growing there may be something developed which is better than the current paper wallets and hardware wallets so it is hard to predict where people will hold there funds.

[OgNasty]

Print out your private keys and store them on a boat.

[gospelzm]

The main thing is to have full control of your private key. Never use custodial wallets which have access to them.

[Polina_21]

In my opinion, the safest and the cheapest way to protect your wallet is Paper wallet. We can write the public/private keys and other information on a physical documents. Unlike other wallets, paper wallet cannot be hacked. Unless the user loses or it is stolen, the information stored should remain safe. Day-to-day you cannot access the coins, it is useful to hold for a long period.

Also, the hardware wallet is the most secure option but expensive. Less accessible to day-to-day crypto transactions or trading.

Finally, it is up to you to choose the right type of wallet for you.

[Lucius]

As far as I understand, it's Ledger or Trezor. Does anyone know a better solution?

If you want to try hardware wallet then those devices are currently the best choice, and if you ask why, answer is very simple. They are most trusted in crypto community, behind them are years of development and advancement to make better products. For now they have proven to be a safe way for storing crypto, but such devices are not resistant to some human stupidity, so some users manage to lost their coins even with hardware wallets.

If you only want to buy some coins and hold them for long-term then maybe better choice is to store them offline in form of paper wallets ( can be any other material), by printing private keys and storing them in a safe place.

[gleisson05]

Which of the two (Trezor and Ledger) is more preferable and why? What's the conceptual difference from a user's point of view?

[examplens]

Which of the two (Trezor and Ledger) is more preferable and why? What's the conceptual difference from a user's point of view?

I use Trezor and I must say that I am satisfied with them. It's stable and secure. I think it's cheaper if we talk about the default model.
Possible that is Ledger better options, there you can store more different assets, also I find more services which are compatible with Ledger than with Trezor.

[Nnuego]

As it all seems now,I think paper wallet is more secure way to store up and remember your private keys easily. Albeit hardware wallet is the best but how long should it last? Remember the durability is never forever and anything can happen via loosing it or it been faulty

[Lucius]

Which of the two (Trezor and Ledger) is more preferable and why? What's the conceptual difference from a user's point of view?

I think most users first look at price and design, and you should visit their official sites and see what device would suit you more. In terms of price Ledger Nano S is a little cheaper (around 60 EUR), and Trezor One is 69 EUR. For users who can wait few months there will probably be additional discounts on Black Friday or in time of Christmas and New Year holidays.

Both devices are enabling safe storage of user private keys, and this is most important when it comes to hardware wallets. I am using Nano S for some time, and generally I can say that I am satisfied. There were some minor problems in past, but nothing serious that would endanger security of my crypto.

I also intend to buy Nano X by the end of this year, and use it on the go paired with my smartphone when I need to pay something in the physical store.

Albeit hardware wallet is the best but how long should it last? Remember the durability is never forever and anything can happen via loosing it or it been faulty

For this reason, it is most important to have a safe backup (24 words seed), and if device is broken, stolen, or damaged in any way you can always restore your wallet to any other hardware device, or in most desktop wallets. I am not sure how long one hardware wallet can last, it depends how it is used and stored. My Nano S is in mint condition after one and a half years of use.