Some questions on BTC

[RomiM]

I have an electrum standalone wallet for storing my BTC. I have three questions

1. I read that never store all your coins in one wallet. So wts the solution? should I install two electrum standalone wallets and store my coins in both of them?

2. I have written seed on a paper to recover my BTC in case my computer got corrupt. What thing apart from seed should I backup to recover my wallet in case my system is corrupted.

3. Strong password is good enough to secure a wallet or I have to do something else also.

Thanks.

[Little Mouse]

1. I read that never store all your coins in one wallet. So wts the solution? should I install two electrum standalone wallets and store my coins in both of them?

One wallet is okay if you are using hardware wallet like Ledger Nano or Trezor. If you want to install two electrum wallet, learn multiSig wallet. That will help you more.

2. I have written seed on a paper to recover my BTC in case my computer got corrupt. What thing apart from seed should I backup to recover my wallet in case my system is corrupted.

Seed is alone enough to recover but you can also get the private key of the address where you deposited the BTC.

3. Strong password is good enough to secure a wallet or I have to do something else also.

If anyone has your seed, they can get all your BTC.

[Darker45]

I have an electrum standalone wallet for storing my BTC. I have three questions

1. I read that never store all your coins in one wallet. So wts the solution? should I install two electrum standalone wallets and store my coins in both of them?

If you are keeping your BTC in a cold storage such as a hardware wallet, I don't think you still need to scatter them in different wallets. They're offline devices so they are basically secure enough. However, if you are storing your BTC in hot wallets, storing your BTC in different wallets may add a certain layer of security but it may not be enough in the end to keep it safe.

2. I have written seed on a paper to recover my BTC in case my computer got corrupt. What thing apart from seed should I backup to recover my wallet in case my system is corrupted.

Your seed contains everything that you need in order for you to recover your BTC in case your system is corrupted, lost your phone or laptop, and so on.

3. Strong password is good enough to secure a wallet or I have to do something else also.

The kind of wallet matters. If you are saving your BTC in a hardware wallet, written your seed on a piece of paper and made copies of it stored in different places, created a strong password, and perhaps added an extra safe word for your seed, then everything's good enough. Everything will now boil down to safe-keeping. Make sure no one else has the access to those information and to where they're kept.

[turkandjaydee]

1. I read that never store all your coins in one wallet. So wts the solution? should I install two electrum standalone wallets and store my coins in both of them?

Having 2 wallets in the same place is also not good. It's better to have a hardware wallet as another wallet so it will be 1 hardware wallet and 1 app wallet or you can just go for 2 hardware wallets and just carry one of them.


Don't let your private keys and seed discovered by someone else. You need both of them to be saved and secured.

[bitmover]

1. I read that never store all your coins in one wallet. So wts the solution? should I install two electrum standalone wallets and store my coins in both of them?

You should have 2 wallets because if you lose a device or it gets burned you can still recover your coins. Having two wallets which are exactly the same in the same device defeats the whole purpose of having 2 wallets.

You should have at least one for big amounts which you will never touch (like a hardware wallet) and one other for small transactions (a mobile for example)

2. I have written seed on a paper to recover my BTC in case my computer got corrupt. What thing apart from seed should I backup to recover my wallet in case my system is corrupted.

Nothing else.If you made a passphrase, you have to note it down as well, but it is almost part of the seed.

3. Strong password is good enough to secure a wallet or I have to do something else also.

No, a password in your wallet doens't give you any additional security, only additional privacy (as nobody could look in your funds without it). but your funds can be retrieved without the passwrod, if the hacker gets the seed.

[joniboini]

If your BTC holdings are not that much, I don't think you should worry about the number of wallets you have to store your bitcoin. "That much" might be different for some people but having less than 0.1 BTC is not worth the time to have more than one wallet to store them.

You might want to spend some time making sure that your device security is good enough. If you use PC, keep it off from malware, virus, etc. If you use a phone, make sure you update to the latest security patch and don't install weird apps that ask for a lot of permissions that could snipe your seed/private key away. In short, a strong password is just one part of securing your seed/private key and there are dozens more that you should do.

[tabas]

The best option for you is to get a hardware wallet as your other wallet. You are already aware of how to keep those important information, seed/recovery phrases and private keys.
Whether the device of your hardware wallet gets destroyed as long as you have those important words/phrases, you can purchase another one if you want to have it again but there are methods you can use to gain access again to that wallet you have thru electrum and other wallets, and that's the purpose of those phrases.

[taufik123]

Using one wallet in my opinion is enough. The Electrum wallet that you choose is the primary wallet and then stores the private key on a piece of paper to be able to recover it if the computer is damaged. You also combine random passwords for safer.

But all that will be in vain if you do not use the computer that you use as an electrum wallet. The computer must be in good condition and don't be attacked by viruses or malware that can steal your private key.

A safe choice for storing your bitcoin is to use a more secure Hardware Wallet compared to a Wallet that is installed on a computer.

My last suggestion is to always maintain the security of your device's security, we don't know when and how the virus can attack and steal all of us.

[KrisAlex18]

1. I read that never store all your coins in one wallet. So wts the solution? should I install two electrum standalone wallets and store my coins in both of them?

Actually it is not advisable to all people here in this forum, it only means that if you are holding huge amount of money you need to have more wallet to keep the privacy on some transactions because if hackers see same transaction information having huge amount of money, then they will tend to do some action to make you as their victim.

2. I have written seed on a paper to recover my BTC in case my computer got corrupt. What thing apart from seed should I backup to recover my wallet in case my system is corrupted.

Seed is the most important part, so you should prioritize it first.

3. Strong password is good enough to secure a wallet or I have to do else also.

That's in a quite enough, you may also use the 2FA for nore security or if you are having doubt with that, you may used a hardware wallet that ie safer than an online wallet.

[vycl87]

I have an electrum standalone wallet for storing my BTC. I have three questions

1. I read that never store all your coins in one wallet. So wts the solution? should I install two electrum standalone wallets and store my coins in both of them?

2. I have written seed on a paper to recover my BTC in case my computer got corrupt. What thing apart from seed should I backup to recover my wallet in case my system is corrupted.

3. Strong password is good enough to secure a wallet or I have to do something else also.

Thanks.

I think you should use the right board of forum firstly your questions; so for this question, there is a board named "Wallet Software" or its main board "Development & Technical Discussion". You should look at that board first. Probably, you can find a lot of answers in the right board if you search it first.

And your questions...

You can keep you all Bitcoin's a single wallet if you want. (If you can provide safety)
Look at this page: https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html
Some of BTC wallets are keeping more than 100K BTC in that wallets.

Wallet security is a very important issue. And seed keys, which are part of it, are the most important point of security. For this reason, I recommend that you keep those words or private keys as secure as possible.

Password is only keep your assets in your device. If your device gets hacked, then I am not sure if the password means anything.

[davis196]

Stop overthinking and never become too obsessed with security.Achieving a level of 100% online safety is impossible,but getting close to 100% is pretty doable.Having 2 wallets on the same device seems pointless.
Just keep your private keys in a safe place and you will be fine.
A password that consist lowercase and uppercase characters plus numbers mixed in a chaotic way would be just fine.No brute force attack password software could guess such password in a short period of time.
Always keep your PC clean from viruses.This is more important than focusing solely on your BTC wallet.

[The Cryptovator]

1. I read that never store all your coins in one wallet. So wts the solution? should I install two electrum standalone wallets and store my coins in both of them?

If you have downloaded software from original website and if you verified signature then you don't need to create two wallet unless you lost your current wallet. But you should be careful during uses. If you aren't careful enough then even install TEN wallet wouldn't help your to prevent your fund from hackers. Your machine system should be safe from virus and malware. If you have huge amount of bitcoin then I will prefer to use Ledger nano hardware wallet. So you will be safe zone.

2. I have written seed on a paper to recover my BTC in case my computer got corrupt. What thing apart from seed should I backup to recover my wallet in case my system is corrupted.

Seed itself is enough to recover your wallet. But make sure your seed has written on multiple paper and save it on multiple places as well. So even one written seed burned or destroyed then you will able to recover it from another paper. Do not save your seed any online machine.

3. Strong password is good enough to secure a wallet or I have to do something else also.

Password will encrypted your wallet file, nothing else. If your device become compromised and hack your clipboard then likely password wouldn't help you. When you will recover by using seed then you have to setup a new password. Perhaps you would use TrustedCoin 2FA for an extra layer security if you have doubts that you are in risk of wallet compromise.

Important: If you see any popups regarding update of your electrum then make sure its redirecting to original website. I will prefer do not update from popups, so many users hacked by this way. Just go official website and install latest version from there. Install new version will never effect your old wallet file. So you don't need to worry about your funds.

[pakhitheboss]

I have an electrum standalone wallet for storing my BTC. I have three questions

1. I read that never store all your coins in one wallet. So wts the solution? should I install two electrum standalone wallets and store my coins in both of them?

2. I have written seed on a paper to recover my BTC in case my computer got corrupt. What thing apart from seed should I backup to recover my wallet in case my system is corrupted.

3. Strong password is good enough to secure a wallet or I have to do something else also.

Thanks.

1. It is upto you whether you want to store all your coins in one wallet or multiple wallets. I have been using a single Bitcoin wallet and I have been storing all of them in one place. Iit is okay to have multiple wallets as long as you are able to remember the Private key and seed information pertaining to the right wallet.

2. You only need the seed to get access to your coins on the Blockchain incase of any mishap. You just need to download the wallet once again and select Recover Wallet option to get access to your coins.

3. Strong password is good enough to secure the wallet.

[seoincorporation]

I have an electrum standalone wallet for storing my BTC. I have three questions

1. I read that never store all your coins in one wallet. So wts the solution? should I install two electrum standalone wallets and store my coins in both of them?

2. I have written seed on a paper to recover my BTC in case my computer got corrupt. What thing apart from seed should I backup to recover my wallet in case my system is corrupted.

3. Strong password is good enough to secure a wallet or I have to do something else also.

Thanks.

I will not answer the questions one by one because some users already did, and they aren't wrong. But i see you worried about the security. That's why i decided to share some words with you.

I understand that security feeling and the best thing to do is to understand how bitcoin works, they are two factors that we have to keep as a secret: 1- Our wallet seed, 2-Our addy private key. If someone gets access to one of those our coins are compromised. So, save them in a safe place.

[Jating]

I have an electrum standalone wallet for storing my BTC. I have three questions

1. I read that never store all your coins in one wallet. So wts the solution? should I install two electrum standalone wallets and store my coins in both of them?

Those who have large amount of bitcoin tends to split it up. If you are just an average joe bitcoin investor/trader, then I think using 1 wallet is enough.

2. I have written seed on a paper to recover my BTC in case my computer got corrupt. What thing apart from seed should I backup to recover my wallet in case my system is corrupted.

If you are referring to mnemonic phrase then yes, you should back it up. You also need your private key as well because that is very important.

3. Strong password is good enough to secure a wallet or I have to do something else also.

Thanks.

Just be sure that your machine is free from virus and malware. You can also create an air-gapped crypto wallet.

And just for the record, no one is secure, hackers are very active in crypto sphere. Everyone should educate themselves here.

[Nancy10]

Yeah. Virus in the system can turn it into a really horrible system. Just take care of it mybpcreditcard

[Cnut237]

It is individual preference, really. Personally I have a number of different wallets, because if I had just one I wouldn't trust myself not to do something stupid to lose access. I even keep some coins on exchanges (although never a large amount on a single exchange). Do whatever you're comfortable with, just be aware of security at all times. Also don't keep passwords etc all in one place, or all on one computer.

[rajakulam]

1. one wallet is enough to store the coins you have, the most important thing is your password and your wallet is protected from technological crimes

2. everything related to your wallet accounts, such as private key, email, password and scan code

3. It will be better if you secure it using Authenticator

[Oasisman]

1. one wallet is enough to store the coins you have, the most important thing is your password and your wallet is protected from technological crimes

Password ain't enough If you're looking for a tight wallet security. If you're aware of the brute force service, then you might not be comfortable with just password, you need to have atleast 3 layers of security in your account, 2FA and OTP is the most common and secure option.
Then paraphrase for account recovery once your device got broken, paraphrase serves as a password to import your electrum wallet.

Anyway, I think the OP is in right direction upon securing a wallet. It only depends on the amount of Bitcoin he has in his wallet on whether he needs to split or not.

[kacperukz99]

I have an electrum standalone wallet for storing my BTC. I have three questions

1. I read that never store all your coins in one wallet. So wts the solution? should I install two electrum standalone wallets and store my coins in both of them?

2. I have written seed on a paper to recover my BTC in case my computer got corrupt. What thing apart from seed should I backup to recover my wallet in case my system is corrupted.

3. Strong password is good enough to secure a wallet or I have to do something else also.

Thanks.

1. It is said that it is good not to store all the coins on one address of the wallet, because in case you are hacked, you will lose only the coins from that address. It is not a bad solution.

2. I do the same. I think it is a good solution, as long as it is kept in a safe place.

3. The more sophisticated it is and contains special characters, numbers, uppercase and lowercase letters, it will be much harder for hackers to crack the password, but it is not 100% safe.


    A better security of your investments and personal data is given by a hardware wallet. There are a variety of hardware wallets that are worth trying.