-what are the best Bitcoin wallets?

[dejankralj101@gmail.com]

I kept my Bitcoin on Binance since 2017 and I feel pretty safe. Pretty dumb move but so far have not been hacked. However, the new bullrun is approaching and anything can be expected to happen.
Mightiest have fallen before, so I'd like to play it safe.

what Bitcoin wallets would you recommend for storage? or any other viable solutions?

[1715182666]

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[1715182666]

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[Charles-Tim]

For holding high amount of bitcoin, hardware wallest like trezor, ledger nano, Keepkey or Coldcard are good, but amount all, trezor and ledger nano are one of the most common. But, know that ledger nano is a closed source wallet, that is why I prefer the open source ones like trezor.

You can also use electrum, it is open source and good, you will need to read more about it as you can use it as normal wallet, 2fa wallet, multisig and as cold wallet, depending on which option you will like. For storing higher amount, you can also use electrum as cold wallet, but you will need two device for that. One as watch-only wallet an the other as cold wallet which will remain offline permanently.

Mycelium is also a good wallet, but it is a mobile wallet and not supporting desktop, unlike electrum that support all devices, it is open source too but it is online/hot wallet and can not be good for storing high amount.

[mk4]

Assuming you have a sizeable amount of bitcoin and if you don't know(and are not confident) in securely creating yourself your own air-gapped device, then I would recommend pickup up a(or a few, if you can afford testing them all yourself) reputable hardware wallet.

Coldcard[1]: arguably the best in terms of security and privacy, but user experience is quite bad and it's more for intermediate users imo.

Ledger[2] and Trezor[3]: Privacy downsides if you use their official software, but you can always use these with wallets like Electrum and Wasabi. Probably the best option for beginners.

[1] https://coldcardwallet.com/
[2] https://ledger.com/
[3] https://trezor.io/

[sheenshane]

So far you are safe with Binance because they are one of the largest crypto exchanges and the most reputable one, so probably you're safe for a while.  They also promised their user to have a SAFU service.  But it doesn't mean that you are safe forever and I don't think it is good to hold Bitcoin on an exchange where you didn't hold the private key.

This has been always reminded on the forum, "Not your keys, Not your Coin".  Better to choose an open-source wallet that supported not only Bitcoin but also altcoin in one wallet.

Heads to this [BIG LIST] Hardware wallets (80+) and do research on your own, and if you wanted to use the Custodial vs. Non Custodial Wallets - "Not your keys, not your coin" Explained you might also know the pros and cons, its better safe than to say sorry.

[Lucius]

The risk of storing cryptocurrencies on online wallets/exchanges is great, not only because such platforms are always exposed to hacking, but also because any user can become a victim of phishing or theft of login data in some other way. The advantage of non-custodial wallets (hardware, desktop, mobile) is that the user has full control over his private keys and during outgoing transactions he can determine how much fee he wants to pay. The best crypto wallet is the one that the user really knows how to use in the right way, so even the best wallet in the wrong hands is worth nothing.

dejankralj101, until you are 100% sure what is what, and how it works - you better leave everything as it is now, otherwise you could become a king without a kingdom

[dejankralj101@gmail.com]

The risk of storing cryptocurrencies on online wallets/exchanges is great, not only because such platforms are always exposed to hacking, but also because any user can become a victim of phishing or theft of login data in some other way. The advantage of non-custodial wallets (hardware, desktop, mobile) is that the user has full control over his private keys and during outgoing transactions he can determine how much fee he wants to pay. The best crypto wallet is the one that the user really knows how to use in the right way, so even the best wallet in the wrong hands is worth nothing.

dejankralj101, until you are 100% sure what is what, and how it works - you better leave everything as it is now, otherwise you could become a king without a kingdom

That just made my day m8 


If I had some merit I would merit you. But best I can do is thank you.
Cheers!

[Stalker22]

what Bitcoin wallets would you recommend for storage? or any other viable solutions?

There are many different Bitcoin wallets and at this point it's best to know the pros and cons of each. My personal choice is the Trezor hardware wallet. Not only do they have a gorgeous design but you can manage Bitcoin with a hardware device that protects your private keys from unauthorized use which is great for security reasons.
If you don't want to invest in a hardware wallet at the moment, the next popular solution is a paper wallet for long-term storage or a desktop or mobile version of the Electrum wallet for frequent use.

[sunsilk]

You're lucky to still have your bitcoin through Binance despite that it's been hacked in the past because there's a tendency that they won't refund affected users although, they did. And that proved them to be one of the best exchanges that we have.

But they'll remain as an exchange and not for keeping your bitcoin safe. Do you have an allocated budget that you're good with to purchase a Ledger wallet? the old version is Nano S and the newest is the Nano X.

The price of Nano X is x2 compare to the old version, Nano S but it has more features and more supported coins. I haven't used a Nano X and I'm still okay using the old version which so far so good and never experienced any problem holding my own bitcoin on it.

Thus, if you don't like purchasing one. These wallets below are the best candidates.

Electrum and Wasabi

[OcTradism]

Binance is a good exchange and you can trust it. For your lifespan, you need  custodial wallets to store your bitcoin. The same way whales, institutes move their bitcoin from exchanges to their wallets (cold wallets maybe).

https://electrum.org/#download
https://bitcoin.org/en/bitcoin-core/

Electrum is lighter and does not require huge data space to store the blockchain data on your computer. With bitcoin core, you can use prune node if you don't have enough data space but prune node has its flaws (resync wallet from genesis block).

If you only need a wallet to store, send, receive bitcoin, has issues with storage space, and don't have need to use Coin Join transactions, Electrum is a wallet to go.

Off topic but your username is email address that is bad. You can send request to theymos to change your username. I know one user weeks ago got acceptance to change username (from email address to a new one).
Good topics on security and privacy. You will get some topics for wallets, backups, how to make transactions safely, privacy, and more.

[seramania]

i am using nano ledger since 2018 and until now it is safe. You have to do this to keep your assets from being hacked because currently only hardware wallets can help you to secure your assets.

[Jawhead999]

IIRC binance was hacked on 2 years ago, gladly your funds still there until now.

But even though you think your coins in binance is safe since you hold it since 2017 that's doesn't mean your coins will be safe in future.

If you had high amount money in binance and never do any transaction from 2017, it's possible Binance will ask you to provide KYC to make sure you're the real owner and prevent from money laundering.

As has been said above, use hardware wallet or at least electrum to hold your funds safely.

[dejankralj101@gmail.com]

IIRC binance was hacked on 2 years ago, gladly your funds still there until now.

But even though you think your coins in binance is safe since you hold it since 2017 that's doesn't mean your coins will be safe in future.

If you had high amount money in binance and never do any transaction from 2017, it's possible Binance will ask you to provide KYC to make sure you're the real owner and prevent from money laundering.

As has been said above, use hardware wallet or at least electrum to hold your funds safely.

I recall that. They did compensate everyone who lost their assets tho which was nice

[Ultegra134]

I kept my Bitcoin on Binance since 2017 and I feel pretty safe. Pretty dumb move but so far have not been hacked. However, the new bullrun is approaching and anything can be expected to happen.
Mightiest have fallen before, so I'd like to play it safe.

what Bitcoin wallets would you recommend for storage? or any other viable solutions?

Shouldn't have used an exchange to store any cryptocurrencies, far too risky. Not judging, since I've also done it myself. Kept both Bitcoin and cash on my Bitstamp account, which was then left inactive for at least 2 years.

I've only used online wallets till now, I've always used BitGo and the Blockchain online wallet and had no issues so far. Recently, I downloaded and installed Electrum on my computer.

[mk4]

I recall that. They did compensate everyone who lost their assets tho which was nice

Yes, and it's because only a small number of accounts have been compromised. Though they seem to be taking security seriously, and though the chances of their cold wallets getting hacked is highly unlikely, it's still non-zero. If their cold wallet does get hacked, then they wouldn't be able to compensate anything.

[Stalker22]

I recall that. They did compensate everyone who lost their assets tho which was nice

Yes, and it's because only a small number of accounts have been compromised. Though they seem to be taking security seriously, and though the chances of their cold wallets getting hacked is highly unlikely, it's still non-zero. If their cold wallet does get hacked, then they wouldn't be able to compensate anything.

Yes, Binance is allocating 10% of its total trading fees to an insurance fund and has paid out $ 40 million from that fund to affected users of the last hack.
I'm not sure how deep that insurance fund is, but I doubt it will cover the cost of one global hacking of the entire platform. But I think they have pretty damn good security measures that the chances of this happening are almost non-existent.

[Nhor1011]

I kept my Bitcoin on Binance since 2017 and I feel pretty safe. Pretty dumb move but so far have not been hacked. However, the new bullrun is approaching and anything can be expected to happen.
Mightiest have fallen before, so I'd like to play it safe.

what Bitcoin wallets would you recommend for storage? or any other viable solutions?

Don't keep your funds like bitcoin in any crypto exchange, that is not safe. You need to secure your bitcoin in a secured bitcoin wallet like electrum or other off line wallet. In our country I only use local bitcoin wallet which is safe and easy to convert and cash out in fiat money if I needed. But I also use Electrum, it was a good bitcoin wallet I already tried using.

[The Cryptovator]

Many wallets have been suggested by other users. Keep in mind, when your funds on a centralized exchange mean funds aren't in your custody. It's been controlled by the exchange, they could freeze it for any reason like money Laundering or suspicious activities. The best option is buying a hardware wallet, but remember always, just buy a hardware wallet or use a noncustodial wallet doesn't mean you are fully safe if you can't protect your seeds and private keys properly. It's quite important when you are going to hoke your funds in your own custody. Always verify the source before using wallet software. Because many phishing sites would lead you to a hack attempt.

[cheezcarls]

I kept my Bitcoin on Binance since 2017 and I feel pretty safe. Pretty dumb move but so far have not been hacked. However, the new bullrun is approaching and anything can be expected to happen.
Mightiest have fallen before, so I'd like to play it safe.

what Bitcoin wallets would you recommend for storage? or any other viable solutions?

Binance is a centralized exchange. As long it's not your keys, not your coins as well. Binance is recommended for day trading, not for long-term holding or storage. I suggest you keep your coins in a hardware wallet like Ledger Nano S and Trezor. You will have the full custody of your Bitcoins because you own the private keys and no interference from third parties.

[mk4]

But I think they have pretty damn good security measures that the chances of this happening are almost non-existent.

Probably, and I definitely hope so. Binance getting hacked would be a total DISASTER. Probably even something even bigger than MtGox(don't quote me on this).

With that said, let's not forget that people deemed exchanges like MtGox and Bitfinex as "very secure" years ago. We all know what happened.

[0t3p0t]

I kept my Bitcoin on Binance since 2017 and I feel pretty safe. Pretty dumb move but so far have not been hacked. However, the new bullrun is approaching and anything can be expected to happen.
Mightiest have fallen before, so I'd like to play it safe.

what Bitcoin wallets would you recommend for storage? or any other viable solutions?

I have been using mobile wallets such as Mycelium, Coinomi and Electrum without any problem. I don't recommend storing Bitcoins on exchanges because your funds might be compromised anytime.