Selecting a proper way to store my Bitcoins

[ramboitcoiner]

Hey guys, a noob member here, as I've learned, there are a few ways to store bitcoins: Software wallets, hardware wallets, Paper Wallets, and Web wallets.

Can you please explain to me in a nutshell, which way is the best as far as security & convenience?

Say for instance I have bought Bitcoins on an exchange like Binance, how do I transfer those bitcoins to the dedicated wallet?

BEST REGARDS

ramboitcoiner

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[ranochigo]

Don't use Web wallets. They don't provide any tangible benefits whatsoever,

Desktop wallets like Electrum, Wasabi Wallet and Bitcoin Core are fine for normal use but they're not as safe as it's far more susceptible to malware attacks since you're using it all the time. They act more like a hot wallet to store small amounts of Bitcoin for easy and quick access. It's safe enough provided that you are able to manage your own security well.

Hardware wallets (Trezor, ColdCard) are much safer than those but comes at a price. I would recommend you to consider it if you want the convenience and have an idiot proof method to store Bitcoins. If possible, try to ship them to your PO boxes or a reshipper so you won't reveal your actual address. Do your own research before any purchase.

I can't really recommend people to use paper wallets. If you want, you can create a an air-gapped storage using two Electrum instances[1]. It provides similar security to an airgapped wallet if done correctly as it practically eliminates the possibility of a malware attack.

[1] https://electrum.readthedocs.io/en/latest/coldstorage.html

[ramboitcoiner]

Thanks for the reply! I think a Trezor hardware wallet would be a good enough solution for now, as I am still learning ( Don't want to make a mistake that'll leave me coinless lol)

Is it also possible to store Alt coins on these hardware wallets?

[mk4]

In summary:

• Software wallets: less secure, more convenient
• Hardware wallets: more security, less convenient
• Paper wallets: unless you know what you're going, big NO
• Web wallets: NO

For more in-depth: https://cryptosec.info/wallets

Thanks for the reply! I think a Trezor hardware wallet would be a good enough solution for now, as I am still learning ( Don't want to make a mistake that'll leave me coinless lol)

Is it also possible to store Alt coins on these hardware wallets?

Mostly yes, but it completely depends on what altcoins you're planning on holding. Both Ledger and Trezor supports most of the well-known cryptocurrencies.

[ramboitcoiner]

Appreciate the short and informative reply, thank you!

[tranthidung]

Links to download and remember to verify what you download.

• Bitcoin Core
• Electrum
• Wasabi wallet

Verify wallet's guides

• Verify your Bitcoin Core download (get it in Verify your download)
• How to Safely Download and Verify Electrum
• Verify Wasabi wallet

[bL4nkcode]

Is it also possible to store Alt coins on these hardware wallets?

Yes, check this trezor's page https://trezor.io/coins/, al supported coins are listed there.

Same goes for ledger https://www.ledger.com/supported-crypto-assets

[TedMosby]

IMO, convenience and safety are 2 things that inversely proportional.
however, all wallets that give you the seeds are good. as long as the key is in your hands, it is 99% safe.
you are the man behind the gun at this point. you can find articles about software wallets or hardware wallets that become detrimental to their users.
no, it's not caused by the wallet itself, but the mistake usually came from the users, for example, lack of awareness regarding secure connection, malware, scam links, etc.

whatever wallet that you will choose, make sure to secure and backup your seed.
this thread might be helpful to find new insights on how to "safely" store your seeds.
https://bitcointalk.org/index.php?topic=5278821.0

[The Cryptovator]

Hey guys, a noob member here, as I've learned, there are a few ways to store bitcoins: Software wallets, hardware wallets, Paper Wallets, and Web wallets.

I will answer my opinion from your quote, pick the desired wallet as you want.

Software wallet: If you choose noncustodial wallet software, means full control of your funds on your hands. But there is still a risk of getting hack by device hacking. A custodial wallet means the fund isn't fully under the control of you and hacking possibility more than a noncustodial wallet.

Hardware wallet: Fully secured, just need to make sure your wallet credentials like seeds are safe. Hardware wallets hide your private keys, so even your device is hacked, the hackers can't see the private key and can't spend the funds. Always need to sign transactions from the device. Make sure to backup your wallet seed and both (wallet and seed) stored in a secure place.

Paper wallet: I wouldn't agree to use the paper wallet to handle your funds anyway. There is a high risk during generating and importing your private keys especially phishing attempts. Also, there are a few issues during spending like change address which would lead to losing your funds.

Web wallets: Web wallets are really not a wallet. It's just an algorithm. Because there are not true funds, they store your bitcoin under control of them because it's a custodial wallet. When you make a withdrawal, they just send that funds from their hot/cold wallet. I won't recommend it to use to store your funds.

Exchange isn't really safe to store your funds unless you want to trade there. For me, storing your funds on a hardware wallet is quite safer than another wallet. If the amount is bigger then perhaps you would choose a cold wallet as well. Depends on you now which wallet suits you. Please always make sure the address when you are copy pasting.

[sheenshane]

Can you please explain to me in a nutshell, which way is the best as far as security & convenience?

This thread, [General] Bitcoin Wallets - Which, what, why? that was pinned post on this board, it might be good if you read this carefully and understand very well before using and storing your Bitcoin in a secure wallet.  It gives information and ideas on how to have security and the best convenient Bitcoin wallet.

Say for instance I have bought Bitcoins on an exchange like Binance, how do I transfer those bitcoins to the dedicated wallet?

Transfer your Bitcoin into a safe wallet and has the strong security that you choose.
There's an article from Binance that explained very well on How do I Deposit/Withdraw Cryptocurrency.  That might will help you.

For some devil point purpose, there might potential scammers who read your post and be careful if there's someone sending you a PM, they might offer their help, don't disclose any of your important credentials and login information in your account.  Just publicly ask in here and anyone will help you.

[Lordhermes]

Among all the types of wallet listed above with their various characteristics, you should be careful when performing installation in your device because of some phishing links and malwares, if you are considering hardware wallet, do not fail to download through their website, searching directly from playstore may result to you downloading the fake and wrong wallet.
Also saving the 12/24 mnemonic seed phrases generated during software and wallet creation is an important and necessary priority as long as you consider long term holding, web wallet is not preferable and should be considered as best wallet.

[LTU_btc]

One thing that you need to know that it would be best not to use web wallets at all. Together with exchanges, it's least safe place to keep your coins. But if you decide to use it, at least choose wallet which gives you full control of coins - give you recovery seed or private keys and don't require things like KYC.
Software wallets isn't bad choise. But you should be careful with phishing apps. Also, if your device got virus, it's big risk that you'll lose your coins.
Paper wallet is safe, but not convenient choice. If you're planning to hold your coins for long time without touching it, it's good option. But if you transfer coins often, it will be not convenient to use. Also, paper wallet is vulnerable thing, you should protect it well.
Hardware wallet is probably safest option. Yes, it costs some money, but I think it's not big investment in order to secure your coins. It's important not to buy hardware wallet from unofficial resellers and protect your recovery seed.

[jerry0]

Don't use Web wallets. They don't provide any tangible benefits whatsoever,

Desktop wallets like Electrum, Wasabi Wallet and Bitcoin Core are fine for normal use but they're not as safe as it's far more susceptible to malware attacks since you're using it all the time. They act more like a hot wallet to store small amounts of Bitcoin for easy and quick access. It's safe enough provided that you are able to manage your own security well.

Hardware wallets (Trezor, ColdCard) are much safer than those but comes at a price. I would recommend you to consider it if you want the convenience and have an idiot proof method to store Bitcoins. If possible, try to ship them to your PO boxes or a reshipper so you won't reveal your actual address. Do your own research before any purchase.

I can't really recommend people to use paper wallets. If you want, you can create a an air-gapped storage using two Electrum instances[1]. It provides similar security to an airgapped wallet if done correctly as it practically eliminates the possibility of a malware attack.

[1] https://electrum.readthedocs.io/en/latest/coldstorage.html

Have you ordered a hardware wallet and sent it to a PO box?  What do you mean by a reshipper?  Thats interesting because if you do it that way, then well your address won't be on the nano ledger s database.

[Stalker22]

What do you mean by a reshipper?

A reshipper is a person or a business that accepts products ordered at their address and delivers them to you. It may cost you $10 or more, and it could take several days, but in this way you can keep your privacy.

[seoincorporation]

The way that you store the bitcoins is based on how much activity you have with your wallet.

1.-If you have a Hot Wallet:
If you receive and send transactions daily, you need to install the wallet software like Electrum or use a web wallet, but this second option isn't secure at all.

2.-If you have  a Cold Wallet:
For users who only want to save their coins and wait for a long time a paper wallet or a hardware wallet is a good option, the paper wallet for me is the most secure way, but remember to save it in a safe and secure place.

The important thing about the wallets is to have a backup of your private key, that way you own the addy and can change to almost any other wallet you want at any time.

[TheNineClub]

All the above explanations are good, I will add just my experience with the hardware wallets. I have been using a Ledger for a couple of years and can say they are durable and reliable. Hardware wallets may be the best option and with Ledger, Trezor is also a good recommendation. Online wallets are just transitional and if you intend on being in this for the long haul, you will need something that can last and be more secure. Don't wait, get a better wallet ASAP.

[aoluain]

Hardware wallets are the way to go.

(tip)Make sure you purchase from the official website, as in the Manufacturer

(tip)Make sure to record and secure the private seed for the wallet.

I use both Trezor and Ledger.

I use the Trezor for my long term holding and the ledger for more regular
movement of crypto. I do this with my smartphone with the Ledger app
installed and an OTG cable.

To move your coins off the exchange all you need is an address from
the hardware wallet.

Topic: [General] Bitcoin Wallets - Which, what, why?  (Read 127172 times)

[ranochigo]

Have you ordered a hardware wallet and sent it to a PO box?  What do you mean by a reshipper?  Thats interesting because if you do it that way, then well your address won't be on the nano ledger s database.

I've ordered a lot of things to my PO box, hardware wallet included. Reshipper are companies which takes your mails parcels and ship them to you after or lets you collect it somewhere. It creates another hop in the shipping process.

[jerry0]

Did you use a reshipper though to ship it to PO Box or not?  I assume you got a PO Box at your local USPS assuming you are in the US?  Is that best option for the US if you want to order this?


But is there no point if you already ordered a nano ledger s previously from ledger since you are already in their database?

[MCcryptonia]

The most convenient wallet to use are mobile wallets, they are secured too but not as secured as hardware wallets but for convenience I'd go for mobile wallet, all you got to do is safeguard your recovery seed and you would be fine, trust wallet seem cool