Safest way of long term holding

[MinoRaiola]

First and foremost, you yourself are the one who has to persevere and not sell prematurely or lose confidence. An example: if you buy a vehicle, it loses value as soon as it rolls out of the garage. In contrast to Bitcoin, from which an enormous increase in value is expected.
One of the most popular comparisons on an old Twitter thread was the one with Bitcoin pizza man Laszlo Hanyecz, who paid 10,000 BTC for a couple of Papa John's pizzas in 2010. A sum of BTC that would be worth hundreds of millions of dollars today.

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[Leviathan.007]

1) How to generate a private key safely? Online tools are obviously undesirable as they might keep a back door on all keys generated. Similar reason for any library or packages even they operate offline (I cannot check if these keys generated are in fact following some predetermined sequence).

I'm not sure if generating private keys using a third party software and tool is safe enough because there is anyways the risk of getting scammed by saving the private seeds by the tool. The random generated private keys are much better and safe to use. you can also write the key in a piece of paper and put it somewhere safe.

Generally, in my own idea if you do have more than 10K worth of bitcoin, the best thing you can do is to buy a lager nano wallet and do not trust the software wallets because there is always the risk of getting inflected by malware. Also, people say don't put all your eggs in one basket, so I would suggest you to don't put all your bitcoins in one single wallet and try to use multiple wallets. For example, I do have a wallet for long term investment and it's untouched for the last 4-5 years, also have another wallet I use it here on forum.

[traderethereum]

You can buy a hardware wallet such as Ledger Nano or Trezor and start moves your bitcoin to that wallet.

And in 20 or more years, when that wallet company has gone out of business, if that hardware wallet doesn't work, what do you do then?  This does not sound like a reliable long-term solution.

In 20 or more years, there will be a new technology that will better from that company.
Do you want to use the old technology while saving a huge bitcoin amount in the old wallet? I bet you do not want to.
We always need to evolve and not just use the old one if a new invention comes out to give us a better experience than before.
If I have that experience, I will not keep it in the same wallet, especially if the company has gone out of business because that will be my responsibility to take care of my funds.

[xanxus.kun]

I am happy to hear that you won't be blindly investing but was able to learn the basic mechanics of Bitcoin. I've seen and heard a lot of people who lost a lot of money by just following the hype. Just be weary of the market correction and you're all good.

[tatalin]

The technique in investing long-term is to create a safe crypto wallet where you can store or keep your Bitcoins and other coins, then buy your prefer coins that you want to keep for a year and more. After that, keep your private key then uninstall the wallet. This works for me as I can’t open my coins and check them from time to time. I just buy and forget.

[TribalBob]

buy a hardware wallet like the Ledger Nano or Trezor and start moving your bitcoins into that wallet
but I'm not sure this device will last for the next 10 -20 years because any technological sophistication can happen
What's more in a virtual world like this, cyber crime is very easy to take your assets without us knowing who did it
the safest place to store in the form of fiat and save your funds on bank

[acener]

The safest way to hold and own control on your keys and coins is by using a hardware wallets like Trezor,Nano ledger and other hardware wallets out there,
But I highly recommend any of the two that I've mention.
Just make sure that you would keep them updated from time to time.

[scarface97]

This topic has touched a very good point. Because still, many people in this market do not know exactly what to do to safely hide their investments. When I read this subject, I realized there were actually things that I did not know. I used to think hardware wallets were secure, but I noticed the possibility that computers will not use the same connector in the future.

[xiboothrezi]

The safest way to hold and own control on your keys and coins is by using a hardware wallets like Trezor,Nano ledger and other hardware wallets out there,
But I highly recommend any of the two that I've mention.
Just make sure that you would keep them updated from time to time.

To maximize holding, we must maximize several elements including security, strategy, and mentality. for security, a hardware wallet is indeed the best choice. online wallets and the like can also be maximized security by using double protection and wisely using the internet. Regarding strategy, everyone has a different way, there are those who buy at once when the price is still low, or buy regularly and accumulated, please choose which one you are able to manage the risk well. well the last one is mental, we know that cryptocurrency volatility is very high. mental holder is tested when there is an increase and decrease in price, there will definitely be a dilemma.

that is why we must be very selective in choosing coins or tokens to hold, make sure it has strong market power and good fundamentals, such as BTC, Eth, bsc, etc.

[Kamarah]

I am considering holding Bitcoin for the long term. I have learned a few basics about the blockchain and BTC mechanisms, but still unable to find a complete guide on how to safely store bitcoin.

1) How to generate a private key safely? Online tools are obviously undesirable as they might keep a back door on all keys generated. Similar reason for any library or packages even they operate offline (I cannot check if these keys generated are in fact following some predetermined sequence).

I can use a random number generator on an offline PC. But I am not a real 'hacker' and have concerns on whether any programming language can produce truly random numbers that cannot be reproduced (or say predicted) on another PC. They might all rely on some external factors (such as time) which greatly reduce the possible key generated and make brutal force algorithms possible.

Currently, I can only think of throwing dice for key generating but that cannot scale.

2) I do not want to use any 3rd party software as a wallet. Suppose I just store my private key on a piece of paper and later transfer coins into it using exchanges. Would that be a valid transaction and allows me later to spend these coins? Is there anything else I need to store together with the private key (like the hashed transaction number in transaction_input in the blockchain? ScriptSig?) I really want to avoid 3rd party software because it might be obsolete in the future and data can be degraded. (Say if I use some sophisticated cold wallet, I may experience hardware degradation in  10 yrs, no one at that time used this software, programmers 10 yrs ago cannot be reached, and any trick in coding or encoding in the original version becomes obsolete. I would be a consumer rather than an investor of BTC...)
 
Any advice?

It is a good idea to hold Bitcoin to wait for the right moment. If you held Bitcoin 10 years ago until now, then you are already a billionaire. Keep your Bitcoins in a secure wallet to avoid account theft. The way I usually keep my money is by using a secure system.

[maxreish]

You dont have to be paranoid and worry too much. You are just making things so complicated by those "What if's". If you have your ledger Nano S or any kind of trusted hardware wallet, as long as you keep your private key with you and never share it with others, then your long term hold bitcoin will be safe.
 
 Those online tools can be useful but unsure security and can be hacked so if you arent careful enough to ensure your private key , then it has a possibility with those what if's to happen.

[Xinarae*]

For long term investments you need to use a secure wallet access to them cannot be shared with anyone. Keeping your personal information and wallet password safe will keep your long term investment safe there are many wallets online but not all of them are secure hardware wallets are really much safer and much harder to hack. Also if you use the 2 fa code in the wallet to keep it safe no one will get the wallet information.

[sumant]

For any long term holding project you need a best secured wallet. Wallet should not be accessed by anyone. These measures secure your fund for any duration then you can hold it for long term or any duration you want. Wallet security keys or anything should be placed in proper way to not get lost forever. Security is key for long term holding

[seramania]

hardware wallets such as the nano ledger or trezzor are the best for you. I as a nano ledger user for 2 years feel safe and there is no loss at all it makes our assets safe

[Alucard1]

The safest way of holding for the long term is using a cold wallet or hardware wallet, when we are planning to hold huge money for the long term then we should secure it by using the safest crypto wallet and that is a hardware wallet, those people who are holding huge amount of BTC are sreuly using a hardware wallet as well because there is no possibility that it can be hacked because there is no need an internet to access it, just make sure that you will place your wallet to the safest place where it cannot be burnt out and get wet.

[Lorence.xD]

hardware wallets such as the nano ledger or trezzor are the best for you. I as a nano ledger user for 2 years feel safe and there is no loss at all it makes our assets safe

Probably that's the best by far, I plan to buy one this year and fill it with bitcoins and leave it on a time capsule and let it stay there for five years and if the prices do go up in the future then lucky for me because I will get a lot of profit.

[Lucius]

Probably that's the best by far, I plan to buy one this year and fill it with bitcoins and leave it on a time capsule and let it stay there for five years and if the prices do go up in the future then lucky for me because I will get a lot of profit.

Maybe it would be good to read all the posts from the beginning, there are some good observations on the topic of hardware wallets that would be worth considering. As much as HW has advantages, you should also take into account the fact that these are electronic devices that can break down at any time - and then only backup can save you. Consequently, if you already have an idea to store something in a time capsule, it could simply be a backup (seed) generated in a safe environment using Electrum.

[blckhawk]

Talking about the safe way of storing your Bitcoins that is where hardware wallets take part because it is away from the internet so there's a less chance for it to get hack and stolen by anyone unlike web and mobile wallets. However, since it is a hardware wallet is it more prone to physical damage that is why you must take care of it and placed it where does anyone doesn't know and away from the place where it can be easily destroyed. Another way of holding your stash is to diversify your BTC in a different wallet so that even if one of them got destroy or hacked, the loss wouldn't be that much.

[Reatim]

 
Any advice?

You don't need any advice because you have already pointed everything that needed for safety investing and also you mentioned the wanting for Bitcoin and for me that is the safest coin that everyone can trust to invest their money.
so what are you waiting for mate? Buy bitcoin now and start holding in your storage before its too late and the value climbs up to 100k soon.

[Lorence.xD]

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Maybe it would be good to read all the posts from the beginning, there are some good observations on the topic of hardware wallets that would be worth considering. As much as HW has advantages, you should also take into account the fact that these are electronic devices that can break down at any time - and then only backup can save you. Consequently, if you already have an idea to store something in a time capsule, it could simply be a backup (seed) generated in a safe environment using Electrum.

It wouldn't break down if you rarely use it, we still have a television in my home that is around 6 years already so I think that a HW will last that much longer. Maybe I will worry about the other things about storage when I already have it in my table but right now, I think saving some bitcoin is top priority.