|
pakhitheboss
|
 |
May 01, 2021, 05:39:34 PM |
|
Hi, I have 0.0112 bitcoin. I'm hodling never selling started today.(A bit late but never look back) Should i keep on binance? Which wallet do you suggest? Except cold wallets. Cuz i cant pay for these sticks. Only pay for bitcoin after today.
For long term hold it is advised to keep your Bitcoin in a hardware wallet. Hardware wallet are not free you need to buy them. If you are not interested in buying a wallet then you can download a desktop wallet for free. You need to ensure that your desktop is not being used to connect to the internet. I wouldn't recommend you a wallet name as there are many good one in the market but insure that the wallet you use should be non custodial wallet. |
|
|
|
|
|
|
|
|
|
|
According to NIST and ECRYPT II, the cryptographic algorithms used in
Bitcoin are expected to be strong until at least 2030. (After that, it
will not be too difficult to transition to different algorithms.)
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
|
Adar Korin
Jr. Member
 Offline
Activity: 44
Merit: 6
|
 |
May 02, 2021, 04:56:20 AM |
|
From my own experience, paper wallets, or exporting the private key to a text file that is not stored anywhere online are my two favorite ways of storing bitcoin long term. As others have already said, Exchanges come and go and you also have to rely on the good nature of others guarding those sites. Hardware can become faulty in rare occasions. Hopefully, you'll find a solution that's fit for your purposes.
|
|
|
|
|
o_e_l_e_o
In memoriam
Legendary
Offline
Activity: 2268
Merit: 18509
|
|
May 02, 2021, 06:54:33 AM |
|
exporting the private key to a text file that is not stored anywhere online
I wouldn't recommend this, especially not for newbies. First of all, storing individual private keys is inferior to storing a seed phrase for a number of reasons. It's harder to work with, easier to make errors, harder to copy, doesn't have a checksum, won't generate change addresses, worse for privacy, and the list goes on. Secondly, backing up seed phrases or private keys electronically is generally very risky. In a fully airgapped environment it might be relatively safe, but most newbies do not know how to do this properly and will end up exposing their seed phrase or private key to the internet. |
|
|
|
|
mk4
Legendary
Offline
Activity: 2758
Merit: 3830
Paldo.io 🤖
|
|
May 02, 2021, 07:48:16 AM |
|
From my own experience, paper wallets, or exporting the private key to a text file that is not stored anywhere online are my two favorite ways of storing bitcoin long term. As others have already said, Exchanges come and go and you also have to rely on the good nature of others guarding those sites. Hardware can become faulty in rare occasions. Hopefully, you'll find a solution that's fit for your purposes.
Hardware, as with hardware wallets, can surely break after some time (as with any other electronic). But there's a reason why the 12-24 word recovery seed is heavily recommended to be only stored offline on a piece of paper. .txt files are simply too righ risk especially for your typical non-expert user. |
|
|
|
|
smyslov
|
|
May 02, 2021, 08:07:27 AM |
|
Hi, I have 0.0112 bitcoin. I'm hodling never selling started today.(A bit late but never look back) Should i keep on binance? Which wallet do you suggest? Except cold wallets. Cuz i cant pay for these sticks. Only pay for bitcoin after today.
I do not recommend Binance even if they secured our funds, you can lose it in some other way, I recommend ledger wallets and desktop wallets like Exodus or Greenwallet, another question that you should address is how to secure your wallet after you find a good wallet, it's not only the wallet but it's more on how good you are on securing your coins. |
|
|
|
|
|
Taskford
|
|
May 02, 2021, 09:35:56 AM |
|
Hi, I have 0.0112 bitcoin. I'm hodling never selling started today.(A bit late but never look back) Should i keep on binance? Which wallet do you suggest? Except cold wallets. Cuz i cant pay for these sticks. Only pay for bitcoin after today.
I do not recommend Binance even if they secured our funds, you can lose it in some other way, I recommend ledger wallets and desktop wallets like Exodus or Greenwallet, another question that you should address is how to secure your wallet after you find a good wallet, it's not only the wallet but it's more on how good you are on securing your coins. The wallet you recommended is good for long time safe keeping but I still use binance as they are a good exchange which offer good security. Although I understand the risk brought up by inputting my balance on binance but the last hacking incident make me impress and trust them about further attacks since they assure that the funds of their users are safe. |
| .
.Duelbits. | │ | | │ | ▄▄█▄▄░░▄▄█▄▄░░▄▄█▄▄
███░░░░███░░░░███
▀░░░▀░░▀░░░▀░░▀░░░▀
▄░░░░░░░░░░░░
▀██████████
░░░░░███░░░░▀
░░█░░░███▄█░░░█
░░██▌░░███░▀░░██▌
░█░██░░███░░░█░██
░█▀▀▀█▌░███░░█▀▀▀█▌
▄█▄░░░██▄███▄█▄░░▄██▄
▄███▄
░░░░▀██▄▀ | .
REGIONAL
SPONSOR | | ███▀██▀███▀█▀▀▀▀██▀▀▀██
██░▀░██░█░███░▀██░███▄█
█▄███▄██▄████▄████▄▄▄██
██▀ ▀███▀▀░▀██▀▀▀██████
███▄███░▄▀██████▀█▀█▀▀█
████▀▀██▄▀█████▄█▀███▄█
███▄▄▄████████▄█▄▀█████
███▀▀▀████████████▄▀███
███▄░▄█▀▀▀██████▀▀▀▄███
███████▄██▄▌████▀▀█████
▀██▄███▀██▄█▄▄▄██▄████▀
▀▀██████████▄▄███▀▀
▀▀▀▀█▀▀▀▀ | .
EUROPEAN
BETTING
PARTNER | |
|
|
|
Stalker22
Legendary
Offline
Activity: 1498
Merit: 1358
|
|
May 02, 2021, 10:04:01 AM |
|
Although I understand the risk brought up by inputting my balance on binance but the last hacking incident make me impress and trust them about further attacks since they assure that the funds of their users are safe.
I suppose you can put your money in Binance's hands, but bear in mind that Binance is primarily an exchange platform. There is no need to keep money there if you do not intend to use it for trading. Since the OP said that he has no intention of selling Bitcoin, offline storage is unquestionably preferable to any custodial service. Not your keys... |
|
|
|
|
Commie
|
|
May 02, 2021, 11:34:58 AM |
|
Although I understand the risk brought up by inputting my balance on binance but the last hacking incident make me impress and trust them about further attacks since they assure that the funds of their users are safe.
I suppose you can put your money in Binance's hands, but bear in mind that Binance is primarily an exchange platform. There is no need to keep money there if you do not intend to use it for trading. Since the OP said that he has no intention of selling Bitcoin, offline storage is unquestionably preferable to any custodial service. Not your keys...There are several staking options on Binance for those who keep funds there but currently don't trade. |
|
|
|
o_e_l_e_o
In memoriam
Legendary
Offline
Activity: 2268
Merit: 18509
|
|
May 02, 2021, 11:41:44 AM |
|
but the last hacking incident make me impress and trust them about further attacks since they assure that the funds of their users are safe.
They assure that your funds are safe, right up until they don't. Who's to say the next hack doesn't make them insolvent and everyone loses their coins? They are not too big to fail. They also will only cover hacks against their own wallets. They will not cover you if your wallet is hacked, brute forced, phished, password reset, etc. They can also lock your account at any time and seize your coins. Storing your coins long term with a third party negates the entire point of a decentralized cryptocurrency. |
|
|
|
|
|
bitcoinokulu
|
|
May 02, 2021, 11:44:06 AM |
|
If the exchanges get hacked, and that's not a so rare thing in crypto world, you might lose your coins Binance and Coinbase are big and trustworthy exchange but it can happen to anyone at anytime.
|
|
|
|
|
CryptocurencyKing
|
|
May 02, 2021, 06:42:26 PM |
|
To put it short, its always advised not to store or keep your bitcoin on any wallet that doesn’t come with a private key or a seed phrase.
In any of those instance that these aren't available, it simply means that, the coins on those wallets aren't entirely yours. You might think it's yours but in the real sense, it isn't. As, anything that affects the company would also affect you. Should the company be scammed or seize operation, its your coin that is gone.
I owned a few tokens on Initial Model Offering (IMO) sometimes last year. After a few ups and down, I changed my device and upon trying to gain access to the site or download there app, it was no where to be found. Up to this moment, I've got nothing on them so, its all gone. Having your funds or coins stored on any platform isn't the best of ideas, avoid it.
|
|
|
|
|
|
