How is the safest of the 'safest ways' to store Bitcoin?

[peter0425]

greetings to all, when I read an online news I was surprised by this news

Caucasians rob Italian citizens of money and Bitcoin in Bali with a total value of IDR 5.8 M.
 
Then, one of the perpetrators took the victim's six cellphones and another cellphone containing the victim's bitcoin account by asking the victim for a password.

"And if they are not notified, then the perpetrator will kill the victim's wife by sticking a knife to the victim's wife's neck. And then the victim will tell the cellphone password," he said.(english translation )

https://www.cnnindonesia.com/nasional/20211228141520-12-739596/bule-rampok-uang-dan-bitcoin-wn-italia-di-bali-senilai-total-rp58-m

the digital era requires us to save our money on smartphones, now more and more people are traveling with cellphones that contain digital money or even the bitcoins they buy. is there a safe way for us to stay safe from robbers when we have bitcoin assets on our smartphone, thank you

first  - How did the perpetrators knew that the victims has bitcoins (or possible altcoins)? how does some criminals can easily track Him when crypto owning is almost anonymous(if not completely yes)

Second - Why store crypto in His gadgets? when he can use a safest in which that is ledger wallets/offline wallets than he can hide somewhere more safer and not close to him always .

[virasog]

When the lives of your family members are at risk, it doesn't really matter how you store your coins. What are you going to do? Are you going to tell the robbers I am not giving you my coins, feel free to torture my wife and child?!

If a robber knows about Bitcoin, gets access to your phone, and finds a crypto wallet, he will try to get you to give it to him. The only way you can protect yourself is by not storing all your coins in the same wallet. Diversification is the key. Keep just a portion in a hot wallet (such as a phone), while the rest is safely stored and inaccessible. If you have to give it up, you only give the robbers the keys to your hot wallet. They can't possibly know about the rest if there is no info about it on your phone and if you haven't told someone about it. 

Exactly, cold wallet or hot wallet each one have their own positives and negatives we can't blindly relay on either one. So diversification of money is the most effective answer for that, so we do not risk all money at any crucial point of time. In my opinion keeping more than two wallets is continually safe.

If you have a lot of money in crypto it is recommended that you keep them in different wallets. This is for your own security purposes and peace of mind .
Even if you have an hardware wallet, it's again better to have more than one. However it only implies if you have a lot of money. There is no need to buy mutliple hardware wallets if your bank roll is small.

[witcher_sense]

If you have a lot of money in crypto it is recommended that you keep them in different wallets. This is for your own security purposes and peace of mind .
Even if you have an hardware wallet, it's again better to have more than one. However it only implies if you have a lot of money. There is no need to buy mutliple hardware wallets if your bank roll is small.

In my opinion, it is unnecessary to have multiple hardware wallets to store large sums of money, especially if you are holding a lot of shitcoins like censorship-compliant stablecoins, centralized frequently hard forked coins, NFTs, DeFi, etc. It only makes sense to store your savings in the most reliable cryptocurrency that grows slowly, but inevitably, which is bitcoin. But even if you have large sums in the most reputable currency, you don't need to keep it in your hardware wallet all the time. Just set up your wallet, generate a seed, back it up on a piece of paper twice, generate several addresses and fund them with a small amount and then wipe the device. Then take your back up and restore your wallet: if you see your small bitcoins, then you did everything right. The device is safe and ready to be funded with large amounts. Once you sent your coins to the new addresses generated by your device, wipe it again and hide somewhere the backup of your seed. Now you have gotten a free hardware wallet which can be utilized for small everyday transactions unrelated to your main savings. Generate a new seed, repeat the above steps, but this time don't wipe the device. You have saved on buying additional wallets, which means you can purchase even more coins.

[amihada]

save money on your cellphone or in your wallet, I think it's safe as long as the key is not known by others, my advice is to save the key on paper and put it in the vault, don't save it on your cellphone or laptop because it's connected to the internet, it can be a cellphone or laptop at hacked by irresponsible people.

[Pmalek]

If you have a lot of money in crypto it is recommended that you keep them in different wallets. This is for your own security purposes and peace of mind .
Even if you have an hardware wallet, it's again better to have more than one.

witcher_sense did a good job explaining how you can use the same hardware wallet, generate multiple different seeds, and keep your coins separated. But it's still not a bad idea to diversify your bags among different brands of HWs. Just in case a catastrophic event happens to one particular wallet that you own.   

There is no need to buy mutliple hardware wallets if your bank roll is small.

That depends. Is it going to stay that small forever or are you planning to increase your stash? If you keep adding new coins on a regular basis and the value of Bitcon keeps rising, you will have much more than you had in the past.

[AicecreaME]

greetings to all, when I read an online news I was surprised by this news

Caucasians rob Italian citizens of money and Bitcoin in Bali with a total value of IDR 5.8 M.
 
Then, one of the perpetrators took the victim's six cellphones and another cellphone containing the victim's bitcoin account by asking the victim for a password.

"And if they are not notified, then the perpetrator will kill the victim's wife by sticking a knife to the victim's wife's neck. And then the victim will tell the cellphone password," he said.(english translation )

https://www.cnnindonesia.com/nasional/20211228141520-12-739596/bule-rampok-uang-dan-bitcoin-wn-italia-di-bali-senilai-total-rp58-m

the digital era requires us to save our money on smartphones, now more and more people are traveling with cellphones that contain digital money or even the bitcoins they buy. is there a safe way for us to stay safe from robbers when we have bitcoin assets on our smartphone, thank you

Nowadays, most people really mainly use their mobile phones to install apps related about their finances. Apps such as digital banking, investment, trading, NFTs and the likes are now usually stored in a mobile device. This is because it is more convenient to have it stored in a portable device that you could take with you anywhere and anytime. This is really beneficial because you could access your accounts wherever and whenever you are. You could easily monitor the flow of your funds: deposit and withdrawal, in a snap of your fingers. However, this has its risks too.

Despite having the convenience as an advantage. Mobile phones being mainly used for your finances possess disadvantages too. Mobile devices could be easily stolen by someone. It could be misplaced and never be found again. And it could be broken in just a snap as well because of accidents and the likes. Hence, if you store all of the finances related things in your mobile device, you are also putting at risk the funds you worked hard for. This is why most people prefer to use an additional security aside from pin and pass codes of their phones to make their accounts and funds safer. Most people invest in hardware wallets that could give them the assurance they need in terms of securing their money. These hardware wallets protect the accounts from the hackers because every transaction that would be made would need an authorization and verification on the end of the user's hardware wallet. They have to confirm the transactions first before it push through which makes their accounts in different financial aspects safer compared to those people who don't have one. But this type of security also have its weaknesses of course. The user must still be the one responsible of his actions. If the user would not be careful enough and will be easily deceived by scammers, their funds would still be at risk (if they will give them the information they need such as email, password, and seedphrase).

[ChiBitCTy]

This is exactly why you should keep very little money on your cellphone in hot wallets and the majority of it should be stored in wallets such as hardware wallets ( trezor and cold cards tend to be the most recommended) or if you know how to properly establish them paper wallets (though extreme care should be taken when creating these types of wallets).

[KaliLinux]

If they force you to give your keys or Bitcoin, it will be up to you.
That's why the best thing to do is stay quiet as much as possible, you don't need to tell everyone that you own Bitcoin because that will make you a target.

Another thing is even if you will use hardware wallet and you give them access to it like the private keys or your wallet seeds, you will end up getting robbed also.

You are right about that. I remember the other post about how some people now save their Crypto access info in a Nucle type security vault, I also remember my opinion to that post was just like what you said here about keeping quiet about the number of cryptocurrencies you have which I believe is the most security you need other than the other obvious of also securing your Private keys and passwords. I do believe if people don't know about your Holding you are less likely to be attacked.   

[Quidat]

If they force you to give your keys or Bitcoin, it will be up to you.
That's why the best thing to do is stay quiet as much as possible, you don't need to tell everyone that you own Bitcoin because that will make you a target.

Another thing is even if you will use hardware wallet and you give them access to it like the private keys or your wallet seeds, you will end up getting robbed also.

You are right about that. I remember the other post about how some people now save their Crypto access info in a Nucle type security vault, I also remember my opinion to that post was just like what you said here about keeping quiet about the number of cryptocurrencies you have which I believe is the most security you need other than the other obvious of also securing your Private keys and passwords. I do believe if people don't know about your Holding you are less likely to be attacked.   

This is right or actually true on which you shouldnt really be boastful  on what you are owning when it comes to your crypto holdings because this would be also the reason on why people do being attacked and the rest is pretty basic when it comes to cold or hardware wallets.It is just really needing some sort of knowledge on how to make yourself be safe
on potential loss of assets but you should bare in mind about the word "safe" doesnt really exist out.

[so98nn]

You can simply print the wallet if you store the crypto in cold storage wallet.

Ask me how not to loose your bitcoins or ether specially when you are storing them on hardware wallet. I have already lost my money after I lost nano ledger.  I had the memonic phrase and stuff but I failed to recover the dam god money.

Forum members did help me in recovering the same via multiple ways but once you loose the key points while saving the important information then you are done forever.

Now the incidence above is associated with robbery so I can tel one thing here, you just have crypto, own it and keep the mouth shut about it. That’s all.

[Spacebar96]

All most half of bitcoin users secure their wallet on smartphone and computers which is very easy for thief to access the wallet, if not properly secured. The best way to secure your wallet is having alternative devices where you can keep you wallet safe and your private key and don't keep the devices with you maybe you can keep it in bank.

[pakpahan]

Now the incidence above is associated with robbery so I can tel one thing here, you just have crypto, own it and keep the mouth shut about it. That’s all.

what if it turns out that the robbery was carried out by the closest person you know, who is often a place to share your story?

All most half of bitcoin users secure their wallet on smartphone and computers which is very easy for thief to access the wallet, if not properly secured. The best way to secure your wallet is having alternative devices where you can keep you wallet safe and your private key and don't keep the devices with you maybe you can keep it in bank.

not all banks provide personal vault.

[Peanutswar]

All most half of bitcoin users secure their wallet on smartphone and computers which is very easy for thief to access the wallet, if not properly secured. The best way to secure your wallet is having alternative devices where you can keep you wallet safe and your private key and don't keep the devices with you maybe you can keep it in bank.

It is ideal if you are using a wallet which is the use of the full potential by the owner its not ideal to use a wallet like you cannot handle most of the transactions you made such as fees, and other security features. The alternate device you are talking about is the hardware wallet such as ledger, trezor etc. Currently, im using a trezor which is ideal to use but if you don't have a budget yet there's an application to use such as the electrum they have their executable file and apk too.

[Vaculin]

All most half of bitcoin users secure their wallet on smartphone and computers which is very easy for thief to access the wallet, if not properly secured. The best way to secure your wallet is having alternative devices where you can keep you wallet safe and your private key and don't keep the devices with you maybe you can keep it in bank.

It is ideal if you are using a wallet which is the use of the full potential by the owner its not ideal to use a wallet like you cannot handle most of the transactions you made such as fees, and other security features. The alternate device you are talking about is the hardware wallet such as ledger, trezor etc. Currently, im using a trezor which is ideal to use but if you don't have a budget yet there's an application to use such as the electrum they have their executable file and apk too.

There are a lot of wallets available in the market and one of it is the hardware wallet which i think is the safest one to use. But it depends on your own preference as every user has its own set standards. You can read it here.. https://e-cryptonews.com/what-are-the-safest-ways-to-store-bitcoins-in-2021/

However, even if you have the safest wallet to store your bitcoin, if you are not responsible from making it safe and secure at all times, then you will still lose everything you have in your wallet.

[Gasty4]

Splitting up your coins can be done here, like, keeping half of you coin in your cellphone and the rest in a separate wallet, could be a paper or hardware wallet.
You can as well tell a member of your family you trust very well about you key's.
ADVICE:Avoid third parties,ensure all of your coins are in your wallet, they might not be of higher security as well.

[mrongoz_imut]

This question is very old and my answer will still be the same, I always hold my own private key, and will never tell anyone about the key I have, because if other people know about my private key, it's definitely bitcoin what I have will be easy to hack, I always use a hard wallet, because I hold bitcoin for a long time.

[Ararbermas]

If you want a platform that very secured to store bitcoin then you should rely with those have two factor authenticator and KYC and of course which most reliable and trustworthy nowadays such popular exchanges or wallet to ensure everything will be fine. Because to be honest there's a lot of scammers and hackers nowadays so the only way to secure our funds is to rely on those platform that has what I've mentioned above..

[Henrobakkara]

greetings to all, when I read an online news I was surprised by this news

Caucasians rob Italian citizens of money and Bitcoin in Bali with a total value of IDR 5.8 M.
 
Then, one of the perpetrators took the victim's six cellphones and another cellphone containing the victim's bitcoin account by asking the victim for a password.

"And if they are not notified, then the perpetrator will kill the victim's wife by sticking a knife to the victim's wife's neck. And then the victim will tell the cellphone password," he said.(english translation )

https://www.cnnindonesia.com/nasional/20211228141520-12-739596/bule-rampok-uang-dan-bitcoin-wn-italia-di-bali-senilai-total-rp58-m

the digital era requires us to save our money on smartphones, now more and more people are traveling with cellphones that contain digital money or even the bitcoins they buy. is there a safe way for us to stay safe from robbers when we have bitcoin assets on our smartphone, thank you

There are a couple of things we can do and I am guessing this attack might be informed as in, someone knows the victims had Bitcoin that is worth something because I don't think it was random hence the need to keep quiet about your cryptocurrency HODLing in the first place.
Another thing is that you can have a separate smartphone you don't take around for your crypto transactions if you are going to install all the wallets and apps in there and most especially if you have such amount of Bitcoin is to store on a Hardware wallet. Though it is almost impossible if such attacks happen for you not to give out the info cos of the safety of your loved ones.

[jaberwock]

There are a couple of things we can do and I am guessing this attack might be informed as in, someone knows the victims had Bitcoin that is worth something because I don't think it was random hence the need to keep quiet about your cryptocurrency HODLing in the first place.
Another thing is that you can have a separate smartphone you don't take around for your crypto transactions if you are going to install all the wallets and apps in there and most especially if you have such amount of Bitcoin is to store on a Hardware wallet. Though it is almost impossible if such attacks happen for you not to give out the info cos of the safety of your loved ones.

There are cases like that before where the suspects are related to the victim because they know when to attack or lets assume that is not the case but there are also robbers that are highly intelligent and they have been using bitcoin before. They have done online crimes apart from face to face crimes.

At the end of the day, bitcoins are only a kind of money that we can still be earned but not our life once it is lost. If we are on that dangerous situation, we are also going to do the same which is to surrender our bitcoins into the criminals hands and let us not worry because bad karma will still follow those people .

[Ultegra134]

I never actually had any significant amount of Bitcoin, thus, I mostly used online services such as Blockchain.com and BitGo, without any issues at all. After reading more about wallets and safety measures, here on the forum, I refrained from using online services and downloaded Electrum on my laptop. It's a decent choice, but not the best one nonetheless, since the computer has access to the internet, and whatever goes by it.

However, I see a lot of other people posting that they are using wallets on their smartphones, which struck me, because I don't see the reason. Phones are vulnerable to theft and phising attempts through public networks and so on.