Have you saved your bitcoins in multiple wallets?

[TravelMug]

Hardware wallet and then Electrum is the practice that I have been doing in the last 4 years.

Hardware for long term holder, but I guess we all know the drill here.

Electrum for trading and then online gambling, deposits and withdrawal are mostly done here.

We are lucky though that we have our local wallets that we can exchange our bitcoin->local currency so I also have that one but I don't put huge amount of money.

[1715582670]

1715582670

[bakasabo]

I am holding Bitcoin and crypto on an online wallet, exchange, electrum.

If it's a smaller amount, then I can still understand that you use online wallets or crypto exchanges - although you should know that neither of these two methods is desirable as a storage method because you are always exposed to hacking or possible exit scam.

I keep funds on exchange, because the amount is small or lets say insignificant to bother withdrawing it. This is the amount I use for fast trading decisions. If I feel like hype around altcoins has started to grow, I buy some of them.

I cant say that I have divided holding identically, I just keep crypto where it appears. As I mostly hold, visit practically same internet recourses from day to day, I dont bother a lot about security of my funds. I just keep seed phrases and passwords far from devices like PC, laptop or tablet computer.

You should worry more though, because some others are certainly trying to find a way to steal what you have. It makes no sense to keep your passwords and seeds as far away as possible from the device you are using, especially if you have not protected them well. Storing backups in different locations makes sense, but only if those locations are secure - otherwise you only increase the risk of someone finding them, accidentally or intentionally.

It is my luck that not much people around me knows about cryptocurrency (they show low interest into it). That is why even if they manage to find seed phrase, I am 200% sure they dont understand what it is. Even if I will leave a piece of paper with seed phrase next to a PC with running electrum wallet, 99% this paper will be put aside, wallet minimized and 1% that someone will just call me.

[dvj33]

Since I'm not trading and I'm just buying and holding, I use a hardware wallet and I keep all my bitcoins in it.

[PrivacyG]

Here is the thing.

If you have bad behaviors and you are not generating or storing a wallet safely, then I can only assume by generating five different wallets none of them will be properly generated and stored either.  In this situation, I would not say placing your eggs in the same basket is necessarily different.

Also.  I use a lot of addresses and disposable seeds and found out the more seeds, addresses et cetera you have, the more likely it is that you will forget about one of them.  It happened to me that I unintentionally threw away the wrong seed which still had some hefty change on it.

If you want to store Bitcoin properly, you want to store it so well that be it one or a hundred wallets, chances of having them compromised are close to none.

On the other hand.  Even if you have bad behaviors, there ARE a few situations in which you would be advantaged by having multiple wallets.  For one, scams.  If you are new, silly (no offense) and know nothing much about Cryptocurrencies, chances are you will fall into various scams such as giving your wallet seed to a stranger.  In this situation, you are going to lose a seed but the other wallets will continue to remain safe.  There is also the situation where you have some Bitcoin that you use more often and some that you would like to stay enclosed into cold storage.  Here, again, you are going to have some Bitcoin that you truly care a lot about sitting in cold storage and probably a hot wallet for the expenses and all.

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Regards,
PrivacyG

[Flexystar]

I usually split between hardware wallets, and only keep pocket change in online wallets (and even then, the pocket change is spread over electrum and core).

The change hnn, that’s good if we have on going transactions or have facilities to pay with bitcoin around our region. I mean considering the fact that we don’t have much of the in store options to spend bitcoins I only keep them on my wallet and that too only one. I think splitting should be done when we have lot of money in the form of bitcoin. Otherwise there is no point in splitting the couple of thousand worth bitcoins in different wallets. Moreover everyone should set this range on their personal level, I mean for me 2 to 5k in single wallet is fine but anything more than that should get split in multiple wallets for sure.

[sunsilk]

Got most in my hardware wallet and have some spare on other wallet.

I've been doing this for years and I can safely say that this strategy works for me. I don't have to split it all other wallets like 3 to 5 and a few would be enough for me.

It's all about the management and how you keep your private keys/seeds and if you're good at it, even you haven't split all of it that much, you're good with how you keep it.

[Welsh]

If you have bad behaviors and you are not generating or storing a wallet safely, then I can only assume by generating five different wallets none of them will be properly generated and stored either.  In this situation, I would not say placing your eggs in the same basket is necessarily different.

Exactly, if you've generated all your wallets exactly the same way, i.e same password, same generation method, if they're inherently insecure it probably makes no difference if your machine were to be compromised. Ideally, not only should Bitcoin amounts be split up, but the wallets themselves should be physically compartmentalized, if not physically at the very least isolated via virtual machines. Then, you also need to make sure they don't share the same passwords, since that could equally compromise security. Also, I would wager that a lot of users are storing their seeds or private keys digitally because of the convenience, which is also a big no no. 

[Nrcewker]

As the saying goes dont keep your eggs in the same basket. So have you saved all of your btc in mutiple wallets\software?

I like to split with electrum air gapped and bitcoin core.

Should i make it 50:50 even though bitcoin core is always online?

The amount is not that much but i am thinking that if i make it to good amount of mbtc, it will be prudent to divide the amount.

Any OGs who can give feedback?

Yes, I have my Bitcoins in multiple wallets.
The main reason for this is to prevent theft. I know offline wallets are most secure wallets, but still dont wanna take the risk of losing the Bitcoins.
I have also some Bitcoins stored in exchanges, so if I want to trade then instantly I buy or sell their with my BTC.
Also sometimes, I need to spend some Bitcoins , and I don't want to carry my hardware wallets often with me. So in this case my secondary or online wallet helps me to make micro transactions with Bitcoins whenever necessary.
At last I would say that, keeping one or multiple wallets, completely depends on a particular user, and for the particular task he needs to do. Also this opinion of mine might vary from users to users. So excited to hear other people also.

[LogitechMouse]

Been using Electrum for a long time and I distributed all of my Bitcoins into multiple addresses even though it's only under one seed phrase.
I also have some Bitcoins in a custodial wallet and I know that saving some Bitcoins in a custodial wallet isn't recommended, but that is the Bitcoins that I will sell in case I need some funds for something.

Storing Bitcoins in multiple wallets and in a hardware wallet are the best options. Splitting your Bitcoins in 2 or more wallets would be a safer choice than just putting all of your Bitcoin holdings in one wallet. If it isn't that big, then just putting it in one wallet is enough. Make sure as well that you know how to keep it to the point that nobody can see your seed phrase, or it will *poof* in an instant .

[Welsh]

The thing is, and I'm seeing a common theme here is users instantly jump to defend their usage of custodial wallets, however I'd argue that even if you want to exchange Bitcoin quickly at some point, it only takes 10-15 minutes on average to send a transaction, and a lot of the exchanges don't even require six confirmations. So, you could pretty quickly send the Bitcoin from a non custodial wallet, which is infinitely more secure than a  custodial, and have piece of mind. I understand convenience, but even getting stung for £100 isn't great, even if you can afford to lose it.

My advice would be if you want to quickly be able to access your Bitcoin, and exchange it for fiat if something were to happen, without the problems of a offline wallet, either use a hardware wallet, which I understand isn't always justifiable for everyone or use a online wallet for a small amount that you're prepared to lose, but use a custodial wallet, which is online. It isn't the greatest security practice, but I understand that sometimes security has to be compromised for convenience, that's just the way of life.

You'll find that even the more experienced, and knowledgable users using online wallets for specific circumstances, but they're usually low amounts, so as long a you're aware of the risks, there isn't a massive problem with it. As long as the majority of your Bitcoin is in a offline wallet.

[Farma]

well, for bitcoin, or my main asset, i don't split it. unless it's an asset I want to develop. however, what is recommended is to divide the assets in several places, but the assets that I have are not that many, so I think that keeping them in one place is enough.
it will be different if I have many assets in the future. I will probably divide it into 3 different places as an alternative form to maintain asset security. However, when you have a lot of assets, it is highly recommended to divide them in several places.

[ChiBitCTy]

I think you should absolutely store your bitcoin in multiple wallets just the same as storing all of your money..you might keep your money in banks, investment accounts, precious metals etc. As a physical bitcoin collector I keep bitcoin in a multitude of cold storage wallets , hardware wallets and other sources.

[kryptqnick]

Not many people voted in the poll yet, and I wonder that the ratio and the result is going to be later. I think it's rational to diversify holdings, so that in case something happens to some of your money, you don't lose it all. And my fiat is actually quite diversified because it's often a requirement to open a bank account of a specific bank in my country when you are getting employed, and having multiple bank accounts from various banks is quite common in my country. As for BTC, I thought about diversifying, but then I figured there's a good chance I'll forget about one of the wallets or access to it, and I'll end up losing that money because of it. So to me, it's easier to focus on security of one wallet than to diversify BTC (though, of course, I do have some alts and they are stored separately in multilple places).

[noorman0]

For security reasons, I believe in myself keeping bitcoins (long term holding) in one wallet.
Since one bitcoin address has unlimited capacity to store as many bitcoins as you can, I think one basket is enough. As PrivacyG says, it depends on how securely you store your privatekeys and how cleverly you identify scammers.

[Leviathan.007]

Yes, always. Actually, that's the idea I got from an altcoin whale. Since he had a huge amount of altcoins, he couldn't hold all his investments on a single wallet because after each transaction everyone would pay attention to his wallet so he was using multiple wallets, is the other hand we shouldn't put all the eggs in a single basket so even if the private key of one wallet were lost we didn't lose all our investments.

[TribalBob]

I didn't think of having 2 wallets for bitcoin because I am not a bitcoin trader type, just save and hold until I get a profit, I think 1 wallet is enough for my core wallet, the rest I use a wallet exchange  to transact bitcoin

[wallfds]

I would like to know if the multibitcore wallet is a valid wallet? Does anyone know how to inform?multibitwallet.com

[Ale88]

As the saying goes dont keep your eggs in the same basket. So have you saved all of your btc in mutiple wallets\software?

I like to split with electrum air gapped and bitcoin core.

Should i make it 50:50 even though bitcoin core is always online?

The amount is not that much but i am thinking that if i make it to good amount of mbtc, it will be prudent to divide the amount.

Any OGs who can give feedback?

It's really a personal choice. If you have a lot of bitcoins then for sure the safest thing to do is split them in different wallets, and eventually place those wallets in different places if we're talking about Ledger etc. You say you're amount is not that much, you are the only one to know what "not that much" means because depending on the country you live in and you salary for some people $1k could be a lot of money and for others $100k could be nothing special.

[dunfida]

As the saying goes dont keep your eggs in the same basket. So have you saved all of your btc in mutiple wallets\software?

I like to split with electrum air gapped and bitcoin core.

Should i make it 50:50 even though bitcoin core is always online?

The amount is not that much but i am thinking that if i make it to good amount of mbtc, it will be prudent to divide the amount.

Any OGs who can give feedback?

If this one doesnt talk millions of dollars then i wont really be bother on having multiple wallets which there's a tendency that you might forget some of those storage/address compared when you do only have one.
Less worries since storing up its PK would really be just one for you to mind off and wont really be that making yourself put in hassle on protecting PK's every wallet that you had made.
Not really that bad on being that too paranoid when it comes to your wallet security but there are things which do make things no too complicated for someone to do so.

[m_nief]

As the saying goes dont keep your eggs in the same basket. So have you saved all of your btc in mutiple wallets\software?

I like to split with electrum air gapped and bitcoin core.

Should i make it 50:50 even though bitcoin core is always online?

The amount is not that much but i am thinking that if i make it to good amount of mbtc, it will be prudent to divide the amount.

Any OGs who can give feedback?

I think you miss understanding with don't keep your eggs in the same basket, actually don't all in your money on the same assets like bitcoin and separated your investment on several altcoin kinds. I think about holding or saving bitcoin better hold on exchange account like Binance, easy access when something bad happening to you than save on hard ware wallet. I use ans hold several assets on different exchange and have some assets on metamask wallet for keep hold on long term investment.