HOW DO I SECURELY STORE MY BITCOIN AS A BEGINNER?

[Framelover]

Hello,
I consider it a privilege to be here. First I want to acknowledge my seniors who have been in this space before me and have gained experiences about Bitcoin and it’s operations, also, thank you for the ideas and contributions shared so far, I must say it’s been a wonderful experience browsing through this forum. This forum has really thought me a lot in just a couple of weeks, how much more when I stay committed to it in some couple of years which I intend to. I’m sure it’s going to be really productive for me and help me to grow in all ramifications. Thank you!
I’m also using this opportunity to welcome my fellow newbies into the forum and I advise we all stay committed and always follow the rules so as to yield good results. Welcome!

Now to my concern, I’d like to seek advice from my senior/experienced colleagues and Ofcourse my fellow newbies (not underestimating any contributions/advice).
1. What storage methods have you used and what has worked best for you?
2. What security measures do you take to protect your private keys?
3. What advice do you have for beginners who are just starting out with Bitcoin?
I’d appreciate if I can get more knowledge on these. Thanks in anticipation.

Y'all Rock!

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[Zaguru12]

Welcome to the forum mate although you ain’t that brand new. First thing you should learn is to use the search bar whenever you might want to create a thread or ask questions, some of the answers to your questions might have been addressed before and this would reduce the number of repeated and similar threads created.

1. What storage methods have you used and what has worked best for you?

The best storage method is storing your coins on self custodian wallets and the best of it is the hardware wallets. The hardware wallets are good because they are not usually connected to the internet but they are somewhat expensive for small investors. So if you can’t afford the hardware wallets then there is the self custodian wallets like the electreum which are good storage wallets.

2. What security measures do you take to protect your private keys?

It depends on how best you know how to save your stuffs but the last place to save them keys is on goggle docs or email This is risky. You can just simply write them off on a steel as this has better guarantee of not wearing out than paper and hide it in place that could be accessible by only you. There are people that memorize them but due to some circumstances it is not advisable to depend on that

[hosseinimr93]

If you want your wallet to be completely secure, your private keys should be generated using a secure tool on a secure device.
One way is to use a open-source trustworthy wallet on an airgapped device and the other way is to use a good hardware wallet.

Note that's it's recommended to generate a HD wallet with a seed phrase instead of generating a single private key. Writing a seed phrase (which is series of words) is much easier than writing a private key and in this way, you can have numerous addresses all generated from a seed phrase.
Don't forget to keep multiple copies of your seed phrase (or your private key, if you want to generate a single private key for any reason) in separate safe places.

[SatoPrincess]

1. What storage methods have you used and what has worked best for you?

Store your bitcoins on a non-custodial wallet like Electrum, Exodus wallet or blue wallet. Do not make the mistake of thinking your bitcoins is safe on exchanges, always move your bitcoins from exchanges to your wallet.

2. What security measures do you take to protect your private keys?

Everyone has their own method of storing their private keys. I’m not a fan of using complicated methods, I simply write my keys on paper.

3. What advice do you have for beginners who are just starting out with Bitcoin?
I’d appreciate if I can get more knowledge on these. Thanks in anticipation.

I would advice newbies to be consistent in their bitcoin journey. Don’t be swayed by so called crypto influencers, always do your own research before investing in any project.

[General] Bitcoin Wallets - Which, what, why?

Beginners & Help Encyclopedia

[Framelover]

Welcome to the forum mate although you ain’t that brand new. First thing you should learn is to use the search bar whenever you might want to create a thread or ask questions, some of the answers to your questions might have been addressed before and this would reduce the number of repeated and similar threads created.

1. What storage methods have you used and what has worked best for you?

The best storage method is storing your coins on self custodian wallets and the best of it is the hardware wallets. The hardware wallets are good because they are not usually connected to the internet but they are somewhat expensive for small investors. So if you can’t afford the hardware wallets then there is the self custodian wallets like the electreum which are good storage wallets.

2. What security measures do you take to protect your private keys?

It depends on how best you know how to save your stuffs but the last place to save them keys is on goggle docs or email This is risky. You can just simply write them off on a steel as this has better guarantee of not wearing out than paper and hide it in place that could be accessible by only you. There are people that memorize them but due to some circumstances it is not advisable to depend on that

Thank you for the warm welcome.
I appreciate your suggestion to always use the search bar to avoid repeated or similar threads. Noted.
Your advice on not saving private keys on Google Docs or email and instead opting for more secure options such as writing them down on steel and hiding them in a safe place or memorizing them with caution is helpful to me I must say.
Now I know better. Thank you.

[Nwada001]

1. What storage methods have you used and what has worked best for you?

You have to choose the best storage method that you can afford and that can be best for you; it's all about which one you can protect best, but a hardware wallet is one of the highly recommended ones to be used to store huge amounts of crypto. When I started, I started with storing crypto in different exchange accounts. Back then, it worked best for me. When I came to this forum and learned about #Not Your Key, Not Your Coin, I moved from a centralized exchange account to a trust wallet, which I was thinking was the best until I read a few posts and suggestions from forum members here about how it's not open source and not actually safe as the name implies. I am currently using Electrum in both mobile and desktop versions. You can also do a little research and choose the wallet you think will serve you best.

2. What security measures do you take to protect your private keys?

I store my keys and phrases offline, not even on a device connected to the internet. I have a hard drive, which I use to store important files. I typed them down there and also added extra password security to it. I also write them down on paper and store them where I can reach them when I need them, but not in the reach of others.

3. What advice do you have for beginners who are just starting out with Bitcoin?

Know when to buy, and always buy with what you won't be needing anytime soon. Avoid following social media influencers, and you need to be a very strong decision maker. Don't panic sell on every dip you see. If you want to be a long-time holder, keep that up. If you also want to be a day trader, know when to buy and also know when to sell. It's very important to know when to stop losing.

[Framelover]

If you want your wallet to be completely secure, your private keys should be generated using a secure tool on a secure device.
One way is to use a open-source trustworthy wallet on an airgapped device and the other way is to use a good hardware wallet.

Note that's it's recommended to generate a HD wallet with a seed phrase instead of generating a single private key. Writing a seed phrase (which is series of words) is much easier than writing a private key and in this way, you can have numerous addresses all generated from a seed phrase.
Don't forget to keep multiple copies of your seed phrase (or your private key, if you want to generate a single private key for any reason) in separate safe places.

Your suggestion of using a secure tool on a secure device to generate private keys for a secure wallet is an important consideration. I appreciate your recommendations and advice.
Thank you.

1. What storage methods have you used and what has worked best for you?

Store your bitcoins on a non-custodial wallet like Electrum, Exodus wallet or blue wallet. Do not make the mistake of thinking your bitcoins is safe on exchanges, always move your bitcoins from exchanges to your wallet.

2. What security measures do you take to protect your private keys?

Everyone has their own method of storing their private keys. I’m not a fan of using complicated methods, I simply write my keys on paper.

3. What advice do you have for beginners who are just starting out with Bitcoin?
I’d appreciate if I can get more knowledge on these. Thanks in anticipation.

I would advice newbies to be consistent in their bitcoin journey. Don’t be swayed by so called crypto influencers, always do your own research before investing in any project.

[General] Bitcoin Wallets - Which, what, why?

Beginners & Help Encyclopedia

Thank you so much for taking your time to contribute on each questions.
They’re all valuable and helpful to me and I’m sure to many others.

1. What storage methods have you used and what has worked best for you?

You have to choose the best storage method that you can afford and that can be best for you; it's all about which one you can protect best, but a hardware wallet is one of the highly recommended ones to be used to store huge amounts of crypto. When I started, I started with storing crypto in different exchange accounts. Back then, it worked best for me. When I came to this forum and learned about #Not Your Key, Not Your Coin, I moved from a centralized exchange account to a trust wallet, which I was thinking was the best until I read a few posts and suggestions from forum members here about how it's not open source and not actually safe as the name implies. I am currently using Electrum in both mobile and desktop versions. You can also do a little research and choose the wallet you think will serve you best.

2. What security measures do you take to protect your private keys?

I store my keys and phrases offline, not even on a device connected to the internet. I have a hard drive, which I use to store important files. I typed them down there and also added extra password security to it. I also write them down on paper and store them where I can reach them when I need them, but not in the reach of others.

3. What advice do you have for beginners who are just starting out with Bitcoin?

Know when to buy, and always buy with what you won't be needing anytime soon. Avoid following social media influencers, and you need to be a very strong decision maker. Don't panic sell on every dip you see. If you want to be a long-time holder, keep that up. If you also want to be a day trader, know when to buy and also know when to sell. It's very important to know when to stop losing.

I appreciate your contributions and advice on my concerns. I promise that I don’t take them for granted and must confess you’ve given me insights on them.
Thank you!

[drwhobox]

First of all welcome to the forum. That is great that you want to secure your wallet, who wants to lose hard-earned money? If you are planning to invest a decent amount of money in bitcoin you can buy a hard wallet and store your bitcoins into that hard wallet and secure your keys by writing them somewhere safe, don't keep them online, save them offline and secure place. 

[jossiel]

Now to my concern, I’d like to seek advice from my senior/experienced colleagues and Ofcourse my fellow newbies (not underestimating any contributions/advice).
1. What storage methods have you used and what has worked best for you?
2. What security measures do you take to protect your private keys?
3. What advice do you have for beginners who are just starting out with Bitcoin?
I’d appreciate if I can get more knowledge on these. Thanks in anticipation.

Y'all Rock!

1. Hardware wallets are the best although I also use some desktop wallets but that's where I've been keeping for years.

2. Never hand it over online, never store it on any online app or platform. Just keep it offline or on a paper, that's it.

3. Enjoy the ride, this is a roller coaster ride that you'll love and will set you for life if you ever get to understand the click of it. Don't be demotivated when you see that the market is going down. That's part of the process.

[UchihaSarada]

1. What storage methods have you used and what has worked best for you?
2. What security measures do you take to protect your private keys?
3. What advice do you have for beginners who are just starting out with Bitcoin?

1. The best storage method is hardware wallets but if you can not afford to spend budget to buy a hardware wallet, you can use free open-source non custodial wallets. I am sure they are the best if you have limited budget.

Bitcoin Core: You can run your full node but it requires big storage space. Download Bitcoin Core
Electrum: Desktop and Android. Download Electrum.
Verify your wallet file after downloading.
[GUIDE] How to Safely Download and Verify Electrum

2. Store your private key or its another form (mnemonic seed) offline.
You can use paper piece, metal sheet, an airgap device to store it.
Crypto Security - Additional Protection For Your Seed/Private Keys.

If you store your backup in a digital form, use a strong password.
Crypto Security: Passwords and Authentication - Livestream aantonop
[GUIDE] How to Create a Strong/Secure Password

3. Choose a good wallet to store your bitcoin, and backup your wallet, test your backup (make sure it is usable for recovery later).
Hodl with Dollar Cost Averaging strategy.
Don't trade.
Never touch Margin, Leverage, Future Tradings.

[Framelover]

First of all welcome to the forum. That is great that you want to secure your wallet, who wants to lose hard-earned money? If you are planning to invest a decent amount of money in bitcoin you can buy a hard wallet and store your bitcoins into that hard wallet and secure your keys by writing them somewhere safe, don't keep them online, save them offline and secure place.  

Thank you so much for the warm welcome, I appreciate your advice on securing my wallet. I definitely don't want to lose my hard earned money. Investing in a hard wallet sounds like a great idea to ensure my btc is secured. I’ll take your advice into consideration. Thanks a bunch

Now to my concern, I’d like to seek advice from my senior/experienced colleagues and Ofcourse my fellow newbies (not underestimating any contributions/advice).
1. What storage methods have you used and what has worked best for you?
2. What security measures do you take to protect your private keys?
3. What advice do you have for beginners who are just starting out with Bitcoin?
I’d appreciate if I can get more knowledge on these. Thanks in anticipation.

Y'all Rock!

1. Hardware wallets are the best although I also use some desktop wallets but that's where I've been keeping for years.

2. Never hand it over online, never store it on any online app or platform. Just keep it offline or on a paper, that's it.

3. Enjoy the ride, this is a roller coaster ride that you'll love and will set you for life if you ever get to understand the click of it. Don't be demotivated when you see that the market is going down. That's part of the process.

You Rock Boss!
No.3 got me 😊
Thanks so much for taking out time for this.

1. What storage methods have you used and what has worked best for you?
2. What security measures do you take to protect your private keys?
3. What advice do you have for beginners who are just starting out with Bitcoin?

1. The best storage method is hardware wallets but if you can not afford to spend budget to buy a hardware wallet, you can use free open-source non custodial wallets. I am sure they are the best if you have limited budget.

Bitcoin Core: You can run your full node but it requires big storage space. Download Bitcoin Core
Electrum: Desktop and Android. Download Electrum.
Verify your wallet file after downloading.
[GUIDE] How to Safely Download and Verify Electrum

2. Store your private key or its another form (mnemonic seed) offline.
You can use paper piece, metal sheet, an airgap device to store it.
Crypto Security - Additional Protection For Your Seed/Private Keys.

If you store your backup in a digital form, use a strong password.
Crypto Security: Passwords and Authentication - Livestream aantonop
[GUIDE] How to Create a Strong/Secure Password

3. Choose a good wallet to store your bitcoin, and backup your wallet, test your backup (make sure it is usable for recovery later).
Hodl with Dollar Cost Averaging strategy.
Don't trade.
Never touch Margin, Leverage, Future Tradings.

Very useful and well appreciated.
Thank you so much for sharing. Blessings

[UchihaSarada]

You can choose a wallet with your own conditions.
https://bitcoin.org/en/choose-your-wallet

Notes for secure your wallets
https://bitcoin.org/en/secure-your-wallet#online

- Be careful with online services
- Small amounts for everyday uses
- Backup your wallet
- Encrypt your wallet
- Offline wallet for savings
- Keep your software up to date
- Multi-signature to protect against theft
- Think about your testament

[Issa56]

1. What storage methods have you used and what has worked best for you?

The best place where you can secure your bitcoin is using a non custodial wallet address, make sure you control your private key, you shouldn't trust any third party with your private key, anywhere you can't control your private key is not safe for you to store your bitcoin.

2. What security measures do you take to protect your private keys?

The best way to secure your private key is by carving your private key in a iron steel, it can't be distroyed easily. Make sure your private key is not stored in anywhere their is a internet connection, always avoid storing your private key on email address or other places that can be easily hacked. Also people writing their private key on paper, it's a nice idea but not completely safe, paper can be easily distroyed incase if anything happens, but iron steel cant be distroyed easly.

3. What advice do you have for beginners who are just starting out with Bitcoin?

The advice am having for beginners just joining bitcoin is that they shouldn't store their bitcoin on exchange, no exchange is safe, any exchange can be compromised at any moment, no matter how reputable the exchange is, I noticed newbies always prefer storing their bitcoin on exchange for easy accessibility and other reasons, your coin is not safe in exchange.

Also nobody you meet on the internet should be trusted, just assume everyone you meet on the internet is a scammer, am sure it's going to really help you.

[Framelover]

You can choose a wallet with your own conditions.
https://bitcoin.org/en/choose-your-wallet

Notes for secure your wallets
https://bitcoin.org/en/secure-your-wallet#online

- Be careful with online services
- Small amounts for everyday uses
- Backup your wallet
- Encrypt your wallet
- Offline wallet for savings
- Keep your software up to date
- Multi-signature to protect against theft
- Think about your testament

Took our time to go through these and it’s been really helpful. Thank you !

[Framelover]

3. What advice do you have for beginners who are just starting out with Bitcoin?

The advice am having for beginners just joining bitcoin is that they shouldn't store their bitcoin on exchange, no exchange is safe, any exchange can be compromised at any moment, no matter how reputable the exchange is, I noticed newbies always prefer storing their bitcoin on exchange for easy accessibility and other reasons, your coin is not safe in exchange.

Also nobody you meet on the internet should be trusted, just assume everyone you meet on the internet is a scammer, am sure it's going to really help you.

I appreciate your insights about not storing coins on exchanges and being cautious online. I will keep them in mind for a safer experience.

[tech30338]

Hello,
I consider it a privilege to be here. First I want to acknowledge my seniors who have been in this space before me and have gained experiences about Bitcoin and it’s operations, also, thank you for the ideas and contributions shared so far, I must say it’s been a wonderful experience browsing through this forum. This forum has really thought me a lot in just a couple of weeks, how much more when I stay committed to it in some couple of years which I intend to. I’m sure it’s going to be really productive for me and help me to grow in all ramifications. Thank you!
I’m also using this opportunity to welcome my fellow newbies into the forum and I advise we all stay committed and always follow the rules so as to yield good results. Welcome!

Now to my concern, I’d like to seek advice from my senior/experienced colleagues and Ofcourse my fellow newbies (not underestimating any contributions/advice).
1. What storage methods have you used and what has worked best for you?
2. What security measures do you take to protect your private keys?
3. What advice do you have for beginners who are just starting out with Bitcoin?
I’d appreciate if I can get more knowledge on these. Thanks in anticipation.

Y'all Rock!

Before anything else like what wallet to use, saving keys, one of the most important thing some forgets is securing this things first:

• Computer should be clean and has not use on downloading from free downloads sites
• Has not use watching porn seems funny but yeah there are some pop ups that install apps that we really dont know
• You have the only access to the computer, guest user or not even let them use it

Securing first the device where you are going to use or install those wallets are essentials also, people sometimes forget this things and fall as victim in the end without knowing.

[abubakar1998]

Hardware Wallets:

 These are physical devices designed specifically for securely storing cryptocurrencies. They provide an extra layer of security by keeping your private keys offline. Examples of popular hardware wallets are Ledger and Trezor.

Use Strong Passwords:

Create complex and unique passwords for your wallets and accounts, and consider using a password manager to securely store them.

Enable Two-Factor Authentication (2FA):

 Activate 2FA wherever possible to add an extra layer of security to your accounts.

Keep Knowledge:
Take the time to understand the basics of Bitcoin, blockchain technology, and how wallets work. This knowledge will help you make informed decisions and avoid common pitfalls.

Keep Software Updated:

Keep your wallet software and operating system up to date to benefit from the latest security patches and improvements.

[michellee]

1. What storage methods have you used and what has worked best for you?

You can use hardware wallets such as Ledger, Trezor or Safepal. You can also use your phone to download a crypto wallet app for your phone and store your coins there. But make sure the phone is not for daily use and only to keep your crypto.

I use Ledger and a phone to store my crypto and keep it secret from others so only I know. But I plan to buy Safepal or Trezor later.

2. What security measures do you take to protect your private keys?

Make sure to keep it in a place where only you know and not tell people you have crypto in your house (if you keep your wallet at home).
I keep that hardware wallet and the phone in my home and not connecting to the internet if I do not want to transfer the coins. And I do not carry it anywhere I go so I think it is safe in my home.

3. What advice do you have for beginners who are just starting out with Bitcoin?

Take good care of your wallet and password in a safe place and don't attract the attention of many people by saying you have a lot of coins, let alone that you have a lot of bitcoins.

[Coyster]

The best way to secure your private key is by carving your private key in a iron steel, it can't be distroyed easily. Make sure your private key is not stored in anywhere their is a internet connection, always avoid storing your private key on email address or other places that can be easily hacked. Also people writing their private key on paper, it's a nice idea but not completely safe, paper can be easily distroyed incase if anything happens, but iron steel cant be distroyed easly.

Your private key doesn't have to leave the wallet in which it was generated in, don't write it down or carve it anywhere; just use an HD wallet, thus you'll have just one seed phrase, and with it you can recover all the addresses on that wallet with their private keys. HD wallets makes things pretty easy for users, as you only have to back up one seed phrase. But take note that the seed phrase backup must be safely kept because if a malicious agent gets it, they will take all your funds.

[SOKO-DEKE]

1. What storage methods have you used and what has worked best for you?

Everyone in the cryptocurrency sector must take excellent security measures for their Bitcoin investments because it is must important thing we must always consider in order for for our investment to be safe.The best way to store Bitcoin is with non-custodial wallets, also known as hardware wallets, such as the Trazor, the Ledger, and  Electrum. These wallets are the best because you have complete control over them; any wallet that you don't have complete control over is not as secure as the custodial wallets provided by exchanges.

2. What security measures do you take to protect your private keys?

The best way to secure your private key is by offline.you can write it down on a piece of paper and keep where water and fire can't get to it but some people are using
iron steels to write their private key because it is fire and water resistant.after written all this you are to kept it out of sight except for the person you may trust to know.

3. What advice do you have for beginners who are just starting out with Bitcoin?

Beginners who are just beginning their Bitcoin journey should go and obtain proper knowledge about Bitcoin and the cryptocurrency industry in order to be guided properly when taking any steps regarding Bitcoin. They should not be desperate to make quick money in the crypto industry as this can lead to bad ways such as joining ponzi schemes that claim to offer such a good return after investing in them is scam.