How Are You Storing BitcoinToday

[Bitgoat65]

Hello All. I’m curious how people are currently storing their Bitcoin.

I set up my system years ago and still use a Ledger Nano X (2021 version) for long-term storage. I also have an older BC Vault that I no longer use, and I keep smaller amounts on Coinbase and Gemini for transactions.

Are most people still using a single hardware wallet, or are you splitting holdings across multiple wallets, exchanges, or multisig setups?

My setup has worked, but I’m wondering whether it is time to reassess it. I’m interested in what experienced holders now consider the best balance between security, redundancy, and ease of recovery.

[OmegaStarScream]

Exchanges and centralized exchanges should not even be something to consider in my opinion.

I would stick to hardware wallets, how many of them depends completly on two things:

- The amount you're storing
- How much are you holding for the long term/spending on a regular basis.

[Bitgoat65]

So, generally speaking, the larger the amount, the more it may make sense to divide it among multiple wallets rather than rely on one device or setup.

Which hardware wallets do you currently recommend for long-term storage (Trezor, Ledger, etc)?? How about everyday transactions? Also, do you periodically replace or upgrade hardware wallets, perhaps every five years, or continue using them as long as they remain supported and functional?

Thanks for the information.

[OmegaStarScream]

So, generally speaking, the larger the amount, the more it may make sense to divide it among multiple wallets rather than rely on one device or setup.

I would personally go with that route yes.

Which hardware wallets do you currently recommend for long-term storage (Trezor, Ledger, etc)?? How about everyday transactions? Also, do you periodically replace or upgrade hardware wallets, perhaps every five years, or continue using them as long as they remain supported and functional?

Thanks for the information.

I bought a 'Trezor One' like a decade ago and it's still functionining just fine. It's great for both long term storage as well as daily transactions (all of their devices are). That specific device is no longer being sold, but you've now got: Safe 3, 5 and their recent one the Safe 7. You can compare them here: https://trezor.io/compare

As long as you have the seedphrase stored securely, and the manufacturer still supports the device with software and firmware updates, I don't see any reason to upgrade or change the device until it stops functioning. It's not something you can resell easily anyway, because no one would want to buy a used hardware wallet (reasonably so).

If you don't want to be put into a situation where your device stops functioning and you have no way to spend your money expect by importing the seedphrase into a software wallet... it could be a good idea to buy a spare device from the start, so if one stops working, you can restore it into the other device right away as opposed to ordering a new one and having to wait.

[Cookdata]

So, generally speaking, the larger the amount, the more it may make sense to divide it among multiple wallets rather than rely on one device or setup.

Your priority shouldn't be on the hardware alone, your backup is very important just to have something to fall back to in the future. It makes sense if you hold large amount of Bitcoin in one place, the rest you spend should be on other wallets but be manage under a hardware wallet, you can create multiple accounts for the other ones but still be manage under the same hardware wallet.

Which hardware wallets do you currently recommend for long-term storage (Trezor, Ledger, etc)?? How about everyday transactions? Also, do you periodically replace or upgrade hardware wallets, perhaps every five years, or continue using them as long as they remain supported and functional?

Thanks for the information.

Go with Trezor, safe 7 has an inbuilt battery, I can't say how long it will last you but individual maintenence is what makes a hardware device to last longer, if you use it properly, it should last long except for things like battery issues which is rare but they definitely age and wear out with time.

[crwth]

Personally, I use my Ledger HW. I don't want to buy it yet because it's still working.

If you want to protect against theft of a single point of compromise, a multisig setup would help here as well. I think if you are going to hold large holdings, this would be the ideal way to HODL crypto.

Then do the metal seed backups instead of paper. I think it's a good practice to do.

[Charles-Tim]

Two recommended hardware wallets are Foundation Passport and Trezor. Stay away from all Ledger Nano hardware wallets.

If you want to protect against theft of a single point of compromise, a multisig setup would help here as well. I think if you are going to hold large holdings, this would be the ideal way to HODL crypto.

There was a time I have 2 phones and 1 laptop, I went for 2-of-3 multisig wallet. It was very good because it will also discourage you from easy spending. I got a new laptop many months ago, but I did not sell the old one which I used as an airgapped device.

[Bitgoat65]

Two recommended hardware wallets are Foundation Passport and Trezor. Stay away from all Ledger Nano hardware wallets.

May I ask, why not Ledger?

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There was a time I have 2 phones and 1 laptop, I went for 2-of-3 multisig wallet. It was very good because it will also discourage you from easy spending. I got a new laptop many months ago, but I did not sell the old one which I used as an airgapped device.
[/quote]
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Great way to repurpose old hardware.

When you use that laptop as an airgapped device, do you keep it 100% offline permanently? Also, what software do you recommend for generating the keys ? ... and processing the multisig signatures on it?

[DaveF]

Let me put it to you this way.

NONE OF YOUR DAMN BUSINESS.

Seriously, are you asking people to tell you on a public forum where they might be able to be found in the real world how are they storing what could be a decent amount of BTC that could be real money in the real world.

-Dave

[Bitgoat65]

No, not at all. I am not asking anyone to disclose amounts, locations, recovery methods, or any other details that could compromise their security.

I am simply considering upgrading my older hardware wallet and was interested in what types of wallets or general setups experienced users currently prefer. Apologies if my original post came across differently.

[DaveF]

No, not at all. I am not asking anyone to disclose amounts, locations, recovery methods, or any other details that could compromise their security.

I am simply considering upgrading my older hardware wallet and was interested in what types of wallets or general setups experienced users currently prefer. Apologies if my original post came across differently.

Not attacking "you" you just the general "you".
It's fine to ask what people recommended and opinions and stuff like that.
But, coming out and bluntly asking, which people do here on a regular basis, is just inviting the $5 [$8 with inflation] wrench attack.

https://xkcd.com/538/

And everyone now knows what hardware at least 2 users here have, or at least they claim to have.

Shrug, might just a bit of tinfoil hat paranoia on my part but there is a difference between saying. "I like the Dave Company Hardware Wallet" And "I use the Dave Company Hardware Wallet" One means that I have it the other means that I might.

-Dave

[Lucius]

Two recommended hardware wallets are Foundation Passport and Trezor. Stay away from all Ledger Nano hardware wallets.
~snip~

Did you know that the Foundation now only sells the Prime version? I think it's a potentially good device, but still perhaps too complicated for most, and probably too expensive. My opinion is that anyone who wants a higher level of security should choose an air-gapped approach, whether they set it up on an old computer or buy an air-gapped hardware wallet.

As for Ledger, I wouldn't take it if they gave it away for free. A closed-source device that has the ability to share seeds remotely with third parties is, in my opinion, just as bad a solution as storing cryptocurrencies on CEXs.

[Bitgoat65]

Good looking out, Dave. I appreciate the clarification and your perspective. That is a fair distinction and something I will certainly keep in mind going forward.

[Stalker22]

~
When you use that laptop as an airgapped device, do you keep it 100% offline permanently? Also, what software do you recommend for generating the keys ? ... and processing the multisig signatures on it?

yes, I prefer it to be 100% offline permanently.  If a laptop touches the internet even once after you have generated keys on it, it is no longer an airgapped device.

For the software, you want open-source, battle-tested tools.  I highly recommend Tails OS and Electrum wallet. Tails comes with Electrum pre-installed.

[m2017]

Hello All. I’m curious how people are currently storing their Bitcoin.

I think it looks like this: on a scale of stupid to smart, users store bitcoin from exchangers to hardware wallets.

I set up my system years ago and still use a Ledger Nano X (2021 version) for long-term storage. I also have an older BC Vault that I no longer use, and I keep smaller amounts on Coinbase and Gemini for transactions.

For small transactions, bitcoin can be stored on mobile wallets, but I suppose this is not much different from storing it on Coinbase and Gemini.

Are most people still using a single hardware wallet, or are you splitting holdings across multiple wallets, exchanges, or multisig setups?

I only allow storing cryptocurrency on exchanges for very small amounts and very short periods of time (for example, buying \ selling and trading). I see no benefit (only unjustified risks) from storing it on exchanges. Also, what will you do if for some reason lose access to your account (for example, if lose your phone number or email)? You will be, at least temporarily, cut off from your assets.

I believe it's essential to have at least two HW devices (or better yet, three): the 2nd one as a backup (in case the primary one fails), and also for distributing crypto assets across different wallets.

My setup has worked, but I’m wondering whether it is time to reassess it. I’m interested in what experienced holders now consider the best balance between security, redundancy, and ease of recovery.

It's obvious - hardware wallet.

[SFR10]

Are most people still using a single hardware wallet, or are you splitting holdings across multiple wallets, exchanges, or multisig setups?

After reading DaveF's comments, I have to say I may or may not have multiple hardware wallets and I may or may not have used the passphrase feature as another layer of protection

Also, do you periodically replace or upgrade hardware wallets, perhaps every five years, or continue using them as long as they remain supported and functional?

In addition to what OmegaStarScream said, until a better device comes that offers more security for your assets, there's no point in upgrading/replacing a hardware wallet.