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Author Topic: How do you separate your everyday Bitcoin setup from long-term storage?  (Read 110 times)
DICeee (OP)
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Today at 06:49:46 AM
 #1

keep most BTC in cold storage and only a small amount in a hot wallet for regular use.

For the online side, I also keep Bitcoin-related logins and sessions separate from my normal browsing. Sometimes I use separate browser profiles or an antidetect browser for that.

How far do you guys separate everything before it starts becoming overkill?
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Today at 07:59:59 AM
 #2

keep most BTC in cold storage and only a small amount in a hot wallet for regular use.
That is right.

Quote
For the online side, I also keep Bitcoin-related logins and sessions separate from my normal browsing. Sometimes I use separate browser profiles or an antidetect browser for that.

How far do you guys separate everything before it starts becoming overkill?
You know the hot wallets mean they're wallets on devices with connection to Internet. It does not help anything if you have different browsers on your computers or laptops or smartphones because when your devices are online, it can be affected by malicious things, malwares for example. These threats can infect your devices even they are offline too but the risk is the same, if they're not airgapped devices, when you connect them to the Internet, you might lose your wallet access and your bitcoins might be stolen.

What you are trying to do won't change your hot wallets to cold wallets, and your devices are still not airgapped.
[Guide] Secure air-gapped crypto wallet storage method.

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Today at 08:28:58 AM
 #3

Hope the Bitcoin logins and sessions isn't what I am thinking about?
Hope the logins isn't about you logging into some platform to access your Bitcoin?

Cold storages shouldn't need logins and the internet, preferably complete airgapped.
I don't do anything crypto on my PC.

I do have hot wallet on my smartphone and that's for everyday spending not for holding Bitcoin.
Cold storages also defers, I hope you know this, ColdCard should be an example for you.

Better add some Passphrase to your recovery seed to make it even more stronger, it's a good idea to keep your crypto devices away from the internet

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Today at 08:45:26 AM
 #4

I do have hot wallet on my smartphone and that's for everyday spending not for holding Bitcoin.
Cold storages also defers, I hope you know this, ColdCard should be an example for you.
Actually, hot wallets have purpose of spending and only for small fund but it's not likely to do every day spending. I really don't think that we are at a phase of making cryptocurrency transactions for payments too often like daily.

If you use your hot wallets for swaps on DEX, perhaps you will make on chain transactions with your hot wallets more regularly. Otherwise, if hot wallets are only for spending, payment, I barely make transactions and daily is not what I usually do.

Quote
Better add some Passphrase to your recovery seed to make it even more stronger, it's a good idea to keep your crypto devices away from the internet
Be very careful with passphrase, if you don't know what to do, and don't backup your passphrase correctly and store it safely, you will lose your bitcoin because you will never be able to access your wallet later.













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Today at 10:04:19 AM
 #5

How far do you guys separate everything before it starts becoming overkill?
I don't think that it's an overkill for every security measure that someone knows and does it to increase their security.

I don't do anything crypto on my PC.

I do have hot wallet on my smartphone and that's for everyday spending not for holding Bitcoin.
I find the opposite on this strategy but if this works for you then that's better. Mine is that I mostly do my crypto things on my PC because no one touches it but only me. And with my personal smart phone, I do also a bit of it but just mainly for checking prices.

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Today at 10:33:51 AM
 #6

keep most BTC in cold storage and only a small amount in a hot wallet for regular use.
I back my seeds offline. I use a strong 30 character-ength passphrase comprising of uppercase, lowercase, numbers and special characters so that it's not easy to brute force. I have more than one backup and they're I kept the seed phrase and passphrase in very different places. I use. WOW to create transactions and monitor my wallet and only refer to my cold storage when I want to sign a transaction. My cold storage device is air-gapped.

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For the online side, I also keep Bitcoin-related logins and sessions separate from my normal browsing. Sometimes I use separate browser profiles or an antidetect browser for that.
I practice separation of priorities. I have two mobile devices, the one dedicated to financial activities and the one for regular use. I only have my hot wallets and banking apps in one device and use the other one for social media and other things that appeal to me.

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Today at 10:34:56 AM
 #7

keep most BTC in cold storage and only a small amount in a hot wallet for regular use.

For the online side, I also keep Bitcoin-related logins and sessions separate from my normal browsing. Sometimes I use separate browser profiles or an antidetect browser for that.

How far do you guys separate everything before it starts becoming overkill?
I use my offline phone as a cold storage. clean the Device by resetting it. Sim card, wifi , Bluetooth and other things are turn off or removed. And used iancoleman's seed phrase generator. Still keeping my device offline I didn't give it internet connection until now. Sometimes I check balance though explorer not through the offline device. 
Same as you only use online device with different address when I need to make small transection.

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Today at 11:21:15 AM
 #8

Be very careful with passphrase, if you don't know what to do, and don't backup your passphrase correctly and store it safely, you will lose your bitcoin because you will never be able to access your wallet later.


Well, this is someone's opinion and shouldn't stop people from using passphrase. I know it's risky and you may lose your coin if mishandle it but that doesn't mean one should not use it all. Even the seed phrase alone can make you lose your coins if you don't handle it carefully. Moreover, I expect people to know how to keep their passphrase safe if they know how to use. I mean they know about its important and they should definitely know about it risk too. Seed phrase are the key to your coin, it protects your coin. Adding passphrase protect you massively but also increase the risk of losing them if you're careless with it. I think it's more better to encourage people to learn about it and the risks involved instead of discouraging them because of the risk involved.

 
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Today at 11:25:34 AM
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 #9

I use my offline phone as a cold storage. clean the Device by resetting it. Sim card, wifi , Bluetooth and other things are turn off or removed. And used iancoleman's seed phrase generator. Still keeping my device offline I didn't give it internet connection until now. Sometimes I check balance though explorer not through the offline device. 
Generating seeds will be difficult via the iancoleman tool (especially for beginners), but isn't it easier to download the electrum wallet, sign transactions through it, and then track your balance via the watchonly wallet using another phone?

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Today at 11:50:10 AM
 #10

I use my offline phone as a cold storage. clean the Device by resetting it. Sim card, wifi , Bluetooth and other things are turn off or removed. And used iancoleman's seed phrase generator. Still keeping my device offline I didn't give it internet connection until now. Sometimes I check balance though explorer not through the offline device. 
Generating seeds will be difficult via the iancoleman tool (especially for beginners), but isn't it easier to download the electrum wallet, sign transactions through it, and then track your balance via the watchonly wallet using another phone?


iancoleman tool is for advance people and it will just confuse newbies.

That's why I agree that Electrum is much smoother and simpler wallet to use by newbies. Because its easy to handle then, they can also generate their seed offline then can safely do sign transactions.

Addition option they could use is they can export the xpub for tracking purposes. Or try to use QR based PSBT when it comes on signing so that their offline device will not going to connect on anything. With that they can easily use their cold storage while making their security still strong.

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Today at 12:01:23 PM
 #11

keep most BTC in cold storage and only a small amount in a hot wallet for regular use.

For the online side, I also keep Bitcoin-related logins and sessions separate from my normal browsing. Sometimes I use separate browser profiles or an antidetect browser for that.

How far do you guys separate everything before it starts becoming overkill?
I have always felt secure using storage devices to hold my cryptocurrency (including Bitcoin). By "storage" I mean computer storage media, such as; HDDs (Hard Disk Drives) or SSDs (Solid-State Drives), whether SATA or the newer NVMe types. While there are other options like USB flash drives or microSD cards, I wouldn't recommend them due to their very limited lifespans.

I generally keep my storage devices offline, and rarely connect them to an internet-enabled computer. For my daily-use wallet, I avoid holding large amounts of cryptocurrency; this ensures I don't suffer a massive loss should something unexpected happen.

Additionally, I deliberately store my seed phrase across multiple storage devices; so that I won't face a total loss if one of them fails, or gets damaged.

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Today at 12:07:47 PM
 #12

keep most BTC in cold storage and only a small amount in a hot wallet for regular use.

And for someone who doesn’t own a hardware wallet yet, we can have multiple hot wallets and secure the access key very well, disconnect it from online and keep your spend only, and regular use wallet connected to your mobile. 

Quote
For the online side, I also keep Bitcoin-related logins and sessions separate from my normal browsing. Sometimes I use separate browser profiles or an antidetect browser for that.

I don't use any browser for exchange (unless for exchanges without app) I prefer to use an app which I can add an extra layer of security aside from the exchange security. Even as there is nothing much, or the account is empty, I consider it best to safeguard my account. I don't trust my browsers much.

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Today at 02:18:39 PM
 #13

How far do you guys separate everything before it starts becoming overkill?

Your bitcoin investment should be separated from the one you are holding for a short time and that can be easily exchanged when they need arises, your major investment can be on a non-custodial wallet, because this is your major portfolio you are holding unto as an asset, while for other emergency funds you may wanted to use Bitcoin in fixing tha aspect, you can easily make use of an exchange and always ensure that you don't have much fund on it.

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Today at 03:11:50 PM
 #14

How far do you guys separate everything before it starts becoming overkill?

Your bitcoin investment should be separated from the one you are holding for a short time and that can be easily exchanged when they need arises, your major investment can be on a non-custodial wallet, because this is your major portfolio you are holding unto as an asset, while for other emergency funds you may wanted to use Bitcoin in fixing tha aspect, you can easily make use of an exchange and always ensure that you don't have much fund on it.

Investment varies though. Maybe it could be a long term or short term investment and so doing, OP could save for keep assets for long term in cold storage while the other in a hot wallet though because there could be a constant withdrawal since it is a short term investment wallet. The idea of making use of exchange could be that the need for purchase of assets such a Bitcoin could arise or exchange for fiat to use for sorting of bills.

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Today at 03:24:31 PM
 #15

keep most BTC in cold storage and only a small amount in a hot wallet for regular use.

For the online side, I also keep Bitcoin-related logins and sessions separate from my normal browsing. Sometimes I use separate browser profiles or an antidetect browser for that.


Is this what you mean by "Bitcoin-related login"? Is it an exchange? Because Bitcoin itself isn't a platform where you can log in, but if you're referring to an exchange or a crypto wallet extension, what you actually need to pay attention to is the security of your device. That's more important than simply separating your normal browsing sessions.

However, for better security, storing your Bitcoin in a self-custody wallet is far more recommended than storing it on an exchange.

R


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Today at 03:29:54 PM
 #16

Be very careful with passphrase, if you don't know what to do, and don't backup your passphrase correctly and store it safely, you will lose your bitcoin because you will never be able to access your wallet later.


Well, this is someone's opinion and shouldn't stop people from using passphrase. I know it's risky and you may lose your coin if mishandle it but that doesn't mean one should not use it all. Even the seed phrase alone can make you lose your coins if you don't handle it carefully. Moreover, I expect people to know how to keep their passphrase safe if they know how to use. I mean they know about its important and they should definitely know about it risk too. Seed phrase are the key to your coin, it protects your coin. Adding passphrase protect you massively but also increase the risk of losing them if you're careless with it. I think it's more better to encourage people to learn about it and the risks involved instead of discouraging them because of the risk involved.

Your opinion and his counts, some people have short memory, they use words they don't write down and when it's time to access their wallet, it becomes a battleground. Passphrase should be handle and well maintain like you will threat your seed phrase, if possible engrave it in a steel plate like you are going to do with your seed phrase. In case you forgot the word, you will remember as most practice, people use other words that are different from Bip39 word list as there seed phrase.

Some people recommend randomly using 6 words from bip39 world list and should be back up too separately, they look excellent but the end users still have to protect the words, any mistakes, missing characters or letters will be the end of your wallet.

keep most BTC in cold storage and only a small amount in a hot wallet for regular use.

And for someone who doesn’t own a hardware wallet yet, we can have multiple hot wallets and secure the access key very well, disconnect it from online and keep your spend only, and regular use wallet connected to your mobile.

If you are going to keep a coin for long term, please get a hardware wallet. Your old gadgets can be turn to a cold storage but hardware wallet are not that expensive, the most expensive one shouldn't be more than $50 without shipping fee.

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Today at 03:31:07 PM
 #17

Hi,
The way it works is quite simple; there are a number of funds held in a hot wallet for everyday transactions, and the rest in a cold storage wallet that is rarely used. This works just like keeping your money in your pocket while savings remain somewhere far away and out of reach. The point I would like to emphasize the most about this hardware wallet is both the wallet itself and its secure backup recovery Sad
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Today at 03:36:32 PM
 #18

For my setup, I usually make sure that my hardware wallet is up to date. I also make sure my seed phrases are backed up. I check the update's signature to make sure it is valid.

If i have the time, I usually test whether the backups that i have are valid or sometimes move them over to another hardware wallet to check if it is working.

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