Were do I store my money

[GeorgeJohn]

I say this post on x Were the question kept me wondering about Were to save our money and I thought of sharing for the sake of knowledge and also to learn what we all think is the best ways  to store our crypto. Which I know from the beginning an exchanges is not even an option. Ready to learn more incase if people ask questions like this we know what to suggest for them.

At first, Exchange is not good to store your bitcoin, because it can be easily be attack by hackers and sometimes people who cooperate with exchange gives information to the hackers...

Secondly, self custodial and noncustodial wallet, is what most people are using to store their bitcoin, and it hardly before hackers attack it, a hardware wallet can only be compromise if the private key or the seed phrase is been expose...

Why other type of wallets especially exchanges, can be vulnerable to compromise at any time...So use your hardware wallet and store your bitcoin and also keep the information behind it safe... most of the problem we have for hacking, is when what we are suppose to keep in privacy is no longer in privacy.

[Comeacross]

Sometimes is not the wallet that is bad for saving or storing your coins but some don't know how to keep their seeds phrase safe, because your key is your coins according to what professional told me some years ago and if you make your seeds phrase public it will make your coins not to be safe in your wallet, I know some newbies never hear about electrum wallet and how to obey the rules and regulations that governed it will allow users to enjoy the benefit of holding your bitcoin and other cryptocurrencies safe for long term before you can sell to achieve your target.

I think you're getting the whole thing wrong. This is not about knowing how to keep your seed phrase saved. If you check op, every incident cited was not as a result of seed phrase mishandling. The ledger incident was a device tempering from the manufacturer/vendor, Binance is an exchange, so it's out of discussion since you don't even have the seed phrase in the first place. I'm curious if people store their assets on polymarket? I thought it's a prediction platform. Anyway, the point is you can still keep your seed phrase safe and still fall victim through other means that's entirely out of your control. I know the importance of keeping seed phrase safe but the type of wallet you use plays a great role too.

[Mahiyammahi]

I had same question when I started Oct 25. For small amount for learning, I use Trust Wallet and I write seed phrase on paper, not screenshot. For bigger amount I learned from this forum to use hardware wallet but I don't have yet. I also hide my email in profile because I showed my Gmail before and got spam. Still newbie with 5 posts but this is what I do now.

It's ideal that you start from Trust Wallet. If you think that you have a large amount of fund that needs more protection, then you should go for Ledger Wallet because $100 is not much expensive compared to your fund security.

Actually, you do not need any kind of email service to use this forum. You can just put a dummy email there. The account creation will be done. To protect your account more securely, you can add 2FA on your profile. Make sure to stake a Bitcoin address on the forum. For an emergency incident, you can recover from that address by signing the wallet.

[Miles2006]

The binance situation clearly show how risky it is to store money in an exchange, no exchange is trusted when it comes to saving money likewise prediction market. Asking where to store money is actually surprising when every holder is still holding so definitely they’re variety of options to store bitcoin, meanwhile prediction market is also not a save place to store money. Everytime when there’s a hack we get to see questions like such, honestly no one should consider using an exchange to store money while the Ledger situation is kind of rare in crypto space like I said they’re variety of options.

[CryptopreneurBrainboss]

I say this post on x Were the question kept me wondering about Were to save our money and I thought of sharing for the sake of knowledge and also to learn what we all think is the best ways  to store our crypto. Which I know from the beginning an exchanges is not even an option. Ready to learn more incase if people ask questions like this we know what to suggest for them.

Save with Electrum, it's non custodial and easy to use. You won't regret using them as I haven't had any challenges from the wallet since I started making use of them over a decades now. I know all this topics will pop up as a result of the Binance exchange hacking incident but you shouldn't be worries because centralized platforms aren't recommended to be used as wallets and they're never secures.

Personal/self custodial wallets can't be hacked and that's what we should be using, you only get affected when your seed phrase gets compromised somehow and that can be because of your carelessness and not the wallet's providers faults because anyone with your keys is technically you.

As far you can keep your sensitive details of your wallets offline like private keys, seed phrase and passwords or other 2FA then you're safe and you shouldn't be a victims of any hacks. We still have other top notch custodial wallets that protects you 100¥ with your privates keys so you don't have to bother about any hacks happening.

[promise444c5]

In terms of depositing them in the bank, the government embezzles people's money, so we do not consider banks to be safe either.

It is not about embezzlement.. those are most likely allocations and some government fundings that are being embezzled, your money still remain intact nmw.

Apart from privacy and the likes , the major issue with fiat is inflation and of course, the government or any body in charge can also decide to halt cash withdrawal(s) or any form of withdrawal(s)  (obviously not deposit  ) at any time.

Some of these are part of the reasons people hold Bitcoin and yes we can’t deny the ‘profit’ aspect..

~

[passwordnow]

Just spread it across different wallets so that you'll have a peace of mind. I've used sparrow and electrum and both are reliable at least for now, and there's no problem while using it. I think people shouldn't really deposit a lot in the exchanges and even in the casinos if that just comes to their minds, all of these custodial wallets are not the go-to when these things are happening. And if it's with the choice of hardware wallet, it's Trezor that's being more appealing to the masses currently and I hope that they won't have the same hacking incident.

[Jewan420]

Self-custody wallets are still a good option for storing money. Exchanges have never been a good option for storing money and no crypto expert would recommend using an exchange to store money.

Still, airgapped self-custody wallets seem to be the safest for storing money. If you can store your seed phrase, passphrase, and necessary keys safely, your funds can be considered safe. Stay away from the internet as much as possible, any wallet and any technique that is connected to the internet is risky. Because the main source of hackers is the internet

[Hamza2424]

Ledger was the result of a supply chain attack. They implanted chips, and you probably know that. Binance lost funds from their hot wallet yesterday, and so far, they have secured more than $3 to $4 billion, and they are working with authorities to freeze and recover even more, so there is hope. They also said your funds are safe with us, so don't worry, although maybe worry a little bit, haha. But you were told this before. If not, then now I'm telling you: never hold your funds on centralized exchanges for the long term. Incidents like this give you a live demo of what could go even worse if they say they won't cover the loss.

The Polymarket hack wasn't big, bro. Only $2.7 million was affected, which they can easily cover, and they said they will cover everything. MetaMask wasn't hacked from the client side. It affected the liquidity providers, so if you're a normal person, you don't have to worry about this.

The Phantom hack was older, but it happened, and so have many other exchanges lost not just funds but also their clients' data, like Coinbase. October is now officially the most hacked month, in my opinion.

I just wanted to say, hold your funds and your keys. If you don't own the keys, you don't own the funds. By the way, you forgot to mention Coldcard, haha.

[sunsilk]

Self-custody wallets are still a good option for storing money. Exchanges have never been a good option for storing money and no crypto expert would recommend using an exchange to store money.

When the news came out about Ledger, there are these "experts" who have been debating about exchanges might be the safer option than the hardware wallets.

They have generalized the hardware wallets to be risky but, it's riskier if they are pushing people to trust an exchange for their hard earned funds.

What if everyone just go back to the traditional paper wallets?

[Ojima-ojo]

LEDGER >HACKED

BINANCE >HACKED

POLYMARKET> HACKED

METAMASK > HACKED

PHANTOM >HACKED

Can I tell you this for free, this i not the last hack incidents and security crisis that we are going to see in the cryptocurrency industry, as a matter of fact we should be prepared for more, now with the use of artificial intelligence that could make hacking more flexible scammers will definitely utilize the potential to attack various platforms like the One with binance.


Between we are talking about wallet hacks and wrote poly market among wallet custody that got hacked, just for clarity if there is any misunderstanding, poly market is not a crypto wallet or exchange, but a prediction market something like a gambling sites, so you don't use them as wallet to keep custody of your coins.

[Antotena]

The binance situation clearly show how risky it is to store money in an exchange, no exchange is trusted when it comes to saving money likewise prediction market. Asking where to store money is actually surprising when every holder is still holding so definitely they’re variety of options to store bitcoin, meanwhile prediction market is also not a save place to store money. Everytime when there’s a hack we get to see questions like such, honestly no one should consider using an exchange to store money while the Ledger situation is kind of rare in crypto space like I said they’re variety of options.

Binance didn't, it was there before this Binance incident. I can tell you that there are more than 4 centralized exchanges that were hack, Bitget was hacked last month, people criticized it and move on like nothing happened. When Bitget withdrawals was open, instead of withdrawing money to personal wallet, some people withdraw their money to Binance and other exchanges and yesterday, Binance became another victim hack, we are used to this already but I guess people don't learn.

They say the devil you know, it's better than the angel you don't know, to OP, the custodial wallet are the only way to this problems. Among hardware wallets, there are some that has not experienced any bad things, you should go for such wallet. Those wallet are better than exchanges, you can use centralized exchanges for their services and move your coins to your external wallet, they are better that way than rely on exchanges that can't be trusted.

[Stalker22]

It's ideal that you start from Trust Wallet. If you think that you have a large amount of fund that needs more protection, then you should go for Ledger Wallet because $100 is not much expensive compared to your fund security.
~

Terrible advice tbh... After everything that has happened with this company in the past few years, you still recommend Ledger hardware wallets to a newbie?

[Ambatman]

Yeah
Ledger is shitty but it wasn't hacked
The flaw came from a supply chain not the ledger hardware itself.

And on storage, like is usually said don't place all your funds in one location in case of a breach.
Make use of a non custodial airgapped wallet that's open source
Not fully safe but include whether using a strong passphrase or multisig.

[Z-tight]

Just spread it across different wallets so that you'll have a peace of mind.

Storing your BTC in different wallets does not automatically mean they are safe, as a matter of fact, it could give you a false sense of security. Are all the wallets in cold storage, are they in different devices? Some people use multiple online wallets in the same device and think it makes their funds any safer.

[Obim34]

~snip

You cannot get advice about perfect wallets that will not be hacked, it is hard to say which wallet will be next, but there are levels of preparation with which you can secure your wallet, which gives you a level of safety and security.

Even if exchanges will recover your funds in some cases, what about times when the hack is large, and the exchange is unable to compensate everybody for the losses? Using a hardware wallet is nice to use, but a very simple thing you can do is split your funds into separate wallets. Assume the worst, even if it never happens, the choice of centralized exchanges shouldn't be included in the plan.

[Jasmyne]

Just spread it across different wallets so that you'll have a peace of mind.

Storing your BTC in different wallets does not automatically mean they are safe, as a matter of fact, it could give you a false sense of security. Are all the wallets in cold storage, are they in different devices? Some people use multiple online wallets in the same device and think it makes their funds any safer.

The different wallets could be two as passwordnow stated, if your BTC is stored in one wallet it could be more dangerous than having it in two different wallets because if there is a little mistake that it gets compromised everything you have is gone but when you have two different wallets when one is compromised you can hold on to the second one. In the security aspect too it's risky to have two different wallets but if you must have two then it should not be on the same system or phone because it is even more risky since what affects one wallet could affect the other one just like compromised or theft.

[Odusko]

Just spread it across different wallets so that you'll have a peace of mind.

Storing your BTC in different wallets does not automatically mean they are safe, as a matter of fact, it could give you a false sense of security. Are all the wallets in cold storage, are they in different devices? Some people use multiple online wallets in the same device and think it makes their funds any safer.

The different wallets could be two as passwordnow stated, if your BTC is stored in one wallet it could be more dangerous than having it in two different wallets because if there is a little mistake that it gets compromised everything you have is gone but when you have two different wallets when one is compromised you can hold on to the second one. In the security aspect too it's risky to have two different wallets but if you must have two then it should not be on the same system or phone because it is even more risky since what affects one wallet could affect the other one just like compromised or theft.

For the sake of security and prevention and the recent reality of things where both hardware wallet devices have suffered hack and even exchanges getting hacked, the subject of safety of coins storage becomes a very important topic of discussion and we must begin to act out of the box, like seriously dividing your assets in various wallet is key to not losing all your assets in one incidents such as what happened with binance those who's found are kept only on binance are stranded by now that withdrawal have been stopped.

But if those Bitcoin and other assets are kept in multiple wallets, this won't affect other wallet and one can easily move the money around to tackle other daily need and businesses that are forced to be paused because of this binance hack.

[tiCeR]

I get the point. Exchanges and noncustodial wallets were hacked. So where can coins be stored.

Prediction markets supposed not to be a what anyone should use to hold bitcoin or any other cryptocurrencies. The right thing for it are the noncustodial wallets.

I do not also recommend exchanges despite their protection funds. I also do not recommend hardware wallets.

Airgapped device seed phrase and passphrase wallet or Multisig wallet are the best. Do not have your coins on a single wallet.

It almost hurts to read the OP... I think some people treat any third service provider the same way they treat their most trusted bank and if they are not from a first world country like Switzerland etc., even that would be concerning. Jesus, a newbie in the scene or not, but OP sounded as if he naturally wants to store his assets with exchanges or gambling sites like Polymarket. That's not going to end well for him...

[JiiBs]

Considering the fact that, these hacks has happened on spheres one might have considered safe like, the self Custody wallets such as, Phantom and Metamask, it makes the question as to where a tricky one. Certainly, no one is advised to use exchanges for storage of Bitcoin neither is the polymarket. However, it would be more ideal to stick to a wallet that has served for a longer time without any issues while, the update on its versions is done periodically.

One thing of note that, I’ve found in this thread is the multisig suggestion, it makes a lot of sense and might lead to the popularity of this method to Bitcoin storage.