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Author Topic: MTGox or CryptoXchange for USD/BTC Storage?  (Read 1826 times)
Extravagant
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I.. don't think.. I like the way that sounds....


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April 14, 2012, 11:46:18 PM
 #1

I have a BTC / USD amount that usually hovers around 1k

I have heard horror stories of MTGox seizing accounts, taking funds, ect ect.

I have a MTGox Yubi, and a STD yubi key, So both Crypto and MTGox have 2 part authentication. I have not heard any stories about crypto

Question is whats everyone's opinion which is better to store about 1k on and off?  Huh

thank you
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Extravagant
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April 15, 2012, 11:05:01 AM
 #2

100 views and no opinions on which exchange?
bracek
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April 15, 2012, 11:33:07 AM
 #3

keep coins in your PC wallet,
USD, if you must, on exchange

gox is bigger and older, so I recommend them

they will ask you to reveal your identity,
sooner or later they do it to everyone
davout
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April 15, 2012, 12:06:35 PM
 #4

You can store your coins at Paytunia.com
The service itself is new, but it runs on the Bitcoin-Central.net platform which is operating since 2010 without any problem.

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April 15, 2012, 12:20:10 PM
 #5

store USD at libertyreserve
store BTC offline

Extravagant
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April 15, 2012, 01:35:59 PM
 #6

Really?

I thought BTC wallets were like, the worst place to keep them.

F'ed computer, HDD fail, Wallet stealing software all = lost wallet.

Can anyone direct me to a good place that tells newer people the best way to store BTC? like goes over backups, security?

i would love storing everything locally, But having 1k$ in my PC wallet just scares the shit out of me.

And no one told me there opinion on crypto?

wow i thought with all the people on btcforum more would wanna help Sad

I just get scared ab0out mtgox. doing something to the account. and crypto i havent heard a single story
John (John K.)
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Will read PM's. Have more time lately


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April 15, 2012, 03:02:11 PM
 #7

Really?

I thought BTC wallets were like, the worst place to keep them.

F'ed computer, HDD fail, Wallet stealing software all = lost wallet.

Can anyone direct me to a good place that tells newer people the best way to store BTC? like goes over backups, security?

i would love storing everything locally, But having 1k$ in my PC wallet just scares the shit out of me.

And no one told me there opinion on crypto?

wow i thought with all the people on btcforum more would wanna help Sad

I just get scared ab0out mtgox. doing something to the account. and crypto i havent heard a single story


Store BTC in pendrive with multiple encrypted copies of wallet.dat in safes and so. USD in libertyreserve.
BTC in paper wallets if you're paranoid.
Period.

My BTC Tip Jar: 1Pgvfy19uwtYe5o9dg3zZsAjgCPt3XZqz9 , GPG ID: B3AAEEB0 ,OTC ID: johnthedong
Escrow service is available on a case by case basis! (PM Me to verify I'm the escrow!)

Extravagant
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April 15, 2012, 04:46:51 PM
 #8

so my BTC software has ben updating for a day...

When it does, you can xfer all my coins to my wallet, and make backups of wallet.dat ?

If i reformat my comp.. re-installed bitcoin and over-written wallet.dat my coins would be back?
EuSouBitcoin
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April 15, 2012, 07:28:01 PM
 #9

The problem with storing BTC or USD at a bitcoin exchange is that they could disappear at any moment. There isn't any FDIC insurance for BTC, at least not now. Put your USD in bank, if it's less than $250,000 it will be FDIC insured. As far as where to store your BTC, if you store them on your computer you don't have to worry about trusting anyone else to keep your BTC and return them to you when you want them. However, you do have to keep your computer secure. Read here

https://en.bitcoin.it/wiki/Securing_your_wallet

For how to secure the BTC wallet on your computer.

If you plan to trade the BTC soon it makes sense to keep them on an exchange. Some exchanges offer two-factor authentication as an extra layer of security. As is typically the case, there is a trade-off between convenience and security when dealing with BTC and exchanges.
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April 15, 2012, 08:32:01 PM
 #10

If you are not going to use them for a long time I recommend a paper wallet.
Not paranoid version:
1 - Go to bitaddress.org
2 - Print the page
3 - Send the coins to that address

Security paranoid version:
1 - Go to bitaddress.org and save the page to your computer or to an usb drive (it is a single html file)
2 - Turn off the internet/reboot/use another computer/other security paranoid measures
3 - Open the saved page, generate an address and print it
4 - format the usb drive/format the computer/destroy the printer/burn your house down/other security paranoid measures
5 - Send the coins to that address

If you want to use the bitcoins again, you have to import the private key into a wallet.
Note: paranoia is recommended in small doses

If you want to have the bitcoins at hand, I don't see anything wrong about keeping them in an exchange. Just keep in mind that:
- The exchange might runaway with your funds (however, I think that it is highly unlikely that MtGox or CryptoX would do this).
- Your password is the key to your account so you need to keep it safe. 2 factor authentication is a big plus.
davout
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April 15, 2012, 08:43:31 PM
 #11

If you are not going to use them for a long time I recommend a paper wallet.
Not paranoid version:
1 - Go to bitaddress.org
2 - Print the page
3 - Send the coins to that address

Security paranoid version:
1 - Go to bitaddress.org and save the page to your computer or to an usb drive (it is a single html file)
2 - Turn off the internet/reboot/use another computer/other security paranoid measures
3 - Open the saved page, generate an address and print it
4 - format the usb drive/format the computer/destroy the printer/burn your house down/other security paranoid measures
5 - Send the coins to that address

If you want to use the bitcoins again, you have to import the private key into a wallet.
Note: paranoia is recommended in small doses

If you want to have the bitcoins at hand, I don't see anything wrong about keeping them in an exchange. Just keep in mind that:
- The exchange might runaway with your funds (however, I think that it is highly unlikely that MtGox or CryptoX would do this).
- Your password is the key to your account so you need to keep it safe. 2 factor authentication is a big plus.

This is even better

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