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Kate

How to store large amounts of bitcoins safe ?

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Ok so storing bitcoin. How to do that ? I know we can use a wallet to store bitcoin or an online wallet but how to store them like with high security and not just 1 bitcoin but like 100 and thousand bitcoins. How would one store them like so safe ?

Because i was thinking whales have huge amounts of bitcoins so how do they keep them safe because wont they be targeted like a lot by hackers ?

I was thinking they use a ledger wallet or something ? I dont know if anybody knows then please do share :)

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Consider how you can lose the coins, then find ways to avoid that. Most common fear is some kind of keylogging/hacking, so it's a popular solution to use cold storage, keeping your private keys in a device that is forever offline. 2FA on websites and hardware wallets work along the same lines, only by using the device in your hand can you confirm a transfer.

Of course there are quite a few other ways to lose them, user error, social engineering etc.

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Nothing and no one will give you a 100% security guarantee, perhaps only the Ledger wallet is more secure. Although there have already been cases of hacking by selecting a pin code.

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The best way to protect your coins are in a physical wallet (like a hard drive wallet). Then store the harddrive in a fireproof safe. Alternatively, you can convert your coins into a paper code, which you can store in a fireproof safe (the physical paper). I don't know too much about the latter though, I've only just heard about people doing it :)

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As for me, if you set a very complex password with a 2FA code, they don’t hack it. And even if it is hacked, you will need to confirm your account from the email(too complex password and 2FA)...

Although I don’t think hackers will need our accounts 😃

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3 hours ago, Kate said:

Ok so storing bitcoin. How to do that ? I know we can use a wallet to store bitcoin or an online wallet but how to store them like with high security and not just 1 bitcoin but like 100 and thousand bitcoins. How would one store them like so safe ?

Because i was thinking whales have huge amounts of bitcoins so how do they keep them safe because wont they be targeted like a lot by hackers ?

I was thinking they use a ledger wallet or something ? I dont know if anybody knows then please do share :)

Use a hardware wallet for a high security .

I think whales are only using hardware wallet since hacker couldn't penetrate it and stole their funds.

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On 09/06/2019 at 21:29, MrNice23 said:

You can use a legder wallet ,  hard drive wallet or set your security to 100%, 2FA , complex and multiple passwords.

Complex and multiple password is still prone to risk, but way to store coin is to use a ledger wallet and 2FA

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The most secure way of storing bitcoins is to use hardware wallets. Buy ledger nano S (or X), store bitcoins on it, put ledger in the bank. Personally I would use 2 ladgers and put one in the bank and second burred in the garden. Even if thief will steal ledger, guessing PIN and passphrase is almost not possible with this device. Of course 24-word recovery phrase need to be destroyed. We only relay on passwords in our head, even they would have 30 characters.

Second option is to use paper wallet. Generate the wallet offline and send bitcoins to that wallet. Then You have to store this peace of paper somewhere safe, away from fire and people eyes (2m underground in hermetic container).

The rest of the methods is not so safe. If something is connected to internet it's potentially threatened by remote access. What do You think, how much time hacker ( I meant hacker, no script-kiddies) would need to access your computer, install keylogger and wait for You to enter the password for wallet (or anything else)? Correlation between your IP and transaction is hard, but for determined person it's possible. One guy said:

Quote

Unless you are very careful in the way you use Bitcoin (and you have the technical know-how to use it with other anonymizing technologies like Tor or i2p), you should assume that a persistent, motivated attacker will be able to associate your IP address with your bitcoin transactions.

If somebody is interested in how  much bitcoin network is anonymous, read this (starting form page 24):

Another information about storing the bitcoins in on the wiki (https://en.bitcoin.it/wiki/Storing_bitcoins).

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You know the best solution for such HIGH AMOUNT of money in a virtual world is basically splitting them apart in several different addresses where the hackers and even data loss would become the best minimal possible.

Do not go for such huge amounts on a single address, even on a single Trezor (hardware wallet) thing. If it gets damaged you will end up losing everything.

Also it is preferral to just immediatly exchange that kind of money into fiat and leave it in some real life bank.

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Posted (edited)

Some good advice by posters here, along with some terrible ones as well. I only recommend stuff I do myself, of course, but it's always interesting to see other people's opinions.

With that said I'm still looking at various ways to do backups in different locations in case my house is destroyed etc.

Edited by allisonn

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I think the best way to store large amount of bitcoin is by using paper wallets. That is safe and and a good foolproof way to store large amount of bitcoin. (You can also save it in hardware wallets).

Paper wallets are usually made out of substance that are durable and something can be written on. It can be plastic, it can paper. etc etc. On the paper, your private key and public key are printed, so you can only withdraw and spend your bitcoin with that. That's where the security comes from, it is cold storage because it is offline and far from hackers, which is very very cool. 

But where the disadvantage is someone can find the paper and spend all your bitcoin and return the paper which still make you think there are still btc in your cold storage.

Another disadvantage is if you use paper, anything can happen to the cold storage (Paper, plastic, etc), Fire hazard, water hazard, and the ink used to write the keys can fade away. Can't read codes or see private keys, can't withdraw money. So, you must find a way to keep the material very well, so it doesn't get damaged, if you still need the coins.

 

 

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2 hours ago, Kate said:

Seems like using a hardware wallet is safe and i know that but isnt it a bit pricey to buy so do you know any wallets that give almost a tough security but for like free ? 

You just have an hardware, compacted, versatile wallet or the always used one -> online one.

There is no perfect solution to your question and you probabily already know that ;)

Overall i just don't use any to keep my money into some virtual location... Just exchange them to your bank and grab the money in your hand ;)

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On 09/06/2019 at 23:27, Kate said:

Ok so storing bitcoin. How to do that ? I know we can use a wallet to store bitcoin or an online wallet but how to store them like with high security and not just 1 bitcoin but like 100 and thousand bitcoins. How would one store them like so safe ?

Because i was thinking whales have huge amounts of bitcoins so how do they keep them safe because wont they be targeted like a lot by hackers ?

I was thinking they use a ledger wallet or something ? I dont know if anybody knows then please do share :)

how much bitcoins do you have ?

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1 hour ago, Bimfo said:

I think the best way to store large amount of bitcoin is by using paper wallets. That is safe and and a good foolproof way to store large amount of bitcoin. (You can also save it in hardware wallets).

Paper wallets are usually made out of substance that are durable and something can be written on. It can be plastic, it can paper. etc etc. On the paper, your private key and public key are printed, so you can only withdraw and spend your bitcoin with that. That's where the security comes from, it is cold storage because it is offline and far from hackers, which is very very cool. 

But where the disadvantage is someone can find the paper and spend all your bitcoin and return the paper which still make you think there are still btc in your cold storage.

Another disadvantage is if you use paper, anything can happen to the cold storage (Paper, plastic, etc), Fire hazard, water hazard, and the ink used to write the keys can fade away. Can't read codes or see private keys, can't withdraw money. So, you must find a way to keep the material very well, so it doesn't get damaged, if you still need the coins.

 

 

Don't like the idea of paper wallets at all imho. When you say paper wallets 'are made...' you mean you trust some other unknown guy who knows your private keys to not sweep your entire wallet? Even self-generated paper wallets not using 100% paranoia may not be safe, especially if you use those very convenient sites to help generate and print out a wallet. They also encourage reusing of addresses. 

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hmmm... i never really understood these things...
lets say you have a offline wallet right? then how does it work when  you want to move lets say 1 btc out of the 100 in there to a lets say coinbase or blockchain.info wallet  without  going online with the wallet... doesn't the offline wallet᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎ ᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎have to transact or broadcast for the btc to be moved from one wallet to another, and doesn't that have to be connected to the internet? Im sure i just don't know the technical aspects.. but if anyone knows in layman's terms im all eyes!

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26 minutes ago, Eminx3 said:

hmmm... i never really understood these things...
lets say you have a offline wallet right? then how does it work when  you want to move lets say 1 btc out of the 100 in there to a lets say coinbase or blockchain.info wallet  without  going online with the wallet... doesn't the offline wallet᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎ ᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎᠎have to transact or broadcast for the btc to be moved from one wallet to another, and doesn't that have to be connected to the internet? Im sure i just don't know the technical aspects.. but if anyone knows in layman's terms im all eyes!

Simplest way is to create the transaction and transfer it via text string, file or QR code to the offline device to "sign". Then the signed transaction is again loaded into an online computer to broadcast.

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Use storage devices such as a physical wallet or cold wallet. The cold wallet is always safer than all other forms because it is not connected to the internet, so hackers can not hack it.

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Posted (edited)
12 minutes ago, allisonn said:

Simplest way is to create the transaction and transfer it via text string, file or QR code to the offline device to "sign". Then the signed transaction is again loaded into an online computer to broadcast.

Hum that is really a good thing to know, thanks for that information.

5 minutes ago, nuvong said:

Use storage devices such as a physical wallet or cold wallet. The cold wallet is always safer than all other forms because it is not connected to the internet, so hackers can not hack it.

Everything is hackable you know ;) 

You just have to get the knowledge to make it "just do it".

Edited by DreamStage

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I don't think anyone can give opinions about every online wallet and hardware wallet 100% safe. because to be honest, even if you use a wallet that has low security, it won't experience theft as long as you are never fooled by every trick made by hackers like phishing. Even if you use a hardware wallet and store it in a safe, I can't say it's 100% safe because thieves must have an ingenious way to fool us. Our wallet account that we have given 2fa can still be stolen, I have heard from friends' stories that give very tight security in their wallets but hackers can still steal it. learning from there I prefer a trusted wallet because I can sue them with an alibi that my account has been rigged by the company so that I can ask for compensation.

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as some have quoted, the best is a password with enough variables, 2FA and paper wallet, not 100%, and the best way I think ...

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