avacadoareg4u



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NewbieActivity: 20Merit: 0 Safest way to store your bitcoins? May 11, 2017, 04:39:01 AM #1 Im relatively new to crytocurrency. I have read in manys sources that the safest place to store bitcoins is in a offline wallet. Why are offline wallets the safest? What are your recommendations?

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Hero MemberActivity: 1176Merit: 534 Re: Safest way to store your bitcoins? May 11, 2017, 06:43:43 AM #3 Offline wallets are something where the secret key is not shared with anyone (only if such wallet is generated in a safe environment and trusted source). The cheapest way to an offline wallet is to finding an old computer and generating a paper wallet through that machine (and that machine should never establish a connection to internet or devices such as a printer that connects to the internet). There are some other ways too but this is the one which I trust the most for the paper wallet.

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LegendaryActivity: 1218Merit: 1000 Re: Safest way to store your bitcoins? May 11, 2017, 07:44:04 AM #7 Actually online wallet and offline wallet are both safe, both have good security I think so as long as it can keep up well, bitcoin will remain safe. But it is true that many people who consider storing bitcoin in online wallet are very risky because it requires internet and the possibility to be hacked larger, so should be more careful if you want to store bitcoin in online wallet. And offline wallet are considered more secure because it does not require the internet so chances of being hacked are very small. I think that's what makes offline wallet safer than online wallet. But safe or not it depends on each of us in keeping the wallet.

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Hero MemberActivity: 658Merit: 501Hackers please hack me .... if you can :) Re: Safest way to store your bitcoins? May 12, 2017, 05:52:44 AM #11 The best way for a beginner until to an intermediate user of bitcoin is the hardware wallet. They have the 2 factor authentication which is impossible to crack, for example the security card in the ledger hardware wallet which gives you 3 alphabets and numbers and below them the corresponding cryptography , i.e A with capital letters in reality is number 2, b with low letters is D with capital and so on. Only the user with the security card can send money from this wallet. It is important to set it up the first time in a Linux environment and then you can use it wherever you like, as long as you have the physical hardware wallet together with the security card.

This kind of cryptography was used by Julius Caesar in old times, when he sent a letter to some other person he started for example from the 4th letter of alphabet, i.e D was A so only he and the receiving person knew this kind of cryptography, the messenger did not, or if the messenger was attacked the attackers could not decipher the letter.

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Sr. MemberActivity: 434Merit: 258★YoBit.Net★ 1400+ Coins Exchange Re: Safest way to store your bitcoins? May 12, 2017, 08:16:32 AM #12 I store my bitcoins in my segate external hard drive , i have invested some of my bitcoins in different altcoins and thus i manage to get profit with them. Am I spamming? Report me!

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Hero MemberActivity: 868Merit: 535 Re: Safest way to store your bitcoins? May 12, 2017, 04:12:27 PM #13 Quote from: avacadoareg4u on May 11, 2017, 04:39:01 AM Im relatively new to crytocurrency. I have read in manys sources that the safest place to store bitcoins is in a offline wallet. Why are offline wallets the safest? What are your recommendations?



Hi!



I think the safest way to store Bitcoins is through cold storage or paper wallet because it never connects to the internet, thus, there is no chance it can get hacked unless they brute force your private key which is theoretically impossible. The reason for its advantage is that cold storage is technically creating a system that does not connect to the internet. Hi!I think the safest way to store Bitcoins is through cold storage or paper wallet because it never connects to the internet, thus, there is no chance it can get hacked unless they brute force your private key which is theoretically impossible. The reason for its advantage is that cold storage is technically creating a system that does not connect to the internet.

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NewbieActivity: 2Merit: 0 Re: Safest way to store your bitcoins? May 13, 2017, 09:41:16 AM #17 Quote from: mocacinno on May 11, 2017, 06:50:08 AM AFAIK, there isn't much difference between the safety level of:

- a paper wallet

- a cold (offline) wallet

- a hardware wallet



the difference is in the price and usability.

- a paper wallet is allmost free (the cost of a piece of paper), but can only be used to collect unspent outputs. When you need the funds, you have to sweep the paper wallet and throw it away. It's also a bit tricky to make a paper wallet in the correct way



- a cold (offline) wallet costs a lot more, since you need an old PC that can never be connected to the internet as soon as you start using it to store your funds. However, if you set it up correctly, it's not that hard to use, and you can send and receive as much as you want, but you can also access the full feature set (like signing messages, creating raw transactions, broadcasting,...)



- a hardware wallet (trezor, ledger nano S,...) is actually pretty cheap, can be used to send and receive, can usually be used in different places,... It is my personal favorite. you are bound by some restrictions tough (for example, if you use the official ledger chrome plugin, it can not be used to sign messages)



thank you, now I know how to store my bitcoin safely, I just lost 0.5btc yesterday. thank you, now I know how to store my bitcoin safely, I just lost 0.5btc yesterday.

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LegendaryActivity: 1246Merit: 1022 Re: Safest way to store your bitcoins? May 13, 2017, 10:30:42 AM #18 Quote from: avacadoareg4u on May 11, 2017, 04:39:01 AM Im relatively new to crytocurrency. I have read in manys sources that the safest place to store bitcoins is in a offline wallet. Yep you heard right that is why many service providers use them to store their large amounts of Bitcoin.



Quote Why are offline wallets the safest? because they are not connected to a network @mocacinno explained

Quote What are your recommendations?

choosing the right wallet comes down to how security conscious your are with your funds and i would recommend something easy to use for yourself and has been around for a long time like blockchain.info ,

then there are desktop and hardware wallets which will be the most preferred for the security conscious users the only downside is the time is takes to sync if you do not regularly use it. Yep you heard right that is why many service providers use them to store their large amounts of Bitcoin.because they are not connected to a network @mocacinno explainedchoosing the right wallet comes down to how security conscious your are with your funds and i would recommend something easy to use for yourself and has been around for a long time like blockchain.info ,then there are desktop and hardware wallets which will be the most preferred for the security conscious users the only downside is the time is takes to sync if you do not regularly use it.