Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: bayu7adi on January 09, 2025, 03:44:29 AM
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BTC is a digital asset, and some people also consider it as a digital currency... wallet storage is often crucial, where everyone can freely create many Bitcoin wallets but they are too confused about security...
We really don't know where and when the fraud came from, but what is certain is that the fraud really brings regret... the purpose of this topic is to prevent such regret... in your opinion, do you prefer to store your BTC in several wallets, or choose to store it in one wallet?
If your choice is to store it in several wallets, then what type of wallet do you recommend? Actually, it's not just a question, but I also want to hear stories or experiences from you who have experienced unexpected events regarding the use of BTC wallets.
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BTC is a digital asset, and some people also consider it as a digital currency... wallet storage is often crucial, where everyone can freely create many Bitcoin wallets but they are too confused about security...
We really don't know where and when the fraud came from, but what is certain is that the fraud really brings regret... the purpose of this topic is to prevent such regret... in your opinion, do you prefer to store your BTC in several wallets, or choose to store it in one wallet?
If your choice is to store it in several wallets, then what type of wallet do you recommend? Actually, it's not just a question, but I also want to hear stories or experiences from you who have experienced unexpected events regarding the use of BTC wallets.
Security or protection of assets is always a major concern, more so in the use of Crypto currencies, especially theHashTableof digital currencies or coins, commonly referred to as Bitcoin. Holding multiple wallets for assets has been widely considered safe since splitting the storage of assets can mean that if something goes wrong with one wallet, all is not lost at one click.
For that, there are such types of wallets as hardware wallets combined with software ones. Due to this, Hardware wallets provide high security because they are offline while software wallets allow us to engage in daily trading with a certain nominal value. Until now, I still store digital assets with the Electrum wallet as the main one, though I also use Trust wallet and Metamask to look for daily profit and to participate in several airdrops.
Electrum is a Bitcoin wallet that I trust because there are additional sentences that can strengthen the wallet that we have when we first create an Electrum wallet.
This for example :
(https://imgvb.com/images/2025/01/09/cc73d3419befb0063b038732746a413d.png)
(https://imgvb.com/images/2025/01/09/73d97c8a85e31472b873e21ff7df5f04.png)
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I hate it when I have to sync wallet actually. I have this kind of wallet whe I first tried BTC, I couldn't send it quick because I have to wait for its update.
Now I only have electrum app in the phone. Its not recommended to use phone app but thru this I can mame quick transactio to trade whenever there is the need to do it.
If you consider it multiple wallets, I have some coins in the exchange wallets.
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We really don't know where and when the fraud came from, but what is certain is that the fraud really brings regret... the purpose of this topic is to prevent such regret...
we know where fraud comes from and it is from being unprepared, uneducated and reckless if we are not careful with our assets and our devices and especially with our private information we would definitely be scammed and there could be no one else to blame but ourselves if that happens
in your opinion, do you prefer to store your BTC in several wallets, or choose to store it in one wallet?
it depends how much you have i do think that if it reaches a certain amount where it is big enough then it is acceptable to use several wallets because in case something happens to the one wallet at least you would not lose everything you have time and time again we are reminded to not put all of our eggs in one basket
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I haven't had any bad experience with BTC wallets ever since I started using my hardware wallets. I do have a Ledger and a Trezor, and they have been serving me well. It's the best way to store assets, which is in a hardware wallet, and no one can really get to your assets except yourself, knowing that you have secured them correctly.
Several wallets could serve different purposes, and you could do that when you have a specific goal, but if you are not looking into that, just one wallet would suffice. Make sure that it's secured.
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I hate it when I have to sync wallet actually. I have this kind of wallet whe I first tried BTC, I couldn't send it quick because I have to wait for its update.
Now I only have electrum app in the phone. Its not recommended to use phone app but thru this I can mame quick transactio to trade whenever there is the need to do it.
If you consider it multiple wallets, I have some coins in the exchange wallets.
In the phone apps of the electrum wallet, I think it's okay as long as it's not a large amount of value, because for me it's still different and better to use the electrum wallet on the desktop, this is just my experience using a desktop wallet.
Then it's still safer for me if you store bitcoin in multiple wallet accounts with their own specific amount, which is if you have 10 wallet accounts,
you will also save ten seed phrases that you should put in a safe place as well.
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No problem with that, as long as you can remember all of the seed phrases that you use for each of the wallets. If you can't though, just stick to one wallet. It will be easier for you.
I would say the exception would be if you've got a bunch of hardware wallets that you're storing securely then you can divide your cold storage BTC between them. But I would just keep the hot wallet balance on one wallet- there is no security benefit on dividing them out.
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I use two, one is hardware wallet and one is hot wallet. I use hot wallet for bounty payments and to exchange funds on exchanges. I get overwhelmed easily, so for sake of keeping things simple, 2 is most I would go for.
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In terms of security and maybe even convenience too, nothing beat hardware wallets though it does not mean one has to be free to be stupid in following security measures necessary. Now, if one has maybe a good amount of Bitcoin using multiple wallets can be a very good suggestion. Now, if one has just limited amount of Bitcoins then just one wallet will do. For people who can't or don't want to buy a hardware wallet then a non-custodial wallet is the best option. The biggest risk is actually when we forget that scammers and hackers can be at our back all the time. I am hoping that there can be a time when I would be worrying where to store my Bitcoin and I have to decide whether to buy just 1 or 3 hardware wallet...that would be a big dream come true.
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I use two, one is hardware wallet and one is hot wallet. I use hot wallet for bounty payments and to exchange funds on exchanges. I get overwhelmed easily, so for sake of keeping things simple, 2 is most I would go for.
Simple, yet effective.
I do like your approach. What is your hardware wallet, its name, I mean?
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As a mobile user, I used to have multiple wallets though all of them as 2 accounts one with the same wallet I imported and the other is a multisig random wallet. I have my main wallet which is the BlueWallet then secondary is Mycelium then optional would be GreenWallet, Electrum and Coinomi they are on standby. I can access my funds in one wallet in all these through importing keys to avoid any hassle if one is on maintenance I can still open it on the other app. Never had problems using them ever since I have installed them on my phone. My oldest wallets were Mycelium, Electrum and Coinomi because I used them since 2017.
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I prefer to divide the bitcoin into multiple wallets instead of one wallet. I have been subjected to an incident of hacking my Electrum wallet before because of a laptop hacking so I prefer to be bitcoin in several wallets.
It is true that you have to keep more seeds, but that is much better than hacking your main wallet and losing all of your bitcoin forever, and it is better if you have a large amount of bitcoin to buy a hard wallet and make sure that you do not connect to the Internet.
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BTC is a digital asset, and some people also consider it as a digital currency... wallet storage is often crucial, where everyone can freely create many Bitcoin wallets but they are too confused about security...
We really don't know where and when the fraud came from, but what is certain is that the fraud really brings regret... the purpose of this topic is to prevent such regret... in your opinion, do you prefer to store your BTC in several wallets, or choose to store it in one wallet?
If your choice is to store it in several wallets, then what type of wallet do you recommend? Actually, it's not just a question, but I also want to hear stories or experiences from you who have experienced unexpected events regarding the use of BTC wallets.
I store in one wallet alone because I don't have much funds to store for long terms but if you are a whale or big investor lower than whale then you will see them accumulating the BTC in one or two wallets alone. Mostly whales have one wallet comprised of all of their funds but sometimes they prefer two.
It don't matter if you hold them in one wallet or two because if you are securing the seed phrase carefully and you are using some cold wallets then your funds will be save and if any of these is not in action then your funds can be at risk but this only is necassary if you have huge amount in BTC.
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Maybe just treat it like how you'll store lots of cold cash if you ever have it. You can use a 'vault' (hardware wallets) for your long term storage and then use something like a digital wallet for your quick spending. You don't have to make it complicated for yourself, keeping things simple might be more beneficial.
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I have multiple hot wallets for various purposes, but I stick to one cold wallet to simplify the management. I think the safety of private key recovery is much more important compared to how many wallets I use/own as mentioned above. It doesn't help that some people use a non-airgap device to store most of their wealth. CMIIW.
I read a thread where somebody lost their password or backup, and trying to recover them from various devices is a nightmare. You should calculate these risks before you decide how many wallets you'll use.
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I use two, one is hardware wallet and one is hot wallet. I use hot wallet for bounty payments and to exchange funds on exchanges. I get overwhelmed easily, so for sake of keeping things simple, 2 is most I would go for.
Simple, yet effective.
I do like your approach. What is your hardware wallet, its name, I mean?
I use tangem card.
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OP, This may be a tricky question, because it largely depends on the amount of Bitcoin you have, as well as how often you use it, i.e. have in/out transactions. For example, if you have a large amount of BTC that you don't spend, then there's really no need to divide it into multiple places. But, if you have BTC in several places, it's just unnecessary fragmentation and later it will cost you more to transfer due to too many UTXOs.
I use one Trezor wallet, one account for storage and a separate one for everyday use. I'm fine with that.
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If your choice is to store it in several wallets, then what type of wallet do you recommend? Actually, it's not just a question, but I also want to hear stories or experiences from you who have experienced unexpected events regarding the use of BTC wallets.
Storing in multiple wallets can increase the security and it is better than storing in one wallet because if anything goes wrong with one wallet like you mistakenly click on a link or attach that wallet to some spam site your funds will be gone and you can't get them back ever.
Therefore, such mistakes can also be managed if we will have multiple wallets from multiple software like one from xodus or electrum etc.
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Security wise, it's better to have Bitcoin stored in multiple wallets, you can have
a. hardware wallet - obviously for long term
b. electrum - for your like every day need
So it's up to you the most important thing is how you are going to protect your keys or mnemonic phrase.
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If your choice is to store it in several wallets, then what type of wallet do you recommend? Actually, it's not just a question, but I also want to hear stories or experiences from you who have experienced unexpected events regarding the use of BTC wallets.
Storing in multiple wallets can increase the security and it is better than storing in one wallet because if anything goes wrong with one wallet like you mistakenly click on a link or attach that wallet to some spam site your funds will be gone and you can't get them back ever.
Therefore, such mistakes can also be managed if we will have multiple wallets from multiple software like one from xodus or electrum etc.
Actually if we keep our main wallet, it will be safe. I also use several wallets to store my crypto assets and keep them from being hacked or phished. When I follow an airdrop, I always use a new wallet so that my crypto assets are safe and don't just click on links that will take our assets
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I have desktop, hardware and mobile wallet, these 3 have different usage, one for long term hodl (HW), payments for regular use (mobile) and short term stack from signature campaign (desktop)
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I hate it when I have to sync wallet actually. I have this kind of wallet whe I first tried BTC, I couldn't send it quick because I have to wait for its update.
Now I only have electrum app in the phone. Its not recommended to use phone app but thru this I can mame quick transactio to trade whenever there is the need to do it.
If you consider it multiple wallets, I have some coins in the exchange wallets.
In the phone apps of the electrum wallet, I think it's okay as long as it's not a large amount of value, because for me it's still different and better to use the electrum wallet on the desktop, this is just my experience using a desktop wallet.
Then it's still safer for me if you store bitcoin in multiple wallet accounts with their own specific amount, which is if you have 10 wallet accounts,
you will also save ten seed phrases that you should put in a safe place as well.
I only have few coins anyway. And some altcoins that I have been keeping my entire time in crypto, value too small to sell but I kept them.
Anyway, what I think could be a better reason for different wallet is that if someone kidnaps you and they need to see your wallet, I guess you wouldn't really feel like you would die for it. Just give them the logins, it's there's.
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Storing in multiple wallets can increase the security and it is better than storing in one wallet because if anything goes wrong with one wallet like you mistakenly click on a link or attach that wallet to some spam site your funds will be gone and you can't get them back ever.
Therefore, such mistakes can also be managed if we will have multiple wallets from multiple software like one from xodus or electrum etc.
rather than storing in many wallets, but separating the main wallet from the wallet used to connect with many Dapps and becoming a common wallet for receiving coins etc.
If the main wallet of course must be safe and no one should know.
You have to keep it secret and store it with a hardware wallet which will be very much for the main wallet storage.
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Storing in multiple wallets can increase the security and it is better than storing in one wallet because if anything goes wrong with one wallet like you mistakenly click on a link or attach that wallet to some spam site your funds will be gone and you can't get them back ever.
Therefore, such mistakes can also be managed if we will have multiple wallets from multiple software like one from xodus or electrum etc.
Yes, of course, this is to anticipate various bad possibilities. Because if one wallet is hacked or damaged, or lost, then we still have assets in other wallets. However, everything must have its pros and cons. We definitely need more money for that, and need high focus to manage wallets so that everything can remain safe. because currently, the online world is always vulnerable to cyber crimes. and in the real world too. and sometimes, we ourselves are also negligent in securing our crypto assets so that it causes great losses.
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I have desktop, hardware and mobile wallet, these 3 have different usage, one for long term hodl (HW), payments for regular use (mobile) and short term stack from signature campaign (desktop)
I see this as a good option, considering my needs are not much different from this... however, when you have a hardware wallet, wouldn't that also make the signature stack more secure?? maybe there haven't been any cases or incidents like hacking experienced, but adding a layer of security from the start I don't think is a bad thing... as long as we have the HW...
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I have desktop, hardware and mobile wallet, these 3 have different usage, one for long term hodl (HW), payments for regular use (mobile) and short term stack from signature campaign (desktop)
Didn't understand a bit - what do you mean by "short term stack" - you just have a wallet on your desktop as an extension of sorts?
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I see this as a good option, considering my needs are not much different from this... however, when you have a hardware wallet, wouldn't that also make the signature stack more secure?? maybe there haven't been any cases or incidents like hacking experienced, but adding a layer of security from the start I don't think is a bad thing... as long as we have the HW...
I usually send my desktop wallet funds to my mobile wallet for some regularly and most in my hardware wallet at least once/twice a month. If I receive directly my signature funds to HW, it will be always take time for me to send from HW to my mobile wallet for payment, thus getting compromised while using the HW will be higher.
Didn't understand a bit - what do you mean by "short term stack" - you just have a wallet on your desktop as an extension of sorts?
Stacking funds at least a month. No, I use electrum wallet on desktop, i'm not fan of extension, i don't even usually use metamask too.
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Well, it is being said that it is not advisable to keep all your eggs in one basket, rather, keeping them in multiple baskets will give a room for safety. That being said, it depends on the total value of your crypto portfolio, that's what I'll say. If your total value is above $5,000, then making preparing for storing on hardware wallet will the very best option. If as a small holder, using mobile wallet is quick and faster for transactions.
For me, I use mobile wallet, Trust wallet to be precise, it is easy for me to make use. I'm not a very big crypto holder, so all of my crypto activities are carried out on phone, though, the phone which I use for these several activities is only for crypto activities and nothing else.
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In my case, keeping BTC on a cold storage device for an extended period of time should be separated, so I use multiple wallets rather than a single wallet for daily or weekly needs.
My other wallet includes an AirGap device, my phone, and my old phone as a hardware wallet.
Having multiple wallets is always recommended since if your wallet was hacked and all funds are stolen, then you still have your funds on another device, unlike if you put all your funds into 1 wallet. Even if it is cold storage, there are still risks, not online, but how about family members? Do you think you can trust them?
So having multiple wallets can increase the safety of your other funds. For those who are traders, they shouldn't stay only on one exchange, just like what happened before most of the old exchanges ended up hacked and bankrupt that couldn't repay all stolen funds.
So if you don't want to lose all of your crypto, then having multiple exchanges is a good practice, the same as having multiple wallets.
Just make sure you have all backup keys on a safe place.
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Didn't understand a bit - what do you mean by "short term stack" - you just have a wallet on your desktop as an extension of sorts?
Storing on different wallets has its advantages and disadvantages just like storing on a single wallet does too. One thing to take note of is that for the case of storing your coins on different wallets there is an attached disadvantage of difficulty in trying to manage and store different seed phrases and keys at the same time.
But one advantage is that you would face lesser losses if one of them eventually gets hacked or compromised . Nevertheless I prefer storing in fewer wallets offline.
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Didn't understand a bit - what do you mean by "short term stack" - you just have a wallet on your desktop as an extension of sorts?
Storing on different wallets has its advantages and disadvantages just like storing on a single wallet does too. One thing to take note of is that for the case of storing your coins on different wallets there is an attached disadvantage of difficulty in trying to manage and store different seed phrases and keys at the same time.
But one advantage is that you would face lesser losses if one of them eventually gets hacked or compromised . Nevertheless I prefer storing in fewer wallets offline.
Yes that is correct, and I have not used offline wallet rather online wallet but not extension as I don't trust any extension it's more vulnerable using them instead downloading would be more better. However, storing assets in different wallet address is actually cool but there are also risk when lose any of the seedphrase, even though it's more secure to protects our investment but to me it's better to use a multisig address than storing assets in different wallet. +1 karma for you.
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Yes that is correct, and I have not used offline wallet rather online wallet but not extension as I don't trust any extension it's more vulnerable using them instead downloading would be more better. However, storing assets in different wallet address is actually cool but there are also risk when lose any of the seedphrase, even though it's more secure to protects our investment but to me it's better to use a multisig address than storing assets in different wallet. +1 karma for you.
Everyone has considerations for the sake of convenience and security in storing their crypto assets. I also use several wallets to store my crypto assets, because I consider that my assets are divided into several wallets. If hacked or phished I still have other assets and do not lose all my assets.
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Yeah, in an era of rising data breaches and hacks, it is advisable and most appropriate to use, at least two wallets, a hard and software wallets, or two different wallets like mobile and desktop wallet respectively. It is most safer to hold your crypto assets on two separate wallets to reduce a possibility of any uncertainty on the crypto space.
As for me, I have two wallets, one for trading activities and the others for hold some assets in my hard wallet.
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Yeah, in an era of rising data breaches and hacks, it is advisable and most appropriate to use, at least two wallets, a hard and software wallets, or two different wallets like mobile and desktop wallet respectively. It is most safer to hold your crypto assets on two separate wallets to reduce a possibility of any uncertainty on the crypto space.
As for me, I have two wallets, one for trading activities and the others for hold some assets in my hard wallet.
It's also important to store your seedphrase correctly.
The best way would be to have it on a steel plate, in different places.
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Yes that is correct, and I have not used offline wallet rather online wallet but not extension as I don't trust any extension it's more vulnerable using them instead downloading would be more better. However, storing assets in different wallet address is actually cool but there are also risk when lose any of the seedphrase, even though it's more secure to protects our investment but to me it's better to use a multisig address than storing assets in different wallet. +1 karma for you.
Everyone has considerations for the sake of convenience and security in storing their crypto assets. I also use several wallets to store my crypto assets, because I consider that my assets are divided into several wallets. If hacked or phished I still have other assets and do not lose all my assets.
Storying our assets in different wallet defeat the rate at which we could have lose our asset completely but if storing in a different wallet whatever that happens we might yet be guided with other assets stored in other wallet, this is to show how clever we could be if putting to what happened in Los Angeles as a case study you would see there are need to put our HW SW wallet/seed phrase into a metal shielded protection in case of fire incident.
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BTC is a digital asset, and some people also consider it as a digital currency... wallet storage is often crucial, where everyone can freely create many Bitcoin wallets but they are too confused about security...
We really don't know where and when the fraud came from, but what is certain is that the fraud really brings regret... the purpose of this topic is to prevent such regret... in your opinion, do you prefer to store your BTC in several wallets, or choose to store it in one wallet?
If your choice is to store it in several wallets, then what type of wallet do you recommend? Actually, it's not just a question, but I also want to hear stories or experiences from you who have experienced unexpected events regarding the use of BTC wallets.
Multiple wallets can be used for computing but it is better to keep one wallet as the main wallet where you will hold your holdings. And this wallet must be strong. on the other hand, you can use a separate wallet for regular use so that even if you accidentally enter a phishing link, your main wallet will not be hacked. I prefer to use multiple wallets.
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Multiple wallets can be used for computing but it is better to keep one wallet as the main wallet where you will hold your holdings. And this wallet must be strong. on the other hand, you can use a separate wallet for regular use so that even if you accidentally enter a phishing link, your main wallet will not be hacked. I prefer to use multiple wallets.
Well, I think this depends a lot on the amount of BTC that holders have. If they only have 0.001 BTC, holders just need to save on CEXs to get a very small reward from CEXs. An account with 1 BTC may require a secure hardware wallet. An account with 10 BTC will require multiple hardware wallets. An account with 100 BTC will require additional services to store multiple parts of private keys.
I don't have many BTC so I hold my BTC on CEXs so I can quickly sell or DCA ALTs when needed. I'm not rich enough to need the almost absolute security of a hardware wallet, but I hope I will soon make a lot of profit from crypto to need 1 or more hardware wallets in the future.
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BTC is a digital asset, and some people also consider it as a digital currency... wallet storage is often crucial, where everyone can freely create many Bitcoin wallets but they are too confused about security...
We really don't know where and when the fraud came from, but what is certain is that the fraud really brings regret... the purpose of this topic is to prevent such regret... in your opinion, do you prefer to store your BTC in several wallets, or choose to store it in one wallet?
If your choice is to store it in several wallets, then what type of wallet do you recommend? Actually, it's not just a question, but I also want to hear stories or experiences from you who have experienced unexpected events regarding the use of BTC wallets.
From past experiences from people i have come in contact with;i think it is preferable to store your btc in various address rather than a single address for occurences which might be unknown in the future.Even though this is not entirely important since the bitcoin wallet is completely secured.
People might have had situations by which they might have gotten scammed by scammers which is basically the other of the day;well apart from these scams;no one could still have access to your wallet except of course if they are in possession of your seed phrase which is not possible except you give them that information.
Either way;it is still a thing of choice as the bitcoin wallet is safe and secured.
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Whether you have it in multiple wallets, multiple hardware wallets. What matters is on how you store and keep your seeds safe. Because even if you've got a bunch of back ups and you're not keeping them well, it does tell a lot from you that you're not a good keeper and you should keep well first. But for me, what works is just simple, I keep it on my hardware wallet and keeps my seeds on a place that I only know of. Well, my family is aware of bitcoin but they don't even know where I've placed it and how they can retrieve it.
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Holding Bitcoin in multiple wallets is definitely wiser than reserving it in one wallet, and that's not my decision, but the decision of all holders. If you hold Bitcoin in one wallet, if for some reason the Bitcoin you are holding is hacked, all the Bitcoins will be hacked, but this is unlikely to happen in the case of multiple wallets. So it is definitely wise to hold Bitcoin in multiple wallets rather than holding Bitcoin in one wallet.
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Holding Bitcoin in multiple wallets is definitely wiser than reserving it in one wallet, and that's not my decision, but the decision of all holders. If you hold Bitcoin in one wallet, if for some reason the Bitcoin you are holding is hacked, all the Bitcoins will be hacked, but this is unlikely to happen in the case of multiple wallets. So it is definitely wise to hold Bitcoin in multiple wallets rather than holding Bitcoin in one wallet.
Also, we don't need to hold all the keys in one place too.
One at a time for different steel plates, for example, would be better.
;)
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Good discussion to learn more
From the beginning I always preferred the idea of never leaving all your eggs in one basket
And that includes wallets
A brief summary is that I have my majority in BTC with a seed generated in hardwallet (Ledger)
And I have some more balance divided into wallets generated offline by Electrum
none of the wallets were exposed online at any time, this was the safest way I found
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It's also important to store your seedphrase correctly.
The best way would be to have it on a steel plate, in different places.
You mean stainless steel plate which is weather proof, fire proof so on and so forth but the tricky part here is to stamp the letter and number combinations into it which I and some other is having a hard time carving it due to lack of power tools or machinery which should be done by us since we don't want others to decode or even get the idea that it is a private key. I personally only write mine on a notebook and then place on a safe place.
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Diversification is key factor even for storing our crypto assets, because it just eliminates the risk of losing everything at once.
My preferred option will be cold storage on airgapped device which is the best compared to any other wallet types but also it's important to keep some funds in our mobile wallet to make payments that are unplanned.
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You shouldn't store your crypto in one wallet. If they're stored on multiple wallets you're protecting the funds if any of them get hacked or lost.
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It all depends on the type of wallet in use, if you're making use of a wallet that is well secured like bitcoincore, then you're not going to have any cause for having alternative wallet aside this, except if your considering an additional wallet to it for little exchange of your coins into fiat, alternatively, there are also other wallet types like electrum, blue wallet, passport wallet and so which are also a good recommendation to use as wallet.
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... in your opinion, do you prefer to store your BTC in several wallets, or choose to store it in one wallet?
I prefer to store my coins on multiple or several wallets. I'm following the old saying that we should not put all our eggs in a basket, but even if you diversify your coins in several wallets, if you do not know how to secure your wallets, then its useless to pick several wallets to store our coins.
diversification of storage and how to properly secure your wallet are the two basic things when it comes to protecting your portfolio.
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... in your opinion, do you prefer to store your BTC in several wallets, or choose to store it in one wallet?
I prefer to store my coins on multiple or several wallets. I'm following the old saying that we should not put all our eggs in a basket, but even if you diversify your coins in several wallets, if you do not know how to secure your wallets, then its useless to pick several wallets to store our coins.
diversification of storage and how to properly secure your wallet are the two basic things when it comes to protecting your portfolio.
Me to. This may be a hassle or ineffective. But our goal here is to manage our assets more securely. because if something happens to our wallet and we can't access it again, then we still have another wallet ID asset. and that really helps us to secure our assets much more, of course with good asset management too. imagine if our assets are stacked in 1 wallet and in the end it is lost or damaged, then we will lose all assets and there are no other sources, right? but again, indeed, maybe everyone has their own choices.
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It all depends on the type of wallet in use, if you're making use of a wallet that is well secured like bitcoincore, then you're not going to have any cause for having alternative wallet aside this, except if your considering an additional wallet to it for little exchange of your coins into fiat, alternatively, there are also other wallet types like electrum, blue wallet, passport wallet and so which are also a good recommendation to use as wallet.
Bitcoin Core is not a parameter that is safe or not to use, basically it is still the same as other wallets, only Bitcoin core requires its users to download all blockchain data since the first block of bitcoin occurred ... that is at least downloading more than 500 GB of data even using the "prune" option ...... yes it does not provide high security, you know ...
Unless we use a hardware wallet, it might be safer because there is an additional layer ... I am planning to buy a hardware wallet to store my main assets ... because bitcoin core can still be hacked, it can be through malware interruption which is the result of our carelessness in ignoring wallet security.
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Unless we use a hardware wallet, it might be safer because there is an additional layer ... I am planning to buy a hardware wallet to store my main assets ... because bitcoin core can still be hacked, it can be through malware interruption which is the result of our carelessness in ignoring wallet security.
Don't always plan, just buy now so that your assets are safer and no one will be able to break into them as long as you keep the seed phrase safe.
Even though you are very meticulous and pretty perfect at securing assets in the wallet app, it will always find vulnerabilities, whether there is a bug in the application or from human error occurring.
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Unless the computer used to run bitcoin's got virus & malware protection it doesn't make any difference about hardware devices being secure. Top advice's to protect your computer bitcoin core or other wallets don't get hacked.
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in your opinion, do you prefer to store your BTC in several wallets, or choose to store it in one wallet?
Since I'm a guy that can forget everything in an instant, I would rather go with one wallet.
One wallet, but I'll prefer the safest (currently) one that we have right now and that is a hardware wallet.
What's ironic on my part is that I don't use a hardware wallet, and I'm only using Electrum, and has been using Electrum for years already and yet, I didn't encounter any single problem from it. I'm not saying though that you will not experience it at some point, but lucky for me, I didn't. I will always recommend storing it on a hardware wallet, but if you don't have the funds to buy... then have funds to buy one!!!. :D
Kidding aside, I don't see any benefits of storing it on multiple wallets, and that might cause trouble for some.
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In my opinion, it's not good to keep all your BTC reserves on one wallet, but I think the right solution is to divide it across at least 2 or 3 different ones, possibly using ledgers
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In my opinion, it's not good to keep all your BTC reserves on one wallet, but I think the right solution is to divide it across at least 2 or 3 different ones, possibly using ledgers
Better to diversify.
It's wonderful to know that your funds are in safety due to having more wallets 8)
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Both have their pros and Cons.
For example, one wallet means easy to manage and easy to remember incase you hide your backup password somewhere., unlike having multiple wallets and multiple private keys which make managing them difficult.
But if we look at this in terms of risk, multiple wallets are better should you get hacked, meaning you won't lose all your coins.
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In my opinion, it's not good to keep all your BTC reserves on one wallet, but I think the right solution is to divide it across at least 2 or 3 different ones, possibly using ledgers
Agree with what you said, because if we store it in one wallet then we lose the wallet or our wallet is hacked then all our assets will be lost. It is different if we store it in two or wallets, security will definitely be more secure and I believe this is what most people here will do.
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multiple locations is best. just not too many spots.
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multiple locations is best. just not too many spots.
Indeed, several wallets are reliable and reasonable, just don't have too many. Because asset management needs to be done. So if there are too many, then there is a concern that all of them will not be managed properly. So, just adjust it to your needs to avoid all risks of losing all assets and also choose a more effective one.
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multiple locations is best. just not too many spots.
Indeed, several wallets are reliable and reasonable, just don't have too many. Because asset management needs to be done. So if there are too many, then there is a concern that all of them will not be managed properly. So, just adjust it to your needs to avoid all risks of losing all assets and also choose a more effective one.
I HAVE 3 a blank one for recovery seeds. 1 for btc and 1 for btc doge ltc.
I want to really stress that having a few hardware wallets is certainly a smart thing if you have over 10,000 usd in coin. Two trezor 1 wallets cost around 100 bucks.
To spend 100 usd to protect 10,000 or more just makes sense to me.
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Yeah, buying $100 to secure your $10k wealth should be a no-brainer, but some people want to cheap out on this because they feel like it's too expensive. I understand they don't want to get ripped off, but $100 is not that expensive. Especially when they offers good features focused on privacy, security, etc.
On the other hand, some HW manufacturers launch new products that offers many gimmicky features for $200 or more yet some people buy that with no issues at all.
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I believe every bitcoiner should have at least two wallets, one cold storage wallet and an online wallet for spending on the go, however you can have as many online wallets as possible, as long as you keep a very small amount of funds in them, while your cold storage holds the main stuff. Take note that the wallets should be open source and also self custodial.
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Bitcoiners should operate more than 1 wallet by storing small amount of funds across wallets it's good advice. They shouldn't put btc in 1 wallet because they'll risk losing every thing if they're hacked.
I believe every bitcoiner should have at least two wallets, one cold storage wallet and an online wallet for spending on the go, however you can have as many online wallets as possible, as long as you keep a very small amount of funds in them, while your cold storage holds the main stuff. Take note that the wallets should be open source and also self custodial.
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Bitcoiners should operate more than 1 wallet by storing small amount of funds across wallets it's good advice. They shouldn't put btc in 1 wallet because they'll risk losing every thing if they're hacked.
I believe every bitcoiner should have at least two wallets, one cold storage wallet and an online wallet for spending on the go, however you can have as many online wallets as possible, as long as you keep a very small amount of funds in them, while your cold storage holds the main stuff. Take note that the wallets should be open source and also self custodial.
Just as you can't keep all fruits in a basket, you can't keep all cryptocurrencies in a wallet. If all Bitcoins are stored in a wallet, then of course if the wallet is damaged for any reason, all Bitcoins will be lost forever. In this case, it would definitely be a good idea or a risk-free thing to do, taking precautions and holding Bitcoin in multiple wallets.
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Bitcoiners should operate more than 1 wallet by storing small amount of funds across wallets it's good advice. They shouldn't put btc in 1 wallet because they'll risk losing every thing if they're hacked.
Having multiple wallets does not mean one is safe, it only gives a false sense of security, especially when all wallets are installed in one device. Like i said, it is important to have a cold storage wallet, this is where majority of your funds will be stored, offline. However, you can have as many online wallets as possible, only if you keep insignificant amount of funds in them.
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well for safety purposes, it is more better to have two separate wallets, as nobody can tell what will happen, but I think having two wallets can spread the risk of security breaches on just having one wallet especially people that uses software wallets for everything.
Wallet safety is essential, as Cryptocurrency are high value target for hackers. A hard ware wallet can be used if you have huge amounts of crypto assets, but a small amounts of crypto assets may require a software wallets for easy transactions.