Post
Topic
Board Beginners & Help
Re: Where safe for my BTC?
by
CodyAlfaridzi
on 24/11/2017, 06:55:00 UTC
Safest way would probably be on coinbase, they are legit company and are insured

No, this is a bad advice. Don't ever store your Bitcoin on an exchange. Storing Bitcoin on an exchange means you don't hold your own Bitcoin, you don't have direct access to your Bitcoin, you don't hold private keys to your Bitcoin. It is the same as you don't own your Bitcoin.

@OP use a real wallet instead. You can see a list of wallet here https://bitcoin.org/en/choose-your-wallet. My personal suggestion would be Electrum for PC and Mycelium if you're planning to store some BTC in your Android device as well. Both are lightweight wallet, so you don't need to store a whole blockchain (hundreds of gigabyte) in your computer—that's something most everyday user wouldn't like to do. Also, make sure you keep your computer secure and make a backup for your wallet and keep it somewhere safe. You can google it further on how to maintain the security of your device and how to securely make a bitcoin wallet backup.

If you want an even secure way to store Bitcoin, use hardware wallet instead. Ledger and Trezor are my preferences. You can secure your coin with less hassle in hardware wallet rather than conventional computer/android wallet.