Post
Topic
Board Bitcoin Discussion
Re: How to safely store big amounts of BTC?
by
The Pharmacist
on 17/07/2019, 00:02:58 UTC
Don't use wallets like Jaxx and Exodus, they are not open source, you never know what's going behind the scenes and If they have access to your funds or not.
Lol, I've tried both of those wallets and found them to be crap anyway.  As far as storing large amounts of anything on either one of those, screw that.

I recently bought a Ledger Nano S with one of those steel wallets where you put in the seed words.  It's great because I can store that separately from the actual Ledger and if the Ledger burns up in a house fire or gets stolen, I still have the seed phrase to recover my coins.  Plus I have the words written down in another secure location.  If that isn't secure, I don't know what is.

Please note, don't bumrush my house with robbery on your mind.  I got the Ledger just to play around with it, and I don't have a lot of crypto stored on it (or even that much in general).  Heh heh.

To store large amounts of Bitcoin I often use hard wallets because I now believe that it is the safest way to store Bitcoin and other coins. The thing to do is to store your private key carefully as well as your hard wallet to avoid having to buy another hard wallet if it's lost.
Yeah, as long as you keep the private key secure you should be good to go.  The good thing is that you can make duplicate copies of your key(s) and keep them in separate locations.  The question is how secure can anything really be?  You can't completely prevent theft ever if someone is determined to steal what you've got.