Post
Topic
Board Bitcoin Discussion
Re: Some questions on BTC
by
Jating
on 19/05/2020, 07:56:14 UTC
I have an electrum standalone wallet for storing my BTC. I have three questions

1. I read that never store all your coins in one wallet. So wts the solution? should I install two electrum standalone wallets and store my coins in both of them?

Those who have large amount of bitcoin tends to split it up. If you are just an average joe bitcoin investor/trader, then I think using 1 wallet is enough.

2. I have written seed on a paper to recover my BTC in case my computer got corrupt. What thing apart from seed should I backup to recover my wallet in case my system is corrupted.

If you are referring to mnemonic phrase then yes, you should back it up. You also need your private key as well because that is very important.

3. Strong password is good enough to secure a wallet or I have to do something else also.

Thanks.

Just be sure that your machine is free from virus and malware. If you wanted to be sure, you can create an air-gapped crypto wallet.

And just for the record, no one is secure, hackers are very active in crypto sphere. Everyone should educate themselves here.