How do you guys store your bitcoin? They are in my vault on coinbase right now but I don't really want to be at the mercy of coinbase anymore, I know I can back up my wallet with random english words for example but this would still mean that my bitcoin is at coinbase. Do you guys use dedicated hardware for storing bitcoin?
How do you guys store your bitcoin...
Ethan Gonzalez
Other urls found in this thread:
bitcointrezor.com
github.com
reddit.com
reddit.com
github.com
twitter.com
Luke Johnson
You could just download a wallet like Electrum and store your BTC that way.
Caleb Gutierrez
>They are in my vault on coinbase
i giggled vault huh?
Elijah Sanders
come up with a more constructive comment please, elaborate
Grayson Morales
Trezor hardware wallet: bitcointrezor.com
Don't keep your coins at an exchange. They will get hacked sooner or later.
Christian Sanchez
i keep my coins on the exchanges.. i dont really care if they get hacked... theyre just free money at this point
Luke Bell
How secure are paper wallets? Assuming it's in a fireproof box and no one but me has physical access to it?
How are they any different to simply writing down the private key and locking it away?
Matthew Fisher
>How are they any different to simply writing down the private key and locking it away?
A paper wallet is a bunch of text that will generate a private key when e.g. run through sha256 hashing. So it's an indirect method of making a private key, vs. writing down the key itself. Also algorithms exist to make multiple private keys from a single passphrase, look at e.g. BIP 39 here
github.com
Mason Parker
does this mean you can 'transfer' your bitcoins to this phrase?
Jack Roberts
>download bitcoin core
>save wallet.dat in several places
>run a node and support segwit while doing so
Samuel Carter
is breadwallet any safer than leaving em on coinbase or is it basically the same thing?
Henry Allen
Yes, that's the only way to get them there.
>make up phrase
>convert phrase into private key
>get public address from private key
>transfer btc to this address
You should be very careful in choosing a sufficiently random phrase though. It has become profitable to just try lots of phrases and see if the corresponding private key contains btc.
for example:
reddit.com
>The pass phrase was a line from an obscure poem in Afrikaans.
In that thread diceware is suggested as a method of generating a passphrase, I think that's reasonably secure.
Also read this
>reddit.com
in short: you can't take out just part of a paper wallet, once you send even a small amount from it the leftover btc gets transferred to a new address and the paper wallet is empty.
Jayden Fisher
I've been using blockchain.info as my online wallert for several years now.
Safest bet is always an offline wallet, but so far i couldn't be arsed to do it, also i don't wanna end up the guy with 500btc on his HDD digging through garbagedisposal-sites.
Jace Reed
But what if you end up the guy who left his bitcoin on a site that got hacked?
Mason Sullivan
I've gotta wrap my head around this, I don't quite yet understand why the leftover btc would be transferred to some random address, I assume that you'd have to have access to that new address aswell
Landon Walker
Bitcoin got hacked by the IRS.
Coinbase has to give them all info.
>rekt
Dominic Jenkins
KeepKey seems to be well liked for a hardware wallet.You can get it on amazon. I'm in the same position. Using coinbase. Gonna grab one of these in the next few weeks. There are cheaper options buuuuut I like the screen haha
Daniel Butler
I got mine on breadwallet ,i bought a trezor but it doesnt work on my version of OSX (10.7.5) and im not buying a new pc just to use my trezor,im not sure how a trezor is more secure than a paper wallet though since you still have to write down a password.
I might use usb or paper wallet
Matthew Johnson
multibt or Jona's wallet
Anthony Evans
laminated paper wallet up by ass
Nathaniel Young
What is the procedure of retrieving your Bitcoin in case of a hardware wallet failure/loss/break?
Anthony Robinson
you take out your paper wallet and use that
Lucas Bell
you need a new one and then recover your wallet with 12 word phrase
Lincoln Walker
Best option for noobs is one where you have a 12 word seed. Dealing with private keys directly you may fuck up and lose everything.
Test recovery using your seed and risking only a small amount of btc before risking a lot.
Use a hardware wallet or a dedicated device such as a cheap laptop or phone that is only used for btc, no other web browsing or apps.
Ayden Walker
this
Jaxon Lewis
Definitely agree with the design.
What software do you use for the wallet?
What OS do you run it on?
I'm currently looking for a x64 capable tablet that can run Ubuntu for precisely this purpose.
Wyatt Brooks
I use Trezor, it is basically unhackable if used properly.
Coinbase is good for noobs taking their first step into Bitcoin, but its basically the Paypal of Bitcoin.