How to Keep your Cryptocurrencies Safe

in bitcoin •  7 years ago 

This video outlines different ways of keeping cryptocurrencies, from the safest paper wallets to hot wallets on your phone. This video is meant to be a brief introduction to each method, with the advantages and disadvantages of each. Note : Safety is the responsibility of the user and additional research should be done on each method.

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Ethereum: https://etherscan.io/address/0x58d98516363D2A5f93CE6aB4A4a909599C3EEC3a
DASH: XcAREQEEunvv6rJza9LKDzdyjZ1BwBN2iK
Litecoin: LXeXUr2Hr3ePgHb9aDjr4QdqA4DPXoTarU
NEM: ND6WRNN2W2AZLON65EGI3Y46M4TWP3HNKSB4BGW2
Decred: DsgsSqYF2oSZ5MJeoqiEMyeJdWhdvWk8A4s

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Exchanges:
CoinBase: https://www.coinbase.com/join/590c3a1c8bfa31012ffacf87
Poloniex: https://poloniex.com

Wallets:
Windows: http://exodus.io
USB wallet: https://www.ledgerwallet.com/r/428b

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First of all, great video again @boxmining. Thanks!

As promised, some things that I think would be interesting to cover in a subsequent video about this subject:

  • A personal touch: which methods have you tried to keep your coins safe? Which one do you like best and why?
  • You mention you don't have the Ledger Nano S yet, so what do you do currently to secure your coins?
  • Some people (including myself) struggle with the fact that we want our coins to be safe, but simultaneously want to be able to act fast when we see the right moment for a sell or a buy. What would you recommend for this scenario?
  • What is your personal opinion on combining a hot wallet with a paper wallet?
  • What is your personal opinion on using a paper wallet & hot wallet combination vs. something like the Ledger Nano S?

I guess most comes down to the fact that I am curious (and others with me) on your personal experiences and preferences ;-)

Hopefully there is some stuff here for a video from you in the future!

Excellent tips, it's very important to keep our hard-earned crypto under safety. Thanks!

I believe that paper wallets are safer than wallets on your phone.

Because people can lock away their paper wallets in a hidden embedded vault to keep it safe, but the wallet on a phone is not safe in my view due to possible malfunction of the device or the phone may get stolen or lost.

Maybe I am wrong, just maybe. Is this agreeable?

Good stuff bro! thanks for posting this!

Do you know if hardware wallets work with phone or chromebooks or only computers ?

Safety of your Crypto's is of the Utmost importance !!!

I usually agree with Boxmining but that's not the case this time.
I'll keep your BTC safe folks.
16qmbJBHhNYx1z669qEAJi1Zu9GaYExaWR

@boxmining I encourage you to join www.steemspeak.com and create an account. This is STEEMS 24/7 live radio/chat service. There are members there 24/7. I am also always online over there.

Hope to see you on SteemSpeak brother.

@thejohalfiles Thanks for the invite! That's @fyrstikken channel right? I've been there a few times and I'll come on more! thanks for the invite!

that is great to hear, .. yes it is. what is your screen name over there?

If you 're afraid of losing your paper wallet. You can also store the private key in an encrypted document. Save that on a USB drive. Only open it on safe computers.

Thanks for the hard work Michael. You may want to consider a Trezor also. I just placed an order ar trezor.io with bitcoin for about 150 USD. They delivered to the US in 5 days. Their documentation is pretty good, but they don't look as cool as the nano.

I'm shamelessly copy/pasting my own tips from another post:

[-]doggocoin 25 · 21 hours ago
If you are going to use a wallet like this, for the love of all things holy, BACK IT UP!

Here are the ways I have my stuff backed up:

  • Passworded zip file containing various wallets/keys
  • The zip file is secured on a cloud storage service with a strong password and two factor auth
  • Paper wallet printed, hidden from plain sight and stored at my parent's house
  • USB drive containing the passworded zip I mentioned above, hidden in my apartment
  • DVD disc containing the zip I mentioned above, hidden at my parent's house
  • External hard drive with the zip file and a password blocking people from accessing the drive
  • Do your usual due diligence and don't browse questionable sites or accept strange files, and if you do make sure you have a good antivirus
  • Consider a hardware wallet, but your choices are limited as many altcoins aren't supported by them (yet)

I'm also using generated passwords (4Js*dS5fjI38, for example) on all my exchange logins.

I use two differnet things.

  1. I used BIP38 off line generated paper wallets.
  2. nano ledger S

For newbies #2 is a great option

How to keep your crypto safe.

@boxmining : in a box....

Just kidding bro, great video, love all your content! :)

What do you mean.. it's in the computer?