Electrum
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Is Electrum good for long time storage?

Wed Jun 19, 2019 4:49 pm

Is Electrum good for HODL?

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BenFormer
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Re: Is Electrum good for long time storage?

Thu Jul 11, 2019 11:15 am

It is a widely used platform, very fast and easy to set up. Plus Electrum has integration with hardware wallets for added security. Still, there are some drawbacks - not ideal for beginners and supports BTC only. I personally use their wallet for storing small amounts of Bitcoin. But it’s not the best. Especially for larger amounts and longer term hodlings.

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bitkilo
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Re: Is Electrum good for long time storage?

Sun Jul 14, 2019 11:15 am

Is Electrum good for HODL?
Electrum (for BTC) or Electron Cash (for BCH) are both good wallets to use, since both are non custodial so you control the private keys to your bitcoins.
You must remember though, that the security of these wallets can sometimes only be as good as the device the are downloaded to. If you already have some form or virus or malware, then your bitcoins may sill be stolen.

The best form of security for your bitcoins is a hardware wallet, you can see a couple we have for sale in our store here: https://store.bitcoin.com/collections/hardware-wallets
We currently have some very good offers on hardware wallets.

Any mobile bitcoin wallet should be treated in a similar way to your physical cash wallet. You wouldn't carry all your saving around in the one wallet, so why do the same with your bitcoins. Get a hardware wallet and keep what you don't need daily offline and away from hackers.

If you are spending bitcoins daily or weekly and always want to have some on you, then you should have a mobile wallet like the Bitcoin.com wallet since it would be easier to use the 1 wallet for the 2 currencies (BTC & BCH).
In that wallet you should hold just enough for a couple of days out (maybe $200 or so) and then keep the rest in your hardware wallet and offline. Whenever a top up is needed it is a simple task to send bitcoin from your hardware wallet to your mobile wallet.
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