Securing Bitcoin....

[Mike Cautillo]

Happy Holidays.....is offline via Trezor etc. still the safest way to secure your BTC in comparison to some of the technologies someone like Xapo has. Any advantages of Xapo's method over private key storage?? Opinions greatly appreciated. Thanks.

[NorrisK]

I would definately stick to a hardware wallet for maximum security. You have the most control that way.

[bitkilo]

Hardware wallets are great and seem to be getting better.
I will get one myself soon (when i decide which one) to play around with but I still prefer the offline paper wallet to store my bitcoins.

No need for a computer even. Since I got a Mycelium entropy all I have to do is plug it into a offline printer hit print and that's it.
I can then use those funds anytime by scanning the private key QR code and sending it one if my online wallets.
Simply and I can sleep easy with coins on one of those paper wallets.
They have there down sides too but it's also still the cheapest option.

[LiteCoinGuy]

Happy Holidays.....is offline via Trezor etc. still the safest way to secure your BTC in comparison to some of the technologies someone like Xapo has. Any advantages of Xapo's method over private key storage?? Opinions greatly appreciated. Thanks.

hard to tell what the "safest way" is Mike but a Trezor is a good balance between usability and security. i would use one.

here is a list of all hardware wallets:
beginners-help/overview-bitcoin-hardwar ... -t200.html


if you own larger amounts i would recommend that you split your funds. for example:

1/3 Paper Wallet
1/3 Hardware Wallet
1/3 Xapo Vault or a different method



LCG

[BitcoinNewsMagazine]

Happy Holidays.....is offline via Trezor etc. still the safest way to secure your BTC in comparison to some neof the technologies someone like Xapo has. Any advantages of Xapo's method over private key storage?? Opinions greatly appreciated. Thanks.

Happy New Year! Of the options available I still believe Trezor is best. You need to get your private keys offline and Trezor does that for you while still allowing you to spend, even using your phone. Trezor works great with Mycelium on Android! I think Trezor is a bargain at $99. Yes, you can spend less for a Ledger but you lose the security of the screen. Xapo has a decent solution but they keep your private keys although securely. I prefer to control private keys myself using Trezor. Read the Trezor user manual to help determine if a Trezor is right for you.

I am so tired of hearing paper wallets proposed to new bitcoin users. It is hard to screw up a Trezor unless you lose your seed, but not so if you use a paper wallet the wrong way. because bitcoin paper wallets are not safer than hardware wallets. Enjoy the New Year!

[bitkilo]

Happy Holidays.....is offline via Trezor etc. still the safest way to secure your BTC in comparison to some neof the technologies someone like Xapo has. Any advantages of Xapo's method over private key storage?? Opinions greatly appreciated. Thanks.

Happy New Year! Of the options available I still believe Trezor is best. You need to get your private keys offline and Trezor does that for you while still allowing you to spend, even using your phone. Trezor works great with Mycelium on Android! I think Trezor is a bargain at $99. Yes, you can spend less for a Ledger but you lose the security of the screen. Xapo has a decent solution but they keep your private keys although securely. I prefer to control private keys myself using Trezor. Read the Trezor user manual to help determine if a Trezor is right for you.

I am so tired of hearing paper wallets proposed to new bitcoin users. It is hard to screw up a Trezor unless you lose your seed, but not so if you use a paper wallet the wrong way. because bitcoin paper wallets are not safer than hardware wallets. Enjoy the New Year!

I believe Trezor dose have some great recovery features in worst case senario like crushing or water logging your devise so i do think it is probably best for a newbie but i will alqays love my paper wallets.

As i mentioned above i create my paper wallets by never having my private keys anywhere near a internet connection.
Once created i check the address is secure and safely setup by sending a small transaction first, when confirmed all good to go.
When i want to use the BTC i just scan and spend, with private key possible exposed i dispose of that paper wallet and start again.

I make copies a properly secure my 2 of 3 paper wallets and never worry.
I sleep secure this way as like othef people i just never fully trust a digital devise.

Both will always have their advantages.

[Mike Cautillo]

I guess I should have mentioned the securing is to hold BTC as a longer term investment, so a set it and forget it approach. Sounds like a paper wallet is more suited for if you would like to spend them more often.

[subcypher]

I like paper wallets, but I feel that hardware wallets have crossed the threshold, making them cheap enough that they're superior to paper now. Everyone has mentioned Trezor and I can't disagree. But I also recommend looking at Ledger. A Ledger HW.1 is now $15, which makes it an inexpensive and very secure alternative. I have a review on my website, if you'd like to read it.

[BitcoinNewsMagazine]

I like paper wallets, but I feel that hardware wallets have crossed the threshold, making them cheap enough that they're superior to paper now. Everyone has mentioned Trezor and I can't disagree. But I also recommend looking at Ledger. A Ledger HW.1 is now $15, which makes it an inexpensive and very secure alternative. I have a review on my website, if you'd like to read it.

A Ledger HW.1 is what I recommend if you are on a budget. Reason is you can use the Ledger app on your phone for 2fa and not have to use the security card. This only works if you use the HW.1 on your laptop though. If you use it on the phone you still have to use the security card.

If you want to use Mycelium on Android Trezor still has Ledger beat though. I have one of the Ledger Unplugged contactless cards and like it except you still have to use that security card.

I also have one of the Case Hardware wallets and prefer using it to any of the other options. No cords to deal with connecting your Trezor to your phone.

[subcypher]

A Ledger HW.1 is what I recommend if you are on a budget. Reason is you can use the Ledger app on your phone for 2fa and not have to use the security card. This only works if you use the HW.1 on your laptop though. If you use it on the phone you still have to use the security card.

If you want to use Mycelium on Android Trezor still has Ledger beat though. I have one of the Ledger Unplugged contactless cards and like it except you still have to use that security card.

I also have one of the Case Hardware wallets and prefer using it to any of the other options. No cords to deal with connecting your Trezor to your phone.

You don't have to carry the card if you put the info into a password wallet on your phone.

[BitcoinNewsMagazine]

I guess I should have mentioned the securing is to hold BTC as a longer term investment, so a set it and forget it approach. Sounds like a paper wallet is more suited for if you would like to spend them more often.

Actually it is the other way around, if you need to spend often you are better off with a hardware wallet than a paper wallet. If you do not know how change addresses are used you could spend from your paper wallet and lose your balance.

When you need to use bitcoin in a paper wallet all the bitcoin should be swept into a wallet like Electrum or blockchain.info from where you can then spend bitcoin. Never try to spend directly from your paper wallet, and after emptying your paper wallet and making your purchases create a new paper wallet for storage.

[Mike Cautillo]

So how would I go about setting up a paper wallet??

[BitcoinXio]

So how would I go about setting up a paper wallet??

Well, the easiest way is literally to print on a piece of paper your public and private bitcoin keys (and QR codes so you can scan them for ease). That's a paper wallet. But if you want to use some tools to make it easier, here are some to help you make some fancier ones.

https://tools.bitcoin.com/paperwallet/
this tool will help you generate pub/priv keys and fancy paper wallets

https://blockchain.info/wallet/paper-wa ... torial-web
this page shows you how to make a paper wallet using the blockchain.info web wallet

https://blockchain.info/wallet/paper-tutorial
this page shows you how to make a paper wallet using bitaddress.org

[subcypher]

So how would I go about setting up a paper wallet??

My website has a tutorial on the process of making paper wallets. It has another on getting the Bitcoin back out.

[arnoudk]

I use a Trezor and really like it. It give me peace of mind that the keys are never on an Internet connected computer. I use that for my cold storage (maybe my lukewarm storage).

For long term do-not-touch storage I would go with a paper multisig wallet. So a 2 out of 3 wallet, where you store each piece of paper in a different location where you are careful only you can access. I don't think the Mycelium entropy is still for sale and I would never get this kind of device second hand or from a non official source. I really wish they would make them again.

For daily transactions I use my smartphone with Mycelium. Works well enough and I don't use it to keep more money than I would hold in my wallet. I find the convenience of scanning a qr code and being done with it worth the risk of having the private key on a online device.

[Mike Cautillo]

Not sure if this would be a worthy concern, but what would happen if Trezor went out of business??

[BitcoinXio]

Not sure if this would be a worthy concern, but what would happen if Trezor went out of business??

As long as you backup your wallet with the recovery seed your fine. Trezor's seed is compatible with other wallets such as Electrum, Multibit, and Mycelium. Just make sure you always backup your wallet!

[BitcoinGuides]

The most secure way to store your bitcoin is not telling everyone else how you store them.

[arnoudk]

The most secure way to store your bitcoin is not telling everyone else how you store them.

True but it also depends on how much you are storing. I don't mind telling people that I have some spending money in my physical wallet that I carry on me. If there was a million dollars in there you can bet that I would keep that quiet. Same logic with bitcoin for me. So yes - if you have a big stash PLEASE shut up about how you protect them!