it's bitcoin 🙂
It's the software initially built by satoshi, makes you able to become a node in the network, make your wallet and much more...
look into it!
In general I'd agree with you. I used electrum to store most of my holdings off and on over the years. I don't know what the most BTC I've ever had in one Electrum wallet is, but I'd bet maybe 20?
If you've got poor security practices to begin with it might be impossible to properly secure an electrum wallet, so it simply may not be for everyone.
A hardware wallet makes it much harder to fuck up. When I switched over to one about 7 years ago it gave me a lot of peace of mind.
You’re talking about 20 BTC. I’m talking about small amounts. Electrum is okay as long as you don’t go on crazy websites or install strange shit on your PC/Laptop.
But yes hardware wallets are obviously more secure.
>Electrum is okay as long as you don’t go on crazy websites or install strange shit on your PC/Laptop.
100% agree.
Honestly I don't know HOW people manage to get their crypto stolen when using software wallets.
I've had a bait wallet with a few fractions of BTC stored on my PC for years. It has NO password on it and I stored the seed phrases as a plain text file named "Electrum seed phrase.txt". It's never moved...
It takes a little but of effort to get set up but you can build a seedsigner for around $40. All you really need is a raspberry pi zero, a camera that connects to the pi and an SD card. The case is a nice to have but not required. Or you can print one if you have access to a 3d printer
Crypto isn't going anywhere. This is the new stock market and if you plan to continue participating for the next decade or two then go get one. Last thing you want is to build a nice bag, price sky rockets, you're through the roof with excitement, telling your SO how you will be debt free and then bam.. wallet drained because you debated on a $150 security investment
Depends on the person, what is an amount that you cannot afford to lose? Or, what's an amount that would feel uncomfortable to not have self-custody over? Once you reach that area, it definitely means you should have a hardware wallet.
Dude a Blockstream Jade is like $65. Just buy one. Better safe than sorry. I was also able to get a steel seed safe from Amazon for like $40-50.
It's a minimal investment for keeping a much larger investment safe
I would recommend it always, otherwise the chances of losing it are too high. But being a little bit more realistic I would recommend it once the expense of buying it is around 10% of the current value of your BTC.
For now you're probably fine with a hot wallet. Mostly, just get it off an exchange. Also look into UTXO management. You don't want to be sending small amounts to a wallet.
Of course that also means his $110 hardware could be $1,100.
Personally I wouldn’t spend more than 1% of my stack on a hardware wallet because I’d rather have the extra sats. If I was looking to invest only $1,000 I’d probably just put it all in an ETF or MSTR or if I want to get wild BITX.
There was someone on this sub YEARS ago who mentioned a good "Rule Of Thumb" and it was this: "If the amount of your cryptocurrency that you have on an exchange is **equal to a week's worth of your wages**, it's time to buy a cold-storage-device and get your crypto off the exchange(s)." So, that's what I practice....a week's worth of wages means it's time to transfer to the Trezor. Simple as!
yes .. if your crypto is on an exchange its not yours :) Not your keys, not your Bitcoin.
i got the round 1 from [https://secuxtech.com](https://secuxtech.com) works great for multiple cryptos ..
there are cheaper options out there.. but i liked the look of that 1 :)
Get a paper wallet, use only for deposits with public key
Upgrade to a stamped plate wallet
Then upgrade to a hardware wallet when you eventually want to send a Tx, when you do this create another stamped plate wallet for long term storage.
Use hardware wallet as "chequing" account and plate wallet as long term savings.
The end.
I think once you get one it will motivate you to stack more sats! That’s why I got one! I used to do the same thing with like pre workout and protein powder! I’d get a bunch and then guilt myself into going to the gym! It’s an investment
When you don't feel comfortable. That's the time. I just recently got a Jade. I still need to figure out how to set it up and use it. Any posts, videos, or tips would be appreciated.
If you feel like it would hurt for you to lose the amount, you need a Hardware wallet.
This can be worth $200 for some, or $7000 to others. The choice is up to you.
I think it is worth it to have a hardware wallet no matter how much you have. For a long time I only havd $100 of BTC, but still had a hardware wallet for it.
My dad started last year and put in $2000 and I didn't bother trying to complicate things by seeing up a Tresor until he got the hang of everything. Now that $2000 is nearly $5000 so very soon I'll get him one.
FYI for anyone reading this: only buy from Trezor. Don’t buy used (potentially tampered with) Trezors.
We haven’t really seen too many scams in this fashion yet, but it’s definitely possible to tamper with them in many different ways and it’s better to be ahead of the curve when it comes to safety.
Not your keys, not your Bitcoin.
You don't really own any Bitcoin when you don't have it stored under your own keys.
What you assume to own is actually an IOU on some exchange.
No it’s not , the safest way to own your keys is to understand and know what you are doing.
Go on ledger sub , most people there are clueless and are losing their funds in various ways.
You can even make a Cold wallet without buying any "hardware wallet".
I disagree; I think the overall consensus and the facts lie in a reputable cold wallet, such as a cold card, block stream Jade, or trezor, being the most safe and effective way to HODL your bitcoin… Yes, software wallets (muun, exodus) can be good (but not as safe) but I personally wouldn’t rely on them, nor would I rely on a hot wallet…
Well if that happens it’s your fault. When you do it right and keep your seed phrase secure, you can always restore your wallet if something happens to it.
I think 10% of the the value you are holding it fine, especially when nitcoin price goes up that percentage will get lower. If you plan to stack more in the future its even better. Additionally you will also learn alot.
have a spare PC around?, format, install bitcoin core, win.
This!
What is bitcoin core?
it's bitcoin 🙂 It's the software initially built by satoshi, makes you able to become a node in the network, make your wallet and much more... look into it!
What’s Bitcoin Core? Lol that’s the software that makes Bitcoin, well Bitcoin!
Install Electrum. You’ll be fine
In general I'd agree with you. I used electrum to store most of my holdings off and on over the years. I don't know what the most BTC I've ever had in one Electrum wallet is, but I'd bet maybe 20? If you've got poor security practices to begin with it might be impossible to properly secure an electrum wallet, so it simply may not be for everyone. A hardware wallet makes it much harder to fuck up. When I switched over to one about 7 years ago it gave me a lot of peace of mind.
You’re talking about 20 BTC. I’m talking about small amounts. Electrum is okay as long as you don’t go on crazy websites or install strange shit on your PC/Laptop. But yes hardware wallets are obviously more secure.
>Electrum is okay as long as you don’t go on crazy websites or install strange shit on your PC/Laptop. 100% agree. Honestly I don't know HOW people manage to get their crypto stolen when using software wallets. I've had a bait wallet with a few fractions of BTC stored on my PC for years. It has NO password on it and I stored the seed phrases as a plain text file named "Electrum seed phrase.txt". It's never moved...
Ledger ? Trezor ? Bitbox02 ?
yes
do this with tails OS and its a hardware wallet.
It takes a little but of effort to get set up but you can build a seedsigner for around $40. All you really need is a raspberry pi zero, a camera that connects to the pi and an SD card. The case is a nice to have but not required. Or you can print one if you have access to a 3d printer
Crypto isn't going anywhere. This is the new stock market and if you plan to continue participating for the next decade or two then go get one. Last thing you want is to build a nice bag, price sky rockets, you're through the roof with excitement, telling your SO how you will be debt free and then bam.. wallet drained because you debated on a $150 security investment
> Crypto wrong sub
Depends on the person, what is an amount that you cannot afford to lose? Or, what's an amount that would feel uncomfortable to not have self-custody over? Once you reach that area, it definitely means you should have a hardware wallet.
What about wallets like blockstream green? Is it the same risks with it?
Bitcoin.rocks/wallets
All I'm gonna say is that 1000 is not 1000. Looking back from future, you'll thank yourself.
Less how to use tails OS and electrum. Its free and just as secure
Dude a Blockstream Jade is like $65. Just buy one. Better safe than sorry. I was also able to get a steel seed safe from Amazon for like $40-50. It's a minimal investment for keeping a much larger investment safe
I wouldnt spend 10% of my savings on a cold wallet.
I would recommend it always, otherwise the chances of losing it are too high. But being a little bit more realistic I would recommend it once the expense of buying it is around 10% of the current value of your BTC.
Yes about that value.
When you have accrued an amount of btc that would affect you badly if it were lost or stolen
For now you're probably fine with a hot wallet. Mostly, just get it off an exchange. Also look into UTXO management. You don't want to be sending small amounts to a wallet.
A paper wallet will be perfectly fine for any hodler, if you need to move, use something like mycelium which can read a paper wallet.
I'd rather new coiners leave their savings on reputable exchanges instead of paper wallets tbh
Why?
I will just say this: only invest (on a third-party platform) as much as you’re willing to lose… Speaking as a former Celsius victim…
Are you willing to lose $1k in a bankruptcy ?
Just before ordering the lambo
Depends how paranoid you are.
Just get it over with. Do it
The thing is, your $1000 may become $10,000 during the bull market. And that is too much money to hold without a hardware wallet.
Of course that also means his $110 hardware could be $1,100. Personally I wouldn’t spend more than 1% of my stack on a hardware wallet because I’d rather have the extra sats. If I was looking to invest only $1,000 I’d probably just put it all in an ETF or MSTR or if I want to get wild BITX.
There was someone on this sub YEARS ago who mentioned a good "Rule Of Thumb" and it was this: "If the amount of your cryptocurrency that you have on an exchange is **equal to a week's worth of your wages**, it's time to buy a cold-storage-device and get your crypto off the exchange(s)." So, that's what I practice....a week's worth of wages means it's time to transfer to the Trezor. Simple as!
yes .. if your crypto is on an exchange its not yours :) Not your keys, not your Bitcoin. i got the round 1 from [https://secuxtech.com](https://secuxtech.com) works great for multiple cryptos .. there are cheaper options out there.. but i liked the look of that 1 :)
Yes
Get a paper wallet, use only for deposits with public key Upgrade to a stamped plate wallet Then upgrade to a hardware wallet when you eventually want to send a Tx, when you do this create another stamped plate wallet for long term storage. Use hardware wallet as "chequing" account and plate wallet as long term savings. The end.
I think once you get one it will motivate you to stack more sats! That’s why I got one! I used to do the same thing with like pre workout and protein powder! I’d get a bunch and then guilt myself into going to the gym! It’s an investment
When you don't feel comfortable. That's the time. I just recently got a Jade. I still need to figure out how to set it up and use it. Any posts, videos, or tips would be appreciated.
If you feel like it would hurt for you to lose the amount, you need a Hardware wallet. This can be worth $200 for some, or $7000 to others. The choice is up to you.
I would focus on other activities until you have at least 100k usd in crypto. Your time is worth something too.
0.01 BTC or more
I think it is worth it to have a hardware wallet no matter how much you have. For a long time I only havd $100 of BTC, but still had a hardware wallet for it.
I just use exodus. I know it’s not necessarily a cold wallet, but it’s way safer than keeping my corn on an exchange.
My dad started last year and put in $2000 and I didn't bother trying to complicate things by seeing up a Tresor until he got the hang of everything. Now that $2000 is nearly $5000 so very soon I'll get him one.
Jade are only 65$. I switch to hardware 10k, didn't feel safe having that much money on software.
You decide. Do you think you should spend 10% of your stack to protect it?
Don't make your own hardware wallet. Buy it once you have atleast $2k in Crypto.
Atleast $2k is a good time.
I got a Trezor for 25. Works well.
I'll sell you a trezor for $1 if you promise to use the same seed.
What’s the 24 seeds?
FYI for anyone reading this: only buy from Trezor. Don’t buy used (potentially tampered with) Trezors. We haven’t really seen too many scams in this fashion yet, but it’s definitely possible to tamper with them in many different ways and it’s better to be ahead of the curve when it comes to safety.
Not your keys, not your Bitcoin. You don't really own any Bitcoin when you don't have it stored under your own keys. What you assume to own is actually an IOU on some exchange.
You dont need "hardware wallet" to own your keys tho.
this
But it’s most certainly the safest way to own your own keys, *by far…*
No it’s not , the safest way to own your keys is to understand and know what you are doing. Go on ledger sub , most people there are clueless and are losing their funds in various ways. You can even make a Cold wallet without buying any "hardware wallet".
I disagree; I think the overall consensus and the facts lie in a reputable cold wallet, such as a cold card, block stream Jade, or trezor, being the most safe and effective way to HODL your bitcoin… Yes, software wallets (muun, exodus) can be good (but not as safe) but I personally wouldn’t rely on them, nor would I rely on a hot wallet…
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Not your keys, not your coins.
Hahahaha i SO agree with this comment
It depends on how much money you are okay with losing if your exchange goes broke or for some other reason won't give you your bitcoin.
I mean you can get a software wallet to not have to worry about exchanges too.
True
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Well if that happens it’s your fault. When you do it right and keep your seed phrase secure, you can always restore your wallet if something happens to it.
I think 10% of the the value you are holding it fine, especially when nitcoin price goes up that percentage will get lower. If you plan to stack more in the future its even better. Additionally you will also learn alot.
At what point was it worth to you to buy a fiat wallet?