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I have all my coins in on an online trading site (paxful) (low volume)
I plan on making a large investment very soon, and want to safely store all of my coins I.E I basically want to drop a couple thousand, and keep them in the safest possible way, where I can revisit them in 5-10 years or so and reap the benefits, or cry about the loss.
What is the best way to do this, and what’s the best way of ensuring a backup?
How do you currently store your coins
thanks in advance for any inputs
I keep mine in an online wallet, I am not completely sure if it safe but they do exchange bitcoin into fiat so its okay of having it then, I won’t be having a lot of bitcoin in there cause there is a change of my account being vanish, in my current situation I just earn bitcoin from some trading and some bounty then cash some out if its going higher than my ideal bitcoin amount. But if I’m going to hold bitcoin for a long time, brain wallets is my first in option cause it has the highest security if you use it right but somehow dangerous if you are not to be careful, just save your brain wallet information or write it down (if you prefer that way) then make sure its in a safe place and no one can have that even your family, just to ensure that it won’t get loss, it has a high security but don’t you dare make mistakes in brain wallets simple mistakes means disaster.
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I use wallets to store my coins – both online and offline. Online wallets are generally considered to be vulnerable to theft but still a vast majority of people is using them without any issues. As long as you don’t publicize your private key, you are safe. As someone who has used both the wallets, I would suggest cold storage (offline wallets) since they are immune to any sort of cyber attack and offer more security than their online counterparts.
If you don’t trust either, then I would recommend you to receive bitcoin at your bitcoin address and get them converted to fiat ASAP.
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Activity: 7
As of the moment some of my bitcoin are on trading site since I’m still trying to gain more profit out of trading. I am also using online wallet if in case i wan’t to cash out some bitcoin. In the near future if my investment will grow I guess that would be the time for me to store my bitcoin in more safe and secure place like offline wallet.
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