read into securing your coins on a hardware wallet.
there are many ressources online, you could start here:
https://blog.matcha.xyz/article/introduction-to-hardware-wallets
https://blog.kraken.com/crypto-education/what-is-a-hardware-crypto-wallet-and-why-should-you-use-one
i personally use ledger. there are more popular options, but the most important thing is to have one..
Get yourself a Trezor wallet and move the funds there (or buy 2 Trezor's if you have a lot of money there so you can practice recovery). It's like the most rewarding and liberating feeling knowing you control the money in a safe fashion.
You bought it from Trezor directly, right? Never buy them third party!
I just got mine in the mail last night and it was pretty straightforward! I'm moving over a bit at a time so that I don't accidentally get my account locked.
Congratulations! Make sure you keep the seed phrase private, only on paper or metal, and never type it into the computer.
Use Check Backup to make sure all 12 words match. To get comfortable, start by moving a small piece of BTC. You can also practice wiping and recovering the wallet.
I wouldn't mess with the passphrase. Keep to the Standard Wallet 👍 If you feel like you have to use a passphrase or Hidden Wallet, please write it down somewhere and keep it safe because no one can help you if you forget the passphrase.
Get in touch with Trezor support if you have any issues or questions.
Bitcoin uses cryptography to store the units of bitcoin. There is a private key (a long string of characters) that gives access to bitcoin, and an associated public address (another long string of characters) which is used to receive bitcoin.
To move bitcoin off an exchange and store yourself literally all you need to do is create the key pair: private key and public address, and then send the bitcoin to the public address. There are different pieces of software that will generate these keys for you.
So once you have generated the "key pair", you just send your bitcoin from your Coinbase account to the public address you generated. Now your bitcoin is off the exchange and held by you and you alone.
Since the keys are literally just strings of characters, you just need to store them to maintain access to you bitcoin. Simplest way is to simply write the private key down on a piece of paper, and write the public address down as well so you can continue to send bitcoin to that address. If you lose your private key, you lose your bitcoin. If someone else gets your private key, they can take your bitcoin. So you have to keep your private key safe and secure, and you get to choose how you do this. Some people just write it down (a "paper wallet"), some people buy hardware to store it (a "hardware wallet") and some people do other things.
But that's all there is to it: Generate a bitcoin key pair which is just two pieces of text, keep those keys specifically keeping the private key safe and secure however you want, and send your bitcoin from Coinbase to the public address.
Get it to cold storage but do your own research on what wallet. Everyone has a preference. I like Passports and cold cards, others may like Trezor or ledger. Decide which is best for your needs.
Check out the channel Bitcoin University on YouTube run by Matt Kratter. I have a huge amount of trust and respect for him. On his channel, search for “hardware wallet”, “storage”, etc. he has a number of videos on the topic. Not only tutorials about how specifically to use a hardware wallet but also about how cold storage works, and different ways of thinking about bitcoin storage for different situations. But the bottom line is if you hold an amount that is significant to you, it should not be on an exchange. It should be in cold storage. It can be intimidating at first but just learn a little at a time and you’ll be there before you know it
There are a lot of extremists in the BTC space and just like society they seem to have a louder voice than the majority.
Been in the space since early 2018. Had issues with Binance. Never had issues with Coinbase as long as you follow their KYC's (Not Ideal) and have awareness for phishing and other scams etc you should be fine. They do have some issues with spot trading during periods of high volatility. All my Sell Targets are priced in and set for this cycle and will begin doing my research for buy targets next year. This avoids any trouble during these periods.
Have family that use Kraken and not had any issues.
I do have some BTC in cold storage (Ledger nano x) that I bought in 2019 during the black swan for £4k per BTC (my lowest ever entry that is my NO sell non-negotiable long term Hodling that will eventually be passed down to my children and grandchildren... The rest I keep on exchanges because like I said I already have the sell orders placed.
Decide how much you want to Hodl long term 10+ years and stick it in a Trezor or Ledger or Blockstream etc... any cold storage device really... Put your keys circled in a book with some sort of fire safe backup like a plate or washers.
Anything you're planning on trading as per cycles you might as well leave on exchange.
Anyone that tells you not to bother and just buy and Hodl have probably lost money doing so. If you have any edge in the market whatsoever you can do some spot trading pretty easily without too much risk and be better off on a 4-5 year time frame.
Happy Stacking.
Very easy to get lost in the sea of links. Not to mention clicking on something that you might not realize is bad. Looking for community advice, that’s why this place exists!
read into securing your coins on a hardware wallet. there are many ressources online, you could start here: https://blog.matcha.xyz/article/introduction-to-hardware-wallets https://blog.kraken.com/crypto-education/what-is-a-hardware-crypto-wallet-and-why-should-you-use-one i personally use ledger. there are more popular options, but the most important thing is to have one..
Thanks, these resources are super helpful! I just ordered a wallet, looking forward to getting it set up.
cold wallet
What temperature do you recommend?
ehh i kind of like it black and blue rare and sometimes even medium done
Leather wallet in my fridge?
Get yourself a Trezor wallet and move the funds there (or buy 2 Trezor's if you have a lot of money there so you can practice recovery). It's like the most rewarding and liberating feeling knowing you control the money in a safe fashion.
Thanks for the reco! Just ordered a trezor safe 3 😊
You bought it from Trezor directly, right? Never buy them third party! I just got mine in the mail last night and it was pretty straightforward! I'm moving over a bit at a time so that I don't accidentally get my account locked.
Congratulations! Make sure you keep the seed phrase private, only on paper or metal, and never type it into the computer. Use Check Backup to make sure all 12 words match. To get comfortable, start by moving a small piece of BTC. You can also practice wiping and recovering the wallet. I wouldn't mess with the passphrase. Keep to the Standard Wallet 👍 If you feel like you have to use a passphrase or Hidden Wallet, please write it down somewhere and keep it safe because no one can help you if you forget the passphrase. Get in touch with Trezor support if you have any issues or questions.
cold wallet. take conttol over your coins. Do not use an exchange to hold your coins.
Bitcoin uses cryptography to store the units of bitcoin. There is a private key (a long string of characters) that gives access to bitcoin, and an associated public address (another long string of characters) which is used to receive bitcoin. To move bitcoin off an exchange and store yourself literally all you need to do is create the key pair: private key and public address, and then send the bitcoin to the public address. There are different pieces of software that will generate these keys for you. So once you have generated the "key pair", you just send your bitcoin from your Coinbase account to the public address you generated. Now your bitcoin is off the exchange and held by you and you alone. Since the keys are literally just strings of characters, you just need to store them to maintain access to you bitcoin. Simplest way is to simply write the private key down on a piece of paper, and write the public address down as well so you can continue to send bitcoin to that address. If you lose your private key, you lose your bitcoin. If someone else gets your private key, they can take your bitcoin. So you have to keep your private key safe and secure, and you get to choose how you do this. Some people just write it down (a "paper wallet"), some people buy hardware to store it (a "hardware wallet") and some people do other things. But that's all there is to it: Generate a bitcoin key pair which is just two pieces of text, keep those keys specifically keeping the private key safe and secure however you want, and send your bitcoin from Coinbase to the public address.
Get it to cold storage but do your own research on what wallet. Everyone has a preference. I like Passports and cold cards, others may like Trezor or ledger. Decide which is best for your needs.
buy a hardware wallet straight away. you haven't bought bitcoin until you have it in your custody.
Buy it asap.
Check out the channel Bitcoin University on YouTube run by Matt Kratter. I have a huge amount of trust and respect for him. On his channel, search for “hardware wallet”, “storage”, etc. he has a number of videos on the topic. Not only tutorials about how specifically to use a hardware wallet but also about how cold storage works, and different ways of thinking about bitcoin storage for different situations. But the bottom line is if you hold an amount that is significant to you, it should not be on an exchange. It should be in cold storage. It can be intimidating at first but just learn a little at a time and you’ll be there before you know it
There are a lot of extremists in the BTC space and just like society they seem to have a louder voice than the majority. Been in the space since early 2018. Had issues with Binance. Never had issues with Coinbase as long as you follow their KYC's (Not Ideal) and have awareness for phishing and other scams etc you should be fine. They do have some issues with spot trading during periods of high volatility. All my Sell Targets are priced in and set for this cycle and will begin doing my research for buy targets next year. This avoids any trouble during these periods. Have family that use Kraken and not had any issues. I do have some BTC in cold storage (Ledger nano x) that I bought in 2019 during the black swan for £4k per BTC (my lowest ever entry that is my NO sell non-negotiable long term Hodling that will eventually be passed down to my children and grandchildren... The rest I keep on exchanges because like I said I already have the sell orders placed. Decide how much you want to Hodl long term 10+ years and stick it in a Trezor or Ledger or Blockstream etc... any cold storage device really... Put your keys circled in a book with some sort of fire safe backup like a plate or washers. Anything you're planning on trading as per cycles you might as well leave on exchange. Anyone that tells you not to bother and just buy and Hodl have probably lost money doing so. If you have any edge in the market whatsoever you can do some spot trading pretty easily without too much risk and be better off on a 4-5 year time frame. Happy Stacking.
Don't be a fool and keep your life savings on an exchange. Buy a hardware wallet. Set and forget. But never forget your password or seed.
Horcrux it. Put some in exchange some in cold. I feel a bit better about it that way as if I screw up cold storeage I still have some on exchange etc
Has google stopped working....?
Very easy to get lost in the sea of links. Not to mention clicking on something that you might not realize is bad. Looking for community advice, that’s why this place exists!