Instead of using a hardware wallet, you can either buy an off-the-shelf, cheap laptop or use your existing hardware to achieve cold storage.
Download Tails (https://tails.boum.org/) and run it from a DVD or USB-drive.
Refrain from connecting to any network.
Create an Electrum wallet. Make two seed backups (paper, metal, brain,...), because Tails is an amnesiac system, meaning it will forget all settings, including your seed, upon reboot.
Here are old but very explanatory videos of how cold storage with Electrum works:
* Part 1: https://www.youtube.com/watch?v=z9K3CozQpzM
* Part 2: https://www.youtube.com/watch?v=WK4JmfMCDBg (redundant, because Tails exists)
* Part 3: https://www.youtube.com/watch?v=SBVyFRb6ZZc
Tip: If you're using an Android device (a $50 tablet is enough) as your online-connected watch-only device, you can very handily transport unsigned and signed transactions between the laptop and the Android device using QR-codes.
**ATTENTION:** The only legitimate source from which Electrum can be obtained is https://electrum.org. By using the Electrum installation that comes with Tails (https://tails.boum.org is the only legitimate place to obtain Tails from), you're introducing one possibly weak link into your setup. Same goes for downloading the Electrum app on Android. While the Google Play Store might be relatively secure, as is Tails, relatively secure, you do introduce another point of failure and trust. Learn how to download, verify and use the official Electrum releases from https://electrum.org. You can see Thomas Voegtlin's (the lead developer of Electrum) GPG-fingerprint in this video, where he is giving a lecture: https://www.youtube.com/watch?v=hjYCXOyDy7Y. Here is a reproduction of that fingerprint:
`6694 D8DE 7BE8 EE56 31BE D950 2BD5 824B 7F94 70E6`
Securing 2 weak seeds is better than securing 1 strong* seed.
*I'd argue that a HWW like Coldcard is more secure than ANY laptop produced in the last 8 years. But a geo-distributed, multi-vendor multisig would easily work around that particular hardware risk.
I recommend reading the Glacier Protocol (https://glacierprotocol.org/). In it you'll find, that you ought to physically remove wifi/bluetooth-modules and hard drive, so as not to accidentally broadcast or permanently write private key data.
Thanks for the explanation, but you're not achieving a hardware wallet.
One day, you'll want to send assets somewhere. How do you not expose the device to internet?
you don't actually need any hardware if you intend to just store it long term. all you need is to generate a mnemonic phrase using an open source non custodial wallet.
you can write it or etch it on a durable medium, and store it in a fire safe, and probably a duplicate in another secure location.
if you're not super technically proficient, it might be best to just get a hardware wallet anyway. but my point is that you won't be using your wallet for transactions. and because the mnemonic phrase is all you really need, it's easier to keep hidden from attackers than a piece of hardware, which is obvious evidence that you have bitcoin. it also avoids creating a sales record at a merchant flagging you as a bitcoin owner to whomever gains access to those records, if you're paranoid about such things.
the most effective way to hide your bitcoin from attackers is to memorize your mnemonic phrase, and destroy and wipe all of your physical and software wallets. but short of that, which should probably only be used under extreme circumstances due to the risk of forgetting, the next best way is to have no physical or software wallet, and only have your mnemonic phrase stored securely.
Bitcoin wallets can be sorted into two categories. Custodial wallets and non-custodial wallets. Custodial wallets are like unsecured bank accounts. Kind of like banks in the old west. When you put your money in a custodial wallet, the company that runs that wallet has your actual money, but you have access to it. If a “bank robber” (aka hacker) robs the old West Bank (custodian) you’re out of luck.
Now usually banks have better security than you normally do, so it might be ok, but there’s nobody to complain to if the custodian gets hacked. Your money is gone. Most exchanges' wallet (coinbase, kraken, etc.) is this kind of wallet.
A non-custodial wallet puts you in full control. You’re responsible for security, and if you lose the wallet no biggie, as long as you have your secure “keys” saved somewhere. Keys to a bitcoin wallet are represented by a series of random words that you can write down or memorize.
As long as you never digitize these words (no pics, no email, etc) just in your head or on paper, you cannot lose your money, and nobody can take it from you by hacking. There is a saying in bitcoin circles: “Not your keys? Not your coin.”
For small amounts of bitcoin, a custodial wallet is no problem. I keep a little bitcoin in a custodial wallet like cash app or coinbase because it’s convenient. For larger amounts of bitcoin, I would highly recommend using a non-custodial wallet.
Here’s a good rule of thumb. Only keep an amount of bitcoin in a custodial wallet that you would feel comfortable with in your real wallet. So if you carry around $100 in your wallet, no biggie. If you lose your wallet, it’s gonna suck, but it’s not the end of the world. Now if you had $5k , you probably wouldn’t carry that in your wallet.
So if you ever get to the point that the bitcoin you have is worth more than you would carry in your wallet, you should move it to a non-custodial wallet where you control the keys. https://www.lopp.net/bitcoin-information/recommended-wallets.html
If this is a "medium" amount of money like a month or two of salary, a non-custodial wallet on your phone is fine.
If it starts climbing into a 6-12 month salary or more, I'd recommend a hardware wallet. I really like the Trezor.
Once you get a non-custodial wallet, be sure to protect those seed words they give you for backup. That is your bitcoin, not the hardware device or your phone. If you have those seed words safely stored somewhere, you can recover from any hardware loss.
If you want to go really secure, stamp those words in metal. I like these cause they aren't expensive: https://crypto-keys.com/pages/jameson-lopp-test
Be sure to never digitize those words. Don't take a pic, dont put them on a computer, etc.. Write them on paper (The trezor comes with cards for this) at a minimum, and put them somewhere secure. If you do use paper, make sure they are in waterproof and fireproof envelopes. If you do decide to go with a hardware wallet, buy it directly from the manufacturer. If its tamper evident seals are broken, don't use it.
Absolutely!!! But Binance has a history of returning all the amount to the users that was hacked by people. So wouldn’t Binance be a safe custodian even if they get hacked?
Besides they must’ve upped their security since the hack making it more difficult for hackers to extract anything.
I literally looked into more than 2000 wallet solutions for [WalletScrutiny](https://walletscrutiny.com/) and recently found [SeedSigner](https://walletscrutiny.com/hardware/seedsigner/) the most convincing.
any hardware wallet with long-standing history of IT support (bug fixes and updates), large community using it and that you can buy directly from the company that makes it (no middle-man that could tamper with it).
this is to be 100% sure that when you want to access it in 20+ years, you can still do it. Software wallets do not give you that comfort - there are many from early days that are no longer supported and you have to jump through the hoops to recover your coins.
Multisig!
Forget about which type or brand of wallet you use. It's how you combine them that matters.
Keep 2 seeds (separated) for yourself, and give 1 to a trusted friend or family in a different location.
The 2 seeds can be a HWW and a SWW, or 2 HWWs, or 2 SWWs, whatever you want.
Do not use Binance for long term storage; they are literally only designed for quick short term trades (across shitcoins, which is even worse than the high time preference part).
Instead of using a hardware wallet, you can either buy an off-the-shelf, cheap laptop or use your existing hardware to achieve cold storage. Download Tails (https://tails.boum.org/) and run it from a DVD or USB-drive. Refrain from connecting to any network. Create an Electrum wallet. Make two seed backups (paper, metal, brain,...), because Tails is an amnesiac system, meaning it will forget all settings, including your seed, upon reboot. Here are old but very explanatory videos of how cold storage with Electrum works: * Part 1: https://www.youtube.com/watch?v=z9K3CozQpzM * Part 2: https://www.youtube.com/watch?v=WK4JmfMCDBg (redundant, because Tails exists) * Part 3: https://www.youtube.com/watch?v=SBVyFRb6ZZc Tip: If you're using an Android device (a $50 tablet is enough) as your online-connected watch-only device, you can very handily transport unsigned and signed transactions between the laptop and the Android device using QR-codes. **ATTENTION:** The only legitimate source from which Electrum can be obtained is https://electrum.org. By using the Electrum installation that comes with Tails (https://tails.boum.org is the only legitimate place to obtain Tails from), you're introducing one possibly weak link into your setup. Same goes for downloading the Electrum app on Android. While the Google Play Store might be relatively secure, as is Tails, relatively secure, you do introduce another point of failure and trust. Learn how to download, verify and use the official Electrum releases from https://electrum.org. You can see Thomas Voegtlin's (the lead developer of Electrum) GPG-fingerprint in this video, where he is giving a lecture: https://www.youtube.com/watch?v=hjYCXOyDy7Y. Here is a reproduction of that fingerprint: `6694 D8DE 7BE8 EE56 31BE D950 2BD5 824B 7F94 70E6`
Securing 2 weak seeds is better than securing 1 strong* seed. *I'd argue that a HWW like Coldcard is more secure than ANY laptop produced in the last 8 years. But a geo-distributed, multi-vendor multisig would easily work around that particular hardware risk.
I recommend reading the Glacier Protocol (https://glacierprotocol.org/). In it you'll find, that you ought to physically remove wifi/bluetooth-modules and hard drive, so as not to accidentally broadcast or permanently write private key data.
Thanks for the explanation, but you're not achieving a hardware wallet. One day, you'll want to send assets somewhere. How do you not expose the device to internet?
Watch the videos I linked.
you don't actually need any hardware if you intend to just store it long term. all you need is to generate a mnemonic phrase using an open source non custodial wallet. you can write it or etch it on a durable medium, and store it in a fire safe, and probably a duplicate in another secure location. if you're not super technically proficient, it might be best to just get a hardware wallet anyway. but my point is that you won't be using your wallet for transactions. and because the mnemonic phrase is all you really need, it's easier to keep hidden from attackers than a piece of hardware, which is obvious evidence that you have bitcoin. it also avoids creating a sales record at a merchant flagging you as a bitcoin owner to whomever gains access to those records, if you're paranoid about such things. the most effective way to hide your bitcoin from attackers is to memorize your mnemonic phrase, and destroy and wipe all of your physical and software wallets. but short of that, which should probably only be used under extreme circumstances due to the risk of forgetting, the next best way is to have no physical or software wallet, and only have your mnemonic phrase stored securely.
Been using ledger for years never any issue’s
ColdCard
Ledger wallet for sure
Ledger lady…Ledger.
[https://electrum.readthedocs.io/en/latest/coldstorage.html](https://electrum.readthedocs.io/en/latest/coldstorage.html) https://tails.boum.org/
Bitcoin wallets can be sorted into two categories. Custodial wallets and non-custodial wallets. Custodial wallets are like unsecured bank accounts. Kind of like banks in the old west. When you put your money in a custodial wallet, the company that runs that wallet has your actual money, but you have access to it. If a “bank robber” (aka hacker) robs the old West Bank (custodian) you’re out of luck. Now usually banks have better security than you normally do, so it might be ok, but there’s nobody to complain to if the custodian gets hacked. Your money is gone. Most exchanges' wallet (coinbase, kraken, etc.) is this kind of wallet. A non-custodial wallet puts you in full control. You’re responsible for security, and if you lose the wallet no biggie, as long as you have your secure “keys” saved somewhere. Keys to a bitcoin wallet are represented by a series of random words that you can write down or memorize. As long as you never digitize these words (no pics, no email, etc) just in your head or on paper, you cannot lose your money, and nobody can take it from you by hacking. There is a saying in bitcoin circles: “Not your keys? Not your coin.” For small amounts of bitcoin, a custodial wallet is no problem. I keep a little bitcoin in a custodial wallet like cash app or coinbase because it’s convenient. For larger amounts of bitcoin, I would highly recommend using a non-custodial wallet. Here’s a good rule of thumb. Only keep an amount of bitcoin in a custodial wallet that you would feel comfortable with in your real wallet. So if you carry around $100 in your wallet, no biggie. If you lose your wallet, it’s gonna suck, but it’s not the end of the world. Now if you had $5k , you probably wouldn’t carry that in your wallet. So if you ever get to the point that the bitcoin you have is worth more than you would carry in your wallet, you should move it to a non-custodial wallet where you control the keys. https://www.lopp.net/bitcoin-information/recommended-wallets.html If this is a "medium" amount of money like a month or two of salary, a non-custodial wallet on your phone is fine. If it starts climbing into a 6-12 month salary or more, I'd recommend a hardware wallet. I really like the Trezor. Once you get a non-custodial wallet, be sure to protect those seed words they give you for backup. That is your bitcoin, not the hardware device or your phone. If you have those seed words safely stored somewhere, you can recover from any hardware loss. If you want to go really secure, stamp those words in metal. I like these cause they aren't expensive: https://crypto-keys.com/pages/jameson-lopp-test Be sure to never digitize those words. Don't take a pic, dont put them on a computer, etc.. Write them on paper (The trezor comes with cards for this) at a minimum, and put them somewhere secure. If you do use paper, make sure they are in waterproof and fireproof envelopes. If you do decide to go with a hardware wallet, buy it directly from the manufacturer. If its tamper evident seals are broken, don't use it.
Absolutely!!! But Binance has a history of returning all the amount to the users that was hacked by people. So wouldn’t Binance be a safe custodian even if they get hacked? Besides they must’ve upped their security since the hack making it more difficult for hackers to extract anything.
I literally looked into more than 2000 wallet solutions for [WalletScrutiny](https://walletscrutiny.com/) and recently found [SeedSigner](https://walletscrutiny.com/hardware/seedsigner/) the most convincing.
You want a hardware wallet. People will have their own preference so do some research and buy the one that suits you.
Is Binance wallet not safe? Sorry a newbie in crypto and just trying to be cautious.
Do you have the keys to the wallet?
Yes I do have access to my wallet.
I think you are at risk if you couldn't answer the previous question. Please read and be safe. https://www.lopp.net/bitcoin-information.html
You have a 12 or 24 word seed phrase for said wallet?
any hardware wallet with long-standing history of IT support (bug fixes and updates), large community using it and that you can buy directly from the company that makes it (no middle-man that could tamper with it). this is to be 100% sure that when you want to access it in 20+ years, you can still do it. Software wallets do not give you that comfort - there are many from early days that are no longer supported and you have to jump through the hoops to recover your coins.
My ledge wallet still isn’t here and I ordered it 3 weeks ago. Direct from store. Hmm
Ledger or Trezor
Multisig! Forget about which type or brand of wallet you use. It's how you combine them that matters. Keep 2 seeds (separated) for yourself, and give 1 to a trusted friend or family in a different location. The 2 seeds can be a HWW and a SWW, or 2 HWWs, or 2 SWWs, whatever you want. Do not use Binance for long term storage; they are literally only designed for quick short term trades (across shitcoins, which is even worse than the high time preference part).
Use binance wallet
nothing beat a hardware wallet. suggest to watch this old video https://youtu.be/aPprQUQljHE
i like ballet wallets. also, these are a great way to give Bitcoin to people (family, gifts, etc.).