Securing your crypto

bluebirdy

New Member
Joined
Jan 13, 2019
Messages
4
#1
I'm curious what others are doing to store their crypto, and how they have diversified those options. I'm looking into purchasing two Ledger Nano wallets, one to serve as backup, but was wondering if I should be using this to store all my crypto. Does anybody use non cold wallets? I've also considered buying another laptop to purely manage buying and selling crypto on exchanges and sending to wallets, just to make sure no dodgy sites are able to infiltrate my information - would anybody recommend for/against this strategy, my issue is obviously cost.

I've stored some ADA on the Daedalus wallet as it seems that cold wallet storage isn't around yet, but would love to make sure its not all set up on there.

Would love to hear some other strategies you guys are taking to make sure you are secure.
 

IOPS

Well-Known Member
Joined
Oct 2, 2016
Messages
392
#2
Generally hardware wallets are OK for storage, depends how paranoid/secure you want to get.
My storage spread typically looks like this:

~2% on an exchange
~20% on a Trezor in a safe, on-site with the seed off-site
The rest if entirely offline storage, private key stored off-site

It took me a few months to get this up and running, but the laptop I use for the offline storage is an old Dell I had gathering dust.
 

BitcoinZAR

Active Member
Joined
Feb 11, 2016
Messages
41
#3
I'm curious what others are doing to store their crypto, and how they have diversified those options. I'm looking into purchasing two Ledger Nano wallets, one to serve as backup, but was wondering if I should be using this to store all my crypto. Does anybody use non cold wallets? I've also considered buying another laptop to purely manage buying and selling crypto on exchanges and sending to wallets, just to make sure no dodgy sites are able to infiltrate my information - would anybody recommend for/against this strategy, my issue is obviously cost.

I've stored some ADA on the Daedalus wallet as it seems that cold wallet storage isn't around yet, but would love to make sure its not all set up on there.

Would love to hear some other strategies you guys are taking to make sure you are secure.
Your 12 or 24 word seed for your hardware wallet IS your backup. You dont need another device to secure your stash, unless you want to split it between two devices in different locations. As long as you keep the seed safe, your ledger could be stolen, lost or destroyed, and you can recover all your funds with the seed. The ledger is just a device that makes it easy to create the private key, and to easily send and receive from that wallet. You could even wipe that ledger clean and just keep the seed safe, and restore the seed on a different device years from now.

Daedalus wallet also gives you the seed words for your wallet. Keep the seed safe....you can even remove the wallet if you want....its all in the private key created with the seed, and can be restored at a later date if necessary.

As long as you do not store your seed / private key on your computer, save it to google docs, or anything stupid like that, then your crypto should be fine on the hardware wallets. Keep your seed words safe, offline, written down somewhere secure. Make sure you use 2FA on all crypto websites you use, so that if anyone is ever able to get into your account, they need your phone in order to take your funds. Make sure you always use a strong and unique password for every single website you log into. It sounds like a schlep, but its easy if you install a plugin like LastPass to your browser to generate and store random passwords for you. If you use the same password on multiple sites, you only need one leak of that info, and someone could go from website to website trying your details to get into your accounts. If its an exchange, and you have no 2FA, you can kiss your funds goodbye.

Never ever use an exchange to store your bitcoin and other cryptocurrency. Use an exchange as an exchange, then withdraw your funds. I dont care how secure they say they are....do not trust them.
 
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