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Started By
Message
Best cold wallet for storing BTC
Posted on 3/26/23 at 1:19 pm
Posted on 3/26/23 at 1:19 pm
A little uneasy with Coinbase right now and know that I need to get it off that exchange.
Thanks for any input.
Thanks for any input.
6
Posted on 3/26/23 at 1:30 pm to TrueTiger07
I have both a Ledger Nano X and a Ledger Nano S and have found them both easy to use and the provided user interface of the Ledger software is intuitive and pleasant to look at. I primarily use the X but have the S in case of hardware failure so I have an easy way to access my wallet while I order a replacement. I’m a fan of redundancy.
Trezor is also a reputable name in the space.
Just get comfortable with the idea that your seed phrase that you will be writing down is ultimately the access key to your wallet and the backup in case of hardware failure/lost hardware so it’s important to keep it in a safe and secure location. If you lose both the hardware and your backup seed phrase, your Bitcoin will become inaccessible to you.
Trezor is also a reputable name in the space.
Just get comfortable with the idea that your seed phrase that you will be writing down is ultimately the access key to your wallet and the backup in case of hardware failure/lost hardware so it’s important to keep it in a safe and secure location. If you lose both the hardware and your backup seed phrase, your Bitcoin will become inaccessible to you.
This post was edited on 3/26/23 at 1:38 pm
Posted on 3/26/23 at 1:42 pm to TrueTiger07
i thought like the #1 rule with crypto is don't hold it on an exchange
Posted on 3/26/23 at 1:52 pm to TrueTiger07
quote:if you don’t want to wait for a hardware wallet to come in, you could setup a wallet on your PC/laptop/phone.
A little uneasy with Coinbase right now and know that I need to get it off that exchange. Thanks for any input.
Posted on 3/26/23 at 3:41 pm to TrueTiger07
Ledger Nanos are good.
Posted on 3/26/23 at 5:07 pm to Ross
I got the Arculus wallet which is like a metal credit card thing. It worked for me bc I don’t have a computer and this was easy to move via my phone.
Posted on 3/26/23 at 9:59 pm to TrueTiger07
Ledger Nano and Trezor are fine
Coldcard is the way to go if you want something extremely robust. This is what I switched to after the Ledger leak a few years ago
Coldcard is the way to go if you want something extremely robust. This is what I switched to after the Ledger leak a few years ago
Posted on 3/27/23 at 3:16 pm to TigerTatorTots
Any comments on Exodus?
Posted on 3/27/23 at 3:23 pm to TrueTiger07
I am not familiar with it
Posted on 3/27/23 at 3:44 pm to TrueTiger07
quote:
Any comments on Exodus?
High fees to exchange. I'm not a fan. Ledger or Trezor are your best options, IMO.
Posted on 3/27/23 at 3:45 pm to TrueTiger07
Exodus is a hot wallet. For a cold wallet, you need a device like a ledger, trezor , etc.
This post was edited on 3/27/23 at 3:47 pm
Posted on 3/28/23 at 9:39 am to Huge Richard
If you lose both the hardware and your backup seed phrase, your Bitcoin will become inaccessible to you.
___________________________________________________
I thought as long as you have your seed phrase, you could buy another hardware device and be good.
___________________________________________________
I thought as long as you have your seed phrase, you could buy another hardware device and be good.
Posted on 3/28/23 at 11:09 am to Gauxt
quote:
I thought as long as you have your seed phrase, you could buy another hardware device and be good.
That’s correct. Also, if you lose your seed phrase but still have the hardware you will be able to access your wallet but you’d be strongly advised to move your funds in case someone else finds your seed phrase.
It’s when you lose both the hardware and the seed phrase you are boned.
Posted on 3/28/23 at 11:24 am to Gauxt
quote:That is correct. You need either your hardware device OR your seed phrase to access. If you lose both then you probably should have never attempted to buy crypto in the first place.
I thought as long as you have your seed phrase, you could buy another hardware device and be good.
Posted on 3/28/23 at 11:31 am to TrueTiger07
quote:
Any comments on Exodus?
I have used it with no problems but I haven't stored a ton on it. If you are just looking to get it off coinbase it should be fine.
Posted on 7/10/23 at 7:30 am to TrueTiger07
I was gonna start a new thread but saw this one and decided to bump it. I currently have some crypto on an exchange but I really want to ramp up my buying and don't feel comfortable doing so until I get a cold wallet and keep things stored offline. I've done research but it's almost overwhelming the amount of choices out there. It looks liek the Ledger Nano S or the Trezor Model One are the easiest, best choices for a novice that is not expensive and is pretty user friendly. For those with either of those what are your personal experiences with them?
Also one thing I still can't quite wrap my head around is how transactions work while using a cold wallet if not connected to internet. I know that when you first buy one of these products you ahve to download it's app/program to your computer, then most of what you do is the actual device communicating with that program. But my dumb brain still isn't quite understanding how I coudl for instance sell some of the crypto that's on my cold wallet without it ever being "hot". Can someone help me here
Also one thing I still can't quite wrap my head around is how transactions work while using a cold wallet if not connected to internet. I know that when you first buy one of these products you ahve to download it's app/program to your computer, then most of what you do is the actual device communicating with that program. But my dumb brain still isn't quite understanding how I coudl for instance sell some of the crypto that's on my cold wallet without it ever being "hot". Can someone help me here
Posted on 7/10/23 at 8:55 am to WG_Dawg
quote:
I was gonna start a new thread but saw this one and decided to bump it. I currently have some crypto on an exchange but I really want to ramp up my buying and don't feel comfortable doing so until I get a cold wallet and keep things stored offline. I've done research but it's almost overwhelming the amount of choices out there. It looks liek the Ledger Nano S or the Trezor Model One are the easiest, best choices for a novice that is not expensive and is pretty user friendly. For those with either of those what are your personal experiences with them?
Also one thing I still can't quite wrap my head around is how transactions work while using a cold wallet if not connected to internet. I know that when you first buy one of these products you ahve to download it's app/program to your computer, then most of what you do is the actual device communicating with that program. But my dumb brain still isn't quite understanding how I coudl for instance sell some of the crypto that's on my cold wallet without it ever being "hot". Can someone help me here
Don't overthink it. Get a trezor and be done with it. Set it up, get your wallet address, and send your coins to that wallet. Bitcoin or ERC20s.
Posted on 7/10/23 at 1:27 pm to FnTigers
I have a Ledger Nano S and a Trezor Model One. I split my funds on the 2 wallets as I was concerned about having all of my eggs in one basket.
Both of them are very simple to use and very similar. No real difference from a software or backup perspective.
Here is one thing I learned though: This is not a "set it and forget it" thing, you will need to actively monitor at least a few times a year.
I bought my first Ledger Nano S in 2016 and put all of my BTC on it. I randomly checked every year until early 2023 when I realized they had discontinued the firmware on my Nano S. There were no solutions offered by Ledger, so my Nano S with all of my Bitcoin was now effectively a brick.
Luckily it was an easy solution - I just bought a new Nano S and used the recovery sequence to regain my BTC.
Either way, food for thought that one day I happened to check and my wallet was no longer usable. Learning from me is to probably check my balance 1x a quarter to ensure everything is running as expected (and also diversify on multiple wallets if you have enough funds).
Both of them are very simple to use and very similar. No real difference from a software or backup perspective.
Here is one thing I learned though: This is not a "set it and forget it" thing, you will need to actively monitor at least a few times a year.
I bought my first Ledger Nano S in 2016 and put all of my BTC on it. I randomly checked every year until early 2023 when I realized they had discontinued the firmware on my Nano S. There were no solutions offered by Ledger, so my Nano S with all of my Bitcoin was now effectively a brick.
Luckily it was an easy solution - I just bought a new Nano S and used the recovery sequence to regain my BTC.
Either way, food for thought that one day I happened to check and my wallet was no longer usable. Learning from me is to probably check my balance 1x a quarter to ensure everything is running as expected (and also diversify on multiple wallets if you have enough funds).
Posted on 7/10/23 at 1:54 pm to Huge Richard
quote:
For a cold wallet, you need a device like a ledger, trezor , etc.
people need to get their terminology straight... I would not call a hardware wallet a cold wallet.
Posted on 7/10/23 at 2:10 pm to CarRamrod
Is it not considered "cold storage" to move coins to a Trezor or Nano? I figured that term was interchangeable
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