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Storing large amounts of Bitcoin

  • 11-11-2019 11:39pm
    Closed Accounts Posts: 77 ✭✭✭ Elite Woad Raider

    I buy small amounts of bitcoin now and again through coinbase and local bitcoins.

    I store it online and protect access through 2FA, U2F and 24 character passwords. I know this is very hard to by pass however if I had enough of Bitcoin and a determined hacker could bypass this and steal the Bitcoin.

    What is the best way to protect large amounts of Bitcoin around 100,000 pounds? An online wallet may not be the best.


  • Registered Users Posts: 10,905 ✭✭✭✭ Bob24
    Registered User

    If you want to avoid any third party risk you can:
    - Get a cold storage digital wallet (Ledger, Trezor), which should be password protected and which you will have in a discret place at home for when you want to transact.
    - Get (or build yourself) a resilient cold storage passphrase storage (for exemple something like cryptosteel), which will be your recovery mechanism shall your digital wallet get lost/stollen/broken. A sheet of paper won’t do - too fragile if exposed to heat/fire or humidity/water. This should be kept preferably offsite in a very secure place (anyone who can access it has full access to your funds, and if you lose it you are losing your recovery mechanism).
    - Above all, before you transfer a large amount to it, make sure you do some reading and have a full and complete understanding and how the above solution works and what the security risks are; and get some practice with it. This is important as you will be managing everything yourself and any mistake you make could lead to loss/compromission of your funds.

    With the above, your coins will be completely managed by you and independent from the internet or any third party.

    If you you do no feel tech savvy enough, you can look for reputable custodians, but I am not too such the big names are directly accessible without being a very large investor.

  • Registered Users Posts: 11,195 ✭✭✭✭ Lex Luthor
    Registered User

    Something like a Ledger Nano S or X would do the trick
    Plenty tutorials online on them and how to set them up etc