I'm really curious to see where the majority of people store their Bitcoin. For a while now I've been storing mine in a self custody app. Recently I've been considering buying a cold storage device. I've been debating if:
a. Is it worth the cost?
b. If it's worth the cost which one should I get?
I would appreciate hearing from all of you on where you store your Bitcoin and if you do hold it in cold storage what are the benefits and which one should I get?
Thanks in advance!
10 sats \ 0 replies \ @thanius 15 Feb 2023 freebie
Blue Wallet and Muun. Looking to store at Wallet of Satoshi
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3 sats \ 1 reply \ @mallardshead 14 Feb 2023
Coldcard is one you'll hear often, which I use. If you don't know what a PBST is, or know your way around desktop wallet features, get a Ledger or Trezor instead. Those are very beginner friendly devices.
But I also use hot wallets for spending. The keys to these I keep in my iCloud, as I don't particularly care if they're stolen. I may however, begin using a TapSigner. This is an excellent addition for giving a hot wallet the security of a hardware wallet, without losing much of the convenience inherent with mobile hot wallets.
I'd avoid using any multisig setups unless you are using a third-party service like Casa, or you have a very specific reason for using multisig.
In addition to stamping my private keys in metal, and cloning my Coldcard, I made the decision to memorize my keys. Probably was the most powerful moment of my bitcoin journey when I'd memorized them. Very unexpected feeling. I eventually destroyed the metal. Not sure why.
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0 sats \ 0 replies \ @equilibriumbtc OP 14 Feb 2023
Thanks for the advice!
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0 sats \ 0 replies \ @jpz 14 Feb 2023
Como billetera de gastos diarios utilizo Muun y para ahorros utilizarÃa Coldcard.
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0 sats \ 0 replies \ @senf 14 Feb 2023
a. Yes
b. Coldcard
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0 sats \ 0 replies \ @WeAreAllSatoshi 14 Feb 2023
My bitcoin lives on the blockchain.
Edit: But seriously, I use a hardware wallet to control my stack. I transfer newly purchased coins every so often to optimize risk + withdrawal fees.
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0 sats \ 0 replies \ @TNStacker 14 Feb 2023
Hodl: Paper wallet
Maintenance/transitions: Ledger
Spendl: Blixt
Will COLDCARD eventually.
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0 sats \ 0 replies \ @TheL0wner 14 Feb 2023
cold storage for most, hot wallet for lightning on/off and larger transactions and lightning for small transactions.
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0 sats \ 3 replies \ @monk_cactus 14 Feb 2023
Depends on two things:
- Are you spending bitcoin often?
- How much bitcoin are we talking? (Don't tell me lol)
If you're spending it, the hot wallet is necessary.
If not, a hardware device could be worth it. But if it's not that much, consider deleting the hot wallet and just keeping the backup on paper.
If you have something like 20% of your net worth in bitcoin, and plan to keep building that, then yes consider getting a hardware device
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2 sats \ 2 replies \ @equilibriumbtc OP 14 Feb 2023
I'm not spending the bitcoin often.
It's not that much at the moment but I'm consistently taking a cut of each paycheck and putting it into Bitcoin.
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0 sats \ 1 reply \ @monk_cactus 14 Feb 2023
Ok, so sounds like you're heading toward needing a hardware device.
I've used Blockstream's Jade and Trezor. They definitely do the job.
A lot of people really like Coinkite's products, so that's another option.
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2 sats \ 0 replies \ @equilibriumbtc OP 14 Feb 2023
Awesome, thanks for the recommendation!
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