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RE: Will you do YOUR PART to help Bitcoin on 1/3/19 ?
People with small amount of bitcoin (minnows) find exchanges a better place to store their bitcoin because they don't have enough funds to buy a hardware wallet where you have access to your private keys. And I guess a big % of total btc is with minnows. I have all my crypto on exchanges as well.
Keeping your coins on exchanges is THE worst option from all available variations. You better reconcider this before it is too late.
Is there a wallet where I get my keys and store crypto without any charge?
If you only agree to spend $0.00, probably the only option would be paper wallet. Otherwise find an old used smartphone ($20 -$30 or so), reset it, clean up as much it as you can, (format, reflash) install Electrum, or Mycelium or any other reputable wallet, move your coins here, and(important) .... Do NOT use it for any other purposes at all. This will be your personal "cold" wallet. Plus, have your HD wallet's seed words securely stored apart from this phone.
This way you will have your own "home made" hardware wallet, almost as good (secure) as Ledger NANO or TREZOR, for only a fraction of their price.
And way way MORE secure than any centralized exchange ! Any.
"Security for free" is just not existing thing in this world.
And Big security usually is available for BIG money.
I do have a spare phone and I think I can use that to store my coins. I might not have much but who knows, those $700 might become $700,000 someday.
Thank you for the detailed information. Appreciated!.
700 >>700000 ? 1000x?
Seems your mind is tuned well ! :)
I don't want to say that $3M per coin is not possible at all. I just maybe a bit to old to see it myself.
Lol.
I added an extra "0" there by mistake.
I meant 100x and that looks possible maybe in next 5-6 years.
Bought my first hardware wallet (Ledger) last black friday. You don't need a hardware wallet. Memory sticks in safety deposit boxes worked for me for years. 😎
Just make sure wallet.dat is in a couple of safe places.
Can you tell me more about these safety deposit box is?
Banks rent them.
https://en.m.wikipedia.org/wiki/Safe_deposit_box
You haven’t been robbed yet by an exchange.......you’ll be sorry.
Most people need to experience the loss for themselves before they’ll get it. What’s crazy is how much easier it is than a couple years ago to store your crypto. Didn’t have many options or educational info to even understand it a couple years ago. Just hope people actually do it and let’s see these exchanges tested! We need to know if any are on the up and up. January 3rd “proof of keys”
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I get your point but TBH I only have .2 btc which comprises of different crypto assests and I do a bit of swapping between the coins every now and then. Do you still suggest to move them to a wallet where I have my own keys?
For 0.2 BTC maybe not much reason to go to hardware wallet. Just move them to a wallet on your phone. (Unless you absolutely need trading.) By doing this you still will eliminate the big risks coming from online exchanges.
All my considerations above were with savings of 5-20 BTC (or more) in mind
Exactly !