A question I often get is “Where should I store my Bitcoin?” This is a complex question that I’ve explored extensively over the last 8 years HODLing, but there are some simple ways to break down the solutions and pros/cons.
Thanks for the article Dan. If I have a hard wallet like a Trezor/Ledger, and let's say it gets lost or damaged. I can still recover by btc as long as I have my backup seedphrase?
How about if lets say Ledger/Trezor goes out of business or their website gets banned. Would there still be a way to access my coins then?
Thanks so much for this, I was just trying to decide between a hardware and software wallet. I was just about to purchase a Ledger Nano, but notice that you didn't include that in your list of recommended hardware wallets. Any reason for this?
Hi Dan, thanks for sharing. So basically you would not recommend to keep it on a lending platform as BlockFi, ...? Or just distribute across multiple platforms and keep part on cold storage? thx
Thanks for the article Dan. If I have a hard wallet like a Trezor/Ledger, and let's say it gets lost or damaged. I can still recover by btc as long as I have my backup seedphrase?
How about if lets say Ledger/Trezor goes out of business or their website gets banned. Would there still be a way to access my coins then?
Correct, hence why it's called a backup ;)
They backup works across multiple services so even if Ledger/Trezor went out of business you could restore it.
Thanks so much for this, I was just trying to decide between a hardware and software wallet. I was just about to purchase a Ledger Nano, but notice that you didn't include that in your list of recommended hardware wallets. Any reason for this?
Good point Buzkill. I just bought the Ledger Nano X, but will return if Dan has some reservations about the company.
Hey ya'll. Nothing against the device itself, but Ledger had a security breach where all of their customer information was exposed.
Including addresses.
Hi Dan, great article. Do you have comments about BitcoinIRA's custody approach? Thanks.
I'm not familiar, but I've heard good things about their service!
Hi Dan, thanks for sharing. So basically you would not recommend to keep it on a lending platform as BlockFi, ...? Or just distribute across multiple platforms and keep part on cold storage? thx
I keep some of my coins on BlockFi to earn additional yield, but I am also taking more risk
Great stuff. Thanks Dan!
Thanks for simple clear explanations.
I see you did not mention Binance.Is there any specific reason?