Storing bitcoin

[yabz]

At the moment I have some of my bitcoins on blockchain.com and some in an electrum wallet. I am thinking of putting them all in the electrum wallet. As a matter of principle I don't like putting all my eggs in one basket, but having cryto on an exchange doesn't seem a great idea and the electrum wallet is one of the most established wallets. Even so it makes me jumpy....

How do you folks keep your coins?

 

[Baron]

I was so close to losing my crypto on the FTX exchange but I literally got it out at the last second. But that was enough of a lesson for me to learn that self-custody is the way to go. I'm currently using a wallet called Exodus which is at https://www.exodus.com

 

[GlobalMacro90]

Self custody is good to learn

also a bitcoin etf fixes this pain point, which is a huge deal imo

 

[Overnight]

I was so close to losing my crypto on the FTX exchange but I literally got it out at the last second...

But if you HAD lost your crypto at FTX it would have been better for the world, because you would have snuck over to the Bahamas on a boat at night where SBF was hiding out and literally beat the money he owed everybody out of him.

 

[2rosy]

i use exodus as well. It has a desktop version all the others I see are chrome plugins

 

[yabz]

What would happen if the developers stopped supporting the wallet and it no longer worked. Could one use the seed phrase to recover the coins using a different wallet?

 

[johnarb]

What would happen if the developers stopped supporting the wallet and it no longer worked. Could one use the seed phrase to recover the coins using a different wallet?

BIP-39 is a standard so long as your wallet followed the standards, you should be able to use the same seed phrase on a different wallet

Also, each bitcoin address (public key) has a corresponding public key which can be backed up but this is too cumbersome hence one of the reasons for BIP-39, but just pointing out it's an option

https://bitcoin.stackexchange.com/q...the-first-deterministic-bip39-wallet-released


https://www.blockplate.com/blogs/blockplate/list-of-bip39-wallets-mnemonic-seed

 

[Tokenz]

Hardware wallet is the way to go

 

[traderjo]

I was so close to losing my crypto on the FTX exchange but I literally got it out at the last second. But that was enough of a lesson for me to learn that self-custody is the way to go. I'm currently using a wallet called Exodus which is at https://www.exodus.com

as if Product volatility is not enough
Exchange risk!
Wallet / custody risk!
Regulatory risk !
Yield?
Mind boggles
not to mention weird accounting ( or whatever you call it ) of crypto coins like this " please deduct 0.00000004 Shit coin for a cup of coffee!

 

[GlobalMacro90]

Exactly. All of these reasons are why the returns have been over 100% a year historically for bitcoin, nothing is free!