Cold Wallets

[nick15]

I'm very novice when it comes to crypto but have gotten into bitcoin over the last year. I've followed the bitcoin thread on here quite a bit. Seems most things I see say to get it off of the exchange you buy from and put it into a cold wallet. I see the Ledger brand is fairly popular. Just a few questions/thoughts that go through my head: So, if I move my btc to a Ledger and throw it in a safe for 10 years, who's to say the little device will work when I want to cash out or that the Ledger software still exists, etc? I totally agree with not wanting to leave it attached to the Internet on an exchange, but just looking for tips to calm my thoughts.

 

[NDGuy]

I'm very novice when it comes to crypto but have gotten into bitcoin over the last year. I've followed the bitcoin thread on here quite a bit. Seems most things I see say to get it off of the exchange you buy from and put it into a cold wallet. I see the Ledger brand is fairly popular. Just a few questions/thoughts that go through my head: So, if I move my btc to a Ledger and throw it in a safe for 10 years, who's to say the little device will work when I want to cash out or that the Ledger software still exists, etc? I totally agree with not wanting to leave it attached to the Internet on an exchange, but just looking for tips to calm my thoughts.

Buy gold, VOO, and property instead

 

[MountainTracker]

I'm very novice when it comes to crypto but have gotten into bitcoin over the last year. I've followed the bitcoin thread on here quite a bit. Seems most things I see say to get it off of the exchange you buy from and put it into a cold wallet. I see the Ledger brand is fairly popular. Just a few questions/thoughts that go through my head: So, if I move my btc to a Ledger and throw it in a safe for 10 years, who's to say the little device will work when I want to cash out or that the Ledger software still exists, etc? I totally agree with not wanting to leave it attached to the Internet on an exchange, but just looking for tips to calm my thoughts.

Seed phrase is more important than the device itself. It’s what allows you to re access your crypto if the device breaks, gets lost, software no longer works….

It is good to check for updates periodically.


Sent from my iPhone using Tapatalk

 

[pacoalcracker]

buy gold..it will never crash to zero (hasn't in 5000 years anyways) like digital crypto can (which only has a 15 yr history), and eventually will. Take that to the bank.

 

[WiscoHoundsman]

I use a trezor but my understanding of best practice is to monthly plug it in and check for updates. This works easily for me as that’s about how often I move stuff onto it.

 

[grossklw]

Like others have said the device itself isn’t as important as the seed phrase. I have two metal seed phrases, each hidden in different locations if there’s a fire or something at one of them. Especially if you’re not day trading cold storage is the way to go. I lost about a 1.5 BTC by storing it on Celsius when they went bankrupt, got pennies on the dollar back but it was a very painful lesson. Everything is now on ledger, I buy through Coinbase and immediately transfer over.

Not your keys, not your crypto.

To the helpful guys saying buy gold/property that’s super helpful to his specific question asking about cold storage and crypto.

It crashing to zero is a whole other discussion, but there’s way too much institutional money flowing in for it to ever go to zero (at least BTC). It’s not going anywhere.

 

[DeepTimber]

These hierarchical deterministic wallets are nice because if you keep track of your seed phrase you will always have the ability to find/use your bitcoin transactions regardless of what happens to your physical wallet (as long as your keys aren't stolen). If your wallet doesn't work in ten years and Ledger isn't around, you could restore your seed on a new wallet, or sit down with a pencil and paper and recover your bitcoin.

I like cold cards because the software is fully verifiable and requires 0% trust. They also function simply as a transaction signing device, and never have to be connected to a computer or the internet.