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Dave

Paper Wallets, Hardware Wallets, and how to safeguard your coins

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Dave

The recent Binance server outage has made me nervous so I'm looking more deeply into paper wallets and local wallets instead of where I have my coin today.  Mostly exchanges but several wallets as well.  In this market downturn I am starting to move my coins into paper wallets.  That leads me to the question for everyone.  How are you storing your coin?  Ledger Nano?  Trezor? Paper, Exchanges, Online Wallets?

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Neophyte

I recently started mining with one GPU (Awesome/MPH), just to dip my toe in the water and learn about crypto.  Thus at this time I am certainly not doing it for the money.  While I only have a small sum accumulated, I still do not trust the exchanges, even Coinbase, to keep my keys safe.  I am currently using Exodus as a desktop wallet. Nice UI, no account setup, encrypted local data, and while the number of coins they support is not extensive (29 so far), they do have the major coins and are adding more over time.  The risks I take keeping them on my computer are being hacked (unlikely), theft, or destruction (fire, hardware failure).  All low risks, especially with the low amount of currency I have so far and Exodus has a backup mechanism.  However if I ever do eventually accumulate a more substantial amount, I will move my keys to a hardware wallet, Ledger Nano or Trezor.

 

BTW, would like to pass along the warning about hardware wallets like Ledger and Trezor.  Always buy them directly from the company, or be extremely cautious using other vendors.  There are accounts of people getting them through third-party vendors, which have tampered with them to steal the currency you load on them.

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Trig0r

Looks good, be worth looking at when they add some of the other coins I collect..

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Dave

I noticed they hi-lighted "ShapeShift."  I'm still trying to wrap my head around that after hearing about it a while back.  So this is not just a wallet?  You can trade via ShapeShift I'm assuming.  This has me interested.  I have a stack of BTC that I could put into an Exodus wallet too.  Need to check those backups first!

I like the wallets that are self contained in a directory.  Simple to copy everything.  Thanks for the heads up on this @Neophyte

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Ikon-TNG

I haven't looked into this, except to note that Coinbase is insured and supposedly will refund any and all funds that are hacked, stolen, or otherwise lost. I have no idea how reliable their insurances are.

 

I don't have much money in BTC yet, but I should probably look into this. I'll be keeping an eye on this thread to see what you guys come up with.

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Neophyte

Also just wanted to state, I am not evangelizing Exodus.  Works well for my needs, maybe it will for you too.  I was just stating what I use in response to Dave's post.  There are many products out there that might work better for different people.

 

Plus, for the miners out there, here is some important information about how fees are calculated for Bitcoin transactions and those coins similar to Bitcoin.  This is not specific to Exodus.  After reading, miners who wish to do many exchanges within their wallet may want to consider a different option beside Exodus.  

 

http://support.exodus.io/article/68-does-exodus-have-fees-to-send-or-receive

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