[Bitcoin] Where do you keep your private keys?

A simple poll just to see how people here are storing their Bitcoins (or any other crypt actually) :wink:

  • Paper Wallet
  • Software Wallet on my phone/computer
  • My exchange of choice hold it for me
  • Trezor hardware wallet
  • Ledger Nano hardware wallet
  • Private what ???

0 voters

I voted what I did when I still held some xD

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Probably an unpopular opinion but I think letting the exchange hold them is fine for most people. I mean you have to be very careful where you store it and how you store it when you do it yourself. Here’s an article of how if you try to do things yourself it can go easily go wrong. How I lost 25k when my crypto was stolen

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To be honest, I think this is the main topic why Bitcoin won’t go to the mass for a while, the newest generation won’t have a problem with all those tech geek requirements to own a Bitcoin, but this is completely out of scope for the majority of people living on this planet right now.
Just my two cents :wink:

ps: when someone ask me and clearly has no clue at all about the crypto world, I always say to go Coinbase and to everything there, it should be OK.

Agreed. When I sent my parents this video guide to get them started, it made my dad want to give up and lost all his excitement for it. Ultimately if you don’t hold a fortune, coinbase is fine I believe. If bitcoin does go up and suddenly you’re sitting on a fortune, then your perspective changes I’m sure. BC Vault is the best hardware wallet right now from what I’ve reserched

agree also, and another thing I just thought of is that advice to not store coins on exchanges could be outdated, for instance coinbase now have insurance for your funds, (not if your account gets hacked but if they get compromised) and outdated advice you will see might not take that kind of thing into consideration Coinbase Insurance NEW

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Agreed, I think the mantra of not your keys, not your coins can be a noble but sometimes dangerous philosophy. I think balance between all methods would be optimal if one had a boatload of wealth in crypto, but with reasonably small amounts Coinbase would suffice.

Actually it’s more related to the underneath technology itself, that may be considered secured, but it’s not practical for most people.

Services like Dropbox or iCloud can easily be more secure, but they do not offer fully P2P encryption because if people lose they password, they will lose everything on there. Actually Apple did it few years back and they had to back out.

Same for banks, image if forgetting your PIN or losing your card, would make you completely lose your banks funds… it’s just crazy to thing about it. Although it’s still easy to find people with gold or jewels at home, it’s not a common practice on big part of the world, to keep savings (cash) at home.

So you’re not disagreeing with what you quoted from my comment.

I fully understand everything you said and

hence why it’s noble to go decentralised, non-custodial and bank yourself but dangerous if you lose the key and can’t recover it

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No… I’m not :wink: