At what amount of Bitcoin should I consider investing in a cold storage wallet, and which ones are the safest? I have heard some alarming stories of people losing their Bitcoin stored in Trezors purchased from Amazon.
#Cold #storage
Within the same period, the outcomes were distinct. #time #frame #results
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When I opened up my business checking account, the banker made it clear that I was not allowed to use it for any Bitcoin transactions.
Once you have a few hundred of dollars worth of Bitcoin, consider to buy one. Get it directly from the company, don’t become one of the scary stories.
Do a proper research, I would go with an open source (like Bitcoin is) wallet, some people don’t mind closed source ones.
My personal opinion is to start with it right away to build the habit of good security practices to set yourself up for long-term success. Start with a simple hardware wallet from a trusted maker (buy direct only) then you’ll have the option to upgrade later on.
And worst case scenario, you massively screw up and forget your seed phrase, it’d be on a small amount since you’re just starting out. Better to learn and make mistakes on $10 than with $1,000+
When the amount you own cost more than the hardware wallet you buy
Bitbox 02- bitcoin only edition.
Very easy to use and highly secure.
IMO, right after your first purchase.
Transfer that small amount, and then wipe your hardware wallet completely, and then restore it from your seedphrase.
This will give you more confidence that your seedphrase is correct, and gives you experience of restoring using an existing seedphrase and with lower anxiety (because only a few sats are involved).
https://substack.coinkite.com/p/meet-the-coldcard-q1
When you have more than 0 BTC. Buy directly from the company, not via 3rd parties.
I would say when you own more than the cost of a hardware wallet.
But then again, people do buy thousand dollars save to store a few hundred dollars’ worth of gold nuggets, because they plan to own more in the future.
With all the things happening on the internet these days, I’d say start with one as soon as possible, and buy directly from the manufacturer
I didn’t buy Bitcoin until I had cold storage. Mt.Gox scared me away.
At the point you fear losing it and not having it for an emergency would screw you over. I barely have a little over 1k and I’m taking mine off because that’s a month of rent for me if I’m desperate. When my gov. Only pays me a little over 1k a month for all my needs (I’m disabled and young), I need my savings in any way I am able to have it
>I’ve hear some scary stories of people losing btc they’ve put in trezors bought off Amazon.
Okay – so from that we learn not to buy off Amazon but instead directly from the manufacturer. I’ve yet to hear of any horror stories that weren’t due to lack of due diligence.
>which ones are the safest?
I’ll leave for someone else to answer (though you should continue doing independent research online).
>At what point (amount of btc) should I be looking at investing in a cold storage
Personally I’d say any amount. Value of a cold wallet is less likely to fluctuate with time, but you got to look at your amount of Bitcoin, calculate how much it would be worth if Bitcoin price reaches $1m per coin, and then ask yourself whether you’d be comfortable losing that amount of Bitcoin.
It depends on the person $1k might be a lot to you or $10k might not be that meaningful…. Considering a hw wallet costs $75 or so you would obviously need to have more than that for it to make sense, but also keep in mind if you have a hw wallet you also need a metal stamped plate for your seed as you don’t want it on paper
Cold storage, always. You don’t need a hardware wallet for that.
Hardware wallet is only necessary if you also want to frequently send BTC.
If you don’t send frequently, a metal sheet to backup your seed is a good first step.