Quote:
Originally Posted by yukoncpa
I've just read the last 100 posts in the bitcoin thread and I'm a little concerned. If I store a decent amount of my savings on my bitpay card, my blockchain dot info wallet, and my coinbase account are my funds safe? Are any of these particularly unsafe? From reading that thread, it looks like I'd be better off with something called a ledger nano s.
I don't mean to be an alarmist but some of the posters in that other thread have me a bit worried but I'm too much of a noob to really understand the concerns.
Thanks.
Well let's see. Your bitpay card is essentially like a prepay credit card so you're pretty safe as long as no one gets your credit card number or card+pin. Pretty much exactly like a debit card from any large bank.
Coinbase you are as safe as you feel you are. If their network is compromised and they lose all of their bitcoin to a thief are they going to repay you? Who knows? They can say what they want to say but when they file for bankruptcy due to insolvency because of theft, you'll be holding an empty bag.
Blockchain is a relatively safe way to hold coins although not the safest of even the web wallets out there. I think their seed is only a few words and hackers could trick you into signing into a phishing site that looks identical. I wouldn't hold Bitcoin on there. Other (safer) web or mobile wallets are Mycellium and Jaxx. There is plenty out there on Google about security and wallets. Just try searching around the web a little.
Smart people have a hardware wallet that basically holds your private keys with redundant security precautions in place. That is what the Ledger nano is or a Trezor. This is one of the safest ways to hold and make transactions with Bitcoin.
Then you have cold storage. Basically you can print out a paper that contains your private and public keys together on paper. You can laminate it, make several copies to place in many places, basically no one would ever be able to steal your coins unless they were to get ahold of this paper in real life and import the public and private keys into a wallet of some kind or use bitcoincore to transmit a transaction. Beware with this method if anyone were to see this paper or be able to copy info from it you're screwed.