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How do you HODL and keep it safe for decades?

**I’m sure hodling is the best way to walk in the bitcoin’s path.**

But, how would it be the best way to **HODL** your bitcoins for **5-10 years**, avoiding scammers and hackers in the way?

I know that the coldwallets – Trezor, Ledger – are the best way to do it so.

But im just a begginer little fish with very few sats till now, and these wallets coasts relatively high prices here.

**so:**

**1.** What would be the most secure way that i can lay my sats till i get my coldwallet in the future? i was thinking making it in a pendrive with Tails and such.

**2.** Still, given that i intend to just keep and hodl my coins without much transactions for anyone, i necessarily need to run a node or i would be ok hodling without it?

**p.s:** im getting very paranoic with web security and i do not know if it is good or bad.
**p.s2:** do not send me private messages, im a small player not a stupid one

What do you think?

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27 Comments

  1. – 1 or 2 usb drives with tails and electrum

    – 2 or more physical copies of your seedphrase written on paper metal whatever, hidden preferable in different locations

    Don’t make it too complicated, make sure to have your seedphrase written(physical).

    I think the most common losses are scams and loosing your seed because a lack of understanding and a lack of having a PHYSICAL back-up, I can’t say it enough have your seed written as back-up. The chances that someone comes looking in your house for a seedphrase are extremely minimal, so don’t worry about that.

  2. Create a wallet using a trusted wallet software (electrum is an old favourite)

    When given the seed words, write them down.
    Write down a bunch of receive addresses (100?)

    Destroy your wallet.

    You now have a cold wallet.

    Try to use a different receive address each time you top up.

    Electrum comes with tails os so this would work well since the OS by default forgets everything. If you need more receive addresses, you can go back to tails, enter your backup seed and then get more from the app.

  3. Community trusted phone wallets like Blue Wallet or Blockstream Green are perfectly safe for smaller amounts. Ive kept thousands of $ in a phone wallet for years without issue. You can always delete the app and just hold on to the seed if you really want it to be cold. But yeah, get a hardware wallet once your hodl becomes significant.

  4. WassaWassaWassup! Scam Alert! Scammers are particularly active on this sub. They operate via private messages and private chat. If you receive private messages, be extremely careful. Use the **report** link to report any suspicious private message to Reddit.

    *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/BitcoinBeginners) if you have any questions or concerns.*

  5. Pen drive solution is a good option. It has the advantage of not having to trust the company that makes the hw wallet if you are paranoid. If you know about tails it shouldn’t be hard for you but you don’t really need to go hardcore. Just install the os of your choice and encrypt. Then install the software wallets you like and make sure you only use it for your crypto. Change your background so you don’t forget.

    A few extra tips:
    Don’t be cheap on the drive. There are manufacturers with very rubust drives and they don’t cost that much

    Always have backups. If you want to stay digital use a normal usb mechanical drive for long term storage

    Always use trusted hardware, peripherals and network

  6. Hardware wallet in a secret location with backups in other really odd locations. And I don’t use my hardware to accept. Instead, I saved QR’s to my fav wallets and deposit without breaking out the hardware.

  7. ———————————-

    **Some foundational Principles of security**

    If you don’t own much value in Bitcoin these principles are not for you. There is no one solution and most people have different risk profiles and make multiple trade offs in a risk vs convenience spectrum.

    1) **Never store your bitcoins in a web wallet or exchange . You own 0 bitcoins if you do not control your private keys.**

    2) Do not trust strangers on the Internet to help you setup your personal wallet. This is someone you must do yourself or have a personal friend or family member help you with in real life where they cannot see your backup seed.

    3) Buy your hardware wallet directly from the producer or amazon site under the producers name. Verify the integrity of the hardware wallet if you are extra paranoid :

    https://support.ledger.com/hc/en-us/articles/360002481534-Check-if-device-is-genuine

    https://support.ledger.com/hc/en-us/articles/360019352834-Check-hardware-integrity

    http://doc.satoshilabs.com/trezor-faq/threats.html#reflashing-the-trezor-with-evil-firmware

    https://digitalbitbox.com/faq

    First update the firmware of your HW wallet before using

    4) Never brag about your wealth to others

    5) Never invest in any investment scheme or get greedy thinking you can quickly increase the amount of Bitcoin you have with daytrading

    6) Consider more secure means of backing up your 12 or 24 BIP39 backups in case of floods or fire –
    https://jlopp.github.io/metal-bitcoin-storage-reviews/

    7) Setup your hardware wallet , transfer a small amount of btc to it, wipe it clean , and restore it to give you confidence that the backup was done right and give you experience in the recovery process.

    8) Keep your Mnemonic 12 or 24 word seed secret and private and show to no one. Never use premade 12-24 word backups , you create new keys and backups upon setup.

    9) The most secure , “active” wallet would be a hardware wallet integrated with a full node
    HW wallet + electrum personal server and electrum is the popular way to do this

    10) Consider using a passphrase
    Use a passphrase with the hardware wallet (most the security concerns with HW wallets are solved with a passphrase.) keep the passphrase written down a separate from your seed words
    https://wiki.trezor.io/Passphrase

    https://support.ledger.com/hc/en-us/articles/115005214529-Advanced-passphrase-security

    https://coldcardwallet.com/docs/passphrase

    Make sure the passphrase is also written down somewhere private so you do not forget it! Do not keep the passphrase in the same location as your 12-24 seed backup words.

    Here is a good strategy for most people with hardware wallets –

    **Location 1** 12 to 24 seed words preferably on metal

    https://jlopp.github.io/metal-bitcoin-storage-reviews/

    **Location 2** same 12 to 24 seed words

    **Location 3** 4-6 word passphrase unlocking your real wallet

    **Location your head** pin for HW wallet and passphrase

    Thus you have both the passphrase and seed word backup in 2 locations and can lose either one and if someone finds your seed words or passphrase alone they can only see your decoy wallet at most and under duress(torture) you can hand over one of your seed word backups or enter in your pin instead of passphrase and give the attacker your decoy wallet alone.

    Every 6 months check to see if your backup seed words or passphrase written on paper or metal is disturbed or removed.(these need to be stored separately!) It is best to hide them in such a manner if you can tell if someone has tampered with them or found them so you are aware if either your seed words or passphrase becomes compromised.

    ————————-

  8. It’s important to emphasize both security and redundancy when it comes to long-term crypto storage. You want your storage methods to be secure and safe from hackers, of course — but you also want redundancy.

    We’ve all heard the stories of the would-be Bitcoin millionaires who ended up with nothing because they lost their only copy of their private keys. Basically, if all your wealth can be wiped out by a house fire or a single hardware failure, then it might not last 10 years. Whatever method you use for storing your wallet, be sure to have a backups, so if one copy gets lost or destroyed, you’ll still be able to recover your crypto.

  9. Hardware wallets are a good first step. However, I hope nobody is expecting these “fancy calculators” to last for decades.

    That’s why cold storage using physical metal plates is probably the king of durability. Something like the [seed plate](https://seedplate.com)

    Take it a step further and design a miltisignature scheme using metal plates. E.x. there are 5 keys but only 3 of them are needed to reconstruct the key.

    Hide each key in a safe place or with someone you trust (like a lawyer, or [key custodian](https://unchained-capital.com/vaults/)). Then devise some “treasure hunt” for your heirs to find the keys in case something happens to you.

    Key storage is an ongoing process. If you jump straight into the deep end, you’re likely to mess something up and lock yourself out of funds forever.

    Start small with a hardware wallet and get comfortable with that before getting too complicated.

  10. Invest in a cold wallet i.e. a ledger or a trezor is a good start. The seed phrase is your passcode and the coins remain on blockchain. You will be able to access your assets even if these cold wallet company go out of business.

  11. For beginners, you can actually do a cold wallet for free (also very quickly and easily), called a paper wallet (google Bitcoin Paper Wallet). You can then print it out on a piece of paper and store in a fire-proof safe, or screenshot everything (or copy/paste in a text file), store the data in a USB drive, and store the USB drive in a fire-proof safe. This is perhaps the easiest way to keep all your funds safe. If you’re super paranoid, then divvy up all your assets (like $100 at a time) in multiple paper wallets instead of one wallet.

    The secret key on the paper wallet is sort of like your “key” to open your wallet, and as long as you never share that “key”, you are safe. Don’t leave the secret key lying around for prying eyes. It’s like leaving a pile of cash out on the street, and trusting nobody will take it.

    You can then import your paper wallet into any cold wallet service or hardware key later on when you need access to your funds. For now, your options consist of any non-custodial software wallets or hardware wallets you mentioned above (Trezor, Ledger). But I’m sure in 5-10 years time, it will be even easier to import your wallet and you’ll have many more options. If your goal is just to safeguard them, paper wallets is the easiest by far.

  12. For me the best alternative is to install Samourai wallet that lets you create a offline wallet on an old android (you never connect this device to the internet) then you transfer and watch the wallet funds using sentinel.

  13. Since you’re a small fish i’d recommend storing your btc in a hot wallet like Electrum and backing up your seed phrase offline there are other wallets out there but Electrum is the best one out there.

  14. Please consider that as a beginner your hodling is about 5-6 years late, if not more, there’s just as much chance of you losing everything as there is gaining anything, the upside and downside are equally balanced. The mania around crypto right now could mean this is likely THE all time high.

    I have theories that, the underlying technology of BTC will be adapted and implemented into our central banks. It will not be adopted as any kind of currency by anyone except El Salvador… 🤷‍♂️ Something to think about before you do whatever you plan to do, the real HODL could be outright ignoring crypto and just working and saving money! What a crazy idea that is…

  15. Something like this [https://bitcoinseedbackup.com/](https://bitcoinseedbackup.com/)

    and then use a latop with linux only to buy btc, the laptopt must be encrypted (almost all linux distros have that option when installing) and then you are fine. And if you want an extra layer add an hardware wallet with multi sig, so you need 2 diferent seeds to move the money

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