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by arooaroo 1301 days ago
Anyone have recommendations on storing crypto outside of coinbase?

I’ve used them to buy a small amount and they make it pretty easy, but concerned that they are not necessarily the best place to store once acquired.

TIA

6 comments

Cold storage/cold wallet, which stores your crypto offline. Through this way the digital wallet is stored on a platform not connected to the internet, thereby protecting the wallet from unauthorized access, cyber hacks, and other vulnerabilities that a system connected to the internet is susceptible to.

One way to do cold storage is through a hardware wallet like Ledger or TREZOR. This is probably the best option in terms of convenience and ease of use.

A hardware wallet uses an offline device or smartcard to generate private keys offline. The Ledger USB Wallet is an example of a hardware wallet that uses a smartcard to secure private keys. The device looks and functions like a USB drive; a computer and a Chrome-based app are required to store the private keys offline. You can use anything from a standard USB storage drive to an advanced device with a battery, Bluetooth, software, and other features.

Other methods are sound wallets, paper wallets, offline software wallets, or deep cold storage.

You can read more about them here - https://www.investopedia.com/terms/c/cold-storage.asp

Yep, put money into an exchange, convert to crypto, transfer it out immediately into a wallet on your computer.

A lot of people get way into the security around storing their wallets and jump through crazy hoops.

Personally I don't hold much at any given time and just store it as I do any other file I care about. Doesn't have to be crazy.

There's this trick that gives you guaranteed protection against institutional loss of up to USD 250,000. There are number of startups and also established orgs that provide this service. You'll probably find a brick & mortar storefront right in your neighbourhood where you can deposit your crypto in their wallet in-person! You'll find that they're sometimes called accounts instead wallets, and they may require you to first convert your coins to this funny system called fiat, but that's just a small technical hurdle.
Muun wallet is what I use to store my BTC.

I personally buy from coinbase and transfer it to my wallet and let it stay there.

Yes, store it in your own custody. It was never safe with these stewards. It's safer with you.
Reading the responses to this, its clear this generation of crypto is doomed