How many wallets would you use?

[yonkii 3205]

I don't mind a lot about having too many wallets. Maybe this will be a lot more trouble than just having one. Although I think that with Bitcoin it is said to use different wallets each time and not reuse them, probably for privacy of transactions reasons. I still try to learn why this is exactly said by bitcoiners. 

[Ridam 7455]

On 10/13/2020 at 10:58 PM, arnosk said:

Suppose you have a large amount of bitcoin, would you hold it in one wallet or should you divide it to multiple wallets? What is wise to do if you don't want any attraction?

With big companies buying now large amount of bitcoins how are they doing this?

If I would have big amount of btc then sure my first option would be the Hardware wallet. They are safe and portable so I don't need to worry about anything. And dividing btc in different wallet is a good thing only if you don't trust the platform you are using or if it's centralised platform. If it's non-custodial wallets then we can hold our btc in one wallet but we should take care of our keys.

[Brandonsaw 1973]

If you had several bitcoins the keeper in different wallets PRA higher security and not have all in a wallet since it is very dangerous because you can steal your cryptomones and you stay with nothing that is better to keep it in different wallets but there.

[Raqeebzy 6456]

On 10/13/2020 at 6:13 PM, arnosk said:

Suppose you have a large amount of bitcoin, would you hold it in one wallet or should you divide it to multiple wallets? What is wise to do if you don't want any attraction?

With big companies buying now large amount of bitcoins how are they doing this?

With a large amount of BTC, I think I can do with a single but most secured category of wallets - paper wallet or maybe a multi-sig wallets, 3-of-5 preferably. There can also be an approach I can follow, distributing the 'large crypto' amount within hardware wallets with private keys.

[Moaz 7239]

Certainly, I advise anyone who has a large amount of bitcoin or any other cryptocurrency to distribute these currencies to more than one wallet, as this is safer for their money because storing cryptocurrencies in one wallet is a bad thing and this wallet may be hacked and theft your money. 

[percare 3192]

I think that most exchanges have very few wallets. Maybe if an individual whale it will be better to have multiple wallets but this would perhaps be a problem managing many private keys. It depends on the security level and how can it be handled. I don't think anyone of us has thought of that unless it is a big player.

[P A Ashif 2409]

Definitely I will choose two wallets which is trusted and then open many accounts for my family and then divide my asset in all of this wallets. Instead of choosing different companies wallet it's good to have many wallet in one company. Don't ever store all your asset in one wallet. You don't know what all can happen .And when you have so many wallets then make sure that you are able to manage all of these. You have to keep the recovery of every wallet.

[Calvinpriva 17296]

I never store all my money in one wallet, because anything can happen and i will lose it all. I use different wallets to store different coins according to my needs, sometimes i will store some amount in secured exchanges so that i can trade it if the market is good.

[Cryptic 0]

I would use two wallets one is the online wallet and the other is the hardware wallet, I will put almost all of my cryptocurrency to the hardware wallet as it is the safest wallet to store the cryptocurrency since they need first to acquire my wallet before they can steal my crypto unlike the online wallet that even you and the hacker are country's apart he could steal you crypto since we are interconnected through internet. 

[gbfisher 1815]

On 10/27/2020 at 1:45 AM, Syedbesharat said:

I would divide it to many wallets which is troublesome task but for my own safety I will do this. Because having huge amount at one place is risky and cannot be save. If my wallet is hacked I lost all my assets and having different wallet is big advantage because I have the security of different companies and no hacked can done to several companies at same time. 

@Syedbesharat good planning, in crypto world, our first concern is to secure our wallets or accounts from outsiders attacks like hackers. Because without good security profit is useless. So thats why divide of capital on multiple wallets is best strategy for protecting our crypto assets. Through this way we minimize the risk of losing money or get satisfaction.

[khan22 3478]

Many wallets using is not a good idea becasue in the crypto market scammers make the fake wallets and we need to use just some good wallets which are old and real i use the coinsbase and also the blockchain wallet just.

[Guru2050 8284]

With the little I have now I don't combine or save them in same wallet address to avoid unreasonable loosing. I have separated or categorize my earnings in to three segments wallet. The first is the trading, second is the profit and lastly it's the supporting fund in case of future challenge that may arises

[Dorjoy12 8962]

1 hour ago, gbfisher said:

So thats why divide of capital on multiple wallets is best strategy for protecting our crypto assets. Through this way we minimize the risk of losing money or get satisfaction.

@gbfisher if you have huge amount of crypto then you can easily use hardware wallet which mean cold wallet because still there has no history from which funds get stolen from cold wallet..  I suggest you this because if you use different kind of wallet to store your currency then it will be hard for you to remember password or seed key... Hope you understand what i wanted to mean..              

[Gwataman 147]

I have many wallets that i use i have trustwallet, metamask , coinbase, blockchain but i mostly use trustwallet and coinbase 

[kryptonick 2659]

In this case that you hold too much you could think about using multiple wallets but it will mean more stress and responsibility to store the private keys somewhere safe. But it can worth it and be something that is needed for some to be a little more secure.

[tienda 8776]

1 hour ago, Guru2050 said:

With the little I have now I don't combine or save them in same wallet address to avoid unreasonable loosing. I have separated or categorize my earnings in to three segments wallet. The first is the trading, second is the profit and lastly it's the supporting fund in case of future challenge that may arises

Good strategy Dear friend @Guru2050 ! Yes is good the separation or the combination of our cryptocurrency holding or keeping. Never putting all your eggs in one basket! It is also good to organize things, each in its place to facilitate operation. In this case of cryptocurrency it will serve to generate more profits and be vigilant in case of hack.

🤍

[Syedbesharat 5423]

4 hours ago, gbfisher said:

@Syedbesharat good planning, in crypto world, our first concern is to secure our wallets or accounts from outsiders attacks like hackers. Because without good security profit is useless. So thats why divide of capital on multiple wallets is best strategy for protecting our crypto assets. Through this way we minimize the risk of losing money or get satisfaction.

In crypto the planning is a main factor for moving forward because of your assets are at risk you cannot take advantage of market. The better you have approach toward market the better out come you gain. The top wallets Atomic, ERC 20,TRX, ninja wallet, Trust wallet are better than any new wallet they have strong security and quick transactions. Your assets can be moved anytime at any exchange in few minutes. 

[Tine0313 3053]

i personally use many wallets up to 3 to store my large amount of bitcoin, we know there are instances we might lose the key of some wallet and if we store it in different wallets, then it is good so that at the very least we could not lose all of it.

[wassim19 645]

Yes, when you have a very large amount, you can divide it among some wallets so as not to draw attention, because it is good to keep your eyes off you and not be targeted by the hacker.

[1qDan 478]

Most companies, whales or individuals that maintain large amounts of any cryptocurrency, resort to the use of cold or offline wallets, an example is Ledger wallets and all its similar ones, some even resort to the use of physical wallets on paper or encrypted, in my case being private, I keep my funds in 2 wallets, one private and one online, I learned this from a documentary.

[gbfisher 1815]

8 hours ago, Dorjoy12 said:

@gbfisher if you have huge amount of crypto then you can easily use hardware wallet which mean cold wallet because still there has no history from which funds get stolen from cold wallet..  I suggest you this because if you use different kind of wallet to store your currency then it will be hard for you to remember password or seed key... Hope you understand what i wanted to mean..              

@Dorjoy12 you are right, i understand hardware wallets is best for securing our big amount of  crypto assets but i like hot wallet because i do day or short term trading. For that purpose hot wallets like trust wallet, metamask, atomic wallet is best. And i also make a google sheet for securing my password so i cant face any problem. 

[Barbarellah 2225]

What I do and always recommend is to diversify both our assets and the places where we store our cryptocurrencies. In particular I distribute my Bitcoin in four wallets, the first one that I use and where I have the greatest amount is the Trezor hardware wallet, the second I use Green Address Wallet which is a desktop wallet, apart I also use Guarda Wallet in its desktop versions and also browser and finally Coinomi wallet. To finish my contribution, I advise you to always keep your secret keys, phrases and passwords in different safe places when creating your wallets to avoid inconveniences in case of loss or damage to the devices.

[Mella 3680]

On 10/13/2020 at 8:13 PM, arnosk said:

Suppose you have a large amount of bitcoin,

I am think my dear that you are dream and it is not bad but it is best to be on the ground and real. I am also notified by crypto news some times about whales and it is probable they use different wallets as they move their funds but this is up to how they feel about their security.

[Johermi 1170]

If you have a large amount of Bitcoin it would be best to have them in several wallets instead of having them stored in 4 different wallets to run less risk of being scammed

[Izeal 4404]

Now I am using only one account because my portfolio is very low but I am thinking of opening new account which will be for trading and I will keep all the money I want to trade in that wallet ad it will be more easier to manage risk.