Fidor Handelsbank – Questions and answers for financial topics – Fidor Money Questions

Are Bitcoin Wallets safe ?

Which is the safest wallet available for storing large amounts for cryptocurrency (value £10,000 +) ?

Please loom ter to response the question.


Exchange wallet (Coinbase has Vaults)

Advantage: Available to trade on brief notive

Trezor Two (only Two year warranty)

USB Catapults (Redundancy)

Duo of good quality USB stuffs (look for Lifetime warranty or 5-10 year warranty)

One a copy of the other and stored ter a fireproof safe along with private keys and phrases

Your private keys are the significant thing to back up (store ter a fireproof safe and te a key manager such spil KeePass)

Electrum is a welvoeglijk wallet (they have a portable exe version if using USB stuffs)

I think hardware wallets are overpriced memory tucks except with low warranty (low warranty to mij means the manufacturer has low faith te their product reliability but that’s just my opinion)

Whether you have them on an exchange or te your own wallet, they are not financially insured (your fiat currency is on an exchange just like a handelsbank).

Just my 0.00000001 BTC’s worth 🙂

Presuming you have an exchange wallet (Electrum, or otherwise), how safe is your money from ‘theft’?

Exchange wallet’s are uninsured (spil is private ones), but fiat is.

Theft on an exchange is always a risk, same for physical wallet theft.

You should use 2FA on your exchange, and a multi-sig vault (Coinbase has that) if you are storing on an exchange.

Losbreken have fine grained 2FA, Coinbase is going to support FIDO U2F I believe ter future, spil will most likely many but that is ter the future.

So basically, if I have £100K te my wallet. It’s my risk ?

However fiat held on an exchange (say Openleggen) is insured ?

bitcoins not £100k

Openbreken provides a wallet service:

Worth it or too risky ?

Many keep them on exchange wallets ter order to trade them.

For long term holds, you can use a individual wallet, but, security is your responsibility.

Crypto anywhere is not financially insured.

Most exchanges typically have wallet services and use cold and hot storage thesis days (Ter fact Japan licensing requires such architectures).

Openbreken has good support and security generally I feel, Coinbase is another popoular wallet to use, and they have vaults (they recently added vaults for Litecoin too there).

So, should I use Kritiseren for ease (they have hot and cold storage), or go for Electrum?

Bearing ter mind large sums will be involved, and selling will be limited. Only buying.

I use exchange wallets and individual wallets.

Each situation and convenience/confidence levels are different.

Costs nothing to attempt them all (except moving crypto about ter fees)

Give the wallets a attempt (without coins) to get a feel for them before determining what is right for you.

You can always use a cheaper toverfee coins to test wallets (such spil Litecoin) without the cost of moving Bitcoin. That way it is rapid and very cheap to test transfers.

Related movie: How to mine Zcoin

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