Crypto Security - TREZOR and Wallets
A very recurrent question I get is "J, where do you keep your BTC?"
Well of course all depends on how are those BTC intended to be used.
Here the common uses of BTC:
1) Hold long term
2) Trading
3) Mix of 1) and 2)
Where to keep them in each case:
1) A long hold requires the minor risks, and for that we need an OFFLINE WALLET. Example of the basics: MultiBit HD. After downloading the wallet, the blockchain will sync and download a big chunk of data to your hardrive. It is useful to sync just to check if everything went smooth on the transaction to be held offline (you can also check at blockchain.info/address/ YOUR WALLET ADDRESS). Once BTC are confirmed, what I do is to make a copy of the .dat file from the wallet and save it into 2 different USB drives PASSWORD PROTECTED. One goes to my safe, the other one goes with me all the time. As all info is saved on the blockchain, the only important fact is: KEEP THE .DAT SAFE and OFFLINE. Just an electromagnetic pulse could destroy that wallet :)
2) Depending on how often you trade daily, keep BTC in a fast and simple wallet like CoPay or BitPay, or just in the online trading platform (Bitfinex, Bitstamp, Poloniex, Bittrex, etc)
3) If you are not completely sure, then Trezor might be for you! Check out this video:
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Hope you found it useful!
J.
I currently use the Ledger Nano S, which is great and I highly recommend it. However, I want to split my holdings between two different wallets, the Trezor seems like a good choice. Thanks for posting!
Why did you go for Ledger Nano? Any adv?
The primary reason I chose the Ledger Nano S is because it is easy to use and is trusted by the community. All of your private keys are stored on the Nano S, and the Nano S is protected by encryption. When sending any transactions using the Nano S, they must be confirmed physically on the device, which provides extra protection. If you lose your Nano S, it isnt a big deal as you can simply recover your wallet by using the Seed key. Furthermore, to use the Nano S all you require are google chrome extentions which are easy to download and easy to use. I recommend the Ledger Nano S, I havent had any problems so far!