Jump to content
PhiveOfGodBody

Best ABY Storage. Opinions?

Recommended Posts

I am sure there are benefits to storing your ABY in the different wallets. My question is which do you guys think is safest for large amounts of ABY. Exchange sites and the online wallet are backed by the sites security (to my knowledge). The Desktop wallet is your own security, but less chance of compromise without actual access to your desktop? Just wondering. All opinions welcome! Thanks!

Share this post


Link to post
Share on other sites
1 hour ago, PhiveOfGodBody said:

My question is which do you guys think is safest for large amounts of ABY. 

If this is the question you're defining "safest" as the most interesting criteria for you. In this case, and looking for a medium-long term I would keep my wallet in my desktop. You can print your keys in a paper wallet, and have a backup of your wallet.dat file for increased security.

You cannot rely in exchanges security. It's quite frequent yet that they have security problems.

Share this post


Link to post
Share on other sites
1 minute ago, hj27 said:

If this is the question you're defining "safest" as the most interesting criteria for you. In this case, and looking for a medium-long term I would keep my wallet in my desktop. You can print your keys in a paper wallet, and have a backup of your wallet.dat file for increased security.

You cannot rely in exchanges security. It's quite frequent yet that they have security problems.

I appreciate the opinion! Def in for the mid-long term hold.

Share this post


Link to post
Share on other sites
1 minute ago, hj27 said:

Another option it would be a hardware wallet (like one forum member asked recently) but I think there is no one available that supports ABY.

that is probably my favorite option, but i remember reading the same. im sure there will be one soon!

Share this post


Link to post
Share on other sites
2 hours ago, PhiveOfGodBody said:

My question is which do you guys think is safest for large amounts of ABY. Exchange sites and the online wallet are backed by the sites security (to my knowledge). 

 

The twins keep the private key for their bitcoin fortune in multiple pieces in bank vaults around the country.

The advice I've been given is to either keep your wallet.dat on a flash drive... or have a dedicated computer for crypto only. Keep your Windows up to date with security fixes, malware & antivirus.Use it exclusively for crypto.

When you're not using it:

1) keep it in a safe and secure place (safe)

2) keep it off the internet

3) keep it powered off

 

 

Share this post


Link to post
Share on other sites

I already mentioned, that it would be great, if ABY could be supported by a Hardware wallet, like Ledger Nano S or Trezor.
Unfortunately, it is part of the company, which is developing those Hardware based wallets, which coins they are supporting - since you need again a Software part, so that you are able to connect to the wallet and work with.

For the Ledger Nano S f.e. you have to install extensions for your Chrome Browser - at least, as long as Google Chrome is still supporting Browser Extensions.
As far as I know, the Dev Team from the Ledger Nano S is currently developing a stand alone App for their device... but again, it is not clear, which coins they are supporting.

I think, they are just trying to support the most common coins on the market - and unfortunately, yet, ABY isn't one of those.
Maybe, in the future, if the value of one coin comes to a much higher value... but who knows.

On the other hand - since most of the original desktop wallets are based on the same source code (based on BitCoin Core) for a good developer it could be easy to provide a third party wallet...
There are already some "multi-coin" desktop apps available... so it seems not to be impossible ;)

I think the best way would be, if the ABY Team could try to get a partnership with a company which is building those hardware wallets - but at the moment, there are a lot of other, more important things they should have in focus.

Share this post


Link to post
Share on other sites
7 hours ago, PhiveOfGodBody said:

Exchange sites and the online wallet are backed by the sites security (to my knowledge).

They indeed are, but that can only go so far. Exchanges keep their total funds in a single wallet, so if that gets compromised then all the funds will be lost, and as such they're prone to hacking or simply insider theft. All this has been seen many times before, and it's bound to happen in the future as well, so the safest option is to keep the funds in your own offline wallet.

Share this post


Link to post
Share on other sites

I have divided my coins. I have about 2/3 in my own wallet on my computer. And I keep the rest on 2 exchanges: Litebit & Cryptopia.

 

And rule 1 for keeping coins in your own wallet: Keep your password safe and make backups!

Share this post


Link to post
Share on other sites
3 minutes ago, P.E. said:

I have divided my coins. I have about 2/3 in my own wallet on my computer. And I keep the rest on 2 exchanges: Litebit & Cryptopia.

 

And rule 1 for keeping coins in your own wallet: Keep your password safe and make backups!

i like that rule. i most likely will exercise your rule with some of the other advice!

Share this post


Link to post
Share on other sites
18 hours ago, Cahoot said:

They indeed are, but that can only go so far. Exchanges keep their total funds in a single wallet, so if that gets compromised then all the funds will be lost, and as such they're prone to hacking or simply insider theft. All this has been seen many times before, and it's bound to happen in the future as well, so the safest option is to keep the funds in your own offline wallet.

People that recommend storage on exchanges must have entered the space after MtGox. You only keep coins on exchange that you want to buy & sell with. You don't want to keep it there long-term. MtGox was the first major hack, but there's been many exchanges that the owner ran off with the money, exchanges got hacked, or other ways that you lose your coins. 

Share this post


Link to post
Share on other sites
6 hours ago, AdamsEve said:

People that recommend storage on exchanges must have entered the space after MtGox. You only keep coins on exchange that you want to buy & sell with. You don't want to keep it there long-term. MtGox was the first major hack, but there's been many exchanges that the owner ran off with the money, exchanges got hacked, or other ways that you lose your coins. 

Right on money. I guess the recent downtime of Kraken will open some eyes again, but I reckon that we will need a major exchange to go down like Mt. Gox or e-BTC for the "current generation" to finally understand this. But afterwards the cycle just starts all over again, since the cryptosphere keeps growing...

Share this post


Link to post
Share on other sites

Best store your aby coins on the QT wallet, download it and update the blockchain of the wallet then transfer your aby coins on your desktop, but always back-up your wallet.dat. It is the best way to secure and store your aby coins.

Share this post


Link to post
Share on other sites

Both hardware/private and public wallets are having its own risk but hardware/private wallet look more secure unless you're careless or something like that will ever make you loose your money but public wallet i.e exchange wallet are more easier but riskier than private wallet. 

However, if you are a day trader, the best wallet for you is exchange wallet for easy trading. But if you are a bagholder, you need not to think twice before looking for a very secure and friendly user interface hardware/private wallet.

Share this post


Link to post
Share on other sites
4 hours ago, ALL DAY IMPRESSIONS said:

online wallet is tricky i think... may get hacked... or something else... 
i prefer a computer wallet which is offline the internet.... prevents unwanted access of strangers... :) no connection to internet -> no access of others :)

I think this is a good advice, but you have to be very careful not to lose your passwords, have a backup of your wallet.dat...

Share this post


Link to post
Share on other sites
15 hours ago, ALL DAY IMPRESSIONS said:

online wallet is tricky i think... may get hacked... or something else... 
i prefer a computer wallet which is offline the internet.... prevents unwanted access of strangers... :) no connection to internet -> no access of others :)

+ there is always a human who runs the server where your wallet is.

A pendrive could work, but you have to check it at least each 2 years to see if you still can read your wallet and maybe have a second one in case one fails. Pendrive option isn't that bad because you could give the encrypted drive to someone that you later can ask if you ever need it.

Share this post


Link to post
Share on other sites
On 2/6/2018 at 12:40 PM, Coinbiz said:

have you guys heard of paper wallet... From my understanding, its one of the best to keep your coin cos its a cold wallet.

Yes, but a hardware wallet is essentially the same, just way more userfriendly. As long as you keep your seed written down and and in a safe place (or preferably two), it's effectively the same as paper wallet (offline generated wallet), with the only exception of being actually way more easily usable.

Share this post


Link to post
Share on other sites

As a new member just got here , I’m not understand  related to this problem . For a while , Iam using wallet program online that is provided by the artbyte ,called is wallet artbyte . Is actually allocated for a change could happen in more than just security what can I do?

Share this post


Link to post
Share on other sites
Guest
You are commenting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoticons maximum are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

×