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Storing Bitcoins Safely?

I want to buy btc so i could deposit money into sportsbetting sites that accept btc. Im from usa but i also go to other country b/c i play online poker. I was told buy btc from coinbase... its 1 percent fee for buying and selling. I read you cant send from coinbase to gambling site b/c i read coinbase close lot of gambling accts. I want to deposit it into 5dimes/heritage sports... these are sites that accept btc and payout in btc.
I wanted to buy 5-10k worth of btc to deposit it into those sites. Basically they would convert the btc to usd. Reason i want this is b/c in the usa... very hard to deposit bigger amounts into gambling sites so i saw btc as great way to do this. I then read that one should buy btc on coinbase from bank acct, then send the btc to blockchain... then send to 5dimes/heritage. And if i want to withdraw btc from 5dimes/heritage, have them send the btc to blockchain then i send to coinbase then sell it for 1 percent fee and get ach deposit into my bank of america. Firstt off, thats how it would work right to buy/sell bitcoin? I read only use coinbase b/c its the most simple site to use.
I then was told its better to send btc from coinbase to a desktop client. I then read about multibit, armory etc. I speak with few ppl who said do multibit b/c its very simple. However, i read lot of accts still get hacked. I read lot of coinbase, blockchain, mulitbet get hacked and b/c im not computer savy, that is big risk as i read ppl with 2FA still get hacked. Few ppl then told me to do paper wallet and then it would be safe. I then read about it and it seem complicated. I read ppl say put it in safe place like safety deposit box in bank. But if u do that, how do u do transactions then on the computer if the paper wallet is in safety deposit box... or u dont need it?
The thing is i would be mostly out of the usa as i play online poker. So would i even suppose to bring the paper wallet with me or leave it in the usa bank deposit box? Also i read if u lose the paper wallet, u lose all the btc? If true, then i woudnt want to carry btc with me anywhere at all.
I then read about trezor and ledgerwallet. Would you recommend me to get trezor since im a big newbie with computer tech? It does seem expensive though at 120 dollars? Ledgerwallet seem cheaper at 36 dollars or so but it seems more compliocated than trezor? It seems like with trezor, i dont have to worry about anything at all such as no dekstop client, paper wallet and think about anything right? And i read even if u lose it.... then u dont lose your btc.
Lot of ppl make it seem like its easy to keep btc safe but i read lot of ppl get accts hacked whether coinbase, blockchain or desktop client. So would u say best to get trezor? I would want to probably have like 5k plus worth of btc. Also... does that mean its best to keep all the btc in trezor and whenever i want to sell it, then send it asap to coinbase then asap click sell so the btc never stays in coinbase for more than a few minutes? Obviously the other btc site i would make sure they are safe whether its like nitrogensports or a site like 5dimes/heritage which already converted btc when i sent it to them.
I been wanting to use btc for very long time but last thing i want is to have 10k worth of btc, then i find out acct gets hacked. And if ppl who are computer savy get hacked, im sure i would get hacked as i didnt even know much about 2FA as even relating to email until recently. Thank you.
submitted by pauly800 to BitcoinWallet [link] [comments]

This is how you should start thinking about wallet security

Security has always been a concern with Bitcoin often cited in the media. It is a fear that hinders adoption and damages users who do not pay due diligence. Bitcoin is a powerful currency that will radically change the world in the upcoming decades. As cliche as it sounds, with great power comes great responsibility. The responsibility of protecting a bitcoin user's wealth is fully his responsibility.
Often times, community members will suggest a particular wallet security advice without going into why it's recommended and for whom or what use case it's suitable for. Once a wallet's feature set or use cases are defined by the owner, wallet secuirty becomes a matter of assessing risks and minimization of these risks.
Most personal use cases can be broken down into three categories. Long term cold torage, desktop storage/use, highly accessible.
Cold storage such as usb backups or paper wallets makes a good deterant against malware, technical ineptitude, or gambling addictions. These are attack or loss vectors that cold storage is strong against. Certain cold storage solutions will have certain weaknesses. USB may be easier to lose, while paper is prone to fire. When choosing between the specific wallet solution, it's always important to determine the weaknesses of each wallet and assess how much that affects you. Multiple ecrypted backups in multiple locations can help mitigate the weaknesses.
If the wallet is intended to be used more for frequent online transactions, a desktop wallet allows that while still providing great security. Armory is ofte regarded as the most secure wallet in this class. Although that may be objectively true, a new user might easily be confused by system resource requirements and large feature set. Confusion maybe much more detremental than hackers. Electrum with its simple UI and determinastic private keys may protect and educate the new user much better. Once more comfortable, he can explore the features and differences of other wallets and judge their eventual favorite.
Webwallets and mobile wallets are the least secure. Highly accessible should be reserved to holding no more than what user would with cash in wallet. Reputable mobile wallets can be secure and trusted, but prone to accidental loss or damage. Hybrid wallets such as blockchain.info offers client side encryption, but some level of trust is needed. Regular web wallets like inputs.io is not a wallet in the traditional sense, but more of a bank/deposit receipt system. Almost all of these wallets have had their wallet hacked or stolen by site admin. Whenever entrusting trust to 3rd party is required, the user should always ask himself several questions: 1. Does admin have any reason not to steal from me? (Assume admin would scam and think of reasons why it wouldn't be.) 2. How secure is the service? (Calling a website secure doesn't make it so. Does the site provide substancial support?) 3. Does the site have the cash to compensate stolen BTC? Simply by answering these questions, it's clear why free web wallets are almost guarenteed to lead to user loss. More intensive numerical analysis can help calculate a site's earnings and estimate how much loss it can handle. Transparency then makes for a good indicator of worthiness.
Other novel features or loss vectors can make security a more complicated problem, but hopefully this guide helps as wallet recommendations and how to think about wallet security.
submitted by sirkent to Bitcoin [link] [comments]

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How to Download and Verify the Armory Bitcoin Wallet

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