-1

I know to option to store bitcoin.

1) A wallet

2) A exchange

but both are unsafe

As far as i know wallet save the coins offline in your phone and hence if you break your phone or lost it coins are gone. And exchanges can be hacked too.

so what will be safe to store a bitcoin/ ehereum. also is it safe to buy a bitcoin/ethereum without knowing what I'm doing exacly unlike the stocks(where we have to read all the books and stay updated and all).

0

As far as i know wallet save the coins offline in your phone and hence if you break your phone or lost it coins are gone. And exchanges can be hacked too.

This is not necessarily true. Any good wallet will prompt you to write down a seed phrase, which is usually 12-24 words long. If your phone gets destroyed, all you need is that phrase, and you can recreate your wallet on another device (using different software even, if you'd like).

So really, the important thing is keeping your seed-phrase super safe. Anyone that finds it would be able to steal your bitcoins.

A hardware wallet is considered by many to be the easiest and safest option commercially available at this time.

  • so which wallet offers seed phase? any favorite one that you will recommend? – shinigami Nov 25 '17 at 5:19
  • Just about every wallet uses a seedphrase. If a wallet doesn't offer a seedphrase, I don't think I would use it. The exception is perhaps a cold storage address, but that isn't really a wallet persay. – chytrik Nov 25 '17 at 10:28

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.