The Best Ways To Store Small and Medium Amounts of Bitcoin

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In this video, I discuss why it is so important to withdraw your Bitcoin from an exchange and store it on your own hot or cold wallet.

Phone wallets (hot wallets) are great for amounts up to a few hundred dollars. For larger amounts of Bitcoin, you are better off using a hardware wallet like the Trezor, Coldcard, or Blockstream Jade.

For this type of cold storage (where your private keys never touch the internet), you can use single-sig (one hardware wallet) or multi-sig (a few hardware wallets, where 2/3 or 3/5 or some quorum like that must sign).

When people leave their Bitcoin on exchanges, it opens up the entire ecosystem to unnecessary risk, and makes it more feasible for a government to confiscate Bitcoin from the exchanges, like the US did with gold in 1933.

Not your keys, not your coins!

Not investment advice! Consult a financial advisor.

How to Buy and Store Bitcoin (The Right Way):

Binance halts withdrawals:

Coinbase can freeze your account:

Understanding Bitcoin private keys:

When the US gov stole all the gold:

Best wallets for your phone:

Why to avoid Ledger hardware wallets:

Good hardware wallets:

Hide Your Bitcoin Using These Two Cool Tricks:

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I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.

My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#Bitcoin
#HardwareWallets

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[Bitcoin_University]

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[oddvaraustratt]

Thank you for the informative lectures. Im in my 20s and alot of people in my age group are heavlily intrested in cryptocurrencies, but fail to educate themselves on it.

[zulu]

I love the foreshadowing that came from the Celsius client lol

[moneycrab]

I had the same problem with Celsius! I needed my Bitcoin and they put a large withdrawal hold and made me upload a video with my drivers license and the date requesting the withdrawal. While I appreciated the security, it was a surprise requirement and the market went down significantly in the meantime (over 7 days total haggling too). I hate the idea of having it there rather than my trezor, but I’m greedy for that BTC in kind interest. B.t.w Matthew thank you for your videos — you are absolutely a gift!

[jonathansturm]

Thanks for the ongoing education Sir. I’m in my 70s and not finding the technical aspects of crypto _particularly_ difficult. But then I spent quite a lot of my free time reading political economy treatises over half a century. Far more entertaining to my mind than TV.

The ability of the instructor to communicate clearly is a major factor in overcoming adoption of new technologies. A significant period of my life was spent teaching computer skills to adults back in the 1990s. My success in that field came from working hard to reduce the clients’ fear; that was the biggest impediment to learning.

Special thanks for the heads-up on the Ledger. I shall order myself a Trezor forthwith!

[smyth]

what's your opinion on the keystone wallet? thanks for your great videos.

[trigger]

Hey so I also heard that Ledger has a security vulnerability. What is the safest method to store BTC? And is there a tutorial you recommend??

[ALIMOFRAD-uigb]

Thank you so much! I’m fairly new to bitcoin and this was amazing. I am so happy to find this channel.

[antoniocouto]

Thanks for the video, is very valid today, how many hardware wallets is a good number to have or one hardware wallet if enough.

[kswonder]

Thanks for the Sunday morning lesson 👨🏼‍🏫🙋🏾👨‍💻

🥷🏻another possible trick…you purchase two seed phrase steel capsule wallets, use one for yourself with the real seed phrase, use the second as a decoy with an incorrect seed phrase, place the decoy close to/by the Trezor. If someone steals the Trezor they may assume the seed phrase they found is correct too. This mistake on their part could delay them, allow you more time to take action, and so on. Classic ploy, modern day twist.

[OPTICXPROTOTYPE]

Are you saying $10, 000 worth of bitcoin is the most amount you should have on one hardware wallet because of risk management or is that the max capacity for a hardware wallet

[avsmith]

Thankyou for all of your content, I appreciate your work

[jungleinc]

What a great video!! Thank you. I use various solutions, but have been dissatisfied with my hardware wallets. I will order a Trezor today.

[anythingbutcash]

What is your opinion on the Safepal cold wallet? Thanks I love this video btw. Very thought provoking.

[blexaarron]

Yes, multi-sig video please. I’m content with trezor but would like to add extra secruity. Multi-sig is the next best thing it seems!

[gamingking]

I agree with the points you made here, but if Andy was irresponsible and lost the 2FA for his Celsius account with no backup, I would be worried about any other storage solution he chooses to use as well.

[aldenvidal]

Just want to ask if Coinomi is also a trusted software wallet. Thanks for your awesome work.

[stephenvincent]

i have 2 ledger wallets sitting on my desk gathering dust. I decided against using them when I heard of the hack. What is your opinion of the BC Vault.

[levhacks]

Thanks Matthew, I think it would be amazing if you debated Peter Schiff in the future. I think you have the best arguments against Gold bugs.

[SJGINC]

You had done a video about the Jade wallet. What do you think about that one now.