Bitcoin Q&A: Scorching vs. Chilly Wallets

The hazards of custodial accounts; not your keys, not your cash. Safety practices for long-term vs. short-term storage, buying and selling, and transacting. I do not depart any foreign money (crypto or fiat) in an alternate for longer than quarter-hour. I take advantage of these cryptocurrencies to pay my payments, so I transact fairly often. To date, I’ve solely ever misplaced small quantities of bitcoin by way of silly errors.

0:00 How do you, in apply, use bitcoin each as a long run retailer worth and one thing that you just transact with?
0:45 I do not depart cash on exchanges
2:03 Cold and warm wallets
4:12 I’ve misplaced small quantities of bitcoin

1. Do not depart your cash on exchanges longer than it’s a must to. For those who day-trade, be sure you perceive the danger that entails.

2. Organise a tiered storage system of cold and hot wallets, factoring within the quantity of bitcoin you are storing, how you propose to make use of it (quickly or not for a very long time), and what safety dangers you are prepared to take with every tier.

3. Use chilly storage (i.e. paper wallets) for giant quantities or for bitcoins you do not plan on utilizing for an extended time frame.

4. Use {hardware} wallets which might be PIN or password-protected

5. Use multi-signature multi-party or multi-factor wallets for finishing up your weekly enterprise transactions.

6. Use sizzling wallets (ex. cell wallets) for petty money, or in case you are the Oprah of cryptocurrency.

That is a part of a keynote discuss which passed off on the Blockchain Africa Convention on March 2nd 2017 on the Focus Rooms in Johannesburg, South Africa:

Watch the total discuss right here:

Testimony for the Australian Senate right here:

The way to get folks to care about safety –
Welcome to TrustNet –
{Hardware}, Software program, Trustware –

Andreas M. Antonopoulos is a technologist and serial entrepreneur who has grow to be some of the well-known and well-respected figures in bitcoin.

Observe on Twitter: @aantonop
Web site:

He’s the writer of two books: “Mastering Bitcoin,” revealed by O’Reilly Media and regarded one of the best technical information to bitcoin; “The Web of Cash,” a e-book about why bitcoin issues.



Subscribe to the channel to study extra about Bitcoin & open blockchains!

Outro Music: “Unbounded” by Orfan ()
Outro Graphics: Phneep ()
Outro Artwork: Rock Barcellos ()
Be part of the aantonop Channel:

Previous articlePeter Van Valkenburgh: In the direction of Sound Bitcoin Coverage (Episode 182)
Next articleLETS TALK: Crypto-Forex And The Significance Of Funding


  1. Andreas – longtime proponent and supporter, but what you just described sounds like a good reason why the average person won’t adopt bitcoin. The technical knowhow is just too complex… What are your thoughts on this?

  2. I appreciate everything you are doing good sir I send a dollar to anyone willing to start a blockchain wallet so they can see the system first hand when are you traveling to the United States I will travel to meet you good sir

  3. 3:45 “Giving everyone a bitcoin as if I’m the Oprah of bitcoin…You have a bitcoin…and you have a bitcoin”
    Haha…I was seriously giggling like a little kid.

  4. Great information Andreas!! I totally agree with you!! I don’t trust banks with my money as well. Cold storage is the way to go in the World of crypto-currency.

  5. Thanx 4 spreading the word about #bitcoin
    The more of our friends will start using it worldwide,
    the faster will grow the cost of our and their coins! It’s win-win 🙂

  6. Hi Andreas, followed your wise words since Jan 2017! Always amazing mind-blowing-expanding knowledge received from your talks.
    As a note to this concerning wallets and cash: just a humble suggestion since this is more survival in 3rd world country perspective: is that one perhaps should have a couple hundred dollars in hand, less when there is the possibility of a hold-up (robbery/thief), that wad of cash is a full insurance to let go, and let the robber run. If we have nothing to show (I know most western countries they simply don’t carry cash since they use credit card all the time) this will create a disbelief scenario for the said robber, and may end with a different consequences.

  7. Can some one please explain me what is hot wallet ? and what is cold storage wallet ?
    I am not clear with this ……Appreciate your answers 🙂

  8. Hello Andreas! When you say deep freeze do you mean paper wallets secured with a BIP38 password? If yes, why not replace paper wallets with a hardware wallet? Let’s say 1 hardware wallet for deep freeze and 1 for day-to-day use? Thank you!

  9. The biggest thing I hate is that exchanges charge you so much just to withdraw your BTC, but withdrawing your fiat is so cheap. Every BTC withdrawl from my exchange (Kraken) costs on average 0.001 BTC. That’s about €3 to €4

  10. Great stuff. Im trying to get to this point as well. 70% on HW wallet, some on paper for family and rest on PC / mobile.
    Im guilty of having more than I should on an exchange….few altoins without the good wallet.

  11. Awesome stuff, Andreas! If you’re not comfortable trusting a third-party with your holdings, best to take things into your own hands.

Comments are closed.