Ask HN: Recommendations for purchase and storage of Bitcoins

#1

Post by saturngirl » Wed, Jan 14, 2015, 1:37 PM UTC

Interested to know what HN recommends is the best way to

(i) buy bit coins

(ii) store bit coins

Re: Ask HN: Recommendations for purchase and storage of Bitcoins

#2

Post by Someone1234 » Wed, Jan 14, 2015, 3:13 PM UTC

Bitcoin Exchange (e.g. okcoin). Offline (e.g. physical media like a few DVDs, an unplugged flash drive, and so on). I wouldn't store more than you absolutely have to online as some of these Bitcoin "banks" have a habit of running off with everyone's Bitcoins.

I wouldn't recommend Bitcoins in general as an "investment." Only if you are buying the coins to be used in the near term for a purchase. Investing in Bitcoins is a little suspect, never invest what you cannot afford to lose.

Re: Ask HN: Recommendations for purchase and storage of Bitcoins

#3

Post by [deleted] » Wed, Jan 14, 2015, 4:15 PM UTC

[deleted]

Re: Ask HN: Recommendations for purchase and storage of Bitcoins

#4

Post by abrkn » Wed, Jan 14, 2015, 4:16 PM UTC

I recommend storing on hardware wallets like Trezor. You can buy from Bitstamp, Kraken, Localbitcoins, Okcoin, ANX.

Re: Ask HN: Recommendations for purchase and storage of Bitcoins

#5

Post by Phlarp » Fri, Jan 16, 2015, 5:26 PM UTC

Buy: Coinbase or Okcoin

Store: generate address keys on an air-gapped computer, best option is a linux live boot instance, encrypt the keys with a strong password and store on write protected media in a safe place. Make sure to have several backups of the encrypted storage file and for the love of bits do not forget the passwords. NEVER LET RAW KEYS NEAR AN INTERNET CONNECTED MACHINE, when you are ready to transfer funds out of the secure wallet(s) decrypt them on an air-gapped machine, sign your transaction, and then copy that over to a connected machine to broadcast.