<blockquote>
  <p>If it's a website - what if it goes bust or goes down?</p>
</blockquote>

<p>There are private key storage companies that specialise in backup procedures and use multi-signature keys. If they go bust, you still have full control of your funds and just choose another provider. </p>

<p>Read more about how Bitgo employs these services on behalf of its users:</p>

<p><a href="https://blog.bitgo.com/bitgo-release-open-source-key-recovery-service/" rel="nofollow">https://blog.bitgo.com/bitgo-release-open-source-key-recovery-service/</a></p>

<blockquote>
  <p>If it's on my phone - then what if I lose my phone?...</p>
</blockquote>

<p>Most Bitcoin wallets are now Hierarchical Deterministic (HD) style wallets, which means all private keys can be restored by entering a set of random English words. As long as you don't lose those words, you can easily restore your bitcoins if something happens to your device. </p>

<blockquote>
  <p>Correct me if I'm wrong but presumably a bitcoin is essentially a long string of numbers, so presumably I could physically write this down on paper, make a few copies as backup and bury them in the garden (or whatever), then I wouldn't have to worry about the website going down.</p>
</blockquote>

<p>You're not wrong, but most people would find this process tedious and difficult. And if you die, there's a good chance your family would have nobody to guide them through the restore process.</p>

<blockquote>
  <p>I guess that my ultimate question is, how can I store some bitcoins for many years without having to worry about the security of my wallet?</p>
</blockquote>

<p>The best solution currently is a hardware wallet called Trezor. It is a usb device that is a mini computer capable of generating and keeping your private keys offline, even when plugged in.</p>

CC BY-SA 3.0
2016-06-13T01:47:58.227Z
2016-06-13T01:47:58.227Z
leo
<p>Say I wished to hold a lot of bitcoins for many years as an investment. My worry would be about the long term safety of the different wallet mechanisms. If it's a website - what if it goes bust or goes down? If it's on my phone - then what if I lose my phone?... </p>

<p>Correct me if I'm wrong but presumably a bitcoin is essentially a long string of numbers, so presumably I could physically write this down on paper, make a few copies as backup and bury them in the garden (or whatever), then I wouldn't have to worry about the website going down.</p>

<p>I guess that my ultimate question is, how can I store some bitcoins for many years without having to worry about the security of my wallet?</p>

CC BY-SA 3.0
2016-05-17T16:07:18.010Z
@DumbCoder: yes. But that's a different question :-)
Mick
CC BY-SA 3.0
2016-05-17T18:27:04.667Z
This answer might be of use to you:  http://bitcoin.stackexchange.com/questions/43875/what-options-does-one-have-to-manage-bitcoins/43882#43882
Jestin
<coldstorage>
How can I hold Bitcoins safely in the long term?
Mick
# How can I hold Bitcoins safely in the long term?

(Asked by: username_0 on 2016-05-17)

Say I wished to hold a lot of bitcoins for many years as an investment. My worry would be about the long term safety of the different wallet mechanisms. If it's a website - what if it goes bust or goes down? If it's on my phone - then what if I lose my phone?...

Correct me if I'm wrong but presumably a bitcoin is essentially a long string of numbers, so presumably I could physically write this down on paper, make a few copies as backup and bury them in the garden (or whatever), then I wouldn't have to worry about the website going down.

I guess that my ultimate question is, how can I store some bitcoins for many years without having to worry about the security of my wallet?

**Tags:** coldstorage

> **Comments:**
> **username_0**: @DumbCoder: yes. But that's a different question :-)  
> **username_1**: This answer might be of use to you:  http://bitcoin.stackexchange.com/questions/43875/what-options-does-one-have-to-manage-bitcoins/43882#43882  

---

## 1 answers

### Answer by username_2 on 2016-06-13. Score: 0

> If it's a website - what if it goes bust or goes down?

There are private key storage companies that specialise in backup procedures and use multi-signature keys. If they go bust, you still have full control of your funds and just choose another provider.

Read more about how Bitgo employs these services on behalf of its users:

<https://blog.bitgo.com/bitgo-release-open-source-key-recovery-service/>

> If it's on my phone - then what if I lose my phone?...

Most Bitcoin wallets are now Hierarchical Deterministic (HD) style wallets, which means all private keys can be restored by entering a set of random English words. As long as you don't lose those words, you can easily restore your bitcoins if something happens to your device.

> Correct me if I'm wrong but presumably a bitcoin is essentially a long string of numbers, so presumably I could physically write this down on paper, make a few copies as backup and bury them in the garden (or whatever), then I wouldn't have to worry about the website going down.

You're not wrong, but most people would find this process tedious and difficult. And if you die, there's a good chance your family would have nobody to guide them through the restore process.

> I guess that my ultimate question is, how can I store some bitcoins for many years without having to worry about the security of my wallet?

The best solution currently is a hardware wallet called Trezor. It is a usb device that is a mini computer capable of generating and keeping your private keys offline, even when plugged in.


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