Bitcoin Q&A: Hot vs Cold Wallets  - Andreas M. Antonopoulos -
Channel: Icey Bit
Date: 2017-12-17

The dangers of custodial accounts; not your keys, not your money. Security practices for long-term vs. short-term storage, trading, and transacting. I don't leave any currency (crypto or fiat) in an exchange for longer than 15 minutes. I use these cryptocurrencies to pay my bills, so I transact very often. So far, I've only ever lost small amounts of bitcoin through stupid mistakes.

1. Don't leave your money on exchanges longer than you have to. If you day-trade, make sure you understand the risk that entails.

2. Organise a tiered storage system of hot and cold wallets, factoring in the amount of bitcoin you're storing, how you plan to use it (soon or not for a long time), and what security risks you're willing to take with each tier.

3. Use cold storage (i.e. paper wallets) for large amounts or for bitcoins you don't plan on using for a longer period of time.

4. Use hardware wallets that are PIN or password-protected

5. Use multi-signature multi-party or multi-factor wallets for carrying out your weekly business transactions.

6. Use hot wallets (ex. mobile wallets) for petty cash, or if you are the Oprah of cryptocurrency.

This is part of a keynote talk which took place at the Blockchain Africa Conference on March 2nd 2017 at the Focus Rooms in Johannesburg, South Africa: http://blockchainafrica.co/speakers/a...

QUESTION & ANSWER:
How do I secure my bitcoin? -https://www.youtube.com/watch?v=5gZTub3O_NQ
The rules of Bitcoin (part 1) - https://www.youtube.com/watch?v=WYc1PBiJW1M
The rules of Bitcoin (part 2) - https://www.youtube.com/watch?v=72k8I8qQfHc
SegWit, scaling, and consensus - https://www.youtube.com/watch?v=Cdx2dLDqyo4
Inspiring cryptocurrency projects - https://www.youtube.com/watch?v=CTtQyM6qGgQ
ICOs and responsible investment - https://www.youtube.com/watch?v=ipefHl_h9y0

RELATED:
Bitcoin for Beginners - 
https://www.youtube.com/watch?v=xqW3VGcTUus
Blockchain for Beginners - 
https://www.youtube.com/watch?v=eMoc4zU39hM
Hard Promises, Soft Promises: Promoting Autonomy instead of Authority - https://www.youtube.com/watch?v=MB0dbjWlc5Q
The Stories We Tell About Money - 
https://www.youtube.com/watch?v=s31_ayXkmWg
Blockchain vs. Bullshit: Thoughts on the Future of Money - https://www.youtube.com/watch?v=uJcsIsC_Bwg
The revolution in trust - 
https://www.youtube.com/watch?v=wkwqpE1N6Ew
The War on Cash and Crypto - 
https://youtu.be/BAlRKfvBnvw
Migrating to post-quantum cryptography - 
https://www.youtube.com/watch?v=dG-a6Sl7Dg4
Forkology: A Study of Forks for Newbies - 
https://www.youtube.com/watch?v=IZDq-l9G3Jc
The Lion and the Shark: Divergent Evolution in Cryptocurrency - https://www.youtube.com/watch?v=0DCUtApXRfs
What is the role of nodes? - 
https://www.youtube.com/watch?v=wtlEiceEsR0
Governance trade-offs in decentralised systems - 
https://www.youtube.com/watch?v=Q48F02fUoOU
Why are decentralised networks resistant? - 
https://www.youtube.com/watch?v=i67BG5ScNTs

Smartphone wallets for iOS and Android:
- Mycelium https://mycelium.com/
- Copay https://copay.io/
- Airbitz https://airbitz.co/

Hardware Wallets:
Ledger Nano S http://amzn.to/2lsDbG7
Trezor http://amzn.to/2Cs0R5B
Keep Key http://amzn.to/2Ctlhex
Ledger Blue http://amzn.to/2CkdMc2

Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and well-respected figures in bitcoin.

Follow on Twitter: @aantonop https://twitter.com/aantonop
Website: https://antonopoulos.com/

He is the author of several books: “Mastering Bitcoin,” published by 
O’Reilly Media and considered the best technical guide to bitcoin.

The Internet of Money, v1: http://amzn.to/2zP4IXn

The Internet of Money, v2: http://amzn.to/2CiyoS1

[NEW] Mastering Bitcoin, 2nd Edition: http://amzn.to/2BY3QkT

[PRE-ORDER] Mastering Ethereum: Building Smart Contracts and Dapps: http://amzn.to/2zP8XCp

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 Music: 
"Unbounded" by Orfan (https://www.facebook.com/Orfan/) 
Outro Graphics: Phneep (http://www.phneep.com/) 
Outro Art: Rock Barcellos (http://www.rockincomics.com.br/)