How would you store a very large amount of crypto currency

Question

I have Litecoin, Bitcoin, Ethereum and NEM. In recent times, I've become a very lucky boy indeed!

I usually download and install the "official" wallets that download the entire blockchain but this is getting impossible now, especially for Ethereum Mist wallet which just plays up all the time causing me to delete chain data and force a so-called "fast sync".

If you were in my position, having this very large amount of coins, how would you go about storing/protecting them? For each of the above which wallets would you use and how would you split things so as to not put everything in one basket?

Many thanks

Answer 1

I am very happy with my Trezor, less so with my Ledger (because I find the interface annoyingly clunky). The Trezor is extremely easy (and, I believe, extremely safe as long as you don't leave your PIN number or recovery phrase lying around). It works fine for Litecoin and Bitcoin, and a bit more annoyingly for Ethereum (where it outsources the wallet to another provider). I don't believe it will hold NEM. I'm not sure if the Ledger will hold NEM, but it should be easy to look up on their website. I hold only Ripple in my Ledger, because (among the coins I hold), this is the only one the Trezor won't handle.

Answer 2

I'd recommend purchasing a hardware wallet, such as Trezor, Ledger or KeepKey.

These devices store your wallet away from your computer and don't ever expose the private keys, thus protecting them from being stolen.

Answer 3

Your Bitcoin is safe on the blockchain so long as your private keys are safe. I imagine that the same is true for the other currency that you hold. Using the official wallet is a good answer provided there are no security bugs in the installed software version AND provided your computer is secure. This is where Trezor and Ledger come in where theoretically your private keys are never exposed.

Personally, I am comfortable that I can setup a secure enough computer. As an added security measure a computer can be kept completely offline except when necessary to transfer to a hot wallet or, you can use a cold wallet that allows offline signing. I used to recommend Armory for Bitcoin but have not checked up on it recently.