Crypto News & ICO Reviews
and onto my own wallet. I have been putting this off way too long and I was stupid to even have waited as long as I have considering I was burned twice on MtGox. Even though I am a software developer creating my own wallet and holding onto my coins myself always seemed a bit too daunting. But eventually I had enough worrying about my exchange holding onto my BTC.
I went with Electrum, so I didn't need to wait days to download a copy of the ledger, and it was unbelievably easy to use. After installing Electrum, I simply wrote down my word seed, ran a couple test transactions, backed up my wallet on a couple USBs and a couple CDs, tried restoring the back-up of my wallet onto other computers, and the voila all my bitcoins are actually in my possession.
Maybe my previous concerns stemmed from the early days of using BTC wallets or maybe it was due to having to download the entire blockchain on my PC and knowing just a tip of the attack vectors that could result in my wallet being compromised/lost. Did I always need to use a clean laptop with nothing else on it to manage my wallet, what happens if that laptop quits booting up, not to mention all the threads from 4-5 years ago when people would lose their own wallets due to PC crashed/hacked? Even though I know it was riskier and I had paid the price not once but twice the convenience of having my exchange hold my coins outweighed all the many hours I wondered if my coins were even still there.
Anyways I just wanted to share my experience I hope there are not too many others like me out there still that are fully capable of storing their own bitcoin but for one reason or another choose not to.
After making all my backups and writing my word seed down in a few places I have delete all of my wallets off my computers that I used for testing including my daily driver and now if I ever want to know if my bitcoins are still there I can just check my bitcoin address.