Hey guys, I could use some advice with respect to local (home PC) "storage" of BTC.
Background: I'm relatively new to cryptocurrency production and transactions. As a Folding@Home enthusiast, I've been folding for 16 years. I joined the Foldingcoin and Curecoin awarding teams just this summer. The acquired FLDC and CURE have really been an effective way to offset my Folding hardware and power costs.
I have no issues with depositing CURE and FLDC at my coin exchange, Bittrex, and exchanging the tokens there for BTC. I exchange for BTC as BTC is the easiest cryptocurrency to actually pay for real goods. In my case, paying with BTC has so far been limited to purchasing computer hardware at Newegg. For now, I'm happy with the hardware I'm running and simply want to park my BTC until I want/need to make purchases.
I'm a bit queasy about storing my BTC at Bittrex, which is my exchange, or any exchange for that matter. Maybe I'm wrong, but I think storage would be safer with a "desktop" wallet on one of my home PCs. I'm very good with password security and I routinely run backups of all important data. My backup regimen includes offsite, cold (not online) , redundant backups. (I routinely swap out a hard drive with backup copies at a safe deposit box.)
OK, two questions, please:
1) What do you think about my security assessment of desktop wallet storage versus exchange storage?
2) What desktop BTC wallet would you recommend? Going forward, I would intend to use the wallet for purchases using BTC.
Background: I'm relatively new to cryptocurrency production and transactions. As a Folding@Home enthusiast, I've been folding for 16 years. I joined the Foldingcoin and Curecoin awarding teams just this summer. The acquired FLDC and CURE have really been an effective way to offset my Folding hardware and power costs.
I have no issues with depositing CURE and FLDC at my coin exchange, Bittrex, and exchanging the tokens there for BTC. I exchange for BTC as BTC is the easiest cryptocurrency to actually pay for real goods. In my case, paying with BTC has so far been limited to purchasing computer hardware at Newegg. For now, I'm happy with the hardware I'm running and simply want to park my BTC until I want/need to make purchases.
I'm a bit queasy about storing my BTC at Bittrex, which is my exchange, or any exchange for that matter. Maybe I'm wrong, but I think storage would be safer with a "desktop" wallet on one of my home PCs. I'm very good with password security and I routinely run backups of all important data. My backup regimen includes offsite, cold (not online) , redundant backups. (I routinely swap out a hard drive with backup copies at a safe deposit box.)
OK, two questions, please:
1) What do you think about my security assessment of desktop wallet storage versus exchange storage?
2) What desktop BTC wallet would you recommend? Going forward, I would intend to use the wallet for purchases using BTC.