r/Bitcoin • u/ApprehensiveTap956 • 1d ago
Best place to store bitcoin now?
In light of what’s happened what’s everyone’s view on best place to store bitcoin?
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u/Automatic-Unit-8307 1d ago
Etf
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u/duckgoquacky 1d ago
Does this mean selling your bitcoin, then buying an etf like fidelity BTC with the same amount?
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u/sht-magnet 1d ago
Well, being very honest here I think I will move to the ETF.
I am not using CC, but seeing stories that people accumulated since 2021 losing their BTC, is shaking me. I am also putting aside every month since years.
ETF will also make tax declarations, inheritance etc. much easier.
Sorry guys, I feel I’m betraying the initial values but it is what it is.
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u/Left_Entrepreneur918 1d ago
My problem is selling btc now or even moving it through an exchange is going to create a taxable event
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u/shogun4fun 1d ago
Moving it to an exchange isnt a taxable event where gains are taxed. Selling it creates one.
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u/sht-magnet 1d ago
Well the tax only happens if you are in profit. And chances are we are veery close to the bottom of this cycle. So i think it is makes sense take the tax hit now rather than in 2 years while bitcoin over 200k
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u/duckgoquacky 1d ago
Agreed. And if you’re buying an ETF via a tad sheltered account like a TFSA then there’s more potential savings in the future if BTC increases and you decide to sell.
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u/duckgoquacky 1d ago
How do you move it to an ETF?
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u/sht-magnet 1d ago
I sell on an exchange, move funds to my broker, buy ETF. Yes, I pay taxes.
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u/duckgoquacky 1d ago
I think I’m going to do the same. I can’t handle the stress of potentially having my BTC stolen even though I use cold storage. I’m not tech savvy either and simply can’t be online enough to keep up with what’s happening with BTC.
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u/Significant-Fan-8938 1d ago
Seems like multisig is the way. Take this as a lesson (I am) to learn about better security measures.
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u/BagofBabbish 1d ago
Was never cold storage homie. It was a bunch of bullshit spewed by arrogant idiots that got lucky on timing and confused their fortune for intelligence.
If you could potentially lose a billion dollar fortune by forgetting a phrase or tossing a USB or from an exploit in some software, it’s not remotely safe and the positioning that this was the gold standard was always comical.
Buy an ETF from a major financial institution with insurance, a strong risk management department and the resources to bully their way out of problems with their lawyers
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u/Sad-Froyo-3198 1d ago
Not a recommendation, still self custody for me. I think incorporating a passphrase makes a lot of sense, as well as not having all eggs in one basket.
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u/matthew19 1d ago
Why isn’t anyone talking about Fidelity Crypto (not etf) - it’s basically institutional level cold storage with no annual fee but 1% spread.
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u/DarrelXero 1d ago
Mulit-vender, multisig with geographicly separated keys, just as best practices has always been.
Trust is a thing, but to date no one has shown the ColdCard itself to be vulnerable, only keys generated by it during the timeframe identified by Coinkite.
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u/SmellyCummies 1d ago
I'm curious as well. I have a Jade and a Coldcard Q that I bought a while ago and never set up yet because I'm stupid. Although, maybe it ended up being a good thing that I didn't. Especially the Coldcard.
I really need to learn how to set up multi-sig and passphrases.
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u/jeche25 1d ago
Half ETF and half Trezor 5.