For everyday spending, keep only the amount you need in an internet-connected wallet. For longer-term savings, consider an offline wallet, such as a hardware wallet, and protect its recovery phrase offline. That phrase can restore a wallet, so anyone who obtains it may be able to access the associated bitcoin. Follow the wallet maker’s backup and recovery instructions: the device itself is not a substitute for a safe, usable backup.
Choose a wallet based on how you use bitcoin
A wallet manages the keys used to access bitcoin. With self-custody, you control those keys; with a custodial account, a provider controls them on your behalf. Neither model removes all risk, but they place responsibility in different hands. Bitcoin.org explains self-custody and the distinction between wallet types in its FAQ.
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| Approach | Useful for | Trade-offs and checks |
|---|---|---|
| Hot wallet on a phone or computer | Everyday payments and convenient access. | Because the device is online, it faces online threats. Bitcoin.org advises keeping only small amounts on computers or phones. Secure the device, keep wallet software current, and use wallet encryption where appropriate. See Bitcoin.org’s wallet-security guidance and FAQ. |
| Cold storage or hardware wallet | Keeping keys offline; a hardware wallet can balance strong security with ease of use, according to Bitcoin.org. | Setup, compatibility, and recovery need careful attention. Buy from the manufacturer or an authorized reseller, initialize the device yourself, and keep the recovery backup safe. A hardware wallet does not protect a phrase that has already been exposed. See Bitcoin.org’s scam guidance. |
| Multisignature wallet | Situations where more than one independent approval is desirable, reducing reliance on a single device or location. | Setup and recovery coordination are more involved. Bitcoin.org describes a 3-of-5 arrangement for an organization and notes that individuals can use multisignature too; it is most suitable for owners prepared to manage the added complexity. See Bitcoin.org’s wallet-security guidance. |
| Custodial account | People who do not want to manage private keys directly. | You depend on the provider’s security, solvency, and withdrawal policies. This is a different custody model from personally controlling your keys, not an equivalent form of self-custody. See the Bitcoin.org FAQ and self-custody guidance. |
There is no universally best wallet in these sources. Compare custody model, whether keys stay offline, wallet and address compatibility, setup and restore steps, backup method, seller authenticity, backup locations, and whether you or a trusted heir can find and use the plan.
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A hot wallet is connected to the internet and is convenient for spending. Cold storage keeps keys offline and is presented by Bitcoin.org as an option for savings. Many people use both: a smaller hot-wallet balance for routine transactions and offline storage for funds they do not expect to spend soon. See the Bitcoin.org FAQ.
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Back up the wallet and secure the recovery phrase
A recovery phrase, also called a seed phrase or mnemonic, is a sequence of words that can restore a wallet. Whoever obtains it may be able to access the bitcoin associated with that wallet. Bitcoin.org explains the term in its vocabulary and FAQ.
- Create the backup during setup. Follow the wallet’s own instructions. For a hardware wallet, generate the seed yourself on first use; do not accept a phrase supplied by a seller or stranger. See Bitcoin.org’s scam guidance.
- Record every word in order. Use the method specified by the wallet, then keep the backup offline and physically secure. Bitcoin.org’s FAQ says: “Never store your recovery phrase as a photo or in a cloud service, and never share it with anyone.” Do not put it in email, a cloud drive, a chat, or another internet-connected location. See the FAQ.
- Check what the backup restores. Consult the wallet maker’s instructions about backup scope and recovery. Bitcoin.org cautions that some backups may not cover every key or address, while most modern deterministic wallets can use one recovery phrase to restore addresses. The details depend on the wallet. If the maker provides a safe verification procedure, confirm the backup while the original wallet is available; do not assume one test process works for every wallet. See Bitcoin.org’s wallet-security guidance.
- Consider a second physical location. Bitcoin.org recommends durable media and backups in more than one physical place. A second location can reduce the risk that one incident destroys the only copy, but it must remain private and accessible to the right person. A metal backup plate is one possible durable-media category, not a Bitcoin.org standard or a tested product recommendation. See Bitcoin.org’s wallet-security guidance.
- Plan for incapacity or death. Decide how a trusted person could locate the wallet or instructions if you cannot manage them. Bitcoin.org warns that funds may be unrecoverable if nobody knows where wallets or passwords are. Give only the information needed to find and use the plan; do not expose the phrase to people who do not need access. See Bitcoin.org’s wallet-security guidance.
Protect against scams and counterfeit devices
A support agent, wallet provider, exchange, or recovery service should not need your recovery phrase or private key. Treat a request for either as a major warning sign. Bitcoin.org also warns that no legitimate firm offers guaranteed cryptocurrency recovery. See its scam guidance and FAQ.
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- Simple & Secure Interface: Manage your digital assets easily with a clear OLED screen for secure on-device confirmations
- Supports 1000s of Coins & Tokens: Securely handle thousands of assets, including Bitcoin, Ethereum, and more, all in one wallet
- Effortless Asset Management: Monitor and transact seamlessly with Trezor Suite, our intuitive desktop and mobile app
- Enhanced Backup Solution: Rest assured with Multi-share Backup, eliminating single points of failure for secure cold wallet recovery
- Buy a hardware wallet only from its manufacturer or an authorized reseller.
- Check packaging integrity and generate the seed yourself on first use.
- Avoid unsolicited links, QR codes, and messages that direct you to enter the phrase.
- Do not share the phrase with a person claiming to provide support or recovery help.
These checks matter because a legitimate offline device cannot undo exposure of the phrase used to restore its wallet.
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If your recovery phrase may have been exposed
Treat the wallet as compromised. Seek trusted, wallet-specific guidance on moving funds to a newly generated wallet, and do not send the exposed phrase to anyone for help. The appropriate steps depend on the wallet; the Bitcoin.org pages cited here establish that someone with the phrase may access the associated bitcoin, but do not prescribe one universal recovery procedure. See the Bitcoin.org FAQ and vocabulary.
Quick Recap
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