How to Safely Store Crypto
Keeping your crypto-assets safe can be a challenge for people that are just learning about blockchain technology and crypto-currencies. People expect that there is a steep learning curve in order to understand everything about storing your Bitcoins, but it is much easier than people may think. In this article, we will discuss how to store your cryptocurrency safely and the various options for wallets to make sure you don’t lose a single satoshi.
How do you store your crypto?
There are many ways to store your crypto assets. You can use a hardware wallet, desktop wallet, web wallet, or paper wallet.
The easiest form would be a web wallet, for example, Coinbase, where you can buy Bitcoin and store it directly on their platform. You can simply register on their website and access your wallet instantly. However, this is not the safest method to store your Bitcoin. For example, you may neglect or forget to copy down your private keys, and if the Coinbase website goes down, you will be unable to access your funds until the site is back up.
An extension to using the web wallet and making it safer is printing your private key on a piece of paper. In the case of a site’s shutdown, you can still load up your Bitcoin elsewhere by using the private key. The only negative from having a paper wallet is that someone might physically steal your paper wallet and therefore gain access to your Bitcoins very easily.
Another method is using a desktop wallet. These are a little safer and much more user-friendly than web wallets since desktop wallets tend to have a better interface and often have the option to store multiple crypto currencies at the same time under the same app. A great example is the Exodus desktop wallet, where you also have access to your private keys. You can store over 100 crypto-currencies on their application and it has bi-weekly updates and feature releases, which continuously improves and/or maintains its security and performance. You can easily have the application across multiple devices and access your crypto if you have an internet connection. There is the option for additional security to a desktop wallet as you need a password in order to access it. However, as with most computer software, your desktop wallet has the potential to be compromised if you fail to keep your computer updated and secured against malware and viruses or other hacking methods.
You can also use a hardware wallet, which is often a simple device with a USB connection. You can connect the device to your computer and transfer Bitcoin and other supported crypto currencies very easily. A great example is the Ledger devices, which are compatible with many other types of wallets, making your Bitcoins safer. With a Ledger device, you have your private keys in order to access your crypto assets. They also have their own integrations with the Ledger App, where you can see your crypto holdings on your mobile device at any time. This is by far the safest option that there is without any further security measures in order to prevent being hacked or compromised on your Bitcoins. If you are interesting in purchasing a Ledger device, you can support CTTV by using our referral link
Lastly, you have exchange wallets. We highly discourage people from keeping their crypto on exchanges, as you do not have your private keys. In the case an exchange gets hacked, you might lose your investment completely. We only recommend having crypto on an exchange if you are actively trading them.
Some additional measures that one can take to make their Bitcoin safe is to use strong and long complicated passwords. This will increase the security level of your wallet by a lot. Especially for new people into crypto, we advise to not fall for phishing emails and other scams that are very common. Always double-check links, as they might be a scam, and always make sure no giveaway or promotion is ‘too good to be true’.