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Safely storying your Cryptocurrencies
An early adopter in Bitcoin named John had 200 bitcoins on his wallet. The problem he had he didn't know where his wallet was, because he had lost his phone. His wallet was on his phone so he couldn't reach his coins anymore. He took his loses and bought some more bitcoins on a exchange and left them there. What do you think you get scammed and lost his bitcoins again. John has no money left now and lives with his mother, don't be like John be smart!
Different kind of wallets
- Desktop wallet
- Hardware wallet
- Paper wallet
- Hot wallet
1. Lets dive into the first one. Desktop wallets a desktop wallet is considered somewhat more secure than both an hot wallet and paper wallet, however that depends on your commitment to online security. In cases where you use an older laptop, completely offline, on a clean operating system install –you could consider this a really effective cold storage method. Like phones, most people have an older laptop floating around and this could be a great use for it.
My opinion: Desktop wallet are really helpfull if you have a clean computer with no malware. If you are not sure about this don't use this option. I can hear you asking which software wallet should i use then Bartcardi?
I would recommend one of those two. Just because they have been around the longest and have gotten a reputation of high security. Which means your crypto is in safe hands!
2. The second one is a hardware wallet. The most simple explanation of this that it is stored ofline so nobody can touch it. This means a couple of things first of all a hacker can't steal it! If you buy a hardware wallet you will get some kind of usb that uses a certain software so your private keys are encrypted ofline. You have to set a password and you will get secuirity code, but if you lose those you lose your coins. Most of the coins are decentralized so there is no safety net! Your own money your own responsibilty.
My opinion: Hardware wallet are the best wallets because of maximum security. This way you will always know where they are and it will be unlikely to lose them. Let me point out the best ones again.
These are simply the most advanced wallets and you will find any better hardware wallet. My only tip is look out for fishing sites. Some people create sites just like a real site and u will get a ponzy product and lose your coins. Be on the lookout of that!
3. The third one i will cover here is a paper wallet. A paper wallet has a goal to keep your private key safe just like any other wallet. If you create a account on a paper wallet u will create new keys that u have to keep safe on paper. So no one else can see your keys and find it. U have to write it down somewhere and don't lose it. Don't lose it!
Myetherwallet is the only i would recommend. Just because this site has a great reputation and is known for great costumer support. They will also support hardware wallets to hold erc20 tokens. Some hardware wallets haven't got a wallet for these tokens so Myetherwallet provides these.
4. Last but not least a Hot wallet. A hot wallet is called this way because you will store you coins online. Hot wallets are being used in exchanges, because u can trade your coins while in your wallet. It is connect to the internet so the secuirity isn't great. U also have the problem that the exchanges also have your private key. So they can just take your coins. In some exchanges this is equal to putting your money in the pocket of a thief. The trick is to find well known and secure exchanges.
Coinbase hot wallet is the only wallet i can recommend. Simply because this is the only company that is wel trusted among the crypto community. If you do want to trade on exchanges thats fine, but don't store your money there!
Tip of the day: Keep your money safe and well in a hardware wallet. This way u will almost never lose your coins and won't hate yourself for losing them!
Disclaimer: Pictures aren't mine
Written and created by Bartcardi
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