Bryce Paul & Aaron Malone – Ultimate Guide To Keeping Your Crypto Safe
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You just purchased your first cryptocurrency and now you need to store it safely, so you can buy and sell it as you please, but what’s the best way to store your cryptocurrency? You’re in luck, because we’ve compiled the ultimate guide to storing your cryptocurrency safely. From hardware wallets like the Ledger Nano S or paper wallets like the Trezor or paper wallet generator, to software wallets that let you store cryptocurrency on your computer like Jaxx or Exodus, we will show you how to store safely, so you can keep access to your crypto wallets and prevent getting hacked.
Where do you keep your cryptocurrency?
Before you even think about buying or storing cryptocurrency, you should make sure that you’re storing it safely. That’s why we’ve put together our comprehensive guide on safe storage methods for cryptocurrency.
This guide covers all of your options from software wallets and paper wallets to hardware wallets and exchanges—plus a few more advanced methods, too. Read on for answers on everything from desktop and mobile crypto wallet apps, hardware wallets like Trezor or Ledger Nano S, as well as keeping crypto off of exchanges entirely by using a paper wallet—and more!
3 Ways To Keep Your Crypto Safe: Your private keys are stored in a digital wallet. This is what allows someone to send cryptocurrency between addresses. There are many different types of digital wallets, but they’re all relatively easy to use once you get used to them.
However, some wallets are better than others when it comes to security and privacy. If someone steals your private keys or guesses them, they can access your funds so be careful who you share them with.
Basic Knowledge on Crypto Wallets
You cannot own a cryptocurrency without possessing its private key. This is because it gives you access to your funds and allows you to carry out transactions through a specific crypto wallets address.
Storing your cryptocurrency on an exchange has always been risky since exchanges get hacked regularly, meaning that you could lose all of your funds in a heartbeat. To keep your assets safe from hackers, you should use a secure crypto wallet where your cryptocurrencies will be stored on blockchain technology instead of being held by an exchange for you.
It’s also important to know that there are two types of cryptocurrency wallets: hot wallets and cold storage wallets.
Hot wallets are connected to the internet while cold storage wallets aren’t. Cold storage wallets are considered safer than hot ones since they can only be accessed via a hardware device or software program which makes them nearly impossible to hack into.
Do Not Use an Exchange Account as a Storage Solution
Using an exchange account as a crypto wallets isn’t just bad for your security; it’s actually against most exchanges’ terms of service. If you are depositing funds into an exchange, you are technically doing so with that site, not a cryptocurrency wallet.
Any coins in that account should be considered at risk of being immediately sold off or liquidated by other users. Not only is using an exchange as a storage solution unsafe and at high risk for hacks—it’s also illegal in some jurisdictions.
There is no buyer protection when using exchanges as a crypto wallets, so use exchanges wisely: Use them only for trading and storing smaller amounts of value; otherwise, it’s time to move your coins onto a secure digital wallet.
Hardware vs Paper crypto wallets
A hardware wallet is more secure than a paper wallet. It’s a physical storage device for your cryptocurrency that acts as a USB drive. That means it’s always connected to your computer and can only be accessed when you’re logged in, which prevents you from getting attacked while browsing or using public Wi-Fi.
Keep in mind, though, that if someone steals your hardware wallet they have everything they need to steal all of your funds—so don’t let it get stolen! The best advice we can give you is: If you have any significant amount of cryptocurrency holdings, leave them on an exchange until they’re ready to be spent; then send them directly into cold storage and offload physical control of the device.
Hardware wallet (Trezor, Ledger)
Some of your coins will live on an exchange (hopefully one with two-factor authentication) but most of them should be kept in a hardware wallet. Most hardware wallets have apps that allow you to easily manage your keys and transactions.
This is by far my favorite type of cryptocurrency wallet since it allows me peace of mind knowing that even if my computer gets hacked, my coins are safe.
- Crypto Security Best Practices(26:59)
- Trezor Walk Through – Hardware Wallet(16:33)
- Trust Wallet Walk Through – Soft Wallet(4:54)
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