Cryptocurrencies have become popular in recent years. Cryptocurrency like Bitcoin, Litecoin, Ethereum and others have shown significant surge in their price over these years. When this entire incident had been happening, we also noticed the incident of hacking of these cryptocurrencies from the holders of it.
Cryptocurrencies are new to people and many of them do not know how to secure their investment. They also don’t know about different safe storage coin facilities. For this reason, Hackers finds it easy to steal cryptocurrency. Cryptocurrencies are mainly stored in digital wallets. These wallets are hardware based or web based platforms.
By the help of these wallets, you can store the cryptocurrencies on mobile device, on a PC. You can also keep your currency safe by printing private keys and address to access your account on paper.
Digital wallets are how much safe it depends on how you manage your wallet. Every wallet have some private keys without them you cannot access your account.
If your private key is stolen or your machine that hold your cryptocurrency malfunctions or you have forgotten your keys then you will never ever access your cryptocurrency. Here we will discuss the safest ways to store cryptocurrency. There are many cryptocurrency wallets available. Safety of your cryptocurrency depends on the type of wallet you use.
The necessary thing is to determine whether to use a hot wallet or cold wallet.
Online wallets are known as hot wallets. Hot wallets are run on internet and can be accessed any time. By your computer, mobile phone or a tablet, you can use hot wallets. Accessing hot wallet online poses threat to the safety and security of your cryptocurrency because they are connected to the internet and can be easily hacked.
Cold wallets are safest option for storage coin basically cryptocurrency. Cold wallet is a wallet which is not connected with internet and it has less risk. These wallets are offline wallet or hardware wallets.
Without any connection of internet here private keys and address are stored. Cold wallets are safest way to store cryptocurrency. But it requires more knowledge to setup a cold wallet.
Many companies allowing their customer to buy physical coins; these types of storage coin are tamper proof and can hold certain amount of cryptocurrency. If you want buy this coin you will have to pay extra premium of the value of cryptocurrency for the making and shipment cost of the coin.
Paper wallets are one of the best options for storage of cryptocurrency. Paper wallet allows complete anonymity. In a little amount of space your access and private keys are written. It can be generated online or offline.
Once you have selected which type of wallet is viable for you then you have to protect your wallets. You can protect your wallet by using antivirus. This will prevent any malware to from stealing your cryptocurrency.
You have to back up your wallets time to time. If your device fails you can recover wallet from it. Use strong password and two factor authentication. Do not tell anyone how much money you invested and don’t post about it on social media. Following this methods you can keep your cryptocurrency safe.
Read More : Reasons Why Would Anyone Buy an NFT?