How to safely store their bitcoins? Three proven ways

Now on the background of another fleeting uptrend of Bitcoin is more important than ever before has become question correct and safe storage of crypto-currencies. Today I will give you some tips on how to protect themselves from losing their coins and hackers. Strongly recommend to follow these recommendations.

Naive enough to trust their private keys of the cryptocurrency exchanges or hot wallets untested. If you have at least some amount of BTC, it is important to understand that every day their value is only higher. Accordingly, the more your savings, so you are more attractive to hackers.

For reference, in the first quarter of 2019 on kryptomere hacking and fraud users have lost cryptocurrency in the amount of $ 1.2 billion in equivalent.

See also: Hackers hacked me on HitBTC. As it was, and taught history — a personal experience.

How to store Bitcoin and other cryptocurrencies?

To use a hardware wallet

Enough to rely on the convenience when exchanging cryptocurrency or transactions. From its inception the hardware wallets have already gone a long way. Model the type of Ledger Nano X is synchronized with a smartphone. This means that you can Transact on the go without the need for a computer.

Gray Best Wallet Corazon. Source: Best Wallet

Thus, coins will always be safe because the private keys and seeds never leave the hardware wallet. Bluetooth transmits only public data.

At best wallet has no such feature, but the touch screen makes it more easy to use. If you want to feel like a rock star for a million bucks, you can look at to design the model of hardware wallet Gray best wallet Corazon. It is not only beautiful, but also willing to protect you from cryptocurrency thieves.

Completely switch to mobile devices

Source: Mycelium

If you do not want (or are unable) to invest in a hardware wallet, you should consider the variant of full transition to mobile devices. Try to download a Bitcoin wallet like Mycelium. It is available for both iOS and Android.

Of course, the user experience is not thought through. But still less of a headache than when using Ledger or best wallet. In addition, this wallet is much safer than to store cryptocurrency on exchanges.

Please note that Mycelium is not a cold wallet. However, it is known for its security, and your bitcoins will always be in my pocket.

Temporarily block your bitcoins

This option is not for beginners, but the instructions in several steps actually anyone can do it. You should also highlight the main advantages and disadvantages of this option.

Timlock should be viewed as a savings account or trust Fund. That is, as an irrevocable Bank Deposit — you will not be able to access your bitcoin to a certain date. Roughly speaking, you sign a smart contract that does not allow you to spend BTC.

See also: Smart contracts in the blockchain. What it is and how it works?

The whole point is that the way your bitcoins will be safely locked in the smart contract, which nobody will be able to access without a private key.

Moreover, you can’t even panic sell all your coins to another local bullride. Of course, this can create inconvenience, if you need urgent cash cryptocurrencies.

Take the time to secure storage of bitcoins

Of course, much easier to keep all your BTC on cryptomeria. So often do is not very tech-savvy users who are too lazy to learn how to use wallets. But remember that it will be very sad when hackers get to store some of the exchange.

In addition, many are attracted to the idea that there are more profitable ways to use Bitcoin, rather than just hadlet it and wait for growth. But everything has its risks, and so you should carefully examine all options before investing your money.

How and where you store your bitcoins and other cryptocurrencies? Tell us in our cryptodata of hontarov.

Subscribe to our channel in the Telegram. Or store cryptocurrency exchanges!

Leave a Reply

Your email address will not be published. Required fields are marked *