Where to store cryptocurrency and how not to lose your money

The more the digital world develops, the more fraudsters appear on the Internet, and their schemes become more sophisticated.Finding a platform where you can buy cryptocurrency is only half the battle.It is important to securely store crypto assets, because millions of dollars are often stolen from popular online services. At the moment, there are a huge number of ways to store your coins, among which there are safe options and not so much.

Online wallets

This option is suitable for beginners who have just started to get acquainted with the world of bitcoin. It is easy to create a wallet — just register on the site. In this case, the user can easily access the wallet anywhere and on any device. These are mainly cryptocurrency exchanges where you can also trade. They often have mobile apps as well, but be careful when downloading: don't trust apps from third-party sites, only search for official apps on the AppStore or Google Play.

At first glance, it may seem that such wallets have reliable protection in the form of two-factor authentication or uploading selfies to confirm your identity (in this case, we are no longer talking about anonymity). But the main disadvantage is the probability of hacking the wallet, because then the money is likely to be lost. Hackers only need to gain access to your data, which is stored remotely, in order to take over your assets.

Standalone bitcoin wallet

Quite a popular option due to its convenience and independence.The main difference between wallets and the above is that hackers need to hack your computer to get hold of the funds. The software also allows you to pay with cryptocurrency in stores or transfer it between accounts without unnecessary actions.

Hardware wallets

This cryptocurrency wallet can only be stolen by apartment thieves.It is a physical device with no internet connection, which makes hacking impossible. Therefore, it is suitable for those who want to keep their coins as secure as possible.The device connects to any computer and allows you to transfer currency to the Internet in order to conduct transactions with it. The most well-known hardware wallets are Ledger Nano and Trezor. The first allows you to store BTC, ETH and LTC and has a screen for controlling transactions, while the second can be used not only for storing cryptocurrency.

Paper wallets

Not as long-lasting as hardware wallets, but still, " manuscripts don't burn”. Paper allows you to store large amounts of bitcoins completely unnoticed. But to preserve the fragile piece of paper, you need a waterproof, sealed and fire-resistant cover.Setting up this storage method is quite difficult, so it is used by advanced crypt holders. When choosing this storage tool, you need to be extremely careful not to damage your bitcoin wallet.

Result

As with investing, to increase the level of security, it is better to diversify the risks and divide the cryptocurrency for storage into several parts. It is better to choose hardware or cold wallets for the principal amount for long-term storage, and leave funds for speculation on exchanges.