Where To Store Bitcoin And Crypto Currency
As so many people trade and keep their crypto currencies on exchanges like Bittrex, Binance, Upbit, Poloniex, cryptopia, Bithumb and many more, but they all are not safe at all.
Now a days hackers are trying to hack user accounts and even trying to hack exchange servers. Recent example Bithumb exchange got hacked and crypto assets worth of 30 Millon $ was hacked.
You can check out the post below-
https://steemit.com/cryptocurrency/@crypto-worldnews/bithumb-exchange-hacked
So it is not safe to keep your Bitcoin or any other crypto assets to any exchanges.
So you might be thinking where to keep crypto assets safe then?
There are 2 methods to keep crypto currencies safe.
• Paper Wallet
• Hardware wallet
Paper wallet
First method is free that is paper wallet. You can download offline paper wallet and transfer your funds to them.
But negitive thing about paper wallet is that if you want to store Bitcoin you have to download offline Bitcoin paper wallet. If you want to store litecoin then you have to download litecoin paper wallet. The more currency you have the more different paper wallet you have to download. You can't store all crypto currency in one single paper wallet.
Paper wallet are ment to be kept safe. If anyone get access to paper wallet, you will loose all your money. Take 2-3 print outs and keep in a different different safe places.
Hardware Wallet
Another method of storing crypto currency is Hardware wallet.
Hardware wallets are the safest crypto wallet to store Bitcoins and other crypto assests till now.
No one can hack any of your coins if you are using hardware wallets.
There are two best hardware wallets available online.
1• Trezor- Trezor- supports crypto currencies like Bitcoin, Litecoin, Dash, Zcash, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic and ERC-20 tokens.
Price of Trezor is 89€ + Shipping extra. You can buy this product here-
https://trezor.io
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2 • ledger Nano S- Ledger nano s support crypto assets like Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, Litecoin, Doge Coin, ZCash, Ripple, Dash, Stratis, Komodo, Ark, Expanse, Unique, Vertcoin, Via, Neo, Stealth, Stellar, Hcash, Digibyte, Qtum, Peercoin, Pivx, POSW, Bitcoin Private, ZenCash, Woleet, Nano and Nimiq.
Price of Ledger Nano S is 79€ +Shipping extra.
You can buy this product here
https://www.ledgerwallet.com/products/ledger-nano-s
Both the hardware wallets are the best. I prefer Ledger Nano S because they have more crypto currencies to store as compared to Trezor and that to at cheap price as compared to Trezor.
PLEASE NOTE BEFORE BUYING ANY OF THESE PRODUCTS, RESEARCH OF YOUR OWN AND STUDY THE FEATURES AND TECHNOLOGY ABOUT BOTH OF THESE PRODUCTS.
Which is best wallet in your opinion bro
According to me ledger nano s is the best one. You should buy one for yourself and stay protected from hacks.
@crypto-worldnews nice post dear , i have just want to ask a question about my funds that store on these exchanges, i have to use for crypto trading bittrex , binanace , bithumb , kucoin etc , and i know all of these are centralized , now is this question is , if i store my trading fund on some of the decentralized exchange , so is it safe ????? or not ????
kindly give your good opinion on that .
Thanks :
Regards:
@sibtainaliawan
Hi I will answer your concern that good that you trade on big exchanges but exchanges are hackable, Decentralized exchanges are the best to trade but still hackers can do anything. Decentralized exchanges can also be hacked.
If you are doing trading daily then there is no option and if you are just keeping your money in exchanges then you can transfer it up on hardware wallet for your safety.
when we take some profit on trading platform then we should withdraw profit from there..
Excatly you should play safe. There is one more way to be safe. For example if you buy Bitcoin on bittrex exchange for trading, after you buy Bitcoin transfer it to hardware wallet and when u want to sell on exchange then again you transfer from hardware wallet to bittrex. This is the safest method to do trading.