Short Guide of Cryptocurrency Storage Method
Methods of Storing your Valuable Coins
Online Wallet:
Online wallet is a software that is hosted by third party which allow you to access , store or transfer your currency
Pros:
convenient
easy access through website
required technical knowledge
Cons:
stored on third party hosting service
easy target for hacking
Exchange:
Exchanges are primarily used to convert fiat money into cryptocurrency or provide trading between the different crypto currencies
Pros:
highly liquid
convenient
Cons:
prone to hacking or fraud
third party has full control
Offline:
This method is secure to save your cryptocurrency but it has also pros and cons
Personal Storage Device:
Cryptocurrencies can be stored on removable media such as USB stick or memory card, CD, or external hard drive. The best things about these is you can store them offline anywhere, in a safe, or a bank deposit box. It is less convenient as it requires either transfer of large data files or certain files from the wallet software.
Requirements for different currencies can also vary. However it doesn’t require any advanced level of technical knowledge. It’s either simply storing your wallet files, or encoded private keys
PC/Laptop :
Another good option is to leave them on your PC. However most PCs are connected to the web.
They are also prone to hacking, corruption and loss of data, and viruses, etc
Pros:
security level depends on you
can create backup option
Cons:
time consuming process
prone to data corruption
Paper Storage:
A paper wallet is a basically a sheet of paper which contains the printed version of your cryptocurrency private and public keys
There are multiple options with paper wallets also
Pros:
most secure option
easy to create backup
backup in multilocation
Cons:
have to protect from damages, theft and prying eyes
require bit of technical knowledge
That all if you found this article valuable and enjoyed then support and vote me to focus on more reliable and effective
data for you
Thanks Again
Great visual. Straightforward explanations! Good info!
thanks
Can you please attribute to the original author and website. Please don't infringe copyright, on top of that take credit for work you did not do: https://blockogy.com/security/whats-best-way-store-cryptocurrency/
too bad the author copied it from here without permission: https://blockogy.com/security/whats-best-way-store-cryptocurrency/