Most secure way to store cryptocurrency
Cold storage indicates that a wallet is kept offline, there is no connection to the internet and no opportunity for a hacker to gain access to your Bitcoin. A. What is the Best Solution for Securely Storing Cryptocurrency? Private keys are obviously far too long and complex for most people to remember. Ledger · Trezor · DeFi Wallet · Exodus · Trust Wallet · BitPay · Breadwallet · Armory. NBA REFEREE BETTING PRISON
Regardless of which method you use to store your crypto… Use two-factor authentication 2FA on all accounts. Store sensitive information such as your recovery phrase in a secure offline location, like a safety deposit box. All of these security practices are meaningless, though, if you get tricked into giving up the goods willingly.
A successful hacker can pretend to be you, reset your passwords, and log in to your accounts to steal your funds. And keep your software — especially anything crypto-related, like that of your hardware wallet — up to date. Software Wallets Somewhat Secure Software wallets for desktop and mobile are another option for storing your crypto assets. For many people, exchanges might actually be more secure than their desktop or mobile device. However, if you maintain best security practices as well as store any private keys and recovery phrases offline, software wallets are better than exchanges - at least for smaller amounts of crypto.
For bigger amounts, consider a hardware wallet discussed in the next section. The wallets mentioned also allow you to exchange assets right from your wallet. Though the fees are usually higher than on centralized exchange services.
Image credit: Exodus Some software wallets like Exodus allow you to trade assets right from your wallet. Hardware Wallets Most Secure Hardware wallets are considered the most secure way to store your crypto. This is because your private keys, which allow for the spending of your crypto, physically cannot leave the hardware wallet device due to how hardware wallets are designed.
In addition, you must also confirm transactions on the device, giving you a 2nd layer of protection before transactions are broadcasted to the blockchain. The downside to hardware wallets is that they are better for long-term holding than they are active trading. Another downside is that hardware wallets cost money. Trezor and Ledger are the 2 most popular hardware wallets. Bonus Tip: Multisignature Wallets Another way to store your cryptocurrency is with a multisignature wallet.
As the name would suggest, multisignature wallets require more than 1 signature for transactions to be approved.
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