How to store your crypto assets?

How to store your crypto assets?

How to store your cryptocurrency tokens safely may be a vital topic for everybody coping with digital coins. Especially if you hold giant amounts of cryptocurrency, exploit the coins in an exchange platform isn't SAFE.

Once, one of the most important exchange platforms of the time, Mt. Gox, collapsed; resulting in a loss of 650.000 Bitcoins. Many thousands of users who were holding cryptocurrency on Mt. Gox lost all of their funds - similar to that!

And sadly, there's no guarantee that one thing like this may not happen once more.

Especially with the forthcoming Bitcoin Gold Hardfork, nobody is aware of precisely what's going to happen to the network and to your Bitcoins; you must store them in an exceedingly secure location.

Alternatives for storing your cryptocurrency safely

The cheapest one being paper wallets

A paper wallet means you print out the personal and public keys to your bitcoin storage wallet. Those written keys grant access to your funds, and losing your paper wallet additionally suggests that losing access to your coins! thus ensure to create many copies and store them in an exceedingly safe.

Hardware / cold storage wallets

Such wallets store your coins offline and thus shield them from being hacked. It's primarily a tiny low disk drive (which would be indestructible, within the best case scenario) that firmly contains your cryptocurrency wallet data.

* Extremely simple to use.

* Very sleek style.

* Can be used on all devices provided the platforms area unit compatible (windows, mac OS X or Linux).

* Never exposes your personal key.

* Randomly generate pin code keeps the device safe and secure.



* Ledger Nano S

* Keepkey

On basis of Crypto survey prefer to use US-based exchanges like Kraken, Poloniex, Coinbase, and Gemini.

Use 2FA: 2-factor Authentication may be a good way to safeguard your accounts. Here's how it works: The user provides a username and countersign and a 3rd party provides a short-lived security code by text or through an app like Google Authenticator. So, to access your account, a hacker should have access to your phone.

Don't disclose wherever you trade: you will have an account on one or all of the exchanges, you do not ought to tell anyone wherever you trade particularly publically forums like Twitter or on Facebook teams.

* Spread investments among totally different exchanges

* Don't disclose what proportion your investments are value

* Don't use real answers after you found out security queries

If you do not have a lot to lose on an exchange, simply a couple of hundred bucks, merely enabling 2FA on your email address and exchange account can most likely fulfill for currently. If and once your holdings grow to tens or perhaps many thousands of bucks, it should be time to transfer most of your digital wealth to a hardware or paper wallet and secure them below lock and key. Then you ought to upgrade to a burner phone and portable computer furthermore as single-use email addresses.

A. J. Floyd



More articles

Follow us with:
Scroll to top