Safe and unsafe ways of storing cryptocurrencies

There are various ways of storing cryptocurrencies, regarding which you need to make decisions yourself, given various factors.

The first difference is cold and hot storage. Cold storage (offline) means that only you will have access to your funds and the wallet will not be connected to the network. Hot (online) is the storage of a key on some server. The second criterion follows from the first and implies directly the place where the key will lie. These places are exchanges, multicurrency web wallets, mobile or desktop applications, paper or hardware wallets. The third, less important classification criterion is the number of currencies. There are single-currency and multi-currency wallets. The latter make it possible to throw everything in one basket, which is quite convenient, but less safe.

Hot storage

Uncontrolled — these are wallets that are fully connected to the server, where your private key is stored. Making such a choice, you should be very attentive to the service itself, because on the Internet there are some hacks.

Stock exchange

Online Wallets

Smartphone is always at hand

Cold storage

In fact, this is a piece of paper with a code and a QR code that will allow you to manage your money. A paper wallet does not fully live up to its name. You can take a picture of it (only restrict access to this photo somehow), create a document on your computer and store it there or throw it on a USB flash drive.

All on a flash drive

This is the best way to store your cryptocurrency. Even if you lose this treasured flash drive, access to it will not be so simple. In addition to the pin code, there are still 24 keywords.

Make the right choice

Choosing even the most reliable storage for your cryptocurrency, you still remain exposed to unforeseen risks and dangers. Unlike the fiat currency, in the world of cryptocurrencies no one will protect you and will not compensate for your losses. You need insurance.

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