While buying Bitcoin is easy, storing it in a safe location can be tricky for you. You can visit Trading system to familiarize yourself with the new development of the crypto world. However, there are so many cases where users lose everything at the hands of scammers due to poor security features. Therefore you must find the best options offering ultimate security for your assets.
Now, you have multiple options for storing your assets in cryptocurrencies, from Hot and cold storage to hard drives and physical coins. However, if you are new to the world of cryptocurrencies, then you might find it hard to find the best options to safeguard your assets. To help you find the best options for storing your Bitcoin, the five best options are shared here with pros and cons.
- Online/Hot Wallet
Inexpensive and easy to access, these wallets can be used by users for storing your crypto assets. However, you are entirely at the mercy of its security features in case of any scam. When hackers get access to your wallet, you will suffer the loss of all your assets. Hence, avoid storing a lot of value in such online wallets. It is also quite risky to store a large amount of currency in such wallets.
- Offers You Anytime Access
- Only the person with a private key and password can access it
- Easy to make regular transactions and trades with crypto
- Since they are online wallets, they remain exposed to hackers
- Offline Storage
Offline storage offers a better option for storing money as your assets are kept offline and not connected to your computer or smartphone. In addition, it ensures that you could never get hacked when you store some amount of value in them. However, you are now directly dependent on security features offered by the physical components, including disk drives, memory cards, and hard drives used for storage.
- You do not have to worry about was happening online in the world of cybercrime.
- Offers good physical security to your assets!
- It takes up a lot of space and is expensive compared to other options available for storage.
- Paper Wallet
The paper wallet allows you to keep your Bitcoin in an offline storage facility. You need a few things that include two QR codes, a pen, some paper, and the Bitcoin address you want to use for sending money. You should use one QR code while the second one should be safely kept by you so that in case of any hack or theft, you can always restore your currency assets into the system.
- Safe and convenient to use
- Offer better security for your assets
- Easy to make transactions using your private keys
- Some people feel it is complicated to keep a paper wallet safe
- Limited use to offline transactions only
- Hardware Wallets
Most famous for securing coins, hardware wallets are composed of USB devices that can be easily connected to computer systems or smartphones and used for transactions. As soon as you unplug these devices, your assets remain safe as they do not have an internet connection making them nearly impossible to hack.
- The most robust way to store Bitcoin offline
- No possible threat of hackers and losing your Bitcoin
- Expensive and bulky as compared to other options available for storage
- Physical Coins
These are a physical manifestation of digital currency serving as an investment asset and can be used in daily transactions like buying a cup of coffee at Starbucks. Physical coins are a good option for those who want to store their crypto tokens in something tangible. It allows them to create fear in the minds of other hackers, thieves, and scammers because if they get to hold on to the physical token, it will lead to the loss of all your crypto assets.
- Highly secure
- Safe and convenient to use and carry
- It cannot be used by users anytime or online for making a transaction.
If you’re serious about selecting the best android wallet, you must do some research before making a final decision. Do thorough reviews of different kinds of wallets available in the market and compare their features with your requirements.