What Are The Safe Ways to Store Bitcoin?

What Are The Safe Ways to Store Bitcoin?

VWB Blog 4 years ago 0

The cryptocurrencies like Bitcoin have gained immense popularity in recent times. However, the concept of Bitcoin is still not prominent in everyone’s mind. The system is new to the people and therefore they are not well versed with it. They may not know how to keep their investments secure. Hackers of the modern-day are coming up with distinctive ways of stealing funds and the victims can do nothing about it. They lose bitcoins because of computer failure, theft, and loss of access keys. Hence, storing bitcoins safely is a crucial task that needs to be done with priority.

Just as we keep our cards and cash in a physical wallet, bitcoins are stored in a digital wallet. The digital wallet can be web-based or hardware-based. You can either keep the wallet on your computer, mobile, or print the private keys on paper for future access. In this article, we will have a look at some of the best ways to store bitcoin securely.

Best ways to store bitcoins

Desktop wallet – Desktop wallets are not connected to the Internet. This is a cold storage method of storing the bitcoins. Online wallets can be easily accessed from any part of the world and therefore it is exposed to hacking. Desktop wallets are accessed through the private computer using the personal security keys and therefore there is less risk of getting hacked.

Hardware wallet – Hardware wallets are considered to be safer than the desktop wallet. These wallets are pieces of external hardware devices like USB sticks, which can be carried around in person. The hardware wallets ensure complete anonymity with which you can transact when required. As there is no personal information linked to the hardware, your identifying data stays intact.

Paper wallet – Another safe way of storing Bitcoin is the paper wallet. You can generate a paper wallet online using multiple dedicated websites. For greater security, you can also generate the wallet offline. Paper wallets can be easily stored, as they do not acquire a great amount of space.

Physical coins – There will be a tamper-proof sticker on the coin you purchase. It will have a predetermined amount of bitcoin. While buying the coin, you might have to pay a little premium over the actual value of the Bitcoin.

One of the popular digital wallets for bitcoin is Coinbase. The wallet has a user-friendly interface. If you are wondering, how do I speak to someone at coinbase? Then you should know that there are numbers given on the website where you can contact if required.

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