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Buying cryptocurrencies like Bitcoin by risking a small portion of your total savings to make a fortune is definitely a great idea. But after buying, holding them on a hot wallet like crypto exchange is really a bad decision. Exchanges are not safe for holding crypto safely. Here in this post I will guide you how to keep crypto safe.
I add this cryptocurrency safety section to all my knowledge based articles. Why? Because it's the most important part and we can't ignore it at all. Bitcoin itself is very safe but still we hear crypto theft cases.
It happens not because of BTC security, it happens just because of cryptocurrency owners' lack of knowledge. Many, actually majority of crypto investors, don't know that cold store, storing bitcoin offline, is the best way to hold cryptocurrencies.
Here most of the new traders/investors make mistakes. When it comes to your cryptocurrency security, don't trust anyone. Take this matter into your own hands. Choose a right medium to keep your crypto safe. It's a very crucial step and you must not ignore it.
It's true nowadays exchanges use very rigorous security but at the same time we can't ignore the fact that these still get hacked and they take no responsibility of your assets. Therefore, you cannot choose an exchange to store your coins.
Yes, you can let some coins online for day-to-day spendings but letting all your assets online wouldn't be a wise decision.
There're two main reasons for not using hot wallets (keeping coins online using an cryptocurrency exchange):
- First, exchanges are not safe.
- Second, you don't actually own your coins unless you have their private keys. And most of the exchanges, don't give privates to their customers.
How to Keep Crypto Safe?
To keep your crypto safe, cold store your coins. Cold store meaning in cryptocurrency world is that storing crypto graphic assets offline. It is the best and safest way to hold cryptocurrencies.
Following options are available to cold store Bitcoin or altcoins: paper wallet, software wallet, and hardware wallet. If your investment is not that much then you can use paper wallet or software wallet. Otherwise, buy a hardware wallet for your coins safety.
Hardware wallets as shown in the image below are small physical devices that can cold store cryptocurrencies safely and securely. These devices cannot be hacked remotely.
Personally, I recommend cryptocurrency hardware wallet if you've coins worth of your three months of expenses. After transferring your coins to a hardware wallet, you can rest assured that your coins are safe.
A single hardware wallet can store up to 100 different coins and does not cost much. Following are some of the best hardware wallets that I have been personally using for years. I confidently recommend you these wallets.
Recommended hardware wallets:
Want to know more about hardware wallets? Then read this post, "Best cryptocurrency hardware wallets".
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