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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.
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 store your coins safely. 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. Therefore, you cannot choose an exchange to store your coins.
Yes, you can let some coins online for day-to-day spending 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 a software wallet or 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.
So, where should you store your coins?
You'd use a paper wallet, software wallet, or hardware wallet to store your coins. If your invest is not that much then you can use paper wallet or software wallet. Otherwise, buy a hardware wallet for your coins safety.
Hardware wallets 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.
Recommended hardware wallets:
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