So a lot of people are getting into cryptos nowadays, which is a good thing. But with the growing popularity of cryptos, another trend started exploding: losing access to your funds! It’s estimated that somewhere around 20-26% of all Bitcoins are lost forever. There are horror stories of people losing over $130million+ worth in Bitcoin. Though they all made peace with their losses, this doesn’t have to be you! Let’s see what the safest way to store cryptos is and how do we keep them safe in the long run. From others of course and more importantly from yourself.
What Are the Safest Ways to Store Cryptocurrency?
Before we answer this question let’s answer another one. What are cryptocurrency wallets? How can they be hot? And which are the best wallets? One at the time, shall we?
So crypto wallets aren’t actual wallets i.e. they don’t hold your money in them. Your money lives safely on THE BLOCKCHAIN, the global ledger that keeps the whole thing going. Now, you can’t be destroyed cryptos like you can regular dollar bills, so you’re safe on that side. You can, of course, lose access to them a fate far worse than destruction as we mentioned in the intro. Now then. What are crypto wallets?!
What are cryptocurrency wallets?
Well, they are basically usernames or passwords. Keys? Let’s go with keys. So, to boil it down, we have two types of keys here: private keys and public keys. You should think of private keys as the coordinates to your Bitcoin. Anyone who has your private key has control over your crypto.
Public keys, on the other hand, are used so we can verify transactions. You can think of them as your email address. Now you have all the info you need to go out into the world of crypto casinos and make deposits at Casino Extreme. But for the rest of us, let’s dive deeper.
What are the best wallets for cryptocurrency?
Now we have two types of wallets: Hot and Cold wallets. Cold wallets further separate into hardware wallets and paper wallets. Which you choose depends on how quickly you need to access your wallets, how tech-savvy and generally organized you are. The hotties are up first.
Hot wallets are online wallets. This includes all wallets that need an internet connection. This includes web-based wallets (exchanges), apps, desktop wallets and mobile wallets. These are usually used by day traders and carefree people who want to live their life on the edge. Why? Well, being that they are online they can get hacked much easier. But at least you don’t have to worry about losing the money to your own negligence. Like being too lazy to do double-check where you stored the private key! Happened to a friend of mine, okay! On to the cooler ones!
Generally, when people think about cold wallets they think of hardware wallets. They’re electronic devices that look like USB devices and can store a lot of data. These bad boys have a pretty simple design. And for one good reason. The dumber the device is the less opportunity it has to get hacked. But, hacked they did get, plus malwared. So let’s move to the method that has next to zero chance of getting hacked. Paper.
P.S. Consider who much coins can be stored on the device and which type of cryptos it supports (it varies a lot).
Paper wallets are just your private key written on a piece of paper. Simple as that. And the only way it can get hacked, is into pieces. So you are secure on that front. But that doesn’t stop anyone barging in your house and stealing it the old fashion way. So it’s as safe as your house is. But your greatest enemy is your own negligence. If you don’t have any kind of safe, you’ll lose at some moment or another. So, what is the safest way to store cryptos? Again depends on the type of person you are. One’s safest way to store cryptos is another’s unbubble-wrapped ceramic vase your spouse left your lives’ savings in, unattended! Debra! Not safe! Ehm, with all that, covered, what do we do next?
How to Earn Cryptocurrency?
Now that you know how to store all your digital money, let’s put some money in that wallet if you catch my drift. Well, the best way is to deposit some cryptos at your local online casino and spin away. Don’t have your local online casino? Why not try Casino Extreme for size (there’s a welcome bonus here if you want it)!
Yap. This marvel of ingenuity (INSTANT WITHDRAWALS) and design has left even the stiffest of naysayers having to admit it’s pretty fun. So jump in, fill those crypto wallets up and keep on spinning!.