Where do you keep your cryptocoins?
So now you've got some amount of bitcoins or altcoins and probably you think where to keep them safe to prevent stealing. Let's have a look at pros and cons of some cryptocurrency wallets, stokes, exchanges and other methods.
The most popular although not the most reliable place to keep your cryptocurrency are so called
hot wallets . The reason is that you don't keep the keys with you but in the internet. Which means these wallets don't belong thoroughly to you. Here is where you can find them:
Online wallets
The pros of these wallets is that you can get an access to them anywhere and whenever you wish. But at the same time that makes them quite vulnerable to hacking. The accesses are kept not at your device but at the websites of these wallets.
Exchanger wallets
Some exchangers allow you to keep some amount of cryptocurrency at their wallets. The reason not to keep your money there is the same as in the first case - high vulnerability.
Cryptocurrency stokes
Cryptocurrency stokes servers store lots of different currencies which makes them high aimed among hackers. As known the stokes have been hacked lots of times. The latest was hacking of italian BitGrail which losses exceeded $170 million.
Another good though still not the best place to keep your money in is so called
cold wallets or
cold storages.
These are more reliable than online wallets as your password is not kept in the internet. Your cryptocurrency is stored on a device and is absolutely offline. There are cold wallets for desktop and mobile devices. Due to bigger vulnerability of computers we recommend you mobile cold wallets.
The most reliable way to keep your money is
hardware wallets.
These are made especially for safe storage of cryptocurrencies. They only connect to a computer to occur the cryptofinancial operations. There is a safe processor inside of them which means no need inputting your password everytime. Once you enter your PIN-code the wallet will finish the operation itself. You'll always be able to restore the access to your coins with a help of mnemonic phrase (you get one after purchasing the wallet) if you loose the wallet. The only con of this method is the wallets are quite pricey compare to mostly free online wallets.
The last but not the least protected method to store your cryptocurrency is
paper wallets.
These are as simple as it sounds. Both keys for receiving and a private key for sending cryptocurrency are typed on a piece paper. Pretty reliable way but still there are phycisal possibilities to loose the paper etc.
We would suggest you keeping your cryptomoney in different wallets. Same as we keep real money in different places. For instance you can keep large amounts of cryptocoins at hardware wallets and small amounts anywhere else.
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