There are many ways to store bitcoins now, but the most popular are hot and cold storage crypto wallets, hardware stores, crypto exchanges, and various crypto services. We will consider where to store the bitcoins better, for different purposes, different ways.
This way of storing bitcoins is so far the safest of all, because here the private keys are stored in the internal memory of the device, which is not readable when connecting to a computer, so this gadget can be safely used even on systems infected with viruses. Moreover, if the device itself is lost, intruders will not be able to access the victim’s deposits without knowing the passwords consisting of SEED phrases.
However, it is not very convenient to use this device for daily conducting a large number of microtransactions because of the need to constantly confirm operations by pressing a physical button on this gadget.
For example, the Ledger Nano S gadget, which in addition to bitcoin can store other cryptovoltaic currencies (xrp, eth, etc.), is one of the most popular and convenient, and more details can be found here.
Also, there is a good, reliable wallet Electrum, there is an article on how to get it out of here.
Where to store the bitcoins
Cyberattacks on various trading platforms are carried out daily, resulting in the storage of cryptographic currency, especially in large quantities on these platforms is extremely dangerous, but if you choose the right ones, the risks can be reduced. If the exchange is little known, there is a high probability of getting into a fraudulent project, which may close soon or just stop paying money.
As a result, many experts recommend to use only verified sites for trading and storage of cryptographic coins, such as “Binance“, especially since the company has now opened a new decentralized exchange, Binance DEX, which supports work with hardware crypto wallets and fiat money. You can read more about proven exchanges here.
It is extremely dangerous to store bitcoins in various projects, such as cloud mining services or micro wallets, due to possible sudden closure of such platforms. For example, the well-known and until a certain point authoritative service “Hashflare” simply stopped paying out money to its customers last spring, explaining to investors the critical situation in the crypto market.
But at the same time, the company continued to sell mining contracts, which were knowingly unprofitable, and the management of “HashFlare” froze the receipt of funds from mining, although a small profit from mining at the time was still there.
Hopefully the topic where you can store the bitcoins is clear. As a result, the crypto exchange will be suitable for short storage, and the last two ways are considered unacceptable for a long (more than a year) storage crypto currency, and if the user is going to invest a large sum in the bitcoins, it is better to order gadgets company “Ledger” or “TREZOR”, especially since their price is now available for almost any crypto investor.
We promise only interesting articles! We don't like spam ourselves :)