With the exponential increase in bitcoin value and popularity, several options have been introduced in the market to safely store them. Bitcoin wallets are all the rage nowadays, that require you to have private keys for accessing a bitcoin address in order to use your crypto money. These wallets are available in many forms, each designed to cater to specific requirements and suitable for different devices.
Bitcoins are gaining ground at a rapid pace and it is becoming increasingly important to learn how you can use a bitcoin wallet to secure them. You can choose to store them online or on a paper wallet, allowing you to keep your investment off the internet and away from the reach of hackers.
Of course, each kind of wallet has its pros and cons – that’s why we have shared the top 4 ways to store your bitcoin to help you make a well-grounded decision for securing your investment.
1. Software Wallet
One of the most convenient and secure options for storing bitcoin is a desktop wallet, also known as a software wallet. What makes it an appealing choice is that the private keys required for accessing the wallet are stored on your laptop or computer, which decreases the probability of data breach online.
However, if your computer is infected with a virus or a bitcoin malware, your digital money will be at a high risk of theft. Moreover, based on your choice of software wallet and how it has been set up, you can transact your bitcoins anonymously, since it won’t involve your email and IP address, unlike an online solution.
When you opt for an online or web-based wallet, your private keys are stored on a computer in a remote location which is controlled and monitored by another person. The keys are available online, but that doesn’t mean they are open for hackers and malware to attack and steal. Several online services offer secured web-based wallets, ensuring the high standards of security to ensure your investment is safe and sound.
Some of the online solution providers offer the convenience of linking your online wallet with desktop and mobile wallets by imitating the IP addresses among your different devices. Another advantage is that you can access your bitcoin wallet from virtually anywhere, no matter what device you are using – the only thing you’ll need is an internet connection.
3. Paper Wallet
A relatively safer option of storing bitcoin is a paper wallet, but it is more appropriate for people with an in-depth understanding of the dynamics of cryptocurrencies and how they work. You can make a paper wallet using a number of dedicated website, or if you want to fortify security, you can generate the wallet offline as well. Moreover, it is quite easy to store a paper wallet because they don’t require a lot of space, and provide you with true anonymity.
4. Hardware Wallet
A hardware wallet is a better option than a desktop wallet in terms of security. They are in the form of external devices, just like USBs that you can conveniently carry around anywhere. Hardware wallets are a preferred choice for many bitcoin investors as they offer complete anonymity, since no personal or private keys information is linked with the hardware, making it nearly impossible for data breach. These wallets are also resistant to malware, making them a good choice for storing bitcoins.
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