How and where is it best to store bitcoins for a long time?
It should be noted that it is not necessary to store bitcoins for a long time on stock exchanges. This is dangerous because while the funds are inside the system, they are not a currency. The service itself at any time can stop working, which is fraught with the loss of all invested money. Intra-exchange coins should be displayed on the official BTC-purse.
Cryptocurrency is an intangible, so it is only in the electronic version. The bitcoin purse number is not a secret and a subject for concealment, as it must be presented to users in case of transferring funds.
As an example, you can give the number of a bank card or an electronic wallet from any company. When at its disclosure the intruders still do not have the opportunity to seize the user's funds. Vulnerable is the password from the personal cabinet in the system. In the case of bitcoin, this is the unique key for transactions, to which the user confirms the transfer of funds.
You can store bitcoin in several ways:
Paper carrier
Online
Official client of bitcoin purse for Bitcoin Core computer
In phone
1- Paper carrier
Often owners of BTC-purses copy keys into a notebook so that there are no electronic copies of access to the cryptocurrency. The method is reliable if you are certain that third parties do not have access to data. Minus is a long and complex input of cipher values when performing operations with bitcoins.
2- Online
There are a lot of cloud services for storing cryptocurrency and data from wallets. The method is convenient because the information is available in any place where there is an Internet. Less is the lack of control over your own data since all cloud services belong to third parties. Theoretically, they do not need to close the site and use user data.
3- The Official client of bitcoin purse for Bitcoin Core computer
The method is quite reliable because it provides installation of a proven software with constant updates. The main disadvantage is the huge weight of the program more than 120 GB, which slows down the performance of weak PCs.
4- In phone
The option of storing keys in the phone is extremely dangerous because gadgets are more susceptible to theft and loss. Hacking any smartphone to take possession of personal information is not difficult.
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Nice blog dear .lets follow and upvote each other make mgsc community strong
@shubh007
Thank you so much for your participation
yeah definitely we should support each other for making better community on steemit
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Very true @shoaibsajid. Many people don't seem to realize that storing crypto on exchanges is dangerous.
But at the same time if you know that you need to trade often and you will transfer your funds also very often, then perhaps taking this risk is justified?
Dear @crypto.piotr
This is a fact that many people in the world of cryptocurrency don't know about the storing of their currencies at the safest place like this own wallet.
thank you for your kind reply @shoaibsajid
I really appreciate your time and effort
have a great monday ahead :)
Piotr