How to store your crypto
After I decided to change my approach when it comes to creating content, I am very proud to announce that I will start writing about how to store your crypto - in a secure manner.
Why do I think I can contribute when it comes to storing crypto?
I am an IT professional and being involved in crypto for three years now. Storing data, performing backups, recovering digital IP is part of my daily business so I consider myself an expert when it comes to keeping data secure and efficiently. I never lost any crypto due to false management. I gained experience with software as well as hardware wallets. I tested many different wallets for Bitcoin, Ethereum, Litecoin, Monero, and some other altcoins.
The outcome of this series will be to give you an understanding of what is important for your personal situation to store cryptocurrencies. At least you will be able to make a decision about what wallet you want to use. As I don't have a community yet it seems to be pointless to ask what wallets you might want to have covered but I am more than happy to consider any wishes posted in the comments.
My personal challenge: I am a perfectionist and ideally would like to publish a 100-page document covering all my ideas and insights. But instead of posting one article in three months' time I invite you to follow me throughout this series to see if there is something valuable here for you. I guess this is a much better approach for me to take.
Hi @bitcoindelight I have about $1k in recently purchased BTC and LTC on an Edge wallet on my phone. Phone is secured by face recognition, pattern or fingerprint. Edge secured by fingerprint or password. Not super safe i dont think. I intend to HODL. Do you have a safer suggestion where to store? I guess you may cover that in a later post. Following. Thanks for sharing
Hi @atma.love, Thanks for your comment. If you want to HODL why do you want to have your crypto with you all the time. I wouldn't feel comfortable but that is just me. I am not familiar with Edge wallet, so let me put it this way. 1) Would you be able to recover your wallet with the information you have secured separately from your phone? Did you write down your recovery seed - a screenshot on your phone doesn't make sense - imagine you gonna lose your phone. etc. Do a test run: Restore your wallet on a 2nd phone to see if it works. If backup and recovery works flawlessly and you feel comfortable stick with it for now. Be careful before you update firmware or app itself. People have lost crypto due to broken support. 2) Do you own a laptop or desktop pc? Would you consider your browsing behaviour as 'secure'? No visiting of dodgy websites? If yes, than I would rather go for a software wallet. 3) Yes, I will cover this topic later in my series and make some suggestions. Then you can still decide what way you want to go in the near future. I hope this was helpful for now.