How to keep your CRYPTO WALLET Safe ๐๐ Cryptocurrency Safe ๐๐
As you are a crypto investor, your prime concern is your wallet. You and only you are responsible for safety and security of your wallet. You should keep your wallet safe and secure. When the coin is gone, it is gone. You will not found it even in the black hole. This is the disadvantage of this technology. As there is no central authority, you can't complain to anybody.
We know about Mt. Gox. Once it was the largest bitcoin exchange, Handling over 70% of all bitcoin transactions worldwide. What happened with Mt. Gox, approximately 850,000 bitcoins were stolen from this exchange. Who was affected by this? Everybody. The conclusion is that we have to secure our own wallet.
You never know when you are going to get rich in a bullish market. One ICO can make you rich (I hope so). In that case, you need to secure your wallet otherwise some bad guys will find your cash.
Your wallet actually stores your public and private key. With this key, You can send, Receive and transfer coin. There are two types of crypto wallets
- Hot Wallet
- Cold Wallet
Hot Wallet:
In a simple term, A Hot wallet is a wallet which is online and connected to the internet. Generally, People used the hot wallet to keep a small amount of money. A Hot wallet is not 100% secure. You should not Keep large some of the money into this wallet. If a hacker has access to your wallet then everything is gone.
Example: Jaxx, Blockchain, Poloniex, Bittrex, Coinbase
Another type of hot wallet is software wallet like EXODUS.IO. Exodus software wallet does not store your private key. That means your fund is secure. but if a hacker took control of your computer then everything is gone. So you have to make sure your computer is protected from viruses and malwares.
Cold Wallet
A cold wallet is not connected to internet. People use the cold wallet to keep a large amount of money. Cold Wallet is extremely Secure. You can keep large cash in this wallet. There are different types of cold wallet like
- Paper wallet
- Hardware Wallet
A paper wallet is the popular and secure form of wallet. I will discuss paper wallet (how to create paper wallet) in another post.
Hardware wallet is a physical device which is kept offline. but it can be connected to the computer and make a transaction with this device. Till now, hardware wallet is secure and is very popular. Still, we did not find any case of wrongdoings with this wallet.
Example: Ledger Nano, KeepKey, Trezor
Different hardware wallet has different feature. You have to do your own research to buy the perfect one for you. Trezor is very good one. It supports lots of coin including Bitcoin, Ethereum, Ethereum Classic, ZCash, Litecoin, and Dash. You may visit its website for more research.
KeepKey is partnered with ShapeShift. That means you can trades different crypto within Keepkey hardware wallet which is secure. KeepKey also supports number of coin including bitcoin, ethereum, litecoin, dogecoin, dash, and namecoin.
Ledger Nano S is also very popular one. Do your research and decide which one is perfect for you.
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This is very helpful thank you.
The paper wallet cought my attention so I guess I'll wait for your next blog:)
Do you use the hot wallet just as a temporary storage or what is the main purpose of an insecure hot wallet? It is easy to set up, that I know for sure:-)
Thanks for the research!
you can use hot wallet for send, receive and exchange of crypto. It is only insecure if you put lot of crypto.
You do not want to face the wrath of my bunghole!!
I don't get it. Have fun
Cheers!
Thanks for putting together this information being new to the platform and well as crypto I really appreciate the time put in to posts like this I really find a lot of value in this information I'm sure it will help. Thanks
I am happy that post is helping. Thanks
Very very good informations... Thx for this post!
Upvoted and resteeam...
Thank you @feri1
you are awesome
Some great advice and information here @steemero ๐ Re-steem worthy ๐๐
Thank you @crypto-expo
Thanks for sharing this to us
Thank you @sanzrasp
The guy that round MT Gox most likely knows where the all the bitcoin are, probably waiting eight years so the statue limitations will run out and then all the sudden the missing bit coin will reappear.
may be he is in the Jail.
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Are these more secure than an actual hardware wallet?
Hardware wallet is secure till now.