There are several ways to store Bitcoin and your other cryptocurrencies. Some are easy and user-friendly, but sacrificing your security, while other methods are the most secure, but requires you to be aware and careful about your safety.
We can count cryptocurrency wallets in 3 different categories: software, hardware, and paper wallet.
The one we will first learn to use is the software wallet.
Store Bitcoin through software wallet:
In theory, if you followed this guide, you are already familiar with two wallets: Coinbase and Binance offer their customer a software wallet on their platform. This online wallet is hosted by an intermediary that offers to store bitcoin and your other cryptocurrencies in exchange for fees when you withdraw them. Binance and Coinbase are also available on mobile, which makes them mobile wallets as well.
Although they are more convenient to use, those wallets are not the most secure as the security is not relying on yourself, but on the 3rd party holding your coins.
This chapter is only covering the different aspects of Blockchain and cryptocurrencies. However, we strongly recommend you have a more in-depth look into the security of your assets by reading our detailed chapters about wallets and security.
However, here is a list of actions you should always follow:
- Only use wallets from official sources and make sure the web link is the original one
- Do your homework and search for the reputation of the wallets you are using
- Never keep all your holdings in a single place
- Use strong passwords
- Always activate 2FA
- Only use trusted private networks, do not access your funds while being connected to the public wifi from the airport
- Keep your holdings private and do not disclose how much Bitcoins you have on Twitter
Here is a list of the most convenient wallets to use:
|Ledger Nano S||Hardware||Most|