Sun. Feb 28th, 2021

How to Store Bitcoins? 5 ways to store bitcoins safely!

Bitcoin, being one of the most trusted and renowned cryptocurrency worldwide has offered a wide range of usage of it. In the current time, bitcoin can be used for various tasks. It is mostly used for effortless transactions without the involvement of a third party. It has become an inevitable part of modern transaction practices.

Bitcoin acts as a substitute for cash in the modern era. Many platforms now accept bitcoins and slowly, it is taking over the market. In such a situation, global people are focusing on either buying or earning bitcoins. It is not only a modern way of transaction but is also more secure than traditional transaction methods. Also, you can exchange currency anonymously.

Bitcoin hosting is another sector which refers to bitcoin transactions for other activities mainly web hosting. This term is also popular among sites that allow bitcoin payment.

However, as people are shifting online, cyber risks are increasing. Thus besides earning or buying bitcoins, you need to store them securely and safely.

Do you know the ways of storing your bitcoins? You have to know the suitable bitcoin storage mechanisms to keep your bitcoins safe. Let us see some options.

HOT WALLET –

A hot wallet is an online wallet where you keep your bitcoins. Keeping bitcoins online is not the best option as there stays a chance to lose your bitcoin. As fraud and hacking have increased, it is better not to use a hot wallet.

COLD WALLET –

It is to store bitcoins offline. It consists of a public key and a private key which mainly is a paper wallet. This can be stated as a secure way of storing bitcoins.

DESKTOP WALLET –

The desktop wallet is for those who prefer to use software for bitcoin storage.

MOBILE WALLET –

Undoubtedly, a mobile wallet is a convenient option. You can do frequent bitcoin exchange via your mobile wallet.

HARDWARE WALLET –

Storing bitcoins in hardware is the safest option as you insert them into the device and detach it from the PC.

Therefore, besides getting bitcoins, focus on storing the bitcoins in a secure place for seamless and risk-free usage.

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