How To Store Your Crypto Currencies
There is probably less information about storing crypto that anything else in this space. On this page I cover the different options and provide a framework for you to follow. You will want to model your own strategy depending on the amount of crypto currency you own, your risk tolerance vs ease of access to your coins and the amount you are willing to spend to protect them.
This will be a personal decision balancing the amount of crypto currency you plan to store and your risk tolerance against the cost and trouble or maintaining mutiple wallets. It makes sense to not have everything in one place for obvious reasons.
When it comes to digital wallets there are many options. So far these are the only ones I can recommend.
There are many hardware wallets available and this will doubtless continue to evolve. I advise EXTREME caution when selecting anything other than the wallets below. As with everything on this website, I can testify that these are reliable.
BIG WARNING – ONLY PURCHASE DIRECT FROM MANUFACTURER.
Do NOT buy from Amazon, online stores or third parties. You can only be sure the units have not been compromised or is counterfeit by buying from the manufacturer directly. Do not try to save a few dollars buying from other sources.
Currently there are only a few recommended hardware wallets. If you have deeper pockets there is the Ledger Blue which supports any major crypto currency and any blockchain. The Ledger Nano S is the best alternative for those who want something very small and less expensive. It supports many currencies.
Ledger Nano S
Some companies suggest they offer cold storage however it’s important to understand that TRUE cold storage is literally holding your crypto on PAPER.
A paper wallet is created by downloading your public and private keys and printing on a piece of paper.
PROS – The absolute safest way to store crypto.
CONS –Can be stolen, lost or damaged , Difficult to set up (for beginners) , Backup requires safe storage in a safe deposit box or with a trusted person in another location. Not a good solution for quick transactions.
The shiftcard is a convenient way to spend bitcoin
Coinbase is NOT a wallet , but it can be used to hold a SMALL amount of coins for quick and easy transfer. Limited currently to Bitcoin, Bitcoin Cash, Ether and Litecoin.