Despite multiple disappointing forecasts concerning cryptocurrency’s overall viability and crypto business, cryptocurrency is still regarded as a worthwhile investment. Lots of people mine digital coins on their own, while other buy and trade cryptocurrency at various exchanges. So, it comes as no surprise that so many people involved in cryptocurrency-related business want to secure their assets when transferring, say, Bitcoin to PayPal, and protect coins from fraudsters, scammers, and malware wherewith phishers try to steal hard-earned dollars.

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Today we’re going to look at how you can store your cryptocurrency in the safest way possible. There’s a whole bunch of different ways that you can store your cryptocurrency. And what we’re looking at is a trade-off between how safe and how accessible your crypto is going to be for trading and things like that. Some techniques we’re going to discuss are quite accessible but aren’t particularly secure, while others, on the contrary, are very secure, but their accessibility leaves much to be desired. So, let’s dive into it right now.

Storing Crypto on Exchanges

You could leave and store your Bitcoin or any other coin on an exchange to subsequently buy or trade your currency with no extra steps. Though quite quick and convenient, this way to store your crypto is considered the least safe. It’s not a secret that none of the cryptocurrency exchanges is immune to scams and unexpected shutdowns. Slews of exchanges get hacked all the time. And since you have no control of your private keys and thus don’t know where your crypto actually goes, you won’t be able to prevent a malicious actor from putting their hands on your money if something goes wrong. Of course, there are lots of trustworthy exchanges out there that boast a highly effective insurance policy which allows them to win over lots of users from all around the world. That being said, no one can guarantee that even such reputable exchanges will surely compensate you for losses once you get hacked. So, if you have a couple of Ethereum coins on your exchange account, you can probably take a risk and store them in your exchange. But when it comes to bigger money you can’t afford losing, we highly recommend that you refrain from storing them in the exchange.

Using a QT Wallet

Let’s say you’re not doing very much with your cryptocurrency and just holding it, and hoping it goes up someday, and don’t need to have as much accessibility, and don’t need to transact with it on a daily basis, then you will probably want to use a QT wallet. A QT wallet is a piece of software to be installed on your computer so that it can store all of your cryptocurrency. It’s presumed that such a method of storing your crypto is safer than exchange, since it provides you with the access to your own private keys, meaning you’ll be in full control of your coins once you transfer them to your wallet. Still, there’s still a downside to this method you should take note of. If your computer gets compromised or you happen to download malware, hackers will be easily able to get the passwords and other credentials necessary to enter your wallet and transfer your coins to their account. One way that you can make this more secure is to come up with an excruciatingly strong password consisting of dozens of all sorts of symbols and add them to your QT wallet. It’s also a good idea to install an effective anti-malware program on your computer and be very selective when it comes to downloading anything from the Internet. Overall, suing a QT wallet is a more secure way to store your crypto, but it’s still far from being ideal.

Using a Hardware Wallet

Hardware wallets are basically like USB drives. They represent physical, electronic devices that are plugged into your computer. Hardware wallets rely on the random number generator technique which allows the device to create unique private keys for you. Moreover, all hardware wallets are encrypted password protected. Thus, you can rest assured that no one will get access to your sensitive information since all keys are stored locally in the device and never connected to the Internet. This makes hardware wallets one of the most secure options available on the market. Still, you need to be ready to fork out on this useful device. A good one will cost you about 100 dollars. You can then transfer your crypto to your device and keep it in some safe place. This method is a little bit less accessible since it makes it harder for you to manage your cryptocurrency. But some sacrifices are just bound to be made for the sake of extra security.

Using Decentralized Exchange

Another safe way to store your cryptocurrency is on decentralized exchanges where no one has the private keys, except you, of course. Basically, the way this works is you get assets on the Blockchain exchange. Only you can access your coins through your private keys. So when you type in your password and all your keys to log in, that’s essentially the private keys keeping all this stuff safe. The only problem with that is that is you lose those keys you’ll lose all of your funds. So, using decentralized exchanges is quite a way of having your money accessible and being able to trade it.

Conclusion

Now that you know so much about the most popular ways of storing your crypto, it’s about time you picked the one that can best suit your personal needs. Hope all of your crypto ventures will be successful!