So perhaps you’ve taken the plunge and bought into the Crypto craze or your an avid investor with loads of BitCoin. Not the question is ‘How to keep them safe’ after-all you wouldn’t leave your stock certificates, gold bars or life savings just laying around anywhere. You’d put them in a safe or perhaps a bank’s safety deposit box and why should you BitCoin be any different?
There are 3 options for storing your BitCoin
1. Leave them on the website that you bought them from. BAD IDEA. This is the most exposed to hackers and also relies on the broker to look after them. What happens if that broker suspends withdrawals or worse goes bust.
So the next option is to store them yourself somewhere you can control.
2. Download your own wallet software and store your BitCoin on your PC. Better idea. However this has some big drawbacks. The one that caused me the most trouble was that I needed to download the entire BitCoin history (every transaction ever made) before I could see my own coins and then struggled when my offline wallet started throwing errors when i tried to use it.
3. Use a hardware wallet. BEST IDEA. A hardware wallet is a physical device which ‘stores’ your BitCoin. You can then send and receive to it by plugging it into your PC. No need to download the whole blockchain and as the device is only online while connected to the PC its very secure and safe from hackers stealing your hard earned BitCoin.
I bought a Trezor Wallet (there are a few others too) from here https://trezor.io/
- Compatable with the best wallet software
- Supports loads of different coins (such as BTC, LTC, ETH, DASH, ZCOIN and loads others)
- It looks cool
- Cheaper that the others
Got yourself a wallet but no BitCoin? Don’t worry, we’ve got you covered…Take a look at our intro to BitCoin trading here – BitCoin Starters Guide