When we talk about storing your cryptos, we always stress the importance of using cold storage, for safety reasons. In the past, we mentioned the best highly recommended cold storage wallets to keep your funds secure at any time. Now, when Bitcoin rising and currently its value is around $35,000, we would try to explain cold storage a bit more and show some other ways to easily freeze your coins for safekeeping.
Cold Storage in Shortly
Namely, cold storage refers to physical objects like small devices in which you should store your currencies. We usually call them cold wallets. These are encrypted with special security codes to protect your crypto coins. Experts agree that cold storage is currently the safest possible way to store your Bitcoin and other cryptos. There are several ways to easily freeze your coins for safekeeping.
Offline Hardware Wallet
To move your assets into cold storage using a hardware solution, the easiest way is to use a digital wallet saved as a file on a USB stick. Most hardware wallets include extra security features and support holding multiple types of coins simultaneously.
Laptop or Desktop Wallet
These wallets only exist on your computer and because of that, they are one more safe way to cold storage of your cryptos. You can use it to export files of encrypted private keys in an offline environment. But, you must know that while receiving or sending funds through them, you are online.
If you don’t need something fancy as a hardware wallet, you can get a paper wallet. As the name suggests it is a private key printed out on a piece of paper. This doesn’t mean that it is any less secure. Paper has no USB ports and no wifi because of that it is unhackable. It will store your coins safely and frozen until the time you want to use them.
There are many crypto paper wallet generators you can find for any type of cryptocurrency you want. When you want to check up your balance and transfers, simply enter the public key into a blockchain explorer.
This is one more way of cold storing cryptos. On physical coins “private key” is on a card embedded inside the coin and is protected by a tamper-evident hologram. It leaves behind a honeycomb if it is peeled. If the hologram is intact, the cryptocurrency is good.
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