How to Store Your Bitcoin
How To Store Your Bitcoin is an article on Coindesk which explains different ways you can keep you Bitcoin safe without security breach. Although, the article was last updated in January, 2018, it still has relevant information to pass across to digital asset’ users.
Firstly, the article introduces readers to a place where digital assets or Bitcoins are stored i.e. a wallet. It explains that this wallet has a private key which gives you access to your Bitcoin address. The better the software of your wallet, the safer your Bitcoin is.
Particularly, a wallet holds several private keys and different number of investors have several wallets for business. There are different types of wallet which were explained in the article. They are;
1. Electronic Wallet
2. Software Wallet
3. Online Wallet
4. Mobile Wallet
5. Hardware Wallet
6. Paper Wallet
The safety of Bitcoins lie in the state and type of wallet you use. For a wallet to be termed “safe and secure”, it must have met some requirements and standards. A good wallet should be supported by backup and encryption.
The safest out of them all is a Hardware wallet because it is kept in an offline storage, free from network connection. It comes with an advantage that you do not face the risk of a stolen key or an account hack. The least secure out of them all is Online wallet. An online wallet shares key with a third-party app which could pose a number of risk.