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Here are your best options for storing bitcoin: What is a bitcoin? How do I store bitcoin? Is bitcoin storage safe? These questions and more are the type that can keep savvy investors up at night, tossing and turning with nightmares of stolen retirements and vanished magic internet currency.
Here are some of the top ways you can store bitcoin safely. Created in by a user with the alias Satoshi Nakamoto, bitcoin is designed to provide the world with a universal currency that is completely independent of any one nation and its government. Its value is decided by a truly free market, and it connects an increasingly global world without regulatory interference.
Like any commodity or currency, people can buy and sell bitcoin at its current market value. The complexity of these math problems, and the computing power required to solve them, is what keeps the market from being flooded with too many bitcoins at once and protects the value of the currency.
Similar to an email address, users can send bitcoins to and from one another via their bitcoin addresses. Unlike your street address we hope , bitcoin addresses should only be used once. For security purposes, a bitcoin address, like a military drop zone or rendezvous location, is a sort of agreed-upon landing place for the bitcoins being transferred. Many computer programs exist to automatically generate brand new addresses each time you create a new invoice or payment request.
Once used, and the bitcoins safely transferred to a bitcoin wallet, the old addresses should be discarded. What does a wallet do? Why, it stores your money, of course! A bitcoin wallet is a software program where bitcoins are stored. But bitcoin wallets save the private security key for each and every bitcoin address stored in the wallet. There are four main types of bitcoin wallets, and they each have pros and cons depending on whether you more highly value security or convenience.
Online, or web bitcoin wallets, are stored and accessed on the cloud via remote servers. Online bitcoin wallets are extremely convenient; they allow you to access your wallet and execute transactions from anywhere in the world, and they handle the process of generating new bitcoin addresses for each transaction for you automatically. However, online wallets also store your security keys on those same servers. They will control your addresses, your security keys, your wallet, and therefore, your money.
Unlike online wallets, mobile bitcoin wallets — run through apps on your smartphone or tablet — are only accessed through your private device. This provides the mobility and go-anywhere responsiveness of online wallets, but with an extra, critical layer of offline security.
These fit into two main subcategories: Both are slightly less convenient than online wallets, but offer much greater levels of security — and, by extension, peace of mind for investors.
Unlike online wallets, desktop bitcoin wallets cannot be accessed from anywhere in the world and are therefore much less vulnerable to potential hacking.
This greatly minimizes the exposure of your security keys to hacking. Of course, your desktop wallet can still be compromised if your computer gets infected with malware or keylogging software designed to root out and steal bitcoin keys. Short of that, however, desktop wallets are very safe ways to store bitcoins. Another bitcoin cold storage option, a hardware bitcoin wallet is even more secure than a desktop bitcoin wallet.
Hardware wallets are, you guessed it, bits of external physical computer hardware, much like USB sticks, that store your bitcoin wallet s.
These devices are one of the most secure methods of bitcoin storage. In addition to being completely offline like desktop wallets, hardware wallets are further immune to nearly all computer viruses and malware programs that can steal from desktop wallets. Hardware wallets also have special, protected areas of the microcontrollers that store your private keys. These prevent your keys from being transferred out of the hardware in plaintext, guaranteeing always-on encryption.
In fact, to date, there have been no verifiable incidents of bitcoins being stolen from hardware wallets. Of course, hardware bitcoin wallets may themselves need to be stored under lock and key. At Custodian Vaults, we provide secure, discreet storage for bitcoin wallets. Numerous investors are swapping bitcoin for gold in anticipation of the crypto bubble bursting. In any case, hedging and diversification remain core tenets of smart investing, so keep that in mind as you ride the bitcoin wave.
How to Store Bitcoin Here are your best options for storing bitcoin: How Does Bitcoin Work? How to Store Bitcoin There are four main types of bitcoin wallets, and they each have pros and cons depending on whether you more highly value security or convenience.
Online Bitcoin Wallets Online, or web bitcoin wallets, are stored and accessed on the cloud via remote servers. Mobile Bitcoin Wallets Unlike online wallets, mobile bitcoin wallets — run through apps on your smartphone or tablet — are only accessed through your private device. Desktop Bitcoin Wallets Unlike online wallets, desktop bitcoin wallets cannot be accessed from anywhere in the world and are therefore much less vulnerable to potential hacking.