THERE ARE SEVERAL EASY WAYS TO STORE BITCOIN

There are two main ways to store cryptocurrency: hot and cold. A “hot wallet” refers to any type of wallet that is stored on an electronic device that is connected to the internet. A cold wallet is a wallet that is stored on a piece of paper or an electronic device that is not connected to the internet. Since the former are connected to the internet, they are easier for thieves to hack compared to the latter. Therefore, only small amounts of money should be stored on a hot wallet just in case it gets hacked. There are several reputable companies that offer wallets and storage solutions. For a hot wallet, I recommend iOS users to download Breadwallet. For Android users, I recommend Mycelium. For a cold wallet, I like to generate my own paper wallets at bitaddress.org or I like to use Xapo’s cold storage vault.

Published on: 10/22/18, 4:59 PM