Bitcoin is praised for giving its users full control over their funds, but at the same time more power comes with more responsibility to keep those funds safe. There are many different ways to secure your Bitcoins, each having its pros and cons.
This article will go over a few possible ways, both common and uncommon, to store your Bitcoins, with a twist at the end.
1. Storing Bitcoins On An Exchange
The most widely recognized and simplest approach to store your Bitcoins is in a trade. There is a broad range of businesses accessible which give you the ability to buy, sell, and trade bitcion and other cryptocurrencies. Keep in mind, however, that storing your bitcoins through trade is not the most common for the fundamental reason that you don't have full control over your coins. Trades can get hacked or shut your record down for some reason, and you could conceivably lose every one of your assets.
2. Storing Bitcoins In An Online Wallet
A better approach is to store your Bitcoins using an online portfolio. Blockchain.info and GreenAddress are fairly new resources, and are only a couple of the many alternatives accessible for online wallets. Fortunately, you do have full control over your coins when they are in an online wallet, as you can extricate the private keys from the wallets at any time. Notwithstanding, the drawback is that the private keys are likewise stored online, which make them more vulnerable to hacks and potential zero-day misuses.
On the off chance that you are searching for a helpful approach to store your Bitcoins and are not very worried about most extreme security, you should consider online wallets a possibility.
3. Storing Bitcoins In A Desktop Wallet
A more secure yet still advantageous alternative to store your Bitcoins is to utilize desktop wallets. The private keys for these wallets are stored on your personal machine, implying that presence of the key online is negligible. Be that as it may, if your computer gets contaminated with a Bitcoin taking malware, consider your coins gone. If you’re looking for anonymity when using bitcoin, this may be a viable choice for you. Contingent upon what desktop wallet arrangement you pick and how you set it up, you can trade bitcoins all the more namelessly as your IP address and Email won't be connected to the Bitcoin wallet, which they would be if you chose to utilize an online arrangement.
4. Storing Bitcoins In A Mobile Wallet
Another secure and more unknown route is to store your Bitcoins on a versatile mobile wallet. Wallets like Mycelium and Breadwallet are both incredible applications which you can download off of your device's application store. The wallets don't require any individual data so you can be sure your exchanges are fairly anonymous. Beyond any doubt, the application will connect your telephones ID or IMEI, however, if the phone is a burner, it’s hard to interface the wallet to a genuine personality. Moreover, online wallets store the keys on your telephone, so in the situation that your phone is lost you can only utilize a reinforcement seed to restore your coins.
5. Storing Bitcoins In A Hardware Wallet
A standout among the most secure approaches is to store your Bitcoins on an equipment portfolio. Arrangements like Trevor, KeepKey, and Ledger are mostly important choices on the off chance that you are hoping to expand the security of your assets. Moreover, these wallets give an utterly mysterious alternative to executing digital currency.
Since no individual data is connected to the gadget, there is no recognizing information to spill. The reason these devices are so secure is because the keys are stored in a committed bit of equipment. Malware will have a hard time moving beyond the wallet's computer security to take your coins. Moreover, much the same as some other wallets, you can usually recoup the assets with a seed expression if the gadget is lost or broken.
6. Storing Bitcoins In A Paper Wallet
Paper wallets aren't as prominent as some different arrangements as they require much more comprehension of how the system actually works. You can create a Bitcoin paper wallet at Bitcoinpaperwallet.com, which will manage for you the most proficient method to legitimately produce it. When doing so, you can make it disconnected for the highest security by detaching your PC from the web while making it.
Paper wallets can be stored anywhere and don't consume much room. This uncommon method for bitcoin storage basically equates to a hardcopy of the seed access information. Moreover, if the bit of paper is legitimately secured, there is no chance for programmers to take it as the wallet never touched the web.
7. Storing Bitcoins In A Multi-Signature Wallet
Another less conventional approach to store your Bitcoins is on a multi-signature wallet. A Multi-signature wallet requires different individuals to endorse an exchange before it can go through. This would be an incredible answer for storing Bitcoins that have a place with numerous people, similar to an organization that has Bitcoin subsidized. Let's say you don't need a solitary individual to have control over your organization's assets; you could setup a wallet that would require various officials to approve an exchange before it can be affirmed.
8. Hiding Your Bitcoins
Since we are finished with the more precise and efficient Bitcoin stockpiling arrangements, let’s cover a few less common but interesting ones. If you are feeling especially nervous that someone may break into your home or steal your wallet and by extension get access to your bitcoin wallet in one way or another, then you do have the option of actually physically hiding it. When using a paper wallet, you can hide the paper somewhere safe that only you would know to look and that an intruder would never bother to pay any attention to. To take it a step further, instead of merely hiding your paper wallet, you can actually hide the information using some sort of code.
9. Storing Bitcoins On Your Body
Another imaginative approach to storing your Bitcoins is on your body. While it might sound strange, inking a 12-word seed into a tattoo, or at least an expression or sentence which would enable you to recall the seed, is an entirely possible method for storing this information. There is always the off chance that somebody could find the seed after seeing your tattoo, which would render that seed futile, but you can assume that most people won’t be thinking about deciphering a bitcoin seed every time they see a tattoo. It would presumably be best to make a kind of figure that exclusive you know. Along these lines, neither the tattooer nor some other individual seeing the tattoo can break its encryption.
10. Storing Bitcoins In Your Bank
While it might seem like the most exceedingly bad thought conceivable, putting away Bitcoin in your bank might be more secure than you would suspect. You could create a paper wallet and place it directly into a private store box. Like this, your Bitcoins are safe from burglary or a house fire. Using this method, they are even stored namelessly without the bank even knowing they are there.
11. Storing Bitcoins On Physical Coins
There are a couple of administrations out there which enable you to purchase physical Bitcoins. You buy this real coin which contains a carefully designed sticker under which is a foreordained measure of Bitcoins. Physical representations of bitcoins are mostly just a gimmick or collector’s item, but there is nothing stopping you from using the wallet information stored on the coin as your personal wallet.
12. Storing Bitcoins On Display
A standout among other approaches is to store bitcoins is on display. Steganography is the craft of hiding messages or data inside other nonsecret content or information. One could shroud a Bitcoin private key inside a picture and put it on their wall. If somebody somehow managed to break into your home, taking a standard painting is unlikely to be at the forefront of their thoughts. Even if they do take it, they are highly unlikely to ever discover the hidden information, and certainly not before you have the chance to empty the wallet.
12 Ways To Store Your Bitcoins Conclusion
There are numerous different methods available to store your bitcoins, and even more options are out there for storing or remembering your wallet address once you have decided how to store them.
Every option will be the most viable option for someone, as every option strikes its own balance between convenience, security, and intrigue. Some may choose to use an online wallet because it is more convenient more them to use the wallet that is provided by their selected cryptocurrency exchange. Others may choose to use a physical Bitcoin with an encoded wallet because they enjoy the novelty of having something they can hold in their hands. What matters most is that whatever option you choose suits your needs and is executed wisely and safely.