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How To Store Bitcoin Safely: Crypto Wallets Explained

Bitcoin is booming once again, and everyone is rushing to learn all they can about the leading cryptocurrency by market cap. One of the biggest challenges Bitcoin and crypto investors face, is making a decision on where to safely store any coins for the long or short-term.

Depending on the need, more than one type of cryptocurrency wallet might be necessary. This guide breaks down all the different types of Bitcoin wallets, which type of wallet security is the best, and which are the safest Bitcoin wallets to select for storage.

Introduction To Bitcoin And The Basics Of Blockchain Wallets

Bitcoin is the first ever cryptocurrency and with it came the creation of blockchain technology. BTC is the crypto asset that lives on the Bitcoin blockchain network. The technology was designed to allow users to be their own bank, which means they must control and self-custody their own assets. This takes some technical expertise, however, several solutions have emerged over the years that allow users of crypto technology to easily interact with a secure Bitcoin wallet on the blockchain through an app or desktop interface.

Before you decide to buy and store Bitcoin yourself, you will want to familiarize yourself with the various sections outlined below in this guide.

What Is The Best Way To Store Bitcoin? Safely Storing BTC

The best way to store cryptocurrency is always the safest method, and in this case it is more often than not through an offline storage device referred to as cold storage. However, a cold storage device means you cannot easily access crypto assets for yourself.

As you can see, an offline wallet isn’t always convenient. If there’s a major crash, or you suddenly need to access your coins, it takes several steps and much more time.

Digital Coins

It is important to understand that cryptocurrencies like Bitcoin and Ethereum are digital coins or virtual currencies that exist only via the internet on the blockchain. The benefit of digital coins is that they can be moved easily, transferred to and from with speed, and tend to cost less and take up no space.

Physical Coins

Even though when we’re talking cryptocurrencies, it is almost always digital coins, there are also some physical coins too. These physical coins, however, are simply metal “coins” that include a QR code or some other means to access a blockchain wallet.

Storing Coins On An Exchange

Storing coins on an exchange is often considered a no-no due to all of the hacks everywhere in the crypto industry in 2018. But the industry has matured since, and exchanges have learned to take additional steps to prevent hacks. So long as the platform has a reputation of reliability and proper security procedures, storing coins on an exchange can be safe.

What Is A Cryptocurrency Wallet? The Solution To Storing Crypto

A cryptocurrency wallet is an interface designed to allow access to the blockchain to easily move coins to and from the wallet. Each wallet consists of a private key and public key acting as the address. However, there are so many different types of wallet systems to choose from, from the most basic to extremely advanced.

Types Of Cryptocurrency Wallets Revealed And Explained

Here’s an exhaustive list of the various types of crypto wallets, their individual advantages and disadvantages, as well as explaining the different ways each wallet system works.

How To Keep Cryptocurrency Safe? Going Beyond Wallets And More

Storing assets in a wallet is obviously how to keep cryptocurrency safe, but you can go above and beyond choosing the right wallet to further protect yourself from the risks associated with storing cryptocurrencies like Bitcoin and Ethereum. Personal operational security is a must. Hiding personal details to stay anonymous whenever possible is best for the safety of assets. Users cannot be made a target if there’s no evidence that they own any crypto assets.

Hackers don’t target users randomly or for no reason. A history of bragging about assets online is one red flag that hackers can use to target unsuspecting crypto investors. Hackers can also target based on the platform, so selecting the right platform or wallet system is the most important. Take this as a reminder to never disclose to anyone that you hold any crypto assets whatsoever.

Keeping the bulk of assets in offline cold storage is recommended, but not convenient so keeping a small portion of crypto in a separate secure cryptocurrency wallet on a trusted and reliable platform like PrimeXBT is an ideal way to still have relatively quick and safe access to funds. Never invest more than you can afford to lose, and take extra steps for safety. Users should install malware protection, double and triple check any and all addresses before sending, and to make sure all computer software is updated at all times for the best possible security.

Use a VPN if possible, only use two-factor account authentication that relies on Google over SMS to avoid SIM-swap attacks. Keep an eye peeled for anything that looks off, such as Phishing sites. Platforms never ask for a username and password. Double check the URLs of any sites you’re visiting before interacting with crypto assets.

Even if you do all of this, there’s always a risk of loss associated with digital assets. A hacker could be that good, learn to crack cold storage, or some other strange incident could occur. Anything is possible, so be ready for anything at all times as an investor.

Bitcoin Wallet FAQ: Commonly Asked Questions About How To Store Bitcoin

Bitcoin, blockchain, wallets – it can all get a little confusing even after reading this guide. Refer to this FAQ whenever you have questions, where we’ve aggregated all of the most commonly asked questions about Bitcoin wallets and storing coins safely.

Do I Need A Wallet To Buy Bitcoin?

Yes and no. You will need a wallet to store the BTC you buy, but in most cases the platform will automatically generate the wallet for you at the time of purchase. Therefore buying any Bitcoin should result in a free wallet to use. From there, you can send the BTC, or store it.

Where To Store Bitcoin?

Storing Bitcoin should involve a cryptocurrency wallet. The safest solution is a cold storage wallet where assets are kept offline at all times. Hot wallets always access the internet making them riskinger to store assets on.

How To Protect Your Bitcoin?

Protecting your Bitcoin first and foremost starts with the right wallet or platform that can protect it for you. Next, it involves the investors keeping their personal finances to themselves, and being extremely careful about personal and private data that can be used to access financial accounts.

How To Safely Store Bitcoin?

Storing Bitcoin safely involves a cold storage wallet solution, or relying on an award-winning trading platform’s internal wallet system.

How To Store Bitcoin Offline?

Storing Bitcoin offline involves a cold storage wallet. These are usually a USB device or some other type of hardware. 

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 63.6% 74 $60 032.76 -2.11% -1.50% $1 131 802 049 382 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 68.4% 59 $3 989.05 -3.01% 4.71% $470 948 938 919 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 71.6% 62 $469.93 -2.46% 0.52% $78 385 216 501 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 93.2% 1 $1.000447 0.02% 0.09% $69 605 178 895 USDT 7 days price change
5 Cardano (ADA) ADA Cardano predictions 86.8% 13 $2.10 -2.38% -2.74% $69 174 273 027 ADA 7 days price change
6 Solana (SOL) SOL Solana predictions 70.4% 56 $187.59 -3.86% 17.09% $56 455 905 240 SOL 7 days price change
7 XRP (XRP) XRP XRP predictions 75.2% 49 $1.063738 -2.10% -5.03% $49 938 635 685 XRP 7 days price change
8 Polkadot (DOT) DOT Polkadot predictions 61.6% 82 $41.55 -4.26% -0.40% $41 029 792 344 DOT 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 72% 60 $0.261327 4.69% 10.43% $34 450 251 548 DOGE 7 days price change
10 USD Coin (USDC) USDC USD Coin predictions 94.8% 1 $1.000452 0.01% 0.09% $32 589 972 835 USDC 7 days price change
11 Terra (LUNA) LUNA Terra predictions 70% 61 $40.06 -6.21% 7.93% $16 078 547 993 LUNA 7 days price change
12 UniSwap (UNI) UNI UniSwap predictions 78.4% 43 $25.49 -4.26% -3.47% $15 592 349 712 UNI 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 54.8% 92 $0.000038 12.93% 47.19% $14 846 178 540 SHIB 7 days price change
14 Avalanche (AVAX) AVAX Avalanche predictions 71.2% 61 $62.43 -4.16% 10.20% $13 751 801 922 AVAX 7 days price change
15 Chainlink (LINK) LINK Chainlink predictions 74.8% 50 $29.06 -5.36% 8.54% $13 396 474 820 LINK 7 days price change

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