Best ways for storing cryptocurrencies.
Looking for a secure way for storing your cryptocurrencies? Here’s a complete guide for some of the best ways for safeguarding your crypto assets.
After owning your cryptocurrency, the most important thing you should consider is how to store it. Let me aware you that cryptocurrency does not have the same types of protection as money in a bank account or similar to investments made via a broker. Being the owner, you are responsible for crypto storage.
Stay relaxed as you have a list of options for storing cryptocurrencies, but finding the right one is the toughest job. Let us together explore and find the most suitable option for your crypto portfolio.
Role of Crypto wallets.
Cryptocurrency wallets are similar to normal wallets which we usually use in actual life but the only difference is they can store only digital currencies. In present times, every individual wishes to launch his/her own crypto coin with own brand name, hence it is obvious that the need for crypto wallets is in demand today and future too.
Regardless of the business, the key functionality of crypto wallets will remain the same. Crypto wallets have become the necessity of every blockchain application to store their digital assets, mostly trading or exchange platforms.
Ways of Storing cryptocurrencies.
You have many distinct ways to store cryptocurrencies, including hardware devices, software applications, as well as a simple piece of paper. Once you understand more about each storage method, you can select the wallet or wallet that maintains your crypto safe.
Custodial wallet
Third party, like a crypto exchange, stores your cryptocurrency.
Simplest and most convenient option.
Average Cost - Free
For instance: Binance, BitMex, Bitgo, and Blockchain.com
Cold Wallet
Hardware that stores crypto offline.
High level of security
Average Cost- $50 to $150
For instance: Ledger, Trezor, Keepkey, Bitbox, and SafePal.
Hot Wallet
App that stores crypto online/virtually
Ease of use and Convenience
Average Cost - Free
For instance: Mycelium, Electrum, Exodus, Trust Wallet, and Blockchain wallet.
Paper Wallet
Physical storage of crypto private keys.
Free way to store crypto offline
Average Cost- Free