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Ways to store cryptocurrencies
Cryptocurrencies are an excellent way to provide for yourself financially and build an honest financial system. But what’s the right way to save them? There are two ways to store cryptocurrency:
– Hot storage. Hot storage means that you put cryptocurrency in special wallets that let you withdraw and use the funds you need at any time. These wallets are continuously connected to the Internet, so you can access them anywhere with Internet coverage. And almost everywhere civilization has reached has Internet coverage. This type of storage is like storing fiat money in an account with a debit card and online banking abilities.
– Cold storage. Cold storage means storing cryptocurrency in wallets that are not connected to the Internet, i.e. offline wallets. The wallet’s private key is also stored offline, on a hardware device or paper. Cold storage is generally used for saving cryptocurrency – for large and very large amounts. It can be compared to storing valuables in a safety deposit box.
You choose which storage method to use. But you should know that cold storage is safer: your keys are completely safe, because they are not stored on the Internet. Your coins are not vulnerable to hackers or thieves.
The best option is a combination of hot and cold storage. Use hot storage to store the amount that you want to be constantly available. Use cold storage for large sums, i.e. your savings.
In a subsequent article, we will provide a detailed description of the types of wallets used to store cryptocurrency.