Tips To Store Cryptocurrencies
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What are the Most Secure Ways to Store Cryptocurrencies?

Do you remember hiding that cool toy from your brother? Maybe bury that valuable collectible in your front yard, hide your favorite game under the bed, get a piggy bank to save your money, or open a bank account to keep your fiat currency safe. You were keeping all these valuables as safe as you could. Therefore, there is no doubt that security becomes an inevitable priority when value is attached to something.

In this article, we want to look at value and security when it comes to cryptocurrencies. Unlike other valuables where you decide how best to protect them, there are strict choices on how to protect your cryptos, and finding the best option is what we want to help you do.

Tips For Storing Cryptocurrencies Safely

Here are some recommendations to help you securely protect your cryptocurrencies:

  • Store a larger percentage of your cryptocurrencies in a cold wallet, and keep the amount you want to use most frequently in hot wallets.
  • Only keep smaller amounts and what you can afford to lose in your hot wallets. In other words, only leave as much as you need for a transaction in your hot wallet.
  • Find multiple ways to record your seed phrase recovery seed. Write it down on a piece of paper, write it on steel, print it, etc. Whatever you think, make sure it’s accessible.
  • Do not share your private key or recovery phrase with anyone.
  • Always back up your wallets.
  • Set a very strong password for your wallet.
  • In the case of custodial wallets, make sure to go through the KYC process as well as enable two-factor authentication.
  • Always keep your software wallets updated. The updated version of your wallet probably comes with stronger security.
  • You can consider multi-signature, where two or more people are signatories to a wallet.
  • There are many other tips for staying safe, but you can start with these and consult other trusted safety sources.

The Final Decision is Yours

There are different ways to store your cryptocurrencies, but how you do it is up to you. Cold wallets, hot wallets, custodial or non-custodial, all have their ups and downs. The ball is in your court, so weigh your options based on your preferences.

Cryptocurrencies are a huge business that many people will do anything to get their hands on. You owe it to yourself and cryptocurrencies to keep them safe. It is advisable to work with more than one digital currency wallet. Always remember the basics; you can never go wrong with a very strong password, a secure seed phrase or private key, and a cold wallet for large crypto holdings.

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