£0.00
June 19, 2019
0
Any owner of Bitcoins or Altcoins, of course, thinks about where to put them. And since you have acquired a cryptocurrency, appreciating its advantages, you must also take time to study the issue of storage, so as not to fall for scammers and hackers. Most incidents in the world involving hacking and theft of cryptocurrencies could have been avoided if the owners of the crypt took security more seriously, which we propose to do to you. After all, you can never trust your money to anyone. Recently, there are a very large number of various services that accept digital coins, store, transfer, exchange, etc. So, what kind of wallet for cryptocurrencies to choose in the end? We will try to help you understand this diversity and make the right choice.
What is cold and hot storage
So, first, you need to understand the fundamental difference between the so-called hot and cold storage of tokens. What is the essence of these opposing methods:
Hot storage, or as it is also called hot wallet, or online storage – can be described in one word – “online”. It includes all online wallets that are connected to the network around the clock and give instant access to your funds at any time of the day or night.
Cold storage (in other words cold wallet, or offline storage) is a completely offline method. It could not be better suited for very wealthy people who have huge amounts, or just for people who are shaking over their savings, very afraid of losing them.
Wallets for PC
You can download and install an electronic wallet for cryptocurrency directly on your computer – the so-called desktop version. As a rule, such multicurrency versions, for example, Exodus, with the built-in platform ShapeShift. Protection through private keys, although the choice of currencies is small – only about a dozen of the most famous.
As for the interface, it is not complicated, the control is clear, the design is beautiful. Bitcoin Core product provides a good level of protection, as it is quite independent. As easier to use as compared to a Bitcoin wallet, Electrum can be considered, it runs on Windows, Linux and Mac supports basic hardware store, and will be convenient for beginners.
Advantages and disadvantages
Software wallets are mainly used for long-term storage of cryptocurrencies. However, they are also convenient for conducting large-scale calculations. Such wallets can be called the optimal ratio for safety and ease of use.
Private keys are stored by the user – this is a significant plus, but there are also disadvantages to such wallets. For example, binding to one device, as well as the loss of funds due to breakdown or theft of a computer (if there was no backup on removable media).
As for the features of using software repositories, we will highlight the following:
- Wallets for cryptocurrency need to be downloaded only from official sources and timely updated to new versions. Do not neglect the updates, even if you like the old version more. Often, developers eliminate flaws and vulnerabilities, because to ensure maximum security, it is important to timely download the latest version.
- Although software wallets are considered the most secure, it is also important for the user to monitor the security of his computer. First of all, you should take care of a high-quality and reliable anti-virus.
- You should not download a client or store a backup on devices that someone else has access to. This applies not only to computer workers but also to those devices that other family members have access to.
- After downloading the storage and replenishing the balance, it is important to make a backup copy in order to recover funds in case of computer breakdown or other unpredictable situations. Backups need to be done every time after new transactions.
Best wallet for every coin
Consider the most popular desktop wallets for main cryptocurrencies:
Bitcoin – Bitcoin Core, GreenAddress
Litecoin – Litecoin Core
Ethereum – Ethereum Wallet, Mist
Bitcoin Cash – Electron Cash
XRP – Toast
