In the fast-moving crypto-stratosphere, bitcoin and crypto storage is more important than ever before. Long gone are the days of stuffing matrasses full of hard cash and ill-gotten gains. Walter White-esque stash holes in the desert are a thing of the past since the birth of digital cash. Where do you store your crypto?
It’s a question I am often asked during steamy liaisons in dark alleyways and at meetings down at the docks at midnight. The answer depends on what your bitcoin and crypto storage needs are.
Do you have a large or small amount of crypto that needs storing? Are you planning to hold long-term? Are you looking for a convenient crypto storage solution for a quick sale when you have to leave town quickly? Are you trying to hide crypto from your significant other?
There are so many things to take into consideration. The best course of action is keeping it simple and tailored to your needs and requirements. Here are three of the best options for your crypto storage needs.
Online wallets on crypto exchanges
If you fancy yourself as a bit of a trader, already have small amounts of BTC, or want to purchase crypto but don’t know where to start, become a member of a crypto exchange. If you join one of the best and most trusted crypto exchanges in cyberspace such as Bittrex, Binance, and so-on, you automatically get a wallet as part of your account.
I regularly use exchanges for short-term bitcoin and crypto storage. Because exchanges also trade a vast litany of altcoins, you have more diversity with your storage options and are not only limited to keeping bitcoin.
Although there have been cases of even the largest crypto exchanges in the world suffering hacks and cryptocurrency theft, they are generally safe places to keep your digital cheddar.
Hardware wallets for bitcoin and crypto storage
When you want to keep your crypto-wealth under wraps or away from the devilish clutches of cyber-hackers and baby mommas, old-school sometimes trumps the new-school. In a world of digitalization, cloud spaces and AI, it’s essential to have physical control of your crypto funds as opposed to it theoretically floating around in the relative open. This is especially true if you are hoarding a large stash of crypto and want to keep it ultra-safe.
Some say trust is what separates humans from the animal kingdom, or was it Netflix? Using a physical hardware wallet with backed-up files for your bitcoin and crypto storage is a smart move. Who needs trust when you can have total control! That’s how dictators roll.
Commercial custodial crypto vaults and storage companies
If keeping thousands of dollars’ worth of crypto laying around the house in a physical hardware wallet or on an exchange gives you nightmares, commercial-style custodial storage could be the godly answer to your bitcoin and crypto storage prayers.
Custodial crypto vaults and storage companies are popping up all the time. Australia just enjoyed the launch of a new cryptocurrency vault where you can store your digital assets without the fear of hacks or cyber theft. Many of these vaults have the latest security to protect your assets, and if you need to stash a small fortune of crypto, I would recommend using a trusted custodial crypto vault for your storage needs.
As the needs of bitcoin and crypto storage heighten for users across the planet, these three suggestions are viable solutions to your storage needs.
I am an enthusiastic young writer who loves technologies, innovations and blockchain industry. I like sharing my observations and thoughts on the new trends in crypto world. I have been following the booming cryptocurrency market for some years now. I hope you enjoy my articles.