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The key is storing it in a safe, yet accessible place, and knowing how you should store for different purposes. This gives you a fair number of options when it comes to the different ways and places you can hold it. In general, the places you hold your private keys are referred to as wallets. Some wallets can also be used to send Bitcoin like software ones , while others can only be used to store and receive Bitcoin like paper ones.
Private keys are the alphanumeric passcodes which give you access to your cryptocurrencies, like Bitcoin. No keys means no coins. Most private keys are 64 characters long, with the characters ranging from 0 to 9 and A to F. Remembering this long passcode is nowhere near as easy as remembering your 4 digit bank pin or your 16 digit credit card number, not to mention the extra 6 characters which can be included A-F. This is why Bitcoin users choose write down their keys either digitally or physically.
There are four popular places to store cryptocurrencies: Online wallets are the most frequently used Bitcoin storage systems. With an online wallet, like the immensely popular Coinbase , a third party takes care of storing your private keys.
As long as they are trustworthy service, this means that you can send, store, and receive Bitcoin without ever having to touch a private key. Software wallets are another lightweight, easy solution to storing Bitcoin.
Software wallets also offer the functionality to automatically transact with your Bitcoin, doing the hard part of the work for you. Little technical knowledge required Complete ownership of your private keys Easy to send and receive. Hardware wallets are dedicated devices which store your Bitcoin on a portable, failproof computer. Although this may sound excessive, it certainly makes hardware wallets a secure way to store your coins.
Our last way of storing Bitcoin is as safe as it is cost effective: Paper wallets are computer printouts with your private keys written down. As a result, the above services will just create a print out for a generic paper wallet, or generate an address and private key for your custom paper wallet. With four surprisingly unique ways to do so, you might be wondering how best to store your Bitcoins.
The easiest way to store Bitcoin Without a doubt, the easiest way to store Bitcoin is using an online wallet. The safest way to store Bitcoin would have to be with a hardware wallet. The security offered by a standalone, single-purpose device has no match. The sacrifice of storing in a hardware wallet comes as a loss of usability and accessibility, along with a significant price tag.
See if you can match your ideal wallet with any of those listed above, based on both the features and limitations. This is our favorite approach to picking the right wallet.
If you can already see which storage method will work best for you, excellent! How do I store Bitcoin? Private keys Private keys are the alphanumeric passcodes which give you access to your cryptocurrencies, like Bitcoin.
Where can I store Bitcoin? Online bitcoin wallets Online wallets are the most frequently used Bitcoin storage systems. The benefits of using an online wallet are: Quick and easy setup No technical knowledge required Accessible from anywhere Buying, storing, and selling on one service The disadvantages are: Bitcoin software wallets Software wallets are another lightweight, easy solution to storing Bitcoin.
The benefits of using a software wallet are: Little technical knowledge required Complete ownership of your private keys Easy to send and receive The disadvantages are: Significant setup time Needing access to the same computer Risk of being hacked Best online bitcoin software wallets Bitcoin Core Electrum Bitcoin Knots Bitcoin hardware wallets Hardware wallets are dedicated devices which store your Bitcoin on a portable, failproof computer. The benefits of using a hardware wallet are: Extreme security Relatively portable Complete ownership of your private keys Built-in transaction functions The disadvantages are: The benefits of using a paper wallet are: Flawless digital security Relatively portable Complete ownership of your private keys The disadvantages are: The safest way to store Bitcoin The safest way to store Bitcoin would have to be with a hardware wallet.
Small, quick transactions OR if buying for first time Everyday cryptocurrency usage Holding large amounts long-term Holding moderate amounts long-term See if you can match your ideal wallet with any of those listed above, based on both the features and limitations.
Remember that you can use a combination of storage methods for your Bitcoin. For example, you could keep a small, liquid amount on an online wallet for quick transactions, while keeping your biggest holdings offline.
Either of these methods have too high a risk of random failure. Finally, you should know that software wallets exist for mobile devices too.