The Best Way to Store Your Coins: Cold Storage
UPDATE: You need to order a Hard Wallet ASAP! I got the Nano S from Ledger, available here: https://www.ledgerwallet.com/r/07e0
I recently found out about this awesome opportunity to "be your own bank"! For those of you already familiar with the topic of cold storage, go ahead and smash that upvote button and move on!
Here is my Hard Wallet:
For those of you who don't know yet, Cold Storage Hard Wallets are the safest way to store your coins. Most people leave their coins on an exchange (poloniex, bittrex, etc) and that's fine but you don't want ALL of your crpyto floating out there in the internet. It's literally in the hands of the exchange when you give them the coins to hold onto.
YOU NEED TO ORDER A HARD WALLET IMMEDIATELY!
They are becoming so popular that people already have to wait about 2 MONTHS to get one! The factories couldn't pump these hard wallets out fast enough. Mine was abour $60 Euros and shipped from France. It's the Ledger Nano S. The other popular ones are the Trezor and the KeepKey. Please let me know if I missed a wallet!
I am SO SATISFIED by this purchase! Having your coins stored on an offline device makes you feel way more secure. AT THE VERY LEAST, YOU NEED A 2-FACTOR AUTHENTICATION APP LIKE THE ONE GOOGLE OFFERS (My post on that here: https://steemit.com/safety/@amvanaken/you-need-the-google-authenticator-app )
It is very easy for people to call your cellphone provider, pretend to be you, have them swap your number to a different phone, and BOOM they have your phone number which is linked to all your exchange accounts. Scary, right? Get 2-factor authentication today, and order a hard wallet while you're at it! Think 2 months in advance and make the right move! Upvote, resteem and follow to spread awareness of this subject!
Please don't hesitate to ask any questions either, as this is an open forum built for learning (:
Yes I think this is the way forward. I don't have a massive crypto portfolio (due to not having much income)> But it's growing an with a new job I hope to be investing more.
One question though can you keep multiple coins on it at the same time?
I am still very new to crypto although being in it for over two years, it complicated. I am going to read up on these though and invest. Thanks for the valuable info. More to follow I hope :)
Yeah, the one I have (Ledger Nano S) holds up to 4 types of crypto currencies at once. And you can swap those out if you want. Ledger made really good Google Chrome Apps too. It's REALLY awesome to HAVE your coins, in a way that's physically IMPOSSIBLE to steal. Really cool. If you wanna get the one I got, use my referral code (;
Yer sure I'll look into in, I'm waiting to start a new job so in a could of months. Does it only work with google Chrome I try not to use google ?
That's just how Ledger prefers to build their apps. You don't store anything on google though. You should research the top hardwallets and choose your favorite!
Right on! I will get back to you about the code when I have some £££ and decided, thanks for that :). Just need to make so money on here.
Thank you for sharing. Maybe impossible for me to get my hands on one, but I will resteem to my friends and one day we can work together to make this a reality for us. Amazing purchase, I am actually intrigued by your decision to get one. Good work. I love it.
It may not be as inaccessible as you think! Never give up hope!! (:
I never will give up hope! I need it. Thank you.
No problem! I'm very satisfied with my investment in my security, so I decided I would sign up through Ledger (the company I got mine from) to promote them in exchange for Bitcoin (: They give you a referral link that looks like this: https://www.ledgerwallet.com/r/07e0
I think most hard wallet brands offer this option, but I want to promote the one I got (: Not too expensive either, it's worth the investment in your safety!
Oh very interesting. I have to take a look at this for sure!
Here are my questions:
There is a certain list of words in order that is your recovery phrase and if you do lose your device you can recover your lost coins with that phrase. Every device will require you to use different apps, typically working best over google chrome. Transferring is quite easy also once you get the UI. I'm not too sure what you mean by scanner though
I mean: Can I scan a QR code with it in order to make a payment?
Yeah, the addresses function the same as Coinbase, poloniex, etc. the fees are also the same decimal amount typically. They do a good job of making it pretty convenient.
Great education, thanks. I needed this :)
You're welcome (: hope it was clear enough!
Great advice, Keepkey has been out of stock for awhile on Amazon, does anyone have another source to purchase these?
This is where I got mine if you are still interested! They shipped pretty quickly. https://www.ledgerwallet.com/r/07e0
Yeah I'm not 100% on KeepKey, I hear that's the most popular though.
hola saludos desde Bolivia
Hola de Florida y igualmente! 😄
This post received a 4.8% upvote from @randowhale thanks to @amvanaken! For more information, click here!
Thanks for the article. There are also other solutions aren't there? I have read you can even just use a piece of paper that you store in a safe or other vaulted solutions like Xapo. (upvoted and followed)
Yes, there are way to print out paper wallets with your coin info on them, I've never seen one before though! There is also a debit card you can keep BTC on with Bitpay and a few other options in the USA as well as a myriad of options abroad.
That's good sound advice, I will get mine order now. Cheers. @fusiontherapy
If you haven't ordered yet, I highly recommend the Nano S from Ledger: https://www.ledgerwallet.com/r/07e0 (:
Yeah time to order ASAP! Waiting a month or 2 months is a bummer!
Awesome I will try to get mine asap! (Hoping I wont lose it 🤷♀️)
And it's funny you mentioned that part about losing it, because the one I got is able to be put onto a keychain much nicer than the others because it has a gigantic hole on the end. It's the Ledger Nano S, you should check it out if you haven't ordered a wallet yet: https://www.ledgerwallet.com/r/07e0
Yessss, they are selling out FAST! I believe the Trezor might be the easiest to get, my friend @sal.tedder has one.