How to Store your Cryptocurrency Correctly. According to a survey around 8 crypto exchanges were hacked in 2019 and around 3.8 billion dollars worth of cryptos have been stolen till now.
00:00 – Hacking in CryptoCurrency
00:35 – Is Crypto Store?
00:51 – Right Way to Store Cryptocurrency
01:22 – Private Key of Crypto Wallet
02:25 – Correct Way to Store Your Crypto Wallet Private Key
02:51 – Safe wallets to Store Cryptocurrency
03:02 – Store Crypto Offline
04:08 – Store Cryptocurrency On a My Ether Wallet
04:53 – Store Cryptocurrency On a USB
Today I am going to clear your doubts on how do I store my cryptocurrency, what are the ways to store cryptocurrency, can we recover cryptocurrency, where to store cryptocurrency, the best way to store cryptocurrency, hacking in cryptocurrency, is crypto safe, best crypto hardware wallet 2021, wallet private key, how to store cryptocurrency on my ether wallet, etc.
The news of exchanges getting hacked is a common thing and a lot of people have lost their crypto holdings due to this.
A few years back the owner of a Canadian crypto exchange died due to an unknown reason and the crypto exchange lost 145 million worth of cryptos as the owner had the key with him.
A lot of such incidences happen and people think cryptocurrency is not safe.
But is that true?
No, that’s not true.
Cryptocurrency is completely safe and secure you just need to store it the right way.
Many cryptocurrency exchange wallets suffered from security breaches in the past and these exchanges do not provide enough insurance and security.
Furthermore, cryptocurrencies once lost cannot be recovered, so it is essential to store them somewhere safe and have full control of your wallet.
What I mean by having full control of your wallet is owning the private key.
Whenever you look for a wallet to store your cryptocurrencies the most important thing is the private key.
You have to look for wallets that let you keep your private keys and they themselves have no control over it.
Because with cryptocurrencies we deal in private keys and public keys.
When we have access to our private keys we own those cryptos and only we have access to them.
But if we store our cryptos on exchanges they store our private keys with themselves and in exchange they allow us to trade easily.
So, if we store our cryptocurrency in exchanges, we don’t have access to our private keys,
That means they can easily take your bitcoin or other cryptocurrencies and you won’t get it back.
So, it is very important to store your cryptos somewhere where you have access to your private keys.
And make sure you write that private key on a piece of paper and do not share it with anyone.
Don’t even take a screenshot or photo of that or save it on your smartphone or mail.
I have myself made 2-3 copies of those private keys and hid them away somewhere safe.
And I only keep the cryptos that I want to trade in my exchange wallet.
There are a few wallets that let you keep your private keys.
1) USE paper wallets.
paper wallet is one of the safest ways of storing bitcoins and you get to keep your private key with yourself.
Paper wallets are simply Bitcoin private keys printed on a piece of paper. Paper wallets are an effective way of storing Bitcoin private keys offline.
They protect the user against potential theft or mishap with the desktop or mobile devices.
These kinds of wallets are also called “cold storage” because the keys are generated offline and never stored online or on a computer.
You can make your paper wallet from bitaddress.org, which is an HTML page specifically for this purpose only.
You can save the HTML page offline and remain disconnected from the internet to generate the keys. They can be printed on paper or stored as a soft copy on a USB or hard drive.
2) My Ether Wallet
If you wish to store Ethereum or other projects which are made on the Ethereum blockchain, you can store all of them on my ether wallet.
MyEtherWallet does not manage accounts with information such as passwords, private keys, or emails.
In order to ensure your security and privacy, no sensitive data is ever saved, stored, or transmitted when you use MyEtherWallet. They only have access to the information that is publicly available on the blockchain and your private key is safe with you which means you have full control over your cryptos
3) Hardware wallet
Hardware wallets are one of the safest ways to store cryptocurrency investments.
In this type of wallet, you own a device and all your cryptocurrencies are stored in it offline.
To access the cryptocurrencies stored in it you have to connect them to your computer and then follow a procedure.
Cryptos Monopoly –
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