How to Keep Your Bitcoins Safe

As the value of Bitcoin has risen, there has been a lot of hype around cryptocurrency security.

Unfortunately, As the value of BTC rises, so do scams and hacking schemes..

How many times have you heard on Reddit threads or other online forums about people losing their bitcoins because they forgot their password or seed phrase?

Do we need to remind you that? 3 Million BTC Lost ForeverIt has been untouched for nearly a decade and is currently worth about $211,424,947,000.91, just from people who lost their passwords or seed phrases or kept their private keys on hard drives that were later destroyed.

This is exactly what happened to James Howells, the man who lost an estimated £165 million in cryptocurrencies that were accidentally dumped in landfill.

It’s not funny.

So, how can you ensure that your cryptocurrency is safe, no matter what the circumstances? In this post, we’ll take a look at the many different aspects to consider when buying Bitcoin and how to keep it safe.

We’ll look at wallets, seed phrases, verification techniques, and also look at what happens when you die.Yes, it’s hard to think about your own death, but it’s an honest question to ask. Who will get my bitcoin after I die??

Let’s get started. Here’s a guide on how to keep your Bitcoin safe in 2024!

How do I store my Bitcoin to keep it safe?

Ensuring that your bitcoins are safe is like guarding a treasure chest. There are several ways to do this, and different places to keep them, each with its own positives and challenges. Let’s explore the options:

1-Exchanges

✅ Pros: Exchanges are like Wall Street, a marketplace for the digital world. They give you quick access to your funds and are the easiest way to buy, sell and trade Bitcoin and other cryptocurrencies. Some popular exchanges are: Binance, Coinbase, Bybit And Q coinFor example but not limited to.

❌ NegativesAlthough it may seem safe, keeping your cryptocurrency on an exchange It’s like leaving the safe door wide open.You should keep in mind that exchanges are big targets for hackers and scammers. If you get hacked (which many have), all your digital assets could be gone forever!

2- Software wallets

✅ Pros: Software wallets, also known as hot wallets, have the advantage of storing your bitcoins on your phone through an app or on your computer. You can always have them with you and ready to use whenever you want. Well-known hot wallets are Trust Wallet, Metamask And Exit.

❌ Disadvantages: The downside? They’re highly vulnerable to malware and phishing scams. The ease of access to your digital assets via an online connection means that a sophisticated hacker could get in and take them over completely.

3. Hardware wallets

✅ Positives: Hardware wallets are the iron vault of the digital age. Because your bitcoins are stored offline, they are virtually unhackable. Since you have full custody of the private keys and seed phrases of that wallet, no one else can access them. Some of the best hardware wallets on the market are Bitcoin Material, Ledger Nano X And Tresor.

❌ cons: It sounds too good to be true, but there’s a problem. Some of it could be damagedThis means you could lose your private keys or seed phrases. If that happens… you’ll be in big trouble because no one else can access your bitcoin. Unless you use a non-digital cold hardware wallet.Like Bitcoin, it is waterproof, shockproof and fireproof.

4- Self-created wallets

I don’t think we can even list the pros and cons of this because it’s beyond the scope of the general population! It’s only for tech-savvy people, and there’s the option to create your own wallet. But you’ll need a solid understanding of technology and coding – it’s not for everyone. If you make a mistake, you can deposit your cryptocurrency..

So, what is the most secure storage option?

in the end, Which option is safer?Well, here’s why hardware wallets take the crown: With so many options to hold your BTC, Physical wallets are the first choice for security and safety because they maintain a balance between accessibility and protection.

You don’t have to worry about hackers like you would with an exchange or software wallet, especially if you’re using a cold hardware wallet like the one at Material Bitcoin, your biggest concern should be where you’ll keep the metal plate. That’s it.

Steps to store cryptocurrencies in cold storage

Specific steps for Send Bitcoin to your cold wallet How you store cryptocurrencies long-term may vary depending on the wallet you choose and the exchange you send them from, but in general, the steps are pretty similar and, fortunately, easy! Here’s what you need to do:

1. after Choose your favorite cold walletyou have to set it up. Using Physical Bitcoin Cold Wallet For example, the setup is very simple. All you have to do is scan the QR code and follow the instructions! The additional advantage of the Material Bitcoin cold hardware wallet is that, unlike other hardware wallets, it does not contain any electronic components, and therefore is never connected to a digital device!

2. Log in to your exchangelike Coinbase Exchange for example, and click on Send Receive The button in the upper right corner. Using the Bitcoin network, specify the amount you want to send to the cold wallet address. Select Payment using Bitcoin Option then click Continue.

3. Scan your Bitcoin QR code Enter the code and confirm your cryptocurrency is sent and received. Done! It’s as easy as 1-2-3.

4. Check your Bitcoin wallet balance here.

Additional Tips to Keep Your Bitcoins Safe

In case that wasn’t clear enough, here are some additional tips to help you keep your crypto safe:

• Use a cold hardware wallet.
• Treat your private keys as a secret. Never share them with anyone else!
• Use a strong, unique password. Try not to reuse old passwords, because once you get hacked on one platform, you’re likely to get hacked everywhere.
• Use an offline hardware wallet. It ensures that your bitcoins cannot be hacked.
• Use two-factor authentication (2FA) if available.
• Use a secure internet connection when making online transactions.

How to Keep Your Bitcoin Wallet Safe

Congratulations! You have chosen to store your bitcoins on a cold hardware wallet. However, you now need to make sure to keep your physical wallet safe, which includes your private keys and seed phrases so that you can access your physical wallet when you need it and it doesn’t fall into someone else’s hands if you don’t want it to.

take the case Stephen Thomas As a lesson to be learned from. He only had two guesses left on his IronKey storage device to unlock his $220 million worth of Bitcoin! What happened? He only had two guesses left on his IronKey storage device to unlock his $220 million worth of Bitcoin! Private keys Safe, and did not back up his wallet seed phrasesOne of the rewards of keeping your wallet safe is using Seed phrase wallet.

It is important to store your physical wallet in a safe place.You want to make sure it’s somewhere that’s easy to access but that you keep with other valuables to protect it, such as a vault or closet in your home.

Finally, there is another thing to consider, although it is not a fun thought, and that is what will happen to your Bitcoin once you die. If you leave it on an exchange or software wallet, you could face a number of problems including government intervention regarding inheritance rules and regulations, or your entire cryptocurrency being confiscated and lost altogether.

Keeping your Bitcoin in a cold hardware wallet has the added benefit that if you ever want to leave your digital assets to someone, you can. All you have to do is provide that person with information about where your digital wallet is located. For example, if you keep your physical Bitcoin in a safe in your home, just make sure your loved ones are aware of this and know how to access the safe if necessary.

This way, your bitcoin can be passed down from generation to generation.

That’s all you need. All the tips and tools you need to keep your Bitcoin safe! If you have any further doubts, you can check out the FAQ section below.

Instructions:

What is the safest way to store your Bitcoin?

• Physical wallets are always your best option!

Are cryptocurrency exchanges safe?

• It is not recommended for long term storage as it can be easily penetrated.

How much does it cost to store Bitcoin?

• Storing your Bitcoin in a hardware wallet may cost you an upfront sum ($50-$200), but consider it the best investment you can make!

How long can I keep Bitcoin in my wallet?

• As long as you want! It does not corrupt Bitcoin but ensures the security of your wallet.

What is the most secure Bitcoin wallet?

• Bitcoin is considered one of the most secure currencies because it has non-electronic components and is never connected to the internet.

How do I make sure my wallet is safe?

• Regular checks, updates, and never sharing your private keys is the way to go.