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berkley mining colocation
Where and how to store cryptocurrency?
Before answering such a popular and painful question “Where is it better to store cryptocurrency safely?”, I must say that the currency, in principle, is not stored physically in your pocket, but in the blockchain. It is a system of millions of computers around the world where data is stored that is completely secure. Therefore, this issue rather involves the choice of software that would be convenient to watch the balance, transactions and manage the account. The most valuable are personal data passwords, keys and passphrases from the software that you use. In fact, it is these data that are to be stored by which you enter the wallet. But, in spite of this truth, many still use the expression “keep cryptocurrency”, and therefore, let’s take a closer look at this issue in the understanding of an ordinary layman.
Where and how to store cryptocurrency?
So, how to safely store cryptocurrency? The best mechanism that will fully perform this function will be the use of special software. It is called a wallet, which is essentially an access and money management tool. It is the software that will store your keys in the most secure manner, which will also be completely convenient for use.
There are several types of wallets that are actively used to store cryptocurrencies. Each of them has its pros and cons. The choice depends on your preference. You can store cryptocurrency on them in several ways that determine the protection properties of a particular wallet. Thus, there are several types of wallets:
Hot wallet. This means that you store your password on a specific device that has round-the-clock Internet access. This is convenient, as you can constantly monitor the status of the account and transactions, as well as send money from one wallet to another at any time. It allows you to manage money in real time in the most convenient way. It is worth pressing one button, and the thing is done.
Paper wallet. It is the data of your private key printed on paper. It is used in the form of a QR code that can be scanned and quickly find out complete account information. It is used as a full wallet. You get money for it or have the opportunity to make other transactions.
Cold wallet. This is the exact opposite of a hot wallet. Here, the password is stored on a device that never connects to the network. Plus such a wallet in the complete absence of the ability to hack data. It can be a separate carrier in the form of a keychain. Also, you can simply make a cold artisanal purse from a banal telephone set by never connecting it to the network and not using it for other purposes. Using such a wallet is very simple. You record data on the phone, and if necessary, simply turn it on and use it for its intended purpose.
Hardware wallet
I would also like to say about the hybrid, which is the most efficient type of cryptocurrency storage. This is a separate type of cold wallet - a hardware wallet. It is convenient and practical to use. At its core, this is a separate keychain on which your data is recorded, with which you can manage your account. With it, you have the ability to quickly manipulate money by pressing some buttons. In addition, he never connects to the world wide web. Your data are also not at risk when you lose the key fob. To restore access, you need to use the phrase from the software, which is in the repository. It will help to recover data after buying a new key fob and transfer it there.
I must say that today, it is this cryptocurrency wallet that is the most convenient, effective and safe.
New topical storage method - Cryptopay online wallet
Cryptopay is an online wallet where you can easily store and spend your money in the form of bitcoins, euros, British pounds or US dollars.
Competitive advantages and features:
the best way to manage your bitcoins;
a contactless debit card with bitcoins works with any terminal for sale;
this system simplifies the conversion of your bitcoins into supported currencies;
no hidden fees or unfair pricing;
user support for five minutes.
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