How Best to Safely Store Your Coins and ALTs! Bitcoin is treasure; Alts are too.

[bobelr]

A lot of crypto users still get it confused hence they loses their hard earned cryptos to either scam exchanges or ignorance of how wallets work. It is important that we sensitize the crypto community every now and then.

Centralize Exchanges


In 2018, the pretty bad boy "Scam" made away with millions of dollars in hundreds. Also, in the early 2019 to date, there has been reportedly exit scam and exchange hack associated with exchange such as Cryptopia, DragonEx, Coinmama, Bitrue and even Binance wasn't an exception.

QuadrigaCX exchange collapsed as well. See news here... https://www.coindesk.com/exit-scams-swindled-3-1-billion-from-crypto-investors-in-2019-report

Hardware/cold storage/ledger


It is pathetic seeing such huge funds being parted away with whereas it could have been prevented taking the right step. Undoubtedly, centralized exchanges rank zero where crypto storage is concerned. To be factual, hardware/cold storage is practically safe but with limitations which seem to be the exceptional strength of decentralized wallets.

• Cold storage or ledger may lost and that's the end.
• in case of fire accident or theft, it is gone.

• The time required in decryption might be used for other productive activities.
• it is expensive.

A desired and effective wallet should have the following:

A desired wallet should be :

• Safe and secure.
• Easily accessible.
• Flexible (i.e even if host is misplaced or stolen, funds can be retrieved without recourse to the actual host)
• Simple and efficient (i.e should provide for easy transferability and exchange of assets).
• Give value back to the user among others.

Decentralized wallet

Since 2017, I have been in crypto, I use only decentralized wallets with different functionalities but of recent, I discovered ATOMIC WALLET which is why i write this article being a satisfied user.. If you are reading this, I am pretty sure wallet isn't a new word to you and there are couple of them out there you can get on your mobile or PC. But ATOMIC WALLET has cool features perfect for both an average and PRO users. It is:

• a non-custodian wallet that neither stores your credentials nor can it assess your funds
• a multi-currency light wallet that lets you conveniently manage your crypto assets and portfolios (Bitcoin, Ethereum, XRP, Litecoin, XLM, BCH, Doge and over other 500 coins) in one pack

• a value-giving (option of earning reward through of ATOMIWALLET native coin -Atomic Wallet Coin(AWC)
• comprises of basic and advanced functionalities such as Storage, Swapping asset with another through the Atomic swap functionality -an advance feature that facilitates easy exchange of assets within the application thereby eliminating third party interference

• has inbuilt exchange services (in partnership with external exchanges such as Changelly, Changenow
• has feature to purchase crypto with bank/credit card

I have personally tried out atomic Wallet hence I can recommend it to anyone craving for security, value and reliability. If you need to participate in the airdrop, You will need this code YXRJ8 as given me by a friend. Atomic wallet Coin -AWC is listed on BinanceDex and IDEX. See detail on Coinmarketcap.com or atomicwallet.io

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[mersal]

Considering hardware wallet is an expensive thing is awful because it only cost about somewhere $100 to $200 so spending this amount for securing coins worth in millions is something deserves.

Agree with other risks of using hardware wallet but this is what we have the best even compared to the other online or paper wallets.

[pixie85]

Yes hardware wallet is the safest option but not all coins are supported by these devices.

There are other very safe ways to store your coins. You can download a multi coin wallet like coinomi and hold it there on a device that is kept offline most of the time. The most danger comes from downloading files especially compressed ones and opening email.
If you don't send your coins to the wrong address, don't invest in a scam, and don't hold on exchanges, you are already doing more than most investors.

[htsy585]

Yes hardware wallet is the safest option but not all coins are supported by these devices.

There are other very safe ways to store your coins. You can download a multi coin wallet like coinomi and hold it there on a device that is kept offline most of the time. The most danger comes from downloading files especially compressed ones and opening email.
If you don't send your coins to the wrong address, don't invest in a scam, and don't hold on exchanges, you are already doing more than most investors.

That's true. Top hardware devices majorly support the top and renowned coins on coinmarketcap. I got a Nano s wallet last 2 years and I was looking to store two random tokens I bought from Crex_24 but it gave me a tough time. At a point, I thought I bought a faulty wallet. So since then, I just store btc in my hardware wallet. Mobile wallets like IMToken and trust wallet are more dynamic and accommodating with ample security too as long as you don't loose your phone or you have your Passphrase or private key copied out in your private jotter

[Ailmand]

Hardware wallet might have some disadvantage compared to online wallets, at least your fund's security is ensured, especially if you are holding a huge fund. And in case of theft or loss, as long as you have the key phrase or seed, you can still access your wallet through it. But still, the risk of losing the phrase lays on the hand of the owner. In the end either if it is hardware or online the security of our fund lays on our hand.

[Ultimist]

A hardware wallet is worth buying when you have a large amount of money . Because it is really quite expensive and it should be used justifiably.

[shinratensei_]

Isn't it atomic wallet a centralized wallet? I have made by a party, and i thought that it couldn't be considered as a decentralized wallet. There's not such truly decentralized wallet. As far as i know, i haven't seen any points from your explanation that explains why atomic can be considered as a decentralized wallet.

Do you know what centralized mean? It's a functional wallet but i can't define that as one of the decentralized wallets. I see that wallet and for me rather than it and cold storage always become the best choice.

I'm feeling curious about can i take my private key from there if I'm willing to use it in the future?

I just try to think about any wallet has been made by the developer, and it's not suitable to call that as decentralized when there will always be at least a single party or someone who created the wallet.

[CjMapope]

i really like Coinomi for my phone, im not a whale tho, SIM swap is REAL : /
I lost coins to Quadriga, what a weird situation that one was, i might get them back in 6-12 months tho it's looking like
Don't trust exchanges for long term or high amounts thats the only given in this scene anymore haha
Nice read

[Aabcde]

For now, I use Ledger nano s to store bitcoin and ethereum (with all of its erc20s). And I save the mnemonic phrase in the paper provided by ledger. It is very safe from the reach of the internet. And for the mobile wallet, I use Trustwallet, which is convenient and easy to use. There are also many wallet tokens available such as bch, tron, xlm and many more.

[NathanJB]

Bitcoin and many altcoins are treasures. And the longer you HODL them the higher their value gets. Because of this, they should be stored and kept in the best way possible in terms of safety. There is no other wallet or storage safer than hardware wallet. In terms of the most trusted hardware wallets, Ledger and Trezor are the two ruling wallets. They have built a great reputation as the most secure hardware wallets for your cryptocurrencies. They are adding more and more altcoins to their compatible lists.

[Ferris419]

Every online wallet can be breached if you don't aware of it or if you misuse it! Even a hardware wallet can be hacked if the user discloses the phrase code on online or take a picture of the phrase codes! If you have bigger money to hold, don't hold all in one hardware wallet, divide into 2 or 3 wallets! For online, Metamask and Trust Wallet are the most secure wallet.

[103deltafox]

It is true that Bitcoin and Altcoins are our treasure and as such we need to keep them safe,other wallets can be used to keep them safe as long as you keep your private keys safe and you avoid phishing links but the safest still remains hardware wallet even though it has it's disavtanges as you listed, everything has advantages and disadvantages. So when we talk about safety for Coins, Hardware wallet comes to my mind.

[bassbity]

I do not keep my wallet in the hardware that makes it difficult for me to open my wallet when I have to type it again, I believe that the wallet online is safe, Coinomi and Trustwallet my choice to store assets from tokens and coins will be simpler compared to devices hard.
Of course the mnemonic phrase must be saved so that no one else knows.

[Darooghe]

Storing your Bitcoin on a hardware wallet is the recommended and safest option. You could go for either Ledger or Trezor. Remember to buy it from an official seller only and never use a resold hardware wallet. Backup the seed words and keep them with you. but if you want to use your Bitcoin for paying for coffee or other daily activities then you should use a paper wallet as it gives you the option of liquidity. these wallets are also called online wallets and are less secure when compared to a hardware wallet. but nothing gets the point across better that coins aren't "stored" on your computer or on digital device, and you can still check up on them with a block explorer. helps people better understand the important bits.

[Ucy]

Atomic wallet good. I think there should be more information about the wallet to help potential users understand it better. It's one of the most important exchanges I checked out in the past. It actually impressed me but I don't remember why didnt use it then. I guess it's because I didn't see much on the website to guide me on how to use it and about it most important features.

[efxtrader]

Storing your Bitcoin on a hardware wallet is the recommended and safest option. You could go for either Ledger or Trezor. Remember to buy it from an official seller only and never use a resold hardware wallet. Backup the seed words and keep them with you. but if you want to use your Bitcoin for paying for coffee or other daily activities then you should use a paper wallet as it gives you the option of liquidity. these wallets are also called online wallets and are less secure when compared to a hardware wallet. but nothing gets the point across better that coins aren't "stored" on your computer or on digital device, and you can still check up on them with a block explorer. helps people better understand the important bits.

Agree, it's best to keep the coins we have on the hardwallet. But if you don't have it, you can use a trusted mobile wallet such as a Trust wallet or others as long as the wallet has a good reputation and we store Seed words safely

[Bananington]

A lot of crypto users still get it confused hence they loses their hard earned cryptos to either scam exchanges or ignorance of how wallets work. It is important that we sensitize the crypto community every now and then.

Centralize Exchanges


In 2018, the pretty bad boy "Scam" made away with millions of dollars in hundreds. Also, in the early 2019 to date, there has been reportedly exit scam and exchange hack associated with exchange such as Cryptopia, DragonEx, Coinmama, Bitrue and even Binance wasn't an exception.

QuadrigaCX exchange collapsed as well. See news here... https://www.coindesk.com/exit-scams-swindled-3-1-billion-from-crypto-investors-in-2019-report

Hardware/cold storage/ledger


It is pathetic seeing such huge funds being parted away with whereas it could have been prevented taking the right step. Undoubtedly, centralized exchanges rank zero where crypto storage is concerned. To be factual, hardware/cold storage is practically safe but with limitations which seem to be the exceptional strength of decentralized wallets.

• Cold storage or ledger may lost and that's the end.
• in case of fire accident or theft, it is gone.

• The time required in decryption might be used for other productive activities.
• it is expensive.

A desired and effective wallet should have the following:

A desired wallet should be :

• Safe and secure.
• Easily accessible.
• Flexible (i.e even if host is misplaced or stolen, funds can be retrieved without recourse to the actual host)
• Simple and efficient (i.e should provide for easy transferability and exchange of assets).
• Give value back to the user among others.

Decentralized wallet

Since 2017, I have been in crypto, I use only decentralized wallets with different functionalities but of recent, I discovered ATOMIC WALLET which is why i write this article being a satisfied user.. If you are reading this, I am pretty sure wallet isn't a new word to you and there are couple of them out there you can get on your mobile or PC. But ATOMIC WALLET has cool features perfect for both an average and PRO users. It is:

• a non-custodian wallet that neither stores your credentials nor can it assess your funds
• a multi-currency light wallet that lets you conveniently manage your crypto assets and portfolios (Bitcoin, Ethereum, XRP, Litecoin, XLM, BCH, Doge and over other 500 coins) in one pack

• a value-giving (option of earning reward through of ATOMIWALLET native coin -Atomic Wallet Coin(AWC)
• comprises of basic and advanced functionalities such as Storage, Swapping asset with another through the Atomic swap functionality -an advance feature that facilitates easy exchange of assets within the application thereby eliminating third party interference

• has inbuilt exchange services (in partnership with external exchanges such as Changelly, Changenow
• has feature to purchase crypto with bank/credit card

I have personally tried out atomic Wallet hence I can recommend it to anyone craving for security, value and reliability. If you need to participate in the airdrop, You will need this code YXRJ8 as given me by a friend. Atomic wallet Coin -AWC is listed on BinanceDex and IDEX. See detail on Coinmarketcap.com or atomicwallet.io

I'm also a user of atomic wallet but on mobile, and it's good. I use both Atomic wallet and trust wallet to store multi assets without having to install wallets for individual coins. The option to buy crypto with credit card via atomic wallet isn't functional on mobile the last time I checked, correct me if I'm wrong. To be on the safe side, store your private keys or mnemonic on a USB drive and also write down on paper and keep safe.

[Red-Apple]

bitcoin is valuable but altcoins aren't.

that is the main reason why people keep holding their altcoins on exchanges because they want to have quick access to them whenever the dumping begins so that they can sell super fast before it becomes too late and they lose all their money.
not to mention that trusting altcoin wallets is a very hard thing nowadays. it is not just about malwares but it is also about their numerous bugs because nobody uses them and they bugs remain there since nobody reports to fix them.

[bobelr]

Considering hardware wallet is an expensive thing is awful because it only cost about somewhere $100 to $200 so spending this amount for securing coins worth in millions is something deserves.

Agree with other risks of using hardware wallet but this is what we have the best even compared to the other online or paper wallets.

Yeah I didn't dispute it either but comparing Hardware wallet with Decentralized wallet is the advantage that the latter has over the former. The risk associated is higher in the former that the latter. Besides you are right about spending such minimal amount to protect one's fortune isn't a big deal but at a low level even in some medium level, most cannot afford it.

[bobelr]

Yes hardware wallet is the safest option but not all coins are supported by these devices.

There are other very safe ways to store your coins. You can download a multi coin wallet like coinomi and hold it there on a device that is kept offline most of the time. The most danger comes from downloading files especially compressed ones and opening email.
If you don't send your coins to the wrong address, don't invest in a scam, and don't hold on exchanges, you are already doing more than most investors.

Pretty cool. I have infact used coinomi once but not to compared to the services and benefits that Atomicwallet gives users. I earned some free coins, I can buy BTC other cryptos and perform trade right within my wallet without leaving the space to trade it elsewhere. Also, each asset of tokens is assigned a distinctive private key which mean i do not need to always import my overall private key if i need to perform a simple transaction.