I were surprised by the many people that trust banks and online "trusted" wallets to store cryptocurrencies
In cryptocurrencies, you will only be safe if you store your cryptocurrency, wallets, backups offline. The more exposure to the Internet, the more probability that you will be target of hackers.
- Wallets are categorized to custodial wallets and non-custodial wallets
- You should choose non-custodial wallets because with them, you have control of private keys or mnemonic seeds.
- Non-custodial wallets are not enough. It is best if you choose opened-source non-custodial wallets. People can look at opened-source code and detect suspicious things. However, it does not mean all opened-source wallets are better than closed-source wallets.
- Choose wallets that support Bech32 (bc1) address and Lightning Network
Bitcoin wallets
Wallet Basics:
Do not use wallets that don't give you recovery data; these wallets are likely controlling your keys.
Do not use paper wallets unless you're an advanced user who understands all the risks.
Do not store large amounts of value in single signature wallets.
Make sure your heirs know how to recover your wallets without you!