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How to store Bitcoins safely away from criminals

Store Bitcoins

  • Over the years Cryptocurrency theft has drained a billion dollars worth of their owners ' wallets. Cryptocurrency investments will still be attractive to criminals and under these circumstances hot wallets or programs that try to protect money or private keys on an online server are less sophisticated.
  • On the other hand, most professional traders opt for cold storage methods such as artisanal paper wallets, where the digital key is printed on a piece of paper where the cryptocurrency can only be accessed if you have that piece of paper.
  • But traders are not completely oblivious to security threats, as last December hackers stole
  • More than $ 8 million of the symbols of the NXM from the CEO of Nexus Mutual, portfolio devices Hugh Karp
  • In a targeted attack.

Does this mean that cybercriminals have adapted even the most effective wallet protection measures?

Perhaps, but most of the wallets available today offer more advanced technologies and differ from their predecessors.

For example, it is difficult for hackers to infiltrate multisig wallets where these wallets publish the keys
On different devices, even Social Security wallets which are a kind of smart contracts have recently appeared As an alternative to better security.

The idea was famously promoted by Vitalik Buterin Co-Founder of Ethereum who thought The widespread adoption of these wallets in particular will help prevent hacks and theft of cryptocurrency users ' funds.

So what crypto wallet is worth your trust today?

Crypto beginners use hot wallets such as web extensions or software wallets that are easy to use and usually provide some measure of security, and traders can get basic money protection through Guard wallets such as web exchange wallets where you store your encryption on third-party servers without keeping a private key.

On the other hand, long-term traders prefer noncustodial wallets, which give them a higher level of security and control over their funds; This includes major investors, and even exchanges.
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To this day, there is no doubt that the cryptocurrency economy needs better protection of wallets, and dealers must In cryptocurrencies and specifically beginners learn more about the concepts and mechanisms of safe storage of their currencies and the concepts of both hot and cold wallet.

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