Hello everyone, I am Mubai. You have all heard the saying that hoarding coins in a bear market and driving a Ferrari in a bull market. I won’t explain the meaning in detail. Today I will talk about where to store coins safely. For safe storage of hoarded coins (long-term holding), there are usually two options: exchanges and wallets. The following are their characteristics and security considerations:
1. Exchange storage: Storing coins in an exchange is one of the most common options. Exchanges usually provide online wallet services to facilitate trading and managing coins. However, this method has certain risks. If there is a security breach, hacker attack or operational problems in the exchange, your coins may be threatened. Therefore, it is crucial to choose an exchange with high credibility, good reputation and strict security measures. I would choose Bijian, followed by Ouyi. Don't choose a fake exchange. You will know how uncomfortable it is if you can't get money in or out.
2. Hardware wallet: A hardware wallet is an offline storage device used to safely store cryptocurrencies. This type of wallet usually exists in the form of a hardware device, such as Ledger, Trezor, etc. Hardware wallets effectively isolate risks on the Internet by storing private keys offline. They provide higher security, but need to be carefully kept and backed up to prevent loss or damage.
In summary, storing your coins in a hardware wallet is a safer option because it provides better isolation and protection, giving you more control over your private keys and assets. But no matter which method you choose, be sure to take the following safety measures:
- Choose a trusted exchange or hardware wallet brand and conduct thorough research and evaluation.
- Set up two-factor authentication (2FA) for exchanges and wallets to enhance account security.
- Back up and update your wallet regularly to ensure the security of your private keys.
- Keep most of your funds in cold storage (offline) and only keep necessary funds for trading.
Please remember that the security of your cryptocurrency is your personal responsibility. Careful custody of your private keys and compliance with safety measures are the key to protecting your assets. Do you have the answer in your mind after reading this? Follow me to learn more about the anti-thunder and anti-explosion skills in the cryptocurrency circle
