There are at least 3 ways to store your Crypto: on an exchange, in online or offline crypto wallet. Each way of storing Coins has pros and cons. Let’s check how it works.
Store crypto on an Exchange
You can buy and store your coins on an Exchange. Perhaps, it’s the easiest and most comfortable way of using crypto. Exchange provides high level of protection, friendly interfaces and even support.
On the other hand the crypto stored on an Exchange is not yours. Crypto is stored in Exchange wallets. And the numbers you see in the interface are your balance. If something happens to the Exchange – your coins are gone. In 2011 an exchange Mt. Gox was robbed and their customers lost their money.
At the moment there are several big and stable Exchanges like Binance and Coinbase. But still, you should keep abreast.
Plus you are not anonymous when you store your Crypto on Exchanges. For more details click here.
Store Coins in online wallet
Storing coins in online wallets is really popular. Crypto wallets are easy to open and easy to use. Most of them are free. The only problem is that there are lots of them. To learn how to choose a crypto wallet click here.
Online crypto wallets are good for everyday use, for regular or small transactions. But they are not so good for storing big amounts of crypto currencies as they lack security. In fact it mostly depends on you. Whether your PC is properly updated, if there are some additional protection on your phone like anti-virus or a firewall on your PC.
Here are some examples of popular online crypto wallets:
Store Crypto in offline wallet
Offline crypto wallet is not as comfortable as online or Exchange in everyday use. Offline wallet is usually a flash disk that you have to connect to PC to start doing transactions. Carrying a laptop around is not very comfortable unless you are a crypto maniac.
Offline crypto wallets are much more protected compaired to Exchange and online wallets. The key to this level of security is “offline” – no connection to the Internet. So, hackers, no matter how they try, can’t steal you keys.
You can put your flash disk in a vault and make it even more protected. But don’t forget about making backups. If your flash disk is lost or damaged – You will loose all your coins.
Here are some exaples of popular offline crypto-wallets: Ledger
Read more about:
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