Introduction To Wallets & How to Safely Store Digital Currencies
Different types of wallets, storage methods to keep your coins secure. Available below
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For good practise it is advised to transfer your coins away from an exchange to a safe offline wallet if not trading.
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Hardware Wallets
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We present to you a short summary
of what crypto currencies are
1.
They can’t be held in our hands; why? They are purely digital, not physical.
2.
Not physical. Yes! but we still need a wallet to store/save them.
3.
We have two types of wallets:
(A) Hardware wallet (B) Software Wallet
Each coin has it’s own wallet which can be found on their website and are available for Windows, Mac, iOS and much more.
Or simply purchase a hardware wallet below. For good practise store your private key in more then one place.
Once a wallet is created, software or hardware a public key is created which is used to receive currency and a private key
which gives you access to your coins. Enter the receiving address if you wish to transfer coins. Use the copy and paste options
to avoid typing errors since it might not be reversible loosing funds. Remember we are in full control with little room for errors.
Software wallets are programs and applications that are often accessed on
a smart phone or pc. They are very easy to use but come with some amount
of risks- they are vulnerable i.e if the device they're run on is compromised
or hacked the user could lose his/her coins. These types of wallets are
often used for making little transactions or as a temporary storage
Examples of popular software wallets include the following.
Electrum
is recognised for its ease of use and simple user interface and
most importantly its safety and reliability.
Coinbase
is an online exchange; although less secure than hardware wallets it
is one of the biggest Bitcoin exchanges in the world and user friendly;
also allowing you store your Bitcoin, Ethereum and more in the wallet
provided there too.
Blockchain
ensures its users are protected by 2fa authentication methods. A
very simple website with good security.
Wallet Apps - Atomic, Blockchain
These are free apps available from Google Play or App Store. to
download and use on your phone.
PLEASE REMEMBER WHEN DEALING WITH ANY WALLET TO STORE DETAILS SOMEWHERE SAFE
PASSWORD, LOGIN AND RECOVERY INFORMATION. MAKE COPIES IF NEED BE
A paper wallet is where we simply use and online or an offline process
to create a unique set of keys for us We write this down storing our
private key on paper or any other material of choice.
It’s a trusted and reliable method used by most which is why i’m
advising on using paper wallets as well. It’s hard to go wrong with
paper since it will survive all situations and is impossible to hack,
it’s fairly simple. Make sure to store the paper somewhere safe. Paper
is very versatile. A good idea is to laminate the paper at the same time
keeping it safe from moisture.
Hardware wallets are specific designed physical devices running their own
software wallet; making them significantly more secure than online cloud
based software wallets. These types of wallets require the user pressing a
physical button to confirm transactions. This physical authentication make
hardware wallets more secure and harder to hack and this is the reason
they are recommended for long time storage and transactions that require
large amounts; these type of wallets provide multi functions as they
support other types of crypto currencies.
Examples of popular Hardware wallets include the following.
1.
Ledger Nano S - The Ledger Nano is a product that is sleek and
attractive and also provides good security features as backup seed key for
recovery of the users Bitcoin. You can connect to the ledger nano s to a
computer or mobile device via USB. We can also store multiple currencies
on the the Ledger Nano S.
2.
Trezor Bitcoin - Created by SatoshiLabs, was the world’s first
hardware wallet having an OLED screen that displays the digit pins and
the recovery seed key to ensure security even when the device is lost
or damaged. This allows storage of multiple coins although not as
man as the Ledger Nano S.
3.
KeepKey - Another hardware wallet device for storing bitcoins.
Although, it is not portable enough it works like other hardware wallets.
Introduced more recently then others with promises to offer more feature
in the future.
Purchase your Hardware wallet below. Select from the Trezor and Ledger Nano S.
Different colours and finishes available.
Please note you will be redirected to the manufactures site to complete a purchase
How can I secure my wallet?
PLEASE REMEMBER WHEN DEALING WITH ANY WALLET TO STORE DETAILS SOMEWHERE SAFE
PASSWORD, LOGIN AND RECOVERY INFORMATION. MAKE COPIES IF NEED BE