Importance of Cold Storage for your BTC holdings:
We always learn either by past experiences or some unfortunate incidents of our life,teach some valuable lessons which always guide us to make any further decisions. If we are asked to keep our valuables at someplace that doesn’t offer the maximum security and complete peace of mind, what would you do?. you would start lingering in the situation of “to be and not to be” ultimately killing you unless you satisfy the prick of consciousness, raising questions about the security and safety of your valuable assets which you made by working hard all of your life. The wisest decision is probably expected to be made by your side keeping in view the whole discussion. Your ideal storage for Cryptocurrency assets will be the one, provides the best storage features even if you are looking to store your digital assets for a maximum period. You will never prefer any other party to look after your cryptocurrency assets on your behalf. Because these digital currency exchanges, no doubt offer foolproof safety features but is also a fact that these digital exchanges don’t provide the full security to your Digitel currency holdings at all. To make our arguments solid and logical, we are simply required to remind the MT. Gox incident. How brutally it ruined the lives of thousands of people, who simply trusted their services as a well known digital currency exchange. The primary purpose of this above explanation was only to provide you a complete and comprehensive sense of your BTC holding in the safest mode. In addition to it, the dire need is to determine which cold storage method is the best for our valuable readers and Cryptocurrency holders.
The best Cold Storage Methods for BTC holders.
There are several ways of cold storage available in the emerging markets of digital currency. Some are considered the best storage methods while some got remarkable popularity because of their distinguished storage characteristics. Anyhow, we will highlight the significance and salient features of each available cold storage to provide a better understanding of our honorable readers and clients helping them make the right choice of Cold storage for the safety and protection of their Cryptocurrency assets. Paper wallet and Cryptocurrencies. The term “Paper wallet” definitely emerges with the concept or an idea of a piece of paper and a “worldly wallet” mainly used to keep the currency in routine life. Similarly, Paper wallet in the dictionary of Digitel/Cryptocurrencies offers its matchless services to store the Cryptocurrencies highly protected and safe for the maximum period. As one of its most distinguished offline features certainly makes this storage method almost secure and risk-free. A paper wallet is a kind of wallet that reserves the quality to store Private and confidential keys on it simply using your personal computer and printer while you are in offline mode.
Setting up a paper wallet or Cold storage is quite simple.
Paper wallets are cautiously designed by using a program to randomly generate both public and private keys. The keys will be unique and unknown, and the program that generates them is open-source. Those having extra advanced knowledge of the coding can check the backend of the program themselves for a random city in results. What’s more, we’ll be generating our keys offline. This completely rules out the concept of online threats, and deleting the simple program after use will destroy any trace of them. Anyways, let’s create our Bitcoin paper wallet by following these simple steps:
- Please make sure your computer is entirely free from any form of malicious software. A brand-new computer would be ideal but we do understand it’s not possible all the time.
- Download the zip files by clicking
- Once downloaded open the “index.html” file but before it makes sure that your internet is off. This whole process is done to ensure that your wallet is hacker-free.
- Now, this is time to generate your wallet. Keep hovering over the highlighted text and it will generate more characters. Or if you wish, you can manually type in random characters.
- Just keep doing it until the counter goes to “0”
- The moment the count goes to zero your wallet will be generated.
- Things to be followed for the security of your paper wallet.
- Well now, this is the most sensitive phase you just get in, you got your paper wallet now you can simply put funds on it by using the Bitcoin address on the left side. It is very important to keep the private key on the right side secret and confidential ex
- Here are some more highly advanced measures to shield your paper wallet BTC cold storage to some greater extent.
- When you get the final printed copy of your paper wallet it will be highly appreciated to get it laminated immediately.
- Safely place it at some point where you think the only you can reach
- For the highest safety measures, a device is available in the market called crypto steel can be used
- Print the page or make multiple copies of the numbers from it.
- Note: Please ensure the printer is not connected to the internet at this stage)
- Delete saved web page. You can now safely reconnect to the internet.
Last But not Least:
Store your private keys at some safe palace where you think, can only go and access this important piece of paper. Ther you go, the job is done, from now on word your Bitcoins or any other cryptocurrency is completely safe unless your important piece of paper is out of approach and secure. In order to make future transactions from your paper wallet account, you do need this piece of paper containing your Private and confidential keys. In case if you lose it or because of any other reasons, you are unable to get this paperback please remember you will never be able to access your digital assets of the same wallet. Therefore the safest location of this piece of paper matters a lot to you kif you understand.
Cryptocurrency and Hardware Wallets:
Hardware wallets are the most used cold storage methods when we talk about the cold storage of Bitcoins or any other cryptocurrency. Another matter of fact that the use of these available hardware wallets always “cost the fortune” expensive to buy.No doubt they are friendly users and easy to connect with any device. A hardware wallet is an electronic device. It in fact signs the transactions through the private keys which are stored offline. It also authorizes you to recover your funds using a backup seed key if the device is damaged or lost because of your carelessness.
There are 4 commonly used and famous hardware wallets available in the market for Cryptocurrency holders.
Ledger Nano X
Ledger Nano S(Cheaper but without Blue tooth facility)
If you are looking to store your Bitcoins and other Cryptocurrency Holdings safe and secure then the choice of hardware wallets is not bad at all. Since most of these hardware wallets have a waiting period of a month or two due to huge demand, you should order one as soon as possible. If you are looking for a single recommendation as to the best Bitcoin hardware wallet, then you should look nowhere further than the Ledger Nano X.
How important is Deep Cold Storage:
There are numerous cold storage methods are available in the emerging markets of cryptocurrencies. Some are known and commonly used because of their basic structures which offer an element of security and friendly user operating systems while others are popular due to their secured mechanism and salient features of offline storage capacity Like other well-reputed and commonly used storage methods, the emergence of Deep Cold Storage is also benefiting the thousands of Cryptocurrency holders as per their requirements. It’s extraordinary and state-of-the-art highly protected and secret feature makes it ever demanding and matchless. This Bold initiative was taken and planned by Londoner firm, They guys efficiently offered the dedicated and highly protected services of a bank vault for securing the Private keys of Bitcoin wallet. Adding to its characteristics this highly efficient service did offer insurance services against any unfortunate incident like loss and theft. Besides having dedicated and highly secured services, it got just one-loophole that it requires the identity and proof of address of the person willing to get the services. Sometimes this obligation keeps the investors away from that service. The service is provided by many financial institutions thus the Elliptic Vault is one of the major examples of deep cold storage.
Your Bitcoin Holdings matter a lot:
No doubt the safety and security of your BitCoin holdings matter a lot not just to you even to us as well. Because a safe and secure mechanism and growing features always make that currency consistent and well maintained among the international community. Resultantly opening the ways for investors to invest in it and enjoy the substantial growth and relaxing features for the maximum time. Talking about the fundamentals, salient features and comprehensive mechanism of almost all the demanding ways of storage the experts eyes are still appreciating Offline Cold storage, because it offers a state of the art offline mechanism of storing your Bitcoins for a longer period with maximum safety and endless peace of mind.
Your feedback is as important and valuable for us as our hard work and efforts to educate our honorable customers and readers. We always feel proud to have your feedback about our work and services in the field of Cryptocurrencies. If you folks have ever gone through the experience of keeping your BTC holdings, we would appreciate having your comments on it in our comments section.
Marcella Wentz Investment & Security Consultant