?How to Keep Your Bitcoins Safe

?How to Keep Your Bitcoins Safe

The best way to keep your bitcoins safe is to have your private key stored in a device or app that isn’t connected to the internet, or in a non-digital form, such as written on a notepad.

When your private key is stored somewhere that isn’t connected to the internet, it’s called a cold wallet

Physical cold wallets can be kept in fireproof safes or other secure locations.

A safe deposit box at a bank could be another option, although those aren’t necessarily sure-proof as items could still be lost or damaged.

You could also add an additional layer of protection to your cold wallet by encrypting the device.

Or, in the case of a written private key, altering a few digits so it won’t be usable by others

for example,

by changing the first number from a 5 to a 9 and committing that to memory or leaving yourself a hint to the change

Some people prefer to keep their bitcoins in an online digital wallet, particularly if they frequently buy and sell the currency or want easy access to their digital wallet from different devices.

Many online cryptocurrency platforms or exchanges will create a wallet for you when you open an account

Some platforms will also keep much of the bitcoins in their system in cold (offline) storage, and only have a small percentage in hot (internet connected) storage for users. Similar to how a local bank branch doesn’t have enough cash to cover all its customers’ deposits in its vault.

As a result, a hack won’t necessarily put bitcoins belonging to all their users at risk

Beyond where you store your wallet, the largest risk factor may be the human element.

Cryptocurrency scams are on the rise, and fraudsters may try to get you to share your private key or account details.

Or get you to install software that infects your devices and can steal this information

?How to Keep Your Bitcoins Safe

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