BITCOIN (PART3) Storing your BTC

May 29, 2017

Once you have your self some Bitcoin you will need to protect them from theft or loss, so lets look at a couple of options to keep our BTC safe. 

If you leave your BTC on a third party exchange you open yourself up to the risk that if the exchange your using shuts down then you loose access to you BTC. Its just like if your bank closes and you need to make a cash withdraw. If this happens you are as they say SOL, so its in your best interest to always keep control of your BTC and eliminate a third party holding onto your BTC for any amount of time that isn't completely necessary.

We do this by utilizing one of several cold storage methods. We will only cover one here today, but you can do a simple search to find other options when you have some more time. The one that we will cover here  is called a hardware wallet, and there are two companies that stand out above the rest.

Trezor 

Summary: TREZOR is the perfect solution for storing a large amount of Bitcoins in order to keep them out of harms way. The combination of world class security with the flexibility of any other web wallet make it ideal for beginners and experts alike. The company has been gaining a nice amount of traction and reviews throughout the last year. For a full review of TREZOR click here.

Pros: Extremely secure wallet, easy to use and intuitive interface, supports additional wallets and altcoins.

Cons: High price tag relative to its competitor

Ledger

Summary: Much like TREZOR, Ledger is a cold wallet designed for users who want increased security. The wallet is actually a physical device that connects to your computer and acts as another source of protection. Meaning, you can’t send Bitcoins from your wallet without owning the physical device. If you’re looking for a cold wallet (e.g Ledger or TREOZR) I’ve compared the two in this post.

Ledger offers a variaty of products such as Ledger Nano S, Ledger Unplugged (a contactless Bitcoin wallet), etc. The most popular model today is the Ledger Nano S.

Pros: Beginner friendly, very secure, great support.

Cons: Costs money, More security = less usability (this is an issue with all cold wallets).

We recommend you take a look at these two devices and then research some other options such as wallets that can be downloaded to your PC. Here is a link to compare the most popular wallets. This will give you an idea of whats best for you. We hope you found this informative and helpful. Take care! 




Leave a comment

Comments will be approved before showing up.