DIY : Protecting Your Cryptocurrency with Cold Storage Coins
Despite bitcoin‘s attempt at security, hacking is still a possibility. People lose their private addresses and passwords, their computer/hard drive crashes, or some other instances, which leaves them at the risk of losing all their coins in an instant. So how can this be prevented? One answer: cold storage.
Similar to the way people would bury gold in their backyard, people use cold storage to protect and preserve their digital currency (bitcoins, ethereum, litecoin) for future, big-picture investments. By investing in a physical, offline form of cryptocurrency, you are protected, should your digital assets be hacked.
There are a couple options for cold storage. The most popular is paper wallets, which is entirely free, but it’s only printed out on paper, which is subject to natural wear and tear. Another option is hardware wallets, which is secure, electronic, and expensive. Hardware wallets are useful because they come with back up drives as well. Unfortunately, hardware wallets take one to two months to arrive once you’ve ordered them. This could be a bit inconvenient.
In my educated opinion, the best way to protect your digital currency is to use a cold storage coin. For those who are serious about long-term investments, this is the way to go. Not only does the coin record your digital value, but the coin itself, being made of high-quality metal, is valuable as well. In terms of sustainability, these coins will last much longer than paper or hardware wallets. Much like my example of burying gold to safeguard it, these coins are valuable enough to be deserving of a safe or even underground storage.
The number one supplier of physical bitcoins is called Cold Storage Coin™and is based in Singapore.
“Available in investment-grade silver, copper & gold, each Cold Storage Coin features a unique wallet ID and laser-etched private key, concealed beneath the industry’s best tamper-evident holographic film. Intrinsically valuable and inherently secure, Cold Storage Coins are the easiest way to own bitcoin.”
The benefits of cold storage bitcoins and cryptocurrency, in general, include easy availability, simple to use, and the fact that it is a safer and more secure alternative to keeping all your sensitive information online. Don’t put all your eggs in one basket.