How To Keep Your Money Safe?
Like many I started my journey of Bitcoin investment with purchasing on exchanges and storing it at the exchange. We quickly learned that money kept in an exchange is not safe. Exchanges like any companies are under threat of hacking and theft. Partially the bad reputation amongst the general public is driven by exactly this. They hear about security breaches on these exchanges and money disappearing in the blink of an eye.
If we learned anything from these events we need to keep our money safe. Keeping money in an exchange is convenient and easy but Bitcoin is not about convenience it is about free market, the future and what’s to come so you need to protect that. If you still trade Bitcoin instead of HODL you don’t understand what Bitcoin is.
What Are The Best Ways To Keep Your Money Safe ?
Let’s take a look at some options available on the market.
Hot wallet - internet connected wallets that can be accessed at anytime ( Mycelium, Electrum, Exodus)
Pros: Free — user friendly — easy to use
Cons: connected to the internet therefore can be hacked and with future regulations can be under attack )
Cold wallets- not connected to the internet and allows for fund storage offline. ( Trezor, Bitbox, Cold card )
Pros- most secure option — completely offline and very encrypted
Cons: Expensive — hardware so has to be carried around — sometimes require some learning
What Is The Safest and Best Choice?
Coldcard
It is Bitcoin only and open source. It is also completely Air gapped which means you can’t connect it to your computer exposing it to risks of hacking. from seed generation, to transaction signing. Uses PSBT (BIP174) natively. It features easy back up with Micro SD and it is compatible with majority of wallets to keep your funds safe
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