What are the Safest Ways to Store Bitcoin?

store bitcoin

Keeping your Bitcoin secure seems to be an easy job, but as a slew of robberies, phishing attacks, and exchange hacks have shown, it’s much more difficult than it seems. Being your own bank is enticing but it also ensures that the investor is responsible for keeping his or her coins safe. If someone gains access to your bitcoin wallet and steals your cryptocurrency, it is lost forever. Transactions and accounts cannot be reversed or frozen. That is why safety is so crucial. 

With that in mind, this blog explains the safest way to store bitcoin. Let’s get started! 

How to Secure and Store Your Bitcoin: Bitcoin Wallet 

Hardware wallets are commonly considered to be the safest choice for holding your Bitcoin private keys protected. Hardware wallets are physical storage vaults that are designed to keep your Bitcoin (and other cryptocurrencies) secure from a variety of threats while also allowing you to access and spend them with relative ease. 

The bitcoin owner cannot access the currency without a collection of private keys, which are stored in every bitcoin wallet. The most serious threat to bitcoin security is an individual user losing or getting their private key stolen. The user will never see his/her bitcoins again unless she has the private key. A user may lose his/her bitcoin for a number of reasons, including computer malfunctions (hard drive crashes), hacking, or physically losing the computer where the digital wallet is kept.

Back up Your Whole Bitcoin Wallet 

Often, back up your whole bitcoin wallet. A history of routine backups could be the only way to recover the currency in the digital bitcoin wallet in the event of a computer failure. Ensure that all wallet.dat files are backed up and that the backup is stored in several secure locations (like on a USB, on the hard drive, and on CDs). Set a secure password on the backup as well. 

Trezor Model T 

  • A hardware device that stores private keys, cryptocurrencies, and passwords securely. Ideal for active daily users seeking convenience and security. Supported by USB-C and microSD card. 
  • Model T features a touchscreen display with an intuitive and convenient interface for an enhanced user experience. 
  • Model T comes with a USB cable, User Manual, and Recovery Seed Cards. The device is made of highly durable materials and comes in the color black. 
  • Trezor Model T support more than 1000 coins also manages your digital identity. 

It offers an easy 3 step installation process;  

  1. Connect via a computer or phone device 
  2. Access trezor.io/start on your browser  
  3. Follow the easy instructions. Supported by Windows, macOS, and Linux. 

Ledger Nano X 

  • Securely manage your crypto on the go. Connect your Ledger Nano X to your smartphone via Bluetooth with the ledger live. 
  • Protect your assets with the highest security standard. 
  • Store up to 100 applications on one device for convenience. 
  • Compatible with smartphones (IOS9+ or Android 7+), You can also connect it with the cable to your computer. 

Leading Retailer of Bitcoin Mining Machine and Bitmain Wallet 

Cryptocurrency wallets keep your money safe because each private key is unique and created in a secure manner — they can be managed and accessed. The only flaw in a wallet is the user; if you want to create your keys on a compromised device or when others are watching, your cryptocurrencies’ protection is jeopardized. So, make sure your bitcoin wallet is secured properly. Consult with the experts at Phoenix—the leading partner of Bitmain in the Middle East region.