What are the safest ways to store cryptocurrency?
After peaking in price in late 2017 and then waning in popularity, cryptocurrencies such as Bitcoin experienced an even greater surge from 2020 to 2021, surpassing record highs. At the same time, the number of hacks has increased.
Given that many investors are new to the system and may not know how to keep their investments safe, hackers have come up with creative ways to steal cryptocurrencies.
Some hacks even reroute tokens bound to one wallet to another. Victims see their tokens stolen and they can’t do anything about it.
Cryptocurrencies are stored in digital wallets, just as cash and cards are stored in wallets. This digital wallet can be embedded in hardware or on the web.
Digital wallets can also be securely stored using private keys and addresses printed on mobile devices, computer desktops, or paper. However, these digital wallets are not secure. It depends on how you manage your users.
The greatest danger of cryptocurrencies is that individual users can lose their private keys or have their private keys stolen. Without the private key, users will not be able to see the cryptocurrency. In addition to losing your private key, users can lose their assets due to computer malfunction or failure, hacking, or physical loss of the computer where the digital wallet resides.
Below, we will show you the best way to keep your cryptocurrencies safe.
Online wallets are also known as “hot wallets”. A hot wallet is a wallet that runs on an internet-connected device such as a computer or tablet.
These wallets can be vulnerable because they generate private coin keys on internet-connected devices. Hot wallets are very useful because they give you quick access to cryptocurrencies and execute transactions, but they also lack security.
People who do not use sufficient security when using these hot wallets can have their funds stolen. This is not uncommon and can occur in a variety of ways.
The point here is that holding cryptocurrencies in an exchange wallet is not the same as holding it in a personal wallet. An exchange wallet is a storage account provided by an exchange. Users of this wallet type are not the owners of the cryptocurrency private keys held in this wallet.
Funds will be lost in the event of an exchange hack or account breach. Secure storage is especially important as cryptocurrency exchanges are uncompensated. It is unwise to keep a large amount of cryptocurrencies in your hot wallet. Instead, it’s a good idea to withdraw most of your money into your personal “cold” wallet.
These wallets are connected to the internet and there are concerns about hacking, but they are very useful for the ability to execute transactions quickly and trade cryptocurrencies.
The next type of wallet, and the safest storage option, is a cold wallet. The simplest description of a cold wallet is one that has a much lower risk of being compromised because it is not connected to the internet. These wallets are sometimes referred to as offline wallets or hardware wallets.
These wallets store the user’s address and private key on something that is not connected to the internet, and come with software that normally runs in parallel, allowing users to keep their portfolio without compromising their private key.
A hardware wallet is usually a USB drive device that securely stores a user’s private key. This is more critical than a hot wallet because the private key does not come into contact with networked computers or potentially vulnerable software and is not affected by viruses that may be present on the computer. There are advantages. These devices are usually open source, so the community can determine their safety rather than declaring them safe for the enterprise to use.
Cold wallets are the safest way to store Bitcoin and other cryptocurrencies. However, in most cases the setup requires a little more knowledge. For those interested in owning cryptocurrencies, it is imperative to learn about secure storage and the concepts of both hot and cold wallets.
A hardware wallet that seems difficult, but since 2021, it has appeared that can be used without knowledge of virtual currencies and computers. Even more surprising, it doesn’t even use a USB drive device. The latest devices that are both easy and safe are introduced below.
SafePal Hardware Wallet
The latest hardware wallet is “SafePal Hardware Wallet”. You can buy it from anywhere in the world from the SafePal website below.
SafePal is a hardware wallet company invested by Binance, the world’s largest cryptocurrency exchange. You can use it with confidence.
If the private key is stolen by malicious spyware, the virtual currency will be stolen even if it is saved in the hardware wallet.
Make sure that the URL is the official SafePal website (https://shop.safepal.io/products/safepal-hardware-wallet-s1-bitcoin-wallet?ref=default) when making a purchase.
Please be assured that all the links on this site will be the official URL of SafePal above. The rationale for choosing SafePal’s hardware wallet is explained below.
SafePal Hardware Wallet is 100% offline so you can rest assured!
- No Bluetooth
- No WiFI
- No NFC
- No USB connection
Manage unlimited tokens, all in ONE device!
- Supported 20 blockchains and 10,000+ tokens till now
- Unlimited currency storage
- Add and delete token as you like
- On-board new tokens via firmware upgrade
You are good to go anywhere, anytime.
- Only the size of a credit card
- Super light and easy to carry around
- Manage your crypto 7/24
For more information, don’t miss the SafePal website below.
Great value! Airdrop event (Wallet Holder Offering)
There is an event where virtual currency is distributed to hardware wallet owners, and hardware wallets can be obtained virtually free of charge.
For the first time at WHO, about $ 90 worth of cryptocurrency (TKO) was distributed to mobile wallet owners. The second time was planned to be limited to hardware wallet owners, but due to a flood of orders and a shortage of parts supply, virtual currency (OOE) was distributed to mobile wallet owners.
Don’t miss such a great event!
Future WHO is expected to be limited to hardware wallet owners, so buy early and get ready.
Frequently Asked Questions about SafePal
Which payment methods does SafePal support?
SafePal currently supports both fiat payment and crypto payment. For fiat currency payment, you can choose either to pay via PayPal, which supports credit card, MasterCard, VISA, and debit card, or pay via direct credit card or debit card payment. For crypto payment, we now accept Bitcoin(BTC), Ethereum(ETH) and BNB Coin(Mainnet).
How can I track my package?
A SafePal package will be shipped within 12-24 hours after a new order is placed. Once the package is sent, you will receive a shipment confirmation email, which contains the tracking number for your package. Please make sure your email is correctly filled in.
What if the wallet is missing or damaged?
So long as your mnemonic phrase is kept safe, no one can take control of your assets even if the thief gets your wallet. In the case of a wallet lost, stolen, or damaged, you can recover your wallet with the correct mnemonic phrase on a new SafePal device.