Wallets to Store Cryptocurrency Safely Online and Offline
Hot Storage Wallet vs. Cold Storage Wallet = The simplest way to describe the difference between a hot wallet and a cold one is this: hot wallets are connected to the internet while cold wallets are not. Both cold storage wallets and the hot storage wallets are security measures put in place by exchange platforms to safeguard user funds from any mishaps. Yet, we strongly suggest you do not store your cryptocurrency on exchanges when not actively trading.
Hot Storage Wallets: Create a wallet to store your cryptocurrency online for ease of access to small amounts of cryptocurrency. I suggest you start with Exodus. This will be your hot wallet where you place small amounts of cryptocurrency for daily use. This is not where you will keep the majority of your cryptocurrency.
Cold Storage Wallets: Purchase a Trezer wallet to use as a cold storage wallet offline. This is a hardware wallet that keeps your cryptocurrency offline. *optional but recommended! I like Trezer but you can look at some of the other cold storage wallets on the same page at the Trezer in the link above. You can also create paper wallets to store your cryptocurrency, but using a hardware wallet gives you much more diversity.
Trezor the bitcoin safe – the hardware bitcoin wallet – a step in the evolution of bitcoin towards a completely safe payment system. Trezor brings peace of mind. Ultimate security – no matter how unprotected your computer or internet connection might be, your coins always stay safe with Trezor as it never exposes your private keys. Trezor is an isolated environment for offline transaction signing and using a small display you can visually verify the transaction contents. That’s why all operations using Trezor are entirely safe. Easy to use – Trezor is windows, OS X and Linux friendly. All you need to do is to connect your Trezor to the computer and follow the instructions. There are only two buttons, to confirm or to deny the action, so using Trezor is as easy and as intuitive as it can be. Users can backup the whole Trezor contents on a small piece of paper and use this backup to regain access to all their coins in case of disaster, loss or theft. Modern cryptography – Trezor uses state of the art cryptographic algorithms and practices, but you don’t have to read long manuals or to be a crypto-expert in order to use them properly. Community driven open-source – Trezor code is open-source and technical decisions are discussed with the wider developer community. Everything can be audited by an independent third party. This ensures that Trezor is absolutely transparent and backdoor free.
Ledger Nano S is a Bitcoin, Ethereum and Altcoins hardware wallet, based on robust safety features for storing cryptographic assets and securing digital payments. It connects to any computer (USB) and embeds a secure OLED display to double-check and confirm each transaction with a single tap on its side buttons.
When you own cryptocurrencies, you need to protect your confidential data and the access to your funds. With Ledger Nano S, secrets like private keys are never exposed: sensitive operations are isolated inside your hardware wallet within a state-of-the-art Secure Element, locked by a PIN code. Transactions can’t get tampered with, they are physically verified on the embedded screen with a simple press of a button.