Today only one thing comes to our mind when we buy any cryptocurrency is whether ourcryptocurrency is secure or not.
So, keep only those cryptocurrency which you are going to trade but don't keep any currency for long term hold .So,the best choice is to go for offline storage which has two choices-
1. Hardware wallet (Ledger Nano,Keepkey or Trezor)
2. Paper Wallet
Why should we keep our Cryptocurrency in Hardware Wallet (Cold Storage)?
First of all keeping your hard earned Cryptocurrency in Exchange is a big reason due to below reasons-
- What if the exchange has been hacked because in today's time there are so many hackers want to hack your cryptocurrency and if they will get your account they can easily send your cryptocurrency to their wallet and we can never get it back
- Suppose we have stored our cryptocurrency in Hot Wallet which is definitely better than exchange but this can be hacked too because anything which is connected to the internet.I personally like Exodus and Jaxx but keep only few cryptocurrency .Please don't hold so many coins
- Hardware Wallets don't expose your private keys to internet you can generate offline and keep it for you
How to deposit Cryptocurrency in Paper Wallet?
- Step 1- Go to Paper Wallet generator site https://walletgenerator.net/
- Step 2- Download Github project and once it is done please disconnect your internet because it works offline too .So, you can't be hacked
- Step 3- Extract Wallet generator project and open Index.html file in chrome
- Step 4- Just move your mouse here and there and generate paper wallet
- Step 5- Go to Paper Wallet tab and generate paper wallet and make sure to give Bip38 Encrypt because even if someone retrieve your private key while withdrawing funds it will ask this password
- Step 6- Take the printout of this paper wallet and try that wifi is not connected and once you take the printout make couple of backups like 2-3 printout make it laminated and place in safe place because if you loose private key there is no way to recover your funds
- Step 7- Now you have your paper wallet ready . To send your funds send to the public key and in the beginning send only small amount because once it is ready you can send big amount
How to Withdraw Cryptocurrency from your Paper Wallet?
There are various sites to recover your funds but I will give you an example of bitcoin
- Step 1- Go to https://wallet.gatehub.net and create a wallet and make sure to do 2Factor authentication
- Step 2- After login Go to Wallet Left side menu and then click Add Wallet
- Step 3-Give a wallet name and give the secret key (Secret key is nothing but Private key generated from paper wallet)
- Step 4-After that you can see your funds you can sweep them
There are so many trusted sites to withdraw your funds like Blockchain explorer, gatehub
Guys Please upvote my post ,comment and follow me if you have liked my post
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Thanks a lot for the upvote
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Thanks a lot for the upvote
Congratulations it's beautiful @rahulsharmaitm . Must feel great - that is a lot of work!
Thanks a lot @waliladeluxe it means a lot to me ...Yes I am spending time for these posts
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Security is No. 1.
Nice Post.
Thanks @edhi for the complement ...