Austin here, and in this article I want to highlight my 2 favorite forms of storage available for NewYorkCoin that are in my opinion optimal in terms of security and usability.
How can I securely store my NewYorkCoin?
Many coin users have asked what I recommend as a reliable storage medium for NewYorkCoin. In this article I will explain 2 of the best forms of storage for NewYorkCoin, and the pros and cons of each type of storage. I will also explain why under no circumstance should you keep any amount of coin on an exchange outside of what you plan on trading for the day and then moving it out of the exchange wallet afterwards. My main focus is always ease of use and security when deciding on a storage medium, and these two fit the bill for me.
Wallet Links
Mobile Storage (Coinomi)
Storing your NewYorkCoin in a wallet within the Coinomi App is in my opinion the most user friendly storage solution for every day usage, and when you combine that with the speed of NewYorkCoin, and it makes sense as to why this cryptocurrency is perfect for day to day retail usage. If you have an Android or Apple smartphone you can visit your respective application store and download Coinomi for free (I even use Coinomi on Bluestacks, an Android emulator for PC, in case I break/lose my phone and want continued access to my coins while I'm waiting for a new phone to recover my wallets to) I have been using Coinomi for quite some time now and I have never run into any problem with sending and receiving coins, and no problems sweeping coins from a paper wallet. Once you have downloaded the Coinomi app you will go through a few simple security measures to further secure your wallets from the hands of unscrupulous parties, I highly suggest that you closely follow the instructions in securing your account and putting your recovery phrase in a very safe place off of your mobile device in case you break/lose your device. After you have completed the security steps you can start adding wallets for the coins you have stored elsewhere or intend on buying down the road, simply tap "+ Coins" under the menu drop down, and you will be presented with a huge list of different coin wallets, among which NewYorkCoin can be found. Simply tap the coin wallet type you want to add, add a descriptor to the wallet for identification, enter your password, and voila! You have a new wallet that is instantly ready to use, no time to wait for the wallet to sync with it's respective blockchain and you can send and receive from the wallet as soon as it is created. The wallet functionalities provided by Coinomi are some of the best I've seen coming from a mobile app, so you will not have to worry if the wallet provides you with the same functions that you are used to with core or electrum wallets, everything is packed into this amazing and easy to use app! You can export your keys, send and receive coin with QR codes, and even sweep your coins that have been stored on a paper wallet.
Pros
- Free to use.
- Easy to use.
- Available worldwide.
- Transfer cryptocurrency quickly from the comfort of your smartphone.
- QR Codes for sending and receiving.
- You retain control of your private keys, not an exchange.
Cons
- Not quite as secure as cold storage.
- Access to wallet usage is only protected by single passphrase, no 2 factor authentication, (use of lock screen passphrase/pin highly recommended)
Cold Storage (Paper Wallet)
Storing your NewYorkCoin in a paper wallet is hands down the most secure way to physically store your coins to protect them from any online threat, wallet software fault, or other mishap that results in loss of coin. By storing your coins in a paper wallet, you are securing your coins in such a way that theft is impossible outside of physical theft of the paper wallet, which can be prevented with a fireproof burglary safe, such as you would use for gold or other assets/valuables that you have invested in. I personally use paper wallets for the cold storage of large amounts of the coin in question (from investments and trade profits) and I use Coinomi for daily usage amounts of the coin in question. Storing your coins in a paper wallet gives you a piece of mind and sense of security that I haven't found elsewhere in the crypto space when it comes to storage solutions. Creating your own paper wallet can be done very easily online. For NewYorkCoin, just visit this website and you will be prompted to move your mouse around to create randomness, this further randomizes the public and private keys associated with your wallet thus improving the security of your wallet. After completing this step 2 QR codes will appear on the screen, the code on the left is your public key, you can use this wallet address and QR code for sending coins to the wallet for secure storage, and you can share it with others for receiving purposes as well. The code on the right is your private key, this key is literally the key to your coins stored in the wallet and should never be seen or used by anyone but you. Above the QR codes on the same page you will see a few different tabs next to the "Single Wallet" tab that you are currently on, by clicking the "Paper Wallet" tab you will be presented with a printable version of your newly generated paper wallet, this is what we are looking for. From this tab you can BIP38 encrypt the wallet (Coinomi accepts sweeping coin from private keys encrypted with BIP38) and now you are ready to print the wallet! You now have a physical paper wallet that you can use to store your coin offline and securely. Laminating or storing the paper wallet in a polypropylene plastic slip is the best way to protect the integrity of the wallet after printing it, and storing the paper wallet in a fireproof safe further secures your investment. At any time you can sweep the coins from your paper wallet to Coinomi using the "Sweep Wallet" function in the drop down menu for your NewYorkCoin wallet. Once doing so, do not use that paper wallet for further coin storage for security purposes, when you go to sweep the coins from a paper wallet, make sure you don't have plans for that paper wallet in the future as you will need to dispose it, just generate a new one and print it out if needed.
Pros
- Most secure way to store coins (right up there with hardware wallets in terms of security)
- Easy to generate and use.
- Available worldwide.
- Public wallet address provided for safely receiving coins to the wallet.
Cons
- The only con is that not many people know about or take advantage of this ultra secure and easy to use storage solution. I hope to change that with this article by enlightening readers on this alternate way to securely store your coin.
Conclusion
As long are you are not storing your coins on an exchange, then your coins will be in good hands. All to often exchanges shutdown for unforeseen reasons, leaving coin holders without anything in the end. The two storage formats that I outlined above have worked perfect for me, and will maximize the security of your coins in the long term.
I hope that you found this article helpful, happy hodling and here's to a great weekend!
Wallet Links
I have recently downloaded and started using a Coinomi app. It is absolutely amazing!! I am so impressed with the speed of transactions and the number of coins you can hold. There are so many coins that are compatible with the app including NYC. I can't believe I only downloaded it this week. Thanks for the push in the right direction. Look forward to more chats in the NYC discord.
Great to hear that Coinomi is working out for you!! We'll be having another voice chat meetup soon!
Wonderful tips, I surely needed this, thanks for sharing!!!
Glad to help!
Finally I can get some info on where to send the coins, thanks for the info!
See you around in discord!
Glad I could provide some info for you! See you in the Discord!
Thank you!!
Great post! I had no idea about Paper Wallet; that will be something I set up when I get home. Thanks for the info!
Thank you. The paper wallet is great idea, you will then have a place to securely store your coins from the bad guys!
Excellent information, Austin! I just downloaded Coinomi yesterday – haven't been entirely sure how to withdraw my coins from the NYCoin Discord and receive them in the wallet. Once I figure that part out, can both wallets be used? Or is it one or the other?
Pardon the total noob questions! Still reasonably lacking knowledge about how to handle/transfer/store the tiny bit of crypto that I have. Steemit was my gateway crypto! :)
With the Discord wallet you have a set of commands that you can use in the #bots channel such as !balance or !help which will list the different commands, by using !withdraw you can withdraw your coins to Coinomi or to your paper wallet, whichever one works best for you. If you have any another questions don't hesitate to DM me on Discord!
Awesome! Thanks so much – I very well may find myself in need of a lil' guidance. Cheers! :)
This was really good info Austin! I am lovin coinomi and so glad I chose it to store my nyc coins!! My husband has been explaining a lot of crypto things to me lately and he has been expressing how important security is and making sure our info is safe. I’m actually about to store my important info on a flash drive to have an extra place for them just in case ;)
Thanks for the write up! 👍🏽
Security is key! You are very welcome, glad to have helped!