How to protect your Bitcoin!

in #bitcoin7 years ago (edited)

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Today I wanted to chat about securing your Bitcoin (Especially because of the fact that the 1st of August is most likely is going to happen) - So ... There is obviously a good and a bad way to store your Bitcoin.

The Bad Way:
The worst way you can go about storing your Bitcoin,Ethereum etc. is to store it on exchanges! Now I don't think exchanges are trying to steal your Bitcoin! (I'm not that paranoid haha!)

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BUT ... Exchanges are built by people and I personally like to trust things built with Math!
Exchanges are central focuses for hack attacks and people looking to regulate the market and anything can happen! I have personally heard of someone who's account was frozen because they did not trade enough on the exchange!

The Good Way:
Store your Bitcoin and other cryptocurrencies on Hardware and Paper-based wallets.Your best bet will be to split your Bitcoin among a number of different Hardware wallets and Paper-based wallets.

Here are some suggestions for wallets I personally think are great!

  1. https://trezor.io
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  2. http://www.ledgerwallet.com

  3. http://www.coindesk.com/information/paper-wallet-tutorial/
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If this has helped you! Don't forget to upvote it ,follow me and restreem! Thanks guys!!

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@theblogger
Good content
Keep sharing good posts!