How to Store Your Bitcoins
Storing Bitcoins on an Exchange
The most easiest and common way of storing your Bitcoins is on an exchange. There are many exchanges available, check out few of them to see which one might be the right one for you. But remember although, that storing your Bitcoins on an exchange is not suggested for the simple fact that you don’t have full control over your coins. Some exchanges might get hacked or close your account down for one reason or another and you could simply lose all your funds. Not to say that exchanges do not have a place in the system as they are great on-ramps for starters to purchase Bitcoins and get well-known with the process of using them.
Storing Bitcoins on an Online Wallet
Better way of storing your Bitcoins would be by using an online wallet. GreenAddress and Blockchain are just few of the options available for online wallets, in order to find out the right wallet for you check reviews. The excellent news is that using services like these mentioned above, you do have full access over your coins as you are able to extract the confidential keys from the wallets. Nevertheless, the downside is, that the private keys are also stored online which make them susceptible to hacks and probable zero-day exploits. If you are looking for a suitable way to store your Bitcoins and are not too anxious about utmost security, you should give online wallet a chance.
Storing Bitcoins in a Desktop Wallet
A more convenient yet a secure option to store your Bitcoins is to use desktop wallets. The best part is that these private keys are only stored on your local machine, meaning that disclosure of the key online is nominal. However, if your machine gets polluted with a Bitcoin stealing malware, think about your coins gone. Moreover, depending on what desktop wallet elucidation you choose, and how you set it up, you can manage Bitcoins more secretly as your Email and IP address will not be linked to the Bitcoin wallet unlike if you were to use an online explanation.
Storing Bitcoins in a Mobile Wallet
Another pretty secure way to store your Bitcoins is using a mobile wallet. Wallets such as Mycelium and Breadwallet are both great apps which you can download off of your phone’s app store. The wallets do not require any personal information so you can be self-assured your transactions are at least to some extent anonymous. Sure the app will link your phones IMEI or ID. Furthermore, online wallets store the keys on your phone, and in the case that your phone is lost your can always use the backup seed to restore your coi