You can Visit the official website and different other platforms are coming up with the best features that can help keep the bitcoins in the wallet safe, sometimes your bitcoin wallet may be prone to different types of cyber theft. If the private key related to your bitcoin wallet is stolen or if it is intercepted, there is nothing much that you can do to get access to the bitcoin wallet.
One of the biggest solutions to keep your bitcoins safe and secure is called the “COLD STORAGE.”
What is Cold storage?
Cold storage is a protocol that offers a high degree of safety features. Compared with traditional physical wallets that you use every day, the cold storage wallets are very difficult to intercept. The basic meaning of using cold storage means that the bitcoins are stored in an offline mode. Thus, the device that stores your bitcoins has no access to the internet. Keeping your bitcoin away from all kinds of online mode can help you to prevent all kinds of threats from hackers and spammers. Thus, when using a cold storage method of storing your bitcoins, you don’t have to worry about any security threats from hackers or spammers.
The only disadvantage associated with a cold storage wallet is that it can’t be used conveniently daily. Thus, you want to use bitcoins to make payment to a store; you can’t do so because you are not connected to the internet. Thus, most bitcoin users who use the cold storage method of storing bitcoins keep some bitcoins in their other online and software wallets, and the other bitcoins that are stored for saving purposes are kept in the cold storage.
Different methods of cold storage
When it comes to cold storage, different methods are used. So, let’s take a look at the major methods of cold storage:
A paper wallet is one of the most commonly used methods of storing bitcoins. This is one of the best ways to safeguard against hackers or computer malfunction because of the use of bitcoins. A paper wallet that you get from a crypto exchange may have a QR code that you need to scan with your digital device to access your bitcoin paper wallet. Thus, the only people who have the scanning code can get access to the paper wallet. Since the paper wallets contain lots of sophisticated information, it is advisable to keep it away from everybody you don’t trust—the store where the paper may not get destroyed.
The hardware wallets work like a USB device. These USB devices can be easily kept in a safe and secure place, and there are no chances that any hacker or scammer will get access to the hardware wallet. The hardware wallets are said to be one of the most preferred choices for keeping bitcoins safe. The best part about the hardware wallet is that these are small devices, and they are water and virus proof devices. Thus, there is no chance that your bitcoins will get stolen or hacked by using the hardware wallets.
The sound wallets are not yet popular worldwide, but they are known to be one of the best options to store bitcoins. The sound wallet uses a private and encrypted sound file to keep your bitcoins safe.
Deep cold storage
The concept of deep cold storage of bitcoins has gained prominence in the last few years. An underwriter mostly ensures this service, and thus, it provides maximum protection against all kinds of theft and bitcoins loss. The only disadvantage associated with this storage method is that you need an identity proof and an address proof to use this storage facility.
So, keep your bitcoins safe and secure by using any of these methods and storage facilities available. No matter how well you store bitcoins, it is advisable to keep your private key access to yourself. Never trust anyone when it comes to bitcoins. People worldwide are thinking about different ways to get protection for bitcoins, and this article will help you know about the best security options.