The increase in usage and value attached to cryptocurrency has fostered a subsequent increase in theft, hacking, and fraud cases, which makes it increasingly challenging for cryptocurrency holders to address as a result of the relatively vague or non-existent regulatory frameworks that surround cryptocurrencies. The most common or readily available wallets or storage options are categorized as either hot or cold storage. While both hot and cold wallets are viable storage options, they differ when it comes to security and charges in that while a hot storage is free and provides ease of access to your cryptocurrency due to internet connectivity, it is not as secure as a cold storage.
Cold storage entails storing cryptocurrency offline, secured from any internet connectivity. Cold storage provides one of the safest options for cryptocurrency storage in the sense that your cryptocurrency is protected from vulnerabilities that may arise due to computer malfunctions or hacking.
Here are factors to consider when storing your cryptocurrency in cold storage.
Step 1 – Selecting a Cold Storage Option
1 Select a cold storage option that is ideal for your business
2 Evaluate the affordability of the cold storage option
3 Check the reputation of a cold storage provider
4 Determine the number of cryptocurrencies supported by your selected cold storage option
5 Ensure the cold storage option provides the highest level of security
6 Check for additional unique features
Step 2 – Generating a Public/Private Keypair
7 Create an offline cryptocurrency address
8 Check that the address contains a private/public keypair that is not created on the internet
9 Ensure that the keypair is not exposed to the internet
Step 3 – Saving the Public/Private Keypair Offline
10 Save the web page that generates the keys
11 Ensure that your device is disconnected from the internet
12 Open the saved webpage on your desktop
13 Generate the Keypair
Step 4 – Printing the Page
14 Print out the private/public keypair on a secure printer
15 Consider writing the Keypair on paper (might be complex and subject to human errors)
16 Check that the printed page contains a public address of your cryptocurrency containing both an alphanumeric form and QR code form
17 Ensure the corresponding private key is also in alphanumeric form and QR code form
Notes:
- Cold storage options come in four distinct methods namely; Paper Wallets, Deep Cold Storage, Hardware Wallets, Sound Wallets
- Available cold storage wallets/providers include Trezor Model T, Ledger Nano X, Opolo
- A public/private keypair is an email address and a corresponding password
- Be on the lookout for address-generating tools
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