How to store your Bitcoin

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Bitcoin is an online alternative for cash based currency and it acts as a form of digital money, used as a form of investment because it has no Governmental or Bank policy restrictions. This is how to go about the storage phase, if you are interested in this form of investment.

In order for you to be able to store your Bitcoins or Santoshi, you need to create a storage site for your coins. You could store the keys to access your coins in you online wallet. Well, a wallet is an online file that performs similar functions with your normal wallet.

You can create your wallet, by installing the Bitcoin client on your computer. However, please do not forget to back up the content of your computer on a hard drive. This will help you protect your wallet if you have issues with hackers.

If this is not done, the sad thing is that you lose access to your wallet and coins in the case of a hake or virus invasion.

You can also store your coin via a third party site like coinbase or blockchain.info. These sites offer you cloud storage for your wallet and your coins automatically. However, the above-mentioned sites are the biggest third party wallet sites, but that does not guarantee the total safety of your coins.

You can also create a paper wallet to ensure the safety of your coins. This is one of the most popular and cheapest medium to keep your Bitcoin safe. One of its benefits is that the keys to your wallet are not stored digitally, and this makes it safer and freer from cyber-attack, and all.

Getting a hardware wallet is also another medium of storing your Bitcoin, but it is not as easy as the other mediums because this hardware are not easy to buy. Although, they are small and compact and are easy to carry around, they are still not easy to buy. While Trezor hardwire maybe effective for large-scale miners who do not want to entrust their coins to third party sites, Compact Ledger Bitcoin wallet acts as a form of USB storage for others and it is one of the most affordable detached storage in the market.

Which of these storage mediums did you find most suitable for your investment? Let me know your views in the comment box.

 

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