Bitcoin How to store Bitcoin

How to store Bitcoin

Author: @Mycryptoview Token

Last Updated: December 13, 2020

In this article, we will go through the steps you will need for storing your Bitcoins. Most people are familiar that bitcoin is a digital currency which means it requires a crypto wallet for storage.  A crypto wallet is simply a device that stores public and private keys.

Types of crypto wallet

Hot wallet:-  is a wallet that is accessible or connected to the internet.

Cold wallet:-  is a wallet that is not accessible or connected to the internet.

Below are the steps you can take to store your Bitcoins:-

  1. Use desktop wallet:-  Desktop wallets are crypto wallets that you can download and install on your desktop/laptop. When you install a desktop wallet, you will be given a public key and private key, you must keep your private key in a secure place and make sure your desktop is free of virus to avoid any hacks. After installation, you can store your Bitcoin in your desktop wallet. You will need to use your public key for receiving any Bitcoins and not your private key.
  2. Use paper wallet:-  A paper wallet is a piece of paper that holds your private key and public key. A paper wallet can be a secure way of storing your Bitcoin if you are sure that you can always keep the paper in a safe place that you can remember and free from damage. You will need to use a paper wallet generator to create your public and private keys. Once you have created your paper wallet, you can store your bitcoin by sending bitcoin to the public key (public address) of your paper wallet.
  3. Use hardware wallet:- Hardware wallets are crypto wallet that stores public and private key in a hardware device. If you want to use a hardware wallet to store your Bitcoins you will need to buy it and set it up. Hardware wallets are worth the money even if you don't own a lot of Bitcoin. Always make sure to buy your hardware wallet from the official company website.
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